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:2025-04-26 06:05:23
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! (794)
Related
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- First Floods, Now Fires: How Neglect and Fraud Hobbled an Alabama Town
- Higher gas prices lift Fed’s preferred inflation gauge but underlying price pressures remain mild
- 'Golden Bachelor' premiere recap: Gerry Turner brings the smooches, unbridled joy and drama
- Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
- Seattle cop who made callous remarks after Indian woman’s death has been administratively reassigned
- 'Raise your wands:' Social media flooded with tributes to Dumbledore actor Michael Gambon
- Remains found of Colorado woman Suzanne Morphew, who went missing on Mother’s Day 2020
- Brianna LaPaglia Reveals The Meaning Behind Her "Chickenfry" Nickname
- Peruvian man arrested for allegedly sending bomb threats when minors refused to send him child pornography
Ranking
- How effective is the Hyundai, Kia anti-theft software? New study offers insights.
- Man arrested in shooting at Lil Baby concert in Memphis
- Iranian forces aimed laser at American military helicopter multiple times, U.S. says
- Trump asks judge in Jan. 6 case for 2-month extension to file pretrial motions
- Why we love Bear Pond Books, a ski town bookstore with a French bulldog 'Staff Pup'
- Trump's legal team asks to delay deadlines in special counsel's election interference case
- UAW once again expands its historic strike, hitting two of the Big 3 automakers
- Traveling with Milley: A reporter recalls how America’s top soldier was most at home with his troops
Recommendation
Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
Slovakia election pits a pro-Russia former prime minister against a liberal pro-West newcomer
What to know as fall vaccinations against COVID, flu and RSV get underway
Best and worst performances after a memorable first month of the college football season
2024 Olympics: Gymnast Ana Barbosu Taking Social Media Break After Scoring Controversy
Suicides by US Veterans are still tragically high: 5 Things podcast
Remembering Stephen tWitch Boss and Allison Holker's Incredible Love Story
Wisconsin corn mill owners plead to federal charges in fatal explosion, will pay $11.25 million