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Win Streak May Continue For China Stock Market

The China stock market has finished higher in three straight sessions, advancing almost 40 points or 1.4 percent along the way. The Shanghai Composite Index now rests just beneath the 2,950-point plateau and it's got another green light again on Friday.

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

The SCI finished modestly higher on Thursday following gains from the insurance companies, losses from the oil stocks and financials and a mixed bag from the property sector.

For the day, the index climbed 22.85 points or 0.78 percent to finish at 2,947.71 after trading between 2,918.23 and 2,949.24. The Shenzhen Composite Index spiked 22.74 points or 1.41 percent to end at 1,631.84.

Among the actives, Industrial and Commercial Bank of China fell 0.18 percent, while Bank of China shed 0.55 percent, China Merchants Bank and China Petroleum and Chemical (Sinopec) both dipped 0.20 percent, China Life Insurance collected 0.68 percent, Ping An Insurance rose 0.36 percent, PetroChina slid 0.16 percent, China Shenhua Energy sank 0.48 percent, Gemdale advanced 0.94 percent, Poly Developments eased 0.13 percent, China Vanke lost 0.67 percent, CITIC Securities gained 0.72 percent and China Construction Bank was unchanged.

The lead from Wall Street is positive as traders intensely focused on the latest developments surrounding the highly anticipated U.S.-China trade talks, sending markets significantly higher.

The Dow added 150.66 points or 0.57 percent to 26,496.67, while the NASDAQ gained 47.04 points or 0.60 percent to 7,950.78 and the S&P 500 rose 18.73 points or 0.64 percent to 2,938.13.

Buying interest emerged on Wall Street after President Donald Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level U.S.-China trade talks. Traders will remain focused on the highly anticipated negotiations and any signs of progress or lack thereof.

In economic news, the Labor Department said U.S. consumer prices were essentially flat in September and that there was a modest decrease in first-time claims for U.S. unemployment benefits last week.

Crude oil prices moved higher Thursday as OPEC said that it has all options in place to balance oil markets and that it would make a decision in December about supply. West Texas Intermediate Crude oil futures for November ended up $0.96 or 1.8 percent at $53.55 a barrel, the highest settlement since October 1.

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