The China stock market has tracked lower in two straight sessions, sinking more than 40 points or 1.2 percent along the way. The Shanghai Composite Index now sits just above the 3,580-point plateau and it may take further damage on Friday.
The global forecast for the Asian markets is mixed to lower ahead of key U.S. jobs data later today, and the effect it may have on interest rates. The European markets were mixed and the U.S. bourses were down and the Asian market figure to split the difference.
The SCI finished modestly lower on Thursday as losses from the properties and financials were mitigated by support from the oil companies.
For the day, the index shed 12.93 points or 0.36 percent to end at the daily low of 3,584.21 after peaking at 3,618.51. The Shenzhen Composite Index fell 8.26 points or 0.34 percent to end at 2,392.64.
Among the actives, Industrial and Commercial Bank of China shed 0.77 percent, while Bank of China fell 0.30 percent, China Construction Bank dropped 0.88 percent, China Merchants Bank tanked 2.26 percent, Bank of Communications rose 0.20 percent, China Life Insurance retreated 1.02 percent, Jiangxi Copper eased 0.08 percent, Aluminum Corp of China (Chalco) lost 0.38 percent, Yanzhou Coal surged 4.45 percent, PetroChina perked 0.85 percent, China Petroleum and Chemical (Sinopec) added 0.67 percent, Baoshan Iron advanced 0.77 percent, Gemdale slid 0.28 percent, Poly Developments was down 0.52 percent, China Vanke dipped 0.34 percent and China Fortune Land tumbled 2.69 percent.
The lead from Wall Street is negative as stocks opened firmly lower on Thursday, made back some ground as the day progressed but still ended solidly in the red.
The Dow shed 23.34 points or 0.07 percent to finish at 34,577.04, while the NASDAQ plunged 141.82 points or 1.03 percent to end at 13,614.51 and the S&P 500 fell 15.27 points 0.36 percent to close at 4,192.85.
The early weakness on Wall Street came as strong jobs data led to renewed concerns about the outlook for monetary policy when payroll processor ADP said private sector employment in the U.S. spiked much more than expected in May.
Also, the Labor Department noted a modest decrease in first-time claims for U.S. jobless benefits last week. The data comes ahead of the Labor Department’s more closely watched report on the employment situation last month.
Crude oil futures settled roughly flat on Thursday after two straight days of strong gains as traders reacted to inventory data and weighed energy demand prospects. West Texas Intermediate Crude oil futures for July ended down $0.02 at $68.81 a barrel.
Market Analysis
China Stock Market May Extend Losing Streak
2021-06-04 01:01:01
