BEIJING (dpa-AFX) - The China stock market on Friday ended the two-day losing streak in which it had stumbled almost 100 points or 3.2 percent. The Shanghai Composite Index now sits just above the 3,715-point plateau although it may hand those gains back on Monday.
The global forecast for the Asian markets is negative on rising oil prices and heavy pressure on technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.
The SCI finished slightly higher on Friday as gains from the financial shares and energy stocks were capped by weakness from the properties and technology companies.
For the day, the index rose 8.80 points or 0.24 percent to finish at 3,716.28 after trading between 3,681.28 and 3,750.77. The Shenzhen Composite Index perked 0.02 points or 0.00 percent to end at 2,226.50.
The lead from Wall Street is weak as the major averages opened mixed on Friday but trended lower throughout the session, finishing near daily lows.
The Dow dropped 175.29 points or 0.34 percent to finish at 52,002.41, while the NASDAQ plunged 572.97 points or 2.14 percent to close at 26,140.03 and the S&P 500 sank 84.62 points or 1.09 percent to end at 7,659.44. For the week, the Dow rose 0.7 percent, the NASDAQ plunged 4.5 percent and the S&P lost 2 percent.
A renewed sell-off among technology stocks weighed on the NASDAQ amid concerns about debt-fueled AI infrastructure spending. Computer hardware stocks again turned in some of the tech sector's worst performances, with the NYSE Arca Computer Hardware Index sinking 5.4 percent to a two-month closing low.
Adding to the negative sentiment, crude oil prices rallied again on Friday, surging above $100 a barrel for the first time in a month as Iran re-escalated its attacks in the Strait of Hormuz. West Texas Intermediate crude for November delivery spiked $3.33 or 3.4 percent to $101.30 a barrel.
In economic news, the Federal Reserve said industrial production in the U.S. increased by more than expected in September, rising 0.7 percent following a revised 0.1 percent uptick in August.
Closer to home, China will release a raft of data this morning, including Q3 figures for gross domestic product and September numbers for industrial production, retail sales, fixed asset investment, house prices and unemployment.
GDP is expected to rise 1.1 percent on quarter and 4.4 percent on year, up from 0.9 percent on quarter and 4.3 percent on year in the previous three months. Industrial production is tipped to climb 5.4 percent on year, up from 5.2 percent in August.
Retail sales are seen higher by an annual 0.5 percent, up from 0.4 percent in the previous month. FAI is expected to fall 7.3 percent on year after slumping 7.2 percent a month earlier. House prices were down 3.0 percent on year in August, while the jobless rate was 5.3 percent.
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