Global stocks mixed as traders shift into holiday mode

Global stocks mixed as traders shift into holiday mode
Global stocks mixed as traders shift into holiday mode

We show you our most important and recent visitors news details Global stocks mixed as traders shift into holiday mode in the following article

Hind Al Soulia - Riyadh - HONG KONG — Asian markets were mixed in thin business Tuesday as investors across the region traded with an eye on the early finish ahead of the Christmas break.

Another record lead from Wall Street was unable to spur another rally, though analysts are optimistic the new year could start on a positive note with China-US trade tensions dialed down and the economic outlook improving.

With many bourses closing early ahead of the festive holiday, turnover was shallow and morning business markets swung back and forth.

Hong Kong finished 0.2 percent lower and Tokyo was flat.

Sydney gained 0.1 percent, Singapore added 0.2 percent, Wellington rose 0.8 percent and Bangkok was barely moved, while Seoul, Taipei and Mumbai slipped.

Shanghai rose 0.7 percent a day after Chinese Premier Li Keqiang flagged further reductions in the amount of cash banks must keep in reserve -- freeing up billions of dollars for lending -- as authorities look to shore up the stuttering economy.

Officials already slashed the reserve requirement ratio for banks in October, which freed up about $126 billion to boost lending to mostly small and medium enterprises.

Also Monday, Beijing said it will cut tariffs on hundreds of imported goods from around the world, which added to the positive sentiment that has flowed through markets since China and the US agreed their trade deal earlier this month. The pact is due to be signed off early in January.

Analysts said the move was an indication of China's desire to show it is opening up after this month's mini-deal with the US to reduce some levies and work towards a wider pact.

And officials on Sunday unveiled measures to support private companies by further opening up major industries to non-state firms and putting in place mechanisms that would give them the same regulatory treatment.

"News that China intends to lower import tariffs on a wide range of goods along with comments from Premier Li Keqiang confirming the government will continue to introduce measures to lower borrowing costs have helped sentiment," said National Australia Bank's Rodrigo Catril.

While world markets have had a bumpy ride from the ups and downs of the trade row this year, many are due to end it with huge gains, with Tokyo, Sydney and Shanghai up by about a fifth. Hong Kong, which has also been battered by months of sometimes violent protests, managed to squeeze out gains of around eight percent.

Tokyo - Nikkei 225: FLAT at 23,830.58 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 27,864.21 (close)

Shanghai - Composite: UP 0.7 percent at 2,982.68 (close)

Pound/dollar: UP at $1.2943 from $1.2935 at 2200 GMT

Euro/pound: UP at 85.67 pence from 85.70 pence

Euro/dollar: UP at $1.1090 from $1.1088

Dollar/yen: UP at 109.41 yen from 109.39 yen

Brent North Sea crude: UP 19 cents at $66.58 per barrel

West Texas Intermediate: UP 11 cents at $60.63 per barrel

New York - Dow: UP 0.3 percent at 28,551.53 (close)

London - FTSE 100: UP 0.5 percent at 7,623.59 (close) — AFP

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