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China Stock Market May Reclaim Support At 3,200 Points

The China stock market on Thursday wrote a finish to the three-day winning streak in which it had gathered almost 80 points or 2.6 percent. The Shanghai Composite Index now rests just above the 3,180-point plateau although is may bounce higher again on Friday.

The global forecast for the Asian markets is firm thanks to easing geopolitical concerns and a bump in crude oil prices. The European and U.S. markets were up and the Asian markets figure to follow that lead.

The SCI finished modestly lower on Thursday as losses from the financials, properties and insurance companies were mitigated by support from the oil stocks.

For the day, the index retreated 27.92 points or 0.87 percent to finish at 3,180.16 after trading between 3,177.05 and 3,205.25. The Shenzhen Composite Index lost 10.70 points or 0.58 percent to end at 1,840.27.

Among the actives, Bank of China skidded 1.51 percent, while Agricultural Bank of China tumbled 2.26 percent, Industrial and Commercial Bank of China plunged 2.56 percent, China Construction Bank plummeted 3.02 percent, Bank of Communications shed 0.96 percent, PetroChina added 0.52 percent, China Petroleum and Chemical (Sinopec) advanced 0.73 percent, China Life slid 0.98 percent, Ping An Insurance dropped 1.40 percent and China Vanke retreated 2.33 percent.

The lead from Wall Street is broadly positive as stocks opened higher Thursday and stayed in the green throughout the session, offsetting the weakness in the previous session.

The Dow added 293.60 points or 1.21 percent to 24,483.05, while the NASDAQ gained 71.22 points or 1.01 percent to 7,140.25 and the S&P was up 21.80 points or 0.83 percent to 2,663.99.

The strength on Wall Street came as President Donald Trump sought to downplay concerns about an attack on Syria.

In economic news, the Labor Department said first time claims for unemployment benefits fell in the week ended April 7. The Labor Department also said import prices were unchanged in March, while export prices increased more than expected.

Crude oil futures were slightly higher Thursday, holding near three-year highs as fears of supply interruptions from the Middle East have eased. June WTI oil was up 20 cents or 0.3 percent at $67.02/bbl, the highest since 2014.

Closer to home, China will release March numbers for imports, exports and trade balance. Imports are expected to rise 12.4 percent on year, up from 6.3 percent in February. Exports are called higher by 11.9 percent after surging 44.5 percent in the previous month. The trade surplus is pegged at $27.87 billion, down from $33.74 billion a month earlier.

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