Asian markets close mostly in red on Tuesday

The Asian markets closed mostly lower on Tuesday, amid sharpening worries about global growth. Stock markets in Malaysia and Singapore was closed on account of holiday. China’s President Xi Jinping stated that the country must strengthen its reforms and modernize its system of governance over the next five years. The president added that the government will push forward reforms in its free trade zones where it will provide more support for financial experimentation, including loosening market access and further opening the services sector. The annual rate of inflation in China slowed more than expected in October, adding to concerns over a slowdown in the world’s second-largest economy. The National Bureau of Statistics stated that the consumer price index rose just 1.3% in October from a year earlier, slowing from 1.6% in September. Consumer prices fell 0.3% from a month earlier, after a 0.1% increase in September. The producer price index fell 5.9% in October on a year-over-year basis, matching Septembers decline. The weak data added to concerns over growing deflationary pressures, fueling expectations that Beijing will step up measures to bolster the faltering economy before the year end. Japan’s service sector sentiment index rose to 48.2 in October.  The outlook index, indicating the level of confidence in future conditions, was at 49.1 in October, unchanged from the previous month.