Most Asian markets experienced a rise in limited holiday trading on Tuesday, with certain regional markets closed for holiday observances.

U.S. futures and oil prices saw a modest uptick.

In Asia, the Shanghai benchmark led the downturns, driven by significant sell-offs in technology and semiconductor stocks amid renewed concerns over trade frictions with the U.S. and other Western nations.

The Shanghai Composite index declined by 0.7% to 2,898.88. The Shenzhen A-share index, known for its higher concentration of tech firms, dropped 1.2%. Semiconductor stocks decreased by 2.7%, and consumer electronics shares dipped 2.4%.

Tokyo’s Nikkei 225 index rose by 0.2% to 33,305.85. South Korea’s Kospi edged up by 0.1% to 2,602.59, while Bangkok’s SET index increased by 0.3%. Taiwan’s Taiex climbed 0.8%, and Mumbai’s Sensex advanced by 0.3%.

Markets in Australia and Hong Kong remained closed.

Japan reported a stable unemployment rate of 2.5% in November, as per government data released on Tuesday. The job-to-applicant ratio slightly decreased to 1.28, indicating about 128 job openings for every 100 job seekers.

Meanwhile, Japan’s services producer price index remained steady at 2.3% in November, reflecting a gradual transfer of increasing labor costs and potential for sustained wage growth, aligning with the Bank of Japan’s inflation target of 2%.

U.S. and European markets were shut on Monday, and some European markets will continue to be closed for Boxing Day. Last Friday, Wall Street concluded its eighth consecutive winning week with minimal changes, following reports of declining inflation and a stronger-than-anticipated economy.

The S&P 500 marginally increased by 0.2% to 4,754.63 on Friday, nearing its record high set almost two years ago. The Dow Jones Industrial Average slightly fell to 37,385.97, while the Nasdaq Composite gained 0.2% to 14,992.97.

The S&P 500 is currently on its longest weekly winning streak since 2017 with eight consecutive gains.

In other Tuesday trading, U.S. crude oil rose by 8 cents to $73.64 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, increased by 12 cents to $78.92 per barrel.

The U.S. dollar appreciated to 142.35 Japanese yen from 142.33 yen, while the euro climbed to $1.1024 from $1.1016.

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