Asian Shares Mixed In Cautious Trade

(RTTNews) - Asian stocks ended mixed on Tuesday as traders returned to their desks after the New Year break.

New Zealand was closed for New Year Holiday. The Japanese market remains closed until Thursday as the country assesses the damage from the earthquake that rocked the central region on New Year's Day.

The dollar started 2004 on a firm footing as investors looked ahead to a busy week of economic calendar for important clues to the economic and rate outlook.

Oil prices were up nearly 2 percent in Asian trade after Iran sent a warship to the Red Sea in response to the U.S. Navy's sinking of three Houthi boats over the weekend.

China's Shanghai Composite index dropped 0.43 percent to 2,962.28 as mixed manufacturing data called for adjustments in fiscal and monetary policies.

The Caixin factory activity gauge gained momentum in December, contrasting with the official reading showing activity contracted further in the month.

Hong Kong's Hang Seng index fell 1.52 percent to 16,788.55 as concerns persisted about the health of China's property sector.

Baidu ended 0.6 percent lower after scraping its planned $3.6 billion acquisition of Nasdaq-listed JOYY Inc's live-streaming business in China.

Seoul stocks advanced ahead of a slew of U.S. data due this week, including the jobs report and the release of the Fed's December meeting minutes.

The Kospi average ended up 0.55 percent at 2,669.81, led by technology, airline and shipbuilding stocks.

Australian markets ended at an over two-year high as strong commodity prices boosted mining and energy stocks.

The benchmark S&P ASX 200 rose 0.49 percent to 7,627.80 while the broader All Ordinaries index settled 0.48 percent higher at 7,867.40.

Investors shrugged off Judo Bank's survey results showing that Australia's factory activity in December saw its sharpest contraction since May 2020.

On Wall Street, the markets were closed for New Year holiday overnight after finishing with modest losses on Friday.