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Higher Open Anticipated For China Stock Market

Higher Open Anticipated For China Stock Market



The China stock market on Wednesday ended the four-day winning streak in which it had gathered almost 85 points or 2.6 percent. The Shanghai Composite Index now rests just above the 3,230-point plateau although it's expected to open higher again on Thursday.To get more shanghai stock exchange news, you can visit shine news official website.

The global forecast for the Asian markets is upbeat thanks to easing inflation concerns. The European and U.S. markets were solidly higher and the Asian bourses are expected to open in similar fashion.

The SCI finished modestly lower on Wednesday following losses from the financial shares and property stocks, while the resource companies were mixed.

For the day, the index lost 17.41 points or 0.54 percent to finish at 3,230.02 after trading between 3,217.81 and 3,253.17. The Shenzhen Composite Index slipped 7.66 points or 0.35 percent to end at 2,180.83.Among the actives, Industrial and Commercial Bank of China fell 0.23 percent, while China Construction Bank shed 0.55 percent, China Merchants Bank retreated 1.34 percent, China Life Insurance skidded 1.10 percent, Jiangxi Copper lost 0.41 percent, Aluminum Corp of China (Chalco) climbed 1.11 percent, Yankuang Energy rose 0.02 percent, PetroChina added 0.59 percent, Huaneng Power declined 1.68 percent, China Shenhua Energy slid 0.49 percent, Gemdale plunged 2.26 percent, Poly Developments slumped 1.39 percent, China Vanke dropped 0.80 percent, China Fortune Land plummeted 2.68 percent, Beijing Capital Development sank 0.92 percent and Bank of China, Bank of Communications and China Petroleum and Chemical (Sinopec) were unchanged.

The Dow spiked 535.10 points or 1.63 percent to finish at 33,309.51, while the NASDAQ surged 360.88 points or 2.89 percent to end at 12,854.80 and the S&P 500 jumped 87.77 points or 2.13 percent to close at 4,210.24.

The rally on Wall Street came after the Labor Department released a report showing U.S. consumer prices unexpectedly came in flat in the month of July.

The tamer than expected inflation data has led to speculation that the Federal Reserve may slow the pace of interest rate hikes at its September meeting.

Crude oil prices climbed higher on Wednesday, lifted by data showing a bigger-than-expected drop in gasoline inventories in the U.S. last week. A weak dollar and increased demand for gasoline also contributed to the jump in oil prices. West Texas Intermediate Crude oil futures ended higher by $1.43 or 1.6 percent at $91.93 a barrel.Closer to home, China will provide July numbers for new yuan loans and foreign direct investment later today. Loans are expected to come in at CNY1,100 billion, down from CNY2,810 billion in June. FDI was up 17.4 percent on year in June.

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