China Stock Market Likely To Remain Rangebound – Nasdaq

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(RTTNews.com) – The China stock market has finished lower in two of three trading days since the end of the two-day winning streak in which it had advanced almost 40 points or 1.3 percent. The Shanghai Composite Index settled just beneath the 2,980-point plateau, although the market may see renewed support on Monday.

The global forecast for the Asian markets continues to be mixed, thanks to mixed earnings and economic news, and ahead of U.S. jobless data at the end of the week. The European markets were slightly higher and the U.S. bourses were mixed – and the Asian markets figure to split the difference.

The SCI finished slightly lower on Friday following losses from the financial shares and property stocks.

Among the actives, ISBC collected 0.23 percent, while Bank of China added 0.30 percent, China Shenhua Energy slid 0.27 percent, China Life dropped 0.90 percent and China Vanke slid 0.35 percent.

The lead from Wall Street remains murky as stocks turned in another lackluster performance on Friday as the major averages closed mixed for the fourth straight session.

The Dow slipped 24.11 points or 0.1 percent to 18,432.24, while the NASDAQ inched up 7.15 points or 0.1 percent to 5,162.13 and the S&P 500 crept up 3.54 points or 0.2 percent to 2,173.60. For the week, the NASDAQ jumped 1.2 percent, while the S&P 500 eased 0.1 percent and the Dow fell 0.7 percent.

In earnings news, Exxon Mobil ( XOM ) missed expectations, while Google parent Alphabet (GOOGL) and Amazon ( AMZN ) beat the street.

In economic news, the Commerce Department reported weaker than expected economic growth in the second quarter. The report said gross domestic product climbed 1.2 percent in the second quarter following a downwardly revised 0.8 percent increase in Q1.

Crude oil futures steadied Friday, taking back a fraction of significant recent losses after slipping into bear market territory. September WTI oil settled at $41.60/bbl on Nymex, up 46 cents, or 1.1 percent. Oil fell 14 percent in July and has dropped 20 percent from its June highs.

Closer to home, China will see July results for its official manufacturing and non-manufacturing PMIs later this morning.

The manufacturing PMI is expected to show a score of 50.0 – unchanged from the June reading and right on the line that separates expansion from contraction. The non-manufacturing PMI had a score of 53.7 in June.

China also will see July results for the manufacturing PMI from Caixin, with forecasts calling for a score of 48.9 – up marginally from 48.6 in the previous month.

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