Asian stocks mixed after Wall St slide, China virus fears

BEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown.

Shanghai and Tokyo advanced while Hong Kong declined. Oil prices gained.

Wall Street's benchmark S&P 500 index declined for another day after a Federal Reserve official rattled investors last week by saying already-elevated interest rates might have to go higher than expected to stop surging inflation.

China's increasing restrictions on millions of people in multiple cities to fight virus outbreaks are adding to concern the world's second-largest economy might weaken.

“Fears over China’s COVID situation are putting pressure on the global outlook for demand,” Anderson Alves of ActivTrades said in a report. “Positioning for an upside for Chinese stocks will have to wait longer.”

The Shanghai Composite Index gained 0.6% to 3,104.44 and the Nikkei 225 in Tokyo rose 0.7% to 28,130.26. The Hang Seng in Hong Kong sank 0.7% to 17,523.71.

The Kospi in Seoul shed 0.5% to 2,406.79 while Sydney's S&P-ASX 200 gained 0.6% to 7,184.10.

India's Sensex opened up 0.3% to 61,316.19. New Zealand and Jakarta declined while Southeast Asian markets advanced.

On Wall Street, the S&P 500 fell 0.4% to 3,949.94. The Nasdaq composite, dominated by tech stocks, dropped 1.1% to 11,024.51.

The Dow Jones Industrial Average edged down 0.1% at 33,700.28. It was supported by a 6.3% gain for Disney after the company announced former CEO Bob Iger would return to the job.

Apple slid 2.2% and Visa fell 2.1%.

Tesla tumbled 6.8% after briefly hitting a two-year intraday low. The electric automaker’s shares are down more than 50% this year on fears CEO Elon Musk will be distracted by his $44...