Chinese stock market set to open under pressure

(RTTNews) – The Chinese stock market on Thursday ended the two-day decline in which it had fallen nearly 35 points or 1%. The Shanghai Composite Index now sits just above the 3,675 point plateau, although it is expected to head south again on Friday.

Global forecasts for Asian markets are mixed to lower, with profit taking – especially among tech stocks – fueling a downward correction after strong gains a day earlier. European markets were up and US stock markets were down and Asian markets are expected to follow this latest trend.

The SCI ended slightly higher on Thursday following gains in financial stocks, resource stocks and energy producers.

For the day, the index gained 27.39 points or 0.75% to end a daily high of 3,675.02 after falling to 3,644.66. The Shenzhen Composite Index improved 15.81 points or 0.62% to end at 2,559.31.

Among assets, Industrial and Commercial Bank of China rose 0.22%, while China Construction Bank rose 0.17%, China Merchants Bank 0.39%, Bank of Communications 0.44%, China Life Insurance gained 0.60%, Jiangxi Copper jumped 1.89%, Aluminum Corp of China (Chalco) rose 2.16%, PetroChina accelerated 2.28%, China Petroleum and Chemical (Sinopec) soared 1.69%, Yankuang Energy soared 9.99%, Huaneng Power rose 0.54%, China Shenhua Energy jumped 6.93%, Gemdale rose 0.57%. , Poly Developments rose 1.40%, China Vanke rose 0.92%, Beijing Capital Development rose 0.91%, and Bank of China and China Minsheng Bank remained unchanged.

Wall Street’s lead is negative as major averages opened slightly higher on Thursday, but quickly declined, falling to session lows at the close.

The Dow Jones lost 29.79 points or 0.08% to close at 35,897.64, while the NASDAQ fell 385.15 points or 2.47% to close at 15,180.43 and the S&P 500 fell. lost 41.18 points or 0.87% to finish at 4,668.67.

Wall Street’s pullback came as traders continued to digest the Federal Reserve’s monetary policy announcement on Wednesday, which was to step up the pace of its asset purchases cut and forecast up to three rate hikes. interest next year.

While some stocks benefited from reduced uncertainty over the outlook for monetary policy, high-growth tech stocks fell sharply amid concerns about the impact of rising interest rates.

In economic news, the Labor Department noted a modest rebound in first jobless claims last week, while the Fed also said U.S. industrial production grew less than expected in November. Additionally, the Commerce Department said housing starts and building permits both rose much more than expected last month.

Crude oil futures stabilized higher on Thursday, helped by data showing increased demand for energy in the United States and a larger-than-expected decline in U.S. crude inventories last week. West Texas Intermediate crude oil futures for January ended up $ 1.51 or 2.1% at $ 72.38 a barrel.

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