Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters today in Seoul, South Korea. Asian stocks were mixed today after stocks closed modestly higher on Wall Street, extending the major indexes’ milestone-shattering run. (AP Photo/Ahn Young-joon)
BANGKOK (AP) — Global stocks were mixed today after stocks closed modestly higher on Wall Street, extending the major indexes’ milestone-shattering run.
European markets opened flat on Christmas eve in a holiday-shortened week. Britain’s FTSE 100 inched up 4 points to 7,627.69 while the CAC 40 in Paris added less than 0.1 percent to 6,032.26. Both markets were to open for only half a day today and then close Wednesday and Thursday for Christmas and Boxing Day.
While U.S. indexes set record highs on Monday, future contracts for the S&P 500 and the Dow Jones Industrials were up less than 0.1 percent ahead of half-day trading today.
“Right now, a lot of people have gone home for the year and the path of least resistance is higher,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “It’s hard to see any kind of meaningful trend change between now and the end of the year.”
Momentum for stocks has been clearly upward for months, driving the major stock indexes to record highs. The benchmark S&P 500 index has finished with a weekly gain in 10 out of the past 11 weeks.
Fears about a possible recession have also faded since the summer after the Federal Reserve cut interest rates three times, and the central bank appears set to keep them low for a long time.
“Unfortunately, we’ve probably pulled forward some returns from 2020,” Samana said. “Next year it gets a little bit more tricky with elections probably becoming a bigger focus that will lead to some more volatility.”
Rising optimism around a “Phase 1” trade deal announced earlier this month between the United States and China has helped put investors in a buying mood.
However, uncertainties remain, according to analysts. “There are few reasons to believe that optimism about a broader or ‘Phase 2’ could emerge in the near term,” Vishnu Varathan of Mizuho Bank said in a commentary.
Earlier in Asia, Tokyo’s Nikkei 225 closed less than 0.1 percent higher at 23,830.58, while Shanghai Composite index gained 0.7 percent to 2,982.68. Hong Kong’s Hang Seng shed 0.2 percent to close at 27,864.21. Seoul’s Kospi declined 0.6 percent to 2,190.08 while Sydney’s S&P-ASX inched 0.1 percent up to 6,794.20. New Zealand and Singapore advanced, while Taiwan and India declined.
Benchmark U.S. crude oil gained 11 cents to $60.62 per barrel. Brent crude, the international standard, added 17 cents at $65.59 per barrel.
Gold rose $6.80 to $1,495.50 per ounce. Silver rose 17 cents to $17.67 per ounce.
The dollar rose slightly to 109.40 Japanese yen. The euro slid slightly lower to $1.108.