Asian shares slip despite Wall St gains after Biden-Xi talks

Asian shares are mostly lower despite a rally on Wall Street after virtual talks between President Joe Biden and China’s Xi Jinping

TOKYO -- Asian shares were mostly lower Wednesday despite a rally on Wall Street after virtual talks between President Joe Biden and China's Xi Jinping.

Japan's benchmark Nikkei 225 fell 0.4% to 29,688.33. South Korea's Kospi fell 1.2% to 2,962.42. Australia's S&P/ASX 200 lost 0.7% to 7,369.90. Hong Kong's Hang Seng fell 0.4% to 25,621.91, while the Shanghai Composite edged up 0.5% to 3,537.32.

The online talks between Biden and Xi late Monday U.S. time appeared to signal a step in the right direction but they did not yield any major steps toward resolving longstanding disputes over trade and other issues.

“Any concrete development from the meeting still awaits to be seen, but the amiable approach thus far in addressing issues from both parties pares down the risks of political tension in markets,” said Yeap Jun Rong, market strategist at IG in Singapore.