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China Stock Market Poised To Extend Winning Streak

(RTTNews) - The China stock market has finished higher in two straight sessions, gathering more than 15 points or 0.6 percent along the way. The Shanghai Composite Index now rests just above the 2,600-point plateau and it's tipped to open in the green again on Thursday.

The global forecast for the Asian markets is firm on renewed optimism regarding a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets are tipped to follow suit.

The SCI finished modestly higher on Wednesday following gains from the financial shares, property stocks and resource companies.

For the day, the index picked up 8.06 points or 0.31 percent to finish at 2,602.15 after trading between 2,595.07 and 2,610.01. The Shenzhen Composite Index added2.13 points or 0.16 percent to end at 1,346.03.

Among the actives, Gemdale jumped 1.61 percent, while China Vanke climbed 1.46 percent, Industrial and Commercial Bank of China added 0.19 percent, China Merchants Bank dipped 0.18 percent, Bank of China collected 0.56 percent, China Construction Bank gained 0.76 percent, Ping An Insurance and China Life Insurance both picked up 0.47 percent, PetroChina advanced 0.79 percent, China Petroleum and Chemical (Sinopec) gathered 0.17 percent and China Shenhua Energy spiked 0.84 percent.

The lead from Wall Street is positive as stocks closed higher on Wednesday, with traders expressing renewed optimism about U.S.-China trade talks.

The Dow added 157.03 points or 0.64 percent to 24,527.27, while the NASDAQ gained 66.48 points or 0.95 percent to 7,098.31 and the S&P was up 14.29 points or 0.54 percent to 2,651.07.

The strength on Wall Street came after President Donald Trump expressed optimism for a trade deal with Chinese President Xi Jinping, noting that talks between U.S. and Chinese officials were underway by telephone with more expected.

In economic news, the Labor Department said consumer prices came in flat in November, with a sharp pullback in gasoline prices offsetting gains elsewhere. Core CPI ticked slightly higher.

Crude oil futures failed to hold early gains and settled lower Wednesday, despite data showing a less than expected drop in U.S. crude inventories last week. Crude oil futures for January delivery ended down $0.50 or 1 percent at 51.15 a barrel.
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