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Market Update

Shanghai Outperforms as Asia Gains

Asian markets were up Friday with mainland Chinese shares leading gains for the region.

The Nikkei traded flat. The Shanghai Composite gained 1.5% while the Hang Seng was up 0.4%. The Sensex was up 0.6% while the S&P/ASX All Ordinaries also added 0.6%.

Data from Japan showed consumer prices rose 1.2% from a year ago in November, more than the estimated 1.1%, and marking the sixth straight month of price rises.

Industrial production rose 0.1% in November from October, below expectations for a 0.3% increase. Retail sales were up 4% from a year earlier.

The interbank rate stood at 5.06% in China, down from 5.33% Thursday.

Overnight, Wall Street rallied to record highs yet again boosted by a bigger-than-expected decline in claims for unemployment benefits.

Stocks on the Move

Fast Retailing fell 1.7%.

Softbank extended gains, up a further 1.7%. The company is reportedly planning to turn to the U.S. bond market to raise more than 2 trillion yen for its acquisition of T-Mobile US.

Among other gainers, Fujitsu rose 2.3% while Mazda accelerated 1.9%.

In Hong Kong, Tencent Holdings advanced 2.9% while China Mobile edged 0.1% lower.

ICBC fell over half a percent while China Construction Bank Corp. declined 0.3%.

TCS was the top gainer on the Sensex, up 3%, followed by Wipro and Cipla, up 1.9% and 1.7% each, respectively.

HDFC was up 1.5% while Infosys rose 1.4%. SSLT and Sun Pharma were up 1.1% and 1% each, respectively.

Resources were up in Sydney with index leader BHP Billiton up 0.7% and gold miner Newcrest 2.2% brighter.