BEIJING (AP) ? Asian and European stock markets rose Thursday, while and Japan's benchmark index hit its highest level in more than a year optimism a new government in Japan will stimulate the country's sluggish economy. Oil gained in Asian trading to stay above $91 a barrel as markets in Hong Kong and Australia reopened after a two-day Christmas break. Incoming Japanese Prime Minister Shinzo Abe has called for more public works spending to reinvigorate the economy. "The losses were a technical correction after the recent gains" said Xu Xiaoyu, an analyst at China Investment Securities, based in Beijing. Disappointing holiday sales weighed heavy on retail companies and investors worried about the impending "fiscal cliff" ? automatic tax and spending cuts due to take effect if the White House and Congress fail to agree on a budget deal.
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