USBpH

U.S. Bancorp Depositary Shares repstg 1/1000th Pfd Ser B

19.5700
USD
-0.41%
19.5700
USD
-0.41%
18.5500 25.2476
52 weeks
52 weeks

Mkt Cap 782.80M

Shares Out 40.00M

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More Pain Predicted For China Stock Market

(RTTNews) - The China stock market on Tuesday ended the three-day winning streak in which it had gained more than 60 points or 1.7 percent. The Shanghai Composite Index now rests just above the 3,070-point plateau and it's looking at another soft start for Wednesday's trade. The global forecast for the Asian markets is broadly negative, with oil and technology stocks expected to lead the way lower. The European markets were down and the U.S. bourses were mixed and the Asian markets figure to split the difference. The SCI finished sharply lower on Tuesday following losses from the resource stocks, while the properties and financials were mixed. For the day, the index plunged 75.93 points or 2.41 percent to finish at the daily low of 3,070.93 after trading as high as 3,153.13. The Shenzhen Composite Index plummeted 72.28 points or 3.62 percent to end at 1,922.48. Among the actives, Industrial and Commercial Bank of China climbed 1.08 percent, while China Construction Bank eased 0.17 percent, China Merchants Bank retreated 1.49 percent, Bank of Communications fell 0.40 percent, China Life Insurance stumbled 1.33 percent, Jiangxi Copper plunged 4.79 percent, Aluminum Corp of China (Chalco) plummeted 5.92 percent, Yankuang Energy soared 2.38 percent, PetroChina sank 0.77 percent, China Petroleum and Chemical (Sinopec) lost 0.70 percent, Huaneng Power tanked 3.21 percent, China Shenhua Energy rose 0.09 percent, Gemdale strengthened 1.37 percent, Poly Developments added 0.56 percent, China Vanke slumped 1.25 percent, China Fortune Land cratered 5.07 percent, Beijing Capital Development dropped 3.65 percent and Bank of China was unchanged. The lead from Wall Street is mixed to lower as the major averages opened in the red on Tuesday and spent most of the day there, although the Dow crept above the unchanged line at the end. The Dow added 48.38 points or 0.15 percent to finish at 31,928.62, while the NASDAQ plummeted 270.83 points or 2.35 percent to close at 11,264.45 and the S&P 500 sank 32.27 points or 0.81 percent to end at 3,941.48. A steep drop by shares of Snap Inc. (SNAP) weighed on the tech sector after the company warned of weaker than expected second quarter results. The pullback also reflected lingering concerns that aggressive interest rate hikes by the Federal Reserve could lead to a recession; the Fed is due to release the minutes from its latest monetary policy meeting later today, which may shed additional light on the outlook for rates. Adding to the negative sentiment, the Commerce Department reported a much steeper than expected drop in new home sales in April. Crude oil futures slipped on Tuesday on concerns about the outlook for energy demand due to China's increased Covid-19 curbs. Markets are also worried that aggressive monetary policy tightening by central banks to control inflation could tip the global economy into a recession. West Texas Intermediate Crude oil futures for July fell $0.52 or 0.5 percent at $109.77 a barrel. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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