Stock prices will be watched closely, as Americans prepare for a light week of trading in advance of the Christmas holiday week. In New York,Stocks are coming off last week's modest gains. The Dow gained 0.7 percent for the week, the S&P 500 was up 0.3 and the Nasdaq rose 0.2 percent. The stock market will be closed Friday in observance of Christmas.This week's economic data is compressed into Wednesday and Thursday. Among the reports due are those covering revised third-quarter growth, home sales, personal income and spending and new jobless claims.
Asian stock markets fell today. South Korea's Kospi closed 0.3 percent. Japan's Nikkei fell 0.9 percent and Hong Kong's Hang Seng index shed 0.8 percent. The Shanghai Composite index slid 1.2 percent. Australia's S&P/ASX 200 shed 0.5 percent. Benchmarks in Thailand, Singapore, Taiwan, New Zealand also retreated, while those in India and the Philippines rose.
Oil prices hovered above $88 a barrel Monday in Asia amid light trading volume ahead of the Christmas holiday. Benchmark oil for January delivery was up 19 cents to $88.21 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to settle at $88.02 on Friday.
The British government is asking banks to use greater restraint when giving out bonuses. Britain's business secretary has called some bonuses "scandalous" and has suggested that some form of taxation might force banks to dish out less. Government ministers are meeting with bank executives today.
