China Stocks Face Soft Open as Oil Spike, Fed Decision Weigh on Asian Markets

The Shanghai Composite Index is set for a soft open Monday after gaining 32.45 points, or 0.89%, to close at 3,690.48 on Friday, snapping a two-day slide that had erased more than 75 points. The Shenzhen Composite Index surged 52.81 points, or 2.44%, to 2,212.99. The negative lead from Wall Street and rising crude oil prices are pressuring Asian bourses. The Dow fell 652.84 points, or 1.23%, to 52,215.16 on Friday, while the S&P 500 lost 0.52% and the NASDAQ shed 0.21%. Lingering concerns over the artificial intelligence trade contributed to the weakness. West Texas Intermediate crude for December delivery jumped $3.54, or 3.56%, to $103.01 per barrel on fears of a fresh U.S.-Iran conflict and ongoing Houthi-Saudi violence. Traders are reluctant to make significant moves ahead of the Federal Reserve's monetary policy meeting, with the central bank expected to leave rates unchanged on Wednesday.