Losing Streak May Continue For China Stock Market

RTTNews | Před 952 dny
Losing Streak May Continue For China Stock Market

(RTTNews) - The China stock market has finished lower in three straight sessions, sinking more than 50 points or 1.6 percent along the way. The Shanghai Composite Index now sits just above the 3,035-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests consolidation on rising treasury yields and concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Thursday as losses from the properties and energy companies were mitigated by support from the oil stocks and a mixed picture from the financial sector.

For the day, the index shed 9.33 points or 0.31 percent to finish at 3,035.05 after trading between 3,013.69 and 3,070.26. The Shenzhen Composite Index slumped 10.17 points or 0.51 percent to finish at 1,971.67.

Among the actives, Industrial and Commercial Bank of China rose 0.23 percent, while China Construction Bank collected 0.55 percent, China Merchants Bank shed 0.63 percent, China Life Insurance advanced 0.85 percent, Jiangxi Copper was up 0.13 percent, Aluminum Corp of China (Chalco) lost 0.48 percent, Yankuang Energy tanked 2.45 percent, PetroChina climbed 0.98 percent, China Petroleum and Chemical (Sinopec) perked 0.23 percent, Huaneng Power tumbled 1.93 percent, China Shenhua Energy surrendered 1.90 percent, Gemdale dipped 0.20 percent, Poly Developments retreated 1.60 percent, China Vanke fell 0.31 percent, China Fortune Land declined 0.81 percent, Beijing capital Development slumped 1.39 percent and Bank of China and Bank of Communications were unchanged.

The lead from Wall Street is negative as the major averages were unable to hold early gains, heading south by midday and finishing at daily lows.

The Dow slumped 90.22 points or 0.30 percent to finish at 30,333.59, while the NASDAQ shed 65.66 points or 0.61 percent to end at 10,614.84 and the S&P 500 lost 29.38 points or 0.80 percent to close at 3,665.78.

Stocks initially benefited from another batch of upbeat earnings news from big-name companies like IBM Corp. (IBM) and AT&T (T).

Buying interest waned over the course of the morning, however, with a continued surge in treasury yields contributing to the subsequent pullback by the markets. The yield on the benchmark ten-year note extended recent gains, reaching its highest levels in over fourteen years.

Concerns about the outlook for interest rates continue to drive yields higher, with Philadelphia Federal Reserve President Patrick Harker saying that he expects the Fed to continue raising rates "for a while."

The Fed is widely expected to raise interest rates by another 75 basis points in early November, bringing the target range for the federal funds rate to 3.75 to 4.0 percent.

Crude oil futures for November delivery settled higher on their expiration day as traders weighed energy demand and supply positions. West Texas Intermediate Crude oil futures for November rose $0.43 or 0.5 percent at $85.98 a barrel on the expiration day. But WTI Crude oil futures for December eased to $84.51 a barrel.

read more
FTSE 100 Rises 0.7%

FTSE 100 Rises 0.7%

UK stocks are up in positive territory a little past noon on Friday, remaining firm after a steady start. Despite concerns about inflation and uncertainty about tariffs, investors are picking up stocks amid cautious optimism about growth.
RTTNews | Před 34 minutami
CAC 40 Modestly Higher In Cautious Trade

CAC 40 Modestly Higher In Cautious Trade

After a slightly weak start, the French market has moved higher on Friday with investors picking up stocks amid hopes the European Central Bank will lower interest rates at its ensuing meeting. The U.S. federal court's ruling against President Donald Trump's sweeping tariff moves on its trading partners had added to uncertainty on the trade front, rendering the mood a bit cautious.
RTTNews | Před 1 h 5 min
DAX Up 0.8% On Selective Buying As Markets Await Clarity On Tariffs

DAX Up 0.8% On Selective Buying As Markets Await Clarity On Tariffs

German stocks are gaining notably ground in positive territory on Friday despite data showing a drop in the nation's retail sales in the month of April, and amid uncertainty about Trump administration's tariff moves after U.S. court rulings against the levies proposed by the U.S. President.
RTTNews | Před 1 h 34 min
Yen Rises On Strong Tokyo Core Inflation Data

Yen Rises On Strong Tokyo Core Inflation Data

The Japanese yen strengthened against other major currencies in the Asian session on Friday, as Tokyo's core inflation data came in stronger than expected, increasing the chances of the Bank of Japan's (BoJ) 25 basis point rate hike in July.
RTTNews | Před 1 h 59 min
European Shares Rise On ECB Rate Cut Hopes

European Shares Rise On ECB Rate Cut Hopes

European stocks traded higher on Friday despite the latest U.S. court rulings on President Trump's "Liberation Day" tariffs adding another layer of uncertainty.
RTTNews | Před 2 h 51 min
Asian Shares Decline Amid Tariff Uncertainty

Asian Shares Decline Amid Tariff Uncertainty

Asian stocks ended mostly lower on Friday due to uncertainty surrounding a court battle about U.S. President Donald Trump's tariffs and rising concerns about U.S. economic stability.
RTTNews | Před 3 h 17 min
European Economic News Preview: Germany Inflation, Retail Sales Data Due

European Economic News Preview: Germany Inflation, Retail Sales Data Due

Inflation and retail sales from Germany and private sector credit from the euro area are the top economic news due on Friday. At 2.00 am ET, Destatis is scheduled to issue Germany's retail sales figures for April. Sales are forecast to grow 0.3 percent month-on-month, in contrast to the 0.2 percent fall in March.
RTTNews | Před 5 h 52 min