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China Bourse Tipped To Extend Winning Streak

The China stock market has finished higher in eight straight sessions, advancing more than 135 points or 4.1 percent in that span. The Shanghai Composite Index now rests just shy of the 3,415-point plateau and it's called higher again on Wednesday.

The global forecast for the Asian markets is firm, thanks to another jump in the price of crude oil. The European and U.S. markets were up, and the Asian markets figure to follow that lead.

The SCI finished slightly higher on Tuesday as gains from the insurance companies were limited by weakness from the oil companies and mixed performances from the properties and financials.

For the day, the index added 4.42 points or 0.13 percent to finish at 3,413.90 after trading between 3,403.59 and 3,417.23. The Shenzhen Composite Index picked up 6.20 points or 0.32 percent to end at 1,952.18.

Among the actives, China Life soared 2.02 percent, while Ping An Insurance spiked 2.66 percent, Agricultural Bank of China shed 0.78 percent, Bank of China tumbled 1.25 percent, Industrial and Commercial Bank of China collected 0.33 percent, Bank of Communications lost 0.48 percent, PetroChina dipped 0.23 percent, China Petroleum and Chemical (Sinopec) fell 0.71 percent, Vanke slipped 0.42 percent, Gemdale surged 2.39 percent and Jiangxi Copper advanced 0.82 percent.

The lead from Wall Street is upbeat as stocks moved mostly higher on Tuesday as the major averages again climbed to new record closing highs.

The Dow rose 102.80 points or 0.41 percent to 25,385.80, while the NASDAQ inched up 6.19 points or 0.09 percent to 7,163.58 and the S&P 500 edged up 3.58 points or 0.13 percent to 2,751.29.

Stocks continued to benefit from recent upward momentum, which has lifted the markets to record highs amid optimism about the economic outlook. Continued strength in the overseas markets also contributed to buying interest.

Traders may have been reluctant to make significant moves ahead of earnings season, which start Friday with financial giants JPMorgan Chase (JPM) and Wells Fargo (WFC).

Crude oil futures continued to surge Tuesday on expectations the global oil market will soon re-balance. February WTI oil gained $1.23 or 2 percent to $62.96/bbl, the highest finish since December 2014.

Closer to home, China will release December figures for consumer and producer prices. Consumer prices are expected to rise 1.9 percent on year, up from 1.7 percent in November. Producer prices are called higher by an annual 4.8 percent, slowing from 5.8 percent in the previous month.

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