Overseas Trading: Shanghai Slips as Banks Eye Equity Exposure

Stocks in Asia finished mostly lower. It looked like it was going to be another solid day in China, but the Shanghai Composite took a dive in the final hour of trading, with Reuters reporting that mainland banks are reconsidering their exposure to the stock market. At the close, the Shanghai Composite was off 2.2%, with Hong Kong's Hang Seng giving back 0.5%. Brutal losses among tech players -- led by Samsung Electronics, following the firm's bleak third-quarter outlook -- had South Korea's Kospi 0.9% lower at the close. However, Japan's Nikkei managed a 1.1% gain after positive earnings from heavyweights Nintendo and Mazda. 

Markets in Europe are strong at midday, as stocks across the board benefit from the latest round of earnings. Soon-to-be merged telecommunications concerns Alcatel Lucent SA (ADR) (NYSE:ALU) and Nokia Corporation (ADR) (NYSE:NOK) are among the names in focus after reporting upbeat numbers. Also, traders continue to review yesterday's Federal Open Market Committee (FOMC) statement, which contributed to a positive finish for U.S. equities. London's FTSE 100 was last seen 0.8% higher. France's CAC 40 was up 0.5% at last check, with Germany's DAX adding 0.4%.