Asia-Pacific markets experienced mixed trading on Christmas Eve, following a strong performance in US stocks driven by gains in technology shares, CNBC reports.
In Japan, the Nikkei 225 closed down 0.32% at 39,036.85. The decline came after the release of minutes from the Bank of Japan’s October meeting, which revealed that officials agreed to continue raising interest rates if economic and inflation targets were met.
On the other hand, Japanese automakers saw significant gains, with Honda surging 12.69% and Nissan rising more than 5%. The increase in their stock prices came after the two companies announced they were beginning formal discussions for a potential merger. If completed, the merger would create the world’s third-largest automaker by sales, with negotiations expected to conclude by June 2025.
In South Korea, the Kospi index edged down 0.06% to 2,440.52, while the Kosdaq rose by 0.13% to 680.11. South Korea’s consumer confidence dropped to its lowest level in over two years, as the country’s consumer sentiment index fell to 88.4 in December, down more than 12 points from November. A reading below 100 indicates pessimism among consumers.
Hong Kong’s Hang Seng index gained 1.08%, closing at 20,098.29, while mainland China’s CSI 300 added 1.27% to finish at 3,983.69. In Australia, the S&P/ASX 200 rose by 0.24% to close at 8,220.9 on a shortened trading day.
Meanwhile, US stock markets saw positive movement overnight. The S&P 500 climbed 0.73%, while the Nasdaq Composite gained 0.98%, boosted by strong performances from Tesla, Meta Platforms, and Nvidia. The Dow Jones Industrial Average ended the day 0.16% higher.
Trading volumes were light, as is typical for the holiday season, and are expected to remain subdued throughout the week, with the New York Stock Exchange closing early on Christmas Eve and being shut on Christmas Day.
