BEIJING (dpa-AFX) - The China stock market on Wednesday snapped the three-day winning streak in which it had gathered almost 30 points or 0.8 percent. The Shanghai Composite Index now sits just above the 3,710-point plateau although it's likely to bounce higher again on Thursday.
The global forecast for the Asian markets is positive on easing oil prices and upbeat earnings news. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.
The SCI finished modestly lower on Wednesday as losses from the technology and consumer sectors were mitigated by support from the financial shares.
For the day, the index shed 22.34 points or 0.60 percent to finish at 3,713.03 after trading between 3,703.12 and 3,743.08. The Shenzhen Composite Index fell 11.04 points or 0.49 percent to end at 2,225.34.
The lead from Wall Street is firm as the major averages opened flat but quickly tracked to the upside and largely trended that way throughout the session.
The Dow jumped 360.21 points or 0.69 percent to finish at 52,856.09, while the NASDAQ rallied 278.04 points or 1.05 percent to close at 26,702.86 and the S&P 500 gained 44.60 points or 0.58 percent to end at 7,757.17.
The advance by the NASDAQ reflected strength in the tech sector amid a positive reaction to earnings news from companies like SpaceX (SPCX), Tesla (TSLA) and Super Micro Computer (SMCI).
Crude oil prices edged lower Wednesday on reports of progress in Strait of Hormuz shipping traffic. West Texas Intermediate crude for December delivery was down by $0.69 or 0.71 percent at $97.13 per barrel.
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