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| - Stock markets swung Tuesday as investors weighed the rollout of vaccines and hopes for US stimulus talks against soaring virus cases and China-US tensions, while the pound dipped with post-Brexit trade talks on a knife-edge. While Britain started its mass vaccination programme and the US is preparing to approve inoculations soon, the disease continues to run rampant across the United States and Europe while also flaring up again in parts of Asia. Its resurgence has already forced governments to reimpose lockdowns or strict containment measures, putting fresh pressure on the global economy, which has been ravaged this year. After a blockbuster November, traders are now taking stock ahead of what many predict will be a bright 2021 that could see a strong economic rebound and market rally. On Wall Street, the Dow and S&P 500 retreated from records, though the Nasdaq hit another all-time high with tech firms the main beneficiaries of stay-at-home orders. Analysts said the next leg-up for equities would be news that US lawmakers had finally reached an agreement on a new rescue package for the battered economy. Democrats have largely thrown their support behind a bipartisan proposal worth $908 billion while there is optimism Republicans will also come on board soon. "This is our last chance before Christmas and the end of the year to bring relief to families across America in the midst of a public health crisis," Democratic senator Dick Durbin said. "We've got a few remaining issues. I think we can work them out." Asia markets were mixed, with Tokyo ending lower as investors were unmoved by news of a more than $700 billion stimulus to kickstart the economy, the third rescue package this year. Hong Kong, Shanghai, Mumbai, Seoul and Singapore were also in the red. But Sydney, Taipei, Jakarta, Bangkok and Wellington all rose. London, Paris and Frankfurt opened lower. "Risk appetite is struggling to find direction amid Brexit headlines, rising Covid-19 case counts, and possible further US sanctions on China on the one hand and hopes for US fiscal stimulus and US vaccine approval," said Axi strategist Stephen Innes. He added: "Investors are pinning their hopes on the ultimate holiday stocking stuffer, which is the capacity for (US) stimulus overwhelming a near-term downturn." The outcome of Brexit negotiations remains up in the air as British Prime Minister Boris Johnson prepares to visit Brussels for talks with EU chief Ursula von der Leyen after eight months of wrangling failed to produce an agreement. With the two sides divided over fishing rights, rules for fair trade and an enforcement mechanism for regulatory standards, there is a growing fear a deal will not be done before the December 31 deadline. Johnson has threatened he will walk away from the talks if Britain does not get what it wants. "Talks are in the same position now as they were on Friday. We have made no tangible progress. It's clear this must now continue politically," a senior UK government source said. "Whilst we do not consider this process to be closed, things are looking very tricky and there's every chance we are not going to get there." The pound has swung wildly this week and on Tuesday it was slightly lower. Still, National Australia Bank's Rodrigo Catril said: "From an optimistic perspective, the good news is that nothing has broken yet and the hopes of an EU-UK trade deal remain alive. In Hong Kong, JD Health -- the medical arm of Chinese e-commerce giant JD.com -- soared 75 percent at one point on its market debut after a $3.5-billion initial public offering, the biggest in the city this year. It ended up 56 percent at HK$110 ($14.1). Tokyo - Nikkei 225: DOWN 0.3 percent at 26,467.08 (close) Hong Kong - Hang Seng: DOWN 0.8 percent at 26,304.56 (close) Shanghai - Composite: DOWN 0.2 percent at 3,410.18 (close) London - FTSE 100: DOWN 0.4 percent at 6,526.31 Pound/dollar: DOWN at $1.3339 from $1.3374 at 2150 GMT Euro/pound: UP at 90.80 pence from 90.53 pence Euro/dollar: UP at $1.2113 from $1.2110 Dollar/yen: UP at 104.09 yen from 104.03 yen West Texas Intermediate: DOWN 1.0 percent at $45.31 per barrel Brent North Sea crude: DOWN 1.1 percent at $48.27 per barrel New York - Dow: DOWN 0.5 percent at 30,069.79 (close) dan/rbu
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