The Chinese stock market has ended positively for the third consecutive session, amassing nearly 60 points, approximately a 1.8 percent increase. The Shanghai Composite Index is perched slightly above the 3,460-mark, although it might face challenges in maintaining this momentum on Friday.
The outlook for Asian markets suggests a potential decline, with expected downturns in oil and technology equities. Meanwhile, European markets presented a mixed, largely stagnant picture, and U.S. markets experienced declines; thus, Asian markets may see a moderate adjustment.
On Thursday, the Shanghai Composite Index modestly advanced, driven by gains in financial and property sectors, while resource companies experienced mixed results. Specifically, the index rose by 29.01 points, or 0.85 percent, concluding at 3,461.50 after fluctuating between 3,425.98 and 3,464.12. Similarly, the Shenzhen Composite Index climbed 21.98 points, or 1.05 percent, to close at 2,112.90.
Notable performers included Industrial and Commercial Bank of China, which increased by 1.74 percent, and other financial institutions like Bank of China, China Construction Bank, and China Merchants Bank, which saw improvements in their stock prices. Agricultural Bank of China and China Life Insurance also posted gains. However, Jiangxi Copper and Aluminum Corp of China (Chalco) experienced mixed outcomes, with Chalco dipping slightly. Other notable movements included slight declines in Yankuang Energy and China Shenhua Energy, while Gemdale and Poly Developments experienced moderate gains. PetroChina remained unchanged.
U.S. markets, as indicated by Wall Street, presented a negative trend. Despite initially mixed openings on Thursday, indices moved lower and closed near session lows. The Dow Jones Industrial Average fell by 234.44 points, or 0.64 percent, finalizing at 43,914.12. The NASDAQ dropped 132.05 points, or 0.66 percent, closing at 19,769.84, and the S&P 500 decreased by 32.94 points, or 0.54 percent, settling at 6,051.25.
The decline in Wall Street indices was attributed to investors seeking to capitalize on gains from the previous day, where the NASDAQ had surpassed the 20,000 milestone for the first time. Additionally, market sentiment was adversely affected by a Labor Department report indicating producer prices rose more than anticipated in November, raising concerns about the pace of future interest rate reductions by the Federal Reserve.
Following three days of gains, oil futures contracted on Thursday, influenced by the International Energy Agency’s projection of a surplus in the oil market next year. West Texas Intermediate Crude oil futures for January decreased by $0.27, or 0.4 percent, to $70.02 per barrel.
The material has been provided by InstaForex Company -
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