Stock market today: Asian shares are mixed after US holiday quiet

Stock market today: Asian shares are mixed after US holiday quiet

28 May    AP, Finance News, PMN Business

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TOKYO (AP) — Shares were mixed in Asia on Tuesday after U.S. markets were closed for the Memorial Day holiday. Oil prices and U.S. futures were higher.

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 was buoyed by gains for technology shares.

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On Monday, European shares posted modest gainsar as markets were lifted by a rebound on Wall Street on Friday following its worst day since April.

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Early Tuesday, Tokyo’s Nikkei 225 fell 0.3% to 38,795.07 and the Kospi in Seoul inched 0.1% higher, to 2,726.82.

Australia’s S&P/ASX 200 shed 0.2% to 7,776.80.

The Shanghai Composite index edged 0.1% higher to 3,126.76. Hong Kong’s Hang Seng added 0.8% to 18,982.31.

The Chinese government recently eased interest rates and downpayment requirements for housing loans as part of its effort to revive the property sector after a crackdown on excessive borrowing caused defaults among many developers.

The housing industry plays a huge role in driving the economy and its troubles have weighed on growth.

The meetings Monday led by Chinese President Xi Jinping “noted that preventing and defusing financial risks is a major challenge that must be overcome in order to achieve high-quality development, as it concerns national security, overall development and the safety of the people’s property,” the official Xinhua News Agency reported.

Efforts to strengthen oversight “should be implemented strictly to send a strong signal that any violator will be held accountable, so that financial oversight will actually have ‘teeth and thorns’ and be sharp-pointed,” Xinhua said.

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On Friday, the S&P 500 gained 0.7% and the Dow Jones Industrial Average rose by less than 0.1%. The Nasdaq composite gained 1.1% to top its all-time high set earlier last week.

In other trading Tuesday, U.S. benchmark crude oil gained $1.03 to $78.75 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, added 4 cents to $82.92 per barrel.

In currency dealings, the U.S. dollar slipped to 156.75 Japanese yen from 156.89 yen.

The euro rose to $1.0874 from $1.0860.

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