July 5, 2016 - 4:10 PM EDT
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Win Streak May End For China Stock Market

BEIJING (dpa-AFX) - The China stock market has finished higher now in three straight sessions, advancing almost 75 points or 2.5 percent along the way. The Shanghai Composite Index settled just above the 3,000-point plateau, although investors may lock in gains on Wednesday.

The global forecast for the Asian markets is soft, thanks to a slide in the price of crude oil - while profit taking also in likely. The European markets were mixed and the U.S. bourses were firmly in the red - and the Asian markets figure to follow the latter lead.

The SCI finished modestly higher on Tuesday following gains from the resource stocks.

For the day, the index gathered 17.79 points or 0.60 percent to finish at 3,006.39 after trading between 2,990.64 and 3,010.27. The Shenzhen Composite Index added 4.69 points or 0.23 percent to end at 2,006.38.

Among the actives, Luoyang Glass spiked 3.99 percent and Yueyang Forest and Paper advanced 3.38 percent.

The lead from Wall Street is negative as stocks moved lower on Tuesday, snapping a four-day winning streak.

The Dow slid 108.75 points or 0.6 percent to 17,840.62, while the NASDAQ slumped 39.67 points or 0.8 percent to 4,822.90 and the S&P 500 fell 14.40 points or 0.7 percent to 2,088.55.

The weakness came as traders cashed on last week's gains, which nearly offset the sell-off in reaction to Britain's vote to leave the European Union. Renewed worries about the Brexit also weighed on stocks and pulled the British pound down to its lowest level versus the U.S. dollar in over thirty years.

Traders also were looking to Friday's monthly jobs report from the Labor Department. The report is expected to show an increase of 180,000 jobs in June after employment edged up by 38,000 jobs in May.

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Source: Equities.com News (July 5, 2016 - 4:10 PM EDT)

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