Asian markets mixed in post-Easter trading
BEIJING – Asian stock markets were mixed Monday following the Easter holiday weekend as investors looked ahead to U.S. and Japanese economic data.
Benchmarks in Tokyo and Seoul gained while Shanghai retreated.
Hong Kong and Sydney were closed for the holiday.
On Wall Street, the benchmark Standard & Poor’s 500 index ended a shortened trading week on Thursday snapping a winning streak of three weekly gains.
Investors looked ahead to U.S. quarterly gross domestic product due out Friday. The United States reports new home sales Tuesday while Japan announces factory output on Friday.
“The broad expectation is for U.S. indices to grind higher,” said Jingyi Pan of IG Markets in a report.
“However, with prices nearing all-time highs, some sense of caution may be bound to set in,” Pan said. “Earnings and the first reading of U.S.’s Q1 GDP at the end of the week would be key for markets.”
Tokyo’s Nikkei 225 index rose 0.1% to 22,233.04 and Seoul’s Kospi gained 0.1% to 2,218.47. The Shanghai Composite Index shed 0.6% to 3,250.91.
Benchmarks in Taiwan, Singapore and Manila gained while Jakarta retreated.
On Thursday, the S&P 500 gained 0.2% to 2,905.03 before closing for Good Friday. The Dow Jones Industrial Average rose 0.4% to 26,559.54. The Nasdaq composite added less than 0.1% to 7,998.06.
ENERGY: Benchmark U.S. crude surged $1.48 to $65.55 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.20 on Friday to close at $64.07. Brent crude, used to price international oils, soared $1.73 to $73.70 per barrel in London. It gained 35 cents the previous session to $71.97.
CURRENCY: The dollar gained to 111.94 yen from Friday’s 111.91 yen. The euro declined to $1.1239 from $1.1245. /gsg
