Updated from 12:39 a.m. EST
Asian markets finished mixed, and stocks in Japan rose as investors brushed off the latest round of grim economic data and instead pinned their hopes on global stimulus measures likely to fuel new demand for raw materials.
Japan's Nikkei 225 stock average closed up 0.8% to 8395.87. This despite the Japanese government reporting the country fell into a deeper recession in the third quarter than first thought, as exports weakened, domestic demand fell and companies bracing for a prolonged downturn pared inventories.
The Cabinet Office said Japan's economy shrank at an annual pace of 1.8% in the July-September period, compared with its original estimate of a 0.4% contraction.
, meanwhile, said it planned to cut 8,000 electronics jobs. Its announcement came shortly after markets in Japan closed.
Shares of commodities companies rose on expectations they will benefit from Obama's plan to expand investment in public works projects. Carmakers, such as
, also finished higher as relief is in sight for Detroit's ailing automakers.
The Hang Seng index in Hong Kong fell 1.9%, while the S&P/ASX 200 index finished down 0.8%.
Stocks in South Korea rose slightly despite
, the world's largest maker of memory chips, liquid-crystal displays and televisions, saying the global recession is wiping out profits at those businesses this quarter, according to a
Stocks in Europe were lower. The FTSE 100 index in London declined 1.4%, while the DAX in Frankfurt fell 1.6%
Premarket futures in the U.S. were indicating a lower opening for stocks on Wall Street Tuesday.
On Monday, stocks in New York rallied as investors lauded a massive infrastructure stimulus plan President-elect Barack Obama outlined over the weekend and as White House officials said a deal with Congress to rescue U.S. automakers,
, is imminent.
Dow Jones Industrial Average
, which at one point traded above the 9000 mark, finished up 298.76 points, or 3.5%, at 8934.18. The
gained 33.63 points, or 3.8%, to 909.70, and the
tacked on 62.43 points, or 4.1%, to 1571.74.
Oil rose above $44 a barrel as investors anticipated that OPEC will announce a big production cut next week to stabilize crude prices that have fallen about 70% in five months. Oil rose 42 cents to $44.13 in electronic trading on the New York Mercantile Exchange.
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