Stock market today: Asian markets advance in holiday-thinned trading but Chinese shares slip

Asian markets mostly rose during thin holiday trading on Tuesday, with some markets in the region closed for holidays.

US oil and futures prices rose.

The Shanghai benchmark index led losses in Asia due to heavy selling in technology-related stocks and computer chips, while concerns about trade tensions with the United States and other Western countries revived.

The Shanghai Composite Index sank 0.7% to 2,898.88. In Shenzhen, where relatively more high-tech companies are listed, the A-share index lost 1.2%. Semiconductor-related stocks fell 2.7%, while consumer electronics stocks lost 2.4%.

Tokyo’s Nikkei 225 gained 0.2% to 33,305.85. In South Korea, the Kospi added 0.1% to 2,602.59. The Bangkok SET rose 0.3%. Taiwan’s Taiex gained 0.8% and Mumbai’s Sensex rose 0.3%.

Markets in Australia and Hong Kong were closed.

Japan’s unemployment rate held steady at 2.5% in November, according to government data released Tuesday. The employment-to-applicant ratio saw a slight decline, settling at 1.28, indicating that there were around 128 job opportunities available for every 100 applicants.

On the other hand, Japan’s services producer price index, which measures the costs of goods and services provided by companies to other companies and government entities, remained stable at 2.3% in November. This indicates a gradual transmission of rising labor costs and the possibility of sustained wage increases, supporting the Bank of Japan’s 2% inflation target.

US and European markets were closed on Monday and some in Europe will remain closed for Boxing Day. On Friday, Wall Street wrapped up its eighth straight week of gains with a quiet finish following reports showing inflation is declining even as the economy appears stronger than expected.

On Friday, the S.&The P 500 rose 0.2%, placing it less than 1% below its record set almost two years ago, at 4,754.63. The Dow Jones fell less than 0.1% to 37,385.97 and the Nasdaq gained 0.2% to 14,992.97.

With its eight consecutive weekly gains, the S&The P 500 is in the midst of its longest winning streak since 2017.

In other trading Tuesday, a barrel of U.S. crude rose 8 cents to $73.64 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 12 cents to $78.92 a barrel.

The US dollar rose to 142.35 Japanese yen from 142.33 yen. The euro rose to $1.1024 from $1.1016.