Asian markets at a standstill: Holidays slow down trade!

Asian markets at a standstill: Holidays slow down trade!

The Asian stock exchanges were extremely cautious on Wednesday, December 25, 2024, which was mainly due to the celebrations in many countries. According to the FAZ The Shanghai Composite Index barely moved and was quoted at 3,393.35 points. Meanwhile, the index of the largest companies in Shanghai and Shenzhen rose slightly to 3,985.62 points. Despite the announcement of new measures to support the struggling real estate market, many investors remained cautious. In Tokyo, the Nikkei index closed 0.24 percent higher at 39,130.43 points, while the broader Topix remained almost unchanged at 2,724.79 points. Entertainment giant Konami lost over two percent and weighed on the Nikkei, while Nissan rose 8.6 percent.

US markets are optimistic

In the US, trading was positive on Christmas Eve in a shortened session, reports Investment Week. The Dow Jones Industrial rose 0.91 percent to reach 43,297.03 points, supported by hopes of a successful Christmas season, especially at Walmart, whose shares rose 2.58 percent. Amazon also recorded an increase of 1.77 percent. The S&P 500 closed up 1.1 percent at 6,040.04 points, while the technology-focused Nasdaq index climbed 1.37 percent to 21,797.65 points. However, trading volume remained comparatively low given the holidays and there was a lack of prominent corporate news or economic stimulus that could significantly impact the market.

Stability in the oil market was supported by the prospect of a possible economic recovery in China next year, leading to a 1.4 percent rise in the price of North Sea Brent crude oil, now at $73.65 a barrel. In foreign exchange trading, the dollar edged up 0.1 percent against the yen to trade at 157.37 yen, while the euro was flat at $1.0403.