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China Stock Market Tipped To Open In The Red

The China stock market has moved higher in consecutive trading days, gathering more than 15 points or 0.5 percent along the way. The Shanghai Composite Index now rests just beneath the 2,955-point plateau although it's got a negative lead for Wednesday's trade.

The global forecast for the Asian markets is mixed to lower, thanks to renewed uncertainty regarding Brexit. The European markets were up and the U.S. bourses were down and the Asian markets are predicted to follow the latter lead.

The SCI finished modestly higher on Tuesday following mixed performances from the financial shares and oil and insurance companies.

For the day, the index gained 14.76 points or 0.50 percent to finish at 2,954.38 after trading between 2,934.39 and 2,954.64. The Shenzhen Composite Index advanced 16.34 points or 1.01 percent to end at 1,631.22.

Among the actives, Industrial and Commercial Bank of China collected 0.35 percent, while China Construction Bank rose 0.14 percent, China Merchants Bank shed 0.25 percent, China Life Insurance lost 0.42 percent, Ping An Insurance added 0.24 percent, PetroChina was up 0.17 percent, China Shenhua Energy sank 0.82 percent, Gemdale eased 0.08 percent, Poly Developments fell 0.57 percent, China Vanke dropped 1.01 percent, CITIC Securities climbed 1.14 percent and Bank of China and China Petroleum and Chemical (Sinopec) were unchanged.

The lead from Wall Street soft as stocks were lackluster for much of Tuesday's trade, eventually sliding into negative territory as the day progressed.

The Dow shed 39.54 points or 0.15 percent to end at 26,788.10, while the NASDAQ lost 58.69 points or 0.72 percent to 8,104.30 and the S&P 500 fell 10.73 points or 0.36 percent to 2,995.99.

The pullback reflected renewed uncertainty about Brexit after U.K. lawmakers voted to move ahead with legislation related to Britain's withdrawal from the European Union but then voted against a shortened time frame to review the bill.

The choppy trading earlier in the session came as traders digested the latest batch of earnings news, with mixed results pulling the markets in opposite directions as McDonald's (MCD) and UPS (UPS) disappointed while Procter & Gamble (PG) and United Technologies (UTX) beat the street.

In economic news, the National Association of Realtors said existing home sales pulled back by much more than anticipated in September.

Crude oil prices moved up sharply on Tuesday, buoyed by reports that OPEC will announce more output reductions in December. West Texas Intermediate Crude oil futures for November contracts expired at $54.16 a barrel, gaining $0.85 or 1.6 percent for the session.

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