Asian stock markets mixed after Wall Street surge

Asian stock markets were mixed Thursday after Wall Street surged to its biggest daily gain since July despite uncertainty about the global outlook.

Benchmarks in Tokyo, Seoul and Sydney advanced. Shanghai and Hong Kong opened higher but were in negative territory by midday.

Wall Street's benchmark S&P 500 index gained 1.5% on Wednesday after a report on hiring that some analyst said might indicate the U.S. job market recovery could be fading.

Investors have been encouraged by central bank infusions of credit into struggling economies and hopes for a vaccine to end the coronavirus pandemic that has plunged the world into its deepest slump since the 1930s. Forecasters warn the stock market recovery might be running too far ahead of economic activity as the United States and some other countries reimpose anti-virus controls that hamper business.

“The irony of market exuberance is rich,” said Mizuho Bank in a report. “Record highs on Wall St. make a mockery of policymakers grasping for recourse to the worst downturn in decades.”

The Shanghai Composite Index was off less than 0.1% at 3,402.69 while the Nikkei 225 in Tokyo gained 1.1% to 23,502.82. The Hang Seng in Hong Kong lost 0.3% to 25,042.65.

The Kospi in Seoul advanced 1.3% to 2,395.44 and Sydney's S&P-ASX 200 was up 0.9% at 6,115.90. India's Sensex opened up 0.1% at 39,125.26. New Zealand and Bangkok gained while Singapore and Jakarta retreated.

U.S. stocks have gained despite lack of agreement in Congress on a new economic aid package with additional unemployment benefits to support consumer spending.

A report Wednesday by payroll processor ADP, widely watched as a forerunner of government employment data due out Friday, showed the private sector added 428,000 jobs in August, less than half the 1...