TOKYO (AP) — Asian stocks were mixed on Tuesday as U.S. and British markets were closed for holidays. Oil prices and U.S. futures rose.
China markets rose after Communist Party officials met to reaffirm Beijing’s determination to curb financial risks, while Hong Kong’s benchmark stocks were buoyed by gains in tech shares.
European stocks posted modest gains on Monday, as markets rose after Wall Street rebounded on Friday after its worst day since April.
Early Tuesday morning in Tokyo, the Nikkei stock average was down 0.3% to 38,783.27, while Seoul’s KOSPI rose 0.1% to 2,724.35.
Australia’s S&P/ASX 200 fell 0.2% to 7,771.90.
The Shanghai Composite Index rose 0.1% to 3,127.67. Hong Kong’s Hang Seng Index rose 0.5% to 18,923.93.
The Chinese government recently eased mortgage interest rates and down payment requirements as part of an effort to revive the real estate sector after a crackdown on excessive borrowing forced many developers to default on their loans.
The housing industry plays a major role in driving the economy, and its problems are hindering growth.
The meeting, led by Chinese President Xi Jinping on Monday, “pointed out that preventing and eliminating financial risks is related to national security, overall development and the safety of people’s property, and is a major challenge that must be overcome to achieve high-quality development,” the state-run Xinhua News Agency reported.
Xinhua said efforts to step up surveillance “should be strictly implemented to send a strong message that any violators will be held accountable, and financial surveillance will indeed be sharp, with ‘fangs and thorns’.”
On Friday, the S&P 500 rose 0.7%, while the Dow Jones Industrial Average added less than 0.1%, and the Nasdaq Composite rose 1.1%, surpassing the all-time high it hit early last week.
In other trading on Tuesday, benchmark U.S. crude oil rose $1.14 to $78.86 a barrel in electronic trading on the New York Mercantile Exchange.
“A tense geopolitical situation, rising U.S. demand heading into the summer and a cautious stance from the Organization of the Petroleum Exporting Countries (OPEC) on the outlook are supporting further gains for oil prices,” Swissquote’s Ipek Ozkardeskaya said in a commentary.
Brent crude, the international standard, rose 13 cents to $83.01 a barrel.
In the foreign exchange market, the US dollar fell from 156.89 yen to 156.74 yen.
The euro rose to $1.0875 from $1.0860.
