Current:Home > ScamsStock market today: Asian shares are mostly higher as Chinese markets reopen after Lunar New Year -ProfitPioneers Hub
Stock market today: Asian shares are mostly higher as Chinese markets reopen after Lunar New Year
View
Date:2025-04-17 13:41:56
BANGKOK (AP) — Shares were mostly higher in Asia after Chinese markets reopened Monday from a long Lunar New Year holiday.
U.S. futures rose slightly while oil prices declined. Markets will be closed Monday in the United States for President’s Day.
Hong Kong’s Hang Seng fell 0.9% to 16,192.24 on heavy selling of technology and property shares despite a flurry of announcements by Chinese state banks of plans for billions of dollars’ worth of loans for property projects.
Major developer Country Garden dropped 5.6% and Sino-Ocean Group Holding plunged 6.5%. China Vanke lost 4.6%.
The Shanghai Composite index gained 0.8% to 2,889.32.
Tokyo’s Nikkei 225 fell 0.1% to 38,443.35.
Major video games maker Nintendo’s shares sank 5.1% following unconfirmed reports that the successor to the Switch console would not be delivered within this year.
Elsewhere in Asia, Australia’s S&P/ASX 200 edged 0.1% higher and the Kospi in Seoul picked up 1.3%, to 2,682.15. Bangkok’s SET added 0.2% and the Sensex in India was up 0.1%.
Friday on Wall Street, the S&P 500 fell 0.5% from its all-time high set a day earlier. It closed at 5,005.57. The Dow Jones Industrial Average dropped 0.4% to 38,627.99 and the Nasdaq composite sank 0.8% to 15,775.65.
A report in the morning on inflation at the wholesale level gave the latest reminder that the battle against rising prices still isn’t over. Prices rose more in January than economists expected, and the numbers followed a similar report from earlier in the week that showed living costs for U.S. consumers climbed by more than forecast.
The data kept the door closed on hopes that the Federal Reserve could begin cutting interest rates in March, as traders had been hoping. It also discouraged bets that a Fed move to relax conditions on the economy and financial markets could come even in May.
Higher rates and yields make borrowing more expensive, slowing the economy and hurting prices for investments.
In the meantime, the hope is that the economy will remain resilient despite the challenge of high interest rates. That would allow companies to deliver growth in profits that can help prop up stock prices.
A preliminary report on Thursday suggested that sentiment among U.S. consumers is improving, though not by quite as much as economists hoped. That’s key because consumer spending makes up the bulk of the economy.
In other trading Monday, U.S. benchmark crude oil gave up 60 cents to $77.86 per barrel in electronic trading on the New York Mercantile Exchange.
Brent crude, the international standard, shed 62 cents to $82.85 per barrel.
The U.S. dollar fell to 149.97 Japanese yen from 150.16 yen. The euro rose to $1.0780 from $1.0778.
veryGood! (5)
Related
- JoJo Siwa reflects on Candace Cameron Bure feud: 'If I saw her, I would not say hi'
- 'Disgusting' Satanic Temple display at state capitol in Iowa sparks free speech battle
- 6 killed in reported shootout between drug cartels in northern Mexico state of Zacatecas
- Sun-dried tomatoes, Aviator brand, recalled due to concerns over unlabeled sulfites
- Selena Gomez engaged to Benny Blanco after 1 year together: 'Forever begins now'
- Cardinals, Anheuser-Busch agree to marketing extension, including stadium naming rights
- Doritos releases nacho cheese-flavored liquor that tastes just like the chip
- Anthony Anderson to host strike-delayed Emmys ceremony
- Plunge Into These Olympic Artistic Swimmers’ Hair and Makeup Secrets
- Minnie Driver recalls being 'devastated' by Matt Damon breakup at 1998 Oscars
Ranking
- Report: Lauri Markkanen signs 5-year, $238 million extension with Utah Jazz
- How to Keep Your Hair Healthy All Year-Round, According to Dua Lipa's Stylist Jesus Guerrero
- Wisconsin Supreme Court refuses to hear lawsuit challenging voucher school program
- Fantasy football rankings for Week 15: Purdy, McCaffrey fueling playoff runs
- Kylie Jenner Shows Off Sweet Notes From Nieces Dream Kardashian & Chicago West
- Minnie Driver Was “Devastated” When Matt Damon Brought Date to Oscars Weeks After Their Breakup
- 'Monk' returns for one 'Last Case' and it's a heaping serving of TV comfort food
- New Mexico lawmakers ask questions about spending by university president and his wife
Recommendation
American news website Axios laying off dozens of employees
Testimony ends in Donald Trump’s civil fraud trial, but the verdict isn’t expected until next month
Israel-Hamas war tensions roil campuses; Brown protesters are arrested, Haverford building occupied
These songbirds sing for hours a day to keep their vocal muscles in shape
The GOP and Kansas’ Democratic governor ousted targeted lawmakers in the state’s primary
Texas judge finds officer not guilty in fatal shooting of pickup driver
Fed holds rates steady as inflation eases, forecasts 3 cuts in 2024
Washington state college student dies and two others are sickened in apparent carbon monoxide leak