Asian stocks advanced, led by a big rise in China A-shares. The MSCI Asia Pacific was 0.3% higher, on track for its highest close in seven months, and the Shanghai Composite rose 3% after a Chinese Communist Party meeting on Tuesday indicated support for further urbanisation. The S&P500 closed 0.3% lower on Tuesday on fears about fiscal cliff negotiations. Osborne to extend austerity into 2018: "The chancellor's hopes of completing his austerity drive before the 2015 election lie in tatters as he prepares to tell MPs on Wednesday that cuts will probably be needed for another year, running through to 2018." Tesco reconsiders US investment: The retailer is expected to announce a review of its lossmaking Fresh & Easy venture in its Q3 trading update today. Schäuble puts brake on banking union: The German finance minister voiced longstanding concerns, such as opposition to the ECB supervising all 6,000 eurozone banks, but in stronger terms. However his calls for "creative" solutions to legal issues gave some hope that a compromise was possible when finance ministers meet again on the eve of next Wednesday's summit. Osborne to announce big pension accounting review: The chancellor will use his Autumn Statement to open a review of the methods companies use to assess the financial health of retirement schemes after complaints by business that low interest rates are artificially pushing final salary pension funds deeper into the red. The review would focus on whether the Pensions Regulator's method of calculating shortfalls should be changed to one that would show deficits to be smaller than they are now. This would allow employers to slash contributions. HSBC sells Ping An stake: Entire 15.57% stake will be sold to Thailand's Charoen Pokphand for HK$72.74bn ($9.39bn), which represents a 2% premium to the insurer's closing price on Tuesday. Republican discord grew over fiscal cliff negotiations on Tuesday, with some conservative members unhappy that John Boehner's proposed included new tax revenues. President Obama rejected Boehner's proposal on Monday. On Tuesday he hinted at the possibility of tax cuts, but insisted any deal must include taxes rising on the wealthy. (Wall Street Journal) (Reuters) Freeport plans return to energy: Poised to buy two large energy companies operating in the Gulf of Mexico, including McMoRan Exploration, which would mark a change in strategy and create a natural resources conglomerate likely to be worth close to $50bn, including debt. Ex-trader charged over $1bn Apple scheme: "A former trader at Rochdale Securities was arrested by federal agents and charged with fraud after an alleged attempt to profit from a $1bn purchase of Apple stock, which backfired and left the US trading group in distress." How Wal-Mart got its foot in the door of India's retail market. Some Greek hospitals can't afford gloves, gowns or alcohol wipes. John Plender: Japan-style crisis management in UK banking sector. SEC details friction with Chinese counterparts. Detroit's car inventories are piling up. EU banks want to repay LTRO early. Asian markets Nikkei 225 up +34.81 (+0.37%) at 9,467 Topix down -0.92 (-0.12%) at 781.05 Hang Seng up +294.20 (+1.35%) at 22,094 US markets S&P 500 down -2.41 (-0.17%) at 1,407 DJIA down -13.82 (-0.11%) at 12,952 Nasdaq down -5.51 (-0.18%) at 2,997 European markets Eurofirst 300 up +0.10 (+0.01%) at 1,121 FTSE100 down -2.20 (-0.04%) at 5,869 CAC 40 up +13.89 (+0.39%) at 3,580 Dax down -0.09 (0.00%) at 7,435 Currencies €/$ 1.31 (1.31) $/¥ 82.23 (81.89) £/$ 1.61 (1.61) Commodities ($) Brent Crude (ICE) up +0.26 at 110.10 Light Crude (Nymex) up +0.40 at 88.90 100 Oz Gold (Comex) up +7.70 at 1,702 Copper (Comex) up +1.40 at 364.75 CDS (closing levels) Markit iTraxx SovX Western Europe -0.16bps at 103.54bp Markit iTraxx Europe -0.05bps at 119.94bp Markit iTraxx Xover -0.15bps at 486.79bp Markit CDX IG +0.12bps at 100bp