BEIJING (dpa-AFX) - The China stock market has finished higher in two of three trading days since the end of the two-day losing streak in which it had fallen almost 45 points or 1.2 percent. The Shanghai Composite Index now sits just above the 3,940-point plateau, although it's likely to head south again on Wednesday.
The global forecast for the Asian markets is weak on persistent hostilities in the Middle East and the resulting spike in crude oil prices. The European markets were flat and the U.S. bourses were down and the Asian markets figure to follow the latter lead.
The SCI finished slightly higher on Tuesday as gains from the food and energy sectors were capped by weakness among the technology companies.
For the day, the index rose 7.85 points or 0.20 percent to finish at 3,940.55 after trading between 3,925.72 and 3,951.32. The Shenzhen Composite Index slipped 3.54 points or 0.14 percent to end at 2,526.93.
The lead from Wall Street is weak as the major averages opened lower on Tuesday and remained under water throughout the trading day, ending at session lows.
The Dow tumbled 628.18 points or 1.18 percent to finish at 52,786.07, while the NASDAQ sank 85.58 points or 0.32 percent to close at 26,421.41 and the S&P 500 shed 45.08 points or 0.58 percent to end at 7,673.52.
The weakness on Wall Street came amid a sharp increase by the price of crude oil due to the continued escalation of the conflict in the Middle East after the U.S. struck three Iranian crude oil carriers over the weekend.
Iran has threatened to retaliate against any new U.S. attacks on its assets and Saudi-led coalition forces vowed a resolute response to a wave of attacks from Houthi rebels.
Crude oil prices surged on Tuesday as U.S. forces and Iran continue to trade attacks, fueling supply concerns. West Texas Intermediate crude for October delivery was last up $1.31 or 1.43 percent at $92.79 per barrel.
Closer to home, China will release August figures for consumer and producer prices later this morning. Inflation is expected to rise 0.3 percent on month and 0.8 percent on year after slipping 0.1 percent on month and adding 0.5 percent on year in July. Producer prices are seen higher by an annual 3.6 percent, up from 3.5 percent in the previous month.
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