(RTTNews) – China’s stock market finished higher in back-to-back sessions, picking up more than 40 points or 1.2 percent along the way. The Shanghai Composite is now just above the 3,320 point plateau and could extend its gains on Tuesday.

Global forecasts for Asian markets are positive following a sharp drop in oil prices. European and American markets were rising and Asian stock markets are expected to follow suit.

The SCI finished slightly higher as gains in real estate and natural resource stocks were offset by weakness in financials and oil companies.

For the day, the index gained 22.50 points or 0.68 percent to end at the daily high of 3,322.20 after hitting a low of 3,279.72. The Shenzhen Composite Index improved 27.93 points or 1.41 percent to finish at 2,002.58.

Among assets, Industrial and Commercial Bank of China fell 0.82 percent, while Bank of China lost 0.61 percent, China Construction Bank fell 1.23 percent, China Merchants Bank stumbled 1.48 percent, Agricultural Bank of China fell 1.24 percent, China Life Insurance fell 1.46 percent. , Jiangxi Copper rose 1.53 percent, Aluminum Corp of China (Chalco) rose 1.06 percent, Yankuang Energy climbed 1.01 percent, PetroChina fell 0.24 percent, China Petroleum and Chemical (Sinopec) fell 0.16 percent, Huaneng Power accelerated 2.75 percent, China Shenhua Energy rose. 0.42 percent, Gemdale jumped 4.24 percent, Poly Developments jumped 1.87 percent and China Vanke jumped 2.74 percent.

Wall Street’s lead is optimistic as the major averages opened slightly higher on Monday and stayed that way throughout the trading day.

The Dow Jones gained 273.17 points or 0.65 percent to end at 42,387.57, while the NASDAQ gained 48.58 points or 0.26 percent to end at 18,567.19 and the S&P 500 added 15.40 points or 0.27 percent to finish at 5,823.52.

The strength on Wall Street occurred against a backdrop of a sharp decline in the price of oil. Oil prices fell sharply on Monday as concerns about supply disruptions eased after Israel avoided hitting Iranian oil facilities over the weekend. West Texas Intermediate crude oil futures for December plunged $4.40 or 6.1 percent to $67.38 a barrel.

At the same time, traders were also looking forward to the release of major US economic data later in the week. The monthly jobs report as well as a personal income and spending report including the Federal Reserve’s preferred inflation numbers will likely be in the spotlight.

The data could impact the economic outlook as well as expectations about how quickly the Fed will lower interest rates.