Asian markets showed a mixed trend on Tuesday following the Memorial Day holiday in the U.S. While oil prices and U.S. futures were on the rise, Chinese markets saw an uptick after senior leaders of the ruling Communist Party reaffirmed Beijing’s commitment to managing financial risks. Hong Kong’s tech shares also saw gains, boosting the benchmark index.
In Tokyo, the Nikkei 225 fell by 0.3%, while Seoul’s Kospi inched 0.1% higher. Australia’s S&P/ASX 200, however, shed 0.2%. The Shanghai Composite index edged 0.1% higher, and Hong Kong’s Hang Seng added 0.8%.
The Chinese government recently eased interest rates and downpayment requirements for housing loans to revive the property sector after a crackdown on excessive borrowing led to defaults among developers. The housing industry plays a crucial role in driving the economy, and its troubles have impacted overall growth.
Chinese President Xi Jinping emphasized the importance of preventing and defusing financial risks during meetings on Monday. Efforts to strengthen oversight were highlighted to ensure accountability and sharp-pointed financial regulations.
In the U.S., the S&P 500 and Dow Jones Industrial Average posted gains on Friday, with the Nasdaq composite reaching a new all-time high. U.S. benchmark crude oil prices rose in electronic trading, while the dollar slipped against the Japanese yen and the euro rose.