Asian shares mixed ahead of Lunar New Year holidays
Trading was thin as stock markets in China, South Korea and Taiwan were closed
Asian shares mixed ahead of Lunar New Year holidays
Asia shares were mixed on Monday and gold declined, as several stock markets were closed or trading for a half-day ahead of Lunar New Year celebrations. Tokyo’s Nikkei 225 was down 0.2 per cent to 56,806.41, after the government reported that Japan’s economy grew more slowly than economists had expected in the latest October-December quarter, at an annualised 0.2 per cent.
The sluggish rate of growth increases the likelihood that Japanese Prime Minister SanaeTakaichi will press ahead with plans to revive the economy by raising government spending and cutting taxes, Marcel Thieliant, head of Asia Pacific at Capital Economics, wrote in a note. Trading was thin as stock markets in China, South Korea and Taiwan were closed. The first day of the Lunar New Year this year falls on Tuesday.
Hong Kong’s Hang Seng gained 0.5 per cent in its half-day session, closing at 26,705.94. In Australia, the S&P/ASX 200 picked up 0.2 per cent to 8,940.60. India’s Sensex was up 0.3 per cent. US futures edged higher. The future for the S&P 500 rose 0.2 per cent, while that for the Dow Jones Industrial Average was also up 0.2 per cent. US stock markets are also closed on Presidents Day, a holiday.
On Friday, US stocks calmed after a sharp drop earlier driven by worries about artificial intelligence disruptions across various industries which particularly hit software companies hard. A report showing inflation cooled last month also helped steady the markets.
The data suggesting US price pressures may be easing offered more room for another Federal Reserve interest rate cut. The S&P 500 edged up less than 0.1 per cent to 6,836.17. The Dow Jones Industrial Average added 0.1 per cent to 49,500.93.
The Nasdaq composite edged down 0.2 per cent to 22,546.67. Computer chipmaker Nvidia, the heaviest weight company on the S&P 500, was down 2.2 per cent Friday.
Technology company AppLovin rose 6.4 per cent after losing almost a fifth of its value on Thursday, as investors focused on how AI could disrupt businesses of software and technology-related firms.
In other dealings early Monday, gold and silver prices fell. The price of gold was down 0.6 per cent to $5,015.40 per ounce and the price of silver fell 1.9 per cent to $76.50 an ounce.
Oil prices were steady. US benchmark crude oil gained 1 cent to $62.90 per barrel, while Brent crude, the international standard, rose 2 cents to $67.77 per barrel.
