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Win Streak May Continue For China Stock Market

The China stock market has ticked higher in two straight sessions, advancing almost 20 points or 0.7 percent along the way. The Shanghai Composite Index now rests just beneath the 2,925-point plateau and it may extend its gains on Thursday.

The global forecast for the Asian markets is upbeat on renewed optimism for a trade deal between the United States and China. The European and U.S. markets were up and the Asian markets figure to open in similar fashion.

The SCI finished modestly higher on Wednesday following gains from the financial shares, property stocks and insurance companies.

For the day, the index collected 11.29 points or 0.39 percent to finish at the daily high of 2,924.86 after moving as low as 2,891.54. The Shenzhen Composite Index gained 10.46 points or 0.65 percent to end at 1,609.10.

Among the actives, Industrial and Commercial Bank of China collected 0.36 percent, while Bank of China added 0.56 percent, China Construction Bank advanced 0.85 percent, China Merchants Bank climbed 1.06 percent, China Life Insurance rose 0.29 percent, Ping An Insurance and China Petroleum and Chemical (Sinopec) both were up 0.20 percent, PetroChina eased 0.16 percent, China Shenhua Energy jumped 1.34 percent, Gemdale surged 5.46 percent, Poly Developments soared 3.71 percent, China Vanke accelerated 1.67 percent and CITIC Securities sank 0.45 percent.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, with traders expressing renewed optimism about upcoming U.S.-China trade talks.

The Dow added 181.97 points or 0.70 percent to 26,346.01, while the NASDAQ jumped 79.96 points or 1.02 percent to 7,903.74 and the S&P 500 rose 26.34 points or 0.91 percent to 2,919.40.

The strength on Wall Street followed reports that China is still open to reaching a partial trade deal with the U.S. Negotiators aren't optimistic about securing a broad agreement but said China would accept a limited deal as long as President Donald Trump does not impose any more tariffs.

Meanwhile, traders largely shrugged off the minutes of the Federal Reserve's September monetary policy meeting, which revealed a few participants expressed concerns that the markets expect more interest rate cuts than are appropriate.

Crude oil futures settled lower Wednesday after data showed an increase in U.S. crude inventories last week. West Texas Intermediate Crude oil futures for November edged down $0.04 to $52.59 a barrel after hitting a high of $53.74 a barrel.

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