(RTTNews.com) – The win streak has hit 10 sessions for the Chin stock market, which has advanced more than 145 points or 4.2 percent in that span. The Shanghai Composite Index now rests just above the 3,425-point plateau and it’s looking at another green light for Friday.
The global forecast for the Asian markets is firm thanks to easing concerns about U.S. treasuries, plus continued support from crude oil prices. The European markets were mixed and the U.S. bourses were up – and the Asian markets figure to follow the latter lead.
The SCI finished slightly higher on Thursday as gains from the financial shares and insurance companies were tempered by weakness from the properties and a mixed picture from the oil stocks.
Among the actives, Bank of China jumped 1.49 percent, while Industrial and Commercial Bank of China collected 0.81 percent, Agricultural Bank of China spiked 2.05 percent, Bank of Communications added 0.47 percent, China Life gained 0.56 percent, Ping An climbed 1.30 percent, PetroChina perked 0.11 percent, China Petroleum and Chemical (Sinopec) shed 0.98 percent, China Vanke tumbled 1.46 percent and Gemdale skidded 1.24 percent.
The lead from Wall Street is positive as stocks moved higher on Thursday, offsetting the modest pullback in the previous session as the major averages climbed to new record closing highs.
The Dow jumped 205.60 points or 0.81 percent to 25,574.73, while the NASDAQ advanced 58.21 points or 0.81 percent to 7,211.78 and the S&P climbed 19.33 points or 0.70 percent to 2,767.56.
The rebound on Wall Street was partly due to diminishing concerns about treasuries after China reports that officials have recommended slowing or halting purchases of U.S. debt.
In economic news, the Labor Department reported another unexpected increase in first-time claims for U.S. unemployment benefits. A separate report from the Labor Department unexpectedly showed a modest decrease in producer prices in December.
Crude oil futures surged again Thursday, blasting through $64 a barrel as the dollar weakened versus major rivals. February WTI oil gained 23 cents or 0.4 percent to $63.80/bbl, having briefly jumped above $64.
Closer to home, China will on Friday release December figures for imports, exports and trade balance.
Imports are expected to gain 14.8 percent on year after rising 17.7 percent in November. Exports are called higher by 10.0 percent, slowing from 12.3 percent in the previous month. The trade surplus is pegged at $37.44 billion, down from $40.21 billion a month earlier.
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