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China Stock Market Poised To Halt Losing Streak

The China stock market has ticked lower in back-to-back trading days, sliding more than 50 points or 1.6 percent along the way. The Shanghai Composite Index remains just beneath the 3,190-point plateau although it's predicted to find support on Monday.

The global forecast for the Asian markets is upbeat after earnings season kicked off with better than expected numbers. The European and U.S. markets were up and the Asian bourses figure to follow suit.

The SCI finished slightly lower on Friday following losses from the properties and oil and insurance companies, while the financials were mixed.

For the day, the index dipped 1.34 points or 0.04 percent to finish at 3,188.63 after trading between 3,168.04 and 3,199.28. The Shenzhen Composite Index eased 1.85 points or 0.11 percent lower to end at 1,738.52.

Among the actives, China Shenhua Energy was up 0.20 percent, while China Petroleum and Chemical lost 0.17 percent, PetroChina and Bank of China both collected 0.26 percent, China Construction Bank eased 0.14 percent, China Merchants Bank shed 0.46 percent, China Life Insurance fell 0.21 percent, Ping An Insurance slid 0.33 percent, Gemdale retreated 0.86 percent, Poly Developments plunged 2.11 percent, China Vanke plummeted 2.36 percent, CITIC Securities sank 0.61 percent and Industrial and Commercial Bank of China was unchanged.

The lead from Wall Street is positive as stocks opened higher on Friday and remained in the green throughout the session.

The Dow jumped 269.25 points or 1.03 percent to 26,412.30, while the NASDAQ added 36.80 points or 0.46 percent to 7,984.16 and the S&P 500 rose 19.09 points or 0.66 percent to 2,907.41. For the week, the Dow fell 0.1 percent, while the NASDAQ added 0.6 percent and the S&P 500 rose 0.5 percent.

The early strength on Wall Street followed quarterly results from JPMorgan Chase (JPM), which posted record Q1 earnings and revenues that beat the street - although some apprehension remains ahead of more earnings news this week.

In economic news, the Labor Department noted a bigger than expected increase in import prices in March, while the University of Michigan said that consumer sentiment deteriorated more than expected in April.

Crude oil futures ended higher on Friday with escalating unrest in Libya, the U.S. sanctions on Iran and Venezuela and OPEC-led output cuts tightening crude supply in the global market. West Texas Intermediate Crude oil futures for May ended up $0.31 or 0.5 percent at $63.89 a barrel.

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