Soft Start Anticipated For China Stock Market

RTTNews | 675 days ago
Soft Start Anticipated For China Stock Market

(RTTNews) - The China stock market bounced higher again on Monday, one session after ending the three-day winning streak in which it had advanced almost 90 points or 2.7 percent. The Shanghai Composite Index now sits just beneath the 3,400-point plateau and it's likely to head south again on Tuesday.

The global forecast for the Asian markets suggests little movement ahead of key inflation data later this week. The European and U.S. markets finished mixed and mostly flat and the Asian markets are expected to open in similar fashion.

The SCI finished sharply higher on Monday following gains from the financial shares, resource stocks, oil companies and properties.

For the day, the index jumped 60.50 points or 1.81 percent to finish at 3,395.00 after trading between 3,340.99 and 3,400.18. The Shenzhen Composite Index rose 9.06 points or 0.44 percent to end at 2,046.92.

Among the actives, Industrial and Commercial Bank of China surged 6.21 percent, while Bank of China skyrocketed 10.05 percent, China Construction Bank soared 5.24 percent, China Merchants Bank jumped 2.62 percent, Bank of Communications spiked 4.81 percent, China Life Insurance collected 1.82 percent, Jiangxi Copper improved 3.28 percent, Aluminum Corp of China (Chalco) strengthened 3.32 percent, Yankuang Energy rallied 4.39 percent, PetroChina surged 7.65 percent, China Petroleum and Chemical (Sinopec) accelerated 4.55 percent, Huaneng Power and Beijing Capital Development both dropped 0.89 percent, China Shenhua Energy soared 6.16 percent, Poly Developments climbed 1.89 percent, China Vanke rose 0.26 percent and China Fortune Land and Gemdale were unchanged.

The lead from Wall Street offers little guidance as the major averages opened flat on Monday and spent much of the day in negative territory before finishing mixed and little changed.

The Dow shed 55.69 points or 0.17 percent to finish at 33,618.69, while the NASDAQ added 21.50 points or 0.18 percent to close at 12,256.92 and the S&P 500 perked 1.87 points or 0.05 percent to end at 4,138.12.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead to the release of key inflation data later in the week.

The reports on consumer and producer price inflation, which are due to be released on Wednesday and Thursday, respectively, could have a significant impact on the outlook for interest rates.

In U.S. economic news, the Commerce Department released a report showing U.S. wholesale inventories were unexpectedly unchanged in March versus expectations for a slight increase.

Crude oil prices climbed higher on Monday amid optimism about the outlook for energy demand thanks to last week's fairly encouraging non-farm payrolls data. West Texas Intermediate crude oil futures for June ended higher by $1.82 or 2.6 percent at $73.16 a barrel.

Closer to home, China will provide April figures for imports, exports and trade balance later today. Imports are expected to sink 5.0 percent on year after easing 1.4 percent in March. Exports are called higher by an annual 8.0 percent, down from 14.8 percent in the previous month. The trade surplus is pegged at $74.30 billion, down from $88.19 billion a month earlier.

read more
BMW Q4 Results Down, Cuts Dividend; Sees Flat Earnings, Higher Volume In FY25

BMW Q4 Results Down, Cuts Dividend; Sees Flat Earnings, Higher Volume In FY25

German luxury automaker BMW Group reported Friday lower profit and revenues in its fourth quarter hit mainly by weak Automotive deliveries, despite growth in Rolls-Royce. The company also trimmed its dividend, and issued fiscal 2025 outlook, expecting stable Group earnings before taxes, but slight growth in sales volume amid continuing subdued demand in the Chinese market.
RTTNews | 4h 13min ago
Pound Slides On Weak UK GDP Data

Pound Slides On Weak UK GDP Data

The British pound weakened against most major currencies in the European session on Friday, after U.K. economy logged an unexpected contraction at the start of the year on a sharp fall in production.
RTTNews | 4h 22min ago
CAC Moderately Higher In Cautious Trade

CAC Moderately Higher In Cautious Trade

French stocks are up in positive territory a little past noon on Friday, led by gains financials and luxury sectors. The mood remains cautious amid escalating trade war tensions. Slight optimism about a ceasefire in Ukraine is aiding sentiment.
RTTNews | 4h 39min ago
DAX Climbs Higher; Adidas, Daimler Among Notable Gainers

DAX Climbs Higher; Adidas, Daimler Among Notable Gainers

German stocks are up firmly in positive territory a little past noon on Friday, despite rising trade tensions, and uncertainty surrounding the nation's spending plans. Investors are digesting the nation's inflation data and some corporate earnings updates.
RTTNews | 5h 7min ago
UK Economy Contracts Unexpectedly On Weaker Production

UK Economy Contracts Unexpectedly On Weaker Production

The UK economy logged an unexpected contraction at the start of the year on a sharp fall in production, official data revealed on Friday. Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December, the Office for National Statistics reported. GDP was expected to grow 0.1 percent.
RTTNews | 6h 47min ago
Asian Shares Advance As US Shutdown Worries Ease

Asian Shares Advance As US Shutdown Worries Ease

Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.
RTTNews | 6h 54min ago