World shares mostly advance and Japan falls ahead of Lunar New Year holidays ...Middle East

By CHAN HO-HIM, AP Business Writer

HONG KONG (AP) — 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.

In Australia, the S&P/ASX 200 picked up 0.2% to 8,937.10. India’s Sensex was up 0.4%.

U.S. futures edged higher. The future for the S&P 500 rose 0.4%, while that for the Dow Jones Industrial Average was also up 0.4%. U.S. stock markets are also closed on Presidents Day, a holiday.

On Friday, U.S. stocks calmed after a sharp drop earlier driven by worries about artificial intelligence disruptions across various industries which particularly hit software companies hard.

A report showing inflation cooled last month also helped steady the markets. The data suggesting U.S. price pressures may be easing offered more room for another Federal Reserve interest rate cut.

The S&P 500 edged up less than 0.1% to 6,836.17. The Dow Jones Industrial Average added 0.1% to 49,500.93. The Nasdaq composite edged down 0.2% to 22,546.67.

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Computer chipmaker Nvidia, the heaviest weight company on the S&P 500, was down 2.2% Friday. Technology company AppLovin rose 6.4% after losing almost a fifth of its value on Thursday, as investors focused on how AI could disrupt businesses of software and technology-related firms.

In other dealings early Monday, gold and silver prices fell. The price of gold was down 0.3% to $5,030.30 per ounce and the price of silver fell 1.2% to $77.05 an ounce.

Oil prices fell. U.S. benchmark crude oil lost 34 cents to $62.55 per barrel, while Brent crude, the international standard, was also 34 cents lower at $67.41 per barrel.

The U.S. dollar was at 153.33 Japanese yen, up from 152.64 yen. The euro was trading at $1.1867, down from $1.1872.

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