The China stock market has finished higher in three straight trading days, collecting almost 70 points or 2.7 percent along the way. The Shanghai Composite Index finished just below the 2,690-point plateau, and now traders are looking for slightly more upside when the market opens on Friday.
The global forecast for the Asian markets is conflicted, pitting optimism regarding the Greek debt crisis against pessimism regarding U.S. economic data. Crude oil stocks are expected to see considerable pressure, along with gold and property stocks - while airlines, technology, retail and telecom stocks are expected to rise. The European markets finished sharply lower and the U.S. bourses were mixed, and the Asian markets figure to follow the latter lead.
The SCI finished sharply higher on Thursday following solid gains from the automobile producers and the cement companies.
For the day, the index jumped 38.93 points or 1.5 percent to finish at 2,688.25 after trading between 2,630.34 and 2,693.42. The Shenzhen Composite Index added 22.83 points or 2.1 percent to end at 1,111.18.
Among the gainers, Huaxin Cement jumped 5.7 percent, while Jiangxi Wannianqing Cement surged 5.6 percent, Anhui Conch Cement climbed 4.6 percent, Anhui Jianghuai Automobile collected 4.1 percent, FAW Car added 3.1 percent and SAIC Motor rose 2.9 percent.
The lead from Wall Street provides little clarity as stocks staged a significant recovery in late-day trading on Thursday after a weak start, ending the session mixed. Reports about a deal on Greece's austerity plan helped to offset concerns about the economic outlook.
The early weakness on Wall Street was partly in reaction to the Federal Reserve's downwardly revised economic growth outlook, which was released late in the day on Wednesday. Indicating that the economic recovery is continuing at a somewhat slower than expected pace, the Fed downwardly revised its growth outlook for 2011 and 2012.
Additional selling pressure was generated by the release of a report from the Labor Department showing a notable increase in initial jobless claims in the week ended June 18.
Resource stocks helped to lead the way lower amid a sell-off in the commodities markets. The price of oil fell by more than $4 a barrel on news that the International Energy Agency plans to release 60 million barrels of oil onto the world market.
However, buying interest emerged later in the trading day after reports that Greece has won the consent of a group of inspectors from the European Union and International Monetary Fund regarding its new five-year austerity plan. The inspectors approved the plan after Greece committed to an additional round of tax rises and spending cuts. While the reported deal has generated some optimism about the outlook for the financial situation in Greece, the austerity measures still must be approved by the Greek parliament.
The major averages all moved to the upside going into the close, with the tech-heavy NASDAQ climbing firmly into positive territory. The NASDAQ rose 17.56 points or 0.7 percent to 2,686.75, while the Dow fell 59.67 points or 0.5 percent at 12,050.00 and the S&P 500 slipped 3.64 points or 0.3 percent to 1,283.50. While the Dow and the S&P 500 remained stuck in negative territory, they closed well off their worst levels of the day. The Dow was down more than 200 points at its low for the session.
In economic news, China's factory growth continued to slow in June, with activity reaching a level close to stagnation as Beijing's aggressive policy tightening cooled demand, the latest survey by Markit Economics showed on Thursday. Inflationary pressures eased significantly, alongside slowing demand.
The flash HSBC/Markit purchasing managers' index fell to 50.1 from 51.6 in May. This was the lowest score in eleven months. A PMI reading above 50 indicates expansion of the sector, while a reading below 50 suggests contraction. Both input and output prices grew at a slower pace during the month, the survey data showed.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.