Most Asian stocks declined, paring this year’s advance, with a deadline looming for the U.S. Congress to reach a budget agreement to avert automatic tax increases and spending cuts.

Nikkei 225 Closed

S&P/ASX 200 4,648.95 -22.35 -0.48%

Shanghai Composite 2,269.13 +35.88 +1.61%

BHP Billiton Ltd.  and Rio Tinto Group, the world’s largest mining companies, led declines among companies with earnings closely tied to economic growth.

Fairfax Media Ltd. surged 7.4 percent, paring its slump in 2012, amid speculation billionaire Gina Rinehart and investor John Singleton may seek control of Australia’s second-largest newspaper publisher.