Shanghai Composite Slips 0.58% to 2,939 as Resource Stocks Drag; Global Rally Points Higher

The Shanghai Composite Index fell 20.01 points, or 0.58%, to close at 2,939.36 on Wednesday, even as gains in financial shares offset losses in resource and property stocks. Asian markets are forecast to open higher Thursday, tracking rallies in U.S. and European equities driven by technology shares ahead of key inflation data. The Shenzhen Composite dropped 5.49 points, or 0.35%, to 1,582.58. Among individual movers, China Life Insurance rose 2.29% and Industrial and Commercial Bank of China added 1.01%, while Aluminum Corp of China plunged 6.20% and Yankuang Energy fell 6.84%. On Wall Street, the Dow gained 1.09% to 39,721.36, the NASDAQ rose 1.18% to a record 18,647.45 and the S&P 500 added 1.02% to a record 5,633.91. Federal Reserve Chair Jerome Powell said more good data would strengthen confidence that inflation is moving toward the 2% target, potentially clearing the way for a rate cut.