China Shares Poised To Open In The Green

(RTTNews) - The China stock market on Tuesday ended the three-day winning streak in which it had collected more than 80 points or 2 percent. The Shanghai Composite Index now sits just shy of the 3,990-point plateau although it may move higher again on Wednesday.

The global forecast for the Asian markets is mildly positive ahead of the U.S. interest rate decision later today. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SCI finished slightly lower on Tuesday as losses from the properties and resource stocks were mitigated by support from the financial sector.

For the day, the index fell 8.72 points or 0.22 percent to finish at 2,988.22 after trading between 3,976.83 and 4,010.73. The Shenzhen Composite Index dipped5.81 points or 0.23 percent to end at 2,516.97.

Among the actives, Industrial and Commercial Bank of China climbed 1.01 percent, while Agricultural Bank of China jumped 1.59 percent, China Life Insurance collected 0.09 percent, Jiangxi Copper plunged 5.63 percent, Aluminum Corp of China (Chalco) slumped 1.49 percent, China Petroleum and Chemical (Sinopec) slipped 0.36 percent, Huaneng Power fell 0.26 percent, Gemdale shed 0.50 percent, Poly Developments dropped 0.80 percent, China Vanke sank 0.79 percent and China Shenhua Energy and China Merchants Bank were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher and remained in the green throughout the trading day, ending at fresh record closing highs.

The Dow climbed 161.78 points or 0.34 percent to finish at 47,706.37, while the NASDAQ jumped 190.04 points or 0.80 percent to close at 23,827.49 and the S&P added 15.73 points or 0.23 percent to end at 6,890.89.

The strength on Wall Street came as stocks continued to benefit from recent upward momentum amid optimism about a potential trade deal between the U.S. and China.

However, traders seemed somewhat reluctant to make more significant moves ahead of the Federal Reserve's monetary policy announcement later today.

While the Fed is widely expected to lower interest rates by another quarter point, traders will look to the accompanying statement and Fed Chair Jerome Powell's post-meeting comments for clues about the likelihood of further rate cuts.

Crude oil prices moved sharply lower on Tuesday on news that OPEC is leaning toward another modest increase in production in December. West Texas Intermediate crude for December delivery plunged $1.32 or 2.2 percent to $59.99 a barrel.