Asian shares were mostly lower on Tuesday as markets watched for tax reform developments in the U.S. and digested economic data from China. Japan's benchmark Nikkei 225 recouped earlier gains to end the morning session at 22,441.24, up 0.3 %. Australia's S&P/ASX 200 fell 0.9 % to 5,967.50. South Korea's Kospi edged down 0.2 % to 2,524.60. Hong Kong's Hang Seng was little changed at 29,180.64, while the Shanghai Composite lost 0.3 % to 3,436.93. The Standard & Poor's 500 index rose 0.1 % to 2,584.84.
The Dow Jones industrial average gained 0.1 % to 23,439.70. The Nasdaq composite 0.1 % to 6,757.60, while the Russell 2000 index of smaller-company stocks was virtually unchanged at 1,475.07. More stocks fell than rose on the New York Stock Exchange. China's industrial value-added output expanded 6.2 % year-on-year in October, slowing from 6.6-% growth in September, according to the National Bureau of Statistics. China's private fixed-asset investment increased 5.8 % on year in the first 10 months of this year, lower than the 6-% increase for the first nine months. The Chinese economy is still growing but the focus is on assessing whether that pace is slowing.
Whether the U.S. tax overhaul legislation will pass is also being closely watched. It would deeply cut corporate taxes, double the standard deduction used by most Americans, and limit or repeal completely the federal deduction for state and local property, income and sales taxes. It carries high political stakes for President Donald Trump and Republican leaders in Congress.
Benchmark U.S. crude lost 12 cents to $56.64 per barrel in electronic trading on the New York Mercantile Exchange. It gained 2 cents to $56.76 on Monday. Brent crude, used to price international oils, slipped 21 cents to $62.95 a barrel.