(RTTNews) – The China stock market on Wednesday ended the four-day winning streak in which it had risen almost 45 points or 1.3 percent. The Shanghai Composite Index now sits just beneath the 3,500-point plateau although it’s expected to move back to the upside again on Thursday.
The global forecast for the Asian markets is generally positive, with technology stocks likely to lead the way higher. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished slightly lower on Wednesday following losses from the resource stocks, gains from the financials and a mixed picture from the property sector.
For the day, the index dipped 4.43 points or 0.13 percent to finish at 3,493.05 after trading between 3,491.20 and 3,512.67. The Shenzhen Composite Index eased 0.77 points or 0.04 percent to end at 2,101.60.
Among the actives, Industrial and Commercial Bank of China improved 1.16 percent, while Bank of China rallied 1.23 percent, Agricultural Bank of China jumped 1.31 percent, China Merchants Bank dropped 1.03 percent, Bank of Communications collected 0.74 percent, China Life Insurance stumbled 2.34 percent, Jiangxi Copper tanked 2.14 percent, Aluminum Corp of China (Chalco) slumped 1.13 percent, Yankuang Energy slipped 0.32 percent, PetroChina perked 0.12 percent, Huaneng Power skidded 1.06 percent, China Shenhua Energy shed 0.58 percent, Gemdale climbed 1.03 percent, Poly Developments sank 0.85 percent, China Vanke fell 0.30 percent and China Petroleum and Chemical (Sinopec) was unchanged.
The lead from Wall Street is upbeat as the major averages opened higher on Wednesday and remained in the green throughout the session, ending with modest gains.
The Dow jumped 217.54 points or 0.49 percent to finish at 44,458.30, while the NASDAQ rallied 192.88 points or 0.94 percent to end at 20,611.34 and the S&P 500 added 37.74 points or 0.61 percent to close at 6,263.26.
The strength on Wall Street reflected optimism about a potential trade deal between the U.S. and the European Union.
Nvidia (NVDA) helped lead the markets higher, with the AI darling jumping by 1.8 percent and briefly becoming the first company to reach a market capitalization of $4 trillion.
Meanwhile, the Federal Reserve released the minutes of its June monetary policy meeting, which revealed most participants generally agree the central bank is well positioned to wait for more clarity on the outlook for inflation and the economy before adjusting interest rates.
Crude oil price inched higher on Wednesday, as Saudi projections for increased demand were offset by a jump in U.S. oil inventories. West Texas Intermediate crude for August delivery ticked higher by $0.05 to settle at $68.38 per barrel.
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