(RTTNews) – The China stock market on Friday wrote a finish to the four-day winning streak in which it had surged almost 180 points or 6 percent. The Shanghai Composite Index now rests just above the 3,000-point plateau and it’s tipped to open in the red again on Monday.
The global forecast for the Asian markets is soft on concerns for the global economy and for the outlook for interest rates, with technology stocks particularly likely to slide. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The SCI finished sharply lower on Friday with damage across the board, particularly from the financials, properties and resource stocks.
For the day, the index plunged 66.20 points or 2.16 percent to finish at 3,001.56 after trading between 2,992.72 and 3,030.69. The Shenzhen Composite Index tanked 32.27 points or 1.71 percent to end at 1,859.39.
Among the actives, Industrial and Commercial Bank of China dipped 0.21 percent, while Bank of China retreated 1.24 percent, China Construction Bank dropped 0.83 percent, China Merchants Bank tanked 3.44 percent, Bank of Communications tumbled 2.20 percent, China Life Insurance stumbled 1.76 percent, Jiangxi Copper cratered 4.15 percent, Aluminum Corp of China (Chalco) plummeted 5.31 percent, Yankuang Energy slumped 3.59 percent, PetroChina shed 2.94 percent, China Petroleum and Chemical (Sinopec) sank 1.61 percent, Huaneng Power plunged 4.49 percent, China Shenhua Energy skidded 1.27 percent, Gemdale lost 5.04 percent, Poly Developments surrendered 6.56 percent, China Vanke declined 4.84 percent and China Fortune Land surged by the 10 percent daily limit.
The lead from Wall Street ends up negative as the major averages spent most of Friday bouncing back and forth across the unchanged line before finally settling in the red.
The Dow dropped 98.63 points or 0.30 percent to finish at 32,899.37, while the NASDAQ tumbled 173.04 points or 1.40 percent to end at 12,144.66 and the S&P 500 sank 23.53 points or 0.57 percent to close at 4,123.34. For the week, the NASDAQ slumped 1.5 percent and the Dow and the S&P both eased 0.2 percent.
The lower close on Wall Street followed the closely watched Labor Department report showing stronger than expected job growth in April.
With the report showing continued strength in the labor market, economists predicted the Federal Reserve will now continue with its plans to raise interest rates sharply over the coming months.
Worries about the outlook for interest rates may have weighed on Wall Street along with a continued increase in treasury yields.
Crude oil prices closed higher on Friday, and posted a weekly gain as well, amid worries about supply following the European Union’s decision proposing some of its toughest measures yet against Russia. West Texas Intermediate Crude oil futures for June ended higher by $1.51 or 1.4 percent at $109.77 a barrel. WTI crude futures gained nearly 5 percent in the week.
Closer to home, China will provide April figures for imports, exports and trade balance later today. In March, imports were down 0.1 percent on year and exports rose an annual 14.7 percent for a trade surplus of $47.38 billion.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The above content is from google feed with the source link mentioned. If you wish to remove the content from here then contact us and it will be removed within 24 hrs.