BEIJING (dpa-AFX) - The China stock market on Tuesday ended the two-day winning streak in which it had jumped almost 110 points or 2.7 percent. The Shanghai Composite Index now sit just above the 4,090-point plateau and it's looking at another soft start again on Wednesday.
The global forecast for the Asian markets is soft, with profit taking on the docket after a few days of solid gains. The European markets were up and the U.S. bourses were mostly lower and the Asian markets are expected to follow the latter lead.
The SCI finished slightly lower on Tuesday following losses from the financial, property resource and energy companies.
For the day, the index dipped 4.58 points or 0.11 percent to finish at 4,091.89 after trading between 4,077.87 and 4,103.93. The Shenzhen Composite Index climbed 28.44 points or 1.02 percent to end at 2,817.80.
Among the actives, Industrial and Commercial Bank of China cratered 1.98 percent, while Bank of China fell 1.47 percent, Agricultural Bank of China lost 1.05 percent, China Merchants Bank shed 0.98 percent, Bank of Communications sank 0.86 percent, China Life Insurance dropped 1.29 percent, Jiangxi Copper slumped 1.82 percent, Aluminum Corp of China (Chalco) plunged 5.62 percent, Yankuang Energy skidded 1.23 percent, PetroChina contracted 1.78 percent, China Petroleum and Chemical (Sinopec) fell 0.40 percent, Huaneng Power stumbled 2.23 percent, China Shenhua Energy retreated 2.01 percent, Gemdale surrendered 2.38 percent, Poly Developments tanked 2.70 percent and China Vanke tumbled 1.92 percent.
The lead from Wall Street is mixed to lower as the major averages opened higher on Tuesday but only the Dow was able to hold on to its gains as the markets finished mixed.
The Dow rallied 328.64 points or 0.64 percent to finish at a record 51,999.67, while the NASDAQ dropped 307.60 points or 1.15 percent to end at 26,376.34 and the S&P 500 sank 42.94 points or 0.57 percent to close at 7,511.35.
The pullback by the NASDAQ and the S&P 500 reflected profit taking following recent strength in the markets. Optimism about an end to the monthslong U.S.-Iran contributed to the recent recovery, but some traders cashed in on gains as they wait for the peace deal to be finalized.
The mixed performance on Wall Street also came as traders looked ahead to the Federal Reserve's monetary policy announcement later today. The Fed is widely expected to leave interest rates unchanged, but the accompanying statement and new Chair Kevin Warsh's post-meeting comments could impact the outlook for rates.
On the inflation front, a report released by the Labor Department showed import prices in the U.S. shot up by much more than expected in the month of May.
Crude oil prices plummeted on Tuesday as transit disruption concerns faded due to the anticipated U.S.-Iran deal. West Texas Intermediate crude for July delivery was down $4.90 or 6.07 percent at $75.85 per barrel.
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