China Stock Market May Find Traction On Wednesday

RTTNews | 958 hari yang lalu
China Stock Market May Find Traction On Wednesday

(RTTNews) - The China stock market has moved lower in back-to-back sessions, surrendering almost 65 points or 2.1 percent along the way. The Shanghai Composite Index now sits just above the 2,975-point plateau although it may stop the bleeding on Wednesday.

The global forecast for the Asian markets is upbeat on continued optimism over falling treasury yields and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are expected to follow that lead.

The SCI finished modestly lower on Tuesday following losses from the properties and mixed performances from the financial and resource stocks.

For the day, the index dipped 1.27 points or 0.33 percent to finish at 2,976.28 after trading between 2,944.26 and 3,001.72. The Shenzhen Composite Index slipped 8.83 points or 0.46 percent to end at 1,923.51.

Among the actives, Industrial and Commercial Bank of China shed 0.46 percent, while Bank of China fell 0.33 percent, China Construction Bank eased 0.18 percent, China Merchants Bank collected 0.61 percent, China Life Insurance advanced 0.92 percent, Jiangxi Copper slid 0.32 percent, Aluminum Corp of China (Chalco) rose 0.25 percent, Yankuang Energy was up 0.04 percent, PetroChina dropped 0.97 percent, China Petroleum and Chemical (Sinopec) skidded 1.15 percent, Huaneng Power rallied 2.00 percent, China Shenhua Energy dipped 0.07 percent, Gemdale plunged 4.02 percent, Poly Developments sank 0.55 percent, China Vanke was down 0.06 percent and Bank of Communications was unchanged,

The lead from Wall Street is solid for the third straight session as the major averages opened higher and picked up steam as the day progressed, ending near session highs.

For the day, the index spiked 337.12 points or 1.07 percent to finish at 31,836.74, while the NASDAQ surged 246.50 points or 2.25 percent to close at 11,199.12 and the S&P 500 jumped 61.77 points or 1.63 percent to end at 3,859.11.

The extended rally on Wall Street came amid a sharp pullback by treasury yields, with the yield on the benchmark 10-year note showing a steep drop after ending the previous session at a 14-year closing high.

The pullback by treasury yields came as traders continue to express optimism the Federal Reserve will signal a slower pace of interest rate hikes following its meeting next week.

The markets also benefited from a positive reaction to the latest earnings news, with General Motors (GM) and Coca-Cola (KO) posting strong gains after reporting better than expected third quarter earnings.

Crude oil futures settled higher Tuesday, buoyed by a weaker dollar and concerns about supply after Saudi Arabia's energy minister commented that energy stocks were being used as a mechanism to manipulate markets. West Texas Intermediate Crude futures for December ended higher by $0.74 or 0.9 percent at $85.32 a barrel.

read more
Yen Recovers Amid BoJ Rate Hike Speculation

Yen Recovers Amid BoJ Rate Hike Speculation

The Japanese yen recovered from early lows against other major currencies in the European session on Tuesday, as traders speculate that the Bank of Japan (BoJ) will hike interest rates this year.
RTTNews | 28 minit yang lalu
UK Jobless Rate Rises; Wage Growth Softens

UK Jobless Rate Rises; Wage Growth Softens

The UK unemployment rate rose slightly in the three months to April period and wage growth softened as the rise in social security contribution and the minimum wage started to weigh on the labor market activity. The ILO jobless rate rose to 4.6 percent in the three months to April, as expected, from 4.5 percent in the three months to March, data from the Office for National Statistics revealed T
RTTNews | 53 minit yang lalu
Asian Shares Rise As US-China Talks Gather Momentum

Asian Shares Rise As US-China Talks Gather Momentum

Asian stocks advanced on Tuesday ahead of a second day of talks in London between China and the U.S. to resolve tariff disputes and strengthen economic relations. U.S. officials expressed optimism after the first day of negotiations, boosting investor sentiment.
RTTNews | 1j 47min yang lalu
Pound Slides On Weak U.K. Employment Data

Pound Slides On Weak U.K. Employment Data

The British pound weakened against other major currencies in the early European session on Tuesday, after the U.K. unemployment rate rose slightly in the three months to April period.
RTTNews | 2j 43min yang lalu
Pound Slides Against Majors

Pound Slides Against Majors

The British pound weakened against other major currencies in the early European session on Tuesday.
RTTNews | 3j 5min yang lalu
Australia NAB Business Conditions Ease; Confidence Improves

Australia NAB Business Conditions Ease; Confidence Improves

Australian business conditions eased in May amid ongoing profitability pressures and soft demand, while business confidence improved from the last month, survey data from NAB showed on Tuesday. A monthly survey conducted by Westpac showed that consumer confidence rose moderately in June, underpinned by interest rate cut and softening inflation.
RTTNews | 4j 56min yang lalu