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China Stock Market May Extend Winning Streak

The China stock market has jumped higher in two straight sessions, advancing almost 90 points or 3.5 percent along the way. The Shanghai Composite Index now rests just beneath the 2,655-point plateau and it's predicted to add to its winnings again on Tuesday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a jump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The SCI finished sharply higher on Monday following gains from the financial shares, oil companies and property stocks.

For the day, the index accelerated 66.61 points or 2.57 percent to finish at 2,654.80 after trading between 2,629.18 and 2,665.30. The Shenzhen Composite Index spiked 43.81 points or 3.27 percent to end at 1,381.55.

Among the actives, China Construction Bank jumped 1.80 percent, while Industrial and Commercial Bank of China climbed 1.50 percent, China Merchants Bank gathered 3.19 percent, Bank of China advanced 1.11 percent, China Life Insurance spiked 2.83 percent, Ping An Insurance perked 2.36 percent, PetroChina added 1.58 percent, China Petroleum and Chemical (Sinopec) rose 2.71 percent, China Shenhua Energy gained 1.76 percent, Gemdale was up 1.37 percent, China Vanke climbed 1.14 percent, CITIC Securities surged 3.38 percent and Poly Developments was unchanged.

The lead from Wall Street is solid as stocks opened sharply higher on Monday before giving back some ground - although the major averages still finished firmly positive.

The Dow added 287.97 points or 1.13 percent to 25,826.43, while the NASDAQ climbed 110.98 points or 1.51 percent to 7,441.51 and the S&P gained 30.20 points or 1.09 percent to 2,790.37.

The initial jump was a positive reaction to the meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, they agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.

In economic news, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in manufacturing activity in November. A separate report from the Commerce Department showed construction spending unexpectedly edged lower in October.

Crude oil prices rose sharply on Monday amid easing trade tensions after the U.S. and China agreed on a 90-day trade war truce. Crude oil futures for January ended up $2.02 or 4 percent at $52.95 a barrel.

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