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Market Update

Asian Markets Retreat; Nikkei Bounces back

Asian markets were trading mostly lower Tuesday as investors turned bearish after credit rating agency Moody’s Investor Service late Monday downgraded debt ratings of six European countries including Italy, Spain and Portugal, even as Japanese stocks reversed losses after the central bank announced a 10 trillion yen hike in its asset purchase program to beat deflation and kept its key interest rate unchanged at a 0%-0.1% range.

The Nikkei pared early losses and gained 0.4% as of 1:08 pm. The Shanghai Composite was down 0.6%  while the Hang Seng was flat.  The Sensex was also up 0.3%. The S&P/ASX All Ordinaries declined 0.9%.