BEIJING (dpa-AFX) - The China stock market on Tuesday halted the four-day winning streak in which it had rallied almost 160 points or 4.4 percent. The Shanghai Composite Index now sits just beneath the 3,870-point plateau although it may move back to the upside again on Wednesday.
The global forecast for the Asian markets is cautiously optimistic, with tech shares likely to rise ahead of key earnings news later in the day. The European markets were down and the U.S. bourses were up and the Asian markets figures to follow the latter lead.
The SCI finished modestly lower on Tuesday following losses from the financial shares, property stocks and resource companies.
For the day, the index lost 15.18 points or 0.39 percent to finish at 3,868.38 after trading between 3,859.76 and 3,888.60. The Shenzhen Composite Index rose4.47 points or 0.18 percent to end at 2,440.79.
Among the actives, Industrial and Commercial Bank of China was down 0.53 percent, while Agricultural Bank of China collected 0.28 percent, China Merchants Bank declined 0.80 percent, Bank of Communications retreated 0.91 percent, China Life Insurance dipped 0.35 percent, Jiangxi Copper lost 0.52 percent, Aluminum Corp of China (Chalco) rallied 1.24 percent, Yankuang Energy skidded 0.97 percent, China Petroleum and Chemical (Sinopec) slipped 0.34 percent, Huaneng Power fell 0.40 percent, China Shenhua Energy shed 0.69 percent, Gemdale slumped 0.94 percent, Poly Developments dropped 0.96 percent, China Vanke stumbled 2.37 percent and PetroChina was unchanged.
The lead from Wall Street is mildly positive as the major averages were flat for much of Tuesday before a late push nudged them up into the green at the close.
The Dow gained 135.60 points or 0.30 percent to finish at 45,418.07, while the NASDAQ added 94.98 points or 0.44 percent to close at 21,544.27 and the S&P 500 rose 26.62 points or 0.41 percent to end at 6,465.94.
The choppy trading on Wall Street comes as traders seem reluctant to make significant moves ahead of earnings news from Nvidia (NVDA), with the AI darling and market leader due to report its second quarter results later today.
Traders are also keeping an eye on the latest developments in Washington after President Donald Trump said he is removing Fed Governor Lisa Cook from her position. Trump accused her of making false statements on one or more mortgage agreements.
Meanwhile, Trump has threatened to impose 'substantial additional tariffs' on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.
Crude oil prices moved sharply lower on Tuesday, reflecting concerns about erratic U.S. trade policies. West Texas Intermediate crude for October delivery tumbled $1.55 or 2.4 percent to $63.25 a barrel.
Closer to home, China will see July figures for industrial profits later this morning; in June, profits were down 1.8 percent on year.
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