Slightly Higher Open Called For China Stock Market

(RTTNews) - The China stock market on Tuesday snapped the three-day winning streak in which it had improved almost 90 points or 2.8 percent. The Shanghai Composite Index now rests just beneath the 3,320-point plateau and it may find renewed if modest support on Wednesday.

The global forecast for the Asian markets is murky amid concerns about interest rates and the possibility of a trade war. The European markets were up and the U.S. bourses were mixed and flat and the Asian markets may split the difference.

The SC finished slightly lower on Tuesday following losses from the properties, gains from the financials and a mixed picture from the resource stocks.

For the day, the index dipped 4.11 points or 0.12 percent to finish at 3,318.06 after trading between 3,304.44 and 3,324.17. The Shenzhen Composite Index dipped 9.83 points or 0.49 percent to end at 2,007.99.

Among the actives, Industrial and Commercial Bank of China gained 2.25 percent, while Bank of China jumped 2.09 percent, China Construction Bank soared 3.49 percent, China Merchants Bank collected 0.94 percent, Agricultural Bank of China rallied 1.79 percent, China Life Insurance retreated 1.34 percent, Jiangxi Copper advanced 0.92 percent, Aluminum Corp of China (Chalco) fell 0.38 percent, Yankuang Energy shed 0.60 percent, PetroChina improved 0.73 percent, Huaneng Power sank 0.78 percent, China Shenhua Energy eased 0.10 percent, Gemdale surrendered 2.96 percent, Poly Developments stumbled 2.13 percent, China Vanke tanked 2.43 percent and China Petroleum and Chemical (Sinopec) was unchanged.

The lead from Wall Street provides little clarity as the major averages opened slightly lower but then headed in opposite directions to finish the day mixed.

The Dow gained 123.24 points or 0.28 percent to finish at 44,593.65, while the NASDAQ sank 70.41 points or 0.36 percent to close at 19,643.86 and the S&P 500 rose 2.06 points or 0.03 percent to end at 6,068.50.

The choppy trading on Wall Street came as traders digested congressional testimony by Federal Reserve Chair Jerome Powell, who told the Senate Banking Committee the central bank does "not need to be in a hurry" to adjust its policy stance.

Stocks moved to the downside in early trading amid lingering concerns about a global trade war after President Donald Trump officially announced tariffs on U.S. steel and aluminum imports.

Oil prices moved higher Tuesday amid concerns about a possible drop in crude supplies due to U.S. sanctions on Russian oil, while a weaker dollar contributed as well to the rise in oil prices. West Texas Intermediate Crude oil futures for March rose $1.00 or 1.4 percent at $73.32 a barrel.