BEIJING (dpa-AFX) - The China stock market has climbed higher in three straight sessions, collecting almost 80 points or 2.6 percent along the way. The Shanghai Composite Index now rests just shy of the 2,985-point plateau although it may run out of steam on Wednesday.
The global forecast for the Asian markets suggests mild consolidation on disappointing earnings news. The European markets and U.S. markets were down and the Asian bourses figure to follow suit.
The SCI finished flat on Tuesday as losses from the financials and properties weighed on the broader market.
For the day, the index gained 1.35 points or 0.05 percent to finish at 2,984.97 after trading between 2,960.78 and 2,990.60. The Shenzhen Composite Index climbed 20.60 points or 1.12 percent to end at 1,856.56.
Among the actives, Industrial and Commercial Bank of China shed 0.55 percent, while Bank of China and PetroChina both lost 0.56 percent, China Construction Bank sank 0.59 percent, China Merchants Bank skidded 1.30 percent, China Life Insurance and Ping An Insurance both dropped 1.02 percent, China Petroleum and Chemical (Sinopec) retreated 0.63 percent, Baoshan Iron declined 0.74 percent, China Shenhua Energy was down 0.95 percent, Gemdale tumbled 1.92 percent, Poly Developments plunged 1.52 percent and China Vanke plummeted 2.37 percent.
The lead from Wall Street is soft as stocks opened in the red on Tuesday and stayed there most of day, although the NASDAQ peeked above the unchanged line at the session's end.
The Dow shed 165.89 points or 0.56 percent to end at 29,232.19, while the NASDAQ rose 1.57 points or 0.02 percent to 9,732.74 and the S&P 500 fell 9.87 points or 0.29 percent to 3,370.29.
The weakness on Wall Street came after tech giant Apple (AAPL) warned of weaker than previously forecast second quarter revenue. Apple expects to miss its forecast for Q2 due to lower iPhone production and weak Chinese demand as a result of the coronavirus outbreak.
Disappointing earnings news from Walmart (WMT) also weighed on the markets after the retail giant reported weaker than expected fourth quarter results and provided disappointing guidance.
In economic news, the Federal Reserve Bank of New York said growth in New York manufacturing activity saw a notable acceleration in February. A separate report from the National Association of Home Builders showed a slight deterioration in homebuilder confidence in February.
Crude oil futures ended flat on Tuesday with traders weighing the impact of the coronavirus on global energy demand and OPEC and allies' move on production cuts. West Texas Intermediate crude oil futures for March ended at $52.05 a barrel, unchanged from previous close.
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