BEIJING (dpa-AFX) - The China stock market on Monday ended the three-day winning streak in which it had risen almost 25 points or 0.6 percent. The Shanghai Composite Index now sits just above the 4,130-point plateau although it's tipped to move back to the upside on Tuesday.
The global forecast for the Asian markets suggests mild upside ahead of the U.S. rate decision later this week. The European markets were mixed and little changed and the U.S. bourses were slightly higher and the Asian markets figure to split the difference.
The SCI finished slightly lower on Monday as losses from the properties were mitigated by gains from the financial and resource companies.
For the day, the index eased 3.56 points or 0.09 percent to finish at 4,132.60 after trading between 4,124.70 and 4,160.99. The Shenzhen Composite Index sank 25.16 points or 0.92 percent to end at 2,720.85.
Among the actives, Industrial and Commercial Bank of China gained 0.42 percent, while Agricultural Bank of China climbed 1.33 percent, China Merchants Bank collected 1.39 percent, China Life Insurance rallied 2.62 percent, Jiangxi Copper surged 5.39 percent, Aluminum Corp of China (Chalco) vaulted 1.28 percent, China Petroleum and Chemical (Sinopec) spiked 3.74 percent, Huaneng Power added 0.54 percent, China Shenhua Energy soared 4.13 percent, Gemdale tanked 2.47 percent, Poly Developments dropped 0.89 percent and China Vanke stumbled 2.63 percent.
The lead from Wall Street is upbeat as the major averages opened higher on Monday and remained modestly in the green throughout the session.
The Dow jumped 313.69 points or 0.64 percent to finish at 49,412.40, while the NASDAQ climbed 100.11 points or 0.43 percent to end at 23,601.36 and the S&P 500 added 34.62 points or 0.50 percent to close at 6,950.23.
The strength on Wall Street comes ahead of the Federal Reserve's monetary policy announcement on Wednesday. While the Fed is widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement for clues about the outlook for rates.
Traders are also keeping an eye on the latest geopolitical developments, with President Donald Trump threatening to impose a 100 percent tariff on goods from Canada over a potential free trade deal with China.
The U.S. government is also facing the possibility of another shutdown, as several Democratic senators have threatened to oppose a spending bill if it includes appropriations for the Department of Homeland Security. This comes after federal immigration agents shot and killed another U.S. citizen in Minneapolis over the weekend.
Crude oil prices slid on Monday following the resumption of production in Kazakhstan, although geopolitical tensions in the Middle East limited the decline. West Texas Intermediate crude for March delivery was down by $0.42 or 0.69 percent at $60.65 per barrel.
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