Soft Start Anticipated For China Stock Market

RTTNews | 834 days ago
Soft Start Anticipated For China Stock Market

(RTTNews) - The China stock market has climbed higher in back-to-back sessions, gathering more than 30 points or 0.9 percent along the way. The Shanghai Composite Index now sits just above the 3,265-point plateau but it's likely to open under pressure on Thursday.

The global forecast for the Asian markets is soft on concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets are tipped to follow the latter lead.

The SCI finished modestly higher on Wednesday following gains from the financials, properties and oil companies.

For the day, the index improved 10.10 points or 0.31 percent to finish at 3,265.75 after trading between 3,255.74 and 3,279.39. The Shenzhen Composite Index gained 12.46 points or 0.60 percent to end at 2.098.44.

Among the actives, Industrial and Commercial Bank of China strengthened 1.57 percent, while Bank of China rose 0.29 percent, China Construction Bank improved 1.52 percent, China Merchants Bank collected 0.91 percent, Bank of Communications advanced 0.98 percent, China Life Insurance dropped 0.99 percent, Jiangxi Copper sank 0.94 percent, Aluminum Corp of China (Chalco) plunged 3.25 percent, Yankuang Energy rallied 1.36 percent, PetroChina added 0.35 percent, China Petroleum and Chemical (Sinopec) climbed 1.26 percent, Huaneng Power tumbled 1.84 percent, China Shenhua Energy increased 1.19 percent, Gemdale accelerated 1.39 percent, Poly Developments soared 2.26 percent, China Vanke gained 1.02 percent and China Fortune Land Development and Beijing Capital Development were unchanged.

The lead from Wall Street is broadly negative as the major averages opened flat on Wednesday and stayed that way until the FOMC announcement, which caused them to plummet.

The Dow plunged 530.49 points or 1.63 percent to finish at 32.030.11, while the NASDAQ tumbled 190.15 points or 1.60 percent to close at 11,669.96 and the S&P 500 sank 65.90 points or 1.65 percent to end at 3,936.97.

The late-day sell-off on Wall Street came after the Federal Reserve announced its decision to continue raising interest rates despite recent turmoil in the banking industry.

While the interest rate hike was widely expected, some traders may have been holding out hope the Fed would leave rates unchanged.

The central bank's latest projections suggest the Fed plans to raise rates just one more time this year to a range of 5.0 to 5.25 percent.

Crude oil futures settled higher on Wednesday after data showed that crude inventories rose by 1.117 million barrels last week. West Texas Intermediate Crude oil futures for May settled at $70.90 a barrel, gaining $1.23 or 1.8 percent.

read more
Japan Household Spending Data Due On Friday

Japan Household Spending Data Due On Friday

Japan will on Friday release May figures for household spending, highlighting a light day for Asia-Pacific economic activity. Spending is expected to rise 0.4 percent on month and 1.3 percent on year after slipping 1.8 percent on month and 0.1 percent on year in April.
RTTNews | 19 minutes ago
U.S. Dollar Higher After Strong Jobs Data

U.S. Dollar Higher After Strong Jobs Data

The U.S. dollar was higher against its major counterparts in the New York session on Thursday, following the release of strong jobs data for June.
RTTNews | 3h 2min ago
Swiss Market Ends Slightly Weak

Swiss Market Ends Slightly Weak

After swinging between gains and losses in somewhat lackluster trade, the Switzerland market closed marginally down on Thursday as investors awaited fresh news on the trade front, while digesting some crucial economic data from the region.
RTTNews | 4h 20min ago
European Stocks Close Mostly Higher

European Stocks Close Mostly Higher

European stocks closed higher on Thursday on selective buying as investors focused on trade negotiations and digested regional economic data. Data showing stronger than expected U.S. non-farm payroll employment, and receding concerns about the political situation in the UK helped underpin sentiment.
RTTNews | 4h 35min ago
Canadian Market Modestly Higher At Noon

Canadian Market Modestly Higher At Noon

The Canadian market is up firmly in positive territory Thursday morning, led by gains in technology, consumer staples and financials sectors. The undertone is firm after data showed U.S. non-farm payroll employment increased more than expected in the month of June.
RTTNews | 6h 19min ago
U.S. Factory Orders Spike In Line With Estimates In May

U.S. Factory Orders Spike In Line With Estimates In May

New orders for U.S. manufactured goods saw a substantial rebound in the month of May, according to a report released by the Commerce Department on Thursday. The Commerce Department factory orders spiked by 8.2 percent in May after plunging by a revised 3.9 percent in April. The sharp increase matched economist estimates.
RTTNews | 7h 22min ago
U.S. Service Sector Returns To Growth In June

U.S. Service Sector Returns To Growth In June

After reporting a slight contraction in U.S. service sector activity in the previous month, the Institute for Supply Management released a report on Thursday showing the service sector returned to growth in the month of June. The ISM said its services PMI rose to 50.8 in June from 49.9 in May, with a reading above 50 indicating growth. Economists had expected the index to inch up to 50.5.
RTTNews | 7h 52min ago
U.S. Trade Deficit Widens In May As Exports Slump

U.S. Trade Deficit Widens In May As Exports Slump

A report released by the Commerce Department on Thursday showed the U.S. trade deficit widened in the month of May amid a steep drop by the value of exports. The Commerce Department said the trade deficit climbed to $71.5 billion in May from a revised $60.3 billion in April. Economists had expected the trade deficit to increase to $71.0 billion.
RTTNews | 8h 9min ago