(RTTNews.com) - The China stock market has finished higher in back-to-back sessions, advancing almost 25 points or 0.8 percent along the way. The Shanghai Composite Index now rests just above the 3,220-point plateau and it figures to extend its gains on Monday.
The global forecast for the Asian markets is firm, thanks to the extended rebound in crude oil prices and renewed optimism about the outlook for interest rates. The European markets were down on Friday and the U.S. markets were up - and the Asian bourses figure to follow the latter lead.
The SCI finished slightly higher on Friday following gains from the financials, properties and oil companies.
Among the actives, Agricultural Bank of China collected 0.58 percent, while Industrial and Commercial Bank of China added 0.19 percent, Bank of China jumped 1.10 percent, Vanke gained 0.65 percent, Gemdale advanced 0.71 percent, PetroChina was unchanged, China Petroleum and Chemical gathered 0.65 percent, China Life spiked 0.87 percent and Ping An of China surged 2.21 percent.
The lead from Wall Street is positive as stocks moved higher on Friday, extending their recent upward trend.
The Dow rose 84.65 points or 0.4 percent to 21,637.74, while the NASDAQ advanced 38.03 points or 0.6 percent to 6,312.47 and the S&P gained 11.44 points or 0.5 percent to 2,459.27. For the week, the NASDAQ surged 2.6 percent, while the Dow jumped 1 percent and the S&P climbed 1.4 percent.
The strength followed several key economic reports, with the data suggesting that the Federal Reserve will not hurry to raise interest rates.
The Commerce Department said retail sales fell for the second straight month in June, while the Labor Department said consumer prices were unchanged in June. Also, the Federal Reserve said industrial production increased more than expected in June.
The rally in crude oil prices continued Friday on a weaker dollar and the outlook for interest rates. August West Texas Intermediate crude rose 46 cents or 1 percent to $46.54 a barrel on the New York Mercantile Exchange for the session. Prices surged 5.2 percent last week.
Closer to home, China will release a batch of data this morning including Q2 figures for gross domestic product, as well as June numbers for retail sales, industrial production and fixed asset investment.
GDP is expected to rise 1.7 percent on quarter and 6.8 percent on year following the 1.3 percent quarterly increase and the 6.9 percent yearly gain in the first quarter.
Retail sales are tipped to add 10.6 percent on year, down from 10.7 percent in May. Industrial production is called steady at 6.7 percent on year, while FAI is expected to gain an annual 8.5 percent - down from 8.6 percent in the previous month.
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