Asian Shares Mixed in Light Holiday Trading
BANGKOK (AP) — Asian shares were mixed Thursday in thin holiday trading, with most markets in the region and elsewhere closed for Christmas.
In Tokyo, the Nikkei 225 edged 0.1% higher to 50,407.79. It has gained nearly 30% this year.
The dollar slipped to 155.85 Japanese yen from 155.94 yen. The euro climbed to $1.1786 from $1.1780.
Markets in mainland China advanced, with the Shanghai Composite index up 0.5% at 3,959.62. Hong Kong’s exchange was closed.
Investors were encouraged by a statement by the People’s Bank of China, China’s central bank, promising to ensure adequate money supply to support financing, economic growth and inflation targets.
US Markets Closed Early for Christmas Eve
On Wednesday, the S&P 500 index rose 0.3% to 6,932.05 and the Dow Jones Industrial Average added 0.6% to close at 48,731.16. The Nasdaq composite added 0.2% to 23,613.31
Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas on Thursday. U.S. markets will reopen for a full day of trading on Friday, though volumes will likely remain light this week with most investors having closed out their positions for the year.
Focus on US Economy and Federal Reserve
The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence.
Much of the focus for investors for the next few weeks will be on where the U.S. economy is heading and where the Federal Reserve will move interest rates.
US Economy Shows Strong Growth
The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend despite strong inflation.
The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening.
Stocks to Watch
Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion.
Novo Nordisk’s shares rose 1.8% after the weight-loss drug company got approval from U.S. regulators for a pill version of its blockbuster drug Wegovy.
U.S. crude oil closed at $58.35 a barrel and Brent crude finished at $61.80 a barrel.
