Shutterstock photo(RTTNews.com) - The China stock market on Friday wrote a finish to the two-day slide in which it had fallen almost 20 points or 0.6 percent. The Shanghai Composite Index now rests just above the 3,330-point plateau although it may head south again on Monday.
The global forecast for the Asian markets is roughly flat amid a lack of catalysts, with a mild bump in crude oil prices limiting any downside. The European and U.S. markets were mixed and flat, and the Asian bourses figure to follow suit.
The SCI finished sharply higher on Friday following gains from the financials, properties and oil companies.
Among the actives, Agricultural Bank of China soared 3.17 percent, while Bank of China surged 3.69 percent, Industrial and Commercial Bank of China skyrocketed 4.05 percent, Vanke added 0.48 percent, Gemdale advanced 2.27 percent, PetroChina climbed 1.38 percent, China Petroleum and Chemical (Sinopec) jumped 1.17 percent, China Life collected 5.90 percent and Ping An perked 1.29 percent.
The lead from Wall Street is murky as stocks turned mixed on Friday, after failing to sustain an early upward move.
The NASDAQ fell 5.68 points or 0.1 percent to 6,265.64, while the Dow added 30.27 points or 0.1 percent to 21,813.67 and the S&P gained 4.08 points or 0.2 percent to 2,443.05. For the week, the Dow rose 0.6 percent, NASDAQ was up 0.8 percent and the S&P gained 0.7 percent.
The early strength was due to optimism about tax reform after reports President Donald Trump would launch a public campaign to highlight the need for reform this week.
Traders also reacted to Federal Reserve Chair Janet Yellen's remarks at the Fed's economic policy symposium in Jackson Hole, Wyoming. She refrained from discussing monetary policy, focusing on the topic of financial stability a decade after the onset of the financial crisis.
European Central Bank President Mario Draghi also spoke at the symposium, saying the global economic recovery is "firming up."
Closer to home, China will see July results for foreign direct investment. In June, foreign direct investment was up 2.3 percent on year.
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