China Stock Market May Run Out Of Steam On Friday

(RTTNews) - The China stock market has moved higher in three straight sessions, collecting more than 90 points or 2.5 percent in that span. The Shanghai Composite Index now sits just above the 3,900-point plateau although it may open in the red on Friday.

The global forecast for the Asian markets is soft ahead of key U.S. jobs data, and on a spike in crude oil prices. The European markets were flat and the U.S. bourses were down and the Asian markets figure to split the difference.

The SCI finished modestly higher on Thursday as gains from the technology and resource stocks were capped by weakness among the financials and oil companies.

For the day, the index gained 21.92 points or 0.57 percent to finish at 3,900.35 after trading between 3,864.27 and 3,902.05. The Shenzhen Composite Index perked 1.54 points or 0.06 percent to end at 2,539.10.

The lead from Wall Street is weak as the major averages opened higher on Thursday but quickly slipped into the red and remained there for the balance of the day.

The Dow dropped 464.02 points or 0.85 percent to finish at 53,885.10, while the NASDAQ dipped 15.09 points or 0.06 percent to close at 16,348.35 and the S&P 500 sank 13.59 points or 0.18 percent to end at 7,709.96.

The choppy trading by the broader markets came as traders were reluctant to make significant moves ahead of the Labor Department's closely watched monthly jobs report later today.

The report is expected to show employment jumped by 88,000 jobs in July after climbing by 57,000 jobs in June, and it may have a significant impact on the outlook for interest rates.