China’s stock market could take further damage on Monday

(RTTNews) – The Chinese stock market on Friday marked the end of the four-day winning streak in which it had jumped nearly 180 points or 6%. The Shanghai Composite Index is now just above the 3,000 point plateau and it is expected to open in the red again on Monday.

The global outlook for Asian markets is weak given concerns over the global economy and interest rate outlook, with technology stocks particularly likely to fall. European and American markets were down and Asian exchanges are expected to open similarly.

The SCI ended sharply lower on Friday with damage across the board, especially financials, real estate and resources stocks.

For the day, the index plunged 66.20 points or 2.16% to end at 3,001.56 after trading between 2,992.72 and 3,030.69. The Shenzhen Composite Index fell 32.27 points or 1.71% to end at 1,859.39.

Among assets, Industrial and Commercial Bank of China fell 0.21%, while Bank of China fell 1.24%, China Construction Bank fell 0.83%, China Merchants Bank fell 3, 44%, Bank of Communications fell 2.20%, China Life Insurance fell 1.76%, Jiangxi Copper cratered 4.15%, Aluminum Corp of China (Chalco) fell 5.31%, Yankuang Energy fell 3.59%, PetroChina lost 2.94%, China Petroleum and Chemical (Sinopec) sank 1.61%, Huaneng Power plunged 4.49%, China Shenhua Energy skidded 1 .27%. %, Gemdale lost 5.04%, Poly Developments fell 6.56%, China Vanke fell 4.84% and China Fortune Land exceeded the daily limit by 10%.

Wall Street’s lead ends up being negative as the major averages spent most of Friday bouncing off the unchanged line before finally settling into the red.

The Dow Jones lost 98.63 points or 0.30% to end at 32,899.37, while the NASDAQ fell 173.04 points or 1.40% to end at 12,144.66 and the S&P 500 fell 23.53 points or 0.57% to close at 4,123.34. For the week, the NASDAQ fell 1.5% and the Dow Jones and S&P both fell 0.2%.

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 that the Federal Reserve will now continue its plans for a sharp hike in interest rates over the next few months.

Worries about the outlook for interest rates may have weighed on Wall Street, along with a continued rise in Treasury yields.

Crude oil prices closed higher on Friday and also posted a weekly gain, amid supply concerns following the European Union’s decision to offer some of its toughest measures yet against the Russia. West Texas Intermediate crude oil futures for June ended up $1.51 or 1.4% at $109.77 a barrel. WTI crude futures gained almost 5% during the week.

Closer to home, China will provide April figures for imports, exports and trade balance later today. In March, imports fell 0.1% year on year and exports rose 14.7% year on year for a trade surplus of $47.38 billion.

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