The Influence of Holidays on Global Stock Markets | Market Updates

Asian Shares Fall as Markets Closed for Holidays; Oil Prices Decline

On Wednesday, Asian shares took a hit as most markets in the region were closed for holidays. Oil prices also declined, adding to the negative sentiment in the market.

In Tokyo, the Nikkei 225 index dropped by 0.4 percent to 38,271.77 points. This came after the country’s factory activity contracted slightly in April, with the au Jibun Bank manufacturing purchasing managers’ index falling to 49.6 points from 48.2 in March.

The Yen continued to struggle, with the US dollar rising from 157.74 yen to 157.88 Japanese yen on Wednesday. Meanwhile, Australia’s S&P/ASX 200 index fell by 1.1 percent to 7,581.90 points, while other exchanges in the region were closed for the Labor Day holiday.

In the US, stock exchanges also saw a decline on Tuesday. The S&P 500 index fell by 1.6 percent to close at 5,035.69 points, reversing its momentum from April. The Dow Jones Industrial Average dropped by 1.5 percent to 37,815.92 points, and the Nasdaq composite fell by 2 percent to 15,657.82.

In the bond market, the yield on the 10-year Treasury note rose to 4.69 percent from 4.61 percent on Wednesday. Additionally, benchmark US crude oil fell by 75 cents to $81.18 per barrel, while Brent crude oil, the international standard, lost 65 cents to $85.68 per barrel.

In foreign exchange trading, the cost of the euro fell from $1.0663 to $1.0655. Overall, it was a challenging day for Asian shares and oil prices, with various market indicators showing signs of strain.

 

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