Asia shares mixed amid jitters over US stimulus, China trade

BEIJING (AP) — Asian stock markets were mixed Wednesday amid investor concern about U.S. stimulus spending and a trade agreement with Beijing.

Shanghai and Hong Kong advanced while Tokyo and Sydney retreated. Gold, which has set a string of records, rose again after a deadly explosion in Beirut.

Investors are watching the stalemate among U.S. legislators over employment benefits for millions of Americans thrown out of work by the coronavirus pandemic and spending to shore up anemic economic growth.

At the same time, news reports from Washington said Chinese and American trade envoys will meet this month to review their “Phase 1” agreement aimed at ending a tariff war. That follows President Donald Trump's threat to discard the agreement over Beijing's handling of the coronavirus pandemic.

Trading in Asia was lackluster, “with the mood darkening on both the U.S. aid package and geopolitics fronts,” said Jingyi Pan of IG in a report.

The Shanghai Composite Index gained 0.3% to 3,381.35 while the Nikkei 225 in Tokyo lost 0.3% to 22,516.10. The Hang Seng in Hong Kong rose 0.6% to 25,088.36.

The S&P-ASX 200 in Sydney fell 0.5% to 6,006.60 while Seoul's Kospi gained 1.1% to 2,304.97.

India's Sensex opened up 1% at 38,055.80. New Zealand and Bangkok retreated while Singapore and Jakarta gained.

Overnight on Wall Street, the benchmark S&P 500 index gained 0.4% to 3,306.51 as a rally eased. The index is within 2.4% of its February record high.

The Dow Jones Industrial Average climbed 0.6% to 26,828.47. The Nasdaq composite added 0.4% to a record 10,941.17.

Gold rose $16.10 per ounce to $2,037.10.

Investors have been buying gold and silver, usually seen as a store of value if stock prices decline. Forecasters see that as an indicator of rising unease about...