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Asian shares were mixed on Thursday in thin holiday trading, with most markets across the region closed for Christmas, after US stocks drifted to fresh record highs overnight.

In Tokyo, Japan’s Nikkei 225 slipped less than 0.1 per cent to 50,317.43, though the index has gained nearly 30 per cent so far this year.

The dollar eased to 155.70 Japanese yen from 155.94 yen, while the euro was unchanged at $1.1780.

Markets in mainland China advanced, with the Shanghai Composite index rising 0.3 per cent. Hong Kong markets remained closed for the holiday. Investors were encouraged by comments from the People’s Bank of China, which pledged to ensure adequate liquidity to support financing, economic growth and inflation targets. Earlier this week, the central bank kept its key short-term lending rates unchanged.

On Wall Street overnight, US stocks closed at fresh records in extremely light trading ahead of Christmas. The S&P 500 gained 0.3 per cent to 6,932.05, while the Dow Jones Industrial Average rose 0.6 per cent to 48,731.16. The Nasdaq composite added 0.2 per cent to end at 23,613.31.

Trading volumes were sharply lower as markets closed early for Christmas Eve and remained shut on Thursday. About 1.8 billion shares changed hands on the New York Stock Exchange on Wednesday, roughly a third of average daily volume.

US markets are set to reopen for a full session on Friday, though trading is expected to remain subdued through the end of the year as many investors have already closed out positions.

The S&P 500 has climbed more than 17 per cent in 2025, buoyed by investor optimism around deregulation under the Trump administration and expectations that artificial intelligence will continue to boost corporate profits beyond the technology sector.

In the coming weeks, investor attention is expected to focus on the outlook for the US economy and the Federal Reserve’s next policy moves. Markets widely expect the Fed to hold interest rates steady at its January meeting.

The US economy expanded at a strong 4.3 per cent annual pace in the third quarter, the fastest growth in two years, driven largely by resilient consumer spending. However, recent data has pointed to softening consumer confidence amid persistently high prices, alongside a cooling labour market and weaker retail sales.

Weekly jobless claims provided some reassurance, with applications for unemployment benefits falling by 10,000 to 214,000 for the week ended December 20, according to the US Labor Department. The figure was below analysts’ expectations of 232,000.

Among individual stocks, Dynavax Technologies surged 38.2 per cent after French drugmaker Sanofi announced a $2.2 billion deal to acquire the California-based vaccine maker, adding its hepatitis B vaccines and a shingles vaccine in development to its portfolio.

Shares of Novo Nordisk rose 1.8 per cent after US regulators approved a pill version of its blockbuster weight-loss drug Wegovy. Despite the gain, the stock remains down nearly 40 per cent this year amid rising competition, particularly from Eli Lilly, whose shares are up about 40 per cent in 2025.

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In commodities, US crude oil settled at $58.35 a barrel, while Brent crude closed at $61.80.