BEIJING (dpa-AFX) - The China stock market has moved higher in back-to-back sessions, gathering more than 15 points or 0.4 percent along the way. The Shanghai Composite Index now sits just beneath the 3,610-point plateau although it may spin its wheels on Wednesday.
The global forecast for the Asian markets is flat to lower ahead of the FOMC rate decision scheduled for later today. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SCI finished modestly higher again on Tuesday as gains from the oil companies were capped by weakness from the financials and a mixed picture from the property sector.
For the day, the index improved 11.77 points or 0.33 percent to finish at 3,609.71 after trading between 3,585.94 and 3,611.35. The Shenzhen Composite Index rose 10.19 points or 0.46 percent to end at 2,222.13.
Among the actives, Industrial and Commercial Bank of China dropped 0.80 percent, while Bank of China sank 0.72 percent, Agricultural Bank of China slumped 0.81 percent, China Merchants Bank shed 0.68 percent, Bank of Communications skidded 1.17 percent, China Life Insurance retreated 1.64 percent, Jiangxi Copper declined 1.00 percent, Aluminum Corp of China (Chalco) climbed 1.05 percent, Yankuang Energy perked 0.15 percent, PetroChina jumped 1.87 percent, China Petroleum and Chemical (Sinopec) rose 0.34 percent, Huaneng Power fell 0.42 percent, China Shenhua Energy was up 0.05 percent, Gemdale added 0.49 percent, Poly Developments lost 0.82 percent and China Vanke gained 0.29 percent.
The lead from Wall Street is soft as the major averages opened mixed on Tuesday but quickly turned lower, ending near session lows.
The Dow slumped 204.57 points or 0.46 percent to finish at 44,632.99, while the NASDAQ shed 80.29 points or 0.38 percent to close at 21,098.29 and the S&P 500 sank 18.91 points or 0.30 percent to end at 6,370.86.
The pullback on Wall Street may reflected profit taking following the upward trend seen over the past several sessions, which saw the NASDAQ and the S&P 500 reach new record highs.
Traders also seemed reluctant to make significant moves ahead of the Federal Reserve's monetary policy announcement later today. While the Fed is expected to leave interest rates unchanged, the announcement could impact the outlook for rates.
In economic news, the Conference Board released a report showing consumer confidence in the U.S. saw a modest improvement in July. Also, the Labor Department said job openings in the U.S. decreased by slightly less than expected in June.
Crude oil prices moved higher on Tuesday as the U.S. deadline for Russia to finalize an agreement with Ukraine or face sanctions draws nearer. West Texas Intermediate crude for September delivery was up $2.81 or 4.21 percent to $69.52 per barrel.
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