Stock markets suffer post-Thanksgiving sluggishness

NEW YORK - Global stock markets wavered in subdued trading with Wall Street only open for a half session due to the extended Thanksgiving holiday weekend.

European equities posted modest gains, with London edging into positive territory after having spent most of the day in the red in the face of the stronger pound and profit-taking.

"The usual adage is when the United States sneezes the world catches a cold –- in the latest case, it appears when the US is on holiday, global markets hit the snooze button," said AJ Bell investment director Russ Mould.

Wall Street was shut on Thursday for the Thanksgiving holiday and closed early on Friday. 

The Dow ended 0.3 percent higher, while the S&P 500 was up 0.1 percent. The tech-heavy Nasdaq ticked down 0.1 percent.

Among individual companies, Nvidia shares dropped 1.9 percent on a news report that it was delaying the launch of a new AI chip for China.

While trading is traditionally light, "the Friday after Thanksgiving also means it is Black Friday, which is why the business media are going to be paying a lot of attention to the retail industry," said Briefing.com analyst Patrick O'Hare.

American shoppers flock to stores for bargains during the annual pre-Christmas "Black Friday" sales event, followed by the newer "Cyber Monday."

Consumers are expected to be increasingly price-conscious this year, still jaded by stubborn inflation and lingering effects from the upheaval of the pandemic.

Asian traders hoped for fresh moves to help China's troubled property sector after officials called on banks to provide support.

Hong Kong led the losses in Asia trading, having risen over the week, while Shanghai, Seoul, Singapore, Taipei, Jakarta and Bangkok were also down.

Tokyo jumped as dealers caught up with Thursday's Asian advance, while the yen rose against the dollar as Japanese inflation jumped again, adding to bets the central bank will shift from its ultra-loose monetary policy.