China Shares Due For Support On Tuesday

(RTTNews) - The China stock market has moved lower in four straight sessions, sliding more than 140 points or 4.9 percent along the way. The Shanghai Composite Index now rests just beneath the 2,940-point plateau and it may find traction on Tuesday. The global forecast offers little clarity with few catalysts head of data later in the week, although treasury yields continue to be active. The European and U.S. markets were mixed and flat and the Asian markets figure to follow suit. For the day, the index dropped 43.77 points or 1.47 percent to finish at 2,939.29 after trading between 2,923.51 and 2,973.66. The Shenzhen Composite Index tumbled 33.75 points or 1.86 percent to end at 1,776.71.

Among the actives, Industrial and Commercial Bank of China collected 0.63 percent, while Bank of China shed 0.51 percent, China Construction Bank sank 0.76 percent, China Merchants Bank retreated 1.33 percent, China Life Insurance climbed 1.16 percent, Jiangxi Copper tanked 2.07 percent, Aluminum Corp of China (Chalco) plunged 3.72 percent, Yankuang Energy declined 1.31 percent, PetroChina dropped 1.56 percent, China Petroleum and Chemical (Sinopec) tumbled 1.93 percent, Huaneng Power slumped 1.22 percent, China Shenhua Energy added 0.49 percent, Gemdale weakened 1.47 percent, Poly Developments skidded 1.04 percent, China Vanke fell 0.34 percent and Bank of Communications was unchanged.

The lead from Wall Street is murky as the major averages opened lower on Monday, broke into the green my midday before fading and ending mixed and little changed.

The Dow slumped 190.87 points or 0.58 percent to finish at 32,936.41, while the NASDAQ added 34.52 points or 0.27 percent to close at 13,018.33 and the S&P 500 slipped 7.12 points or 0.17 percent to end at 4,217.04.

Stocks initially came under pressure as treasury yields rebounded amid ongoing concerns about the outlook for interest rates. Following the pullback seen last Friday, the yield on the benchmark 10year note moved back to the upside, briefly peeking above the key 5 percent level.

The subsequent turnaround on Wall Street came as treasury yields turned lower as the day progressed, with the ten-year yield falling into negative territory.

Trading activity was subdued, however, thanks to a lack of major U.S. economic data - although the calendar picks up later in the week. The earnings season also should be a factor, with a slew of big-name companies due to report their quarterly results.

Crude oil prices fell sharply on Monday amid easing concerns about oil supply on hopes the diplomatic efforts in the Middle East will help prevent the conflict there from escalating into a bigger regional war. West Texas Intermediate Crude oil futures for November settled at $85.49, down $2.59 or about 2.94 percent.