The Chinese Stock Exchange is expected to open in the green Thursday

(RTTNews) – The Chinese stock market ended higher over the two consecutive trading days, rallying nearly 50 points or 1.4% along the way. The Shanghai Composite Index now sits just below the 3,640 point plateau and should see additional support on Thursday.

Global forecasts for Asian markets are cautiously optimistic, again supported by oil and tech companies. European markets were down and US stock markets were up and Asian markets are expected to follow this latest trend.

The SCI ended sharply higher on Wednesday following mixed performances from financial stocks, real estate stocks and resource companies.

For the day, the index climbed 42.48 points or 1.18% to end at 3,637.57 after trading between 3,591.99 and 3,637.72. The Shenzhen Composite Index jumped 43.80 points or 1.77% to end at 2,521.29.

Among assets, Industrial and Commercial Bank of China lost 0.43%, while Bank of China lost 0.33%, China Construction Bank fell 0.34%, China Merchants Bank received 0.39%, Bank of Communications lost 0.65%, China Life Insurance added 0.34%, Jiangxi Copper rose 1.42%, Aluminum Corp of China (Chalco) rose 2.54%, Yanzhou Coal fell 3.30%, PetroChina rose 1.01%, China Petroleum and Chemical (Sinopec) slipped 0.24%, Huaneng Power climbed 2.83%, China Shenhua Energy fell 1.49 Percent , Gemdale fell 1.04%, Poly Developments rose 0.07%, China Vanke fell 0.65%, China Fortune Land plunged 2.88%, and Beijing Capital Development jumped 1.60 %.

The Wall Street lead is positive, as the main open averages on Wednesday were mixed, overcame a midday slump and ended in the green.

The Dow added 35.32 points or 0.10% to end at 35,754.75, while the NASDAQ jumped 100.07 points or 0.64% to end at 15,786.99 and the S&P 500 rose 14.46 points or 0.31% to close at 4,701.21.

The choppy trading seen for most of the day came as traders expressed some uncertainty about the near-term outlook for markets in the wake of recent volatility.

With concerns about the impact of the loosening of the Omicron variant, traders are now looking to the Federal Reserve’s monetary policy announcement next week. Reports suggest the Fed may decide to double the pace of cutting its asset purchase program to $ 30 billion per month.

Some positive sentiment has been generated by comments from Pfizer (PFE) and BioNTech (BNTX) regarding the effectiveness of their Covid vaccine, as preliminary laboratory studies have shown that three doses of their vaccine neutralize the Omicron variant.

Crude oil futures stabilized higher on Wednesday after the Energy Information Administration (EIA) reported lower U.S. crude inventories last week. West Texas Intermediate crude oil futures for January ended up $ 0.31 or 0.4% at $ 72.36 a barrel.

Closer to home, China will release November figures for consumer and producer prices later this morning. Consumer prices are expected to rise 0.3% over one month and 2.5% over one year after gaining 0.7% over one month and 1.5% over one year in October. Producer prices are forecast to increase 12.4 percent year-on-year from 13.5 percent the previous month.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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