Asian shares are mixed, with U.S. markets closed for Thanksgiving

BY COMFORT OGBONNA

Asian shares were mixed on Friday following the closure of U.S. markets on Thursday for the Thanksgiving holiday.U.S. futures and oil prices moved higher.

Tokyo’s Nikkei 225 index dropped 0.4% to 38,183.31 after government data showed that Tokyo’s inflation, a key indicator of nationwide trends, rose to 2.6% in November from 1.8% in October, primarily driven by a surge in fresh food prices. Core inflation, which excludes fresh food, increased modestly to 2.2% year-over-year, up from 1.8% in the previous month.

Rising inflation has heightened expectations that the Bank of Japan will continue raising its benchmark interest rate, which has contributed to a stronger Japanese yen. Early Friday, the yen was trading at 149.92 per dollar, compared to over 155 yen per dollar a week ago.

The central bank’s policy rate currently stands at 0.25%. It ended a long period of negative interest rates in March, based on the assumption that Japan had largely achieved its 2% inflation target.

South Korea’s Kospi fell 1.3% to 2,471.68 after the central bank cut its benchmark interest rate on Thursday to ease pressure on its slowing economy. Meanwhile, Australia’s S&P/ASX 200 slipped 0.2% to 8,428.20.

Chinese markets, however, gained ground. Hong Kong’s Hang Seng index climbed 1.3% to 19,616.44, while the Shanghai Composite index rose 1.6% to 3,348.20. Investors are now looking ahead to a key economic planning meeting typically held in December.

U.S. markets will reopen for a shortened trading session on Friday.

Thursday’s holiday offered a brief pause from news regarding President-elect Donald Trump’s economic plans. Earlier in the week, markets were shaken by his announcement of sharp tariff hikes on imports from Canada, Mexico, and China.

On Wednesday, the S&P 500 declined 0.4%, the Dow Jones Industrial Average fell 0.3%, and the Nasdaq Composite, heavily weighted with tech stocks, lost 0.6%.

In energy trading Friday, U.S. benchmark crude oil rose 46 cents to $69.18 per barrel, while Brent crude, the global benchmark, added 10 cents to reach $72.88 per barrel.

The euro edged up to $1.0575 from $1.0557.