Renewed Support Anticipated For China Stock Market

RTTNews | 992 days ago
Renewed Support Anticipated For China Stock Market

(RTTNews) - The China stock market on Thursday halted the four-day winning streak in which hit had advanced more than 60 points or 1.9 percent. The Shanghai Composite Index now rests just above the 3,235-point plateau although it's predicted to rebound on Friday.

The global forecast for the Asian markets is mixed to higher, with support coming from technology, finance and oil stocks. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference.

The SCI finished modestly lower on Thursday following losses from the oil and energy companies, while the financials and properties were mixed.

For the day, the index slipped 10.71 points or 0.33 percent to finish at 3,235.59 after trading between 3,233.80 and 3,253.70. The Shenzhen Composite Index dropped 18.80 points or 0.89 percent to end at 2,104.39.

Among the actives, China Construction Bank rose 0.18 percent, while China Merchants Bank dipped 0.24 percent, Bank of Communications collected 0.44 percent, China Life Insurance jumped 1.69 percent, Jiangxi Copper perked 0.12 percent, Aluminum Corp of China (Chalco) skidded 1.01 percent, Yankuang Energy tumbled 2.33 percent, PetroChina dropped 0.90 percent, Huaneng Power retreated 1.62 percent, China Shenhua Energy slumped 0.95 percent, Gemdale shed 0.76 percent, Poly Developments was up 0.17 percent, China Vanke improved 0.34 percent, China Fortune Land stumbled 1.36 percent and Industrial and Commercial Bank of China, Bank of China, China Petroleum and Chemical (Sinopec) and Beijing Capital Development were unchanged.

The lead from Wall Street is positive as the major averages shook off early weakness on Thursday, using an afternoon rally to climb up into positive territory.

The Dow jumped 193.24 points or 0.61 percent to finish at 31,774.52, while the NASDAQ gained 70.23 points or 0.60 percent to end at 11,862.13 and the S&P 500 rose 26.31 points or 0.66 percent to close at 4,006.18.

The volatility on Wall Street came as traders digested comments from Federal Reserve Chair Jerome Powell, who reiterated the central bank's commitment to aggressively fighting inflation.

Powell's comments are seen as reinforcing expectations that the Fed will raise interest rates by another 75 basis points at its next meeting later this month.

In economic news, the Labor Department unexpectedly reported a modest decrease in initial jobless claims last week.

Crude oil futures settled higher Thursday following Russia's threat to halt oil and gas exports to some buyers. West Texas Intermediate Crude oil futures for October ended higher by $1.60 or 2 percent at $83.54 a barrel.

Closer to home, China will release August figures for consumer prices later this morning. Inflation is expected to rise 0.2 percent on month and 2.8 percent on year after gaining 0.5 percent on month and 2.7 percent on year in July. Producer prices are tipped to climb 3.1 percent on year, slowing from 4.2 percent in the previous month.

read more
Swiss Market Ends Notably Lower

Swiss Market Ends Notably Lower

Swiss stocks turned in a weak performance on Wednesday, losing ground gradually after opening marginally down, as uncertainty about U.S. government's trade policies rendered the mood cautious.
RTTNews | 1h 41min ago
European Stocks Fail To Hold Early Gains, Close Broadly Lower

European Stocks Fail To Hold Early Gains, Close Broadly Lower

Despite opening on a positive note, European stocks closed broadly lower on Wednesday as investors largely made cautious moves, awaiting more clarity on U.S. President Donald Trump's tariff moves and other policy decisions.
RTTNews | 2h 10min ago
Canadian Market Slightly Lower; BoM, National Bank Rise On Results

Canadian Market Slightly Lower; BoM, National Bank Rise On Results

The Canadian market is slightly down on Wednesday with stocks moving in a tight range as investors digest earnings updates from Bank of Montreal and National Bank of Canada, and await further developments on trade negotiations between the U.S. and its major trading partners.
RTTNews | 2h 48min ago
Kingfisher Q1 Sales Rise, Says Confident Of FY25 View; But Stock Down

Kingfisher Q1 Sales Rise, Says Confident Of FY25 View; But Stock Down

Home improvement retailer Kingfisher Plc reported Wednesday higher sales in its first quarter, benefited by improved results in UK & Ireland. Meanwhile, sales in France and Poland declined, and the company maintained its fiscal 2025 outlook. On the London Stock Exchange, Kingfisher shares were losing around 3.5 percent.
RTTNews | 6h 16min ago
Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian shares are likely to open on a mixed note Wednesday morning with investors tracking global cues and reacting to earnings from major Canadian banks. Investors are also awaiting earnings update from U.S.
RTTNews | 6h 29min ago
FTSE 100 Down Marginally

FTSE 100 Down Marginally

UK stocks are marginally down in lackluster trade on Wednesday as investors look for directional clues after recent gains following U.S. President Donald Trump deciding to pause the recently announced 50% tariffs on imports from EU, paving the way for further trade negotiations.
RTTNews | 7h 18min ago
German Unemployment Rises More Than Expected

German Unemployment Rises More Than Expected

Joblessness in Germany increased more than expected in May as a weak economy continued to impede job creation, official data revealed on Wednesday. The number of unemployed increased sharply by 34,000 in May compared to April's rise of 6,000, the Federal Employment Agency said. Economists expected a monthly increase of 12,000.
RTTNews | 7h 22min ago
CAC 40 Down Marginally In Lackluster Trade

CAC 40 Down Marginally In Lackluster Trade

French stocks are moving in a tight range in cautious trade on Wednesday as investors digest a slew of domestic economic reports, and continue to assess the impact of Trump administration's trade policy on global economic growth.
RTTNews | 8h 31min ago