(RTTNews) – The Chinese stock market ended lower in two consecutive sessions, losing nearly 100 points or 3% along the way. The Shanghai Composite Index is now just below the plateau of 3,165 points, although it should stop the bleeding on Thursday.
Global forecasts for Asian markets are upbeat as fears of a global economic slowdown ease. European and American markets were up sharply and Asian markets are expected to open similarly.
The SCI ended slightly lower on Wednesday following losses in financial stocks, real estate stocks and resource companies.
For the day, the index lost 22.59 points or 0.71% to end at 3,163.67 after trading between 3,159.46 and 3,217.55. The Shenzhen Composite Index fell 20.98 points or 0.98% to end at 2,117.19.
Among assets, Industrial and Commercial Bank of China lost 0.69%, while Bank of China fell 0.33%, China Construction Bank slipped 1.09%, China Merchants Bank fell 2.51 %, Bank of Communications lost 0.44%, China Life Insurance fell 1.73%, Jiangxi Copper fell 0.85%, Aluminum Corp of China (Chalco) fell 0.90%, Yankuang Energy was down 0.19%, PetroChina was down 0.78%, China Petroleum and Chemical (Sinopec) was down 0.49%, Huaneng Power was down 2.62%, China Shenhua Energy was down 1 .25%. %, Gemdale fell 4.08%, Poly Developments plunged 4.05%, China Vanke stumbled 2.78% and China Fortune Land fell 1.42%.
Wall Street’s advance is broadly positive as major averages opened firmly in the green and accelerated as the session progressed.
The Dow Jones jumped 416.33 points or 1.29% to end at 32,812.50, while the NASDAQ jumped 319.40 points or 2.59% to end at 12,668.16 and the S&P 500 sank 63.98 points or 1.56% to close at 4,155.17.
Wall Street’s rebound partly reflected a positive reaction to some upbeat economic data in the United States, which helped ease fears of a recession.
The Institute for Supply Management noted an unexpected acceleration in the pace of growth in service sector activity in the United States in July. Additionally, the Commerce Department saw a surge in new orders for U.S. manufactured goods in June.
Crude oil prices fell sharply on Wednesday after data showed an unexpected rise in U.S. crude inventories last week. The strength of the dollar after hawkish comments from a few Fed officials also weighed on oil prices.
Additionally, OPEC+ has agreed to a small production increase next month, fearing a global recession could dampen demand. West Texas Intermediate crude futures for September fell $3.76 or 4% to $90.66 a barrel.
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