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October's reading is the lowest since the survey started in July 1996 and means that the services sector is in deep recession. A reading below 50 indicates contraction. "The services PMI survey is a timely and influential indicator, and October's collapse in business activity and pricing power increases the chances of the Bank of England delivering a rate cut in excess of a half-point," said Ross Walker, economist at the Royal Bank of Scotland. Earlier, Japan's Nikkei 225 stock average advanced 4.5 percent to 9,521.24, and Hong Kong's Hang Seng Index added 3.2 percent to 14,840.16. Japanese shares were helped by the sharp fall in the value of the yen in recent days as an appetite for risk returned to the market. Major exporters did particularly well, such as Toyota Motor Corp., up 10.3 percent, Canon Inc., up 11.7 percent and Sony Corp., which advanced 6.3 percent. Australia's main stock index rose 2.9 percent, and Singapore's key stock measure added 2.6 percent. India's Sensex dropped 2.8 percent. In South Korea, the benchmark Kospi rose 2.4 percent, though pared gains on profit-taking and some concerns that an Obama presidency could mean a harder line on trade, analysts said. Elsewhere, oil prices retreated after surging above $70 a barrel overnight. Light, sweet crude for December delivery was changing hands at $67.66, down $2.87. On the currencies front, the euro was down 0.7 percent, at $1.2877, and the dollar was 1.0 percent lower at 98.62 yen.
[Associated
Press;
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