The China stock market has finished higher now in back-to-back sessions, collecting more than 40 points or 1.5 percent en route to a four-week closing high. The Shanghai Composite Index finished just below the 2,799-point plateau, although now analysts are expecting a modest retreat at the opening of trade on Wednesday.
The global forecast for the Asian markets is broadly negative, thanks to renewed concerns about the European financial sector. Not surprisingly, the financials are expected to plummet, while the oil companies, properties and airlines also are likely to be weak. With gold at a fresh record high, the safe haven is expected to provide support. The European and U.S. markets ended sharply lower, and the Asian markets are expected to follow suit.
The SCI finished barely higher on Tuesday, nudged into the green by gains from the fisheries and cement companies - although financials weighed on the market.
For the day, the index added 2.11 points or 0.08 percent to finish at 2,698.36 after trading between 2,679.02 and 2,704.93 on turnover of 11.22 billion yuan. The Shenzhen Composite Index gained 0.69 percent to finish at 1,186.52 on turnover of 7.62 billion yuan.
Among the gainers, Tangshan Sanyou Chemical Industries, Xiangtan Electrochemical Scientific, Zhejiang Nanyang Technology, Daqing Huake and Shandong Homey Aquatic Development all climbed by the 10 percent daily limit, while Jiangxi Wannianqing Cement surged 9.26 percent, Huaxin Cement spiked 7.38 percent and Tangshan Jidong Cement jumped 7.28 percent.
Finishing lower, China Life Insurance shed 1.01 percent, while Taiping Insurance lost 0.97 percent, China Pacific Insurance fell 1 percent, Huaxia Bank declined 0.94 percent, Shenzhen Development Bank retreated 0.88 percent and Industrial Bank eased 0.87 percent.
The lead from Wall Street is weak as stocks fell by sharp margins to open the Labor Day-shortened week on Tuesday, as profit taking following last week's gains drove the major averages down off of their best closing levels in three weeks. Nonetheless, the pullback came on low volume, with many traders staying away from their desks following the three-day weekend.
Coca-Cola Enterprises, Inc. (CCE) moved moderately higher on the day after the largest bottler of Coca-Cola (KO) beverages raised its full year earnings outlook to a range of $1.78 to $1.82 per share. Earlier, the company had estimated earnings in the range of $1.73 to $1.77 per share.
Meanwhile, Idenix Pharmaceuticals, Inc. (IDIX) fell sharply after saying it received a verbal notice from the FDA placing a clinical hold on the company's IDX184 and IDX320 programs in hepatitis C virus-infected patients.
The markets also digested some key management shifts at a number of major firms. Beckman Coulter, Inc. (BEC) announced that its chairman, president and CEO Scott Garrett has resigned, while Robert Hurley was named the company's interim President and CEO.
Oracle Corp. (ORCL) also revealed that former Hewlett-Packard (HPQ) CEO Mark Hurd has been appointed as its co-president. However, HP has subsequently filed a lawsuit against Hurd based on conflict of interest.
Additionally, Barclays Plc (BCS) named Robert Diamond as its CEO, effective next year. Diamond will succeed John Varley, who intends to step down as CEO and from the Barclays Boards and the Group Executive Committee on March 31, 2011.
The major averages saw some late-day volatility, ending near their session lows. The Dow fell by 107.24 points or 1 percent to end at 10,340.69, the NASDAQ declined by 24.86 points or 1.1 percent to 2,208.89 and the S&P 500 lost 12.67 points or 1.1 percent to close at 1,091.84.
In economic news, Chinese industrial production annual growth is likely to slow further in the second half of this year, the Ministry of Industry and Information Technology said on Tuesday.
Industrial production is expected to grow nearly 10 percent year-on-year during the second half of the year, Xin Guobin, head of the ministry's economic monitoring bureau was quoted as saying at a press briefing. It is weaker than the ministry's earlier forecast for a growth slightly above 10 percent.
According to the official, the government's efforts to limit property market speculation may reduce demand for a variety of products from steel to home appliances. The ministry also expects economic growth to slow further, mainly due to an uncertain exports outlook.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.