Oil&nbsp;prices&nbsp;surged&nbsp;more&nbsp;than&nbsp;six&nbsp;per cent&nbsp;in&nbsp;Asian&nbsp;trade&nbsp;Tuesday&nbsp;following&nbsp;heavy&nbsp;losses&nbsp;a&nbsp;day&nbsp;earlier&nbsp;after&nbsp;top&nbsp;exporter&nbsp;Saudi&nbsp;Arabia&nbsp;began&nbsp;a&nbsp;price&nbsp;war&nbsp;with&nbsp;Russia.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-bounce-supports-asia-stocks-after-black-monday-285351" hreflang="en">Oil bounce supports Asia stocks after 'Black Monday'</a>

West Texas Intermediate was trading up 6.1 per cent&nbsp;at&nbsp;more&nbsp;than&nbsp;$33 a barrel while Brent crude advanced 6.6 per cent&nbsp;to over $36 a barrel.&nbsp;

Prices&nbsp;had plunged by almost a third Monday, the biggest drop since the 1991 Gulf&nbsp;War&nbsp;after&nbsp;Riyadh drove through massive&nbsp;price&nbsp;cuts in a bid to win market share.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/wion-fineprint-saudi-arabia-plans-big-oil-output-hike-285319/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

That came&nbsp;after&nbsp;Russia&nbsp;rejected calls from&nbsp;oil-exporting group OPEC, which includes&nbsp;Saudi&nbsp;Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand.&nbsp;

The bust-up signals the disintegration of an alliance between OPEC and&nbsp;Russia, the world's second-biggest&nbsp;oil&nbsp;producer, which sought to control supply to support&nbsp;prices.&nbsp;

"Investors are buckling in for a protracted and precarious battle of the&nbsp;oil&nbsp;mega powers for world dominance," said Stephen Innes, chief market strategist at AxiCorp.

He said it was unclear whether the&nbsp;Saudi&nbsp;move was "a short-term strategy or will be sustained for a prolonged period -- which makes the outlook for crude&nbsp;prices&nbsp;extraordinarily uncertain".

Oil prices surged more than six per cent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia.

Oil prices surged more than six per cent in Asian trade Tuesday following heavy losses a day earlier after top exporter Saudi Arabia began a price war with Russia. Also read: Oil bounce supports Asia stocks after 'Black Monday' West Texas Intermediate was trading up 6.1 per cent at more than $33 a barrel while Brent crude advanced 6.6 per cent to over $36 a barrel. Prices had plunged by almost a third Monday, the biggest drop since the 1991 Gulf War after Riyadh drove through massive price cuts in a bid to win market share. That came after Russia rejected calls from oil-exporting group OPEC, which includes Saudi Arabia, for deeper output cuts to combat a coronavirus-fuelled slump in demand. The bust-up signals the disintegration of an alliance between OPEC and Russia, the world's second-biggest oil producer, which sought to control supply to support prices. "Investors are buckling in for a protracted and precarious battle of the oil mega powers for world dominance," said Stephen Innes, chief market strategist at AxiCorp. He said it was unclear whether the Saudi move was "a short-term strategy or will be sustained for a prolonged period -- which makes the outlook for crude prices extraordinarily uncertain".

Oil prices claw back ground post crash

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia.

Shipping rates from the Middle East to Asia, for instance, have risen by more than 25% since last Friday, while several traders are making enquiries to lease tankers to temporarily store oil offshore, traders and shipping sources told Reuters on Tuesday.

The cost of renting a VLCC, which can carry 2 million barrels of crude and can be used for floating storage, was assessed Tuesday at around $38,700 per day, compared with around $30,700 per day on Friday and $14,800 a month ago, shipbroker sources said.

Also Read: <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Oil prices surge after US strike kills Iranian general Soleimani</a> 
&nbsp;

"Tanker offers are quite high today," said a Singapore-based crude oil trader. "Now the contango market structure supports (oil storage), but shipowners are raising prices."

Oil tanker charter rates jump as traders hunt for ships to store cheap oil.

The rise in tanker chartering rates is a boon for shipowners who have seen demand walloped recently by the fast-spreading coronavirus outbreak which choked commodity and semi-finished goods imports into top consumer China.

Also Read: <a href="https://www.wionews.com/world/oil-prices-surge-after-trump-tears-up-iran-deal-135734">Oil prices surge after Trump tears up Iran deal</a>

We are seeing several deals being negotiated for short-term (6-12 months) charters, with one already concluded. The fall in oil prices has made floating storage more attractive, although the margins are still relatively thin," energy shipbroker and consultancy Poten &amp; Partners said in a research note.

A Pareto Securities shipping note to clients said: "while actual fixing activity was rather limited yesterday, the 'floating storage' interest has boosted shipowners' sentiment and rate ideas have thus been increased substantially."

Another shipbroker in Singapore said his firm had not secured any fixtures yet "but there a is huge expectation of firming of the spot market. It's the older tonnage that will be more likely to be engaged for floating storage."

Crude oil's forward curve change from backwardation to contango.

Crude oil prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply.

Major milestones for big moves in light crude oil prices.

Also Read: <a href="https://www.wionews.com/videos/venezulea-crisis-crude-oil-prices-surge-195411">Venezulea Crisis: Crude oil prices surge</a>

Several refiners are already looking to maximise imports of Middle Eastern purchase to take advantage of cheap crude after the Saudis slashed their official selling prices (OSPs) for April in an attempt to lure buyers.

"The VLCC rates are climbing up but it's mainly sentiment-driven right now, it's main traders who are enquiring for storage," a Singapore-based ship broker told Reuters.

The Worldscale index rate for shipping crude on a VLCC from the Middle East to North Asia rose to 54 points on Tuesday, from 49 points on Monday, according to trade and shipping sources.

Time charter equivalent rates for a 2,70,000 deadweight tonnes tanker on the Middle East to China route increased by 27 per cent in one day on Monday, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore.

The flip in the crude oil market's forward curve to a contango where deferred prices are above spot prices has been a key factor spurring demand for storage.

Also Read: <a href="https://www.wionews.com/business-%26-economy/oil-prices-fall-on-dip-in-china-demand-surging-us-output-143077">Oil prices fall on dip in China demand, surging US output</a>

The recent steep fall in spot Brent oil prices has made storing oil for later sale economical.

In the Middle East benchmark Dubai crude oil market, the April, May Dubai inter-month spread widened to 77 cents a barrel as of noon on Tuesday, making oil storage profitable. Brent crude prices are in a similar structure.

In addition to floating storage, countries like China and India could move to exploit the weak prices and increase imports for strategic reserves, boosting tanker demand, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore.

"China, in particular, was the first to suffer from the coronavirus outbreak, but now also seems to be the first to put it behind them. The situation seems increasingly under control," he said.

&nbsp;

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia.

Tanker rates to ship oil in very large crude carriers (VLCCs) are surging as oil traders hunt for ships to store cheap oil in as they take advantage of a 25% plunge in prices on Monday amid a price war between top oil producers Saudi Arabia and Russia. Shipping rates from the Middle East to Asia, for instance, have risen by more than 25% since last Friday, while several traders are making enquiries to lease tankers to temporarily store oil offshore, traders and shipping sources told Reuters on Tuesday. The cost of renting a VLCC, which can carry 2 million barrels of crude and can be used for floating storage, was assessed Tuesday at around $38,700 per day, compared with around $30,700 per day on Friday and $14,800 a month ago, shipbroker sources said. Also Read: Oil prices surge after US strike kills Iranian general Soleimani "Tanker offers are quite high today," said a Singapore-based crude oil trader. "Now the contango market structure supports (oil storage), but shipowners are raising prices." Oil tanker charter rates jump as traders hunt for ships to store cheap oil. The rise in tanker chartering rates is a boon for shipowners who have seen demand walloped recently by the fast-spreading coronavirus outbreak which choked commodity and semi-finished goods imports into top consumer China. Also Read: Oil prices surge after Trump tears up Iran deal We are seeing several deals being negotiated for short-term (6-12 months) charters, with one already concluded. The fall in oil prices has made floating storage more attractive, although the margins are still relatively thin," energy shipbroker and consultancy Poten & Partners said in a research note. A Pareto Securities shipping note to clients said: "while actual fixing activity was rather limited yesterday, the 'floating storage' interest has boosted shipowners' sentiment and rate ideas have thus been increased substantially." Another shipbroker in Singapore said his firm had not secured any fixtures yet "but there a is huge expectation of firming of the spot market. It's the older tonnage that will be more likely to be engaged for floating storage." Crude oil's forward curve change from backwardation to contango. Crude oil prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply. Major milestones for big moves in light crude oil prices. Also Read: Venezulea Crisis: Crude oil prices surge Several refiners are already looking to maximise imports of Middle Eastern purchase to take advantage of cheap crude after the Saudis slashed their official selling prices (OSPs) for April in an attempt to lure buyers. "The VLCC rates are climbing up but it's mainly sentiment-driven right now, it's main traders who are enquiring for storage," a Singapore-based ship broker told Reuters. The Worldscale index rate for shipping crude on a VLCC from the Middle East to North Asia rose to 54 points on Tuesday, from 49 points on Monday, according to trade and shipping sources. Time charter equivalent rates for a 2,70,000 deadweight tonnes tanker on the Middle East to China route increased by 27 per cent in one day on Monday, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore. The flip in the crude oil market's forward curve to a contango where deferred prices are above spot prices has been a key factor spurring demand for storage. Also Read: Oil prices fall on dip in China demand, surging US output The recent steep fall in spot Brent oil prices has made storing oil for later sale economical. In the Middle East benchmark Dubai crude oil market, the April, May Dubai inter-month spread widened to 77 cents a barrel as of noon on Tuesday, making oil storage profitable. Brent crude prices are in a similar structure. In addition to floating storage, countries like China and India could move to exploit the weak prices and increase imports for strategic reserves, boosting tanker demand, said Ralph Leszczynski, head of research at shipbroker Banchero Costa in Singapore. "China, in particular, was the first to suffer from the coronavirus outbreak, but now also seems to be the first to put it behind them. The situation seems increasingly under control," he said.

Tanker rates surge as traders hunt for ships to store cheap oil

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.

<a href="https://www.wionews.com/business-economy/oil-takes-biggest-daily-dive-in-over-a-decade-as-russia-opec-split-284881">Also Read:&nbsp;Oil takes biggest daily dive in over a decade as Russia, OPEC split</a>

Russian energy minister Alexander Novak told state television that various tools including reduction and increasing production could take place after Saudi Arabia indicated it would increase production from current level of &nbsp;9.7 million bpd.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/wion-fineprint-saudi-arabia-plans-big-oil-output-hike-285319/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement.

Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement.

Saudi Arabia's decision to ramp up oil output is set to trigger an all-out price war in a sector which has been hit due to fall in demand due to the coronavirus in China and large scale oil inventory present in the world markets with demand not likely to take place in the near future.

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991.

Oil prices rose ten per cent on Tuesday after Russia indicated that it was open to cooperation with OPEC, a day after prices recorded biggest one-day percentage decline since the first Gulf War in 1991. Also Read: Oil takes biggest daily dive in over a decade as Russia, OPEC split Russian energy minister Alexander Novak told state television that various tools including reduction and increasing production could take place after Saudi Arabia indicated it would increase production from current level of 9.7 million bpd. Watch Video: "Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement. Brent crude futures were up $3.36, nearly 10%, to $37.72 a barrel. "The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement. Saudi Arabia's decision to ramp up oil output is set to trigger an all-out price war in a sector which has been hit due to fall in demand due to the coronavirus in China and large scale oil inventory present in the world markets with demand not likely to take place in the near future.

Oil prices rise 10% after Russia indicates 'open to cooperation with OPEC'

In order to counter the economic impact from the ongoing coronavirus crisis, government&nbsp;and policy-makers need to implement substantial measures

That's the word from international monetary fund's chief economist Gita Gopinath.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

<img alt="ss" data-entity-type="file" data-entity-uuid="96d0b525-652f-4ef9-b6fc-efd979019799" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design_84.jpg" />

In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs.

She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries.

Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same.

She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine.

In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.&nbsp; 
&nbsp;

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath.

In order to counter the economic impact from the ongoing coronavirus crisis, government and policy-makers need to implement substantial measures That's the word from international monetary fund's chief economist Gita Gopinath. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report In a blog on IMF's website, Chief economist at IMF, Gita Gopinath has suggested some recommendations like providing money directly into the hands of households and businesses and also implement substantial targeted fiscal and financial market measures. Also read: Global growth to fall below last year's level due to coronavirus: IMF Gopinath further added that the government should enhance funding unwell workers so that they can stay at home without fear of losing their jobs. She also suggested that to counter the current instability central banks should be ready to provide liquidity to banks particularly to those lending to medium and cottage industries. Gopinath said that for those laid off, unemployment insurance could be temporarily enhanced, by extending the duration of the insurance, increasing benefits or relaxing eligibility for the same. She elucidated the example of Italy’s extension of tax deadline and wage supplementation fund to support the workers amid travel restrictions and quarantine. In an effort to ease down the effects of financial crunch amid virus outbreak South Korea has initiated wage subsidies to help people need their daily needs and businesses to continue their services.

IMF's chief economist Gita Gopinath suggest ways to counter economic impact from coronavirus

Equity benchmark <a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1400-points-on-global-carnage-nifty-below-11000-284630">Sensex plummeted</a> over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices.

Global oil benchmark Brent crude futures plunged nearly 30 per cent to $32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

Also read:<a href="https://www.wionews.com/business-economy/sensex-closes-over-890-points-down-over-yes-bank-coronavirus-fears-284748"> Sensex closes over 890 points down over Yes Bank, coronavirus fears</a>

Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40.

In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed.

Also read: <a href="https://www.wionews.com/world/south-korean-pm-says-turning-point-near-in-coronavirus-fight-285173">South Korean PM says 'turning point' near in coronavirus fight</a>

ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&amp;T, SBI and Tech Mahindra. 
Sun Pharma was the sole gainer.

According to traders, investor sentiment took fresh beating tracking the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus and sinking crude prices.

Incessant foreign fund outflow also spooked market participants, traders said.

Bourses in Shanghai dropped over 2.41 per cent, Hong Kong 3.53 per cent, Seoul 3.89 per cent and Tokyo cracked up to 5.65 per cent.

As oil prices plunged nearly 30 per cent, adding to

Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by $4-6 a barrel to Asia and $7 to the United States, with Aramco selling its

Arabian Light at an unprecedented $10.25 a barrel less than Brent to Europe, reports said.

Back home, the Yes Bank crisis has raise concerns over the stability of the country's banking system, adding to the woes of domestic investors, traders said.

The rupee, meanwhile, was trading flat at 73.89 against the US dollar in morning session.

Equity benchmark Sensex plummeted over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices.

Equity benchmark Sensex plummeted over 1,500 points in the opening session on Monday led by a deepening rout in global markets amid volatility due to rapidly-spreading coronavirus and free-falling oil prices. Global oil benchmark Brent crude futures plunged nearly 30 per cent to $32.11 per barrel after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. Also read: Sensex closes over 890 points down over Yes Bank, coronavirus fears Continuing its downward spiral, the 30-share index was plunged 1515.01 points, or 4.03 per cent, to 36,061.61. The NSE Nifty too cracked 417.05 points, or 3.80 per cent, to 10,572.40. In the previous session, the 30-share BSE barometer settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45. On a net basis, foreign institutional investors sold equities worth Rs 3,594.84 crore, while domestic institutional investors bought shares worth Rs 2,543.78 crore on Friday, data available with stock exchanges showed. Also read: South Korean PM says 'turning point' near in coronavirus fight ONGC was the top laggard in the Sensex pack, nosediving up to 11 per cent, followed by IndusInd Bank, RIL, PowerGrid, Tata Steel, L&T, SBI and Tech Mahindra. Sun Pharma was the sole gainer. According to traders, investor sentiment took fresh beating tracking the heightened volatility in global markets amid concerns over the rapidly-spreading coronavirus and sinking crude prices. Incessant foreign fund outflow also spooked market participants, traders said. Bourses in Shanghai dropped over 2.41 per cent, Hong Kong 3.53 per cent, Seoul 3.89 per cent and Tokyo cracked up to 5.65 per cent. As oil prices plunged nearly 30 per cent, adding to Global crude prices tanked after Saudi Arabia on Monday cut its price for April delivery by $4-6 a barrel to Asia and $7 to the United States, with Aramco selling its Arabian Light at an unprecedented $10.25 a barrel less than Brent to Europe, reports said. Back home, the Yes Bank crisis has raise concerns over the stability of the country's banking system, adding to the woes of domestic investors, traders said. The rupee, meanwhile, was trading flat at 73.89 against the US dollar in morning session.

Sensex nosedives over 1,500 points on global equity rout

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare.

<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272">Also Read:&nbsp;Market plunges 1,942 points in worst day for Sensex</a>

The Dow Jones Industrial Average sank 7.3 per cent to 23,979.90, while the Nasdaq Composite Index fell 6.9 per cent to 7,987.44.

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe src="https://www.wionews.com/videos/italy-becomes-second-country-after-china-in-coronavirus-deaths-285302/embed" width="560" height="350" style="width:100%;max-width:560px;" class="includeVideo" frameborder="0" autoplay=1 allowfullscreen></iframe></div>

In Brazil, Sao Paulo exchange suspended trading on Monday after stocks plunged more than 10 per cent amid the coronavirus scare.

Shares of Brazil's state-controlled oil giant Petrobras fell over 24 per cent after global oil prices fell more than 30 per cent.

In India too there was bloodbath at the markets with the Sensex plummeting over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus.

After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Oil prices fell thirty per cent after Saudi Arabia signalled it would hike output to win market share sending shockwaves in world markets.

OPEC and Russia had earlier failed to reach an agreement over output cut due to the coronavirus outbreak.

Bourses across Asia had also fallen earlier in the day with Tokyo closing more than five per cent lower and Sydney down over seven per cent. 
&nbsp;

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare. Also Read: Market plunges 1,942 points in worst day for Sensex The Dow Jones Industrial Average sank 7.

Trading at the Wall Street was halted for 15 minutes as US stocks nosedived amid the coronavirus scare. Also Read: Market plunges 1,942 points in worst day for Sensex The Dow Jones Industrial Average sank 7.3 per cent to 23,979.90, while the Nasdaq Composite Index fell 6.9 per cent to 7,987.44. Watch Video: In Brazil, Sao Paulo exchange suspended trading on Monday after stocks plunged more than 10 per cent amid the coronavirus scare. Shares of Brazil's state-controlled oil giant Petrobras fell over 24 per cent after global oil prices fell more than 30 per cent. In India too there was bloodbath at the markets with the Sensex plummeting over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus. After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95. Oil prices fell thirty per cent after Saudi Arabia signalled it would hike output to win market share sending shockwaves in world markets. OPEC and Russia had earlier failed to reach an agreement over output cut due to the coronavirus outbreak. Bourses across Asia had also fallen earlier in the day with Tokyo closing more than five per cent lower and Sydney down over seven per cent.

US stock trading halted as Dow, Nasdaq plunge over coronavirus fears

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.

According to Forbes real-time net worth, the world's 20th richest man's net worth stood at $42.2 billion, down 11.68% as of 17:28 on Monday. In a single day, his net worth fell by $5.6 billion, according to Forbes.

Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell as much as 31 per cent following the Saudi's move to start a price war after talks with Russia on reducing oil output&nbsp;failed to reach a consensus.

With the crash, the market capitalization of RIL fell below that of TCS, at Rs 7.05 lakh crore. The market values TCSNSE -6.81 % at Rs 7.31 lakh crore.&nbsp;

<a href="https://www.wionews.com/business-economy/market-plunges-1942-points-in-worst-day-for-sensex-ongc-reliance-industries-top-losers-285272">Shareholders of the company</a> lost over Rs 1.08 lakh crore in a single day.

In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore.

Similarly, shares of state-owned oil explorer ONGC also fell nearly 14% to a fresh 52-week low of Rs 76.25 on worries over refining margin.

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008.

Asia's richest person Mukesh Ambani became poorer by over Rs 41, 700 crores on Monday as shares of Reliance Industries plunged 13 per cent, falling most since October 2008. According to Forbes real-time net worth, the world's 20th richest man's net worth stood at $42.2 billion, down 11.68% as of 17:28 on Monday. In a single day, his net worth fell by $5.6 billion, according to Forbes. Shares of Reliance Industries saw massive selloff on Monday after crude oil prices fell as much as 31 per cent following the Saudi's move to start a price war after talks with Russia on reducing oil output failed to reach a consensus. With the crash, the market capitalization of RIL fell below that of TCS, at Rs 7.05 lakh crore. The market values TCSNSE -6.81 % at Rs 7.31 lakh crore. Shareholders of the company lost over Rs 1.08 lakh crore in a single day. In November 2019, RIL became the first Indian company to hit a market capitalisation of Rs 10 lakh crore. In this year so far, RIL's market value fell by Rs 3 lakh crore. Similarly, shares of state-owned oil explorer ONGC also fell nearly 14% to a fresh 52-week low of Rs 76.25 on worries over refining margin.

Mukesh Ambani becomes poorer by over Rs 41, 700 crores after Sensex crash

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942&nbsp;points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war.

After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95.

Likewise, Nifty slumped 538 points or 4.90 per cent to close at 10,451.45.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/sensex-plummets-2400-points-nifty-plunges-below-10400-285212">Sensex plummets 2,400 points, Nifty plunges below 10,400</a>

ONGC was the top loser&nbsp;in the Sensex pack, losing over 16 per cent, followed Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto.

Stocks of Reliance Industries registered the biggest fall in <a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1500-points-on-global-equity-rout-285189">over 10 years </a>as it fell to Rs 1,094.95 per share or 12 per cent.&nbsp;

Shares of SBI plunged over 6 per cent after it said it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore.

Yes Bank, on the other hand, gained over 31 per cent.

According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of the rapid spread of coronavirus on the world economy, reported news agency PTI.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 per cent.

European benchmarks also plunged up to 6 per cent their morning sessions.

Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets.

After tanking up to 30 per cent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 per cent down at USD 36.97 per barrel.

On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day).&nbsp;

The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of the economic impact of the coronavirus epidemic.

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war.

Investor wealth around 7 lakh crore was wiped off on Monday as Sensex plummeted over 1,942 points following global market plunge triggered by a rapidly-spreading coronavirus and free-fall in oil prices after Saudi Arabia launched a price war. After sinking over 2,467 points during the day, the 30-share index settled 1,941.67 points or 5.17 per cent lower at 35,634.95. Likewise, Nifty slumped 538 points or 4.90 per cent to close at 10,451.45. Also read | Sensex plummets 2,400 points, Nifty plunges below 10,400 ONGC was the top loser in the Sensex pack, losing over 16 per cent, followed Reliance Industries, IndusInd Bank, Tata Steel, TCS, SBI, ICICI Bank and Bajaj Auto. Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share or 12 per cent. Shares of SBI plunged over 6 per cent after it said it will pick up a 49 per cent stake in Yes Bank for Rs 2,450 crore. Yes Bank, on the other hand, gained over 31 per cent. According to traders, domestic stocks faced massive selloff as the global market rout continued to intensify amid concerns over the adverse impact of the rapid spread of coronavirus on the world economy, reported news agency PTI. Bourses in Shanghai, Hong Kong, Seoul and Tokyo sank up to 5 per cent. European benchmarks also plunged up to 6 per cent their morning sessions. Volatility was also fuelled by the sharp plunge in crude oil prices after top exporter Saudi Arabia launched a price war in response to a failure by leading producers to strike a deal to support energy markets. After tanking up to 30 per cent earlier in the day, Brent crude oil futures recovered marginally and were 18.33 per cent down at USD 36.97 per barrel. On the currency front, the Indian rupee depreciated 13 paise to 74 per US dollar (intra-day). The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points. The plunge in the domestic indices was in line with the global markets on persistent fears of the economic impact of the coronavirus epidemic.

Market plunges 1,942 points in worst day for Sensex; ONGC, Reliance Industries top losers

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts.

The bank has come under serious liquidity crisis, majorly because of two things happening simultaneously. Firstly, several borrowers of the bank defaulted their payment, and secondly, the public started taking out money from their accounts. Since March 2019, more than Rs. 1 lakh crore has been withdrawn by its depositors which includes Rs. 77,000 crores of Fixed Deposits. On the other hand, loans worth Rs. 17,134 crores have gone bad i.e. the borrowers have defaulted on their payments. Thus, the bank is not in a comfortable position to pay back depositors’ money and thus feeling the heat. However, it is not yet a big crisis but a proactive step to control one. Is the bank running into losses? No, it’s not! But that the depositor’s money is blocked due to loans given by the bank and some of them becoming bad. As per it’s 2018-19 annual report, Yes Bank had public deposits of around Rs. 2.26 lakh crores while the bank has given out loans worth Rs. 2.36 lakh crores. Also read | Potential investor will have to pick up 49% stake in Yes Bank; SBI shown willingness: RBI Currently, the deposits have come down further to around Rs. 2.09 lakh crores, thus making it less than the cumulative loan granted by the bank. This means that, if all the money is recovered, it will have more than what it needs to pay back. Moreover, the bank’s net profit grew steadily from Rs. 1618 crores in 2014 to Rs. 4225 crores in 2018 but plunged to Rs. 1720 in 2019. It is expected to have gone down further but is still positive. How did this happen? Problems which lead to this crisis: Bad Loans/NPAs: The bank has been understating its non-performing assets (NPAs) and RBI has questioned it more than once in the past for the same. In FY’19 alone, it reported a divergence of Rs 3,277 crore in bad loans and Rs 978 crore in NPA provisions. Currently out of the Rs. 2.25 lakh crores loan, more than Rs. 17,000 crores have gone bad i.e. their recovery is very difficult. Poor Management: The corporate governance of the bank and management practices have deteriorated in the past. Several directors have resigned in the past, some blaming its MD & CEO, Senior Group President Governance & Controls and others. On top of it, people started withdrawing money from the bank and it also failed to raise additional money to save it from the crisis. What is the bank’s spread? It is India’s fourth-largest private sector bank in the country with a pan-India presence across all the states and Union Territories in India. Yes Bank has a footprint of 1122 branches and more than 1300 ATMs. It started in functioning in 2004 as a small bank and slowly grew into a full-fledged bank. Its customer base is not very clear but could run around several lakhs or even a few crores. What now? For a depositor of the bank, there is no need to worry as the bank still has more assets than liabilities. Moreover, even if the bank goes bust, as per the amended scheme, your deposits up to Rs. 5,00,000 is insured and the government will pay your money back if the bank is incapable to do so. Also, the State Bank of India is expected to invest Rs 2,450 Crore and take over the management of the bank. This will help Yes Bank recover from the trust deficit which is a major reason for the crisis. Having said so, those who need any amount in excess of Rs. 50,000 from their Yes Bank account could face the constraint since till 3rd April 2020, it would not be possible. However, once the situation is accessed, RBI could issue some relaxation.

Explainer: What is the Yes Bank crisis? 

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production.

Brent slid to its biggest daily loss in more than 11 years on Friday after Russia balked at OPEC's proposed steep production cuts to stabilize prices hit by economic fallout from the coronavirus, and OPEC responded by removing limits on its own production. More than 1 million US crude contracts changed hands during the session, as the three-year pact between OPEC and Russia ended in acrimony. "Prices plunged because the OPEC confab ended up being an epic fail on the part of all involved. Russia has clearly decided to employ a scorched earth approach to the oil market: every country for itself," said John Kilduff, partner at Again Capital LLC in New York. Brent futures had their its biggest daily percentage fall since December 2008, down $4.72, or 9.4%, to settle at $45.27 a barrel. It was Brent's lowest closing price since June 2017. US West Texas Intermediate crude dropped $4.62, or 10.1%, to $41.28, its lowest close since August 2016 and the largest daily percentage loss since November 2014. More than 4.58 million US front-month crude contracts changed hands this week, the busiest week ever for that contract. Both Brent and WTI are down over 30% so far this year. The number of people infected with coronavirus across the world surpassed 100,000 as the outbreak reached more countries and the economic damage intensified. Business districts began to empty and stock markets tumbled. The split between OPEC and Russia revived fears of a 2014 oil price crash, when Saudi Arabia and Russia fought for market share with U.S. shale oil producers, which have never participated in output-limiting pacts. OPEC was pushing for an additional 1.5 million barrels per day (bpd) of cuts until the end of 2020. Non-OPEC states were expected to contribute 500,000 bpd to the overall extra cut, OPEC ministers said. The new deal would have meant OPEC+ production curbs amounting to a total of 3.6 million bpd, or about 3.6% of global supply. "From (April 1) all oil producers are allowed to produce as much as they like," analysts at ABN AMRO said in a report. The Dutch bank cut its Brent oil price forecast for 2020 by 15.5% to $49 a barrel from the previous forecast of $58. The bank noted that OPEC Secretary-General Mohammad Barkindo indicated there will be more informal meetings on the proposed cuts in coming weeks, however.

Oil takes biggest daily dive in over a decade as Russia, OPEC split

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains.

Exports fell 17.2 percent, the biggest drop since February 2019 during the trade war with the United States, and imports dropped 4 percent, according to official data released Saturday.

A Bloomberg poll of economists had expected exports to drop less, by 16.2 percent, but had forseen a much starker drop on imports of 16.1 percent.

Consumers stayed home during the Lunar New Year break at the end of January and businesses saw a much slower return to work, as the country struggled to contain the spread of the deadly coronavirus, which has killed more than 3,000 people in China alone.

China's trade surplus with the US -- a key point of contention in the trade dispute between the two countries -- sharply narrowed 40 percent in the first two months, from $42 billion last year to $25.4 billion.

Chinese authorities said last month that January and February's data would be combined.

This is in line with how some other indicators are released, to smooth over distortions from the holiday break.

In an early sign of the economic impact to come, China's manufacturing activity fell to its lowest level on record in February, with non-manufacturing activity plummeting as well.

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains.

China's exports plummeted in the first two months of this year on the back of a coronavirus epidemic that forced businesses to suspend operations, disrupting the world's supply chains. Exports fell 17.2 percent, the biggest drop since February 2019 during the trade war with the United States, and imports dropped 4 percent, according to official data released Saturday. A Bloomberg poll of economists had expected exports to drop less, by 16.2 percent, but had forseen a much starker drop on imports of 16.1 percent. Consumers stayed home during the Lunar New Year break at the end of January and businesses saw a much slower return to work, as the country struggled to contain the spread of the deadly coronavirus, which has killed more than 3,000 people in China alone. China's trade surplus with the US -- a key point of contention in the trade dispute between the two countries -- sharply narrowed 40 percent in the first two months, from $42 billion last year to $25.4 billion. Chinese authorities said last month that January and February's data would be combined. This is in line with how some other indicators are released, to smooth over distortions from the holiday break. In an early sign of the economic impact to come, China's manufacturing activity fell to its lowest level on record in February, with non-manufacturing activity plummeting as well.

China exports plunge 17.2% in January-February on virus hit

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a <a href="https://www.wionews.com/business-economy/sensex-crashes-939-points-over-coronavirus-fears-283761">massive selloff in global stocks</a> as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak.

The rupee too depreciated 53 paise to 73.86 against the US dollar in the morning session. <a href="https://www.wionews.com/business-economy/sensex-nifty-crash-as-global-markets-dive-over-spread-of-coronavirus-283314">Incessant foreign fund outflow</a> also spooked market participants, traders said.

After sinking 1,459.52 points in early trade, the 30-share index was down 1052.33 points, or 2.74 per cent, at 37,418.28, and the NSE Nifty plunged 318.30 points, or 2.82 per cent, to 10,950.70.

Also read: <a href="https://www.wionews.com/world/trump-says-us-economy-could-take-hit-from-coronavirus-284605">Trump says US economy could take hit from coronavirus</a>

In the previous session, the 30-share BSE barometer settled 61.13 points or 0.16 per cent higher at 38,470.61, and the Nifty advanced 18 points or 0.16 per cent to finish at 11,269.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,476.75 crore, while domestic institutional investors bought shares worth Rs 2,510.89 crore on Thursday, data available with stock exchanges showed.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/coronavirus-poses-risks-to-fragile-recovery-in-global-economy-imf-281671">Coronavirus poses risks to fragile recovery in global economy: IMF</a>

Shares of Yes Bank tanked 25 per cent after the capital-starved lender was placed under a moratorium, with the Reserve Bank of India (RBI) capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. 
The rare move, made by the RBI and the government, came hours after finance ministry sources confirmed that State Bank of India (SBI) was directed to bail out the troubled lender.

SBI cracked over 6 per cent, and was among the top losers on Sensex. IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement were also in the red.

According to traders, investor sentiment was hit by intense selling in global equities as heightened volatility on concerns over the economic impact of coronavirus on world economies plagued markets.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo cracked up to 3 per cent.Stock exchanges in the US too ended up to 3 per cent lower on Thursday. Global oil benchmark Brent crude futures cracked 1.04 per cent to USD 49.47 per barrel.

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a massive selloff in global stocks as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak.

Equity benchmark Sensex plummeted over 1,400 points in the opening session on Friday led by a massive selloff in global stocks as volatility peaked amid rising concerns over the economic strain of the coronavirus outbreak. The rupee too depreciated 53 paise to 73.86 against the US dollar in the morning session. Incessant foreign fund outflow also spooked market participants, traders said. After sinking 1,459.52 points in early trade, the 30-share index was down 1052.33 points, or 2.74 per cent, at 37,418.28, and the NSE Nifty plunged 318.30 points, or 2.82 per cent, to 10,950.70. Also read: Trump says US economy could take hit from coronavirus In the previous session, the 30-share BSE barometer settled 61.13 points or 0.16 per cent higher at 38,470.61, and the Nifty advanced 18 points or 0.16 per cent to finish at 11,269. On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,476.75 crore, while domestic institutional investors bought shares worth Rs 2,510.89 crore on Thursday, data available with stock exchanges showed. Also Read: Coronavirus poses risks to fragile recovery in global economy: IMF Shares of Yes Bank tanked 25 per cent after the capital-starved lender was placed under a moratorium, with the Reserve Bank of India (RBI) capping deposit withdrawals at Rs 50,000 per account for a month and superseding its board. Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment. The rare move, made by the RBI and the government, came hours after finance ministry sources confirmed that State Bank of India (SBI) was directed to bail out the troubled lender. SBI cracked over 6 per cent, and was among the top losers on Sensex. IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement were also in the red. According to traders, investor sentiment was hit by intense selling in global equities as heightened volatility on concerns over the economic impact of coronavirus on world economies plagued markets. Bourses in Shanghai, Hong Kong, Seoul and Tokyo cracked up to 3 per cent.Stock exchanges in the US too ended up to 3 per cent lower on Thursday. Global oil benchmark Brent crude futures cracked 1.04 per cent to USD 49.47 per barrel.

Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement.

The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-rises-more-than-1-ahead-of-opec-meeting-to-discuss-supply-cuts-284412">Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts</a>

They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said.

India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added.

Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year.

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Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin.

Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects. Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement. The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said. Also read: Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said. India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added. Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year. Watch: × Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin. Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russia boosts oil supply to India

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money.

<a href="https://www.wionews.com/business-economy/sensex-nosedives-over-1400-points-on-global-carnage-nifty-below-11000-284630">Also Read: Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000</a>

The broader NSE Nifty also fell 279.55 points or 2.48 per cent to close at 10,989.45.

Earlier in the day, the Sensex had nosedived over 1,400 points in the opening session due to sell-off over the Yes Bank issue and coronavirus outbreak.

Shares of Yes Bank crashed 25 per cent after the RBI put a moratorium capping deposit withdrawals at Rs 50,000 per account for a month on Wednesday evening.

<a href="https://www.wionews.com/business-economy/shares-in-indias-yes-bank-crash-on-withdrawal-limits-284678">Also Read: Shares in India's Yes Bank crash on withdrawal limits</a>

SBI shares too fell six per cent along with IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement.

The bloodbath at the markets affected the Rupee which fell 53 paise to 73.86 against the US dollar in the morning session. &nbsp;&nbsp;

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money.

The Sensex crashed 893.99 pts to end at 37,576.62 over rising coronavirus fears and Reserve Bank of India's(RBI) decision to put a "moratorium" on Yes Bank account holders to take out money. Also Read: Sensex nosedives over 1,400 points on global carnage; Nifty below 11,000 The broader NSE Nifty also fell 279.55 points or 2.48 per cent to close at 10,989.45. Earlier in the day, the Sensex had nosedived over 1,400 points in the opening session due to sell-off over the Yes Bank issue and coronavirus outbreak. Shares of Yes Bank crashed 25 per cent after the RBI put a moratorium capping deposit withdrawals at Rs 50,000 per account for a month on Wednesday evening. Also Read: Shares in India's Yes Bank crash on withdrawal limits SBI shares too fell six per cent along with IndusInd Bank, Tata Steel, Bajaj Finance, Axis Bank and Ultratech Cement. The bloodbath at the markets affected the Rupee which fell 53 paise to 73.86 against the US dollar in the morning session.

Sensex closes over 890 points down over Yes Bank, coronavirus fears

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender.

The move by the Reserve Bank of India (RBI) sparked a sell-off across the troubled banking sector and sent the rupee falling to its weakest level since 2018.

People queued outside Yes Bank branches after the announcement late Thursday that customers can only withdraw 50,000 rupees over the next 30 days while the RBI tries to put together a rescue.

The news added to liquidity concerns about India's financial system more than a year after the near-collapse of IL&amp;FS, one of the nation's biggest "shadow banks" -- finance houses responsible for significant consumer lending.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/rbi-imposes-moratorium-on-yes-bank-withdrawals-capped-to-rs-50000-284590">RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000</a>

A resulting reluctance of banks to lend money has exacerbated the woes of Asia's third-biggest economy, with growth slowing for seven consecutive quarters before picking up with a meagre 4.7-per cent expansion in the final three months of 2019.

Yes Bank's exposure to the shadow banking sector is particularly large and it has been struggling for some time to raise fresh capital to free itself of a mountain of bad loans in order to quell worries about its viability.

"Investors have turned risk-averse and the contagion is likely to hit smaller bank and non-bank finance companies," said Abhimanyu Sofat at IIFL Securities.&nbsp;

"How soon the RBI finalises the rescue plan is key as persistent operational curbs increase uncertainty," Sofat told Bloomberg News.

Also see:<a href="https://www.wionews.com/india-news/supreme-court-allows-trade-in-cryptocurrencies-quashes-rbi-curb-284158">&nbsp;Supreme Court allows trade in cryptocurrencies, quashes RBI curb</a>

The RBI put the blame on "serious governance issues and practices in recent years" but said there was "no need to panic".

However, customers waiting to get their money were far from reassuring.

"It's not clear at the moment, and that is making some people panic a bit. Even I am at the moment," Devika, a student and Yes Bank account holder, told AFP as she queued to withdraw money in New Delhi.

"I had purchased 15 shares of Yes Bank at 150 rupees per share and now they are at 15 rupees. It's a huge dent on my investments and even my deposits are locked in," Varsha Gandhi, a Mumbai-based lawyer told the sources.

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"I am just waiting to see if RBI's moves will have any positive impact. But it's a huge loss as the stocks have tanked," 27-year-old Gandhi added.&nbsp;

RBI governor Shaktikanta Das also tried to reassure account holders.

"The 30 days which we have given is the outer limit, you will see very swift action from the RBI to put in place a scheme to revive Yes Bank," he told reporters in the financial capital Mumbai on Friday.&nbsp;

According to media reports, the RBI was attempting to cobble together a rescue that included State Bank of India (SBI), the country's largest lender, and other financial institutions.

"There are legitimate questions being raised about the bank's balance sheet, ability to raise capital and the central bank and SBI may have to take quick steps to revive it in the next few days," Ashutosh Datar, an independent economist in Mumbai, told sources.

"The next few weeks are crucial for Yes Bank's survival," said Sameer Narang, an economist at State Bank of Baroda.

By early afternoon in Mumbai, Yes Bank shares had recovered slightly but were still down 59 per cent at 15.20 rupees.

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender.

Shares in India's Yes Bank plunged as much as 85 per cent on Friday after the central bank seized control and imposed withdrawal limits to prevent the collapse of the country's fourth-largest lender. The move by the Reserve Bank of India (RBI) sparked a sell-off across the troubled banking sector and sent the rupee falling to its weakest level since 2018. People queued outside Yes Bank branches after the announcement late Thursday that customers can only withdraw 50,000 rupees over the next 30 days while the RBI tries to put together a rescue. The news added to liquidity concerns about India's financial system more than a year after the near-collapse of IL&FS, one of the nation's biggest "shadow banks" -- finance houses responsible for significant consumer lending. Also read: RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000 A resulting reluctance of banks to lend money has exacerbated the woes of Asia's third-biggest economy, with growth slowing for seven consecutive quarters before picking up with a meagre 4.7-per cent expansion in the final three months of 2019. Yes Bank's exposure to the shadow banking sector is particularly large and it has been struggling for some time to raise fresh capital to free itself of a mountain of bad loans in order to quell worries about its viability. "Investors have turned risk-averse and the contagion is likely to hit smaller bank and non-bank finance companies," said Abhimanyu Sofat at IIFL Securities. "How soon the RBI finalises the rescue plan is key as persistent operational curbs increase uncertainty," Sofat told Bloomberg News. Also see: Supreme Court allows trade in cryptocurrencies, quashes RBI curb The RBI put the blame on "serious governance issues and practices in recent years" but said there was "no need to panic". However, customers waiting to get their money were far from reassuring. "It's not clear at the moment, and that is making some people panic a bit. Even I am at the moment," Devika, a student and Yes Bank account holder, told AFP as she queued to withdraw money in New Delhi. "I had purchased 15 shares of Yes Bank at 150 rupees per share and now they are at 15 rupees. It's a huge dent on my investments and even my deposits are locked in," Varsha Gandhi, a Mumbai-based lawyer told the sources. Watch: × "I am just waiting to see if RBI's moves will have any positive impact. But it's a huge loss as the stocks have tanked," 27-year-old Gandhi added. RBI governor Shaktikanta Das also tried to reassure account holders. "The 30 days which we have given is the outer limit, you will see very swift action from the RBI to put in place a scheme to revive Yes Bank," he told reporters in the financial capital Mumbai on Friday. According to media reports, the RBI was attempting to cobble together a rescue that included State Bank of India (SBI), the country's largest lender, and other financial institutions. "There are legitimate questions being raised about the bank's balance sheet, ability to raise capital and the central bank and SBI may have to take quick steps to revive it in the next few days," Ashutosh Datar, an independent economist in Mumbai, told sources. "The next few weeks are crucial for Yes Bank's survival," said Sameer Narang, an economist at State Bank of Baroda. By early afternoon in Mumbai, Yes Bank shares had recovered slightly but were still down 59 per cent at 15.20 rupees.

Shares in India's Yes Bank crash on withdrawal limits

Oil prices rose more than 1 per cent&nbsp;on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world's biggest oil consumer.

Brent crude rose by 67 cents, or 1.3 per cent, to $51.80 per barrel by 0436 GMT, while the US&nbsp;West Texas Intermediate (WTI) was up by 55 cents, or 1.2 per cent, at $47.33 per barrel.

Also read: <a href="https://www.wionews.com/business-economy/opec-chops-global-oil-demand-growth-forecast-over-coronavirus-280338">OPEC chops global oil demand growth forecast over coronavirus</a>

"Crude oil prices were boosted by a broad positive sentiment overnight, and a much lower-than-expected ... crude oil inventory data," said Margaret Yang, a market analyst at CMC Markets.

"The&nbsp;market is also anticipating a decent output cut to be carried out by OPEC+, as Covid-19 has brought a significant impact on the world's energy demand. More production curb is needed to shore up crude prices."

US&nbsp;crude stocks rose modestly last week, less than what analysts had expected, while US&nbsp;oil exports surged to more than 4 million barrels per day (bpd) for the first time since December, suggesting a rise in overseas demand.

Also read: <a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

Ministers of the Organization of the Petroleum Exporting Countries (OPEC) hold their formal meeting later on Thursday, followed by a meeting of the broader OPEC+ group including Russia on Friday.

Saudi Arabia and other OPEC members are seeking to win support from Russia to join them in additional oil output cuts to prop up prices that have tumbled by a fifth this year because of the global spread of the coronavirus outbreak.

Russia has instead proposed keeping the existing cuts by the group until the end of the second quarter, sources said.

Saudi Arabia wants extra cuts of 1 million to 1.5 million bpd for the second quarter, and to keep existing cuts of 2.1 million bpd in place until the end of 2020.

"If OPEC+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goals, that might not be enough to keep prices supported here," said Edward Moya, senior market analyst at broker OANDA.

"OPEC+ needs to send a strong message and anything below 1 million barrels in deeper production cuts will send oil prices sharply lower."

Geopolitical tensions in the Middle East also boosted prices. The Saudi-led coalition fighting in Yemen said it had foiled an attack on an oil tanker off Yemen's coast on the Arabian Sea, the Saudi state news agency SPA reported on Wednesday.

Concerns over demand growth remained, however, with the International Monetary Fund chief saying the global spread of the virus has crushed hopes for stronger economic gains this year.

Oil prices rose more than 1 per cent on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market.

Oil prices rose more than 1 per cent on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world's biggest oil consumer. Brent crude rose by 67 cents, or 1.3 per cent, to $51.80 per barrel by 0436 GMT, while the US West Texas Intermediate (WTI) was up by 55 cents, or 1.2 per cent, at $47.33 per barrel. Also read: OPEC chops global oil demand growth forecast over coronavirus "Crude oil prices were boosted by a broad positive sentiment overnight, and a much lower-than-expected ... crude oil inventory data," said Margaret Yang, a market analyst at CMC Markets. "The market is also anticipating a decent output cut to be carried out by OPEC+, as Covid-19 has brought a significant impact on the world's energy demand. More production curb is needed to shore up crude prices." US crude stocks rose modestly last week, less than what analysts had expected, while US oil exports surged to more than 4 million barrels per day (bpd) for the first time since December, suggesting a rise in overseas demand. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus Ministers of the Organization of the Petroleum Exporting Countries (OPEC) hold their formal meeting later on Thursday, followed by a meeting of the broader OPEC+ group including Russia on Friday. Saudi Arabia and other OPEC members are seeking to win support from Russia to join them in additional oil output cuts to prop up prices that have tumbled by a fifth this year because of the global spread of the coronavirus outbreak. Russia has instead proposed keeping the existing cuts by the group until the end of the second quarter, sources said. Saudi Arabia wants extra cuts of 1 million to 1.5 million bpd for the second quarter, and to keep existing cuts of 2.1 million bpd in place until the end of 2020. "If OPEC+ settles with something in the middle of the Russian request of no change in cuts and the 1.5 million Saudi goals, that might not be enough to keep prices supported here," said Edward Moya, senior market analyst at broker OANDA. "OPEC+ needs to send a strong message and anything below 1 million barrels in deeper production cuts will send oil prices sharply lower." Geopolitical tensions in the Middle East also boosted prices. The Saudi-led coalition fighting in Yemen said it had foiled an attack on an oil tanker off Yemen's coast on the Arabian Sea, the Saudi state news agency SPA reported on Wednesday. Concerns over demand growth remained, however, with the International Monetary Fund chief saying the global spread of the virus has crushed hopes for stronger economic gains this year.

Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts

Indian shares edged up on Thursday, supported by a rise in Asian and US&nbsp;markets, but worries over a spike in coronavirus cases in the country kept gains in check.

The NSE Nifty 50 index rose 0.25% to 11,276.3 by 0401 GMT, while the benchmark S&amp;P BSE Sensex was up 0.26% at 38,505.2.

The markets closed lower on Wednesday as the total number of known coronavirus cases rose sharply, fuelling concerns that a rapid spread could further hit an already slowing economy.

"Markets will be volatile as virus fears persist, it is very difficult to say that the trend has changed right now," said Siddharth Khemka, head of retail research at Motilal Oswal Securities.

Wall Street surged on Wednesday after former Vice President Joe Biden, considered less likely to raise taxes and impose new regulations than rival Bernie Sanders, rolled to victories on the biggest day of voting in the Democratic nomination campaign.

The U.S. House of Representatives also approved an $8.3 billion funding bill to combat the spread of the coronavirus.

India is pushing state-run banks to approve new loans amounting to 500-600 billion rupees ($6.8-$8.2 billion) by the end of March, two government sources told Reuters, in efforts to shore up a stuttering economy as the virus spreads.

Consumer goods company Hindustan Unilever Ltd was the top boost to the indexes, rising as much as 3.6% to a one-week high.

IT stocks also contributed, with Tata Consultancy Services Ltd up 1.4% and HCL Technologies Ltd rising 3%.

Large cap banks and energy firms were among the top drags. ICICI Bank Ltd fell 1.5%, while Reliance Industries Ltd slipped 0.8%.

Indian shares edged up on Thursday, supported by a rise in Asian and US markets, but worries over a spike in coronavirus cases in the country kept gains in check.

Indian shares edged up on Thursday, supported by a rise in Asian and US markets, but worries over a spike in coronavirus cases in the country kept gains in check. The NSE Nifty 50 index rose 0.25% to 11,276.3 by 0401 GMT, while the benchmark S&P BSE Sensex was up 0.26% at 38,505.2. The markets closed lower on Wednesday as the total number of known coronavirus cases rose sharply, fuelling concerns that a rapid spread could further hit an already slowing economy. "Markets will be volatile as virus fears persist, it is very difficult to say that the trend has changed right now," said Siddharth Khemka, head of retail research at Motilal Oswal Securities. Wall Street surged on Wednesday after former Vice President Joe Biden, considered less likely to raise taxes and impose new regulations than rival Bernie Sanders, rolled to victories on the biggest day of voting in the Democratic nomination campaign. The U.S. House of Representatives also approved an $8.3 billion funding bill to combat the spread of the coronavirus. India is pushing state-run banks to approve new loans amounting to 500-600 billion rupees ($6.8-$8.2 billion) by the end of March, two government sources told Reuters, in efforts to shore up a stuttering economy as the virus spreads. Consumer goods company Hindustan Unilever Ltd was the top boost to the indexes, rising as much as 3.6% to a one-week high. IT stocks also contributed, with Tata Consultancy Services Ltd up 1.4% and HCL Technologies Ltd rising 3%. Large cap banks and energy firms were among the top drags. ICICI Bank Ltd fell 1.5%, while Reliance Industries Ltd slipped 0.8%.

Sensex, Nifty inch higher, virus fears limit gains

Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month.

<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Also Read: Board member at Yes Bank quits, cites governance concerns</a>

"The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement.

RBI said <a href="https://www.wionews.com/business-economy/yes-bank-seeks-up-to-2-billion-in-preferential-new-share-issue-265494">Yes Bank</a> was in talks with investors including private equity firms to infuse capital.&nbsp;

"These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital," RBI said, adding,"since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank's management to draw up a credible revival plan, which did not materialise," the statement said.

<a href="https://www.wionews.com/business-economy/yes-bank-gets-12-billion-offer-from-global-investor-259044">Also Read: Yes Bank gets $1.2 billion offer from global investor</a>

In the statement, India's central bank said the move was necessary to restore depositors' confidence after the bank's inability to address potential loan losses and downgrades.

"The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank," the Reserve Bank of India informed.

In January, Uttam Prakash Agarwal, an independent board member with Yes Bank had resigned from the lender's board and stepped down as head of its audit committee citing major corporate governance concerns.

Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month. Also Read: Board member at Yes Bank quits, cites governance concerns "The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement.

Yes Bank has been placed under "moratorium" with the Reserve Bank of India(RBI) capping depositor withdrawals at Rs 50,000 per account for a month. Also Read: Board member at Yes Bank quits, cites governance concerns "The Reserve Bank came to the conclusion that in the absence of a credible revival plan, and in public interest and the interest of the bank's depositors, it had no alternative but to apply to the central government for imposing a moratorium under Section 45 of the Banking Regulation Act, 1949," the RBI said in a statement. RBI said Yes Bank was in talks with investors including private equity firms to infuse capital. "These investors did hold discussions with senior officials of the Reserve Bank but for various reasons eventually did not infuse any capital," RBI said, adding,"since a bank and market-led revival is a preferred option over a regulatory restructuring, the Reserve Bank made all efforts to facilitate such a process and gave adequate opportunity to the bank's management to draw up a credible revival plan, which did not materialise," the statement said. Also Read: Yes Bank gets $1.2 billion offer from global investor In the statement, India's central bank said the move was necessary to restore depositors' confidence after the bank's inability to address potential loan losses and downgrades. "The bank has also experienced serious governance issues and practices in the recent years which have led to steady decline of the bank," the Reserve Bank of India informed. In January, Uttam Prakash Agarwal, an independent board member with Yes Bank had resigned from the lender's board and stepped down as head of its audit committee citing major corporate governance concerns.

RBI imposes 'moratorium' on Yes Bank; withdrawals capped to Rs 50,000

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin.

Also read: <a href="https://www.wionews.com/india-news/trade-impact-of-coronavirus-epidemic-for-india-estimated-at-348-million-dollars-un-report-284461" hreflang="en">Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report</a>

The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company.

Also read: <a href="https://www.wionews.com/world/global-growth-to-fall-below-last-years-level-due-to-coronavirus-imf-284325" hreflang="en">Global growth to fall below last year's level due to coronavirus: IMF</a>

And with the carrier long blighted by fierce competition, volatile fuels costs and a weak pound linked to the uncertainty over Brexit, Flybe's announcement to ground all flights now place some 2,000 jobs at risk.

Also read: <a href="https://www.wionews.com/business-economy/coronavirus-drags-hong-kong-business-outlook-to-record-low-data-284240" hreflang="en">Coronavirus drags Hong Kong business outlook to record low: data</a>

An airline source told Britain's domestic Press Association news agency that sliding demand owing to COVID-19 had "made a difficult situation worse".

A slew of airlines -- including British Airways and Ryanair -- announced Monday the cancellation of several hundred flight, in particular to Italy, as the novel coronavirus spreads throughout the globe.

Flybe narrowly avoided going bust in January when the UK government agreed to review air passenger duty paid by its customers -- and shareholders pledged extra investment.

But in the early hours of Thursday, the carrier appointed administrators after the government reportedly refused a rescue loan for £100 million ($128 million, 115 million euros)

"Flybe entered administration on 5 March," the carrier said in a brief statement.

"All flights have been grounded and the UK business has ceased trading with immediate effect."

The Exeter-based carrier failed to turn around its fortunes since it was purchased just over a year ago by a consortium led by Virgin.

"Flybe's financial difficulties were long-standing and well documented and pre-date the outbreak of COVID-19," said a government statement.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/coronavirus-outbreak-biggest-economic-slowdown-since-2008-financial-crisis-284270/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Flybe, which flies about eight million passengers annually, is owned also by investment firm Cyrus and infrastructure specialist Stobart.

Flybe operates from 43 airports across Europe and 28 in Britain, and its collapse left potentially thousands of people stranded far from home.

The British government said it had asked bus and train operators to accept Flybe tickets and other airlines to offer reductions to help passengers reach their destination.

Flybe's owner, the Connect Airways consortium, said "every possible attempt" had been made to avoid the collapse, but that the airline had been "unable to overcome significant funding challenges".

At the start of the year, Flybe agreed a payment plan with authorities to defer tax payments of less than £10 million.

That announcement came just days after the airline was saved from collapse in a last-minute financial rescue, with Prime Minister Boris Johnson's Conservative government agreeing to review air passenger duty (APD) paid by Flybe's customers.

Following the tax deferral, rival companies, including British Airways-parent IAG, complained to the European Union that it was receiving unfair state aid.

The government said its assistance did not breach EU rules and that help was based on the importance of the company's domestic services.

- Timely warning - 
Flybe's demise follows a timely coronavirus warning from Dublin-based low-cost airline Ryanair at the start of this week.

The Irish carrier forecast that the fatal outbreak -- which has killed 3,200 and infected 95,000 worldwide so far -- would spark more European airline failures.

"We expect that this COVID-19 virus will result in further EU airline failures over the coming weeks," Ryanair said Monday.

Recent high-profile casualties in Europe's battered aviation sector include French carriers Aigle Azur and XL Airways, as well as Slovenia's Adria Airways and Britain's Thomas Cook, which was both a tour operator and an airline.

In contrast to Flybe, Thomas Cook collapsed without any government assistance in September, causing the loss of 22,000 jobs worldwide and stranding 600,000 holidaymakers abroad.

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company.

British regional airline Flybe crashed into bankruptcy Thursday after the deadly coronavirus proved to be the final nail in its coffin. Also read: Trade impact of Coronavirus epidemic for India estimated at 348 million dollars: UN report The biggest operator of UK domestic flights said it has sunk into administration -- a last-ditch process aimed at salvaging at least some of the company. Also read: Global growth to fall below last year's level due to coronavirus: IMF And with the carrier long blighted by fierce competition, volatile fuels costs and a weak pound linked to the uncertainty over Brexit, Flybe's announcement to ground all flights now place some 2,000 jobs at risk. Also read: Coronavirus drags Hong Kong business outlook to record low: data An airline source told Britain's domestic Press Association news agency that sliding demand owing to COVID-19 had "made a difficult situation worse". A slew of airlines -- including British Airways and Ryanair -- announced Monday the cancellation of several hundred flight, in particular to Italy, as the novel coronavirus spreads throughout the globe. Flybe narrowly avoided going bust in January when the UK government agreed to review air passenger duty paid by its customers -- and shareholders pledged extra investment. But in the early hours of Thursday, the carrier appointed administrators after the government reportedly refused a rescue loan for £100 million ($128 million, 115 million euros) "Flybe entered administration on 5 March," the carrier said in a brief statement. "All flights have been grounded and the UK business has ceased trading with immediate effect." The Exeter-based carrier failed to turn around its fortunes since it was purchased just over a year ago by a consortium led by Virgin. "Flybe's financial difficulties were long-standing and well documented and pre-date the outbreak of COVID-19," said a government statement. Flybe, which flies about eight million passengers annually, is owned also by investment firm Cyrus and infrastructure specialist Stobart. Flybe operates from 43 airports across Europe and 28 in Britain, and its collapse left potentially thousands of people stranded far from home. The British government said it had asked bus and train operators to accept Flybe tickets and other airlines to offer reductions to help passengers reach their destination. Flybe's owner, the Connect Airways consortium, said "every possible attempt" had been made to avoid the collapse, but that the airline had been "unable to overcome significant funding challenges". At the start of the year, Flybe agreed a payment plan with authorities to defer tax payments of less than £10 million. That announcement came just days after the airline was saved from collapse in a last-minute financial rescue, with Prime Minister Boris Johnson's Conservative government agreeing to review air passenger duty (APD) paid by Flybe's customers. Following the tax deferral, rival companies, including British Airways-parent IAG, complained to the European Union that it was receiving unfair state aid. The government said its assistance did not breach EU rules and that help was based on the importance of the company's domestic services. - Timely warning - Flybe's demise follows a timely coronavirus warning from Dublin-based low-cost airline Ryanair at the start of this week. The Irish carrier forecast that the fatal outbreak -- which has killed 3,200 and infected 95,000 worldwide so far -- would spark more European airline failures. "We expect that this COVID-19 virus will result in further EU airline failures over the coming weeks," Ryanair said Monday. Recent high-profile casualties in Europe's battered aviation sector include French carriers Aigle Azur and XL Airways, as well as Slovenia's Adria Airways and Britain's Thomas Cook, which was both a tour operator and an airline. In contrast to Flybe, Thomas Cook collapsed without any government assistance in September, causing the loss of 22,000 jobs worldwide and stranding 600,000 holidaymakers abroad.

UK airline Flybe dealt final blow by coronavirus

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI.

Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances.

However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level.

"We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said.

"The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said.

Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24.

He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court.

Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year.

(With inputs from PTI)&nbsp;

 
&nbsp;

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case.

Fugitive diamond merchant Nirav Modi has filed another plea for bail to be heard by the High Court in London on Thursday, reported newsa agency PTI. Modi is fighting his extradition to India on charges over the nearly $ 2 billion Punjab National Bank (PNB) fraud and money laundering case. Modi, who has been lodged in a prison in south-west London since his arrest in March last year and is scheduled for an extradition trial in May, is making his fifth attempt at getting bail based on a change in circumstances. However, he had already appealed to the High Court last year and the Crown Prosecution Service (CPS), arguing on behalf of the Indian government, said it will be arguing that the latest application should be heard at Westminster Magistrates' Court level. "We think it should be heard at Westminster Magistrates' Court and will be making that point," a CPS spokesperson said. "The bail application is regarding a change of circumstances. Modi has increased the security and offered more stringent bail conditions than last time," the spokesperson said. Last week, Modi appeared via videolink from his prison before Judge David Robinson at the Westminster Magistrates' Court for his routine 28-day call-over remand hearing and was remanded in custody to appear again via videolink on March 24. He has made three previous attempts for bail at the magistrates' court offering 2 million pounds and then doubling that to 4 million pounds as security, rejected each time over fears that he would flee the country and fail to surrender before the court. Meanwhile, the Royal Courts of Justice in London will hear his latest bail application and consider if there has been a substantial change in circumstances since the previous appeal before the same court in June last year. (With inputs from PTI)

UK court to hear Nirav Modi's fifth bail application

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.

"Today's decision on Air India is one milestone decision where NRIs... Will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters briefing about the cabinet decision.

Non-resident Indians (NRIs), who are Indian nationals, will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49 per cent stake, the minister said.

"Now they can take 100 per cent," he added. 
&nbsp;

(With inputs from PTI)&nbsp;

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier.

The government on Wednesday allowed NRIs to control up to 100 per cent stake in disinvestment-bound Air India. The decision comes at a time when the government has sought preliminary bids for 100 per cent stake sale in the national carrier. "Today's decision on Air India is one milestone decision where NRIs... Will get permission to invest 100 per cent in the airline," Union Minister Prakash Javadekar told reporters briefing about the cabinet decision. Non-resident Indians (NRIs), who are Indian nationals, will get permission to participate in Air India's strategic sale. Earlier, they were allowed to own up to 49 per cent stake, the minister said. "Now they can take 100 per cent," he added. (With inputs from PTI)

Govt allows NRIs to own up to 100% stake in Air India

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US&nbsp;Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak.

The surprise rate cut on Tuesday was accompanied by Fed Chairman Jerome Powell's acknowledgement of an uncertain outlook and his view that rate cuts will not restore supply chains, sending US&nbsp;stocks sharply lower overnight and gold higher.

Also read:&nbsp;<a href="https://www.wionews.com/world/federal-reserve-must-further-ease-rates-we-are-not-playing-on-a-level-field-284049">Federal Reserve must further ease rates, we are not playing on a level field</a>

Indian equities, which had rallied on Tuesday on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were kept in check on Wednesday by losses in heavyweight financials.

"Markets are uneasy as the Fed's action has shown the gravity of the situation and Powell's comments have indicated that the cut alone will not solve the problem," said Saurabh Jain, assistant vice president research, SMC Global Securities.

The NSE Nifty 50 index fell 0.25&nbsp;per cent&nbsp;to 11,276 by 0358 GMT, while the benchmark S&amp;P BSE Sensex was down 0.26 per cent&nbsp;at 38,523.66.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

"From the monetary policy angle, ensuring adequate availability of liquidity for stressed sectors is more important than rate cuts. And of course, fiscal measures too could be useful at this juncture," said Kunal Kundu, India economist with Societe Generale.

However, analysts said investors were still expecting the Reserve Bank of India (RBI) to reduce rates as well, in line with global counterparts.

The RBI said on Tuesday it stood ready to take appropriate actions to ensure the functioning of financial markets and preserve financial stability. 
Top private-sector lender HDFC Bank Ltd was the biggest drag on the indexes, falling as much as 1.1 per cent.

Vedanta Ltd dropped 3.7&nbsp;per cent&nbsp;and was the biggest loser on the blue-chip Nifty index. The Nifty Metal Index slipped 2 per cent.

Defence firm Hindustan Aeronautics Ltd fell as much as 5.1 per cent&nbsp;to its lowest since Sept. 4 after the company said it got a notice from the International Court of Arbitration related to an alleged breach of agreement with RUAG Aerospace Services GMBH.

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak.

Shares edged lower on Wednesday as an emergency 50 basis point rate cut by the US Federal Reserve failed to calm investor nerves about the debilitating impact of the coronavirus outbreak. The surprise rate cut on Tuesday was accompanied by Fed Chairman Jerome Powell's acknowledgement of an uncertain outlook and his view that rate cuts will not restore supply chains, sending US stocks sharply lower overnight and gold higher. Also read: Federal Reserve must further ease rates, we are not playing on a level field Indian equities, which had rallied on Tuesday on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were kept in check on Wednesday by losses in heavyweight financials. "Markets are uneasy as the Fed's action has shown the gravity of the situation and Powell's comments have indicated that the cut alone will not solve the problem," said Saurabh Jain, assistant vice president research, SMC Global Securities. The NSE Nifty 50 index fell 0.25 per cent to 11,276 by 0358 GMT, while the benchmark S&P BSE Sensex was down 0.26 per cent at 38,523.66. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus "From the monetary policy angle, ensuring adequate availability of liquidity for stressed sectors is more important than rate cuts. And of course, fiscal measures too could be useful at this juncture," said Kunal Kundu, India economist with Societe Generale. However, analysts said investors were still expecting the Reserve Bank of India (RBI) to reduce rates as well, in line with global counterparts. The RBI said on Tuesday it stood ready to take appropriate actions to ensure the functioning of financial markets and preserve financial stability. Top private-sector lender HDFC Bank Ltd was the biggest drag on the indexes, falling as much as 1.1 per cent. Vedanta Ltd dropped 3.7 per cent and was the biggest loser on the blue-chip Nifty index. The Nifty Metal Index slipped 2 per cent. Defence firm Hindustan Aeronautics Ltd fell as much as 5.1 per cent to its lowest since Sept. 4 after the company said it got a notice from the International Court of Arbitration related to an alleged breach of agreement with RUAG Aerospace Services GMBH.

Nifty, Sensex slip as Fed rate cut fails to boost confidence

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate.

The announcement underscored escalating concern about the economic and human impact of the virus.

Also read: <a href="https://www.wionews.com/world/who-warns-of-global-shortage-of-medical-equipment-to-fight-coronavirus-284068">WHO warns of global shortage of medical equipment to fight coronavirus</a>

The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted.

Also on Tuesday, the US&nbsp;Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate.

Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives.

"We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said.

Also read: <a href="https://www.wionews.com/business-economy/worlds-richest-including-jeff-bezos-and-bill-gates-lose-444-billion-in-a-week-after-global-markets-bleed-283517">World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed</a>

"The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed."

The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said.

That would not require global health officials to declare the outbreak a pandemic, he added.

Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives.

He also cautioned countries against taking measures that would further limit trade.

Some countries had already requested aid, Malpass said but declined to name them.

The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies.

About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said.

The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand&nbsp;trade finance and working capital lines as countries scramble to get needed supplies to contain the virus.

The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries.

The World Bank on Tuesday announced an initial $12 billion in immediate funds to assist countries grappling with the health and economic impacts of the coronavirus virus outbreak that has spread quickly from China to some 80 countries. World Bank President David Malpass said there were still "many unknowns" about the fast-spreading virus and "much more" aid might be required, but he declined to elaborate. The announcement underscored escalating concern about the economic and human impact of the virus. Also read: WHO warns of global shortage of medical equipment to fight coronavirus The World Health Organization (WHO) on Tuesday warned of a global shortage of protective equipment to fight the disease as well as price gouging as the death toll from the respiratory illness mounted. Also on Tuesday, the US Federal Reserve cut interest rates in an emergency move to try to prevent a global recession, and finance officials from the G7 group of rich countries said they were ready to adopt fiscal and monetary measures where appropriate. Malpass called on countries to coordinate their actions on a regional and international level, saying the speed and breadth of the response would be critical to saving lives. "We're announcing today an initial package of immediate support that will make available up to $12 billion to respond to country requests for crisis financing of their immediate needs and also to lessen the tragic impacts of the crisis," he said. Also read: World's richest including Jeff Bezos and Bill Gates lose $444 billion in a week after global markets bleed "The point is to move fast; speed is needed to save lives," Malpass said during a teleconference with reporters. "There are scenarios where much more resources may be required. We’ll adapt our approach and resources as needed." The Bank's International Development Association, which helps the world's poorest countries, could also receive additional funds in the second quarter of 2020 if its Pandemic Emergency Financing Facility (PEF) is triggered, which has not occurred yet, Malpass said. That would not require global health officials to declare the outbreak a pandemic, he added. Poor countries with weak health systems were the most vulnerable in such outbreaks, he said, but past experience with Ebola and other outbreaks showed that taking the right measures quickly could lessen the transmission of the disease and save lives. He also cautioned countries against taking measures that would further limit trade. Some countries had already requested aid, Malpass said but declined to name them. The World Bank said the $12 billion in fast-track grants, loans and low-interest loans would help developing countries provide better access to health services, strengthen disease surveillance and bolster public health interventions, as well as work with the private sector to reduce the impact on economies. About $4 billion of the funding will be reprogrammed from other Bank instruments, officials said. The Bank said its International Finance Corporation (IFC) will work with commercial bank clients to expand trade finance and working capital lines as countries scramble to get needed supplies to contain the virus. The IFC will also work with corporate clients in strategic sectors such as medical equipment and pharmaceuticals to sustain supply chains and limit downside risks.

World Bank announces up to $12 billion in immediate funds for coronavirus

Indian shares closed lower on Wednesday after the country`s health minister confirmed the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further.

Indian shares closed lower on Wednesday after the country`s health minister confirmed the number of coronavirus cases had risen sharply to 28, fuelling worries that economic activity may be affected further. More than 93,000 cases have been reported worldwide, and several thousand have died from the flu-like coronavirus, which emerged in the central Chinese city of Wuhan late last year and has since spread to more than 80 countries. The NSE Nifty 50 index ended 0.46% lower at 11,251, while the benchmark S&P BSE Sensex closed down 0.55% at 38,409.48. The indexes dropped up to 2% in afternoon trade. India said on Wednesday 16 Italian nationals in the country had tested positive for the virus. "The biggest challenge that we are likely to witness in this situation is that overall economic activity will clamp down significantly - it`s a contagion effect we are looking at," said Naveen Kulkarni, chief investment officer, Axis Securities. The world`s second-most populous country after China is a particular concern due to the available countermeasures and population density, United States intelligence sources told Reuters last week. Global stock markets were mixed as investors digested an emergency rate cut on Tuesday from the US Federal Reserve aimed at combating the virus` fallout, and a strong performance by Joe Biden in the Democratic Party primaries in the United States. Indian equities, which had rallied in the previous session on hopes of a coordinated effort by major central banks to combat the economic fallout of the virus, were pressured on Wednesday by heavyweight financial stocks. Top private-sector lender HDFC Bank Ltd was the biggest drag in the indexes, falling 2.8% to its weakest close since mid-September and pulling the Nifty Private Bank Index 1.8% down. Conglomerate ITC Ltd dived 3.3% to its worst closing low since Jan. 2013. Gains in IT stocks, helped by a weak Indian rupee , cushioned losses in the indexes, with Tata Consultancy Services Ltd up 2.3% and Infosys Ltd rising 1.6%. Pharmaceutical stocks also marked some gains on Wednesday, with Sun Pharmaceutical Ltd , Dr.Reddy`s Laboratories Ltd and Cipla Ltd climbing as much as between 3% and 5.3%.

Nifty, Sensex end lower as coronavirus cases jump to 28

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil.

Also read: <a href="https://www.wionews.com/world/coronavirus-hong-kong-schools-to-remain-shut-until-easter-holidays-282768">Coronavirus: Hong Kong schools to remain shut until Easter holidays</a>&nbsp;

The Purchasing Managers' Index (PMI) for the city's economy plunged to its lowest mark since the gauge began, worse than the SARS outbreak in 2003 and the global financial crisis in 2007-2008.

Hong Kong's economy is reeling from the US-China trade war, pro-democracy protests last year and now the coronavirus -- a triple whammy that has created a situation Financial Secretary Paul Chan described as "exceptionally austere" as he delivered his annual budget last week.

Also read:<a href="https://www.wionews.com/world/hong-kong-university-study-says-china-fudged-coronavirus-numbers-278115"> Hong Kong University study says China fudged coronavirus numbers&nbsp;</a>

Chan said the economy is facing "enormous challenges this year", and predicted a range of 0.5 percent growth to a 1.5 percent contraction this year.

The PMI index fell to 33.1, dropping below the previous low in April 2003, according to IHS Markit, whose report added the PMI averaged 39.9 so far for the first quarter.

Also read:<a href="https://www.wionews.com/world/top-10-world-news-today-coronavirus-outbreak-hong-kong-declares-emergency-iraq-protests-and-more-276536"> Top 10 world news today: Coronavirus outbreak, Hong Kong declares emergency, Iraq protests and more</a>

The gauge has been below the 50 level that divides expansion and contraction since April 2018, though it had risen in December and January.

&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/coronavirus-outbreak-hong-kong-satisfied-with-chinas-efforts-to-contain-outbreak-281988/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Market surveys around 400 private-sector companies in Hong Kong across manufacturing, construction, wholesale, retail and services to generate the index. The survey responses are collected in the second half of each month.

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/hong-kong-cops-infected-with-coronavirus-ground-report-from-hong-kong-282135/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The latest PMI flashed red warning lights on the dire private-sector conditions across Hong Kong in February amid the coronavirus outbreak, with the headline index plunging to an unprecedented level since the survey started in July 1998," Bernard Aw, principal economist with IHS Markit, said in the report.

"The average PMI so far for the first quarter of 2020 points to a deepening recession, raising the urgency for policy support."

The figures come just days after China's PMI was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month.

This was down from 50 points in January and the worst level since China began recording the figure in 2005.

It was also nowhere near expectations of a smaller contraction, at 45.0, according to a Bloomberg poll of analysts.

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil.

Hong Kong's business outlook hit a record low in February, according to data released on Wednesday, as the coronavirus outbreak added to the financial hub's troubles following months of political turmoil. Also read: Coronavirus: Hong Kong schools to remain shut until Easter holidays The Purchasing Managers' Index (PMI) for the city's economy plunged to its lowest mark since the gauge began, worse than the SARS outbreak in 2003 and the global financial crisis in 2007-2008. Hong Kong's economy is reeling from the US-China trade war, pro-democracy protests last year and now the coronavirus -- a triple whammy that has created a situation Financial Secretary Paul Chan described as "exceptionally austere" as he delivered his annual budget last week. Also read: Hong Kong University study says China fudged coronavirus numbers Chan said the economy is facing "enormous challenges this year", and predicted a range of 0.5 percent growth to a 1.5 percent contraction this year. The PMI index fell to 33.1, dropping below the previous low in April 2003, according to IHS Markit, whose report added the PMI averaged 39.9 so far for the first quarter. Also read: Top 10 world news today: Coronavirus outbreak, Hong Kong declares emergency, Iraq protests and more The gauge has been below the 50 level that divides expansion and contraction since April 2018, though it had risen in December and January. Market surveys around 400 private-sector companies in Hong Kong across manufacturing, construction, wholesale, retail and services to generate the index. The survey responses are collected in the second half of each month. "The latest PMI flashed red warning lights on the dire private-sector conditions across Hong Kong in February amid the coronavirus outbreak, with the headline index plunging to an unprecedented level since the survey started in July 1998," Bernard Aw, principal economist with IHS Markit, said in the report. "The average PMI so far for the first quarter of 2020 points to a deepening recession, raising the urgency for policy support." The figures come just days after China's PMI was at 35.7 points in February, well below the 50-point mark that separates growth and contraction every month. This was down from 50 points in January and the worst level since China began recording the figure in 2005. It was also nowhere near expectations of a smaller contraction, at 45.0, according to a Bloomberg poll of analysts.

Coronavirus drags Hong Kong business outlook to record low: data

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout.

Also read: <a href="https://www.wionews.com/business-economy/nifty-sensex-slip-as-fed-rate-cut-fails-to-boost-confidence-284125">Nifty, Sensex slip as Fed rate cut fails to boost confidence</a>

The surprise 50 basis point cut, the Fed's first off-schedule move since the depths of the financial crisis more than a decade ago, came with comments highlighting both the scale of the challenge and the limits of monetary policy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, though most of the gains were confined to South Korea where the government announced a big stimulus package.

Also read: <a href="https://www.wionews.com/business-economy/world-bank-announces-up-to-12-billion-in-immediate-funds-for-coronavirus-284072">World Bank announces up to $12 billion in immediate funds for coronavirus</a>

European futures pointed to a steady open, with FTSE futures flat and EuroSTOXX 50 futures up 0.3%.

After Wall Street tumbled overnight, futures for the S&amp;P 500 rose 1.4% on the resurgent performance of Joe Biden in Democratic Party primaries. A moderate, Biden is now set up as the main challenger to self-described democratic socialist Bernie Sanders.

Currencies and bonds showed little such exuberance. The dollar remained on the back foot and the yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, held at 0.9748% - not far over the once-unimaginable low of 0.9060% hit overnight.

"U.S. Treasuries are moving even lower and credit spreads are widening in Asia today. That is not the usual effect that you would see from a movie like this," said Rishi Jalan, Citigroup co-head of debt capital markets syndication.

"This decision shows the coronavirus impact is real and could have a material impact on growth. For market participants, it shows thinking of 'The Fed is expecting something that we have not yet priced in.'"

Japan's Nikkei closed flat, while Australia's S&amp;P/ASX 200 fell 1.7%. Stocks in Hong Kong and China traded either side of flat.

Korean stocks bucked broader weakness, rising 2% after the government announced a $9.8 billion stimulus package to mitigate the impact of the virus outbreak.

The dollar touched a five-month low against the safe-haven Japanese yen and slipped against most other Asian currencies.

"Given the way that the market's reacted, it's telling you that there's a little bit of panic," said Andrew Gillan, head of Asia ex-Japan equities at Janus Henderson in Singapore.

"They're a bit worried that interest rate cuts are not going to make a massive difference...and what's going to be required is probably going to be more fiscal stimulus," he said, his fund having invested, for example, in Chinese cement and construction stocks in anticipation of more government support measures.

The Fed's surprise move followed a massive shift in money market pricing late last week.

Futures swung rapidly to expect such a cut at the Fed's March meeting.

Now they imply another 50 basis points of easing by July, even as the investors and the Fed itself raise questions about the efficacy of easing to deal with a public health crisis.

"We do recognize that a rate cut will not reduce the rate of infection, it won't fix a broken supply chain; we get that," Fed Chairman Jerome Powell told reporters at a press conference.

More than 3,000 people have been killed by the coronavirus, about 3.4% of those infected - far above the seasonal flu's fatality rate of under 1%.

It continues to spread quickly beyond the epicenter in China, with Italy overnight reporting a jump in deaths to 79 and South Korea reporting more than 500 new cases on Wednesday.

"The question here is whether a conventional interest rate response is sufficient," said Sameer Goel, chief strategist, Asia macro, at Deutsche Bank in Singapore.

"It's still not clear how big the problem ultimately is, or could be, and until you know that, it's hard to know how much medicine to apply to it."

In currencies, the U.S. dollar clawed back some of its losses on the euro and yen but was broadly on the back foot.

It last traded at $0.6596 per Australian dollar and $1.1160 per euro. After falling to as low as 106.84 yen, the dollar pared losses to buy 107.42 yen by midafternoon.

Oil prices firmed on expectations of production cuts, with Brent rising 90 cents to $52.79 per barrel and U.S. crude up 1.9% at $48.06 a barrel.

Gold rose 0.2% to $1642.21 an ounce.

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout.

Asian shares struggled to find their footing on Wednesday and bonds held stunning gains, as an emergency rate cut from the U.S. Federal Reserve seemed to stoke rather than soothe fears over the coronavirus' widening global economic fallout. Also read: Nifty, Sensex slip as Fed rate cut fails to boost confidence The surprise 50 basis point cut, the Fed's first off-schedule move since the depths of the financial crisis more than a decade ago, came with comments highlighting both the scale of the challenge and the limits of monetary policy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, though most of the gains were confined to South Korea where the government announced a big stimulus package. Also read: World Bank announces up to $12 billion in immediate funds for coronavirus European futures pointed to a steady open, with FTSE futures flat and EuroSTOXX 50 futures up 0.3%. After Wall Street tumbled overnight, futures for the S&P 500 rose 1.4% on the resurgent performance of Joe Biden in Democratic Party primaries. A moderate, Biden is now set up as the main challenger to self-described democratic socialist Bernie Sanders. Currencies and bonds showed little such exuberance. The dollar remained on the back foot and the yield on benchmark 10-year U.S. Treasuries, which falls when prices rise, held at 0.9748% - not far over the once-unimaginable low of 0.9060% hit overnight. "U.S. Treasuries are moving even lower and credit spreads are widening in Asia today. That is not the usual effect that you would see from a movie like this," said Rishi Jalan, Citigroup co-head of debt capital markets syndication. "This decision shows the coronavirus impact is real and could have a material impact on growth. For market participants, it shows thinking of 'The Fed is expecting something that we have not yet priced in.'" Japan's Nikkei closed flat, while Australia's S&P/ASX 200 fell 1.7%. Stocks in Hong Kong and China traded either side of flat. Korean stocks bucked broader weakness, rising 2% after the government announced a $9.8 billion stimulus package to mitigate the impact of the virus outbreak. The dollar touched a five-month low against the safe-haven Japanese yen and slipped against most other Asian currencies. "Given the way that the market's reacted, it's telling you that there's a little bit of panic," said Andrew Gillan, head of Asia ex-Japan equities at Janus Henderson in Singapore. "They're a bit worried that interest rate cuts are not going to make a massive difference...and what's going to be required is probably going to be more fiscal stimulus," he said, his fund having invested, for example, in Chinese cement and construction stocks in anticipation of more government support measures. The Fed's surprise move followed a massive shift in money market pricing late last week. Futures swung rapidly to expect such a cut at the Fed's March meeting. Now they imply another 50 basis points of easing by July, even as the investors and the Fed itself raise questions about the efficacy of easing to deal with a public health crisis. "We do recognize that a rate cut will not reduce the rate of infection, it won't fix a broken supply chain; we get that," Fed Chairman Jerome Powell told reporters at a press conference. More than 3,000 people have been killed by the coronavirus, about 3.4% of those infected - far above the seasonal flu's fatality rate of under 1%. It continues to spread quickly beyond the epicenter in China, with Italy overnight reporting a jump in deaths to 79 and South Korea reporting more than 500 new cases on Wednesday. "The question here is whether a conventional interest rate response is sufficient," said Sameer Goel, chief strategist, Asia macro, at Deutsche Bank in Singapore. "It's still not clear how big the problem ultimately is, or could be, and until you know that, it's hard to know how much medicine to apply to it." In currencies, the U.S. dollar clawed back some of its losses on the euro and yen but was broadly on the back foot. It last traded at $0.6596 per Australian dollar and $1.1160 per euro. After falling to as low as 106.84 yen, the dollar pared losses to buy 107.42 yen by midafternoon. Oil prices firmed on expectations of production cuts, with Brent rising 90 cents to $52.79 per barrel and U.S. crude up 1.9% at $48.06 a barrel. Gold rose 0.2% to $1642.21 an ounce.

Asian shares struggle despite Fed cut; resurgent Biden boosts US futures