Wall St at record high: Asian stocks mixed on regional cues

Asian stock markets were mostly higher Tuesday as investors looked ahead to a Federal Reserve report for an update on when US stimulus might start winding down. Shanghai, Tokyo and Seoul advanced while Hong Kong retreated. On Monday, Wall Street's benchmark S&P 500 index rose to a new record, shrugging off worries about the spread of the coronavirus's more contagious Delta variant. Investors awaited the Fed report Wednesday for signs of the central bank's level of concern about inflation and when it might start rolling back easy credit and other economic stimulus. Minutes of the Fed meeting in June showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system. "We expect Jay Powell to reiterate that the tapering discussion is underway, but that it's too soon to reveal a specific date," Danielle DiMartino Booth of Quill Intelligence said in a report.

The Shanghai Composite Index gained 0.2per cent to 3,475.66 and the Nikkei 225 in Tokyo advanced 0.4per cent to 27,932.08. The Hang Seng in Hong Kong sank 1per cent to 25,922.83. The Kospi in Seoul rose 0.7per cent to 3,246.32 after economic growth moderated to 0.7per cent over the previous quarter in the three months ending in June, down from previous quarter's 1.7per cent. Sydney's S&P-ASX 200 advanced 0.6per cent to 7,437.70. New Zealand declined while Singapore and Jakarta advanced. On Wall Street, the S&P 500 rose 0.2per cent to 4,422.30. The Dow Jones Industrial Average gained or 0.2per cent to 35,144.31. The Nasdaq composite added less than 0.1per cent to 14,840.71. Cruise lines, hotels and retailers were among the winners. Carnival rose 5.5per cent, Caesars Entertainment added 3.3per cent and Gap rose 3per cent. Among stocks that lost ground: Drug maker Moderna slid 3.7per cent and chipmaker Nvidia fell 1.4per cent. US-traded shares in Chinese companies sank after Beijing announced additional enforcement measures on technology, real estate and for-profit education ventures. Chinese authorities say they need to protect public safety and financial stability, restrain surging housing costs and promote social welfare. But their abrupt orders shook investor confidence.