BEIJING (dpa-AFX) - The China stock market has moved lower in back-to-back sessions, slipping almost 25 points or 0.8 percent along the way. The Shanghai Composite Index now sits just above the 3,900-point plateau although it may stop the bleeding on Thursday.
The global forecast for the Asian markets is upbeat following the FOMC's rate decision and optimism over future moves. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.
The SCI finished modestly lower on Wednesday as losses from the financial and oil companies were offset by support from the properties and resource stocks.
For the day, the index slipped 9.03 points or 0.23 percent to finish at 3,900.50 after trading between 3,876.47 and 3,906.12. The Shenzhen Composite Index rose 6.44 points or 0.26 percent to end at 2,492.37.
Among the actives, Industrial and Commercial Bank of China tumbled 1.98 percent, while Bank of China retreated 1.54 percent, Agricultural Bank of China cratered 2.74 percent, China Merchants Bank plunged 3.11 percent, Bank of Communications contracted 1.88 percent, China Life Insurance perked 0.18 percent, Jiangxi Copper advanced 0.86 percent, Aluminum Corp of China (Chalco) rallied 1.23 percent, Yankuang Energy was up 0.15 percent, PetroChina slumped 1.23 percent, China Petroleum and Chemical (Sinopec) skidded 1.18 percent, Huaneng Power added 0.39 percent, China Shenhua Energy sank 0.74 percent, Gemdale surged 5.73 percent, Poly Developments soared 5.20 percent and China Vanke skyrocketed 10.06 percent.
The lead from Wall Street is positive as the major averages opened flat and hugged the line before taking off late in the day.
The Dow jumped 497.46 points or 1.05 percent to finish at 48,057.75, while the NASDAQ added 77.67 points or 0.33 percent to close at 23,654.16 and the S&P 500 gained 46.17 points or 0.67 percent to end at 6,886.68.
The late-day strength on Wall Street came after the Fed announced its widely expected decision to cut interest rates by another quarter point, matching the rate cuts seen in September and October.
While a majority of Fed officials voted to cut rates by another quarter point, three cast dissenting votes for the first time since September 2019. The central bank's latest summary of economic projections also showed significant divisions about the outlook for rates.
Despite the mixed views, traders seem optimistic about the outlook for rates, potentially reflecting hopes for a move dovish regime under President Donald Trump's new Fed Chair choice.
Crude oil prices edged higher Wednesday after the American Petroleum Institute said U.S. crude inventories decreased much more than expected. West Texas Intermediate crude for January delivery was up $0.20 or 0.34 percent at $58.45 per barrel.
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