China Stock Market Poised To Open To The Downside

(RTTNews) - The China stock market on Thursday wrote a finish to the three-day winning streak in which it had added almost 30 points or 0.8 percent. The Shanghai Composite Index now sits just above the 3,655-point plateau and it's tipped to see continued consolidation on Friday.

The global forecast for the Asian markets is mixed to lower on rising oil prices and anticipated weakness among the technology stocks. The European markets were up and the U.S. bourses were down and the Asian markets figure to follow the latter lead.

The SCI finished modestly lower on Thursday as losses from the retail, mineral and semiconductor stocks were offset by support from the financial sector.

For the day, the index shed 24.81 points or 0.67 percent to finish at 3,655.83 after trading between 3,647.44 and 3,699.58. The Shenzhen Composite Index retreated 35.29 points or 1.62 percent to end at 2,148.67.

The lead from Wall Street is weak as the major averages opened mixed on Thursday, bounced higher midday but faded in the afternoon to finish with modest losses.

The Dow slumped 189.40 points or 0.36 percent to finish at 52,297.09, while the NASDAQ sank 100.10 points or 0.39 percent to end at 25,366.09 and the S&P 500 fell 26.98 points or 0.35 percent to close at 7,592.40.

A steep drop by shares of Nvidia (NVDA) initially weighed on Wall Street, with the AI leader plummeted after the company's Board of Directors announced the resignation of embattled CEO Jensen Huang.

Buying interest remained subdued amid a sharp increase by the price of crude oil, which spiked on Thursday as supply disruptions concerns resurfaced after U.S. President Donald Trump said the U.S. is no longer interested in any deal with Iran. West Texas Intermediate crude for December delivery rose $1.96 or 2.27 percent at $88.49 per barrel.

Airline stocks moved sharply lower amid the surge in crude oil prices, while gold, telecom, brokerage, computer hardware and biotech stocks also saw notable weakness.