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Higher Open Predicted For China Stock Market

(RTTNews) - The China stock market has moved higher in consecutive trading days, jumping more than 90 points or 3 percent along the way. The Shanghai Composite Index now rests just above the 3,060-point plateau and it's looking at additional support on Wednesday.

The global forecast for the Asian markets is cautiously optimistic on an upbeat outlook for interest rates and mild upside in crude oil prices. The European and U.S. markets were mixed and the Asian markets are tipped to inch higher.

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

For the day, the index spiked 33.31 points or 1.10 percent to finish at 3,060.31 after trading between 3,029.90 and 3,093.39. The Shenzhen Composite Index soared 27.99 points or 1.68 percent to end at 1,695.81.

Among the actives, Industrial and Commercial Bank of China added 0.18 percent, while Bank of China climbed 1.06 percent, China Construction Bank collected 0.57 percent, China Merchants Bank rose 0.43 percent, China Life Insurance shed 0.69 percent, Ping An Insurance gained 0.67 percent, PetroChina advanced 0.52 percent, China Petroleum and Chemical (Sinopec) jumped 1.87 percent, Gemdale skidded 0.94 percent and China Vanke and Poly Developments were unchanged.

The lead from Wall Street is inconsistent as the major averages moved in opposite directions on Tuesday.

The Dow shed 96.22 points or 0.38 percent to finish at 25,554.66, while the NASDAQ rose 32.97 points or 0.44 percent to 7,591.03 and the S&P added 8.22 points or 0.30 percent to 2,791.52.

The loss posted by the Dow was largely due to a continued decline by Boeing (BA) after the European Union, China, the U.K. and other countries grounded the company's 737 MAX jets following the second crash in less than six months.

Meanwhile, the broader markets benefited from the release of tame inflation data, which suggests the Federal Reserve will continue to refrain from raising interest rates in the near future.

Crude oil futures ended slightly higher on Tuesday, with traders looking ahead to the weekly inventory data. West Texas Intermediate Crude oil futures for April added $0.08 or 0.1 percent at $56.87 a barrel.
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