Asian stock markets mostly rose on Thursday, reflecting a positive trend in thin post-Christmas holiday trading, while oil prices also experienced an uptick.
Japan’s Nikkei 225 led the way, surging 1.1% to 39,568.06, fueled by strong performances in retail and tourism-related sectors. The rally followed Japan’s announcement that it would ease visa conditions for Chinese tourists. Retail giants such as Isetan Mitsukoshi Holdings saw a 7.7% increase, while J. Front Retailing Co., the parent company of Matsuzakaya and Daimaru department stores, gained 8.3%. Automobile stocks also enjoyed notable gains.
Elsewhere in Asia, South Korea’s Kospi dipped by 0.4%, closing at 2,429.67, while Taiwan’s Taiex edged up by 0.1%. The Shanghai Composite also saw a slight gain, rising 0.1% to 3,398.08. Thailand’s SET index, however, fell 0.1%. Markets in Hong Kong, Australia, New Zealand, and Indonesia remained closed for the day.
In the U.S., the markets were closed on Wednesday and will reopen on Thursday, with investors anticipating an update on unemployment claims. Wall Street has benefited from a “Santa rally,” with major tech stocks leading the charge. The S&P 500 rose 1.1%, the Dow Jones gained 0.9%, and the Nasdaq climbed 1.3%.
Oil prices also saw modest increases. Early Thursday, U.S. benchmark crude was up by 8 cents, reaching $70.18 per barrel. Brent crude, the international benchmark, gained 4 cents to $73.21 per barrel.
Currency markets were similarly active, with the dollar rising to 157.41 yen from 157.19 yen, while the euro dropped to $1.0398 from $1.0410.
As the year draws to a close, the U.S. stock market has historically seen strong performance, with the last five trading days of the year and the first two of the new year averaging a 1.3% gain since 1950. While there has been some volatility this month, particularly in light of concerns about the economic policies of President-elect Donald Trump, the U.S. market remains poised for strong overall returns in 2024. The S&P 500 is up 26.6% for the year, staying within 1% of its recent all-time high, marking its 57th record high of 2024.
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