China Stock Market May Extend Winning Streak

(RTTNews) - The China stock market has moved higher in three straight sessions, rising more than 35 points or 1.3 percent along the way. The Shanghai Composite Index now rests just above the 2,915-point plateau and the it's predicted to see additional support again on Thursday.

The global forecast for the Asian markets is cautiously optimistic on optimism over the outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The SCI finished modestly higher on Wednesday following gains from the financial shares, properties and oil and insurance companies.

For the day, the index advanced 27.65 points or 0.96 percent to finish at 2,917.80 after trading between 2,916.21 and 2,953.33. The Shenzhen Composite Index jumped 22.20 points or 1.48 percent to end at 1,526.77.

Among the actives, Industrial and Commercial Bank of China added 0.70 percent, while Bank of China collected 0.53 percent, China Construction Bank jumped 1.50 percent, China Merchants Bank spiked 2.17 percent, China Life Insurance rose 0.56 percent, Ping An Insurance soared 3.17 percent, PetroChina was up 0.14 percent, China Petroleum and Chemical (Sinopec) gathered 0.57 percent, China Shenhua Energy sank 0.60 percent, Gemdale advanced 0.76 percent, Poly Developments gathered 0.31 percent, China Vanke rose 0.11 percent and CITIC Securities surged 3.36 percent.

The lead from Wall Street is mildly positive as Stocks showed typical volatility on the heels of the Federal Reserve's monetary policy announcement but managed to end Wednesday's trading higher.

The Dow added 38.46 points or 0.15 percent to 26,504.00, while the NASDAQ gained 33.44 points or 0.42 percent to 7,987.32 and the S&P 500 rose 8.71 points or 0.30 percent to 2,926.46.

The higher close on Wall Street came after the Fed suggested the next move for rates is likely to be lower, although buying interest was somewhat subdued amid signs the rate cut could be delayed until next year.

The Fed's dot plot projections show eight members expect rates to be unchanged by the end of the year, although a matching number expect at least one rate cut. One member expects a rate hike. By the end of 2020, nine members expect a rate cut, five expect rates to remain unchanged and three expect an increase in rates.

Crude oil futures settled slightly lower Wednesday, with traders weighing official inventory data from U.S. Energy Information Administration and the Federal Reserve's policy statement. West Texas Intermediate crude oil futures for July ended down $0.14 or 0.3 percent at $53.76 a barrel.
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