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| - Equity markets were mixed Wednesday, as another record on Wall Street and hopes for a possible breakthrough in deadlocked US stimulus talks were weighed by China-US tensions and fresh virus flare-ups. Some upbeat US data helped propel the S&P 500 to its first record since February while the Nasdaq pushed to an all-time high thanks to a surge in demand for tech stocks that are benefiting from lockdowns. While an eventual deal is expected, a key drag for equities has been the stalemate on Capitol Hill over a new economic rescue package, with Democrats' $2 trillion proposal double the size of that put forward by Republicans -- and both sides refusing to budge. However, House Speaker Nancy Pelosi provided a ray of hope by saying her party could be willing to make cuts to its offer in order to seal a deal, then return to thrash out other issues after November's elections. "We're willing to cut our bill in half to meet the needs right now," she said. "We'll take it up again in January." Bloomberg News reported that Treasury Secretary Steven Mnuchin and Senate Majority Leader Mitch McConnell said Pelosi's decision to remove $25 billion in funding for the Postal Service was an opening for talks. Pelosi and McConnell are at loggerheads over funding for the struggling post service, which is expected to see an exceptional number of mail-in ballots in November's election, with Donald Trump looking to limit them over claims of possible fraud. The $3.5 trillion package agreed earlier this year, combined with a wall of cash and loose monetary policies from the Federal Reserve, have helped markets soar from their March troughs. "We have a Federal Reserve that is all in, keeping rates low probably across the curve for as far as the eye can see," Katie Nixon, at Northern Trust Wealth Management, told Bloomberg TV. "That is supportive of higher valuations." Souring US-China relations remain on traders' radars, with the latest salvo out of Washington coming from a warning to colleges and universities to sell any Chinese holdings in their endowments owing to proposed fresh rules that could see the firms de-listed. The announcement comes with the superpowers locked in several standoffs ranging from Hong Kong, trade and the coronavirus, and US accusations of digital espionage. There is also some trepidation about a trade pact signed between the two in January, which observers say is the crucial issue, with any sign that could be in peril expected to spark another sharp markets drop. But while talks on the deal were called off last weekend, there is a general feeling that both sides want to keep it in place. "The US-China standoff is different to the trade spat era, where Mr Trump was a lot more vocal, and it seemed as if he wanted to be seen to be verbally attacking China," said David Madden at CMC Markets. "Seeing as he has an election to fight in a few months, he is taking a different approach. No doubt he will use the Chinese government as a bogeyman... but given the state of the US economy, he is unlikely to do anything too aggressive for fear the Beijing administration might launch a tough economic attack." Tokyo ended up 0.2 percent and Sydney added 0.7 percent while Mumbai, Seoul and Taipei were also higher. But Hong Kong, which was closed in the morning owing to a strong typhoon, dropped 0.8 percent and Shanghai shed more than one percent, while Singapore dropped 0.1 percent. Manila sank more than one percent, while Wellington, Taipei and Jakarta saw sizeable losses. London, Paris and Frankfurt all fell soon after the opening bell. Uncertainty over the stimulus, rising US infections and the Fed's massive bond-buying has hurt the dollar, which is sitting around two-year lows against the euro, despite a surge in new virus cases in the European Union. Sterling was also sitting around its 2020 highs against the greenback, having tumbled around 13 percent at the height of the pandemic panic. Tokyo - Nikkei 225: UP 0.2 percent at 23,110.61 (close) Shanghai - Composite: DOWN 1.2 percent at 3,408.13 (close) Hong Kong - Hang Seng: DOWN 0.8 percent at 25,151.59 London - FTSE 100: DOWN 0.2 percent at 6,063.06 Euro/dollar: UP at $1.1941 from $1.1931 at 2100 GMT Dollar/yen: UP at 105.50 yen from 105.40 yen Pound/dollar: UP at $1.3260 from $1.3237 Euro/pound: DOWN at 90.05 pence from 90.11 pence West Texas Intermediate: DOWN 0.6 percent at $42.63 per barrel Brent North Sea crude: DOWN 0.7 percent at $45.13 per barrel New York - Dow: DOWN 0.2 percent at 27,778.07 (close) dan/rma
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