Asian stocks mixed on possible US-China trade snag

Asian stock markets were mixed Wednesday after investors were rattled by a possible snag in a US-Chinese trade truce following reports Beijing wants Washington to life punitive tariffs.

Shanghai and Sydney declined while Tokyo and Hong Kong advanced.

Beijing wants 15 percent tariffs imposed in September on $125 billion of Chinese imports removed as part of a "Phase 1" deal in talks aimed at ending a trade war that threatens global growth, according to news reports. There was no sign whether President Donald Trump would agree, which raised the possibility of a new breakdown in negotiations.

The Shanghai Composite Index declined 0.2 percent to 2,985.45 while Tokyo's Nikkei 225 was up 12 points at 23,263.83. Hong Kong's Hang Seng was unchanged at 27,680.44 and Seoul's Kospi was flat at 2,143.77.

Sydney's S&P-ASX 200 sank 0.2 percent to 6,682.30. Benchmarks in Taiwan and New Zealand declined while Singapore advanced.

On Wall Street, the Dow Jones Industrial Average and the Nasdaq closed at record highs Tuesday. The Standard & Poor's 500 index closed just below the all-time high reached the previous day.

Gains have been driven by better-than-expected company earnings, interest rate cuts, hopes for a trade truce and a steadily growing economy.

The upbeat mood marks a pivot from the summer, when worries about trade, Britain's potentially messy exit from the European Union and the slowing global economy loomed over the market.

The Dow rose 0.1 percent to 27,492.63. The S&P 500 fell 0.1 percent to 3,074.62. The Nasdaq composite added less than 0.1 percent to 8,434.68.