Asian stocks mixed as markets watch for Biden stimulus plan

BEIJING (AP) — Asian stocks advanced Tuesday as investors watched for details of President-elect Joe Biden's promised economic stimulus plan.

Shanghai, Tokyo and Hong Kong, which account for the bulk of the region's stock value, rose. Seoul, Sydney and Southeast Asian markets retreated.

Overnight, Wall Street declined following a string of record-setting gains.

Investors were encouraged by U.S. election results that showed Biden's Democratic Party will control the Senate, reducing potential opposition to his plans. Biden promised to announce details this week of the plan he will propose after he takes office Jan. 20.

“Investors found optimism in the prospect of further fiscal stimulus,” said Cesar Perez Ruiz of Pictet Wealth Management in a report. With the Senate in Democratic hands, “President-elect Biden has a better chance of pushing through his agenda and delivering sorely-needed stimulus and support.”

No major potentially market-moving events were on the calendar Tuesday in Asia.

The Shanghai Composite Index rose 1.4% to 3,580.95 and the Nikkei 225 in Tokyo added 0.1% to 28,164.34. The Hang Seng in Hong Kong gained 0.8% to 28,117.37.

The Kospi in Seoul shed 0.8% to 3,125.72 while the S&P-ASX 200 in Sydney sank 0.3% to 6,679.10.

India's Sensex opened down 0.1% at 49,214.12. New Zealand and Southeast Asian markets retreated.

Overnight, Wall Street's benchmark S&P 500 index declined 0.7% to 3,799.61, breaking a four-day streak of gains. The Dow Jones Industrial Average retreated 0.3% to 31,008.69. The Nasdaq composite slid 1.3% to 13,036.43.

U.S. markets shrugged off the attack on the Capitol in Washington by Trump supporters who were trying to block final confirmation of Biden's victory.

“I believe stocks were looking ahead to better days,...