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Asian markets are steady in holiday-thinned trade

NEW YORK (AP) – Asian markets were steady in holiday-thinned trading on Tuesday, with some markets in the region closed for holidays.

US futures and 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 US and other western countries.

The Shanghai Composite index sank 0.8 per cent to 2,894.72. In Shenzhen, where relatively more high-tech companies are listed, the A-share index lost 1.3 per cent.

Tokyo’s Nikkei 225 dropped less than 0.1 per cent to 33,244.50. In South Korea, the Kospi added 0.1 per cent, to 2,601.67. Bangkok’s SET rose 0.2 per cent. Taiwan’s Taiex gained 0.7 per cent and the Sensex in Mumbai was up 0.4 per cent.

Markets in Australia and Hong Kong were closed.

Japan’s unemployment rate remained stable at 2.5 per cent in November, according to government data released on Tuesday. The job-to-applicants ratio experienced a slight easing, settling at 1.28, indicating there were around 128 job opportunities available for every 100 applicants.

On the other hand, Japan’s services producer price index, which measures the costs of goods and services provided by businesses to other firms and government entities, held steady at 2.3 per cent in November. This indicates a gradual pass-on of rising labour costs and potential for sustained wage gains, supporting the Bank of Japan’s 2 per cent inflation target.

US and European markets were closed on Monday and some in Europe will remain closed for Boxing Day. 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.

Wall Street closed on Monday for the Christmas holiday.

On Friday, the S&P 500 rose 0.2 per cent to sit less than 1 per cent below its record set nearly two years ago, at 4,754.63. The Dow slipped less than 0.1 per cent to 37,385.97, and the Nasdaq gained 0.2 per cent to 14,992.97.

With its eight straight weekly gains, the S&P 500 is in the midst of its longest winning streak since 2017.

In other trading on Tuesday, a barrel of US crude picked up 26 cents to USD73.82 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, was up 28 cents at USD79.08 per barrel.

The US dollar fell to JPY142.23 from JPY142.33. The euro rose to USD1.1024 from USD1.1016.

A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Wednesday, November 29 in Tokyo. PHOTO: AP
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