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China’s stock market may end up losing range

(RTTNews) – The Chinese stock market has moved lower in three straight sessions and lowered nearly 110 points or 3 percent along the way. The Shanghai Composite Index now rests just above the plateau 3,605 points, though it may stop its slide on Friday.

The global forecast for Asian markets is flat and mixed with concerns about the outlook for interest rates. The European markets were up and the US prices were mixed and slightly changed and the Asian markets would follow the last lead.

SCI ended sharply lower Thursday after losses from the financial stocks and real estate stocks, while the resource companies were mixed.

For the day, the index fell 49.13 points or 1.34 percent to close at 3,607.09 after trading between 3,606.73 and 3,677.92. The Shenzhen Composite Index fell 48.57 points, or 1.95 percent, to end at 2,447.56.

Among the active capitalized Bank of China 0.33 percent, while China Construction Bank slipped 1.14 percent, China Merchants Bank withdrew 1.36 percent, Bank of Communications lost 0.66 percent, China Life Insurance collected 0.10 percent , Jiangxi Copper fell 4.09 percent, Aluminum Corp of China (Chalco) rose 2.35 percent, Yanzhou Coal rose 6.91 percent, PetroChina fell 0.67 percent, China Petroleum and Chemical (Sinopec) fell 1.69 percent, Anhui Conch Cement advanced 1.05 percent, Huaneng Power fell 6.41 percent, China Shenhua Energy climbed 1.27 percent, Gemdale cratered 7.90 percent, Poly Developments fell 2.69 percent, China Vanke refueled 2.86 percent and Industrial and the Commercial Bank of China were unchanged.

The lead from Wall Street provides some guidance as the major averages opened mixed Thursday and then spent most of the session in red, with only NASDAQ inches beyond the unchanged line.

The Dow dropped 63.07 points, or 0.18 percent, to close at 34,751.32, while the NASDAQ rose 20.39 points or 0.13 percent to close at 15,181.92 and the S&P 500 fell 6.95 points or 0.16 percent to end at 4,473.75.

The shortcoming close to Wall Street followed the publication of a report from the Commerce Department, which showed an unexpected increase in US retail sales in August.

Although the increase in retail sales partly reflected a shift back to online consumption amid the proliferation of the delta variant of the coronavirus, consumer resilience may prompt the Federal Reserve to follow plans to begin purchasing its purchases later in the year.

Crude oil futures settled on Thursday, giving up early gains with concerns over China’s decision to release some crude oil from its strategic petroleum reserve. West Texas Intermediate crude oil futures for October settled at $ 72.61 a barrel, unchanged from the previous close.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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