Global shares mixed with Yen gaining in thin trade

Reuters

Global stocks were mixed on a day when
many markets were closed for a holiday.
Japanese shares fell as the yen gained against the dollar, while Chinese equities recovered from earlier losses.
The Topix index slipped in Tokyo on trading volumes around 40 percent below the 30-day average. The Shanghai Composite Index erased a drop of as much as 1.3 percent, with construction stocks strengthening after the government said it aims to invest 1.8 trillion yuan ($260 billion) in highways and waterways next year. India’s Sensex Index resumed its decline, falling to the lowest in more than a month. The yen advanced for a fourth straight day and the ruble strengthened the most versus the dollar among emerging market currencies.
A volatile year for financial markets is
drawing to a close as investors assess the
post-US election rally that’s added trillions to the value of global equities and lifted the dollar to a multiyear high. US equities are trading near a record and crude oil has climbed to a
17-month peak as traders have endured shocks from the Brexit vote in the U.K. to the US presidential election.
“There are technical indicators flashing certain signs, but there aren’t any events left this year, and I see 2016 ending with little disturbance, and small moves,” said Seiji Iwama, a fund manager with Daiwa SB Investments Ltd. in Tokyo. Nations from Australia to the U.K. and US observe holidays Monday, while markets in Dubai, Russia and Brazil are among those open.
The Topix index dropped 0.4 percent in Tokyo. The index briefly erased its loss for the year last week, and is now down 0.6 percent for 2016. The Nikkei 225 has gained 1.9 percent this year. The Shanghai Composite Index rose 0.4 percent. Earlier in the day, it fell to the lowest since October as reports of further curbs on the property market weighed on the sector. President Xi Jinping told a Communist Party meeting last week he isn’t wedded to China’s 6.5 percent economic growth objective, according to a person familiar with the situation. Russia’s Micex Index rose as much as 0.5 percent after three straight days of declines. India’s Sensex Index fell 0.9 percent after
Prime Minister Narendra Modi hinted at tax increases on stock-market income. Global stocks were little changed after reaching an almost 17-month high Dec. 13. Saudi Arabian stocks retreated, with the Tadawul index losing 0.3 percent, ending a three-day winning streak. Brazil’s Ibovespa rose 0.9 percent and is the world’s top performer in dollar terms this year, rising 63 percent.
The yen strengthened 0.2 percent to 117.06 per dollar. The currency has slipped about 15 percent from a high in August. The South Korean won gained 0.1 percent, snapping an eight-day losing streak.
The offshore yuan rose 0.1 percent to 6.9524 versus the dollar after a 0.2 percent gain last week. India’s rupee gained 0.1 percent to 67.7363 per dollar. Brazil’s real was little changed after rising as much as 0.2 percent earlier. The ruble strengthened 0.8 percent, prices compiled by Bloomberg show.