China Shares Tipped To Return To The Upside On Monday

RTTNews | 962 дней спустя
China Shares Tipped To Return To The Upside On Monday

(RTTNews) - Ahead of the long break for the Lunar New Year, the China stock market had risen in three straight sessions, collecting more than 60 points or 1.9 percent along the way. The Shanghai Composite Index now rests just shy of the 3,265-point plateau and it's expected to see additional support when it opens on Monday.

The global forecast for the Asian markets is flat to higher ahead of this week's FOMC meeting. The European and U.S. markets saw mild upside and the Asian bourses are expected to open in similar fashion.

The SCI finished modestly higher on January 20 following gains from the property and resource stocks, while the financials came in mixed.

For the day, the index gained 24.53 points or 0.76 percent to finish at 3,264.81 after trading between 3,247.20 and 3,267.06.

Among the actives, China Construction Bank rose 0.18 percent, while China Merchants Bank advanced 0.98 percent, Bank of Communications dipped 0.20 percent, China Life Insurance collected 0.31 percent, Jiangxi Copper strengthened 1.66 percent, Aluminum Corp of China (Chalco) surged 3.38 percent, Yankuang Energy soared 3.16 percent, PetroChina jumped 1.76 percent, China Petroleum and Chemical (Sinopec) climbed 1.11 percent, Huaneng Power spiked 3.25 percent, China Shenhua Energy gained 0.53 percent, Gemdale improved 0.91 percent, Poly Developments added 0.64 percent, China Vanke perked 0.16 percent, Chin Fortune Land surged 3.64 percent, Beijing Capita Development rallied 2.17 percent and Industrial and Commercial Bank of China and Bank of China were unchanged.

The lead from Wall Street continues to be positive as the major averages shook off early listlessness to move into the green in afternoon trade.

The Dow added 28.68 points or 0.08 percent to finish at 33,978.08, while the NASDAQ jumped 109.31 points or 0.95 percent to end at 11,621.71 and the S&P 500 rose 10.13 points or 0.25 percent to close at 4,070.56.

For the week, the NASDAQ soared 4.3 percent, the S&P 500 surged 2.5 percent and the Dow jumped 1.8 percent.

The choppy trading on Wall Street came as traders looked ahead to the Federal Reserve's highly anticipated monetary policy meeting this week. The Fed is widely expected to slow the pace of interest rate hikes to 25 basis points, but traders will look to the accompanying statement for clues about the outlook for further rate hikes.

In economic news, the Commerce Department said personal income increased in line with estimates in December, while personal spending eased in line with expectations. The report also said core consumer prices, which exclude food and energy prices, rose more than expected.

A separate report from the National Association of Realtors showed an unexpected rebound in pending home sales in December, while the University of Michigan upwardly revised its reading on consumer sentiment in January.

Crude oil prices fell Friday amid uncertainty about the outlook for oil demand. Profit taking after recent gains and indications that oil supply from Russia will surge also weighed on oil prices. West Texas Intermediate crude oil futures for March sank $1.33 or 1.6 percent at $79.68 a barrel. WTI crude futures shed 2.4 percent in the week.

read more
Swiss Market Ends On Firm Note

Swiss Market Ends On Firm Note

After a positive start, the Switzerland market suffered a mild setback and slipped slightly below the flat line Thursday morning, but recovered swiftly and stayed firm thereafter to finally end the day's session modestly higher.
RTTNews | 1ч 6мин назад
Major European Markets Close On Firm Note

Major European Markets Close On Firm Note

The major European markets closed higher on Thursday, with investors reacting positively to the Federal Reserve's rate cut and its comments suggesting more easing this year. The Bank of England left interest rates unchanged, as widely expected.
RTTNews | 1ч 34мин назад
Technology Stocks Shine; TSX Up Nearly 0.5%

Technology Stocks Shine; TSX Up Nearly 0.5%

After opening marginally up, the Canadian market moved ahead Thursday morning, and remains firmly in positive territory a little before noon. Technology stocks have recovered from previous session's losses, contributing significantly to market's upmove.
RTTNews | 3ч 24мин назад
U.S. Leading Economic Index Falls Much More Than Expected In August

U.S. Leading Economic Index Falls Much More Than Expected In August

Leading U.S. economic indicators fell by much more than expected in the month of August, according to a report released by the Conference Board on Thursday. The Conference Board said its leading economic index slid by 0.5 percent in August after inching up by a revised 0.1 percent in July. Economists had expected the leading economic index to edge down by 0.1 percent.
RTTNews | 4ч 31мин назад
Philly Fed Index Surges To Eight-Month High In September

Philly Fed Index Surges To Eight-Month High In September

A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity expanded overall in the month of September. The Philly Fed said its diffusion index for current general activity spiked to a positive 23.2 in September from a negative 0.3 in August, with a positive reading indicating growth. Economists had expected the index to rise to a positive 2.3.
RTTNews | 5ч 12мин назад
Bank Of England Holds Key Rate; Slows Quantitative Tightening

Bank Of England Holds Key Rate; Slows Quantitative Tightening

The Bank of England left its interest rate unchanged and softened its pace of quantitative tightening on Thursday, as policymakers were wary about risks to inflation in the U.K. The BoE Monetary Policy Committee, led by Governor Andrew Bailey, voted 7-2 to maintain the bank rate at 4.00 percent.
RTTNews | 5ч 12мин назад
U.S. Weekly Jobless Claims Pull Back Off Nearly Four-Year High

U.S. Weekly Jobless Claims Pull Back Off Nearly Four-Year High

After reporting first-time claims for U.S. unemployment benefits climbed to a nearly four-year high in the previous week, the Labor Department released a report on Thursday showing initial jobless claims pulled back by more than expected in the week ended September 13th.
RTTNews | 5ч 16мин назад