Stock market today: Asian shares are mostly higher in thin post-Christmas holiday trading

 Asian shares were mostly higher Thursday in thin post-Christmas holiday trading, while oil prices rose.

Japan's Nikkei 225 index surged 0.8 per cent to 39,449.55, on strong gains in retailers and tourism-related stocks after Japan agreed to ease visa conditions for Chinese tourists.

Isetan Mitsukoshi Holdings, a major department store group, gained 7 per cent. J Front Retailing Co, owner of the Matsuzakaya and Daimaru department store groups, jumped 8.8 per cent. Automakers also saw large gains.

China and Japan also agreed Wednesday to conduct talks on contentious security issues and other sources of friction during a visit by Japanese Foreign Minister Takeshi Iwaya to Beijing, where he met with Chinese Premier Li Qiang and Foreign Minister Wang Yi.

South Korea's Kospi slipped less than 0.1 per cent to 2,438.85, while the Taiex in Taiwan gained 0.2 per cent.

The Shanghai Composite index edged less than 0.1 per cent higher, to 3,395.41.

Thailand's SET was up 0.1 per cent.

Markets were closed Thursday in Hong Kong, Australia, New Zealand and Indonesia.

US markets were closed on Wednesday and will reopen Thursday, when an update on US unemployment benefits is due.

Gains in Big Tech stocks contributed to a “Santa rally” for Tuesday's shortened holiday session. The S&P 500 gained 1.1 per cent, while the Dow Jones Industrial Average rose 0.9 per cent. The Nasdaq composite climbed 1.3 per cent.

Also early Thursday, US benchmark crude oil was up 27 cents at USD 70.37 per barrel. Brent crude, the international standard, picked up 24 cents to USD 73.31 per barrel.

The dollar rose to 157.43 Japanese Yen from 157.19 Yen. The Euro fell to USD 1.0401 from USD 1.0410.

Tuesday's US market rally was in line with what's historically been a very cheerful season. The last five trading days of each year, plus the first two in the new year, have brought an average gain of 1.3 per cent since 1950.

So far this month, the US stock market has lost some of its gains since President-elect Donald Trump's win on Election Day, which raised hopes for faster economic growth and more lax regulations that would boost corporate profits.

Worries have risen that Trump's preference for tariffs and other policies could lead to higher inflation, a bigger US government debt and difficulties for global trade.

Even so, the US market remains on pace to deliver strong returns for 2024. The benchmark S&P 500 is up 26.6 per cent so far this year and remains within roughly 1 per cent of the all-time high it set earlier this month — its latest of 57 record highs this year.