BEIJING (dpa-AFX) - The China stock market has tracked higher in three straight sessions, gathering almost 75 points or 2.2 percent along the way. The Shanghai Composite Index now sits just above the 3,630-point plateau and it's likely to open higher again on Thursday.
The global forecast for the Asian markets is upbeat on optimism over earnings, with tech shares likely to lead the way higher. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished modestly higher on Wednesday following gains from the resource stocks, weakness from the properties and a mixed picture from the financial sector.
For the day, the index gained 16.40 points or 0.45 percent to finish at 3,633.99 after trading between 3,613.99 and 3,634.31. The Shenzhen Composite Index added 16.31 points or 0.74 percent to end at 2,225.74.
Among the actives, Bank of China perked 0.18 percent, while Agricultural Bank of China strengthened 1.22 percent, China Merchants Bank dipped 0.29 percent, Bank of Communications shed 0.64 percent, China Life Insurance collected 0.65 percent, Jiangxi Copper spiked 2.57 percent, Aluminum Corp of China (Chalco) improved 0.67 percent, Yankuang Energy rallied 2.54 percent, PetroChina gained 0.58 percent, Huaneng Power added 0.40 percent, Gemdale sank 0.80 percent, Poly Developments fell 0.37 percent, China Vanke eased 0.16 percent and China Shenhua Energy, China Petroleum and Chemical (Sinopec) and Industrial and Commercial Bank of China were unchanged.
The lead from Wall Street is positive as the major averages opened mixed on Wednesday but quickly turned higher and spent the balance of the session in the green.
The Dow improved 81.38 points or 0.18 percent to finish at 44,193.12, while the NASDAQ rallied 252.87 points or 1.21 percent to end at 21,169.42 and the S&P 500 gained 45.87 points or 0.73 percent to close at 6,345.06.
Apple (AAPL) helped to lead the markets higher following reports the company will announce plans to invest $100 billion to expand its U.S. operations and increase its total investment in the U.S. over the next four years to $600 billion.
Stocks also benefitted from strong earnings news from companies like McDonald's (MCD), which reported second quarter results that exceeded estimates on both the top and bottom lines. Shopify (SHOP) also beat the street.
On the other hand, Super Micro Computer (SMCI), social media platform Snap (SNAP) and Disney (DIS) reported mixed third quarter results.
Crude oil lost early gains on Wednesday as Russia faces a threat of U.S. sanctions on its oil exports after August 8 if it fails to end its attempt to annex Ukraine. West Texas Intermediate crude for September delivery was down $0.96 or 1.47 percent at $64.20 per barrel.
Closer to home, China will release July figures for imports, exports and trade balance later this morning. Imports are expected to slip 1.0 percent on year after rising 1.1 percent in June. Exports are called higher by an annual 5.4 percent, easing from 5.8 percent in the previous month. The trade surplus is pegged at $105.20 billion, down from $114.77 billion a month earlier.
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