Stock market today: Asian shares advance in holiday-thinned trading. European markets closed
By The Associated Press
Shares advanced in Asia on Tuesday in holiday-thinned trading, while European markets remained closed for holidays.
The future for the S&P 500 was 0.2% higher and that for the Dow Jones Industrial Average added 0.1%. Oil prices edged higher.
Shanghai’s benchmark led losses in Asia on heavy selling of technology and computer chip-related shares as worries revived over trade tensions with the U.S. and other western countries.
A number of video gaming stocks announced share buybacks meant to stem losses after Chinese regulators issued draft guidelines on Friday that caused shares in game makers like Tencent and Netease to plunge. Hong Kong markets were closed Tuesday, so the impact of an effort by Beijing on Monday to cushion the impact of the new rules by voicing support for the industry and announcing the approval of more than 100 games was unclear.
The Shanghai Composite index sank 0.7% to 2,898.88. In Shenzhen, where relatively more high-tech companies are listed, the A-share index lost 1.2%.
Tokyo’s Nikkei 225 gained 0.1% to 33,276.50. In South Korea, the Kospi added 0.1%, to 2,602.59. Bangkok’s SET rose 0.4%. Taiwan’s Taiex gained 0.8% and the Sensex in Mumbai was up 0.3%.
U.S. and European markets were closed Monday for Christmas.
On Friday, Wall Street closed its eighth straight winning week with a quiet finish following reports showing inflation is on the decline even as the economy appears stronger than expected.
On Friday, the S&P 500 rose 0.2%. It’s less than 1% below its record set nearly two years ago and is in the midst of its longest winning streak since 2017.
The Dow slipped less than 0.1% and the Nasdaq gained 0.2%.
In other trading Tuesday, a barrel of U.S. crude shed 18 cents to $73.38 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 11 cents to $78.69 per barrel.
The U.S. dollar rose to 142.49 Japanese yen from 142.33 yen. The euro was unchanged at $1.1017.
