BEIJING (dpa-AFX) - The China stock market has moved lower in back-to-back sessions, slumping more than 35 points or 0.9 percent along the way. The Shanghai Composite Index now sits just shy of the 3,880-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is cautiously optimistic on an improved outlook for interest rates. The European markets were mixed and flat and the U.S. bourses was mild upside and the Asian markets figure to split the difference.
The SCI finished modestly lower on Wednesday as losses from the financial shares and property stocks were mitigated by support from the resource companies.
For the day, the index shed 19.71 points or 0.51 percent to finish at 3,878.00 after trading between 3,869.95 and 3,901.70. The Shenzhen Composite Index dropped 21.29 points or 0.86 percent to end at 2,440.97.
Among the actives, Industrial and Commercial Bank of China shed 0.49 percent, while Bank of China tumbled 1.98 percent, Agricultural Bank of China and China Petroleum and Chemical (Sinopec) both lost 0.50 percent, China Merchants Bank dropped 0.85 percent, Bank of Communications retreated 1.57 percent, China Life Insurance contracted 1.87 percent, Jiangxi Copper perked 0.02 percent, Aluminum Corp of China (Chalco) soared 4.25 percent, Yankuang Energy rose 0.14 percent, PetroChina sank 0.70 percent, Huaneng Power rallied 1.27 percent, China Shenhua Energy added 0.10 percent, Gemdale plunged 3.00 percent, Poly Developments stumbled 1.97 percent and China Vanke cratered 3.65 percent.
The lead from Wall Street is upbeat as the major averages opened in the red but quickly moved higher and continued to pick up speed through the day, ending near session highs.
The Dow jumped 408.44 points or 0.86 percent to finish at 47,882.90, while the NASDAQ added 40.42 points or 0.17 percent to close at 23,454.09 and the S&P 500 gained 20.35 points or 0.30 percent to end at 6,849.72.
The strength in the broader markets followed the release of a report from payroll processor ADP showing an unexpected decrease by private sector employment in November.
The data added to recently renewed optimism that the Federal Reserve will once again lower interest rates at its monetary policy meeting next week.
CME Group's FedWatch Tool is currently indicating an 89.0 percent chance the Fed will cut rates by another quarter point next week.
Crude oil prices rose on Wednesday as proposed Russia-Ukraine peace talks failed to deliver a breakthrough. West Texas Intermediate crude for January delivery was up $0.23 or 0.39 percent at $58.87 per barrel.
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