The Deal: Asian Shares Trade Mixed

NEW YORK ( The Deal) -- Asian markets were mixed again Wednesday, as Shanghai and Hong Kong were both buoyed by reports -- carried on the official Xinhua news agency -- that a new Shanghai free trade zone could open as early as next weekend.

Tokyo slipped on fears about a renewed fiscal cliff debate in the U.S. The Nikkei was down 0.8%, at 14,620.53, despite the surge in the price of Tokyo Electron, as the market reacted to Tuesday's announcement of Tokyo Electron's $9.4 billion takeover by Applied Materials of Santa Clara, Calif.

Reports Wednesday that China's biggest e-commerce business, Alibaba Group, has started to look at a listing in the U.S. instead of Hong Hong came too late for the local market Wednesday. But there's plenty of time for the Hang Seng to react Thursday to the idea that Hong Kong's strict rules banning U.S. style dual class share structures were to blame.

Alibaba's top table, led by founder Jack Ma, reportedly want to be allowed to control the board, in a similar way to Google's founders or the Murdoch family at News Corp.

Europe also has been down ahead of a looming U.S. budget deadline on Oct. 1 and the renewed debate over raising the debt ceiling, as well as the continued concerns that the Federal Reserve's taper program has only been delayed for a short time. The FTSE 100 was down over 0.4% mid-morning at 6567.29 .

More from Markets

Video: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Video: Jim Cramer on the Markets, 10-Year Yield, Oil Prices and Foot Locker

Stocks Trade Mixed, Energy Shares Fall on Drop in Oil Prices

Stocks Trade Mixed, Energy Shares Fall on Drop in Oil Prices

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Italian Bonds Slump as Government Mulls Anti-Euro Finance Minister

Italian Bonds Slump as Government Mulls Anti-Euro Finance Minister

Global Stocks Hold Gains as North Korea Response on Talks Soothes Nerves

Global Stocks Hold Gains as North Korea Response on Talks Soothes Nerves