World shares mostly advance and Japan falls ahead of Lunar New Year holidays
BNN Bloomberg
World shares mostly advanced on Monday and gold declined. Japanese stocks dipped and several stock markets in Asia were closed or trading for a half-day ahead of Lunar New Year celebrations.
In early European trading, Germany’s DAX was up 0.2% to 24,958.01. Britain’s FTSE gained 0.3% to 10,479.47, while the CAC 40 in Paris also rose 0.3% to 8,333.81.
In Asia, Tokyo’s Nikkei 225 was down 0.2% to 56,806.41, after the government reported that Japan’s economy grew more slowly than economists had expected in the latest October-December quarter, at an annualized 0.2%.
The sluggish rate of growth increases the likelihood that Japanese Prime Minister Sanae Takaichi will press ahead with plans to revive the economy by raising government spending and cutting taxes, Marcel Thieliant, head of Asia Pacific at Capital Economics, wrote in a note.
Trading was thin as stock markets in China, South Korea and Taiwan were closed. The first day of the Lunar New Year this year falls on Tuesday.
Hong Kong’s Hang Seng gained 0.5% in its half-day session, closing at 26,705.94.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
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