SHANGHAI, CHINA – A German Christmas market lights up at the Bund Central Square near Nanjing Road Pedestrian Street in Shanghai on December 15, 2022. (Photo credit: CFOTO/Future Publishing via Getty Images)
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Asia-Pacific markets traded mixed on Wednesday, with some indexes set to close early in lieu of the Christmas Eve holiday.
Japanese Nikkei Stock Average The index rose by 0.14%, but TOPIX remained flat. Japan’s public broadcaster NHK reported on Wednesday that Japan plans to issue about 29.6 trillion yen (about $190 billion) in new government bonds to finance the 2026 budget.
South Korea’s Kospi rose 0.2%, while the small-cap Kosdaq fell 0.2%. of Korean won The dollar rose more than 1% to $1,462.3 against the dollar after reports that South Korea’s National Pension Fund was engaged in strategic currency hedging activities, Reuters reported, citing sources familiar with the matter.
hong kong Hang Seng Index Mainland China’s CSI 300 index was flat but rose 0.1%.
However, Australia’s S&P/Australian Stock Exchange 200 Index fell 0.33%, ending a four-day streak of gains.
Markets in Hong Kong and Australia are expected to close early.
On Wednesday, spot gold prices hit a new record, surpassing $4,500 an ounce for the first time, on the back of a weaker dollar, geopolitical tensions and expectations of a US Federal Reserve rate cut. Gold has hit new all-time highs this year, surging more than 70% year-to-date.
Platinum prices soared to an all-time high, topping $2,300 per ounce.
“Gold is above $4,500, silver is toying with $72, and platinum is chasing $2,400. All are definitely benefiting from the attractiveness as a hedge against a weaker US dollar,” said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Securities.
The U.S. dollar index has fallen about 10% since the beginning of the year, according to LSEG data.
U.S. futures were trading almost flat in the first half of Asian trading.
Overnight in the US, stocks rose for the fourth straight session as artificial intelligence stocks continued to outperform during the holiday-shortened week.
The S&P 500 rose 0.46% to close at a record high of 6,909.79. The market-wide index is currently just below its intraday high of 6,920.34.
The Nasdaq Composite Index rose 0.57% to end at 23,561.84. Tech giants Nvidia and Broadcom rose about 3% and more than 2%, respectively, pushing the index higher. The Dow Jones Industrial Average rose 79.73 points, or 0.16%, to settle at 48,442.41.
—CNBC’s Fred Imbert, Sean Conlon and Pia Singh contributed to this report.
