China Stock Market Expected To Open In The Green

(RTTNews) - The China stock market on Friday wrote a finish to the three-day slide in which it had stumbled more than 40 points or 1.4 percent. The Shanghai Composite Index now sits just beneath the 3,090-point plateau and it may add to its winnings on Monday.

The global forecast for the Asian markets remains upbeat on optimism for the outlook of interest rates. The European and U.S. markets were up and the Asian bourses are expected to open in similar fashion.

The SCI finished sharply higher on Friday following gains from the financials, properties and resource stocks.

For the day, the index improved 51.16 points or 1.69 percent to finish at 3,087.29 after trading between 3,070.30 and 3,117.74. The Shenzhen Composite Index climbed 26,13 points or 1.31 percent to end at 2,017.96.

Among the actives, Industrial and Commercial Bank of China advanced 0.97 percent, while Bank of China collected 0.33 percent, China Construction Bank climbed 1.13 percent, China Merchants Bank skyrocketed 7.02 percent, Bank of Communications improved 1.10 percent, China Life Insurance soared 4.50 percent, Jiangxi Copper spiked 3.94 percent, Aluminum Corp of China (Chalco) jumped 2.60 percent, Yankuang Energy strengthened 2.06 percent, PetroChina added 2.02 percent, China Petroleum and Chemical (Sinopec) gained 0.94 percent, Huaneng Power increased 2.12 percent, China Shenhua Energy gathered 1.36 percent, Gemdale, Poly Developments and China Vanke all surged by the 10 percent daily limit and China Fortune Land rallied 5.93 percent.

The lead from Wall Street ends up positive as the major averages opened mixed on Friday, with the Dow spending most of the session in negative territory before breaking into the green late in the day.

The Dow rose 32.49 points or 0.10 percent to finish at 33,747.86, while the NASDAQ surged 209.18 points or 1.88 percent to close at 11,323.33 and the S&P 500 advanced 36.56 points or 0.92 percent to end at 3,992.93.

For the week, the NASDAQ skyrocketed 8.1 percent, the S&P 500 soared 5.9 percent and the Dow jumped 4.2 percent.

The extended rally on Wall Street came as stocks continued to benefit from optimism about the Federal Reserve slowing the pace of interest rate hikes following Thursday's tamer than expected inflation data.

On the heels of the inflation data, CME Group's FedWatch Tool is currently indicating an 80.6 percent chance the Fed will raise rates by 50 basis points next month compared to the recent 75 basis point rate hikes.

Crude oil prices spiked on Friday, supported by a weak dollar and reports about China cutting quarantine restrictions. West Texas Intermediate Crude oil futures for December ended higher by $2.49 or 2.9 percent at $88.96 a barrel.