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China Bourse Tipped To Open In The Red

(RTTNews) - The China stock market turned lower again on Monday, one session after it had snapped the two-day slide in which it had surrendered more than 75 points or 2.6 percent. The Shanghai Composite Index now rests just above the 2,900-point plateau, although it's likely to give up that support on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The SCI finished sharply lower on Monday following losses from the financial shares, property stocks and energy producers.

For the day, the index sank 35.50 points or 1.21 percent to finish at 2,903.71 after trading between 2,892.17 and 2,921.41. The Shenzhen Composite Index lost 1.08 percent to end at 1,551.75.

Among the actives, Industrial and Commercial Bank of China skidded 1.25 percent, while Bank of China dropped 1.07 percent, China Construction Bank shed 0.57 percent, China Merchants Bank retreated 2.41 percent, China Life Insurance plummeted 5.85 percent, Ping An Insurance plunged 3.35 percent, PetroChina sank 0.55 percent, China Petroleum and Chemical (Sinopec) lost 1.10 percent, China Shenhua Energy dipped 0.38 percent, Gemdale fell 1.61 percent, Poly Developments was down 1.23 percent, China Vanke added 0.07 percent and CITIC Securities tumbled 2.91 percent.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.
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