Rally May Stall For China Stock Market

RTTNews | il y a 1088
Rally May Stall For China Stock Market

(RTTNews) - The China stock market has moved higher in three straight sessions, gathering almost 75 points or 2.3 percent along the way. The Shanghai Composite Index now rests just above the 3,235-point plateau although it's looking at a slightly soft start on Tuesday.

The global forecast for the Asian markets is flat to slightly higher, with easing recession fears offset by interest rate concerns. The European markets were slightly higher and the U.S. bourses were mixed and little changed and the Asian markets figure to split the difference.

The SCI finished modestly higher on Monday following gains from the resource and energy companies, weakness from the financials and a mixed picture from the property sector.

For the day, the index picked up 9.91 points or 0.31 percent to finish at 3,236.93 after trading between 3,214.08 and 3,237.97. The Shenzhen Composite Index advanced 17.21 points or 0.79 percent to close at 2,183.22.

Among the actives, Industrial and Commercial Bank of China dropped 0.91 percent, while Bank of China fell 0.33 percent, China Construction Bank shed 0.36 percent, China Merchants Bank skidded 1.14 percent, Bank of Communications lost 0.43 percent, China Life Insurance retreated 1.27 percent, Jiangxi Copper advanced 0.77 percent, Aluminum Corp of China (Chalco) rose 0.22 percent, Yankuang Energy skyrocketed 7.73 percent, PetroChina perked 0.20 percent, China Petroleum and Chemical (Sinopec) added 0.49 percent, Huaneng Power rallied 2.16 percent, China Shenhua Energy spiked 2.20 percent, Gemdale stumbled 1.44 percent, Poly Developments slumped 1.63 percent, China Vanke sank 1.15 percent, China Fortune Land surged 2.83 percent and Beijing Capital Development improved 1.39 percent.

The lead from Wall Street offers little guidance as the major averages were unable to hold solid early gains, eventually hugging the line and finishing mixed.

The Dow rose 29.07 points or 0.09 percent to finish at 32,832.54, while the NASDAQ dipped 13.10 points or 0.10 percent to end at 12,644.46 and the S&P 500 eased 5.13 points or 0.12 percent to close at 4,140.06.

The early strength on Wall Street extended a recent upward trend; easing concerns about a potential recession may have contributed to the continued upward move following last week's much stronger than expected jobs data.

Buying interest waned over the course of the session, however, as the strong jobs data has increased the likelihood of another 75-basis point interest rate hike by the Federal Reserve next month.

Traders may also have been reluctant to make significant bets ahead of the release of closely watched U.S. inflation data later this week.

Crude oil prices recovered after early losses and settled sharply higher on Monday as data showed a significant increase in oil purchases by China so far this month. West Texas Intermediate Crude oil futures for September ended higher by $1.75 or 2 percent at $90.76 a barrel.

read more
Japanese Market Notably Lower

Japanese Market Notably Lower

Reversing the gains in the previous session, the Japanese market is notably lower on Friday, following the broadly negative cues from Wall Street overnight. The Nikkei 225 is falling below the 40,700 level, with weakness in financial and technology stocks partially offset by gains in exporters and automaker stocks.
RTTNews | il y a 1h 19min
Australian Market Notably Lower

Australian Market Notably Lower

The Australian stock market is trading notably lower on Friday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,700 level, with weakness across most sectors led by energy and technology stocks.
RTTNews | il y a 1h 21min
Swiss Market Ends Moderately Lower

Swiss Market Ends Moderately Lower

Despite a decent spell in positive territory till about an hour before noon, the Switzerland market turned weak and kept drifting lower as the session progressed on Thursday to eventually settle with a moderate loss.
RTTNews | il y a 9h 9min
U.S. Consumer Price Growth Matches Estimates In June

U.S. Consumer Price Growth Matches Estimates In June

A closely watched report released by the Commerce Department on Thursday showed consumer prices in the U.S. increased in line with economist estimates in the month of June. The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3 percent in June after inching up by an upwardly revised 0.2 percent in May.
RTTNews | il y a 12h 27min
German Unemployment Rises In July

German Unemployment Rises In July

Germany's unemployment increased less than expected in July but the overall number of people out of work remained close to the 3 million mark due to the prolonged period of economic slowdown, official data revealed on Thursday. The number of unemployed rose by less-than-expected 2,000 from June, the Federal Employment Agency said. For July, economists had forecast an increase of 15,000.
RTTNews | il y a 13h 10min
U.S. Jobless Claims Inch Up Less Than Expected To 218,000

U.S. Jobless Claims Inch Up Less Than Expected To 218,000

First-time claims for U.S. unemployment benefits edged slightly higher in the week ended July 26th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims crept up to 218,000, an increase of 1,000 from the previous week's unrevised level of 217,000. Economists had expected jobless claims to rise to 224,000.
RTTNews | il y a 13h 18min