Asian shares mixed as investors watch talks on US stimulus

Stocks were mixed in Asia on Thursday as investors watched to see if lawmakers will come ahead with fresh stimulus for a U.S. economy struggling with shutdowns as new coronavirus outbreaks flare.

Tokyo's Nikkei 225 index shed 0.4% to 22,418.15 while the Shanghai Composite index gave up 0.5% to 3,362.32. Hong Kong lost 1.4% to 24,746.30.

South Korea's Kospi added 1.1% to 2,337.05 after Samsung Electronics, the country's biggest company, unveiled three new models of smartphones it hopes will revive its sinking sales. Samsung's shares rose 1.8%. 

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Australia's S&P/ASX 200 added 0.5% to 6,031.00, lifted by strong gains in commodity prices on expectations that China's economy is on the mend after the country largely recovered from the pandemic.

The S&P 500 index logged its fourth straight gain on Wednesday, pulling within 1.7% of the record high it set in February. It picked up 0.6% to 3,327.77 as negotiators on Capitol Hill reported some progress in talks for more support for the economy as pressure mounts for quicker action.

Overall, "stocks remain underpinned by optimism over the coronavirus relief bill. Democrats and the White House are inching closer to a deal, and the market remains cheery an agreement can be signed off by the end of the week,” Stephen Innes of AxiCorp said in a commentary.

Associated Press