Asian shares showed mixed results on Friday following the closure of U.S. markets on Thursday due to the Thanksgiving holiday, with U.S. futures and oil prices seeing modest increases.
In Japan, the Nikkei 225 index dropped 0.4% to 38,183.31, following the release of inflation data showing a 2.6% rise in Tokyo’s consumer prices for November, up from 1.8% the previous month. The inflation jump was primarily driven by a surge in fresh food prices. Excluding fresh food, core inflation rose to 2.2%, up from 1.8% in October. The higher inflation figures raised expectations that the Bank of Japan may continue to tighten monetary policy, which supported the Japanese yen. The yen was trading at 149.92 per dollar early Friday, significantly stronger than the 155 yen per dollar it was at just a week ago. The Bank of Japan’s policy rate remains at 0.25%, having ended a long period of negative rates earlier this year after meeting its 2% inflation target.
South Korea’s Kospi index fell 1.3% to 2,471.68, following the central bank’s decision to cut its benchmark interest rate on Thursday to help stimulate the country’s slowing economy. In Australia, the S&P/ASX 200 slipped 0.2% to 8,428.20.
Chinese markets, however, showed stronger performance. Hong Kong’s Hang Seng index climbed 1.3% to 19,616.44, while the Shanghai Composite surged 1.6% to 3,348.20. Investors are looking ahead to China’s upcoming economic planning meeting, typically held in December, for further guidance on government policy.
U.S. markets will reopen for a half-day session on Friday. The holiday on Thursday brought a temporary lull in news surrounding President-elect Donald Trump’s plans, which had previously caused market turbulence. Earlier in the week, Trump’s announcement of plans for significant tariff hikes on imports from Canada, Mexico, and China had rattled global markets. On Wednesday, the S&P 500 fell 0.4%, the Dow dropped 0.3%, and the Nasdaq Composite, heavily weighted with tech stocks, lost 0.6%.
In commodity markets, U.S. benchmark crude oil rose 46 cents to $69.18 per barrel, while international Brent crude added 10 cents, reaching $72.88 per barrel.
Related topics:
Chinese Electric Vehicles Gaining Ground in Thailand’s Auto Market
US Bond Market Shows Signs of Stabilizing After Two-Month Selloff, but Uncertainty Lingers
Investors Bet on Trump 2.0 Privatizing Fannie Mae and Freddie Mac
