China Stock Market Tipped To Open In The Green

(RTTNews) - The China stock market on Tuesday snapped the two-day slide in which it had dropped more than 60 points or 2.4 percent. The Shanghai Composite Index now rests just shy of the 2,570-point plateau and it's looking at additional support again on Wednesday.

The global forecast for the oversold Asian markets is upbeat, with bargain hunting on the agenda. The European markets were mixed on Tuesday and the U.S. bourses were firmly higher - and the Asian market are tipped to split the difference.

The SCI finished sharply higher on Tuesday following gains from the property stocks, financial shares and oil companies.

For the day, the index jumped 25.94 points or 1.02 percent to finish at 2,568.05 after trading between 2,521.78 and 2,586.92.

Among the actives, Gemdale surged 6.49 percent, while China Vanke soared 3.90 percent, Poly Developments advanced 1.90 percent, Bank of China climbed 1.08 percent, Industrial and Commercial Bank of China collected 0.90 percent, China Merchants Bank spiked 1.80 percent, China Construction Bank added 0 .71 percent, China Petroleum and Chemical (Sinopec) jumped 1.28 percent, PetroChina picked up 0.36 percent, China Shenhua Energy skidded 1.17 percent, Ping An Insurance perked 1.29 percent and China Life Insurance was unchanged

The lead from Wall Street is broadly positive as stocks shook off a lackluster open on Tuesday and finished sharply higher.

The Dow climbed 431.72 points or 1.77 percent to 24,874.64, while the NASDAQ jumped 111.36 points or 1.58 percent to 7,161.65 and the S&P added 41.38 points or 1.57 percent to 2,682.63.

The sharply higher close on Wall Street came as traders looked to pick up stocks at reduced levels after shares skidded in the previous session on renewed concerns about the trade war between the U.S. and China.

President Donald Trump and Chinese President Xi Jinping are expected to meet on the sidelines of a Group of 20 summit in Buenos Aires, Argentina, beginning November 30.

Positive sentiment may also have been generated by a Conference Board report showing a further advance in consumer confidence in September.

Crude oil futures drifted lower Tuesday to their lowest settlement in over two months as demand growth concerns continued to weigh on the commodity. Crude oil futures for December ended down $0.86 or 1.3 percent at $66.18 a barrel.

Closer to home, China will see October results for its manufacturing, non-manufacturing and composite indexes later this morning.

The manufacturing index is expected to see a score of 50.6, down from 50.8 in September. The non-manufacturing index is called unchanged at 54.9. The composite had a reading of 54.1 in the previous month.
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