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Asian markets displayed mixed performance on Tuesday following the closure of U.S. markets for the Memorial Day holiday. Chinese markets saw gains as senior leaders reaffirmed their commitment to managing financial risks. Hong Kong’s benchmark index was bolstered by technology shares, while European markets experienced modest gains on Monday. Asian markets show mixed performance amid U.S. holiday and Chinese financial policy affirmations. Asian Markets React to U.S. Holiday and Chinese Financial Policies On Tuesday, Asian markets exhibited a mixed performance following the closure of U.S. markets for the Memorial Day holiday. The Nikkei 225 in Tokyo fell by 0.3% to 38,795.07, while Seoul’s Kospi inched up by 0.1% to 2,726.82. Australia’s S&P/ASX 200 saw a decline of 0.2% to 7,776.80. In contrast, the Shanghai Composite index edged higher by 0.1% to 3,126.76, and Hong Kong’s Hang Seng index gained 0.8% to reach 18,982.31. Chinese Markets Buoyed by Government Financial Policies Chinese markets experienced an uptick after senior leaders of the ruling Communist Party met to discuss financial risk management. The government has recently eased interest rates and downpayment requirements for housing loans in an effort to revive the property sector. This sector has faced significant challenges due to a crackdown on excessive borrowing, which led to defaults among many developers. The official Xinhua News Agency reported that Chinese President Xi Jinping emphasized the importance of preventing and defusing financial risks to achieve high-quality development and ensure national security. Global Market Movements and Economic Indicators European markets posted modest gains on Monday, lifted by a rebound on Wall Street on Friday. The S&P 500 gained 0.7%, the Dow Jones Industrial Average rose by less than 0.1%, and the Nasdaq composite climbed 1.1% to surpass its previous all-time high. In other trading on Tuesday, U.S. benchmark crude oil increased by $1.03 to…

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Filed under: News - @ May 28, 2024 9:22 am