China Stock Market May Hand Back Thursday's Gains

RTTNews | 692 days ago
China Stock Market May Hand Back Thursday's Gains

(RTTNews) - The China stock market on Thursday wrote a finish to the four-day losing streak in which it had stumbled almost 100 points or 3.1 percent. The Shanghai Composite Index now sits just above the 3,160-point plateau although it's expected to open under renewed selling pressure on Friday.

The global forecast for the Asian markets remains soft on concerns over the outlook for interest rates. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The SCI finished modestly higher on Thursday as gains from the resource and energy companies were capped by weakness from the financials and properties.

For the day, the index gained 13.61 points or 0.43 percent to finish at 3,163.74 after trading between 3,123.25 and 3,167.45. The Shenzhen Composite Index jumped 16.66 points or 0.85 percent to end at 1,984.30.

Among the actives, Industrial and Commercial Bank of China dropped 0.86 percent, while Bank of China skidded 1.05 percent, China Construction Bank fell 0.34 percent, China Merchants Bank shed 0.56 percent, Bank of Communications retreated 1.25 percent, China Life Insurance tanked 2.09 percent, Aluminum Corp of China (Chalco) advanced 0.83 percent, Yankuang Energy rose 0.35 percent, PetroChina added 0.52 percent, China Petroleum and Chemical (Sinopec) improved 0.82 percent, Huaneng Power declined 1.41 percent, China Shenhua Energy perked 0.04 percent, Gemdale tumbled 1.69 percent, China Vanke eased 0.07 percent and Jiangxi Copper and Poly Developments were unchanged.

The lead from Wall Street is negative as the major averages opened higher on Thursday but quickly turned lower and finished near session lows.

The Dow tumbled 290.91 points or 0.84 percent to finish at 34,474.83, while the NASDAQ slumped 157.70 points or 1.17 percent to close at 13,316.93 and the S&P 500 sank 33.97 points or 0.77 percent to end at 4,370.36.

The weakness on Wall Street came as investors continue to digest Wednesday's Federal Reserve minutes, which suggest the central bank will hold interest rates higher for longer to fight inflation.

In economic news, the Labor Department said first-time claims for U.S. unemployment benefits saw a modest decline last week. Also, the Federal Reserve Bank of Philadelphia said its manufacturing index saw a big jump in August.

Crude oil futures were up on Thursday, snapping a three-session losing streak on news of stimulus measures from China's central bank. West Texas Intermediate Crude oil futures for September climbed $1.01 or 1.3 percent at $80.39 a barrel.

read more
Canadian Market Modestly Higher At Noon

Canadian Market Modestly Higher At Noon

After a flat start and a subsequent drop into negative territory, the Canadian market climbed higher Thursday morning and remained firmly well placed in positive territory at noon. The mood remains somewhat cautious amid concerns about tariffs following U.S. President Donald Trump confirming a 50% levy on copper imports, and hinting at additional tariffs on semiconductors and pharmaceuticals.
RTTNews | 1h 13min ago
U.S. Jobless Claims Unexpectedly Slip To 227,000

U.S. Jobless Claims Unexpectedly Slip To 227,000

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 3h 30min ago
U.S. Weekly Jobless Claims Unexpectedly Edge Lower

U.S. Weekly Jobless Claims Unexpectedly Edge Lower

First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended July 5th, according to a report released by the Labor Department on Thursday.
RTTNews | 4h 43min ago
Bay Street Seen Opening On Mixed Note

Bay Street Seen Opening On Mixed Note

Canadian shares may open on a slightly mixed note on Thursday tracking the trend in the commodity markets, and somewhat firm European stocks. The focus, once again, will be on trade negotiations between the U.S. and several other major nations.
RTTNews | 4h 45min ago
FTSE 100 Rises To Record High As Mining Stocks Rally

FTSE 100 Rises To Record High As Mining Stocks Rally

The UK stock market climbed to a new record high Thursday morning, lifted by strong gains in the mining sector. The undertone in major European markets is quite firm today amid optimism about a potential trade deal between the U.S. and the European Union.
RTTNews | 5h 55min ago
CAC 40 Moderately Higher On Trade Deal Hopes

CAC 40 Moderately Higher On Trade Deal Hopes

French stocks are gaining some ground in positive territory on Thursday amid rising hopes the European Union will strike a trade deal with the U.S. sometime soon.
RTTNews | 6h 29min ago
DAX Modestly Up After Hitting Fresh Record High

DAX Modestly Up After Hitting Fresh Record High

German stocks are up in positive territory on Thursday, extending gains from the previous three sessions, as investors continue to focus on US-EU trade negotiations. Data showing a drop in Germany's consumer price inflation in the month of June is aiding sentiment.
RTTNews | 6h 49min ago