BEIJING (dpa-AFX) - The China stock market moved back to the upside again on Monday, one session after halting the six-day winning streak in which it had advanced more than 100 points or 2.8 percent. The Shanghai Composite Index now sits just beneath the 3,600-point plateau although it may spin its wheels again on Tuesday.
The global forecast for the Asian markets is flat with a touch of weakness ahead of the U.S. interest rate decision later this week. The European markets were down and the U.S. bourses were mixed and flat and the Asian markets figure to split the difference.
The SCI finished slightly higher on Monday following weakness from the resource stocks and mixed performances from the financials and properties.
For the day, the index rose 4.28 points or 0.12 percent to finish at 3,597.94 after trading between 3,582.15 and 3,606.27. The Shenzhen Composite Index added 11.03 points or 0.50 percent to end at 2,211.94.
Among the actives, Agricultural Bank of China collected 0.16 percent, while China Merchants Bank sank 0.87 percent, Bank of Communications lost 0.39 percent, China Life Insurance rallied 2.89 percent, Jiangxi Copper fell 0.29 percent, Aluminum Corp of China (Chalco) skidded 1.17 percent, Yankuang Energy tanked 2.85 percent, PetroChina declined 1.27 percent, China Petroleum and Chemical (Sinopec) retreated 1.34 percent, Huaneng Power added 0.43 percent, China Shenhua Energy tumbled 1.64 percent, Gemdale shed 0.49 percent, Poly Developments strengthened 1.31 percent, China Vanke perked 0.15 percent and Bank of China and Industrial and Commercial Bank of China were unchanged.
The lead from Wall Street is murky as the major averages opened mixed on Monday and finished little changed and on opposite sides of the line.
The Dow slumped 64.36 points or 0.14 percent to finish at 44,837.56, while the NASDAQ gained 70.27 points or 0.33 percent to close at a record high 21,178.58 and the S&P perked 1.13 points or 0.02 percent to end at 6,389.77, also a record.
The modest strength on Wall Street followed news the U.S. and the European Union struck a last-minute trade agreement and reports suggest the U.S. and China are likely to extend their tariff truce for another 90 days.
However, buying interest was subdued ahead of the Federal Reserve's monetary policy announcement later this week. While the Fed is widely expected to leave interest rates unchanged, the announcement could impact the outlook for rates.
The Labor Department's monthly jobs report is also likely to be in focus in the coming days along with earnings news from Magnificent Seven members Apple (AAPL), Amazon (AMZN), Microsoft (MSFT) and Meta Platforms (META).
Crude oil price surged on Monday after the US announced a tariff framework agreement with the EU, cooling fears of a big tariff war. West Texas Intermediate crude for September delivery jumped $1.72 or 2.64 percent to $66.88 per barrel.
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