Asian shares mixed on growing hopes for stimulus, vaccines

Asian shares were mixed Wednesday after the S&P 500 and Nasdaq composite index both set fresh record highs. Shares fell in Hong Kong, Shanghai and India but rose in Tokyo and Seoul. Australia’s S&P/ASX 200 was almost unchanged at 6,590.20 after officials reported its economy expanded 3.3% in the July-September quarter as the country recovered from pandemic lockdowns. That lifted the country out of recession, although in annual terms the economy contracted 3.8% from a year earlier. “The rebound in Q3 GDP reversed around 40% of the decline during the first half of the year and we expect output to return to pre-virus levels by mid-2021," Ben Udy of Capital Economics said in a commentary. Renewed talk of a possible U.S. stimulus package failed to drive major gains in most Asian markets, however, as investors adopted a “wait and see" stance after so many failed attempts to forge an agreement on additional help for the economy as the U.S. endures fresh waves of coronavirus infections and resulting pandemic precautions.

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The pandemic has sapped demand for fuel across the economy, leading oil producers to cut back production this year to keep prices from sagging even further. Yet lower output means less revenue for governments depending on oil sales to fill state coffers.

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