Asian shares are mixed after US holiday quiet
A person rides a bicycle in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Tuesday, May 28, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
TOKYO — Shares were mixed in Asia on Tuesday after markets in the U.S. and Britain were closed for holidays. Oil prices and U.S. futures were higher.
Chinese markets rose after senior leaders of the ruling Communist Party met and affirmed Beijing’s determination to contain financial risks.
Hong Kong’s benchmark was buoyed by gains for technology shares.
On Monday, European shares posted modest gains as markets were lifted by a rebound on Wall Street on Friday following its worst day since April.
Early Tuesday, Tokyo’s Nikkei 225 fell 0.3 percent to 38,783.27 and the Kospi in Seoul inched 0.1 percent higher, to 2,724.35.
Australia’s S&P/ASX 200 shed 0.2 percent to 7,771.90.
The Shanghai Composite index edged 0.1 percent higher, to 3,127.67. Hong Kong’s Hang Seng added 0.5 percent to 18,923.93.
READ: Shanghai lifts home-buying curbs to boost property sector
The Chinese government recently eased interest rates and down payment requirements for housing loans as part of its effort to revive the property sector after a crackdown on excessive borrowing caused defaults among many developers.
The housing industry plays a huge role in driving the economy and its troubles have weighed on growth.
Defusing financial risks in China
The meetings Monday led by Chinese President Xi Jinping “noted that preventing and defusing financial risks is a major challenge that must be overcome to achieve high-quality development, as it concerns national security, overall development and the safety of the people’s property,” the official Xinhua News Agency reported.
Efforts to strengthen oversight “should be implemented strictly to send a strong signal that any violator will be held accountable so that financial oversight will have ‘teeth and thorns’ and be sharp-pointed,” Xinhua said.
On Friday, the S&P 500 gained 0.7 percent and the Dow Jones Industrial Average rose by less than 0.1 percent. The Nasdaq composite gained 1.1 percent to top its all-time high set earlier last week.
READ: Nasdaq sets another record as Wall Street wins back earlier losses
In other trading Tuesday, U.S. benchmark crude oil gained $1.14 to $78.86 per barrel in electronic trading on the New York Mercantile Exchange.
“The tense geopolitical setup is supportive of further gains along with the rising U.S. demand into summer and OPEC’s restrictive tone regarding its outlook,” Ipek Ozkardeskaya of Swissquote said in a commentary.
Brent crude, the international standard, added 13 cents to $83.01 per barrel.
In currency dealings, the U.S. dollar slipped to 156.74 Japanese yen from 156.89 yen.
The euro rose to $1.0875 from $1.0860.
