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The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus.

Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady.

Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled for the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback.

Meanwhile, a positive case of novel coronavirus has been reported in Kerala, the Health Ministry said on Thursday. The patient is a student at Wuhan University.

"Rupee fell for the second successive session following rising concerns over the outbreak of coronavirus in China. On the domestic front, market participants have been a little cautious ahead of the important GDP number that will be released tomorrow and Union Budget that is scheduled this weekend," said Gaurang Somaiyaa, Forex &amp; Bullion Analyst, Motilal Oswal Financial Services.

Somaiyaa further said that "the dollar retraced from its highest level in seven weeks after the Federal Reserve, in line with expectation, held rates unchanged. In the next couple of session the USDINR (Spot) to quote in the range of 71.20 and 71.80".

Also read: <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-on-coronavirus-fears-metals-drag-277556">Sensex, Nifty end lower on coronavirus fears; metals drag</a>

Meanwhile, the global crude benchmark Brent Futures fell 2.47 per cent to trade at $58.33 per barrel.

Crude prices have seen some moderation in the past few sessions over demand slump amid rising coronavirus cases in China and other regions.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 97.99.

The 10-year Indian government bond yield was at 6.56 per cent.

On the domestic equity market front, the 30-share BSE Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14. Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80.

Foreign institutional investors sold equities worth Rs 962.28 crore on a net basis on Thursday, according to provisional exchange data.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1875 and for rupee/euro at 78.4221. The reference rate for rupee/British pound was fixed at 92.7174 and for rupee/100 Japanese yen at 65.24.&nbsp;

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus.

The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus. Forex traders said most Asian currencies declined after the US Federal Reserve kept its key policy rates steady. Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget. At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled for the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback. Meanwhile, a positive case of novel coronavirus has been reported in Kerala, the Health Ministry said on Thursday. The patient is a student at Wuhan University. "Rupee fell for the second successive session following rising concerns over the outbreak of coronavirus in China. On the domestic front, market participants have been a little cautious ahead of the important GDP number that will be released tomorrow and Union Budget that is scheduled this weekend," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services. Somaiyaa further said that "the dollar retraced from its highest level in seven weeks after the Federal Reserve, in line with expectation, held rates unchanged. In the next couple of session the USDINR (Spot) to quote in the range of 71.20 and 71.80". Also read: Sensex, Nifty end lower on coronavirus fears; metals drag Meanwhile, the global crude benchmark Brent Futures fell 2.47 per cent to trade at $58.33 per barrel. Crude prices have seen some moderation in the past few sessions over demand slump amid rising coronavirus cases in China and other regions. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.01 per cent to 97.99. The 10-year Indian government bond yield was at 6.56 per cent. On the domestic equity market front, the 30-share BSE Sensex settled 284.84 points, or 0.69 per cent, lower at 40,913.82. It hit an intra-day low of 40,829.91 and a high of 41,380.14. Likewise, the broader NSE Nifty closed 93.70 points, or 0.77 per cent, down at 12,035.80. Foreign institutional investors sold equities worth Rs 962.28 crore on a net basis on Thursday, according to provisional exchange data. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.1875 and for rupee/euro at 78.4221. The reference rate for rupee/British pound was fixed at 92.7174 and for rupee/100 Japanese yen at 65.24.

Rupee slides 22 paise to 3-week low on equity rout

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday.

The NSE <a href="https://www.wionews.com/business-economy/nifty-closes-at-12130-tata-motors-top-performer-277344">Nifty</a> 50 index closed down 0.77 per cent&nbsp;at 12,035.80, while the S&amp;P BSE&nbsp;<a href="https://www.wionews.com/business-economy/nifty-sensex-fall-for-second-day-as-china-virus-fears-persist-277102">Sensex&nbsp;</a>ended 0.69 per cent lower at 40,913.82.

Also read: <a href="https://www.wionews.com/india-news/coronavirus-outbreak-in-india-kerala-reports-first-confirmed-case-277500">Coronavirus: First confirmed case in India, Kerala student tests positive</a>

India reported its first case of the new coronavirus on Thursday, saying a student in Kerala had tested positive for the virus that originated in <a href="https://www.wionews.com/videos/coronavirus-death-toll-rises-to-170-in-china-277445">China</a> and has killed 170 people so far.

Investor fears of the impact of the fast-spreading virus have led them to offload riskier equities and turn to safe-haven assets such as gold and bonds.

The Nifty state-owned banking index closed down 1.32 per cent, while the metals index was down 1.39 per cent.

<a href="https://www.wionews.com/business-economy/board-member-at-yes-bank-quits-cites-governance-concerns-273443">Yes Bank </a>led losses among the blue-chip stocks, falling 5.22 per cent, while <a href="https://www.wionews.com/business-economy/bajaj-auto-reports-9-fall-in-vehicle-sales-during-october-259184">Bajaj Auto</a>, the top gainer, rose 1.74&nbsp;per cent.

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday.

Indian shares ended lower on Thursday, led by losses in metal and state-owned banking stocks, as worries over the economic impact of the coronavirus weighed on sentiment and as markets waited for the release of the country's federal budget on Saturday. The NSE Nifty 50 index closed down 0.77 per cent at 12,035.80, while the S&P BSE Sensex ended 0.69 per cent lower at 40,913.82. Also read: Coronavirus: First confirmed case in India, Kerala student tests positive India reported its first case of the new coronavirus on Thursday, saying a student in Kerala had tested positive for the virus that originated in China and has killed 170 people so far. Investor fears of the impact of the fast-spreading virus have led them to offload riskier equities and turn to safe-haven assets such as gold and bonds. The Nifty state-owned banking index closed down 1.32 per cent, while the metals index was down 1.39 per cent. Yes Bank led losses among the blue-chip stocks, falling 5.22 per cent, while Bajaj Auto, the top gainer, rose 1.74 per cent.

Sensex, Nifty end lower on coronavirus fears; metals drag

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">concerns about the coronavirus</a> outbreak in China kept enthusiasm in check and a safe-haven bid in <a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">gold and the dollar</a> alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries.

The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could <a href="https://www.wionews.com/business-economy/global-markets-risk-assets-slip-on-chinese-virus-anxiety-275925">cut China's first-quarter growth</a> by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods.

The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent.

Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The <a href="https://www.wionews.com/business-economy/gold-climbs-to-two-week-high-as-china-flu-scare-spurs-safe-haven-bids-275730">market's muted reaction</a> to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York.

"The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said.

Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&amp;T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">Global stocks slide to two-week low on China virus fears, safe havens gain</a>

US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent.

Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China.

The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&amp;P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce.

Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support.

Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive.

Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. Global equity markets closed little changed on Wednesday as strong results from Apple and others provided a lift, but concerns about the coronavirus outbreak in China kept enthusiasm in check and a safe-haven bid in gold and the dollar alive. The yield on benchmark US Treasuries and German bunds fell as foreign governments evacuated citizens from the virus' epicentre in China and the World Health Organization voiced "grave concern" about person-to-person infection in three countries. The death toll in China from the virus rose by 27 to 133, and 1,459 other cases were confirmed. A Chinese government economist said the outbreak could cut China's first-quarter growth by one point to 5 per cent or lower as the crisis hits sectors from mining to luxury goods. The Federal Reserve left interest rates unchanged at its first policy meeting of the year. Officials pointed to continued moderate US economic growth and a "strong" job market. Since the Fed cut rates in October, policymakers have kept their target rate in a range of 1.50 per cent to 1.75 per cent. Treasury yields were little changed after the Fed released its policy statement. Benchmark US stock indexes initially ticked up to the day's highs before paring gains to close at break-even. The market's muted reaction to the virus' spread, which is close to the number of people infected by the SARS outbreak in 2003, is very positive, said Kristina Hooper, chief global market strategist at Invesco in New York. "The fact that stocks have held up today in light of the negative news on the novel coronavirus is a sign that the Fed is a dominant factor in keeping markets calm," Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent. Hooper said. The practice of buying $60 billion every month of US Treasury bills to ensure adequate short-term liquidity in bank funding markets will remain in place at least into April, as will a related offering of repurchase agreements, the Fed said. Strong results from Santander helped bank stocks in Europe. Gains in Apple Inc and Boeing Co lifted shares on Wall Street, but a spate of disappointing results from AT&T and Advanced Micro Devices Inc, among others, weighed on equities. MSCI's gauge of stocks across the globe shed 0.01 per cent as emerging market stocks lost 0.38 per cent. Mexico's bolsa index bucked the downdraft in emerging markets, rising about 0.93 per cent. Also Read: Global stocks slide to two-week low on China virus fears, safe havens gain US President Donald Trump signed a new trade agreement with Canada and Mexico into law on Wednesday, replacing the 26-year-old North American Free Trade Agreement. The pan-European STOXX 600 index rose 0.44 per cent, with the euro-zone banks' index gaining 1 per cent. Santander posted a higher quarterly net profit, boosted by a solid underlying performance in Brazil and capital gains. Santander rose 4.4 per cent. Apple gained 2.1 per cent after reporting earnings for the holiday shopping quarter above analysts' expectations, even as it braced for more supply disruptions in virus-hit China. The Dow Jones Industrial Average rose 11.6 points, or 0.04 per cent, to 28,734.45. The S&P 500 lost 2.84 points, or 0.09 per cent, to 3,273.4 and the Nasdaq Composite added 5.48 points, or 0.06 per cent, to 9,275.16. Spot gold prices rose as concerns about economic growth due to the coronavirus buoyed safe-haven demand, but US gold futures settled little changed at $1,570.40 per ounce. Oil was mixed, weighed by worries about how the coronavirus could affect demand and swelling US crude inventories. Talk that the Organization of the Petroleum Exporting Countries could extend crude output cuts provided support. Brent crude gained 30 cents to settle at $59.81 a barrel, while US crude fell 15 cents to settle at $53.33. Demand strengthened for the dollar index and the safe-haven Japanese yen firmed modestly. A risk-off tone returned to currency markets amid uncertainty about the coronavirus. The dollar index rose 0.07 per cent, with the euro down 0.14 per cent to $1.1005. The yen strengthened 0.09 per cent versus the greenback at 109.06 per dollar. Benchmark 10-year US Treasury notes rose 18/32 in price to push down its yield to 1.5805 per cent.

Latest Business News - Global stock rally loses steam; safe havens still going strong due to growing virus fears

The Union Budget is just around the corner.&nbsp;With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech.&nbsp;

To make things easier, WION digital simplifies the important Budget items for its readers.&nbsp;

Here is a glossary of commonly used terms in the Budget:

Union Budget

Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates.

Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year.&nbsp; It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this.&nbsp; &nbsp;&nbsp;

Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget.

Gross Domestic Product

GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.&nbsp;

Direct and Indirect Taxes

Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

GST

The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.

“Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply.

“Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged.

Customs Duty

These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Fiscal Deficit&nbsp;

When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit.

Revenue Deficit&nbsp;

The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary Deficit

The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments.

Fiscal policy

It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy.

Monetary Policy

This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates.

Inflation

A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Capital Budget

The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties.

Revenue Budget

The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments.

Finance Bill

The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Vote on Account

The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of&nbsp;new&nbsp;financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act.

Excess Grants

If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills.

Budget Estimates

Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Revised Estimates

Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order.

Re-appropriations

Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller &amp; Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions.

Outcome Budget

From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage.

Guillotine

Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Cut Motions

Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Consolidated Fund of India

All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law.

Contingency Fund of India

A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure.

Public Account

Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament.

Corporate Tax

This is the tax paid by corporations or firms on the incomes they earn.

Minimum Alternative Tax (MAT)

The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits.

Disinvestment

By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

The Union Budget is just around the corner. With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech.

The Union Budget is just around the corner. With Finance Minister Nirmala Sitharaman getting ready to present the Budget on February 1, it’s also time for us to learn and ready ourselves for the Budget speech. To make things easier, WION digital simplifies the important Budget items for its readers. Here is a glossary of commonly used terms in the Budget: Union Budget Union Budget Union Budget is the most comprehensive report of the Government's finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the Government's accounts for the next Fiscal year called Budgeted Estimates. Union Budget actually lays down the statement of the estimated receipts and expenditure of the Govt. of India for the coming financial year. It sets out exactly how the govt proposes to allocate the financial resources among the various agencies that make claim on it and how it proposes to raise the finances for this. Union Budget is undoubtedly the most extensive account of the government's finances, in which revenues from all sources and expenses of all activities undertaken are aggregated. It comprises the revenue budget and the capital budget. Gross Domestic Product GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country. Direct and Indirect Taxes Direct taxes are the one that fall directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services. They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. GST The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government. “Goods” means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. “Services” means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination, to another form, currency or denomination for which a separate consideration is charged. Customs Duty These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Fiscal Deficit When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called the fiscal deficit. Revenue Deficit The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary Deficit The primary deficit is the fiscal deficit minus interest payments. It tells how much of the Government's borrowings are going towards meeting expenses other than interest payments. Fiscal policy It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the budget and is the primary means by which the government can influence the economy. Monetary Policy This comprises actions taken by the central bank (i.e. RBI) to regulate the level of money or liquidity in the economy or change the interest rates. Inflation A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Capital Budget The Capital Budget consists of capital receipts and payments. It includes investments in shares, loans and advances granted by the central Government to State Governments, Government companies, corporations and other parties. Revenue Budget The revenue budget consists of revenue receipts of the Government and its expenditure. Revenue receipts are divided into tax and non-tax revenue. Tax revenues constitute taxes like income tax, corporate tax, excise, customs, service and other duties that the Government levies. The non-tax revenue sources include interest on loans, dividend on investments. Finance Bill The Bill produced immediately after the presentation of the Union Budget detailing the Imposition, abolition, alteration or regulation of taxes proposed in the Budget. Vote on Account The Vote on Account is a grant made in advance by the parliament, in respect of the estimated expenditure for a part of new financial year, pending the completion of procedure relating to the voting on the Demand for Grants and the passing of the Appropriation Act. Excess Grants If the total expenditure under a Grant exceeds the provision allowed through its original Grant and Supplementary Grant, then, the excess requires regularization by obtaining the Excess Grant from the Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the Annual Budget, i.e. through the presentation of Demands for Grants and passing of Appropriation Bills. Budget Estimates Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Revised Estimates Revised Estimates are the mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc. Revised Estimates are not voted by the Parliament, and hence by itself do not provide any authority for expenditure. Any additional projections made in the Revised Estimates need to be authorized for expenditure through the Parliament's approval or by Re-appropriation order. Re-appropriations Re-appropriations allow the Government to re-appropriate provisions from one sub-head to another within the same Grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller & Auditor General and the Public Accounts Committee reviews these re-appropriations and comments on them for taking corrective actions. Outcome Budget From the fiscal year 2006-07, every Ministry presents a preliminary Outcome Budget to the Ministry of Finance, which is responsible for compiling them. The Outcome Budget is a progress card on what various Ministries and Departments have done with the outlays in the previous annual budget. It measures the development outcomes of all Government programs and whether the money has been spent for the purpose it was sanctioned including the outcome of the fund usage. Guillotine Parliament, unfortunately, has very limited time for scrutinising the expenditure demands of all the Ministries. So, once the prescribed period for the discussion on Demands for Grants is over, the Speaker of Lok Sabha puts all the outstanding Demands for Grants, Whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. Cut Motions Motions for reduction to various Demands for Grants are made in the Form of Cut Motions seeking to reduce the sums sought by Government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Consolidated Fund of India All revenues raised by the Government, money borrowed and receipts from loans given by the Government ?ow into it. All Government expenditure other than certain exceptional items met from Contingency Fund and Public Account are made from this account. No money can be appropriated from the Fund except in accordance with the law. Contingency Fund of India A fund placed at the disposal of the President to enable him/her to make advances to the executive/Government to meet urgent unforeseen expenditure. Public Account Under provisions of Article 266(1) of the Constitution of India, Public Account is used in relation to all the fund flows where Government is acting as a banker. Examples include Provident Funds and Small Savings. This money does not belong to the government but is to be returned to the depositors. The expenditure from this fund need not be approved by the Parliament. Corporate Tax This is the tax paid by corporations or firms on the incomes they earn. Minimum Alternative Tax (MAT) The Minimum Alternative Tax is a minimum tax that a company must pay, even if it is under zero tax limits. Disinvestment By disinvestment, we mean the sale of shares of public sector undertakings by the Government. The shares of government companies held by the Government are earning assets at the disposal of the Government. If these shares are sold to get cash, then earning assets are converted into cash, So it is referred to as disinvestment.

2020 Budget Glossary: Here are key terms you should know to understand the Budget

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday.

In the present scenario achieving a nine per cent GDP growth will be difficult, he said at the Tata Steel Kolkata Literary Meet.

"The aspirational growth rate could be between 6.5 per cent to 7 per cent. At this stage it will be difficult to attain nine per cent GDP growth," he said.

"This year the growth rate will end at five per cent and this is real and not nominal ... Next year, the GDP growth rate could be anything between 6 to 6.5 per cent," he said.

Also read: <a href="https://www.wionews.com/business-economy/india-forecasts-201920-gdp-growth-rate-at-5-272748">India forecasts 2019/20 GDP growth rate at 5%</a>

Recently IMF had pegged India's GDP growth at 4.8 per cent for 2019-20, much less than its October projection of 6.1 per cent.

Debroy said that Indian economy at present is growing in an environment which is somewhat protectionist and has declining exports.

"The period during which the country grew at high GDP growth rates like nine per cent, the exports-to-GDP ratio was 20 per cent. But now with developed countries resorting to protectionism and after the collapse of the WTO, the contribution of exports to GDP in a large way does not seem possible", he said.

Also read: <a href="https://www.wionews.com/india-news/not-worried-over-slow-gdp-growth-pranab-mukherjee-267778">Not worried over slow GDP growth - Pranab Mukherjee</a>

Debroy said "With India being strong in services and not manufacturing, the country will have to give some to get some. It is a quid pro quo situation particularly in a regional trade bloc kind of arrangement".

On the taxation regime, he said that the country is moving towards a stable direct tax regime without any exemption.

"Goods and Services Tax (GST) is still work in progress. GST was supposed to be revenue-neutral. But the government has lost revenue post-GST implementation, which is not tenable," Debroy said.

He said, "When both direct tax and GST rates get stabilised in future, a day might come when there would be no need to present budgets in the Parliament". 
Regarding the high cost of capital, Debroy said it will continue to be so as it is a scarce resource in India.

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday.

India can end up with a real GDP growth of five per cent this financial year excluding the inflation rate, Bibek Debroy, the chairman of PM's Economic Advisory Council said on Friday. In the present scenario achieving a nine per cent GDP growth will be difficult, he said at the Tata Steel Kolkata Literary Meet. "The aspirational growth rate could be between 6.5 per cent to 7 per cent. At this stage it will be difficult to attain nine per cent GDP growth," he said. "This year the growth rate will end at five per cent and this is real and not nominal ... Next year, the GDP growth rate could be anything between 6 to 6.5 per cent," he said. Also read: India forecasts 2019/20 GDP growth rate at 5% Recently IMF had pegged India's GDP growth at 4.8 per cent for 2019-20, much less than its October projection of 6.1 per cent. Debroy said that Indian economy at present is growing in an environment which is somewhat protectionist and has declining exports. "The period during which the country grew at high GDP growth rates like nine per cent, the exports-to-GDP ratio was 20 per cent. But now with developed countries resorting to protectionism and after the collapse of the WTO, the contribution of exports to GDP in a large way does not seem possible", he said. Also read: Not worried over slow GDP growth - Pranab Mukherjee Debroy said "With India being strong in services and not manufacturing, the country will have to give some to get some. It is a quid pro quo situation particularly in a regional trade bloc kind of arrangement". On the taxation regime, he said that the country is moving towards a stable direct tax regime without any exemption. "Goods and Services Tax (GST) is still work in progress. GST was supposed to be revenue-neutral. But the government has lost revenue post-GST implementation, which is not tenable," Debroy said. He said, "When both direct tax and GST rates get stabilised in future, a day might come when there would be no need to present budgets in the Parliament". Regarding the high cost of capital, Debroy said it will continue to be so as it is a scarce resource in India.

India can end up with 5% real GDP growth this fiscal: Chairman of PM's Economic Advisory Council

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.

<a href="https://www.wionews.com/business-economy/boeing-says-737-max-planes-return-delayed-until-mid-2020-275914">Also Read:&nbsp;Boeing delays return of 737 MAX planes until mid-2020</a>

The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997.

Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in new costs connected to the MAX.

Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares rallied early Wednesday in pre-market.&nbsp;

The MAX has been grounded since March following two crashes that killed 346 people which opened the doors to intense scrutiny of Boeing's safety practices -- and regulatory oversight of its productions -- as well bruising congressional investigations which have revealed a troublesome culture at the aviation giant.

"We are committed to transparency and excellence in everything we do," Calhoun said in a statement. "Safety will underwrite every decision, every action and every step we take as we move forward."

Calhoun has been at the helm of Boeing only since January 13 after Dennis Muilenburg was ousted in December following criticism of his handling of the crisis, and immediately after damning series of internal communications were released.

Calhoun is targeting mid-2020 to win approval from aviation regulators to resume flights on the MAX, which is seen as a more realistic timeframe after Muilenburg repeatedly pushed a more optimistic schedule.

- Higher costs - 
The grounding of the MAX dented Boeing's earnings in multiple ways, halting deliveries of new planes to customers, a major source of revenues.

Boeing revenues in the fourth quarter plunged 36.8 percent to $17.9 billion, while revenues for all of 2019 dropped 24.3 percent to $76.6 billion.

The crisis also prompted the manufacturer to first reduce and then halt production of the MAX until the crisis is resolved.

Boeing said Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs" primarily in 2020 associated with the suspension of the MAX and a "gradual resumption" of production.

The company set aside $2.6 billion to compensate airlines that have been forced to cancel thousands of flights due to grounded MAX planes and undelivered aircraft.

The MAX crisis also has weighed on numerous suppliers, such as Spirit AeroSystems, which announced earlier this month that it would lay off 2,800 employees in Kansas due to the production stoppage.

And General Electric, which builds engines for the MAX, said the crisis lowered cash flow by $1.4 billion for 2019.

Boeing also announced Wednesday that it would again cut back production of the 787 Dreamliner, a top-selling plane that has supported revenues during the protracted 737 MAX grounding.

The aerospace giant plans to cut production to 10 airplanes a month in early 2021 through 2023 based on the "near-term market outlook," Boeing said. &nbsp;

The company in October had dropped to 12 a month from 14 due to lower orders from China.

Boeing shares rose 2.4 percent to $324.25 in pre-market trading.

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs.

Boeing reported its first annual loss in more than two decades Wednesday as the lengthy grounding of the 737 MAX undercut the company's revenues and exploded costs. Also Read: Boeing delays return of 737 MAX planes until mid-2020 The aerospace giant reported a $1.0 billion loss in the fourth-quarter and a loss of $636 million for all of 2019, the company's first year in the red since 1997. Newly-installed Chief Executive David Calhoun, who took the reins this month to stabilize the situation, pledged to turn the company around even as Boeing disclosed $9.2 billion in new costs connected to the MAX. Some analysts had expected new costs twice as high, and despite the hefty charges, Boeing shares rallied early Wednesday in pre-market. The MAX has been grounded since March following two crashes that killed 346 people which opened the doors to intense scrutiny of Boeing's safety practices -- and regulatory oversight of its productions -- as well bruising congressional investigations which have revealed a troublesome culture at the aviation giant. "We are committed to transparency and excellence in everything we do," Calhoun said in a statement. "Safety will underwrite every decision, every action and every step we take as we move forward." Calhoun has been at the helm of Boeing only since January 13 after Dennis Muilenburg was ousted in December following criticism of his handling of the crisis, and immediately after damning series of internal communications were released. Calhoun is targeting mid-2020 to win approval from aviation regulators to resume flights on the MAX, which is seen as a more realistic timeframe after Muilenburg repeatedly pushed a more optimistic schedule. - Higher costs - The grounding of the MAX dented Boeing's earnings in multiple ways, halting deliveries of new planes to customers, a major source of revenues. Boeing revenues in the fourth quarter plunged 36.8 percent to $17.9 billion, while revenues for all of 2019 dropped 24.3 percent to $76.6 billion. The crisis also prompted the manufacturer to first reduce and then halt production of the MAX until the crisis is resolved. Boeing said Wednesday the changes in the production schedule added $2.6 billion in costs connected to airplane deliveries, plus another $4 billion in "abnormal production costs" primarily in 2020 associated with the suspension of the MAX and a "gradual resumption" of production. The company set aside $2.6 billion to compensate airlines that have been forced to cancel thousands of flights due to grounded MAX planes and undelivered aircraft. The MAX crisis also has weighed on numerous suppliers, such as Spirit AeroSystems, which announced earlier this month that it would lay off 2,800 employees in Kansas due to the production stoppage. And General Electric, which builds engines for the MAX, said the crisis lowered cash flow by $1.4 billion for 2019. Boeing also announced Wednesday that it would again cut back production of the 787 Dreamliner, a top-selling plane that has supported revenues during the protracted 737 MAX grounding. The aerospace giant plans to cut production to 10 airplanes a month in early 2021 through 2023 based on the "near-term market outlook," Boeing said. The company in October had dropped to 12 a month from 14 due to lower orders from China. Boeing shares rose 2.4 percent to $324.25 in pre-market trading.

737 MAX effect: Boeing reports first annual loss in over two decades

Gold rose on Wednesday, propped up by lingering concerns over the <a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">economic impact of a coronavirus outbreak</a> in China, while investors awaited a policy decision from the US Federal Reserve later in the day.

Spot gold was up 0.3 per cent at $1,571.07 an ounce by 1125 GMT, <a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">having fallen</a> about 1 per cent in the previous session after positive US economic data drove recovery inequities. The US gold futures were little changed at $1,570.60 an ounce.

"The coronavirus will definitely have some impact on the Chinese economy and that will <a href="https://www.wionews.com/business-economy/oil-rout-extends-to-sixth-day-as-china-virus-death-toll-rises-277073">mostly affect the country's currency</a>, but an impulsive bull trend in gold is not expected yet," said Bernard Sin, group head of trading at MKS.

Safe-haven gold held aloft despite signs of stabilisation in <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">global stock markets</a> as equities investors tried to look past China's coronavirus outbreak, encouraged by better-than-expected company earnings.

While <a href="https://www.wionews.com/business-economy/barclays-sees-2-per-barrel-impact-to-oil-prices-as-virus-fears-threaten-demand-277075">rising stocks</a> are capping gold's gains, it is still being supported by other factors such as uncertainty around US President Donald Trump's impeachment and tensions in the Middle East, said Quantitative Commodity Research analyst Peter Fertig.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/who-tempers-virus-fears-gold-eases-on-improved-risk-appetite-276399">Gold prices ease after WHO tempers coronavirus fears</a>

Risk aversion has not completely lifted, however. With the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict damage on Chinese growth. 
If there is an escalation, gold could reach $1,600, Jeffrey Halley, senior market analyst at OANDA, said in a note.

Investors are now waiting for the Fed's monetary policy statement at 1900 GMT. Possibly of greatest interest would be what if anything Fed Chair Jerome Powell has to say about the high Treasury purchases the Fed has been making since October to inject more liquidity into the money market, Commerzbank said in a note.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion. "The main driver for gold this year will be strategic inflows, as it will continue to be viewed as an attractive diversifier for investor portfolios in an environment where rates remain low," UBS strategist Joni Teves said.

Elsewhere, palladium fell 0.7 per cent to $2,272.77 an ounce, while platinum was up 0.7 per cent at $992.45. Palladium will cost on average more than twice as much as platinum this year, but that premium will narrow in 2021. Silver rose 0.5 per cent 
&nbsp;to $17.51, having earlier dipped to its lowest since December 23 at $17.35. 
&nbsp;

Gold rose on Wednesday, propped up by lingering concerns over the economic impact of a coronavirus outbreak in China, while investors awaited a policy decision from the US Federal Reserve later in the day.

Gold rose on Wednesday, propped up by lingering concerns over the economic impact of a coronavirus outbreak in China, while investors awaited a policy decision from the US Federal Reserve later in the day. Spot gold was up 0.3 per cent at $1,571.07 an ounce by 1125 GMT, having fallen about 1 per cent in the previous session after positive US economic data drove recovery inequities. The US gold futures were little changed at $1,570.60 an ounce. "The coronavirus will definitely have some impact on the Chinese economy and that will mostly affect the country's currency, but an impulsive bull trend in gold is not expected yet," said Bernard Sin, group head of trading at MKS. Safe-haven gold held aloft despite signs of stabilisation in global stock markets as equities investors tried to look past China's coronavirus outbreak, encouraged by better-than-expected company earnings. While rising stocks are capping gold's gains, it is still being supported by other factors such as uncertainty around US President Donald Trump's impeachment and tensions in the Middle East, said Quantitative Commodity Research analyst Peter Fertig. Also Read: Gold prices ease after WHO tempers coronavirus fears Risk aversion has not completely lifted, however. With the number of coronavirus fatalities now at 132 and 6,000 cases reported worldwide, there are fears the outbreak could inflict damage on Chinese growth. If there is an escalation, gold could reach $1,600, Jeffrey Halley, senior market analyst at OANDA, said in a note. Investors are now waiting for the Fed's monetary policy statement at 1900 GMT. Possibly of greatest interest would be what if anything Fed Chair Jerome Powell has to say about the high Treasury purchases the Fed has been making since October to inject more liquidity into the money market, Commerzbank said in a note. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. "The main driver for gold this year will be strategic inflows, as it will continue to be viewed as an attractive diversifier for investor portfolios in an environment where rates remain low," UBS strategist Joni Teves said. Elsewhere, palladium fell 0.7 per cent to $2,272.77 an ounce, while platinum was up 0.7 per cent at $992.45. Palladium will cost on average more than twice as much as platinum this year, but that premium will narrow in 2021. Silver rose 0.5 per cent to $17.51, having earlier dipped to its lowest since December 23 at $17.35.

Investors await signal from the US Federal Reserve, virus concerns felt across the world

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of <a href="https://www.wionews.com/business-economy/coronavirus-outbreak-global-health-scares-and-its-impact-on-world-economy-277136">China's coronavirus epidemic</a> on its business but it was reviewing whether to end Beijing flights early.

<a href="https://www.wionews.com/world/passengers-evacuate-qantas-plane-via-emergency-slides-at-sydney-airport-268331">Qantas </a>in November said it was axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand.

"We continue to review that, continue to review the loads, and whether we look to do that earlier, or keep it operating until that date," Joyce told reporters at the opening of a new pilot training school in Queensland, according to reports.

Also Read:&nbsp;<a href="https://www.wionews.com/videos/coronavirus-outbreak-china-records-1st-virus-death-in-beijing-wion-news-world-news-277124">Coronavirus Outbreak: China Records 1st Virus Death In Beijing | WION News | World News</a>

He said the most similar comparison to coronavirus was the SARS epidemic in 2003, which cost the carrier $55 million in lost earnings over a six to eight-month period and led it to cut some international capacity.

UBS analysts on Tuesday estimated Qantas could take an earnings hit of $204 million to $513 million in the 2021 financial year depending on traffic declines as a result of the coronavirus.

Joyce said he did not comment on analyst reports as a rule but noted that UBS assumed a much worse financial impact than the airline had experienced from SARS.

He added that a fall in the oil price over the past month was benefiting the airline and the carrier did not expect a material financial impact from widespread bushfires in Australia that have hit the local tourism industry.

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of China's coronavirus epidemic on its business but it was reviewing whether to end Beijing flights early.

Qantas Airways Ltd Chief Executive Alan Joyce said on Wednesday it was too early for the airline to quantify the financial impact of China's coronavirus epidemic on its business but it was reviewing whether to end Beijing flights early. Qantas in November said it was axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand. "We continue to review that, continue to review the loads, and whether we look to do that earlier, or keep it operating until that date," Joyce told reporters at the opening of a new pilot training school in Queensland, according to reports. Also Read: Coronavirus Outbreak: China Records 1st Virus Death In Beijing | WION News | World News He said the most similar comparison to coronavirus was the SARS epidemic in 2003, which cost the carrier $55 million in lost earnings over a six to eight-month period and led it to cut some international capacity. UBS analysts on Tuesday estimated Qantas could take an earnings hit of $204 million to $513 million in the 2021 financial year depending on traffic declines as a result of the coronavirus. Joyce said he did not comment on analyst reports as a rule but noted that UBS assumed a much worse financial impact than the airline had experienced from SARS. He added that a fall in the oil price over the past month was benefiting the airline and the carrier did not expect a material financial impact from widespread bushfires in Australia that have hit the local tourism industry.

Coronavirus hits demands; Qantas CEO says they may decide to axe Beijing Route

Global <a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">equity markets</a> rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak.

Gold fell and the Japanese yen dipped against the dollar, but risk aversion in currency markets persisted, with the Australian dollar leading losers and the greenback strengthening to an eight-week high against a basket of six rivals.

In a possible warning of a future weak economy, strong gains in US Treasuries this week led key parts of the US yield curve to reinvert, a trend that in the past has indicated that a recession in the United States will follow in a year or two.

Gains in technology and financial shares helped Wall Street recoup some losses from Monday's selloff, which was sparked by worries about the possible economic impact of the coronavirus outbreak.

Major European and US <a href="https://www.wionews.com/business-economy/global-stocks-slide-to-two-week-low-on-china-virus-fears-safe-havens-gain-277082">stock indexes</a> rebounded around 1 per cent as President Xi Jinping said China was sure of defeating a "devil" coronavirus that has killed 106 people.

The World Health Organization's director-general said he is confident China can control the spread of the coronavirus, the Chinese Foreign Ministry said.

Chinese markets will remain closed until next week, but a 0.5 per cent overnight drop in Tokyo's Nikkei was more modest than Monday's thumping. Other Asian markets that were openly rallied.

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="d117fb1e-7aa3-41a8-a846-ccc1863d6016" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%281%29_65.jpg" /> 
[&nbsp;Traders Anthony Rinaldi (L) and Federico DeMarco (R) work on the floor of the New York Stock Exchange (Courtesy: Reuters) ]

"History shows us as we look back at several different examples that these viral outbreaks tend to be short-lived," said Candice Bangsund, a global asset allocation portfolio manager at Fiera Capital in Montreal. 
While markets should gyrate for a while, the global economy will resume the improving growth it started to exhibit late last year, Bangsund said.

"The economy could be ripe for a sharp snapback or a V-shaped recovery once we find out when this is contained and when the outbreak is indeed brought under control," she said. "We maintain the global economy will come back to life."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/barclays-sees-2-per-barrel-impact-to-oil-prices-as-virus-fears-threaten-demand-277075">Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand</a>

MSCI's gauge of stocks across the globe gained 0.65 per cent, while its emerging market index lost 0.05 per cent.

Shares on Wall Street also surged. The Dow Jones Industrial Average rose 187.05 points, or 0.66 per cent, to 28,722.85. The S&amp;P 500 gained 32.61 points, or 1.01 per cent, to 3,276.24 and the Nasdaq Composite added 130.37 points, or 1.43 per cent, to 9,269.68.

<a href="https://www.wionews.com/business-economy/oil-rout-extends-to-sixth-day-as-china-virus-death-toll-rises-277073">Oil futures </a>edged up after falling for five days, following the recovery in equities and talk that Organization of the Petroleum Exporting Countries and its allies might tighten the market amid fears the coronavirus could weigh on oil demand. 
Brent futures settled up 19 cents at $59.51 a barrel, while US West Texas Intermediate (WTI) crude settled up 34 cents at $53.48. [O/R]

The yield on the benchmark 10-year US Treasury note bounced off three-month lows after a key part of the yield curve briefly inverted for the first time since October.

The yield fell as low as 1.57 per cent overnight, the lowest since October 10, before the 10-year note pared some losses to fall 13/32 in price and lift its yield to 1.6493 per cent.

An inverted curve, when longer-dated yields fall below shorter-maturity ones, has often been a percussor of a US recession. Eurozone government bond yields bounced off three-month lows to rise for the first time in over a week after US consumer confidence exceeded expectations to hit its highest level since August.

Traders awaited the outcome of a two-day meeting of Federal Reserve policymakers, which started on Tuesday. The market consensus is that the central bank will keep interest rates unchanged at between 1.5 per cent and 1.75 per cent.

The dollar index rose 0.02 per cent, with the euro up 0.03 per cent to $1.1019. The yen weakened 0.24 per cent versus the greenback at 109.15 per dollar. The US gold futures settled down 0.5 per cent at $1,569.8 an ounce.

Global equity markets rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak.

Global equity markets rebounded in a broad rally on Tuesday and some safe-haven assets eased as investors took a less pessimistic view of the potential economic fallout from China's coronavirus outbreak. Gold fell and the Japanese yen dipped against the dollar, but risk aversion in currency markets persisted, with the Australian dollar leading losers and the greenback strengthening to an eight-week high against a basket of six rivals. In a possible warning of a future weak economy, strong gains in US Treasuries this week led key parts of the US yield curve to reinvert, a trend that in the past has indicated that a recession in the United States will follow in a year or two. Gains in technology and financial shares helped Wall Street recoup some losses from Monday's selloff, which was sparked by worries about the possible economic impact of the coronavirus outbreak. Major European and US stock indexes rebounded around 1 per cent as President Xi Jinping said China was sure of defeating a "devil" coronavirus that has killed 106 people. The World Health Organization's director-general said he is confident China can control the spread of the coronavirus, the Chinese Foreign Ministry said. Chinese markets will remain closed until next week, but a 0.5 per cent overnight drop in Tokyo's Nikkei was more modest than Monday's thumping. Other Asian markets that were openly rallied. [ Traders Anthony Rinaldi (L) and Federico DeMarco (R) work on the floor of the New York Stock Exchange (Courtesy: Reuters) ] "History shows us as we look back at several different examples that these viral outbreaks tend to be short-lived," said Candice Bangsund, a global asset allocation portfolio manager at Fiera Capital in Montreal. While markets should gyrate for a while, the global economy will resume the improving growth it started to exhibit late last year, Bangsund said. "The economy could be ripe for a sharp snapback or a V-shaped recovery once we find out when this is contained and when the outbreak is indeed brought under control," she said. "We maintain the global economy will come back to life." Also Read: Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand MSCI's gauge of stocks across the globe gained 0.65 per cent, while its emerging market index lost 0.05 per cent. Shares on Wall Street also surged. The Dow Jones Industrial Average rose 187.05 points, or 0.66 per cent, to 28,722.85. The S&P 500 gained 32.61 points, or 1.01 per cent, to 3,276.24 and the Nasdaq Composite added 130.37 points, or 1.43 per cent, to 9,269.68. Oil futures edged up after falling for five days, following the recovery in equities and talk that Organization of the Petroleum Exporting Countries and its allies might tighten the market amid fears the coronavirus could weigh on oil demand. Brent futures settled up 19 cents at $59.51 a barrel, while US West Texas Intermediate (WTI) crude settled up 34 cents at $53.48. [O/R] The yield on the benchmark 10-year US Treasury note bounced off three-month lows after a key part of the yield curve briefly inverted for the first time since October. The yield fell as low as 1.57 per cent overnight, the lowest since October 10, before the 10-year note pared some losses to fall 13/32 in price and lift its yield to 1.6493 per cent. An inverted curve, when longer-dated yields fall below shorter-maturity ones, has often been a percussor of a US recession. Eurozone government bond yields bounced off three-month lows to rise for the first time in over a week after US consumer confidence exceeded expectations to hit its highest level since August. Traders awaited the outcome of a two-day meeting of Federal Reserve policymakers, which started on Tuesday. The market consensus is that the central bank will keep interest rates unchanged at between 1.5 per cent and 1.75 per cent. The dollar index rose 0.02 per cent, with the euro up 0.03 per cent to $1.1019. The yen weakened 0.24 per cent versus the greenback at 109.15 per dollar. The US gold futures settled down 0.5 per cent at $1,569.8 an ounce.

Demand for safe havens decreases as global stocks rally in a big rebound

The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time.&nbsp;

China's largest SUV maker, Great Wall Motors, is preparing for the debut of its India operations at the upcoming 2020 Auto Expo that will be held at Greater Noida from February 7 to 12. But the fear of Coronavirus epidemic getting worse is making Chinese automakers nervous too.

More than 20 per cent of the Expo’s 40,000 square meter exhibition area is for China’s companies. Chinese automakers are compensating for the absence of big Indian automakers from the biennial show including German carmakers BMW and Audi, Japanese auto giants Honda and Toyota and even American carmaker Ford.&nbsp;

Feeling the likely impact on the auto extravaganza, representatives from the society of Indian automobile manufacturers are meeting health ministry officials to check on any extra precautions to be taken and arrangements to be made for the smooth functioning of Auto Expo including the need for thermal screenings, if required.&nbsp;

Another Chinese automaker MG Motors, that has already made a debut in the Indian market with its Hector SUV and an electric SUV, could also be impacted by the Coronavirus scare. Though none of its executives is coming from China, many of the officials working in India are concerned about the health of friends and relatives back home.&nbsp;

The Coronavirus scare, if continues, can impact the medium to long term plans of the companies, as well as, the decision making at the Chinese headquarter can slow down.&nbsp;

The scale of Coronavirus is still not clear and can be compared to the post-tsunami damage of 2011 to Japanese automakers in India. The automakers were sourcing components from their Japanese plants back then and shutting down of Japanese plants post-tsunami had disturbed the production schedule of the Japanese automakers for weeks together.

Analysts say the next few days are very crucial as the extent of Coronavirus damage will be clear and will further determine its impact on Chinese automakers.&nbsp;

&nbsp;

The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time.

The stage was set for the big-bang entry of Chinese auto players in India. It couldn't have been a better debut for the Great Wall Motors of China, but the Coronavirus scare can slowdown the Chinese automakers' drive in India, and there are a couple of them this time. China's largest SUV maker, Great Wall Motors, is preparing for the debut of its India operations at the upcoming 2020 Auto Expo that will be held at Greater Noida from February 7 to 12. But the fear of Coronavirus epidemic getting worse is making Chinese automakers nervous too. More than 20 per cent of the Expo’s 40,000 square meter exhibition area is for China’s companies. Chinese automakers are compensating for the absence of big Indian automakers from the biennial show including German carmakers BMW and Audi, Japanese auto giants Honda and Toyota and even American carmaker Ford. Feeling the likely impact on the auto extravaganza, representatives from the society of Indian automobile manufacturers are meeting health ministry officials to check on any extra precautions to be taken and arrangements to be made for the smooth functioning of Auto Expo including the need for thermal screenings, if required. Another Chinese automaker MG Motors, that has already made a debut in the Indian market with its Hector SUV and an electric SUV, could also be impacted by the Coronavirus scare. Though none of its executives is coming from China, many of the officials working in India are concerned about the health of friends and relatives back home. The Coronavirus scare, if continues, can impact the medium to long term plans of the companies, as well as, the decision making at the Chinese headquarter can slow down. The scale of Coronavirus is still not clear and can be compared to the post-tsunami damage of 2011 to Japanese automakers in India. The automakers were sourcing components from their Japanese plants back then and shutting down of Japanese plants post-tsunami had disturbed the production schedule of the Japanese automakers for weeks together. Analysts say the next few days are very crucial as the extent of Coronavirus damage will be clear and will further determine its impact on Chinese automakers.

Auto Expo 2020: Chinese automakers brace for impact of Coronavirus

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21.

The BSE S&amp;P Sensex closed 232 points higher at 41,199 while the Nifty 50 ticked up by 74 points at 12,130.

Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty FMCG lifting up by 1.3 per cent, metal by 0.9 per cent and auto by 0.8 per cent.

Among stocks, Tata Motors advanced by 6.8 per cent to Rs 188.10 per share. Bajaj Finance jumped over 5 per cent after its third-quarter earnings beat analyst expectations.

FMCG majors Nestle India moved up by 2.8 per cent each while JSW Steel was up by 2.3 per cent. The other prominent gainers included Bajaj Finserv, Adani Ports, Power Grid Corporation and Infosys.

However, Eicher Motors dipped by 4.5 per cent. Yes Bank, Dr Reddy's, Tata Consultancy Services and HDFC too closed in the red.

Meanwhile, Asian shares erased earlier gains and slipped into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about the economic impact of the outbreak.

Hong Kong shares fell by 2.82 per cent, led by declines in financial services, real estate and consumer goods companies. But Japan's Nikkei stock index advanced by 0.71 per cent and South Korea's Kospi also added 0.39 per cent. Markets in China were closed for a holiday.

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21.

Equity benchmark indices ended higher on Wednesday due to buying seen in select metal, FMCG and auto stocks while investors hoped for market-friendly proposals in the upcoming Union Budget for 2020-21. The BSE S&P Sensex closed 232 points higher at 41,199 while the Nifty 50 ticked up by 74 points at 12,130. Except for Nifty pharma, all sectoral indices at the National Stock Exchange were in the green with Nifty FMCG lifting up by 1.3 per cent, metal by 0.9 per cent and auto by 0.8 per cent. Among stocks, Tata Motors advanced by 6.8 per cent to Rs 188.10 per share. Bajaj Finance jumped over 5 per cent after its third-quarter earnings beat analyst expectations. FMCG majors Nestle India moved up by 2.8 per cent each while JSW Steel was up by 2.3 per cent. The other prominent gainers included Bajaj Finserv, Adani Ports, Power Grid Corporation and Infosys. However, Eicher Motors dipped by 4.5 per cent. Yes Bank, Dr Reddy's, Tata Consultancy Services and HDFC too closed in the red. Meanwhile, Asian shares erased earlier gains and slipped into negative territory as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and fueled fears about the economic impact of the outbreak. Hong Kong shares fell by 2.82 per cent, led by declines in financial services, real estate and consumer goods companies. But Japan's Nikkei stock index advanced by 0.71 per cent and South Korea's Kospi also added 0.39 per cent. Markets in China were closed for a holiday.

Nifty closes at 12,130, Tata Motors top performer

Oil futures were set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears.

Oil futures were set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears. Brent crude was down 51 cents at $58.81 a barrel at 0925 GMT, having hit a three-month low of $58.50 on Monday as the virus outbreak triggered a global sell-off of riskier assets. US West Texas Intermediate was down 32 cents at $52.82 a barrel, after slipping to its lowest since early October in the previous session at $52.13. Both contracts are on track for their worst monthly falls since May. The United States and other countries warned against travel to China as the coronavirus death toll rose to more than 100 and after the virus was detected in more than a dozen countries outside China. Oil investors are concerned that travel advisories, other restrictions and any sizable impact on growth in China and elsewhere will dampen demand for crude and related products against a backdrop of plentiful supply. Also Read: Oil prices slip over China virus fears Japan, one of the world's top oil buyers, warned about the risks to its economy from the virus, and Asian stock markets continued to suffer. As the oil price fell below that seen during a December meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, Saudi Arabia said on Monday the group could respond to any changes in demand. Saudi and other OPEC producers, however, sought to downplay demand concerns resulting from the virus outbreak. The group known as OPEC+ agreed in December to widen their supply cuts by 500,000 barrels per day (BPD) to 1.7 million BPD until the end of March. While markets wait for an update on China's oil demand, one eye is on Libya where output is down by nearly 75 per cent to just below 300,000 BPD amid the most extensive oil blockade for years. "Markets need to get a proper assessment of oil demand in China," said Olivier Jakob of consultancy Petromatrix. "And as long as Libya continues to be shut, OPEC probably does not need to do anything."

Oil rout extends to sixth day as China virus death toll rises

Barclays said on Tuesday oil prices will be impacted by $2 per barrel on the potential economic fallout from the coronavirus outbreak in China. More than 100 people have died and over 4,000 cases of the new virus have been confirmed in China, leading authorities to increase preventive measures, impose travel restrictions and also extend the Lunar New Year holidays to limit the spread of the virus.

Barclays said on Tuesday oil prices will be impacted by $2 per barrel on the potential economic fallout from the coronavirus outbreak in China. More than 100 people have died and over 4,000 cases of the new virus have been confirmed in China, leading authorities to increase preventive measures, impose travel restrictions and also extend the Lunar New Year holidays to limit the spread of the virus. The bank sees a $2 per barrel downside to their full-year Brent and WTI forecasts of $62 per barrel and $57 per barrel, respectively. Compounding the effects of the spillover to economic growth from China and the region, Barclays expects transitory oil demand erosion of about 0.6-0.8 million barrels per day (mb/d) in the first quarter of this year or 0.2 mb/d for the full year. "If air passenger traffic in China declined by half in the first quarter of 2020, it would likely lead to a 300,000 barrels per day year on year decline in jet-kerosene demand from China," the bank said adding the fall in road transport would likely be less severe than in the past given reduced reliance on buses. Also Read: Oil prices slide 2% over glut forecast, China virus worries Barclays expects the Organisation of the Petroleum Exporting Countries (OPEC) and other allies to step in and take further measures to keep the markets tight, in case the fall in demand is more acute. Oil prices have been down for the last six sessions, but the bank said that the market reaction was likely overdone. Barclays said the actual economic fallout from the coronavirus could be less severe than the 2003 SARS outbreak, given that the new virus seems less lethal than SARS so far and the measures taken by Chinese authorities. The bank said the geopolitical risks to global supplies remain high as US-Iran tensions could continue to gradually escalate and oil production in Libya could fall further if the blockade of key infrastructure facilities continues. Brent crude prices are currently trading around $59 per barrel and US WTI at around at $53 per barrel.

Barclays sees $2 per barrel impact to oil prices as virus fears threaten demand

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic <a href="https://www.wionews.com/business-economy/oil-slips-to-62-heads-for-weekly-loss-on-china-virus-concerns-276358">impact of the coronavirus</a> drove up prices of safe-haven assets such as the Japanese yen and government debt.

China's yuan slid to a 2020 low and commodity-linked currencies such as the Australian dollar fell on <a href="https://www.wionews.com/business-economy/global-stocks-edge-up-oil-drops-as-china-virus-worries-abate-276176">mounting concern about the coronavirus</a>. The yen was the main beneficiary, though its move higher was limited. Crude prices dropped below $60 a barrel for the first time in nearly three months, while gold prices surged 1 per cent to nearly a three-week high before paring gains.

Benchmark US&nbsp;Treasury yields fell to lows last seen in early October while the yield on 10-year German bunds, the eurozone benchmark, fell to the lowest in almost two months. Key indexes for British, French and German <a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">equity markets slid</a> more than 2 per cent, as did pan-European markets. Stocks on Wall Street fell more than 1 per cent.

Major markets in Asia, including China, Hong Kong, Taiwan, South Korea, Singapore and Australia, were closed on Monday. MSCI's gauge of stocks across the globe shed 1.62 per cent to a three-week low, while its emerging market index lost 1.59 per cent. The broad FTSEurofirst 300 index in Europe closed down 2.26 per cent at 1,619.00, while the pan-European STOXX 600 index fell by the same amount.

More than 97 per cent of stocks in the STOXX 600 fell, with many tumbling from record highs. The rout wiped about 180 billion euros ($198.3 billion) of market capitalisation from the index. US stocks fell a bit less. The Dow Jones Industrial Average fell 453.93 points, or 1.57 per cent, to 28,535.8. The S&amp;P 500 lost 51.84 points, or 1.57 per cent, to 3,243.63 and the Nasdaq Composite dropped 175.60 points, or 1.89 per cent, to 9,139.31.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/equities-and-oil-tank-plunge-as-deadly-coronavirus-triggers-panic-276900">Equities and oil tank plunge as deadly coronavirus triggers panic</a>

The Nasdaq had its biggest one-day decline since August 23 while for the Dow it was the biggest since October 2, closing lower for a fifth straight day in its longest losing streak since a five-day decline ending last August. The S&amp;P 500 also posted its biggest daily drop since October 2.

Wall Street was overdue for a correction, said David Kelly, chief global strategist at JPMorgan Funds in New York. "We have a slow and steady economy, a giddy and fast market and eventually those two things have to meet in the middle somewhere," he added.

The benchmark S&amp;P 500 rose more than 12 per cent from the end of September to an all-time high last week. "The market was due for a fall and coronavirus is a perfect case of an unknown. An increase in uncertainty causes the market to fall but the real question here does it affect the global economy?" he said.

Still, the potential for the virus to spread exponentially was cause for concern, said Matt Weller, global head of market research at GAIN Capital in Grand Rapids, Michigan. Whether the virus scales to epidemic proportions "remains to be seen, but certainly that's not priced into markets," he said.

China extended its Lunar New Year holiday and the Shanghai stock exchange said it will reopen February 3. More big businesses in China shut down and told staff to work from home as the death toll rose to 81. The Nikkei share average in Tokyo slumped 2.03 per cent, its biggest percentage fall since August, with tourism shares hard hit.

Infections could continue to rise, China's National Health Commission said on Sunday. The total number of confirmed cases in China rose to 2,835. Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York said investors are scared that the virus could lead to an economic slowdown but at the moment the market has overreacted.

"The market has been waiting for some sort of sell-off to develop after a roughly 30 per cent year and for a reason for it to happen," Pavlik said. Oil prices fell about 2 per cent after earlier sliding more than 3 per cent.

Brent crude slid $1.37 a barrel to settle down at $59.32, its lowest since late October and the biggest intra-day fall since January 8. US crude fell $1.05 to settle at $53.14 a barrel. US Treasury prices advanced, pushing their yield lower. Benchmark 10-year Treasury notes rose 23/32 in price to yield 1.6012 per cent.

The benchmark 10-year Bund yield fell 5 bps to -0.414 per cent. Yields on tax-exempt municipal slid to all-time lows. The new 10-year MMD AAA GO yield of 1.18 per cent slid below the previous record low of 1.21 per cent set last August.

In the currency market, the dollar index rose 0.08 per cent, with the euro down 0.05 per cent to $1.1018. The yen strengthened 0.36 per cent versus the greenback at 108.89 per dollar. US gold futures settled 0.3 per cent higher at $1,577.4 an ounce, as spot gold climbed to $1,586.43 earlier in the session, the highest level since January 8. 
&nbsp;

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic impact of the coronavirus drove up prices of safe-haven assets such as the Japanese yen and government debt.

Stocks markets tumbled worldwide on Monday as investor worries about the potential economic impact of the coronavirus drove up prices of safe-haven assets such as the Japanese yen and government debt. China's yuan slid to a 2020 low and commodity-linked currencies such as the Australian dollar fell on mounting concern about the coronavirus. The yen was the main beneficiary, though its move higher was limited. Crude prices dropped below $60 a barrel for the first time in nearly three months, while gold prices surged 1 per cent to nearly a three-week high before paring gains. Benchmark US Treasury yields fell to lows last seen in early October while the yield on 10-year German bunds, the eurozone benchmark, fell to the lowest in almost two months. Key indexes for British, French and German equity markets slid more than 2 per cent, as did pan-European markets. Stocks on Wall Street fell more than 1 per cent. Major markets in Asia, including China, Hong Kong, Taiwan, South Korea, Singapore and Australia, were closed on Monday. MSCI's gauge of stocks across the globe shed 1.62 per cent to a three-week low, while its emerging market index lost 1.59 per cent. The broad FTSEurofirst 300 index in Europe closed down 2.26 per cent at 1,619.00, while the pan-European STOXX 600 index fell by the same amount. More than 97 per cent of stocks in the STOXX 600 fell, with many tumbling from record highs. The rout wiped about 180 billion euros ($198.3 billion) of market capitalisation from the index. US stocks fell a bit less. The Dow Jones Industrial Average fell 453.93 points, or 1.57 per cent, to 28,535.8. The S&P 500 lost 51.84 points, or 1.57 per cent, to 3,243.63 and the Nasdaq Composite dropped 175.60 points, or 1.89 per cent, to 9,139.31. Also Read: Equities and oil tank plunge as deadly coronavirus triggers panic The Nasdaq had its biggest one-day decline since August 23 while for the Dow it was the biggest since October 2, closing lower for a fifth straight day in its longest losing streak since a five-day decline ending last August. The S&P 500 also posted its biggest daily drop since October 2. Wall Street was overdue for a correction, said David Kelly, chief global strategist at JPMorgan Funds in New York. "We have a slow and steady economy, a giddy and fast market and eventually those two things have to meet in the middle somewhere," he added. The benchmark S&P 500 rose more than 12 per cent from the end of September to an all-time high last week. "The market was due for a fall and coronavirus is a perfect case of an unknown. An increase in uncertainty causes the market to fall but the real question here does it affect the global economy?" he said. Still, the potential for the virus to spread exponentially was cause for concern, said Matt Weller, global head of market research at GAIN Capital in Grand Rapids, Michigan. Whether the virus scales to epidemic proportions "remains to be seen, but certainly that's not priced into markets," he said. China extended its Lunar New Year holiday and the Shanghai stock exchange said it will reopen February 3. More big businesses in China shut down and told staff to work from home as the death toll rose to 81. The Nikkei share average in Tokyo slumped 2.03 per cent, its biggest percentage fall since August, with tourism shares hard hit. Infections could continue to rise, China's National Health Commission said on Sunday. The total number of confirmed cases in China rose to 2,835. Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York said investors are scared that the virus could lead to an economic slowdown but at the moment the market has overreacted. "The market has been waiting for some sort of sell-off to develop after a roughly 30 per cent year and for a reason for it to happen," Pavlik said. Oil prices fell about 2 per cent after earlier sliding more than 3 per cent. Brent crude slid $1.37 a barrel to settle down at $59.32, its lowest since late October and the biggest intra-day fall since January 8. US crude fell $1.05 to settle at $53.14 a barrel. US Treasury prices advanced, pushing their yield lower. Benchmark 10-year Treasury notes rose 23/32 in price to yield 1.6012 per cent. The benchmark 10-year Bund yield fell 5 bps to -0.414 per cent. Yields on tax-exempt municipal slid to all-time lows. The new 10-year MMD AAA GO yield of 1.18 per cent slid below the previous record low of 1.21 per cent set last August. In the currency market, the dollar index rose 0.08 per cent, with the euro down 0.05 per cent to $1.1018. The yen strengthened 0.36 per cent versus the greenback at 108.89 per dollar. US gold futures settled 0.3 per cent higher at $1,577.4 an ounce, as spot gold climbed to $1,586.43 earlier in the session, the highest level since January 8.

Global stocks slide to two-week low on China virus fears, safe havens gain

European aerospace giant <a href="https://www.wionews.com/business-economy/airbus-defence-unit-sees-cash-challenge-adopts-efficiency-plan-254715">Airbus </a>said Tuesday that it has reached an "agreement in principle" with French, British and <a href="https://www.wionews.com/world/us-top-court-sides-with-trump-on-immigrant-welfare-benefits-276959">US</a> authorities over corruption investigations, which might help it avoid expensive litigation.

Airbus has been the subject of corruption probes in all three countries and said it released the statement in response to press reports.

The Financial Times reported Monday that Airbus, which employs 134,000 staff and contributes significantly to the economic output of its major backers <a href="https://www.wionews.com/business-%26-economy/airbus-set-to-close-deal-for-majority-stake-in-bombardier-cseries-143078">France</a> and <a href="https://www.wionews.com/world/coronavirus-outbreak-deadly-virus-continues-to-spread-outside-china-276966">Germany</a>, might have to pay more than 3.0 billion euros&nbsp; to settle the corruption probes.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airbus-beats-goal-with-863-jet-deliveries-in-2019-ousts-boeing-from-top-spot-271445">Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot</a>

The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive.

The <a href="https://www.wionews.com/world/eu-not-to-ban-huawei-in-europe-but-to-impose-strict-rules-european-commissioner-breton-277078">United Kingdom</a>'s Serious Fraud Office (SFO) and its French equivalent, the PNF, told AFP Tuesday that they would not comment on the statement or report.

"These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the <a href="https://www.wionews.com/business-economy/us-imposes-record-75-billion-tariffs-on-european-union-256583">US</a> International Traffic in Arms Regulations," Airbus said.

"They remain subject to approval by French and UK courts and (the) US court and regulator."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/sale-of-120-jets-worth-11-billion-finalised-airbus-188085">Sale of 120 jets worth $11 billion finalised: Airbus</a>

The amount of the potential settlement is roughly equivalent to the group's 2018 net profit.

Airbus is to release its 2019 results on February 13, when the company may provide more detail on the affair's potential cost.

"For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities," the statement said.

Airbus has been under investigation for financial irregularities in France and Britain, having approached the authorities itself in 2016.

The US also launched a probe into the company later.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/airbus-ups-estimate-of-20-year-demand-for-new-planes-250372">Airbus ups estimate of 20-year demand for new planes</a>

In 2013, Airbus found irregularities, notably in commission levels, in some transactions carried out by its Strategy and Marketing Organization unit.

Commercial agents for some transactions had not been identified to government export aid agencies.

Meanwhile, US authorities suspect that Airbus did not obtain necessary approval for the export of some military equipment that contained US components.

Airbus manufactures civilian and military aircraft from drones and helicopters to long-haul airliners, along with rockets, satellites and communications systems.

The procedure launched by Airbus in France should allow it to negotiate the amount of possible fines without prolonged legal proceedings that could make the final bill much higher.

The strategy has already been used by British engine maker <a href="https://www.wionews.com/business-%26-economy/rolls-royce-soars-as-ceo-east-sets-ambitious-mid-term-goals-144599">Rolls-Royce</a>, which was ordered in early 2017 to pay 763 million euros to Brazilian, British and US authorities in connection with corruption that it had itself reported to the SFO in late 2012.

<hr />

European aerospace giant Airbus said Tuesday that it has reached an "agreement in principle" with French, British and US authorities over corruption investigations, which might help it avoid expensive litigation.

European aerospace giant Airbus said Tuesday that it has reached an "agreement in principle" with French, British and US authorities over corruption investigations, which might help it avoid expensive litigation. Airbus has been the subject of corruption probes in all three countries and said it released the statement in response to press reports. The Financial Times reported Monday that Airbus, which employs 134,000 staff and contributes significantly to the economic output of its major backers France and Germany, might have to pay more than 3.0 billion euros to settle the corruption probes. Also read: Airbus beats goal with 863 jet deliveries in 2019, ousts Boeing from top spot The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive. The United Kingdom's Serious Fraud Office (SFO) and its French equivalent, the PNF, told AFP Tuesday that they would not comment on the statement or report. "These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the US International Traffic in Arms Regulations," Airbus said. "They remain subject to approval by French and UK courts and (the) US court and regulator." Also read: Sale of 120 jets worth $11 billion finalised: Airbus The amount of the potential settlement is roughly equivalent to the group's 2018 net profit. Airbus is to release its 2019 results on February 13, when the company may provide more detail on the affair's potential cost. "For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities," the statement said. Airbus has been under investigation for financial irregularities in France and Britain, having approached the authorities itself in 2016. The US also launched a probe into the company later. Also read: Airbus ups estimate of 20-year demand for new planes In 2013, Airbus found irregularities, notably in commission levels, in some transactions carried out by its Strategy and Marketing Organization unit. Commercial agents for some transactions had not been identified to government export aid agencies. Meanwhile, US authorities suspect that Airbus did not obtain necessary approval for the export of some military equipment that contained US components. Airbus manufactures civilian and military aircraft from drones and helicopters to long-haul airliners, along with rockets, satellites and communications systems. The procedure launched by Airbus in France should allow it to negotiate the amount of possible fines without prolonged legal proceedings that could make the final bill much higher. The strategy has already been used by British engine maker Rolls-Royce, which was ordered in early 2017 to pay 763 million euros to Brazilian, British and US authorities in connection with corruption that it had itself reported to the SFO in late 2012.

Airbus strikes anti-corruption deals with France, UK, US

Tension continued to mount in China as <a href="https://www.wionews.com/india-news/coronavirus-debuts-in-india-possible-cases-registered-nationwide-infected-thai-national-dead-in-kolkata-277047">death toll due to the deadly virus</a> crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China.

Global health scares like the coronavirus have a tendency to impact the global economy. Trade, tourism and manufacturing often become the first casualties of such outbreaks.

On Monday, the United States' Dow Jones suffered its worst drop since October and closed at 450 points down.

The travel industry stocks were among the worst affected tech companies with manufacturing plants in China also recorded a bad day.

The Asian markets are also doing badly on account of the virus as Japan's Nikkei dropped more than 100 points while the Shanghai index in China was trading more than 2 per cent down.

China Tourism will be the worst hit by this tragedy, especially since this is the peak holiday season in China on account of the Lunar New Year.

Tourist sites like Disneyland, the forbidden city and some parts of the great wall have been closed which add up to the woes of tourists.

Internal travel too has taken a big hit. Railway authorities across China are posting a huge drop in passengers.

In Beijing, there was a 67 per cent fall in the number of passengers while in Shanghai which is a global financial hub, it was 66 per cent.

With 1.4 billion people, China is the world's largest market and the world's biggest workforce.

So the consumption of non-essential goods will take a hit in the short-run.

Also, the lockdown has frozen economic activities in parts of the country.

Many factories in Hubei province have been shut down; the city of Wuhan which has completely been locked down is a major transportation and industrial hub.

The SARS outbreak in 2003 provides a relative standpoint to analyse the coronavirus outbreak.

Back then, the medical emergency shaved almost 2 per cent off the country's quarterly GDP growth.

This time, most economists seem to agree that the impact will be large, but relatively short-lived.

China drives one-third of the global economic growth so a major health scare in China was bound to have ripples across the world.

Southeast Asian countries like Cambodia, Vietnam, Thailand and Malaysia are heavily dependent on Chinese tourists but with China banning overseas group tours over the weekend, these countries will suffer in the short-run.

The tech industry in South Korea and Japan the European automobile industry and mineral industry in India and Australia are also vulnerable. These industries depend on china for manufacturing their goods.

In terms of recovery, it will depend on various factors including, how quickly a vaccine can be developed?; How effective will be China's lockdown?; and will more cases be reported across the world.

The SARS epidemic 17-years back cost the economy 40 billion dollars.

Meanwhile, In India, both Nifty and Sensex opened in the green, but soon lost their gains.

On Tuesday, the Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86.

Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

The Nifty metals index hit a more than 1-month low before ending down 2.39%.

&nbsp;

Tension continued to mount in China as death toll due to the deadly virus crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China.

Tension continued to mount in China as death toll due to the deadly virus crossed 100 on Tuesday. Health authorities around the world are taking action to prevent a global epidemic as the virus continues to spread, with cases reported in Australia, France, the United States, and seven Asian countries besides China. Global health scares like the coronavirus have a tendency to impact the global economy. Trade, tourism and manufacturing often become the first casualties of such outbreaks. On Monday, the United States' Dow Jones suffered its worst drop since October and closed at 450 points down. The travel industry stocks were among the worst affected tech companies with manufacturing plants in China also recorded a bad day. The Asian markets are also doing badly on account of the virus as Japan's Nikkei dropped more than 100 points while the Shanghai index in China was trading more than 2 per cent down. China Tourism will be the worst hit by this tragedy, especially since this is the peak holiday season in China on account of the Lunar New Year. Tourist sites like Disneyland, the forbidden city and some parts of the great wall have been closed which add up to the woes of tourists. Internal travel too has taken a big hit. Railway authorities across China are posting a huge drop in passengers. In Beijing, there was a 67 per cent fall in the number of passengers while in Shanghai which is a global financial hub, it was 66 per cent. With 1.4 billion people, China is the world's largest market and the world's biggest workforce. So the consumption of non-essential goods will take a hit in the short-run. Also, the lockdown has frozen economic activities in parts of the country. Many factories in Hubei province have been shut down; the city of Wuhan which has completely been locked down is a major transportation and industrial hub. The SARS outbreak in 2003 provides a relative standpoint to analyse the coronavirus outbreak. Back then, the medical emergency shaved almost 2 per cent off the country's quarterly GDP growth. This time, most economists seem to agree that the impact will be large, but relatively short-lived. China drives one-third of the global economic growth so a major health scare in China was bound to have ripples across the world. Southeast Asian countries like Cambodia, Vietnam, Thailand and Malaysia are heavily dependent on Chinese tourists but with China banning overseas group tours over the weekend, these countries will suffer in the short-run. The tech industry in South Korea and Japan the European automobile industry and mineral industry in India and Australia are also vulnerable. These industries depend on china for manufacturing their goods. In terms of recovery, it will depend on various factors including, how quickly a vaccine can be developed?; How effective will be China's lockdown?; and will more cases be reported across the world. The SARS epidemic 17-years back cost the economy 40 billion dollars. Meanwhile, In India, both Nifty and Sensex opened in the green, but soon lost their gains. On Tuesday, the Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. The Nifty metals index hit a more than 1-month low before ending down 2.39%.

Coronavirus outbreak: Global health scares and its impact on economy

&nbsp;Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak.

The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity.

The Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86.

Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

The Nifty metals index hit a more than 1-month low before ending down 2.39%.

Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5% decline. Tata Steel Ltd fell 3.5%, while JSW Steel shed 2.9%.

Maruti Suzuki India Ltd fell 2.1% after its December-quarter profit missed analysts' estimates.

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak.

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak. The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity. The Nifty closed down 0.52% at 12,055.80, while the Sensex lost 0.46% to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. The Nifty metals index hit a more than 1-month low before ending down 2.39%. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5% decline. Tata Steel Ltd fell 3.5%, while JSW Steel shed 2.9%. Maruti Suzuki India Ltd fell 2.1% after its December-quarter profit missed analysts' estimates.

Nifty, Sensex fall for second day as China virus fears persist

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the <a href="https://www.wionews.com/business-economy/nifty-sensex-close-higher-banking-stocks-shine-276382">economic impact</a> of the coronavirus outbreak.

The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity.

The Nifty closed down 0.52 per cent at 12,055.80, while the <a href="https://www.wionews.com/business-economy/equity-indices-edge-up-infosys-profit-jumps-by-4-pc-on-good-q3-results-273855">Sensex </a>lost 0.46 per cent to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world.

<img alt="A broker reacts while trading at his computer terminal" data-entity-type="file" data-entity-uuid="9501bb08-ee85-48a5-b5f2-b6abff1db1d5" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-28T165434.462.jpg" /> 
[&nbsp;A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Courtesy: Reuters) ]

Also Read:&nbsp;<a href="https://www.wionews.com/india-news/equity-indices-flat-auto-and-financial-majors-gain-marginally-277006">Equity indices flat, auto and financial majors gain marginally</a>

The Nifty metals index hit a more than 1-month low before ending down 2.39 per cent. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5 per cent decline. Tata Steel Ltd fell 3.5 per cent, while JSW Steel shed 2.9 per cent. 
Maruti Suzuki India Ltd fell 2.1 per cent after its December-quarter profit missed analysts' estimates. 
&nbsp;

Indian shares on Tuesday gave up early gains to settle lower for a second straight day, as worries persisted about the economic impact of the coronavirus outbreak. The death toll from the virus crossed 100, with millions stranded in China during the biggest holiday of the year and expectations that the travel restrictions will hurt economic activity. The Nifty closed down 0.52 per cent at 12,055.80, while the Sensex lost 0.46 per cent to settle at 40,966.86. Metal stocks fell again on Tuesday on fears about the financial impact of the coronavirus outbreak on the metals supply chain. China is the largest steel producer and consumer in the world. [ A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai (Courtesy: Reuters) ] Also Read: Equity indices flat, auto and financial majors gain marginally The Nifty metals index hit a more than 1-month low before ending down 2.39 per cent. Mining group Vedanta was at the bottom of the Nifty 50 with a 4.5 per cent decline. Tata Steel Ltd fell 3.5 per cent, while JSW Steel shed 2.9 per cent. Maruti Suzuki India Ltd fell 2.1 per cent after its December-quarter profit missed analysts' estimates.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.

Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals.

India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa).

The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas.

The deal was, however, renegotiated in 2015 leading to about a 50% cut in prices for India, which agreed to buy an extra 1 million tonnes per annum (mtpa) of the super-cooled gas from Qatar.

"The current formula of benchmarking gas prices with crude oil is not correct," the minister, Dharmendra Pradhan, said after meeting industry officials including Qatar's energy minister, Saad Sherida al-Kaabi, and Indian state-owned oil company officials.

"India believes that there should be independent pricing formula for gas ... We have to find a formula between the current practices and other international prices," Pradhan told reporters.

Kaabi said Qatar would not renegotiate pricing under the existing contracts and was ready to supply more gas to meet India's growing demand for gas.

"We are not renegotiating contracts, we stick with contracts - both sides - and we look for additional new contacts and volumes to comply with requirements from India," Kaabi told reporters.

Prime Minister Narendra Modi has said India needed to increase the share of natural gas in its energy mix to 15% by 2030 from 6.5% now.

Indian officials at the meeting said the negotiations had only started and could go on for some time.

"There is a plenty of gas supplies in the market and India is a big market, where demand for gas will continue to rise," said one gas firm official.

"Our negotiations continued for about a year before they agreed on changing the formula in 2015."

This official said India wanted prices to be brought down to about $5 per million British thermal unit compared with about $8-$8.5 per unit currently sourced under the long-term Qatari deals.

India is a leading buyer of Qatari LNG. Supplies from Qatar under the long-term deals account for about 40% of overall Indian gas imports.

Pradhan said the government and Indian state-owned companies had put forward their views to the visiting Qatar delegation highlighting "availability, accessibility and affordability" of natural gas.

Kaabi, who is also the chief executive of Qatar Petroleum, was accompanied by the chief executive of Qatar Gas, Sheikh Khalid bin Khalifa Al Thani.

Qatar is the world's largest supplier of liquefied natural gas (LNG) and wants to boost its production of LNG to 126 mtpa by 2027.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel.

India wants Qatar to delink the price of its imported gas from that of oil under long-term deals, India's oil minister said on Monday, to make supplies cheaper for price-sensitive customers after a sharp fall in spot prices of the cleaner fuel. Liquefied natural gas (LNG) sourced from the spot market costs about half of that under the long-term deals. India in 1999 signed a long-term LNG deal with Qatar for supplies from 2004, with volumes gradually rising to 7.5 million tonnes per annum (mtpa). The price of gas under the long-duration deal was linked to the price of crude, as oil markets were well developed compared with that of gas. The deal was, however, renegotiated in 2015 leading to about a 50% cut in prices for India, which agreed to buy an extra 1 million tonnes per annum (mtpa) of the super-cooled gas from Qatar. "The current formula of benchmarking gas prices with crude oil is not correct," the minister, Dharmendra Pradhan, said after meeting industry officials including Qatar's energy minister, Saad Sherida al-Kaabi, and Indian state-owned oil company officials. "India believes that there should be independent pricing formula for gas ... We have to find a formula between the current practices and other international prices," Pradhan told reporters. Kaabi said Qatar would not renegotiate pricing under the existing contracts and was ready to supply more gas to meet India's growing demand for gas. "We are not renegotiating contracts, we stick with contracts - both sides - and we look for additional new contacts and volumes to comply with requirements from India," Kaabi told reporters. Prime Minister Narendra Modi has said India needed to increase the share of natural gas in its energy mix to 15% by 2030 from 6.5% now. Indian officials at the meeting said the negotiations had only started and could go on for some time. "There is a plenty of gas supplies in the market and India is a big market, where demand for gas will continue to rise," said one gas firm official. "Our negotiations continued for about a year before they agreed on changing the formula in 2015." This official said India wanted prices to be brought down to about $5 per million British thermal unit compared with about $8-$8.5 per unit currently sourced under the long-term Qatari deals. India is a leading buyer of Qatari LNG. Supplies from Qatar under the long-term deals account for about 40% of overall Indian gas imports. Pradhan said the government and Indian state-owned companies had put forward their views to the visiting Qatar delegation highlighting "availability, accessibility and affordability" of natural gas. Kaabi, who is also the chief executive of Qatar Petroleum, was accompanied by the chief executive of Qatar Gas, Sheikh Khalid bin Khalifa Al Thani. Qatar is the world's largest supplier of liquefied natural gas (LNG) and wants to boost its production of LNG to 126 mtpa by 2027.

India wants to delink Qatar gas supply deals from crude

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India.

Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana. While Jindal Defence will hold 51 per cent equity stake, Taurus Armas would have the rest 49 per cent, the company said in a statement.

"The JV company will manufacture small arms in India based on the transfer of technology from Taurus to achieve localisation of production in accordance with the defence procurement procedures," the OP Jindal Group firm said.

This partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernisation plans of the armed forces, particularly the Indian Army, para-military, and state police forces, the company said.

"To further strengthen the make in India vision, our collaboration with Taurus Armas will support self-reliance in strategic small arms manufacturing. The JV envisages creation of world-class infrastructure along with adoption of best manufacturing practices to achieve perfection in design and engineering, and achieve high quality standards," Jindal Defence Promoter Abhyuday Jindal said.

He further said that the move is in sync with the government's vision of greater private sector participation in defence hardware manufacturing.

The joint venture agreement was signed on Monday at first Brazil-India Defence industry dialogue of the India-Brazil Business Forum (IBBF), organised by the Ministry of External Affairs in association with CII, Assocham, and Ficci.

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India. Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana.

Jindal Defence on Monday said it has partnered with Brazil-based Taurus Armas to foray into small arms manufacturing in India. Both the companies have signed agreement to set up a joint venture firm at Hisar in Haryana. While Jindal Defence will hold 51 per cent equity stake, Taurus Armas would have the rest 49 per cent, the company said in a statement. "The JV company will manufacture small arms in India based on the transfer of technology from Taurus to achieve localisation of production in accordance with the defence procurement procedures," the OP Jindal Group firm said. This partnership aims to maximise existing domestic opportunities in the small arms manufacturing sector and provide significant support to the ongoing and future modernisation plans of the armed forces, particularly the Indian Army, para-military, and state police forces, the company said. "To further strengthen the make in India vision, our collaboration with Taurus Armas will support self-reliance in strategic small arms manufacturing. The JV envisages creation of world-class infrastructure along with adoption of best manufacturing practices to achieve perfection in design and engineering, and achieve high quality standards," Jindal Defence Promoter Abhyuday Jindal said. He further said that the move is in sync with the government's vision of greater private sector participation in defence hardware manufacturing. The joint venture agreement was signed on Monday at first Brazil-India Defence industry dialogue of the India-Brazil Business Forum (IBBF), organised by the Ministry of External Affairs in association with CII, Assocham, and Ficci.

Jindal Defence partners with Brazil's Taurus Armas for arms manufacturing

India's monthly<a href="https://www.wionews.com/business-economy/amid-the-palm-oil-import-row-malaysias-top-refiner-says-it-will-buy-more-indian-sugar-276186"> palm oil imports from Malaysia</a> is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners.

The latest development comes as India curbed on palm oil imports from Malaysia after the southeast Asian country's prime minister the recent policies of India including abrogation of Article 370 and Citizenship Amendment Act.

According to the report, India is set to import less than 70,000 tonnes of palm oil from Malaysia in January which is the lowest since April 2011 and significantly lower than the 253,889 tonnes it imported in January 2019.

The report also added that the imports could be negligible at less than 10,000 tonnes in February as almost every Indian buyer has switched to Indonesia.

In 2019, India imported 4.4 million tonnes of palm oil from Malaysia, with average monthly imports of 367,459 tonnes, Malaysian Palm Oil Board (MPOB) data showed.

After Malaysia, Indonesia is the world's biggest producer of palm oil.

Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir.

New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same.&nbsp;

The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read.

Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat.

(With inputs from Reuters)

 
&nbsp;

India's monthly palm oil imports from Malaysia is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners.

India's monthly palm oil imports from Malaysia is expected to hit the lowest level in January in nearly nine years, news agency Reuters reported citing traders and refiners. The latest development comes as India curbed on palm oil imports from Malaysia after the southeast Asian country's prime minister the recent policies of India including abrogation of Article 370 and Citizenship Amendment Act. According to the report, India is set to import less than 70,000 tonnes of palm oil from Malaysia in January which is the lowest since April 2011 and significantly lower than the 253,889 tonnes it imported in January 2019. The report also added that the imports could be negligible at less than 10,000 tonnes in February as almost every Indian buyer has switched to Indonesia. In 2019, India imported 4.4 million tonnes of palm oil from Malaysia, with average monthly imports of 367,459 tonnes, Malaysian Palm Oil Board (MPOB) data showed. After Malaysia, Indonesia is the world's biggest producer of palm oil. Palm oil accounts for nearly two-thirds of India's total edible oil imports. India buys more than 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia. In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir. New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same. The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read. Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat. (With inputs from Reuters)

India's January palm oil imports from Malaysia could hit nine-year low: Report

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating.

China extended its biggest national holiday to buy time in the fight against a viral epidemic and neighbouring Mongolia closed its border, after the death toll spiked to 81 despite unprecedented quarantine measures.

Also read:&nbsp;<a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126">World economy at its weakest pace since global financial crisis: International Monetary Fund</a>

Approaching the half-way stage in Europe, Frankfurt sank 2.3 percent, London dived 2.5 percent and Paris shed 2.4 percent, as fears mounted over the overall impact on the global economy.

Benchmark oil prices tanked 3.5 percent with trade slammed by concerns over demand from the world's top energy consumer China, but haven assets like gold and the yen rallied.

Major panic

"Market participants in Europe have grave concerns about coronavirus," said Ava Trade analyst Naeem Aslam.

"The bottom line is that the virus has become deadly and it has caused a major panic in markets."

Also read: <a href="https://www.wionews.com/business-economy/sensex-logs-second-worst-day-in-four-months-as-china-virus-fears-spread-276891">Sensex logs second worst day in four months as China virus fears spread</a>

Chinese President <a href="https://www.wionews.com/world/china-can-win-the-battle-against-coronavirus-epidemic-presidnet-xi-jinping-276528">Xi Jinping</a> warned over the weekend that China was facing a "grave situation" given the "accelerating spread" of the new SARS-like virus that has infected nearly 1,300 people across the country.

As the number of people infected affected worldwide approached 3,000, analysts said there were growing fears the crisis could become as bad as the <a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Severe Acute Respiratory Syndrome </a>(SARS) outbreak that hammered Asian markets in 2003.

"Coronavirus fears have gripped the markets .. as all the major European equity benchmarks are nursing big losses," said analyst David Madden at trading firm CMC Markets UK.

"Stocks that are connected to China are feeling the pain ... as traders are afraid the health crisis will curtail economic activity."

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/european-stocks-sink-as-virus-sparks-investor-panic-276892">European stocks sink as coronavirus sparks investor panic</a>

The outbreak has led <a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">China</a> to lock down the epicentre of the disease, Wuhan,&nbsp;a city of 11 million people,&nbsp;while imposing tight travel restrictions on a number of other cities including Beijing.

The move comes during the Lunar New Year holiday when hundreds of millions of people criss-cross the country and spend billions of dollars.

The government decided late Sunday it would extend the holiday and related school closures beyond January 30 end date to "reduce population flows", state media said.

Most Asian markets were closed for the <a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Lunar New Year</a> break, but Tokyo was open and fell two percent. Bangkok plunged nearly three percent on worries about the Thai travel sector.

Also read:&nbsp;<a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Paris cancels Lunar New Year parade due to China's viral outbreak</a>

The flight to safety saw the yen rally against the dollar, with the unit now up more than one percent from eight-month lows touched earlier this year.

Gold, another go-to asset in times of turmoil and uncertainty, is heading back towards $1,600 per ounce and the six-year peaks touched at the start of January.

While the main focus is on the spread of the virus, traders will also be keeping an eye on the release of earnings this week from top companies including <a href="https://www.wionews.com/entertainment/apples-morning-show-will-deal-with-chaos-left-behind-in-new-season-275542">Apple</a>, <a href="https://www.wionews.com/india-news/now-trump-brags-about-beating-pm-modi-on-facebook-276206">Facebook </a>and <a href="https://www.wionews.com/business-economy/samsung-electronics-board-chairman-jailed-on-union-busting-charge-268655">Samsung</a>.

The oil market had already tumbled more than six percent last week owing to concerns about the effects on demand in China, which is the world's number two economy after the United States.

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating.

World stock markets and oil prices plunged Monday, as panicking investors bolted for safer assets after China warned that the spread of a deadly coronavirus was accelerating. China extended its biggest national holiday to buy time in the fight against a viral epidemic and neighbouring Mongolia closed its border, after the death toll spiked to 81 despite unprecedented quarantine measures. Also read: World economy at its weakest pace since global financial crisis: International Monetary Fund Approaching the half-way stage in Europe, Frankfurt sank 2.3 percent, London dived 2.5 percent and Paris shed 2.4 percent, as fears mounted over the overall impact on the global economy. Benchmark oil prices tanked 3.5 percent with trade slammed by concerns over demand from the world's top energy consumer China, but haven assets like gold and the yen rallied. Major panic "Market participants in Europe have grave concerns about coronavirus," said Ava Trade analyst Naeem Aslam. "The bottom line is that the virus has become deadly and it has caused a major panic in markets." Also read: Sensex logs second worst day in four months as China virus fears spread Chinese President Xi Jinping warned over the weekend that China was facing a "grave situation" given the "accelerating spread" of the new SARS-like virus that has infected nearly 1,300 people across the country. As the number of people infected affected worldwide approached 3,000, analysts said there were growing fears the crisis could become as bad as the Severe Acute Respiratory Syndrome (SARS) outbreak that hammered Asian markets in 2003. "Coronavirus fears have gripped the markets .. as all the major European equity benchmarks are nursing big losses," said analyst David Madden at trading firm CMC Markets UK. "Stocks that are connected to China are feeling the pain ... as traders are afraid the health crisis will curtail economic activity." Also read: European stocks sink as coronavirus sparks investor panic The outbreak has led China to lock down the epicentre of the disease, Wuhan, a city of 11 million people, while imposing tight travel restrictions on a number of other cities including Beijing. The move comes during the Lunar New Year holiday when hundreds of millions of people criss-cross the country and spend billions of dollars. The government decided late Sunday it would extend the holiday and related school closures beyond January 30 end date to "reduce population flows", state media said. Most Asian markets were closed for the Lunar New Year break, but Tokyo was open and fell two percent. Bangkok plunged nearly three percent on worries about the Thai travel sector. Also read: Paris cancels Lunar New Year parade due to China's viral outbreak The flight to safety saw the yen rally against the dollar, with the unit now up more than one percent from eight-month lows touched earlier this year. Gold, another go-to asset in times of turmoil and uncertainty, is heading back towards $1,600 per ounce and the six-year peaks touched at the start of January. While the main focus is on the spread of the virus, traders will also be keeping an eye on the release of earnings this week from top companies including Apple, Facebook and Samsung. The oil market had already tumbled more than six percent last week owing to concerns about the effects on demand in China, which is the world's number two economy after the United States.

Equities and oil tank plunge as deadly coronavirus triggers panic

<a href="https://www.wionews.com/world/europe-trip-to-get-costlier-as-schengen-visa-fee-hiked-to-eu80-from-february-2-274424">Europe</a>'s main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly&nbsp;<a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">coronavirus</a>.

In initial trades, <a href="https://www.wionews.com/india-news/london-braces-for-republic-day-protest-by-pakistan-backed-groups-276458">London</a>'s benchmark FTSE 100 index of major blue-chip companies sank 1.6 per cent to 7,468.72 points compared with the close on Friday.

In the eurozone, <a href="https://www.wionews.com/business-economy/deutsche-bank-predicts-meagre-growth-due-to-low-rates-267435">Frankfurt</a>'s DAX 30 index also lost 1.6 percent to 13,359.03 points and the <a href="https://www.wionews.com/world/paris-cancels-lunar-new-year-parade-due-to-chinas-viral-outbreak-276669">Paris</a> CAC 40 dived 1.7 per cent to 5,923.36.

Also read:<a href="https://www.wionews.com/world/world-economy-at-its-weakest-pace-since-global-financial-crisis-international-monetary-fund-256126"> World economy at its weakest pace since global financial crisis: International Monetary Fund</a>

"Market participants in Europe have grave concerns about&nbsp;coronavirus&nbsp;as the death toll increased to 80&nbsp;and more than 2,700 victims infected in China," said Ava Trade analyst Naeem Aslam.

He added: "The bottom line is that the virus has become deadly and it has caused a major panic in markets."

<a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Also read:Wuhan coronavirus: Dos and don'ts, symptoms&nbsp;</a>

The outbreak of the&nbsp;coronavirus&nbsp;has led <a href="https://www.wionews.com/world/coronavirus-outbreak-china-reports-2744-confirmed-cases-of-80-deaths-276738">China</a> to lock down the epicentre of the disease, <a href="https://www.wionews.com/india-news/wuhan-coronavirus-dos-and-donts-symptoms-276479">Wuhan</a>,&nbsp;a city of 11 million people, while also imposing tight travel restrictions on a number of other cities including Beijing.

Europe's main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly coronavirus. In initial trades, London's benchmark FTSE 100 index of major blue-chip companies sank 1.

Europe's main equity markets plunged at the open on Monday, mirroring losses elsewhere on investor panic over the deadly coronavirus. In initial trades, London's benchmark FTSE 100 index of major blue-chip companies sank 1.6 per cent to 7,468.72 points compared with the close on Friday. In the eurozone, Frankfurt's DAX 30 index also lost 1.6 percent to 13,359.03 points and the Paris CAC 40 dived 1.7 per cent to 5,923.36. Also read: World economy at its weakest pace since global financial crisis: International Monetary Fund "Market participants in Europe have grave concerns about coronavirus as the death toll increased to 80 and more than 2,700 victims infected in China," said Ava Trade analyst Naeem Aslam. He added: "The bottom line is that the virus has become deadly and it has caused a major panic in markets." Also read:Wuhan coronavirus: Dos and don'ts, symptoms The outbreak of the coronavirus has led China to lock down the epicentre of the disease, Wuhan, a city of 11 million people, while also imposing tight travel restrictions on a number of other cities including Beijing.

European stocks sink as coronavirus sparks investor panic

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China.

At close, the BSE gauge Sensex was 458.07 points, or 1.10 per cent, down at 41,155.12. Intra-day, the index cracked nearly 500 points.

Likewise, the broader NSE Nifty ended 129.25 points, or 1.06 per cent, down at 12,119.

On the Sensex chart, Tata Steel was the top loser, dropping 4.31 per cent, followed by IndusInd Bank, HDFC Bank, SBI, PowerGrid and HDFC.

Of the Sensex constituents, 21 ended in the red and 9 in the green.

In contrast, M&amp;M, UltraTech Cement, Tech Mahindra, ICICI Bank and Axis Bank rose up to 1.63 per cent.

Sectorally, BSE metal index crashed 3.25 per cent, followed by telecom, power, finance, bankex and FMCG indices.

On the other hand, healthcare index emerged as the sole gainer.

Broader BSE midcap slipped 0.40 per cent, while smallcap index closed marginally higher.

On the currency front, the Indian rupee depreciated by 11 paise to 71.44 per US dollar.

Global crude oil benchmark Brent crude futures dropped 3.24 per cent to USD 57.95 per barrel.

Sending shockwaves across the globe, the deadly coronavirus virus, which causes pneumonia-like illness, has already killed 80 people and infected more than 2,700 others in China.

Financial markets across the world are increasingly turning volatile on concerns over the global economic impact of the virus, analysts said.

Many financial markets were closed in Asia for Lunar New Year holidays.

Japan's Nikkei sank over 2 per cent. Stock exchanges in Europe too opened significantly lower.

S Ranganathan, Head of Research at LKP Securities, said, "Coronavirus outbreak in China took a toll on Indian Equities as well today as financials and metals bore the brunt of the selling. Except for select pharmaceutical stocks which held fort and gained the broader markets traded weak."

Indian markets opened in red following subdued global peers as negative news of virus outbreak continued to worry markets globally amid holiday season in China.

During the afternoon session, the selling further intensified primarily in large-cap segment as sentiments remained muted on back of news that India's corporate and income tax collection for the current year is likely to fall for the first time amid a sharp fall in economic growth and cut in corporate tax rates, Narendra Solanki, Head

Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares &amp; Stock Brokers, said.

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China.

Equity benchmark Sensex on Monday clocked its second-biggest fall in four months, dragged mainly by financial and metal counters as investor fears grew over fast-spreading coronavirus outbreak in China. At close, the BSE gauge Sensex was 458.07 points, or 1.10 per cent, down at 41,155.12. Intra-day, the index cracked nearly 500 points. Likewise, the broader NSE Nifty ended 129.25 points, or 1.06 per cent, down at 12,119. On the Sensex chart, Tata Steel was the top loser, dropping 4.31 per cent, followed by IndusInd Bank, HDFC Bank, SBI, PowerGrid and HDFC. Of the Sensex constituents, 21 ended in the red and 9 in the green. In contrast, M&M, UltraTech Cement, Tech Mahindra, ICICI Bank and Axis Bank rose up to 1.63 per cent. Sectorally, BSE metal index crashed 3.25 per cent, followed by telecom, power, finance, bankex and FMCG indices. On the other hand, healthcare index emerged as the sole gainer. Broader BSE midcap slipped 0.40 per cent, while smallcap index closed marginally higher. On the currency front, the Indian rupee depreciated by 11 paise to 71.44 per US dollar. Global crude oil benchmark Brent crude futures dropped 3.24 per cent to USD 57.95 per barrel. Sending shockwaves across the globe, the deadly coronavirus virus, which causes pneumonia-like illness, has already killed 80 people and infected more than 2,700 others in China. Financial markets across the world are increasingly turning volatile on concerns over the global economic impact of the virus, analysts said. Many financial markets were closed in Asia for Lunar New Year holidays. Japan's Nikkei sank over 2 per cent. Stock exchanges in Europe too opened significantly lower. S Ranganathan, Head of Research at LKP Securities, said, "Coronavirus outbreak in China took a toll on Indian Equities as well today as financials and metals bore the brunt of the selling. Except for select pharmaceutical stocks which held fort and gained the broader markets traded weak." Indian markets opened in red following subdued global peers as negative news of virus outbreak continued to worry markets globally amid holiday season in China. During the afternoon session, the selling further intensified primarily in large-cap segment as sentiments remained muted on back of news that India's corporate and income tax collection for the current year is likely to fall for the first time amid a sharp fall in economic growth and cut in corporate tax rates, Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers, said.

Sensex logs second worst day in four months as China virus fears spread

Swiss food giant <a href="https://www.wionews.com/business-economy/nestle-sheds-skincare-brands-253231">Nestle</a> on Monday bulked up its medical nutrition business by buying Allergan's&nbsp; Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars.

Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018.

Allergan's sale of Zenpep, for people with Exocrine Pancreatic Insufficiency (EPI), comes in conjunction with the ongoing regulatory approval process of AbbVie's $63 billion takeover of the Irish-domiciled drugmaker, AbbVie said in a separate statement.

Nestle Chief Executive <a href="https://www.wionews.com/world/billionaire-loreal-heiress-bettencourt-dies-aged-94-20530">Mark Schneider</a>, who also gets Allergan product Viokace, another pancreatic enzyme preparation, in the deal, is bulking up on nutrition products that combine properties of medicine and food as the Swiss company expands in areas where growth may outpace its mainstream food business.

"This is a significant opportunity for our business in the United States to add a complementary product to our existing range of nutrition products that support food ingestion, digestion, and absorption," said Greg Behar, head of Nestle Health Science‮ ‬in a statement.

"Nestle's acquisition of Zenpep is a strategic decision that will enhance our growing medical nutrition portfolio."

Nestle said its purchase would be finalized in tandem with the AbbVie-Allergan deal's completion, which regulators have made contingent on the divestment of some products.

Swiss food giant Nestle on Monday bulked up its medical nutrition business by buying Allergan's Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars.

Swiss food giant Nestle on Monday bulked up its medical nutrition business by buying Allergan's Zenpep, a product for people whose pancreases do not provide enough enzymes to properly digest fats, proteins, and sugars. Financial terms of the transaction were not disclosed. Zenpep had sales of $237 million in 2018. Allergan's sale of Zenpep, for people with Exocrine Pancreatic Insufficiency (EPI), comes in conjunction with the ongoing regulatory approval process of AbbVie's $63 billion takeover of the Irish-domiciled drugmaker, AbbVie said in a separate statement. Nestle Chief Executive Mark Schneider, who also gets Allergan product Viokace, another pancreatic enzyme preparation, in the deal, is bulking up on nutrition products that combine properties of medicine and food as the Swiss company expands in areas where growth may outpace its mainstream food business. "This is a significant opportunity for our business in the United States to add a complementary product to our existing range of nutrition products that support food ingestion, digestion, and absorption," said Greg Behar, head of Nestle Health Science‮ ‬in a statement. "Nestle's acquisition of Zenpep is a strategic decision that will enhance our growing medical nutrition portfolio." Nestle said its purchase would be finalized in tandem with the AbbVie-Allergan deal's completion, which regulators have made contingent on the divestment of some products.

Nestle buys Allergan business to expand in medical nutrition

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight

Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company.

Boeing concluded the maiden test flight near Seattle on saturday after it was postponed twice last week due to unfavourable weather.

The jet is expected to enter service from 2021 with emirates being the largest purchaser so far.

The jet's engine is reportedly as big as the entire fuselage of the 737 Max. The jet also boasts of foldable wing-tips which means 777X can be parked in the same bays as the earlier jets.

The jet is called the 7779 but is better known by its codename 777X.

The successful test comes at a much-needed time for Boeing which has been falling behind its European counterparts.&nbsp;

The 777-X will be a direct competitor to Airbus A350-1000 which seats 360 passengers.

Both these jets are reflective of a big change in the aviation industry as plane manufacturers are moving away from the typical 4-engine jets to the modern twin-engine ones.

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company.

Embattled plane manufacturer Boeing's largest twin-engine jet, Boeing 777X has completed its maiden test flight Boeing 777X, world's largest twin-engine jet and more efficient than the existing 777 mini jumbos, is a crucial project for the aircraft manufacturing company. Boeing concluded the maiden test flight near Seattle on saturday after it was postponed twice last week due to unfavourable weather. The jet is expected to enter service from 2021 with emirates being the largest purchaser so far. The jet's engine is reportedly as big as the entire fuselage of the 737 Max. The jet also boasts of foldable wing-tips which means 777X can be parked in the same bays as the earlier jets. The jet is called the 7779 but is better known by its codename 777X. The successful test comes at a much-needed time for Boeing which has been falling behind its European counterparts. The 777-X will be a direct competitor to Airbus A350-1000 which seats 360 passengers. Both these jets are reflective of a big change in the aviation industry as plane manufacturers are moving away from the typical 4-engine jets to the modern twin-engine ones.

Boeing 777X completes maiden test flight