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Asia share markets mixed, Chinese markets gain


Nikkei 225 dropped 0.3% to 38,795.07, the Kospi rose 0.1%, to 2,726.82, S&P/ASX 200 lost 0.2% to 7,776.80, the Shanghai Composite index added 0.1% to 3,126.76, and Hang Seng gained 0.8% to 18,982.31

Shares were mixed in Asia on Tuesday after U.S. markets were shut for the Memorial Day holiday. Oil prices and U.S. futures were up.

Chinese markets gained after senior leaders of the ruling Communist Party met and affirmed Beijing’s determination to contain financial risks. Hong Kong’s benchmark was boosted by gains for technology shares.

Early Tuesday, Tokyo’s Nikkei 225 dropped 0.3 per cent to 38,795.07 and the Kospi in Seoul rose 0.1 per cent, to 2,726.82.

Australia’s S&P/ASX 200 lost 0.2 per cent to 7,776.80.

The Shanghai Composite index added 0.1 per cent to 3,126.76. Hong Kong’s Hang Seng gained 0.8 per cent to 18,982.31.

The Chinese government recently eased interest rates and downpayment requirements for housing loans as part of its effort to revive the property sector after a clampdown on excessive borrowing caused defaults among many developers.

The housing industry plays a huge role in driving the economy and its troubles have weighed on growth.

The meetings Monday led by Chinese President Xi Jinping “noted that preventing and defusing financial risks is a major challenge that must be overcome in order to achieve high-quality development, as it concerns national security, overall development and the safety of the people’s property,” according to the official Xinhua News Agency.

Efforts to strengthen oversight “should be implemented strictly to send a strong signal that any violator will be held accountable, so that financial oversight will actually have ‘teeth and thorns’ and be sharp-pointed,” Xinhua said.

In other trading, Brent crude, the international standard, gained 4 cents to $82.92 per barrel.

In currency dealings, the U.S. dollar slid to 156.75 Japanese yen from 156.89 yen.

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