Dawn Chorus: Asian stocks mixed despite new US stimulus plan

Asian stocks were trading mixed on Tuesday after four straight days of large gains as a stronger yen and plunge in oil prices overshadowed a $50bn stimulus plan proposed by President Barack Obama to help bolster the US economy.

 Japan's Nikkei stock average fell 0.2%, or 21 points, to 9,280, dented by profit-taking, as of 11.30 a.m. in Tokyo. The broader Topix gained 0.02% to 839 points.

 Australia’s S&P/ASX 200 Index was up 0.1% to 4582. Shanghai composite index fell 0.3% to 2,689, while Hong Kong’s Hang Seng was up 0.1% to 21,381.

 The MSCI Asia Pacific Index lost 0.2% to 122. The index rallied 4.6% in the past four days amid optimism the US economy will avoid falling back into a recession.

 At a rally for Labor Day, President Obama unveiled a plan to spend at least $50 billion to repair roads, railways and runways, and to upgrade the air-traffic control system to help boost the economy. US stock markets are due to resume trading later today after a holiday yesterday.

Markets will be looking at the Bank of Japan as it wraps up a two-day policy meeting. The central bank is expected to keep monetary policy unchanged as it has already eased at an emergency meeting last week.

European stocks on Monday advanced for the fourth time in five days after a report on UK manufacturing helped to further ease worry that the economic recovery is faltering.

The Stoxx 600 rose 0.1%. France’s CAC 40 and Germany’s rose 0.3%, while the UK’s FTSE 100 increased 0.2%.