Asian stocks mixed after Wall St record on stimulus hope

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Asian stock markets were mixed Friday after Wall Street hit a new high on optimism about economic stimulus and coronavirus vaccine development despite a spike in U.S. unemployment claims.

Tokyo, Hong Kong and Sydney retreated while Shanghai gained. Seoul swung between small gains and losses.

The Nikkei 225 in Tokyo lost 0.2% to 26,760.96 while the Shanghai Composite Index added 0.1% to 3,409.31. The Hang Seng in Hong Kong lost 0.7% to 26,499.90. Investors have been waiting since before the American presidential election Nov. 3 for U.S. lawmakers to agree on new aid to replace unemployment benefits that are expiring. That loss in income undercuts consumer spending that powers the biggest global economy and demand for imports from Asian and other suppliers.

Democrats and Republicans in Congress are locked in a fight divided by party lines over the size and scope of an aid package at a time when the economy is showing fresh signs of stalling due to pressure from the pandemic.

 

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