Market Buzz: Calmness on Christmas Day
Russian stocks showed mixed picture Monday in low volume pre-holiday session. The MICEX shed 0.4%, while the RTS added 0.3%.
European stocks retreated Monday after lean trading as major European floors like those in Germany and Italy were closed Monday for Christmas Eve, while others closed early. The Stoxx 600 Europe fell 0.2%. Most European markets will remain shut Tuesday for Christmas and on Wednesday.
US stocks closed in the red Monday amid growing concern that President Barack Obama and policy-makers will not be able to reach a budget deal to avoid the fiscal cliff until the end of the year. The Dow Jones shed 0.4%, the S&P 500 fell 0.2% and the Nasdaq Composite retreated 0.3%. The US markets will remain closed for Christmas Day.
Most Asian markets were shut for the Christmas holidays, including those in Australia, Hong Kong, Singapore and South Korea. The majority were due to reopen Wednesday, while Sydney and Hong Kong will remain closed until Thursday.
Those markets which remained open during holiday showed strong gains on exports and banking. Japan’s Nikkei climbed 1.25% as investors returned from a three-day weekend for the Emperor’s Birthday. The Shanghai Composite advanced 2.04%, the record gain since midsummer.