TOKYO — Global shares trade mixed Thursday, with losses of more than 2% in Chinese benchmarks, as Asia’s main stock market in Tokyo stayed closed for New Year holidays.
France’s CAC 40 edged up 0.2% to 7,395.11, while Germany’s DAX rose 0.6% to 20,020.05. Britain’s FTSE 100 gained 0.2% to 8,192.31. U.S. shares were set to drift higher with Dow futures up 0.5% at 43,096.00. S&P 500 futures rose rose 0.6% to 5,973.25. Oil prices gained.
Investors remain cautious over what U.S. President-elect Donald Trump might do once he takes office, including on imports from China and other Asian countries.
The Shanghai Composite index dropped 2.7% to 3,262.56 and the Hang Seng, in Hong Kong, fell 2.2% to 19,623.32.
Upbeat talk by Chinese leader Xi Jinping in a New Year’s address did little to raise optimism among market players who are hoping for more aggressive action to support the economy and boost share prices.
“We have proactively responded to the impacts of the changing environment at home and abroad. We have adopted a full range of policies to make solid gains in pursuing high-quality development. China’s economy has rebounded and is on an upward trajectory,” Xi said in a New Year message according to the official Xinhua News Agency.
Elsewhere in the Asia-Pacific, Australia’s S&P/ASX 200 rose 0.5% to 8,201.20 and South Korea’s Kospi was flat at 2,398.94.
On Wednesday, markets were closed on Wall Street for the New Year’s Day holiday, as were nearly all other world markets.
Investors will get an updated snapshot of U.S. construction spending for November on Thursday, while U.S. manufacturing numbers for December will be released Friday.
U.S. stock indexes closed mostly lower Tuesday as the market delivered a downbeat finish on the final day of another milestone-shattering year on Wall Street.
The U.S. markets’ stellar run was driven by a growing economy, solid consumer spending and a strong jobs market.
Skyrocketing prices for companies in the artificial intelligence business, such as Nvidia and Super Micro Computer, helped lift the market to new heights.
After three in 2024, the Fed has signaled a more cautious approach heading into 2025 with as the country prepares for Trump’s transition into the White House. Trump’s threats to hike tariffs on imported goods have raised anxiety that inflation could be reignited as companies pass along the cost of tariffs.
In energy trading, benchmark U.S. crude oil rose 21 cents to $71.93 a barrel. Brent crude, the international standard, added 21 cents to $74.85 a barrel.
The U.S. dollar slipped to 156.68 Japanese yen from 157.24 yen. The euro cost $1.0362, up from $1.0359.
___
Yuri Kageyama is on Threads:
The post Stock market today: Global shares are mixed after New Year holiday. Chinese shares sink appeared first on Associated Press.
