China Stock Market Has Firm Lead For Tuesday's Trade

(RTTNews) - The China stock market has moved higher in back-to-back sessions, gathering more than 80 points or 2.7 percent along the way. The Shanghai Composite Index now sits just above the 3,075-point plateau and it may add to its winnings on Tuesday. The global forecast for the Asian markets is upbeat thanks to receding treasury levels and an improved outlook for interest rates. The European markets were mixed and the U.S. bourses were up and the Asian markets figure to split the difference. The SCI finished slightly higher on Monday following gains from the resource and energy companies, while the financials and properties were mixed. For the day, the index added 7.02 points or 0.23 percent to finish at 3,077.82 after trading between 3,054.46 and 3,088.19. The Shenzhen Composite Index gained 7.69 points or 0.38 percent to end at 2,027.86. Among the actives, Industrial and Commercial Bank of China slid 0.24 percent, while China Construction Bank eased 0.19 percent, China Merchants Bank collected 0.28 percent, Bank of Communications fell 0.44 percent, China Life Insurance jumped 1.77 percent, Jiangxi Copper surged 4.54 percent, Aluminum Corp of China (Chalco) spiked 2.91 percent, Maanshan Iron climbed 1.12 percent, Yankuang Energy strengthened 1.49 percent, PetroChina rallied 2.02 percent, China Petroleum and Chemical (Sinopec) advanced 0.95 percent, Huaneng Power perked 0.14 percent, China Shenhua Energy improved 1.45 percent, Gemdale soared 2.13 percent, Poly Developments slid 0.14 percent, China Vanke gathered 1/35 percent, Beijing Capital dropped 0.97 percent and Bank of China was unchanged.

The lead from Wall Street is broadly positive as the major averages opened higher on Monday and mostly remained in the green throughout the day, finishing near session highs.

The Dow surged 423.78 points or 1.31 percent to finish at 32,827.00, while the NASDAQ advanced 89.26 points or 0.85 percent to close at 10,564.52 and the S&P 500 gained 36.25 points or 0.96 percent to end at 3,806.80.

The broader markets benefited from late-day buying for the second straight session, with below average volume potentially exaggerating the upward move.

Earlier in the day, traders seemed reluctant to make significant moves ahead of the U.S. midterm elections later today and the release of consumer price inflation data on Thursday.

The midterm elections will determine whether Democrats maintain control of Congress, while the inflation data could affect the outlook for interest rates.

Crude oil prices saw considerable volatility on Monday amid uncertainty about the outlook for Chinese energy demand due to conflicting reports about the country's COVID-19 policies. After spiking earlier, West Texas Intermediate finished lower by $0.82 or 0.9 percent at $91.79 a barrel.