GLOBAL MARKETS-Asian stocks dip as pandemic concerns overshadow U.S. stimulus hopes

* Japan unveils $708 billion in fresh economic stimulus
measures
* Investors stay on sidelines ahead of a vote in the U.S.
Congress
* California announces new restrictions on travel, business
* Asian stock markets : https://tmsnrt.rs/2zpUAr4

By Pete Schroeder and Julie Zhu
WASHINGTON/HONG KONG, Dec 8 (Reuters) - Asian stocks came
under pressure on Tuesday as investors struggled to balance
hopes for more economic stimulus and vaccines with fresh
concerns about a surge in COVID-19 infections.
Mixed Asian trade followed a similarly mixed Wall Street
session in which the tech-heavy Nasdaq Composite closed at a
record high while the two other major U.S. indices fell.
European markets are also likely to struggle for firm
direction with London's FTSE FFIc1 down 0.3% and Eurostoxx 50
futures STXEc1 and those of Germany's DAX FDXc1 flat.
"You saw more than a slight moderation to the S&P 500, and
the Dow, but you're still looking at these markets at record
highs," said Tom Piotrowski, a market analyst with CommSec.
"It's a matter of looking out for what the next catalyst is for
these markets."
MSCI's broadest index of Asia-Pacific shares outside Japan
.MIAPJ0000PUS narrowed its losses from early trade, but was
still down 0.02% as anxiety over the coronavirus pandemic capped
sentiment.
Among Asia's top markets, Australian shares closed higher
for a sixth straight session, lifted by data showing an
improvement in business sentiment. The S&P/ASX 200 index .AXJO
rose 0.2% to 6,687.7, adding about 3% in the past six sessions.
However, Japan's Nikkei 225 .N225 dipped 0.22% and Seoul's
Kospi .KS11 lost 1.53%. Chinese blue-chips .CSI300 remained flat while Hong Kong's
Hang Seng .HSI was down 0.56%, as Sino-U.S. tensions continued
to weigh on the market.
Chinese Foreign Minister Wang Yi assured U.S. executives
that Beijing remained committed to the Phase 1 trade deal with
the United States. That came as a report showed China's
purchases of U.S. goods and services as of October, specified in
the Phase 1 deal at $75.5 billion for 2020, was about half the
level they should be on a pro-rated annual basis. On Wall Street, the Nasdaq Composite .IXIC rose 0.45%
while the Dow Jones Industrial Average .DJI dropped 0.49% and
the S&P 500 .SPX lost 0.19%. Some investors are watching whether U.S. policymakers can
reinvigorate efforts to pass additional pandemic stimulus. The
U.S. Congress is expected to vote this week on a one-week
stopgap funding bill to give negotiators more time to strike a
compromise, as the business community cautioned inaction could
spur a deeper recession. At the same time, California, the nation's most populous
state, announced new restrictions on travel and business
activity after record case numbers and hospitalizations.
Officials in New York warned similar restrictions could be
employed soon, which further weigh on the nation's recovery.
The dollar slid against most currencies as investors eyed
potential stimulus and vaccine development. An index that tracks
the dollar against a basket of currencies was little changed at
90.829 =USD , not far from 90.471, its weakest since April
2018.
Sterling clung to hopes of a meeting between British Prime
Minister Boris Johnston and European Commission President Ursula
von der Leyen salvaging a Brexit trade deal. The British currency GBP= was on edge but holding on at
$1.3360 in the Asia afternoon session, well above Monday's low
of $1.3225.
The yield on the benchmark 10-year notes US10YT=TWEB rose
slightly to 0.9361% on Tuesday.
Oil prices fell, extending losses from the previous session.
Brent crude .LCOc1 fell 0.72% and U.S. crude .CLc1 dipped
0.57%. Prices came under pressure after Reuters reported the
United States was prepping sanctions on at least a dozen Chinese
officials over alleged roles in Beijing's disqualification of
elected opposition legislators in Hong Kong. Spot gold prices XAU= were 0.22% higher at $1,867.70 per
ounce, and U.S. gold futures GCv1 settled up 0.31% at
$1,871.7, as investors bet on more stimulus money being pumped
into the financial system.

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>