BEIJING (dpa-AFX) - The China stock market has moved lower in three straight sessions, slumping more than 65 points or 1.7 percent in that span. The Shanghai Composite Index now sits just above the 3,885-point plateau and it's tipped to open in the red again on Tuesday.
The global forecast for the Asian markets is soft thanks to a renewed spike in crude oil prices. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The SCI finished slightly lower on Monday as losses among the technology and resource stocks were offset by support from the financial sector.
For the day, the index dipped 2.78 points or 0.07 percent to finish at 3,885.33 after trading between 3,867.02 and 3,895.51. The Shenzhen Composite Index eased 1.56 points or 0.06 percent to end at 2,464.29.
The lead from Wall Street is weak as the major averages opened lower on Monday and remained in the red throughout the trading day, although well off session lows.
The Dow shed 152.09 points or 0.29 percent to finish at 52,421.20, while the NASDAQ sank 146.62 points or 0.56 percent to close at 26,186.41 and the S&P 500 fell 37.03 points or 0.48 percent to end at 7,619.98.
The pullback on Wall Street came amid a substantial rebound by the price of crude oil following news that a planned meeting in Oman between Iran and Gulf states over reopening Hormuz has been postponed.
Crude oil prices jumped on Monday after Saudi Arabia confirmed closing its East-West pipeline following attacks by Houthi militants. West Texas Intermediate crude for October delivery was up $1.52 or 1.52 percent at $101.57 per barrel.
Selling pressure in the tech sector has also been generated amid renewed worries about artificial intelligence after industry leaders called for a slowdown in the pace of AI development.
Traders are also looking ahead to the Federal Reserve's highly anticipated monetary policy decision later this week. With oil prices surging and recent data pointing to stick inflation, CME Group's FedWatch tool is currently showing a nearly 90 percent chance the Fed will raise rates by a quarter point.
Closer to home, China is scheduled to release a batch of data this morning, including August figures for industrial production, retail sales, fixed asset investment, unemployment and house prices.
Industrial production is expected to rise 4.8 percent on year, up from 4.5 percent in July. Sales are seen higher by an annual 0.8 percent, up from 0.6 percent in the previous month. FAI is called lower by 7.0 percent after shedding 6.7 percent a month earlier. No change is expected for the jobless rate (5.2 percent) and house prices (-3.2 percent).
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