The China stock market on Thursday halted the three-day slide in which it had dropped almost 130 points or 3.8 percent. The Shanghai Composite Index now sits just above the 3,585-point plateau although it’s expected to turn lower again on Friday.
The global forecast for the Asian markets is firmly negative on treasury yield and interest rate concerns. The European and U.S. markets were firmly in the red and the Asian bourses figure to follow that lead.
The SCI finished modestly higher on Thursday following large gains from the property sector and more measured upside from the financials and resource stocks.
For the day, the index added 20.97 points or 0.59 percent to finish at 3,585.05 after trading between 3,568.47 and 3,608.56. The Shenzhen Composite Index shed 11.88 points or 0.51 percent to end at 2,335.40.
Among the actives, Industrial and Commercial Bank of China rallied 2.64 percent, while Bank of China collected 0.93 percent, China Construction Bank spiked 2.94 percent, China Merchants Bank jumped 1.59 percent, Bank of Communications climbed 1.09 percent, China Life Insurance gathered 2.11 percent, Jiangxi Copper added 0.74 percent, Aluminum Corp of China (Chalco) surged 6.35 percent, Yanzhou Coal accelerated 3.47 percent, PetroChina perked 1.61 percent, China Petroleum and Chemical (Sinopec) improved 2.19 percent, China Shenhua Energy advanced 2.15 percent, Gemdale soared 8.39 percent, Poly Developments jumped 8.43 percent and China Vanke and China Fortune Land both skyrocketed by the 10 percent daily limit.
The lead from Wall Street is broadly negative as stocks opened in the red and saw the losses continue to accelerate as the day progressed.
The Dow plunged 559.85 points or 1.75 percent to finish at 31,402.01, while the NASDAQ plummeted 478.54 points or 3.52 percent to close at 13,119.43 and the S&P 500 tumbled 96.09 points or 2.45 percent to close at 3,829.34.
The sell-off on Wall Street followed a continued increase in treasury yields, which led to renewed concerns about interest rates. The yields on ten-year notes and thirty-year bonds rose to their highest levels in a year, with the ten-year yield spiking above 1.6 percent in intraday trading.
The increase in yields followed the release of a batch of largely upbeat U.S. economic data, including a report from the Labor Department showing a steep drop in first-time claims for U.S. unemployment benefits last week.
The Commerce Department also reported that new orders for U.S. manufactured durable goods spiked more than expected in January. A separate report from the Commerce Department showed U.S. gross domestic product jumped slightly more than estimated in the fourth quarter of 2020.
Crude oil futures rose on Thursday for a fourth straight session amid hopes global energy demand will see a significant rise and hit pre-Covid-19 levels by the end of this year. West Texas Intermediate Crude oil futures for April was up $0.31 or 0.5 percent at $63.53 a barrel after hitting a fresh 13-month high of $63.81 a barrel.
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