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Market Update

Nikkei Outperforms in Weak Asia

Asian markets were slightly up Tuesday with the Nikkei outperforming its regional peers, aided by a weaker yen.

The Nikkei gained 1.8%. The Shanghai Composite was up 0.5% while the Hang Seng fell 0.7%. The Sensex edged up 0.2% and the All Ordinaries also traded marginally higher, up 0.1%.

Earlier, data showed Australian business confidence fell last month and overall conditions remained weak. Business confidence declined to 5 points from 12 points in September, according to National Australia Bank’s monthly survey. Business conditions remained the same at -4 points.

In China, data showed lending hit a 10-month low in October. The markets awaited the announcement of reform measures after a crucial four-day meeting of the nation’s leaders concludes later in the day.

Stocks on the Move

Index heavyweight Sony lifted 3.4% while Fanuc gained about 2%.

Mazda accelerated 2.4%.

Dentsu surged over 4% after the company upwardly revised its full-year net profit forecast.

Banks were all lower in Hong Kong but their mainland-listed shares all traded higher. Two stocks debuted on the Hang Seng, namely, Huishang Bank Corp., and tech gaming company Boyaa Interactive International.

In Mumbai, Hindalco was down 1.8%, followed by Wipro, and Maruti Suzuki, down 1.4% and 1% each, respectively.

The four major banks were all about half a percent lower in Sydney. BHP Billiton edged up 0.2% and Rio Tinto sank 0.7%.