BEIJING (dpa-AFX) - The China stock market has alternated between positive and negative finishes through the last four trading days since the end of the two-day losing streak in which it had retreated more than 30 points or 1 percent. The Shanghai Composite Index remains just shy of the 3,045-point plateau and it figures to bounce higher again on Wednesday.
The global forecast for the Asian markets suggests mild upside, although plummeting crude oil prices will likely cap any upside. The European and U.S. markets were slightly higher and the Asian bourses are expected to open in similar fashion.
The SCI finished barely lower on Tuesday following losses from the insurance companies and mixed performances from the financials and energy producers.
For the day, the index eased 0.96 points or 0.03 percent to finish at 3,043.94 after trading between 3,033.78 and 3,048.48. The Shenzhen Composite Index added 2.57 points or 0.16 percent to end at 1,619.12.
Among the actives, Industrial and Commercial Bank of China added 0.17 percent, while Bank of China and China Construction Bank both collected 0.27 percent, China Merchants Bank retreated 1.03 percent, China Life Insurance skidded 1.38 percent, Ping An Insurance dropped 0.85 percent, Gemdale climbed 1.31 percent, Poly Developments accelerated 1.38 percent, China Vanke advanced 0.84 percent, CITIC Securities sank 0.94 percent, China Shenhua Energy jumped 1.08 percent, PetroChina fell 0.29 percent and Bank of Communications was unchanged.
The lead from Wall Street is cautiously optimistic as stocks showed a lack of direction Tuesday before ending slightly higher.
The Dow added 69.25 points or 0.26 percent to 26,786.68, while the NASDAQ gained 17.93 points or 0.22 percent and the S&P 500 rose 8.68 points or 0.29 percent to 2,973.01.
The choppy trading seen for most of the day came amid renewed uncertainty about global trade after the U.S. proposed new tariffs on more European goods as part of an ongoing dispute over aircraft subsidies.
While the U.S. and China have agreed to restart stalled trade talks, the news is a reminder that President Donald Trump is fighting a trade war on multiple fronts.
Crude oil prices plunged on Tuesday as concerns about global energy demand outweighed the OPEC decision to extend output cuts. West Texas Intermediate Crude oil futures for August ended down $2.84 or 4.8 percent at $56.25 a barrel, the lowest settlement in about two weeks.
Closer to home, China will see June results for the services and composite indexes from Caixin later this morning; in May, their scores were 52.7 and 51.5, respectively.
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