China's stock market on Friday broke a two-day winning streak in which it had advanced more than 30 points or 1 percent. The Shanghai Composite Index is now just shy of the 3,090 plateau and is likely to open in the red again on Monday.
The global forecast for Asian countries. markets is soft on inflation concerns and geopolitical concerns. European markets were down and US stocks were mixed and Asian markets were supposed to split the difference.
The SCI closed slightly lower on Friday as losses in property and resource stocks were mitigated by support from the financial sector.
During the day, the index lost 19.80 points or 0.64 percent to end at 3,088.10 after trading between 3,080.55 and 3,094.92. The Shenzhen Composite Index sank 15.16 points or 0.79 percent to end at 1,905.41.
Among assets, the Industrial and Commercial Bank of China rose 1.03 percent, while the Bank of China rose 2.06 percent, the China Construction Bank soared 3.23 percent, the Bank China Merchants fell 1.39 percent, Bank of Communications raised 0.68 percent, China Life Insurance fell 1.00 percent, Jiangxi Copper fell 1.43 percent, Aluminum Corp of China (Chalco) plummeted 3.02 percent, Yankuang Energy improved 0.76 percent, China Petroleum and Chemical (Sinopec) added 0.52 percent, Huaneng Power fell 2.05 percent, China Shenhua Energy rose 0.23 percent, Gemdale lost 2.49 percent. percent and PetroChina remained unchanged.
Wall Street's upside is mostly negative, as the major averages opened higher on Friday but quickly headed lower, although the Dow was able to recover before the close.
The Dow Jones added 39.15 points or 0.12 percent to finish at 33,670.29, while the Nasdaq fell 166.99 points or 1.23 percent to close at 13,407.23 and the S&P 500 fell 21.83. points or 0.50 percent to close at 4,327.78.
For the week, the Dow Jones rose 0.8 percent, the Nasdaq fell 0.2 percent and the S&P rose 0.5 percent.
Selling pressure arose following the release of a University of Michigan report showing a drop in consumer confidence and a rise in inflation expectations. The data generated some negative sentiment, although a decline in Treasury yields helped limit the decline.
Traders were also attentive to the evolution of the conflict in the Middle East between Israel and Hamas.
Oil prices rose sharply on Friday amid growing concerns about the possible impact on global crude supplies due to the ongoing conflict between Israel and Hamas. West Texas Intermediate crude oil futures for November rose $4.78 or 5.8 percent to $87.69 a barrel. WTI crude oil futures gained 6 percent for the week.
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