March 2, 2024

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Stock Market Today: Asian markets are flat in thin trading due to the holiday

Stock Market Today: Asian markets are flat in thin trading due to the holiday

Asian markets settled into thin holiday trading on Tuesday, with some markets in the region closed for the holidays.

US futures and oil prices rose.

The Shanghai index led losses in Asia due to heavy selling in technology and computer chip stocks with renewed concerns about trade tensions with the United States and other Western countries.

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

The Nikkei 225 index in Tokyo fell less than 0.1% to 33,244.50 points. In South Korea, the Kospi added 0.1% to 2,601.67. The SET index in Bangkok rose 0.2%. Taiwan's TAEX rose 0.7%, and Mumbai's Sensex rose 0.4%.

Markets were closed in Australia and Hong Kong.

Japan's unemployment rate remained stable at 2.5% in November, according to government data released Tuesday. The job-to-applicant ratio saw a slight decline, settling at 1.28, indicating that there are approximately 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 that companies provide to other companies and government agencies, stabilized at 2.3% in November. This indicates a gradual transition of higher labor costs and the potential for sustainable wage gains, supporting the Bank of Japan's 2% inflation target.

US and European markets were closed on Monday, and some markets in Europe will remain closed for Christmas. Wall Street on Friday ended its eighth straight week of wins with a quiet ending after reports emerged Inflation is falling Even as the economy appears stronger than expected.

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Wall Street was closed on Monday for the Christmas holiday.

On Friday, the S&P 500 rose 0.2%, staying less than 1% below the record it set almost two years ago at 4,754.63. The Dow Jones index fell less than 0.1% to 37,385.97, and the Nasdaq gained 0.2% to 14,992.97.

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

In other trading Tuesday, the price of a barrel of U.S. crude oil rose 26 cents to $73.82 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 28 cents to $79.08 a barrel.

The US dollar fell to 142.23 Japanese yen from 142.33 yen. The euro rose to $1.1024 from $1.1016.