Losing Streak May Continue For China Stock Market

RTTNews | 950 dias atrás
Losing Streak May Continue For China Stock Market

(RTTNews) - The China stock market has finished lower in three straight sessions, sinking more than 50 points or 1.6 percent along the way. The Shanghai Composite Index now sits just above the 3,035-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets suggests consolidation on rising treasury yields and concerns over the outlook for interest rates. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Thursday as losses from the properties and energy companies were mitigated by support from the oil stocks and a mixed picture from the financial sector.

For the day, the index shed 9.33 points or 0.31 percent to finish at 3,035.05 after trading between 3,013.69 and 3,070.26. The Shenzhen Composite Index slumped 10.17 points or 0.51 percent to finish at 1,971.67.

Among the actives, Industrial and Commercial Bank of China rose 0.23 percent, while China Construction Bank collected 0.55 percent, China Merchants Bank shed 0.63 percent, China Life Insurance advanced 0.85 percent, Jiangxi Copper was up 0.13 percent, Aluminum Corp of China (Chalco) lost 0.48 percent, Yankuang Energy tanked 2.45 percent, PetroChina climbed 0.98 percent, China Petroleum and Chemical (Sinopec) perked 0.23 percent, Huaneng Power tumbled 1.93 percent, China Shenhua Energy surrendered 1.90 percent, Gemdale dipped 0.20 percent, Poly Developments retreated 1.60 percent, China Vanke fell 0.31 percent, China Fortune Land declined 0.81 percent, Beijing capital Development slumped 1.39 percent and Bank of China and Bank of Communications were unchanged.

The lead from Wall Street is negative as the major averages were unable to hold early gains, heading south by midday and finishing at daily lows.

The Dow slumped 90.22 points or 0.30 percent to finish at 30,333.59, while the NASDAQ shed 65.66 points or 0.61 percent to end at 10,614.84 and the S&P 500 lost 29.38 points or 0.80 percent to close at 3,665.78.

Stocks initially benefited from another batch of upbeat earnings news from big-name companies like IBM Corp. (IBM) and AT&T (T).

Buying interest waned over the course of the morning, however, with a continued surge in treasury yields contributing to the subsequent pullback by the markets. The yield on the benchmark ten-year note extended recent gains, reaching its highest levels in over fourteen years.

Concerns about the outlook for interest rates continue to drive yields higher, with Philadelphia Federal Reserve President Patrick Harker saying that he expects the Fed to continue raising rates "for a while."

The Fed is widely expected to raise interest rates by another 75 basis points in early November, bringing the target range for the federal funds rate to 3.75 to 4.0 percent.

Crude oil futures for November delivery settled higher on their expiration day as traders weighed energy demand and supply positions. West Texas Intermediate Crude oil futures for November rose $0.43 or 0.5 percent at $85.98 a barrel on the expiration day. But WTI Crude oil futures for December eased to $84.51 a barrel.

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 | 31 minutos atrás
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 | 1 h 0 min atrás
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 | 1 h 38 min atrás
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 | 5 h 6 min atrás
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 | 5 h 18 min atrás
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 | 6 h 7 min atrás
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 | 6 h 12 min atrás
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 | 7 h 21 min atrás