Asian stocks mixed in early trade after small gains in US on hopes for more stimulus from Fed

TOKYO (AP) — Asian shares were mixed in early trade Tuesday after moderate Wall Street gains on increased expectations that the U.S. Federal Reserve will take action to spur the U.S. economy.

Japan's Nikkei 225 was up 0.6 percent to 9,632.39, with major indexes in Taiwan, New Zealand and the Phillipines also up early.

But South Korea's Kospi slipped after initial climbing into positive territory, and was down 0.3 percent at 1785.42. Australia's S&P/ASX 200 index was down 0.5 percent at 4,572.50, and shares in Shanghai and Singapore were also lower.

Shares ended higher overnight on Wall Street, but volume was low as investors awaited the Fed's assessment of the U.S. economy and any plans to resume stimulus measures. An announcement is expected after the Fed's latest rate-setting meeting ends Tuesday afternoon in the U.S.

Major indices across Europe were also higher Monday.

In the U.S. on Monday, the Dow Jones industrial average ended 0.4 percent higher at 10,698.75. The broader Standard & Poor's 500 index gained 0.6 percent to 1,127.79.

In currency trade Tuesday morning, the dollar slipped to 85.81 yen, down from 85.96 yen late Monday, while the euro fell to $1.3191 versus $1.3223.