Asian Markets Mixed Amid US Memorial Day Holiday, Oil Prices Rise

Shares in Asia displayed mixed results on Tuesday as U.S. markets were closed for Memorial Day. Chinese markets rose after leaders emphasized containing financial risks. Oil prices and U.S. futures increased, while Tokyo, Seoul, and Australia saw varying performances. The property sector adjustments in China aim to boost the economy.

PTI | Tokyo | Updated: 28-05-2024 10:32 IST | Created: 28-05-2024 10:32 IST
Asian Markets Mixed Amid US Memorial Day Holiday, Oil Prices Rise
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Shares were mixed in Asia on Tuesday after US markets were closed for the Memorial Day holiday. Oil prices and US 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 per cent to 38,795.07 and the Kospi in Seoul inched 0.1 per cent higher, to 2,726.82. Australia's S&P/ASX 200 shed 0.2 per cent to 7,776.80.

The Shanghai Composite index edged 0.1 per cent higher to 3,126.76. Hong Kong's Hang Seng added 0.8 per cent to 18,982.31.

The Chinese government recently eased interest rates and downpayment 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. The meetings Monday led by Chinese President Xi Jinping "noted that preventing and defusing financial risks is a major challenge that must be overcome in order 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 actually have teeth and thorns' and be sharp-pointed," Xinhua said. On Friday, the S&P 500 gained 0.7 per cent and the Dow Jones Industrial Average rose by less than 0.1 per cent. The Nasdaq composite gained 1.1 per cent to top its all-time high set earlier last week. In other trading Tuesday, US benchmark crude oil gained USD 1.03 to USD 78.75 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 4 cents to USD 82.92 per barrel. In currency dealings, the US dollar slipped to 156.75 Japanese yen from 156.89 yen.

The euro rose to USD 1.0874 from USD 1.0860.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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