The China stock market on Monday snapped the two-day losing streak in which it had fallen almost 60 points or 1.8 percent. The Shanghai Composite Index now rests just above the 3,475-point plateau and it's called higher again on Tuesday.
The global forecast for the Asian is positive, with strong support expected from the oil and technology stocks. The European and U.S. markets were up and the Asian bourses figure to follow that lead.
The SCI finished sharply higher on Monday following gains from the financial shares and resource stocks, while the properties were mixed.
For the day, the index jumped 49.80 points or 1.45 percent to finish at 3,477.13 after trading between 3,436.67 and 3,481.25.
Among the actives, Industrial and Commercial Bank of China collected 0.69 percent, while Bank of China added 0.74 percent, China Construction Bank gained 0.71 percent, Bank of Communications plunged 3.74 percent, China Life Insurance rose 0.16 percent, Jiangxi Copper jumped 1.89 percent, Aluminum Corp of China (Chalco) climbed 1.02 percent, Yanzhou Coal rallied 2.80 percent, PetroChina perked 0.68 percent, China Petroleum and Chemical (Sinopec) increased 0.51 percent, China Shenhua Energy spiked 2.43 percent, Gemdale tanked 2.37 percent, Poly Developments sank 1.65 percent and China Vanke was up 0.31 percent.
The lead from Wall Street is firm as the major averages opened higher on Monday and remained in the green throughout the session.
The Dow advanced 215.63 points or 0.61 percent to finish at 35,335.71, while the NASDAQ spiked 227.99 points or 1.55 percent to close at 14,942.65 and the S&P 500 climbed 37.86 points or 0.85 percent to end at 4,479.53.
Investors continued to track updates on the coronavirus front and also looked ahead to the upcoming Jackson Hole Symposium, due later this week. Fed Chairman Powell is expected to provide more details about the timeline of tapering of the central bank's bond-buying program and the outlook for the economy.
In economic news, U.S. existing home sales jumped more than expected in July, helping to ease concerns that the economic recovery is faltering.
Crude oil futures settled sharply higher Monday, snapping a seven-day losing streak and posting their biggest single-session gain in five months. West Texas Intermediate Crude oil futures for October jumped $3.50 or 5.6 percent at $65.64 a barrel after sinking 9 percent last week.
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