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China Bourse May Halt Losing Streak

(RTTNews) - The China stock market has moved lower in two straight sessions, sliding more than 60 points or 2.3 percent along the way. The Shanghai Composite Index now rests just above the 2,545-point plateau although it may find traction on Wednesday.

The global forecast for the Asian markets is upbeat on solid earnings news and support from crude oil prices. The European and U.S. markets were firmly higher and the Asian bourses figure to follow suit.

The SCI finished modestly lower on Tuesday as losses from the property sector were mitigated by support from the financials and oil and insurance companies.

For the day, the index retreated 21.77 points or 0.85 percent to finish at 2,546.33 after trading between 2,536.44 and 2,597.72. The Shenzhen Composite Index tumbled 24.71 points or 1.93 percent to end at 1,256.37.

Among the actives, Gemdale plummeted 3.98 percent, while Poly Developments plunged 3.17 percent, China Vanke tumbled 2.14 percent, Agricultural Bank of China climbed 1.08 percent, China Construction Bank collected 0.73 percent, Industrial and Commercial Bank of China added 0.37 percent, Bank of China gained 0.29 percent, Bank of Communications perked 0.54 percent, Ping An Insurance jumped 1.27 percent, China Life Insurance gathered 0.52 percent, China Petroleum and Chemical (Sinopec) spiked 1.08 percent, PetroChina advanced 1.02 percent and China Shenhua Energy was unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, offsetting the losses from the previous session.

The Dow jumped 547.87 points or 2.17 percent to 25,798.42, while the NASDAQ spiked 214.75 points or 2.89 percent to 7,645.49 and the S&P jumped 59.13 points or 2.15 percent to 2,809.92.

The rally on Wall Street followed upbeat earnings news from several big-name companies, including Johnson & Johnson (JNJ), UnitedHealth (UNH), Goldman Sachs (GS) and Morgan Stanley (MS).

Buying interest was also generated by positive economic data, including a report from the Federal Reserve showing industrial production increased in line with estimates in September. Also, the National Association of Home Builders noted an unexpected uptick in homebuilder confidence in October.

Crude oil futures were slightly higher on Tuesday on reports that Iranian crude exports dropped in the first two weeks of October. Crude oil futures for November ended up $0.14 or 0.2 percent at $71.92 a barrel.
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