Asian shares US futures advance and oil prices fall back

Bangkok, Jan 6 (AP) Asian shares and US futures advanced on Tuesday after stocks closed higher on Wall Street.
     Oil prices fell back after gaining Monday following the capture by US forces of Venezuelan President Nicolas Maduro in a weekend raid.
     In Tokyo, the Nikkei 225 gained 1.1 per cent to 52,389.63 on strong buying of tech related shares like precision tools maker Disco Corp., which jumped 5.3 per cent.
     South Korea's Kospi pushed further into record territory, gaining 0.8 per cent to 4,495.49, buoyed by gains for automakers and some electronics manufacturers.
     Hong Kong's Hang Seng surged 1.8 per cent to 26,815.75 and the Shanghai Composite index was up 1.1 per cent at 4,069.38.
     In Australia, the S&P/ASX 200 slipped 0.4 per cent to 8,697.10.
     Taiwan's Taiex climbed 1.2 per cent, while in India, the Sensex edged 0.1 per cent lower.
     Monday's gains on Wall Street were broad, with particularly big jumps for energy companies and banks. Elsewhere, industrial companies and retailers joined in to help boost major indexes.
     The S&P 500 rose 0.6 per cent to 6,902.05 and is just below its record set in late December. The Dow Jones Industrial Average set a record, adding 1.2 per cent to 48,977.18.
     The Nasdaq composite rose 0.7 per cent to 23,395.82.
     Smaller company stocks had a particularly strong day, outpacing other indexes, in a sign of broader investor confidence. The Russell 2000 rose 1.6 per cent.
     Energy companies and the oil market were a key focus after the capture of Maduro by US forces. The price of US crude jumped 1.7 per cent to USD 58.32 per barrel. The price of Brent crude, the international standard, rose 1.7 per cent to USD 61.76 per barrel.
     However, oil fell back early Tuesday. US crude shed 18 cents to USD 58.14 per barrel, while Brent crude lost 14 cents to USD 61.62 per barrel.
     Chevron jumped 5.1 per cent, Exxon Mobil rose 2.2 per cent and Halliburton surged 7.8 per cent for some of the strongest gains in the market after President Donald Trump floated a plan for US oil companies to help rebuild Venezuela's oil industry.
     Venezuela's oil industry has been decimated by neglect and international sanctions and may require years of substantial investments to restore past production levels.
     Investors will get several updates on the US economy this week.
     On Monday, the Institute for Supply Management released its manufacturing index for December showing the sector continued shrinking. More importantly, the business group will release its December report on the services sector on Wednesday. The services sector makes up the bulk of the US economy and it grew, even if only slightly, throughout most of 2025.
     Reports on the job market later this week, which include updates for job openings and overall employment, will be a bigger focus for the Federal Reserve. The US central bank has been weighing a slowing job market against risks for rising inflation as it decides whether to cut interest rates. It cut its benchmark rate three times late in 2025, but inflation has remained above its 2 per cent target and that has made the Fed more cautious.
     Wall Street still expects the Fed to hold rates steady at its upcoming meeting later in January.
     Technology companies, especially artificial intelligence, were in the spotlight Monday as the industry kicked off the annual CES trade show in Las Vegas. Nvidia fell 0.4 per cent and Applied Materials jumped 5.7 per cent.
     AI advances helped propel the broader market to a series of records in 2025. Updates from influential technology companies could help shed more light on whether the big investments in AI are worth the potential financial risks.
     In other trading early Tuesday, the US dollar slipped to 156.36 Japanese yen from 156.40 yen. The euro rose to USD 1.1735 from USD 1.1724.
     Gold gained 0.6 per cent after a 2.8 per cent jump on Monday. The price of silver added another 2.7 per cent after soaring 7.9 per cent on Monday. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.
     Bitcoin fell back 1.5 per cent after rising to its highest level since mid-November, falling to USD 93,700. (AP) SKS
SKS

(This story has not been edited by THE WEEK and is auto-generated from PTI)