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China Bourse May Reverse Wednesday's Losses

The China stock market on Wednesday wrote a finish to the two-day winning streak in which it had picked up almost 30 points or 1 percent. The Shanghai Composite Index now rests just beneath the 3,170-point plateau although it figures to rebound on Thursday.

The global forecast for the Asian markets suggests mild upside, thanks to a bump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SCI finished modestly lower on Wednesday following losses from the financials and oil and insurance companies.

For the day, the index slipped 22.55 points or 0.71 percent to finish at 3,169.57 after trading between 3,166.81 and 3,191.95. The Shenzhen Composite Index fell 7.61 points or 0.41 percent to end at 1,832.27.

Among the actives, Bank of China skidded 1.03 percent, while Industrial and Commercial Bank of China tumbled 1.48 percent, Agricultural Bank of China dropped 1.79 percent, China Construction Bank retreated 1.68 percent, Bank of Communications sank 1.13 percent, China Life lost 1.85 percent, Ping An Insurance retreated 1.81 percent, PetroChina declined 1.38 percent and China Petroleum and Chemical (Sinopec) was down 0.84 percent.

The lead from Wall Street is positive as stocks fluctuated on Wednesday but finished mostly higher - offsetting somewhat the sharp pullback in the previous session.

The Dow rose 62.52 points or 0.25 percent to 24,768.93, the NASDAQ advanced 46.67 points or 0.63 percent to 7,398.30 and the S&P 500 climbed 11.01 points or 0.41 percent to 2,722.46.

Buying interest was subdued, with geopolitical uncertainty keeping some traders on the sidelines after North Korea threatened to cancel an historic meeting between leader Kim Jong Un and President Donald Trump.

In economic news, the Commerce Department reported a sharp pullback in new residential construction in April, while building permits also tumbled. Also, the Federal Reserve said industrial production increased more than expected in April.

Crude oil futures nudged higher Wednesday amid a large decrease in U.S. oil stockpiles. June WTI oil inch up by 18 cents, or nearly 0.3 percent, to settle at $71.49/bbl.

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