TOKYO, Dec 31: Global markets shares were mixed on Tuesday, with trading closed in Tokyo and Seoul for New Year holidays.
France’s CAC 40 rose nearly 0.1 per cent to 7,307.87, while Britain’s FTSE 100 was little changed at 8,119.65. German markets are closed on New Year’s Eve and January 1 with trading set to continue Thursday.
The future for the S&P 500 edged 0.2 per cent higher while that for the Dow Jones Industrial Average was up 0.1 per cent.
Australia’s S&P/ASX 200 in Sydney skidded 0.9 per cent to 8,159.10.
Hong Kong’s Hang Seng added nearly 0.1 per cent to 20,059.95, while the Shanghai Composite lost 1.6 per cent to 3,351.76 after Chinese manufacturing data seemed to show that Beijing’s stimulus measures have not done enough to boost the nation’s sluggish economy.
China’s Purchasing Managers’ Index, based on a survey of factory managers, slipped to 50.1 in December from 50.3 the previous month, the National Bureau of Statistics said Tuesday. It was the third straight monthly reading above 50, a level that indicates an expansion of manufacturing activity.
Trading is set to resume in Tokyo on January 6, as markets will stay closed for the rest of the week for the New Year holidays. South Korean markets will be closed for New Year’s Day and resume trading Thursday.
US markets will be closed on Wednesday.
They retreated Monday. The S&P 500 shed 1.1 per cent and the Dow fell 1 per cent. The Nasdaq composite ended 1.2 per cent lower.
Boeing stocks declined after one of its jets skidded off a runway in South Korea, killing 179 of the 181 people aboard. South Korea is inspecting all 737-800 aircraft operated by airlines in the country.
The disaster was yet another blow for Boeing following a machinists strike, further safety problems with its troubled top-selling aircraft and a plunging stock price. Its shares have declined more than 30 per cent this year.
Markets are nearing the close of a stellar year driven by a growing economy, solid consumer spending and a strong jobs market. Investors were encouraged by inflation cooling throughout the year to close to the Federal Reserve’s 2 per cent target. That raised hopes that the central bank would deliver a steady stream of interest rate cuts, which would ease borrowing costs and fuel more economic growth.
The Fed cut interest rates three times in 2024, but has signalled a more cautious approach heading into 2025 as inflation shows signs of reheating. The latest report on consumer prices showed that inflation edged slightly higher, to 2.7 per cent, in November.
President-elect Donald Trump’s threats to hike tariffs have added to worries about the potential for inflation to reignite. Companies typically pass along the higher costs from tariffs on goods and raw materials to consumers.
Investors have very little corporate and economic news to review this week, which is shortened by the New Year holiday.
On Thursday, investors will get an updated snapshot of US construction spending for the month of November. On Friday, Wall Street will receive an update on manufacturing for December.
In energy trading, benchmark US crude rose 50 cents to USD 71.49 a barrel. Brent crude, the international standard, added 48 cents to USD 74.47 a barrel.
In currency trading, the US dollar fell to 156.13 Japanese yen from 156.90 yen. The euro cost USD 1.0411, little changed from USD 1.0410. (AP)
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