July 20, 2024

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Asian shares gain in quiet holiday trading after Wall St’s 8th winning week

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BANGKOK (AP) — Asian shares were mostly higher on Monday after Wall Street capped its eighth straight winning week with a quiet finish following reports showing inflation on the way down and the economy potentially on the way up.

Tokyo’s Nikkei 225 added 0.3% to 33,254.03 and the Taiex in Taiwan gained 0.1%. Bangkok’s SET was flat. The Shanghai Composite index edged 0.1% higher, to 2,918.93.

Most markets in the region and beyond were closed for the Christmas holiday.

Chinese regulators announced approvals of more than 100 online games and issued a statement expressing support for the industry after draft guidelines issued Friday caused share prices of major games makers like Tencent and Netease to plunge.

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

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

Wall Street’s focus was squarely on a suite of economic reports released Friday that led to some swings in Treasury yields.

The measure of inflation the Federal Reserve prefers to use slowed by more than economists expected, down to 2.6% in November from 2.9% a month earlier. It echoed other inflation reports for November released earlier in the month.

Spending by U.S. consumers unexpectedly rose during the month. While that’s a good sign for growth for an economy driven mainly by consumer spending, it could also indicate underlying pressure remains on inflation.

Other reports on Friday showed orders for durable manufactured goods strengthened more in November than expected, sales of new homes unexpectedly weakened and sentiment for U.S. consumers improved.

The Federal Reserve is walking a tightrope, trying to slow the economy enough through high interest rates to cool inflation, but not so much that it tips into a recession. A stronger-than-expected economy could…



2023-12-25 00:24:59

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