Asia markets mixed as US lawmakers debate stimulus

Asian markets were mixed Thursday after a rare two-day rally, while investors were also looking anxiously at Washington, where a gargantuan stimulus package for the world's top economy was being held up by lawmakers wrangling over details.

The unprecedented $2 trillion plan -- described by Senate Majority Leader Mitch McConnell as a "wartime level of investment" -- helped spur a surge across global equities as panicked traders worried about the impact of the coronavirus sweeping the planet.

But another advance on Wall Street was blunted Wednesday as it emerged that four Republican senators have baulked at the generous provisions agreed to in the bipartisan deal with the White House.

The bill had been due to pass the chamber Wednesday before heading to the House of Representatives and then President Donald Trump's desk.

Still, Treasury Secretary Steven Mnuchin said he was confident the agreement would eventually be waved through.

The plan, together with a huge bond-buying program by the Federal Reserve that effectively prints cash, is part of an unprecedented global response to the outbreak, which has even seen Germany put together a list of measures worth more than $1 trillion.

The emergence of uncertainty, however, weighed on Asian investors, who were also in the market for a little profit-taking following the recent rally.

Tokyo, which soared by almost a fifth in three days, ended the morning session 3.8% lower, while Hong Kong lost more than one percent, Seoul and Shanghai eased 0.2% each.

Singapore sank more than two percent after data showed the city-state's economy suffered its worst quarterly contraction since the financial crisis more than a decade ago, giving global investors an early insight into the economic effects of the pandemic.

There were some gainers across the region, with Sydney up more than one percent, while Jakarta, Manila, Kuala Lumpur and Wellington climbed between 2.5 and 5.5%.