Asian stocks mixed after Wall St rally ahead of U.S. debate

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Asian stocks were mixed Tuesday after Wall Street recovered some of this month's losses as investors looked ahead to a debate between U.S. President Donald Trump and his challenger in the November election, Joe Biden.

Overnight, Wall Street's benchmark S&P 500 index gained 1.6%, led by big tech stocks.

The Nikkei 225 in Tokyo edged 0.1% higher to 23,539.10. The Kospi in Seoul advanced 0.8% to 2,326.41 and Sydney's S&P-ASX 200 was off 0.2% at 5,941.20. Tech stocks led an earlier rebound in global share prices, but investors began to worry they were overpriced, leading to a new sell-off. Investors were awaiting Tuesday's 90-minute televised Trump-Biden debate. It comes amid trade tension with China and rising coronavirus deaths. Tens of millions of Americans are out of work.

"With a reasonable polling lead, one could argue that Joe Biden has more to lose here than President Trump," said Carnell. He said with some potential for gaffes or other colorful moments, the debate might be "cringe-worthy but unlikely to deliver an electoral car-crash for either side."

 

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