China Shares May Test 3,100-Point Level

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(RTTNews.com) - The China stock market on Wednesday snapped the four-day losing streak in which it had surrendered almost 140 points or 4.4 percent. The Shanghai Composite Index now rests just above the 3,090-point plateau and it may open slightly higher again on Thursday.

The global forecast for the Asian markets is mixed and flat, with mild upside offered by a bump in crude oil prices. The European markets were up and the U.S. bourses were mixed but little changed - and the Asian markets figure to split the difference.

The SCI finished modestly higher on Wednesday following gains from the financial shares and the insurance companies.

For the day, the index advanced 24.60 points or 0.80 percent to finish at 3,091.40 after trading between 3,041.62 and 3,096.89. The Shenzhen Composite Index perked 19.28 points or 1.08 percent to end at 1,803.84.

Among the actives, Bank of China collected 0.53 percent, while Agricultural Bank of China climbed 1.076 percent, Industrial and Commercial Bank of China jumped 1.55 percent, China Life added 0.58 percent and Ping An Insurance gained 0.60 percent.

The lead from Wall Street offers little clarity as stocks were lackluster on Wednesday, fluctuating as the day progressed before ending mixed.

The Dow dipped 38.56 points or 0.16 percent to 24.748.07, while the NASDAQ rose 14.14 points or 0.19 percent to 7,295.24 and the S&P added 2.25 points or 0.08 percent to 2,708.64.

The choppy trading came amid mixed quarterly results from several big-name companies. While United Continental (UAL) and CSX Corp. (CSX) moved higher after beating the street, IBM Corp. (IBM) fell after providing disappointing full-year earnings guidance.

In economic news, the Federal Reserve released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said economic activity continued to expand at a modest to moderate pace across the twelve districts in March and early April.

Crude oil futures continued to rise Wednesday, surging to their highest since December 2014 after U.S. oil inventories dwindled. May WTI oil climbed $1.95 or 2.9 percent to settle at $68.47/bbl.

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This article appears in: Politics , Stocks , World Markets , US Markets
Referenced Symbols: ACGBY ,

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