SYDNEY, NSW, Australia - Shares in Asia were mixed on Tuesday despite apparent warming of relations between the world's biggest and competing economies.

U.S. President Joe Biden began meetings with China's leader Xi Jinping on Monday night at Washington time.

"Investors will be keeping a close eye on the first Biden-Xi summit to see if the exchange will lead to any amelioration in an already fraught relationship," David Chao global market strategist for the Asia Pacific (ex-Japan) at Invesco told Reuters Tuesday. "Though no breakthroughs are expected, it's still a positive first step forward."

In Tokyo, the Nikkei 225 rose 31.32 points or 0.11 percent to 29,808.12.

The Australian All Ordinaries lost 51.10 points or 0.66 percent to 7,747.10.

The Hang Seng in Hong Kong advanced 322.87 points or 1.27 percent to 25,713.78.

China's Shanghai Composite decreased 11.52 points or 0.33 percent to 3,521.79.

The U.S. dollar was little changed, holding on to its recent gains. The euro was still licking its wounds during the Asian trading zone. The EU unit was last quoted towards the Sydney close at 1.1368. The British pound was weak at 1.3418. The Japanese yen dipped to 114.14. The Swiss franc was unwanted at 0.9247.

The Canadian dollar was unmoved at 1.2520, as were the Australian and New Zealand dollars which last traded at 0.7339 and 0.7036 respectively.

Overnight on Wall Street, the Dow Jones dipped 12.86 points or 0.04 percent to 36,087.45.

The Nasdaq Composite edged down 7.11 points or 0.04 percent to 15,853.85.

The Standard and Poor's 500 finished virtually unchanged, down just 0.05 of a single point to 4,682.45.