Stock market today: Asian shares are mixed after New Year holiday. Chinese shares sink

Asian shares are mostly lower as Chinese benchmarks skidded and Tokyo stayed closed for the New Year’s holiday. U.S. futures advanced and oil prices also gained. Investors remain cautious over what U.S. President-elect Donald Trump might do once he takes office, including raising tariffs on imports from China and other Asian countries. Upbeat comments by Chinese leader Xi Jinping did little to raise optimism among market players who want more aggressive action to support the economy. On Wednesday, markets in the U.S. and Europe were closed for the New Year’s Day holiday. Investors will get an updated snapshot of U.S. construction spending for November on Thursday and a report on manufacturing in December on Friday.