Asian markets steady in holiday-thinned trade

The Shanghai Composite index sank 0.8%, Tokyo’s Nikkei 225 dropped less than 0.1%,South Korea’s Kospi added 0.1%, Bangkok’s SET rose 0.2%, Taiwan’s Taiex gained 0.7%

Tokyo: Asian markets were steady in holiday-thinned trading on Tuesday, with some markets in the region closed for holidays. US futures and oil prices edged higher. Shanghai’s benchmark led losses in Asia on heavy selling of technology and computer chip-related shares as worries revived over trade tensions with the US and other western countries.

The Shanghai Composite index sank 0.8 per cent to 2,894.72. In Shenzhen, where relatively more high-tech companies are listed, the A-share index lost 1.3 per cent. Tokyo’s Nikkei 225 dropped less than 0.1 per cent to 33,244.50. In South Korea, the Kospi added 0.1 per cent, to 2,601.67. Bangkok’s SET rose 0.2 per cent. Taiwan’s Taiex gained 0.7 per cent. Markets in Australia and Hong Kong were closed.

Japan’s unemployment rate remained stable at 2.5 per cent in November, according to government data released on Tuesday. The job-to-applicants ratio experienced a slight easing, settling at 1.28, indicating there were around 128 job opportunities available for every 100 applicants. On the other hand, Japan’s services producer price index, which measures the costs of goods and services provided by businesses to other firms and government entities, held steady at 2.3 per cent in November. This indicates a gradual pass-on of rising labour costs and potential for sustained wage gains, supporting the Bank of Japan’s 2 per cent inflation target.