Additional Support Anticipated For China Stock Market

(RTTNews) - The China stock market inched higher again on Friday, one session after ending the two-day winning streak in which it had collected almost 20 points or 0.5 percent. The Shanghai Composite Index now sits just above the 3,810-point plateau and it may extend its gains on Monday.

The global forecast for the Asian markets is upbeat on optimism over upcoming earnings news. The European and U.S. markets were up on Friday and the Asian bourses are expected to open in similar fashion.

The SCI finished barely higher on Friday as gains from the minerals, properties and financials were offset by weakness from the technology and industrial sectors.

For the day, the index perked 1.89 points or 0.05 percent to finish at 3,813.79 after trading between 3,754.14 and 3,824.71. The Shenzhen Composite Index rose 4.26 points or 0.18 percent to end at 2,369.61.

The lead from Wall Street is firm as the major averages opened in the green on Friday and continued to trend positively throughout the session, ending near daily highs.

The Dow jumped 423.35 points or 0.83 percent to finish at 51,654.95, while the NASDAQ added 172.87 points or 0.64 percent to end at 27,366.17 and the S&P 500 gained 46.18 points or 0.59 percent to close at 7,811.54. For the week, the S&P rallied 1.2 percent, the Dow collected 0.9 percent and the NASDAQ rose 0.6 percent.

The strength on Wall Street came as traders remained optimistic about the outlook for the artificial intelligence trade even after reports that OpenAI's annualized revenue missed estimates.

Strong corporate earnings expectations also have contributed to the renewed buying interest ahead of the release of key earnings news this week from the likes of financial giants Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC).

This week will also see the release of reports on consumer and producer price inflation that could impact expectations for the Federal Reserve's next monetary policy meeting later this month.

Crude oil prices showed a lack of direction on Friday as traders await more concrete developments regarding the ongoing conflict in the Middle East. West Texas Intermediate crude for November delivery was up $0.33 or 0.4 percent to $91.82 a barrel.