Asian stock markets mixed ahead of US election

HONG KONG (AP) -- Asian stock markets were mixed in cautious trade Tuesday after Wall Street's relatively flat finish ahead of the U.S. presidential election. Japan's market jumped after being closed for a holiday.

Hong Kong's Hang Seng Index was down 0.2 percent after fluctuating through the day and South Korea's Kospi rose 2.2 percent, while benchmarks in Singapore and Shanghai gave up early gains to be down more than 0.5 percent.

Australia's S&P/ASX 200 index pared earlier losses to close slightly down after the country's central bank surprised the market by slashing interest rates by 0.75 of a percentage point -- a quarter point more than most analysts expected -- amid growing signs of a slowdown there.

In Tokyo, the Nikkei 225 stock average was up 537.62 points, or 6.3 percent, at 9,114.60 as major auto companies like Toyota Motor Corp. and Honda Motor Co. gained despite bleak U.S. sales data released overnight. The market was playing catch up after being closed Monday, when most Asian bourses gained.

Elsewhere, trade was tepid as many investors showed a reluctance to place large bets before U.S. election results come out Wednesday morning in Asia.

Wall Street's mixed session, along with a weak reading on America's manufacturing sector overnight, prompted others to take some money off the able after Asian bourses posted strong gains in the past week.

"There isn't any major driver that should lift demand right now, and there's some precautionary profit taking," said Thomas Lam, the senior treasury economist at the United Overseas Bank in Singapore.

In New York overnight, the Dow Jones industrial average fell 5.18, or 0.06 percent, to 9,319.83 in its calmest session in some time, after rising as much as 86 and falling 70. The day's trading range was its lowest since Sept. 3.

Broader stock indicators were mixed. The Standard & Poor's 500 index fell 2.45, or 0.25 percent, to 966.30, while the Nasdaq composite index rose 5.38, or 0.31 percent, to 1,726.33.

U.S. stock index futures were down a touch. Dow futures were down 5 points at 9,327, while S& futures were down 2.2 peoints at 967.3.

Oil prices were slightly lower, with light, sweet crude for December delivery down 8 cents to $63.83 in Asian trade on the New York Mercantile Exchange. The contract dropped $3.87 to settle at $63.91 overnight.

In currencies, the greenback weakened to 98.91 yen from 99.03 late the previous day in New York. The euro was at $1.2610 from $1.2603.