(RTTNews.com) – The China stock market has moved lower in two straight sessions, giving away almost 15 points or 0.4 percent along the way. The Shanghai Composite Index now rests just beneath the 3,305-point plateau and it figures to extend its losses on Wednesday.
The global forecast for the Asian markets is soft thanks to ongoing geopolitical concerns over North Korea and tax reform in the United States. The European and U.S. markets were down and the Asian bourses are expected to open in similar fashion.
The SCI finished slightly lower on Tuesday as support from the financials and oil companies kept losses from the broader market mostly at bay.
Among the actives, China Life soared 2.32 percent, while Ping An Insurance surged 2.61 percent, Bank of China jumped 1.53 percent, Industrial and Commercial Bank of China spiked 1.87 percent, PetroChina added 0.61 percent, China Petroleum and Chemical (Sinopec) climbed 1.66 percent and Vanke gained 0.58 percent.
The lead from Wall Street is negative as stocks shrugged off a positive open to finish in the red – including the Dow, which pulled back from its record closing high set in the previous session.
The Dow dropped 109.41 points or 0.45 percent to 24,180.64, while the NASDAQ shed 13.15 points or 0.19 percent to 6,762.21 and the S&P 500 lost 9.87 points or 0.37 percent to 2,629.57.
The lower close on Wall Street reflected concerns about the outlook for the Republican tax reform bill amid reports about disagreements over a corporate alternative minimum tax.
In economic news, the Commerce Department reported that the trade deficit widened more than expected in October. Also, the Institute for Supply Management noted a bigger than expected slowdown in the pace of service sector growth in November.
Crude oil futures were roughly flat Tuesday as oil has turned lower over the past few sessions with the U.S. dollar strengthening on rate hike chatter. Jan. WTI oil added 15 cents or 0.3 percent to $57.62/bbl.
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