Investing.com - Asian Pacific shares opened in a mixed fashion on Tuesday, following a hiatus over the holiday season.
By 11:20 am AEDT (12:20 am GMT) the S&P/ASX 200 added 0.4%, the KOSPI 200 was flat and the Nikkei 225 dipped 0.2%.
US markets observed a public holiday closure on Monday. The S&P 500 concluded 2023 up by 24%, merely 0.6% shy of its January 2022 record. The Dow Jones Industrial Average saw a 14% increase, surpassing the 37000 mark for the first time and setting seven record closes in the final days of 2023. The Nasdaq Composite, driven by a frenzy surrounding artificial intelligence and big tech stocks, soared by 43%, marking its best year since 2020.
In the commodity markets, on the last trading day of 2023, Brent crude oil slipped 0.14% to $U77.04 a barrel, and Gold decreased by 0.13% to $US 2,062.98.
The Australian bond markets saw the yields on 2-year government bonds drop to 3.70%, while the 10-year yield slid to 3.95%. In contrast, US Treasury notes climbed, with the yield on 2-year falling to 4.25% and the 10-year yield remaining flat at 3.88%.
The Australian dollar fell back to 68.10 US cents. The US Dollar Index, which tracks the US dollar against 16 other currencies, was at 101.4.
Asian markets remained closed for the public holiday. On the last trading day of 2023, Chinese shares closed higher, led by tech hardware and software stocks. However, analysts remain concerned about the outlook for Chinese markets in 2024 due to the continued property downturn and sluggish economic recovery.
Hong Kong shares ended flat but fell 14% for 2023, marking its fourth consecutive annual loss. Chinese property shares were the main drag, with the Hang Seng Mainland Properties Index down 40% in 2023.
Japan's Nikkei Stock Average ended slightly lower but rose 28% for 2023, making it Asia-Pacific's top performer as risk appetite recovered amid expectations of Fed rate cuts in 2024.
Indian shares closed slightly lower on 29 December 2023, weighed by the banking sector. However, it rose 19% for the year. "2023 was an astounding year for Indian equities," said Naveen Kulkarni, Chief Investment Officer at Axis Securities.
European stocks rose on the final trading day of 2023, with the Stoxx Europe 600 up 0.2% at 479.19, bolstered by lower bond yields and expectations that interest rates will be cut in 2024.
North American markets were closed for the public holiday on Monday. The S&P 500 finished the year up 24%, just 0.6% from its January 2022 record. The Dow Jones Industrial Average advanced 14% to top 37000 for the first time and set seven record closes in the final days of 2023. A mania surrounding artificial intelligence and big technology stocks sent the Nasdaq Composite soaring 43%, its best year since 2020.
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