Asian stocks mixed after US holiday calm

TOKYO (AP) — Stocks were mixed in Asia Tuesday after markets in the United States and Britain closed for holidays. U.S. oil prices and futures were rising.

Chinese markets rose after top leaders of the ruling Communist Party met and affirmed Beijing’s determination to contain financial risks. Hong Kong’s benchmark index was supported by gains in technology stocks.

European stocks posted modest gains on Monday as markets were supported by a rebound on Wall Street on Friday following its worst day since April.

On Tuesday morning, Tokyo’s Nikkei 225 fell 0.3% to 38,783.27 and Seoul’s Kospi edged up 0.1% to 2,724.35.

The Australian S&P/ASX 200 fell 0.2% to 7,771.90.

The Shanghai Composite index edged up 0.1 percent to 3,127.67. Hong Kong’s Hang Seng added 0.5% to 18,923.93.

The Chinese government recently eased interest rates and down payment requirements for housing loans as part of its efforts to revive the property sector after a crackdown on excessive borrowing caused defaults by many. many promoters.

The housing sector plays a major role in driving the economy and its difficulties have weighed on growth.

Monday’s meetings led by Chinese President Xi Jinping “noted that preventing and defusing financial risks is a major challenge that must be overcome to achieve high-quality development, as it concerns national security, overall development and the security of the people’s property. “, the official Xinhua news agency reported.

Efforts to strengthen supervision “should be implemented strictly to send a strong signal that any violator will be held accountable, so that financial supervision truly has teeth and thorns and is sharp,” Xinhua said.

On Friday, the S&P 500 gained 0.7% and the Dow Jones Industrial Average rose less than 0.1%. The Nasdaq Composite Index gained 1.1% to surpass its all-time high set earlier last week.

In other trading Tuesday, U.S. benchmark crude oil gained $1.14 to $78.86 a barrel in electronic trading on the New York Mercantile Exchange.

“The tense geopolitical situation is favorable for further gains, as well as rising US demand heading into summer and OPEC’s restrictive tone regarding its outlook,” Swissquote’s Ipek Ozkardeskaya said in a commentary .

Brent crude, the international standard, added 13 cents to $83.01 a barrel.

In currency trading, the U.S. dollar slipped to 156.74 Japanese yen from 156.89 yen.

The euro rose from $1.0860 to $1.0875.