News
Asian stocks are mixed after quiet US holiday
TOKYO (AP) — Stocks were mixed in Asia on Tuesday after U.S. markets were closed for the Memorial Day holiday. U.S. oil prices and futures rose.
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 index was boosted by gains in technology stocks.
On Monday, European stocks posted modest gains as markets were buoyed by a rally on Wall Street on Friday after its worst day since April.
On Tuesday morning, Tokyo’s Nikkei 225 fell 0.3% to 38,795.07 and the Kospi in Seoul rose 0.1% to 2,726.82.
Australia’s S&P/ASX 200 fell 0.2% to 7,776.80.
The Shanghai Composite index rose 0.1% to 3,126.76. Hong Kong’s Hang Seng added 0.8% to 18,982.31.
The Chinese government recently eased interest rates and down payment requirements for home loans as part of its effort to revive the real estate sector after a crackdown on excessive debt caused defaults among many developers.
The real estate sector plays an important role in driving the economy and its problems have weighed on growth.
Monday’s meetings led by Chinese President Xi Jinping “noted that preventing and neutralizing financial risks is a major challenge that must be overcome to achieve high-quality development, with regard to national security, overall development and the security of the people’s property,” the official Xinhua news agency reported.
Efforts to strengthen supervision “must be implemented strictly to send a strong signal that any wrongdoer will be held accountable, so that financial supervision truly has ‘teeth and thorns’ and is pointed,” Xinhua said.
On Friday, the S&P 500 gained 0.7% and the Dow Jones Industrial Average rose less than 0.1%. The Nasdaq index rose 1.1%, surpassing its all-time high at the beginning of last week.
In other trading Tuesday, benchmark U.S. crude oil gained $1.03 to $78.75 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, rose 4 cents to $82.92 per barrel.
In foreign exchange trading, the US dollar fell to 156.75 Japanese yen from 156.89 yen.
The euro rose to $1.0874 from $1.0860.