TOKYO (AP) - Asian shares meandered Thursday after early gains from an overnight surge in shares and oil prices faded in light pre-Christmas holiday trading. Apart from Tokyo and Shanghai, most major regional markets will be closed on Friday for Christmas.
TOKYO (AP) — Asian shares meandered Thursday after early gains from an overnight surge in shares and oil prices faded in light pre-Christmas holiday trading. Apart from Tokyo and Shanghai, most major regional markets will be closed on Friday for Christmas.
KEEPING SCORE: Japan's Nikkei 225 stock index fell 0.5 percent to 18,789.69 after spending most of the day in positive territory. The Shanghai Composite Index lost 1.1 percent to 3,594.79 and South Korea's Kospi fell 0.4 percent to 1,990.65. But Hong Kong's Hang Seng index added 0.4 percent to 22,138.13 and Australia's S&P/ASX 200 gained 1.3 percent to 5,207.60 in half-day Christmas Eve sessions. Markets in Southeast Asia, Taiwan and New Zealand were higher.
THE QUOTE: "Falling volatility and trade volume mark the days prior to the Christmas holidays," said Bernard Aw of IG, noting a lack of inspiration as funds and traders wind down positions before the end of the year.
JAPAN BLUES: Share prices in Japan fell back on Thursday after Bank of Japan Gov. Haruhiko Kuroda, in a speech to business leaders, commented on the difficulty of attaining the BOJ's 2 percent inflation target without faster wage increases — a persistent challenge in a country where companies are reluctant to invest more given the declining population and slow growth in demand.
WALL STREET: Trading was light ahead of Christmas and New Year holidays. The Dow Jones industrial average rose 185.34 points, or 1.1 percent, to 17,602.61. The Standard & Poor's 500 index rose 25.32 points, or 1.2 percent, to 2,064.29. U.S. markets will be open for only a half day on Thursday.
ENERGY: Oil prices continued their recovery from lows earlier in the week. U.S. crude futures gained 22 cents to $37.72 in electronic trading on the New York Mercantile Exchange. They jumped $1.36, or 3.8 percent, to $37.50 a barrel on Wednesday. Brent crude, which is used to price international oils, also was up 23 cents, at $37.59. It added $1.25, or 3.5 percent, to $37.36 a barrel in London.
CURRENCIES: The dollar edged lower, to 120.62 yen from 120.92 in the previous session. The euro was slightly higher, at $1.0930, up from $1.0914.