BANGKOK (AP) Following U.S. markets closing out last week with more records, Asian shares were uneven Monday, with Hong Kong’s up over 3% and South Korea’s benchmark down nearly 3%.
Following the weekend toppling of Syrian leader Bashar Assad, who sought sanctuary in Moscow after rebels overthrew the Assad family’s 50-year iron reign, oil prices increased, further escalating unrest in a conflict-torn area. In electronic trading on the New York Mercantile Exchange, the price of a barrel of U.S. benchmark crude oil surged $1.01 to $68.20.
The global benchmark, Brent crude, surged $1.35 to $72.08 a barrel.
South Korea’s political climate remained tight as local media claimed that police were thinking of banning President Yoon Suk Yeol from traveling abroad.After declaring martial law amid a budget conflict last week and then reversing it hours later, Yoon’s fate remained unclear.
Seoul’s Kospi fell 2.8% to 2,360.58.
People walk in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Monday, Dec. 9, 2024, in Tokyo. (AP Photo/Eugene Hoshiko)
Eugene Hoshiko/Associated Press
Chinese stocks were mixed, with the Hang Seng in Hong Kong rising 2.8% to 20,414.09 after initially declining. At 3,402.53, the Shanghai Composite index dropped less than 0.1%. The official media’s report of a meeting of the Politburo of the ruling Communist Party, which promised additional help for the faltering economy, gave investors hope.
Later this week, a significant economic planning meeting is anticipated to establish the policy agenda for the upcoming months, perhaps providing new stimulus for the second-largest economy in the world.
After the government revealed that the economy grew at a 1.2% annual pace from July to September, exceeding the previous projection of 0.9% growth, Tokyo’s Nikkei 225 index increased by 0.2% to 39,160.50.
At 8,423.00, the S&P/ASX 200 in Australia was essentially unchanged. Taiwan’s Taiex increased by 0.3%, while India’s Sensex decreased by 0.1%. The SET was down 0.3% in Bangkok.
After reports indicated that the labor market is still strong enough to support the economy but not robust enough to immediately raise concerns about inflation, U.S. equities surged to all-time highs on Friday.
The S&P 500 closed a third consecutive winning week in what appears to be one of its greatest years since the 2000 dot-com bust, rising 0.2% to 6,090.27, just enough to record another all-time high. The Nasdaq composite increased 0.8% to establish a new record of 19,859.77, while the Dow Jones Industrial Average fell 0.3% to 44,642.52.
The jobs report strengthened traders expectations that the Federal Reserve willcut interest rates againat its next meeting in two weeks. Although it revealed that U.S. firms employed more workers than anticipated last month, the jobless rate unexpectedly increased from 4.1% to 4.2%.
The Fed has beeneasing its main interest ratefrom a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. While lower interest rates have the potential to boost inflation, they can also loosen economic restraints.
This year, the S&P 500 has risen 57 times to its highest level.
For now, the hope is that the job market can help U.S. shoppers continue to spend and keep theU.S. economy out of a recessionthat had earlier seemedinevitableafter the Fed began hiking interest rates swiftly to crush inflation.
According to a report released on Friday, consumer mood in the United States might be increasing more than analysts had anticipated. The preliminary reading from the University of Michigan s survey hit its highest level in seven months. The survey found a surge in buying for some products as consumers tried to get ahead of possible increases in price due tohigher tariffsthat President-elect Donald Trump has threatened.
In tech, Hewlett Packard Enterprise jumped 10.6% for one of the S&P 500 s larger gains after reporting stronger profit and revenue than expected. Tech stocks were some of the market s strongest this week, as Salesforce and other big companies talked up how much of a boost they re getting from theartificial-intelligenceboom.
In other dealings early Friday, Bitcoin was sitting near $99,500 afterbursting above$103,000 to a record the day before.
The euro rose to $1.0565 from $1.0561. The dollar was trading at 150.47 yen early Monday, up from 150.07 yen.
The Associated Press, 2024. All rights reserved. All rights reserved. It is prohibited to publish, broadcast, rewrite, or redistribute this content without authorization.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!