BANGKOK – On Thursday, Asian markets presented a mixed performance amidst low trading volumes, as most global exchanges remained closed in observance of the Christmas holiday.

In Japan, the Nikkei 225 edged down slightly, losing less than 0.1% to close at 50,317.43. Despite this minor dip, the index has surged nearly 30% over the past year, marking a significant upward trend.

Currency markets saw the dollar decline against the Japanese yen, slipping to 155.70 yen from its previous rate of 155.94 yen. Meanwhile, the euro held steady at $1.1780, showing no change from the previous session.

In contrast, mainland Chinese markets experienced gains, with the Shanghai Composite index rising by 0.3%. Trading in Hong Kong was suspended for the holiday.

Investor sentiment received a boost following a commitment from the People’s Bank of China to maintain a robust money supply to support financing, economic growth, and inflation goals. Earlier this week, the central bank had decided to keep its key short-term lending rates steady, aiming to stabilize the financial landscape.

Shares fell in Thailand and Indonesia.

On Wednesday, the S&P 500 index rose 0.3% to 6,932.05 and the Dow Jones Industrial Average added 0.6% to close at 48,731.16. The Nasdaq composite added 0.2% to 23,613.31

Trading was extremely light as markets closed early for Christmas Eve and will be closed for Christmas on Thursday. Roughly 1.8 billion shares traded on the New York Stock Exchange on Wednesday, which is roughly a third of the average trading day.

U.S. markets will reopen for a full day of trading on Friday, though volumes will likely remain light this week with most investors having closed out their positions for the year.

The S&P 500 is up more than 17% this year, as investors have embraced the deregulatory policies of the Trump administration and been optimistic about the future of artificial intelligence in helping boost profits for not only technology companies but also for Corporate America.

Much of the focus for investors for the next few weeks will be on where the U.S. economy is heading and where the Federal Reserve will move interest rates. Investors are betting the Fed will hold steady on interest rates at its January meeting.

The U.S. economy grew at a surprisingly strong 4.3% annual rate in the third quarter, the most rapid expansion in two years, driven by consumers who continue to spend despite strong inflation. There have also been recent reports showing shaky confidence among consumers worried about high prices. The labor market has been slowing and retail sales have weakened.

The number of Americans applying for unemployment benefits fell last week and remain at historically healthy levels despite some signs that the labor market is weakening.

U.S. applications for jobless claims for the week ending Dec. 20 fell by 10,000 to 214,000 from the previous week’s 224,000, the Labor Department reported Wednesday. That’s below the 232,000 new applications forecast of analysts surveyed by the data firm FactSet.

Dynavax Technologies soared 38.2% after Sanofi said it was acquiring the California-based vaccine maker in a deal worth $2.2 billion. The French drugmaker will add Dynavax’s hepatitis B vaccines to its portfolio, as well as a shingles vaccine that is still in development.

Novo Nordisk’s shares rose 1.8% after the weight-loss drug company got approval from U.S. regulators for a pill version of its blockbuster drug Wegovy. However, Novo Nordisk shares are still down almost 40% this year as the company has faced increased competition for weight-loss medications, particularly from Eli Lilly. Shares of Eli Lilly are up 40% this year.

U.S. crude oil closed at $58.35 a barrel and Brent crude finished at $61.80 a barrel.