Asian markets were mostly lower Tuesday as a report showed that Japan's economy fell into a deeper recession than initially estimated.
Japan's Nikkei 225 stock average declined 0.1% to 8318.26. The Japanese government said 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.
Japanese automakers rose sharply, with
jumping 4.6% and
The Hang Seng index in Hong Kong fell 0.8%, while the S&P/ASX 200 index fell 0.8%.
Stocks in South Korea were lower as
, the world's largest maker of memory chips, liquid-crystal displays and televisions, said the global recession is wiping out profits at those businesses this quarter, according to a
Premarket futures in the U.S. were indicating a weaker opening for stocks on Wall Street Tuesday.
Stocks in New York rallied Monday 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 was steady near $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 14 cents to $43.85 in electronic trading on the New York Mercantile Exchange.
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