* 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. Japan's Nikkei 225 .N225 dipped 0.22% and Seoul's Kospi .KS11 lost 1.53%. 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. 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%. 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. 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. 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. 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. 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
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>