China Stock Market May Stop The Bleeding On Tuesday

(RTTNews) - The China stock market has tracked lower in back-to-back sessions, surrendering almost 35 points or 1.2 percent along the way. The Shanghai Composite Index now rests just shy of the 3,075-point plateau and it's likely to open in the green on Tuesday.

The global forecast for the Asian markets is upbeat on optimism ahead of earnings and anticipated bargain hunting after a couple days of heavy selling. The European and U.S. markets were firmly higher and the Asian markets are expected to open in similar fashion.

The SCI finished modestly lower on Monday following losses from the properties, gains from the oil companies and a mixed picture from the financials and resource stocks.

For the day, the index shed 14.29 points or 0.46 percent to finish at 3,073.81 after trading between 3,063.69 and 3,091.13.

Among the actives, Industrial and Commercial Bank of China collected 0.61 percent, while Bank of China added 0.50 percent, China Construction Bank fell 0.30 percent, China Merchants Bank dropped 0.92 percent, Bank of Communications rose 0.34 percent, China Life Insurance gained 0.37 percent, Jiangxi Copper eased 0.05 percent, Aluminum Corp of China (Chalco) sank 0.82 percent, Yankuang Energy soared 2.46 percent, PetroChina jumped 1.69 percent, China Petroleum and Chemical (Sinopec) perked 0.17 percent, Huaneng Power sank 0.78 percent, China Shenhua Energy rallied 2.14 percent, Gemdale tanked 2.23 percent, Poly Developments plunged 2.81 percent and China Vanke plummeted 3.02 percent.

The lead from Wall Street is strong as the major averages opened sharply higher on Monday pretty much stayed that way throughout the session.

The Dow jumped 314.25 points or 0.93 percent to finish at 33,984.54, while the NASDAQ rallied 160.75 points or 1.20 percent to end at 13,567.98 and the S&P 500 gained 45.85 points or 1.06 percent to close at 4,373.63.

The strength on Wall Street came as stocks rallied ahead of earnings updates from several top-ranked companies, shrugging off rising bond yields and concerns about the ongoing war in the Middle East.

Goldman Sachs, Bank of America, Tesla, Netflix and Johnson & Johnson are among the companies scheduled to announce their quarterly results this week.

In economic news, the New York Federal Reserve released a report showing a downturn in regional manufacturing activity in the month of October.

Crude oil prices fell on Monday, retreating after rising sharply in the previous session amid fears that the ongoing Israel-Hamas war might fuel a wider conflict in the Middle East. West Texas Intermediate Crude oil futures for November shed $1.03 or 1.2 percent at $86.66 a barrel.