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Market Update

Nikkei, Shanghai Gain in Holiday Trade

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Japanese stocks were up on thin volumes Wednesday as most Asian markets closed for the Christmas break.

The Nikkei was up 0.5%. The Shanghai Composite added 0.4%.

Japan is due to release manufacturing data later in the day and also the minutes of the Bank of Japan's last monetary policy meeting.

Stocks on the Move

Seven & i Holdings picked up 1.1% after a Nikkei newspaper report the company is planning to purchase nearly half of Bals which runs home-and-kitchen furnishings retailer Francfranc for about 5 billion yen.

Softbank Corp. was down 0.9% also on a report in the Nikkei that the company is “in the final stages of talks” with Deutsche Telekom regarding a deal in which its unit Sprint would acquire Deutsche’s 67% stake in T-Mobile USA by next spring and that the deal could be worth more than $19 billion.

Auto stocks traded mixed after car sales data for November were released.

Cement companies strengthened in Shanghai after state media reported the the country plans to start construction of more than 6 million affordable homes in 2014. Anhui Conch Cement and the broader market-listed Jidong Cement were both up 0.7% each.

China Railway Construction was little changed after it announced Tuesday it has won a Wuhan subway contract worth 7.1 billion yuan.

China's largest appliance maker Qingdao Haier edged 0.2% lower after China's Commerce Ministry approved a deal for U.S. private equity major KKR to buy a 10% stake in the company for about $556 million. The deal is pending approval by the Regulatory Commission.

Rouhan Sharma does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.