HONG KONG, Dec 20 — Asian markets were mixed today as investors await fresh catalysts to drive business, though with the China-US trade deal agreed and Christmas approaching many are in wind-down mode.

Wall Street provided yet another record-breaking lead, with all three main indexes being helped to all-time highs by news that a revised US-Canada-Mexico pact had finally been agreed.

Concerns that pen had not yet been put to paper on the China-US pact were soothed by US Treasury Secretary Steven Mnuchin, who said a technical review was taking place and it would be signed in early January.

Regional equities swung back and forth through the morning session, with investors now turning an eye to the festive break and observers indicating next year could see further gains.

"Agreement of the phase one deal between the US and China has removed quite a lot of the uncertainties in the outlook for 2020,” said Stephen Innes, senior market analyst at AxiTrader.

"And with the global growth revival trade looking better and better by the day, equity investors are revelling in the holiday cheer.”

Tokyo eased 0.2 per cent and Shanghai ended down 0.4 per cent, while Sydney fell 0.3 per cent.

Taipei gave up 0.5 per cent and Manila sank more than one per cent, while there were also losses in Jakarta and Bangkok.

However, Hong Kong ended up 0.3 per cent, Seoul gained 0.4 per cent and Mumbai edged higher while Wellington and Singapore were flat.

OANDA’s Jeffrey Halley was also upbeat on the near-term outlook.

"Stock markets will continue to trace out new highs into the early part of 2020 at least, barring a trade hiccup,” he said.

On currency markets the pound edged up but was still struggling against the dollar after British Prime Minister Boris Johnson this week revived no-deal Brexit worries by saying he wanted to pass a law preventing an extension to the next phase of EU talks.

Sterling has plunged below the levels it was at before last week’s landslide win for Johnson, who says he wants a full break by the end of next year — raising the chances of leaving without a trade deal in place.

Adding to downward pressure on the British unit was the Bank of England leaving the door open for an interest rate cut next month as it assesses the outlook for the economy.

Observers said there was a two-thirds chance of a reduction in borrowing costs.

In early trade London rose 0.1 per cent, Frankfurt was flat and Paris added 0.2 per cent.

Key figures around 0820 GMT

Tokyo — Nikkei 225: DOWN 0.2 per cent at 23,816.63 (close)

Hong Kong — Hang Seng: UP 0.3 per cent at 27,871.35 (close)

Shanghai — Composite: DOWN 0.4 per cent at 3,004.94 (close)

London — FTSE 100: UP 0.1 per cent at 7,583.53

Pound/dollar: UP at US$1.3027 from US$1.3008 at 2200 GMT

Euro/pound: DOWN at 85.33 pence from 85.48 pence

Euro/dollar: DOWN at US$1.1116 from US$1.1121

Dollar/yen: DOWN at 109.28 yen from 109.36 yen

Brent North Sea crude: UP five cents at US$66.59 per barrel

West Texas Intermediate: DOWN eight cents at US$61.10 per barrel

New York — Dow: UP 0.5 per cent at 28,376.96 (close) — AFP