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China Shares Expected To Hover Around 3,000-Point Level

The China stock market has finished higher in five straight sessions, advancing more than 115 points or 3.9 percent along the way. The Shanghai Composite Index now rests just beneath the 3,000-point plateau and it may tick higher again on Monday.

The global forecast for the Asian markets is murky after disappointing U.S. employment data renewed concerns for the world's largest economy, although it also sparked hope for more interest rate cuts in the near term. The European markets were slightly higher and the U.S. bourses were mixed but little changed and the Asian markets figure to split the difference.

The SCI finished modestly higher on Friday following gains from the financial shares and the oil companies.

For the day, the index rose 13.74 points or 0.46 percent to finish at 2,999.60 after trading between 2,981.60 and 2,999.94. The Shenzhen Composite Index gained 5.87 points or 0.36 percent to end at 1,657.50.

Among the actives, Industrial and Commercial Bank of China collected 0.36 percent, while Bank of China and China Construction Bank both added 0.28 percent, China Merchants Bank climbed 1.04 percent, Ping An Insurance jumped 1.65 percent, PetroChina gained 0.48 percent, China Petroleum and Chemical (Sinopec) advanced 0.78 percent, China Shenhua Energy accelerated 1.13 percent, Gemdale rose 1.03 percent, Poly Developments was up 0.44 percent, China Vanke perked 0.71 percent, CITIC Securities soared 1.34 percent and China Life Insurance was unchanged.

The from Wall Street offers little clarity as stocks bounced back and forth across the unchanged line Friday before closing mixed.

The Dow added 69.31 points or 0.26 percent to 26,797.46, while the NASDAQ fell 13.75 points or 0.17 percent to 8,103.07 and the S&P 500 rose 2.71points or 0.09 percent to 2,978.71. For the week, the Dow jumped 1.5 percent and the NASDAQ and S&P both gained 1.8 percent.

The choppy trading on Wall Street followed the release of a closely watched Labor Department report showing weaker than expected job growth in August. But the report also said average hourly employee earnings climbed $0.11 to $28.11 in August following 9-cent gains in June and July.

Traders shrugged off comments from Federal Reserve Chairman Jerome Powell, who argued the central bank has helped keep the economy on solid ground amid the uncertainty caused by President Donald Trump's trade war with China.

Despite the uncertainty cause by the trade war, Powell noted the Fed does not currently anticipate a recession since the labor market and consumer spending remain strong.

Crude oil futures moved higher on Friday after a report from Baker Hughes showed the oil rig count dropped for a third straight week. West Texas Intermediate Crude oil futures for October ended up $0.22 or 0.4 percent at $56.52 a barrel.

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