Hong Kong Stock Market Tipped To Open Under Pressure

(RTTNews) - The Hong Kong stock market turned lower again on Tuesday, one day after snapping the three-day losing streak in which it had stumbled almost 600 points or 2.5 percent. The Hang Seng Index now sits just above the 24,520-point plateau and it's likely to see continued consolidation again on Wednesday.

The global forecast for the Asian markets is flat to lower ahead of key U.S. inflation data. The European and U.S. markets were down and the Asian bourses are expected to follow that lead.

The Hang Seng finished modestly lower on Tuesday as losses from the technology, automobile and property sectors were offset by support from the financial shares.

For the day, the index dropped 118.94 points or 0.48 percent to finish at 24,523.57 after trading between 24,444.15 and 24,648.64.

The lead from Wall Street remains weak as the major averages opened lower on Tuesday and largely stayed that way throughout the trading session, although ending well off daily lows.

The Dow dropped 131.59 points or 0.26 percent to finish at 51,359.92, while the NASDAQ dipped 22.84 points or 0.09 percent to close at 26,797.54 and the S&P 500 fell 12.85 points or 0.17 percent to end at 7,670.84.

The choppy trading on Wall Street came as traders seemed reluctant to make significant moves ahead of closely watched inflation data later today. The data could have a significant impact on the outlook for interest rates ahead of the Federal Reserve's next monetary policy meeting late next month.

Crude oil prices could not hold early gains and turned significantly lower Tuesday on reports that crude oil exports from Saudi Arabia's Red Sea ports are recovering from an attack on a key pipeline earlier this month. West Texas Intermediate crude for November delivery was down $2.90 or 3.1 percent to $89.70 a barrel.

Despite the pullback by the price of crude oil, treasury yields turned higher over the course of the session, extending a recent upward trend.

On the U.S. economic front, the Conference Board noted unexpected deterioration in U.S. consumer confidence in September.