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A gauge of <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian shares</a> was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks.

The United States detected a heightened state of alert by Iran's missile forces, as President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> warned the US&nbsp;would strike back, "perhaps in a disproportionate manner," if Iran attacked any American person or target.

Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the US&nbsp;killing of a top Iranian military commander and an Iraqi militia leader.

Spot gold surged 1.5 per cent&nbsp;to $1,579.55 per ounce in jittery trade and reached its highest since April 2013.

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil prices</a> added to their gains on fears any conflict in the region could disrupt global supplies.

Brent crude futures rose $1.46 to $70.06 a barrel, while US crude climbed $1.17 to $64.22.

"The risk of further escalation has clearly gone up&nbsp;given the direct attack on Iran, Iran's threat of retaliation and Trump's desire to look tough - posing the threat of higher oil prices," said Shane Oliver, chief economist at AMP Capital.

"Historically though oil prices need to double to pose a severe threat to global growth and we are a long way from that."

Watch Video:

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MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;slipped 0.7 per cent.

Japan's Nikkei slid almost 2 per cent&nbsp;in a sour return from holiday, while E-Mini futures for the S&amp;P 500&nbsp; fell 0.5&nbsp;per cent in very choppy trade.

Chinese shares opened in the red too, with the blue-chip CSI300 index off a shade while Australian shares were off 0.4 per cent.

"Geopolitical tensions look like remaining elevated in the coming days, so lending support to oil prices and keeping risk asset markets on the defensive," said Ray Attrill, head of FX strategy at National Australia Bank.

Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.769&nbsp;per cent&nbsp;having fallen 10 basis points on Friday. Treasury futures gained 5-1/2 ticks.

In currency markets, the Japanese yen remained the favoured safe harbour courtesy of Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a truly global crisis, pushing the yen higher.

On Monday, the dollar was last at 107.98 yen, after falling to a three-month trough of 107.78 earlier in the session. The euro likewise eased to 120.55 yen having hit a three-week low.

The dollar was steadier against the other majors, with the euro little changed at $1.1161. Against a basket of currencies, the dollar was holding at 96.86.

The risk-sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.

A gauge of Asian shares was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks.

A gauge of Asian shares was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks. The United States detected a heightened state of alert by Iran's missile forces, as President Donald Trump warned the US would strike back, "perhaps in a disproportionate manner," if Iran attacked any American person or target. Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the US killing of a top Iranian military commander and an Iraqi militia leader. Spot gold surged 1.5 per cent to $1,579.55 per ounce in jittery trade and reached its highest since April 2013. Oil prices added to their gains on fears any conflict in the region could disrupt global supplies. Brent crude futures rose $1.46 to $70.06 a barrel, while US crude climbed $1.17 to $64.22. "The risk of further escalation has clearly gone up given the direct attack on Iran, Iran's threat of retaliation and Trump's desire to look tough - posing the threat of higher oil prices," said Shane Oliver, chief economist at AMP Capital. "Historically though oil prices need to double to pose a severe threat to global growth and we are a long way from that." Watch Video: MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.7 per cent. Japan's Nikkei slid almost 2 per cent in a sour return from holiday, while E-Mini futures for the S&P 500 fell 0.5 per cent in very choppy trade. Chinese shares opened in the red too, with the blue-chip CSI300 index off a shade while Australian shares were off 0.4 per cent. "Geopolitical tensions look like remaining elevated in the coming days, so lending support to oil prices and keeping risk asset markets on the defensive," said Ray Attrill, head of FX strategy at National Australia Bank. Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.769 per cent having fallen 10 basis points on Friday. Treasury futures gained 5-1/2 ticks. In currency markets, the Japanese yen remained the favoured safe harbour courtesy of Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a truly global crisis, pushing the yen higher. On Monday, the dollar was last at 107.98 yen, after falling to a three-month trough of 107.78 earlier in the session. The euro likewise eased to 120.55 yen having hit a three-week low. The dollar was steadier against the other majors, with the euro little changed at $1.1161. Against a basket of currencies, the dollar was holding at 96.86. The risk-sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.

Gold, oil prices soar amid US-Iran tensions

Equity benchmark indices crashed nearly two per cent on Monday as geopolitical tensions shot up crude oil and gold prices.

The fears of oil supply disruption also led to possibilities of inflationary pressures after US President Donald Trump threatened sanctions on Iraq, the second-largest producer among OPEC, after its parliament voted in favour of expelling the US and foreign troops.

A day earlier, Iran said it no longer considers itself bound by the 2015 nuclear deal negotiated with the United States and other world powers in the fallout from the killing of Gen Qassem Soleimani.

Watch:&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/equities-crash-on-us-iran-tensions-nifty-sinks-below-12100-272516/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Meanwhile, oil prices shot up by more than 2 per cent higher with Brent rising above 70 dollars a barrel, stoking fears of a rise in the government`s import bill.

The BSE S&amp;P Sensex closed 788 points or 1.9 per cent lower at 40,677 while the Nifty 50 tumbled by 234 points at 11,993.&nbsp;

All sectoral indices at the National Stock Exchange wound up in the red zone.

Nifty PSU bank cracked by 4.3 per cent, metal by 2.9 per cent, private bank by 2.4 per cent and auto by 2.3 per cent.

Among stocks, State Bank of India, Bajaj Finance, metal major Vedanta and Zee Entertainment eroded values by nearly 4.5 per cent.&nbsp;

Yes Bank, IndusInd Bank, Hindalco, Bajaj Finserv, Bharat Petroleum Corporation and Coal India lost between 3.1 and 3.8 per cent.

However, Tata Consultancy Services, Wipro, Titan and Dr Reddy`s witnessed thin gains.

Reports said gold prices in Indian markets jumped over 2 per cent to record levels as investors rushed to safe-haven assets globally as well as a steep fall in the rupee.

Local gold futures hit an all-time high of Rs 41,096 per 10 grammes while the rupee traded at 72.09 per US dollar.

Meanwhile, Asian shares fell from 18-month highs. Japan`s Nikkei slid by 1.91 per cent, Hong Kong`s Hang Seng by 0.79 per cent and South Korea`s Kospi by 0.98 per cent.

Equity benchmark indices crashed nearly two per cent on Monday as geopolitical tensions shot up crude oil and gold prices. The fears of oil supply disruption also led to possibilities of inflationary pressures after US President Donald Trump threatened sanctions on Iraq, the second-largest producer among OPEC, after its parliament voted in favour of expelling the US and foreign troops.

Equity benchmark indices crashed nearly two per cent on Monday as geopolitical tensions shot up crude oil and gold prices. The fears of oil supply disruption also led to possibilities of inflationary pressures after US President Donald Trump threatened sanctions on Iraq, the second-largest producer among OPEC, after its parliament voted in favour of expelling the US and foreign troops. A day earlier, Iran said it no longer considers itself bound by the 2015 nuclear deal negotiated with the United States and other world powers in the fallout from the killing of Gen Qassem Soleimani. Watch: Meanwhile, oil prices shot up by more than 2 per cent higher with Brent rising above 70 dollars a barrel, stoking fears of a rise in the government`s import bill. The BSE S&P Sensex closed 788 points or 1.9 per cent lower at 40,677 while the Nifty 50 tumbled by 234 points at 11,993. All sectoral indices at the National Stock Exchange wound up in the red zone. Nifty PSU bank cracked by 4.3 per cent, metal by 2.9 per cent, private bank by 2.4 per cent and auto by 2.3 per cent. Among stocks, State Bank of India, Bajaj Finance, metal major Vedanta and Zee Entertainment eroded values by nearly 4.5 per cent. Yes Bank, IndusInd Bank, Hindalco, Bajaj Finserv, Bharat Petroleum Corporation and Coal India lost between 3.1 and 3.8 per cent. However, Tata Consultancy Services, Wipro, Titan and Dr Reddy`s witnessed thin gains. Reports said gold prices in Indian markets jumped over 2 per cent to record levels as investors rushed to safe-haven assets globally as well as a steep fall in the rupee. Local gold futures hit an all-time high of Rs 41,096 per 10 grammes while the rupee traded at 72.09 per US dollar. Meanwhile, Asian shares fell from 18-month highs. Japan`s Nikkei slid by 1.91 per cent, Hong Kong`s Hang Seng by 0.79 per cent and South Korea`s Kospi by 0.98 per cent.

Sensex crashes by 788 points on US-Iran tensions, banks and auto companies bleed

Tensions escalate in the Middle East after the killing of Iranian commander of Quds Force, <a href="https://www.wionews.com/world/latest-updates-on-iran-general-qassem-soleimanis-death-272457">Qasem Soleimani</a> by the USA erased&nbsp;new year gains on Monday as investors&nbsp;pushed safe-haven gold to a seven-year high, and oil jumped to its highest since September.

The United States detected a heightened state of alert by Iran's missile forces, as President <a href="https://www.wionews.com/world/should-iran-strike-us-will-quickly-strike-back-says-trump-272374">Donald Trump</a> warned the US&nbsp;would strike back, "perhaps in a disproportionate manner", if Iran attacked any American person or target.

Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the US&nbsp;killing of the Iranian military commander and an Iraqi militia leader in a drone strike on a convoy at Baghdad airport.

Spot gold gained 1.6 per cent&nbsp;to $1,579.72 per ounce in jittery trade to reach its highest since April 2013.

Oil prices extended gains on fears any Middle East conflict could disrupt global supplies.

Brent crude futures rose 2.04 per cent&nbsp;to $70 a barrel, while US&nbsp;crude climbed 1.7 per cent&nbsp;to $64.12.

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-at-18-month-highs-nikkei-finishes-year-up-18-270993">European shares</a> extended losses and were set for their worst day in a week, with the pan-European STOXX 600 index down 1.12 per cent&nbsp;by 0838 GMT. The European oil and gas stock index rose about 0.74 per cent&nbsp;and was the sole gainer among its peers, hitting its highest since July.

Watch:&nbsp;Equities crash on US-Iran tensions, Nifty sinks below 12,100

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"Geopolitical events by their nature are unpredictable, but previous periods of increased tensions suggest that the impact on wider markets tends to be short-lived, with more lasting effects confined to local markets," said Mark Haefele, chief investment officer at UBS Global Wealth Management.

"In general, this supports holding a diversified portfolio."

MSCI's All-Country World Index, which tracks shares in 47 countries, was down 0.43 per cent, erasing all its new year gains in its biggest two-day fall since early December.

In Asia, Japan's Nikkei slid almost 2 per cent&nbsp;in a sour return from holiday, while E-Mini futures for the <a href="https://www.wionews.com/business-economy/sp-500-snaps-win-streak-as-middle-east-tensions-push-down-wall-street-272037">S&amp;P 500</a> fell 0.7 per cent.

Chinese shares, which had opened in the red, reversed their losses, as did Australian shares which ended the day flat. Hong Kong's Hang Seng index lost 0.8 per cent.

Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.7725 per cent&nbsp;having fallen 10 basis points on Friday.

The yen remained the favoured safe haven among currencies thanks to Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a truly global crisis, pushing the yen higher.

"Iran is almost certainly to respond in some scale, scope and magnitude," said Lee Hardman, currency analyst at MUFG.

Therefore "market participants are likely to remain nervous until there is more clarity over how geopolitical tensions between the US&nbsp;and Iran will proceed", Hardman said, noting that geopolitical tensions could hurt global economic growth, especially if the price of oil increases.

On Monday, the dollar was last at 107.965 yen, after falling to a three-month trough of 107.77 earlier in the session. The euro likewise eased to 120.61 yen having hit a three-week low.

The dollar was steadier against other majors, with the euro a tad firmer at $1.1172. Against a basket of currencies, the dollar was holding at 96.839.

The risk-sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.

Tensions escalate in the Middle East after the killing of Iranian commander of Quds Force, Qasem Soleimani by the USA erased new year gains on Monday as investors pushed safe-haven gold to a seven-year high, and oil jumped to its highest since September.

Tensions escalate in the Middle East after the killing of Iranian commander of Quds Force, Qasem Soleimani by the USA erased new year gains on Monday as investors pushed safe-haven gold to a seven-year high, and oil jumped to its highest since September. The United States detected a heightened state of alert by Iran's missile forces, as President Donald Trump warned the US would strike back, "perhaps in a disproportionate manner", if Iran attacked any American person or target. Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the US killing of the Iranian military commander and an Iraqi militia leader in a drone strike on a convoy at Baghdad airport. Spot gold gained 1.6 per cent to $1,579.72 per ounce in jittery trade to reach its highest since April 2013. Oil prices extended gains on fears any Middle East conflict could disrupt global supplies. Brent crude futures rose 2.04 per cent to $70 a barrel, while US crude climbed 1.7 per cent to $64.12. European shares extended losses and were set for their worst day in a week, with the pan-European STOXX 600 index down 1.12 per cent by 0838 GMT. The European oil and gas stock index rose about 0.74 per cent and was the sole gainer among its peers, hitting its highest since July. Watch: Equities crash on US-Iran tensions, Nifty sinks below 12,100 × "Geopolitical events by their nature are unpredictable, but previous periods of increased tensions suggest that the impact on wider markets tends to be short-lived, with more lasting effects confined to local markets," said Mark Haefele, chief investment officer at UBS Global Wealth Management. "In general, this supports holding a diversified portfolio." MSCI's All-Country World Index, which tracks shares in 47 countries, was down 0.43 per cent, erasing all its new year gains in its biggest two-day fall since early December. In Asia, Japan's Nikkei slid almost 2 per cent in a sour return from holiday, while E-Mini futures for the S&P 500 fell 0.7 per cent. Chinese shares, which had opened in the red, reversed their losses, as did Australian shares which ended the day flat. Hong Kong's Hang Seng index lost 0.8 per cent. Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.7725 per cent having fallen 10 basis points on Friday. The yen remained the favoured safe haven among currencies thanks to Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a truly global crisis, pushing the yen higher. "Iran is almost certainly to respond in some scale, scope and magnitude," said Lee Hardman, currency analyst at MUFG. Therefore "market participants are likely to remain nervous until there is more clarity over how geopolitical tensions between the US and Iran will proceed", Hardman said, noting that geopolitical tensions could hurt global economic growth, especially if the price of oil increases. On Monday, the dollar was last at 107.965 yen, after falling to a three-month trough of 107.77 earlier in the session. The euro likewise eased to 120.61 yen having hit a three-week low. The dollar was steadier against other majors, with the euro a tad firmer at $1.1172. Against a basket of currencies, the dollar was holding at 96.839. The risk-sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.

Global Markets: Shares swept new year gains, gold, oil prices jumps on US and Iran trade threats

<a href="https://www.wionews.com/world/royal-jordanian-gulf-air-suspend-flights-to-baghdad-after-us-strikes-kill-top-iran-commander-qasem-soleimani-272050">Gulf</a>&nbsp;stocks fell sharply in early trade on Sunday, led by&nbsp;Kuwaiti shares, on escalating&nbsp;tensions&nbsp;between the United States and&nbsp;Iran.

Iranian military commander <a href="https://www.wionews.com/world/iran-will-respond-to-soleimani-killing-any-time-in-any-manner-foreign-minister-zarif-272013">Qassem Soleimani</a>, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a&nbsp;US&nbsp;drone strike on his convoy at Baghdad airport.

The killing is seen by Tehran as an act of war that risks regional conflagration.

The&nbsp;Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8 per cent&nbsp;in early trade, Dubai stocks were down 1.8 per cent&nbsp;and the Abu Dhabi index fell 1.1 per cent.

The Saudi market&nbsp;plunged 2 per cent&nbsp;at the market open, with shares of in oil giant <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">Saudi Aramco</a> down 0.7 per cent.

"A <a href="https://www.wionews.com/opinions/us-iran-tensions-and-why-india-should-care-271967">US-Iran</a>&nbsp;war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in&nbsp;Iran’s economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging&nbsp;markets&nbsp;economist at Capital Economics, said in a note last week.

He said while a&nbsp;US-Iran&nbsp;conflict would probably pressure equity and bond&nbsp;markets&nbsp;in the Middle East,&nbsp;Gulf&nbsp;countries' currency pegs to the&nbsp;US <a href="https://www.wionews.com/business-economy/safe-haven-yen-lifted-us-dollar-hits-in-grim-data-after-qassem-soleimani-strike-272054">dollar</a> would likely remain intact.

<a href="https://www.wionews.com/business-economy/us-oil-workers-leave-iraq-air-strike-on-iranian-leader-qassem-soleimani-272049">Oil prices</a> jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.&nbsp;

Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran. Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a US drone strike on his convoy at Baghdad airport.

Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran. Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a US drone strike on his convoy at Baghdad airport. The killing is seen by Tehran as an act of war that risks regional conflagration. The Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8 per cent in early trade, Dubai stocks were down 1.8 per cent and the Abu Dhabi index fell 1.1 per cent. The Saudi market plunged 2 per cent at the market open, with shares of in oil giant Saudi Aramco down 0.7 per cent. "A US-Iran war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in Iran’s economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging markets economist at Capital Economics, said in a note last week. He said while a US-Iran conflict would probably pressure equity and bond markets in the Middle East, Gulf countries' currency pegs to the US dollar would likely remain intact. Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.

Gulf markets plunge on US-Iran tensions, Kuwait lead fall

Ousted Nissan boss <a href="https://www.wionews.com/world/fugitive-carlos-ghosn-to-be-summoned-by-lebanese-judiciary-official-271961">Carlos Ghosn</a> left his <a href="https://www.wionews.com/business-economy/safe-haven-yen-lifted-us-dollar-hits-in-grim-data-after-qassem-soleimani-strike-272054">Tokyo</a> residence after a private security firm hired by <a href="https://www.wionews.com/world/ghosn-used-our-jets-illegally-in-escape-from-japan-turkish-company-says-271956">Nissan Motor Co</a> stopped monitoring him, three sources familiar with the matter told media on Saturday.

Ghosn has become an international fugitive after he revealed on Tuesday he had fled to <a href="https://www.wionews.com/world/lebanon-receives-interpol-arrest-warrant-for-carlos-ghosn-271708">Lebanon</a> to escape what he called a "rigged" justice system in Japan, where he faces charges relating to alleged financial crimes.

Nissan had hired a private security company to watch Ghosn, who was on bail and awaiting trial, to check whether he met any people involved in the case, the three sources said.

But his lawyers warned the security company to stop watching him as it would be a violation of his human rights, and Ghosn was planning to file a complaint against the company, the sources said.

The security company stopped its surveillance by December&nbsp;29, the sources said.

One of his lawyers, <a href="https://www.wionews.com/world/unexpected-surprise-nissan-boss-carlos-ghosn-flees-to-lebanon-japan-calls-it-cowardly-act-271393">Junichiro Hironaka</a>, told reporters in November that they were considering steps to prevent people from stalking Ghosn.

A Nissan spokesperson declined to comment.

Japanese public broadcaster NHK, citing investigative sources, said a surveillance camera placed by the authorities in Ghosn's home showed him leaving alone around noon on Sunday, and did not show him returning.

It is unclear how Ghosn, who holds French, Brazilian and Lebanese citizenship, was able to orchestrate his departure from Japan. He entered Lebanon legally on a French passport, one source has told media.

A Turkish private jet operator said on Friday that Ghosn used two of its planes <a href="https://www.wionews.com/world/ghosn-used-our-jets-illegally-in-escape-from-japan-turkish-company-says-271956">illegally</a> in his escape from Japan, with an employee falsifying lease records to exclude his name from the documents.

Ghosn has said he will speak publicly about his escape on January&nbsp;8.

<a href="https://www.wionews.com/business-economy/one-year-after-arrest-ghosn-seeks-to-throw-out-case-against-him-262666">Takashi Takano</a>, who is also one of Ghosn's lawyers, wrote in his blog on Saturday that he felt infuriated and betrayed when he found out about Ghosn's escape from Japan but that he felt some understanding.

"I was betrayed. But it is not Carlos Ghosn who betrayed me," he wrote in his blog.

Takano said Ghosn was not allowed to communicate with his wife Carole without permission and the ex-Nissan boss was also concerned about his chances of getting a fair trial.

On December 24, Ghosn and his wife held a one-hour video call, which required a lawyer's presence, and they talked about their children, relatives and friends, Takano wrote. Takano was present during the video call.

Few people would have been able to escape as <a href="https://www.wionews.com/world/i-alone-organised-my-departure-from-japan-fugitive-carlos-ghosn-271734">Ghosn</a> did, but if they had the means and contacts, they certainly might try or at least consider trying, Takano wrote.

Ghosn was first arrested in Tokyo in November 2018, shortly after his private jet touched down at the airport. He faces four charges, which he denies&nbsp;including hiding income and enriching himself through payments to dealerships in the Middle East.

Ousted Nissan boss Carlos Ghosn left his Tokyo residence after a private security firm hired by Nissan Motor Co stopped monitoring him, three sources familiar with the matter told media on Saturday.

Ousted Nissan boss Carlos Ghosn left his Tokyo residence after a private security firm hired by Nissan Motor Co stopped monitoring him, three sources familiar with the matter told media on Saturday. Ghosn has become an international fugitive after he revealed on Tuesday he had fled to Lebanon to escape what he called a "rigged" justice system in Japan, where he faces charges relating to alleged financial crimes. Nissan had hired a private security company to watch Ghosn, who was on bail and awaiting trial, to check whether he met any people involved in the case, the three sources said. But his lawyers warned the security company to stop watching him as it would be a violation of his human rights, and Ghosn was planning to file a complaint against the company, the sources said. The security company stopped its surveillance by December 29, the sources said. One of his lawyers, Junichiro Hironaka, told reporters in November that they were considering steps to prevent people from stalking Ghosn. A Nissan spokesperson declined to comment. Japanese public broadcaster NHK, citing investigative sources, said a surveillance camera placed by the authorities in Ghosn's home showed him leaving alone around noon on Sunday, and did not show him returning. It is unclear how Ghosn, who holds French, Brazilian and Lebanese citizenship, was able to orchestrate his departure from Japan. He entered Lebanon legally on a French passport, one source has told media. A Turkish private jet operator said on Friday that Ghosn used two of its planes illegally in his escape from Japan, with an employee falsifying lease records to exclude his name from the documents. Ghosn has said he will speak publicly about his escape on January 8. Takashi Takano, who is also one of Ghosn's lawyers, wrote in his blog on Saturday that he felt infuriated and betrayed when he found out about Ghosn's escape from Japan but that he felt some understanding. "I was betrayed. But it is not Carlos Ghosn who betrayed me," he wrote in his blog. Takano said Ghosn was not allowed to communicate with his wife Carole without permission and the ex-Nissan boss was also concerned about his chances of getting a fair trial. On December 24, Ghosn and his wife held a one-hour video call, which required a lawyer's presence, and they talked about their children, relatives and friends, Takano wrote. Takano was present during the video call. Few people would have been able to escape as Ghosn did, but if they had the means and contacts, they certainly might try or at least consider trying, Takano wrote. Ghosn was first arrested in Tokyo in November 2018, shortly after his private jet touched down at the airport. He faces four charges, which he denies including hiding income and enriching himself through payments to dealerships in the Middle East.

Ghosn fled Japan after security firm hired by Nissan stopped surveillance: Sources

Petrol and diesel prices witnessed a minor surge and stood at Rs 75.45 per litre and Rs 68.40 per litre respectively in Delhi and across major cities of the country on Saturday.

As per data by Indian Oil Corporation Ltd., the petrol price increased by 10 Paise on Friday, whereas the diesel price peaked to Rs 68.40 litre from Rs 68.25 a litre on Friday.

Petrol and diesel prices are revised on a daily basis in line with change in international crude oil prices.&nbsp;

Petrol and diesel prices witnessed a minor surge and stood at Rs 75.45 per litre and Rs 68.40 per litre respectively in Delhi and across major cities of the country on Saturday.

Petrol and diesel prices witnessed a minor surge and stood at Rs 75.45 per litre and Rs 68.40 per litre respectively in Delhi and across major cities of the country on Saturday. As per data by Indian Oil Corporation Ltd., the petrol price increased by 10 Paise on Friday, whereas the diesel price peaked to Rs 68.40 litre from Rs 68.25 a litre on Friday. Petrol and diesel prices are revised on a daily basis in line with change in international crude oil prices.

Delhi: Petrol price up 10 paise, diesel by 15 paise

Investors rushed into&nbsp;safe-haven&nbsp;assets on Friday after&nbsp;US&nbsp;airstrikes in Iraq killed a senior Iranian military official, sending the Japanese&nbsp;yen&nbsp;to a three-month high, while the&nbsp;<a href="https://www.wionews.com/business-economy/new-year-cheer-rupee-rises-15-paise-to-6962-against-us-dollar-in-early-trade-187635">US&nbsp;dollar&nbsp;index</a> was knocked by the weakest domestic factory activity in a decade.

In addition to the&nbsp;yen,&nbsp;US&nbsp;Treasuries, German bunds and gold rallied after the overnight airstrike&nbsp;in Baghdad killed <a href="https://www.wionews.com/world/deputy-commander-of-quds-force-to-replace-soleimani-irans-supreme-leader-ayatollah-ali-khamenei-271905">Qassem&nbsp;Soleimani</a>, Tehran's most prominent military commander and the architect of its growing military influence in the Middle East.

"Overall, geopolitical risk premia have risen substantially overnight," said Karl Schamotta, chief market strategist at Cambridge Global Payments. Investors were "really looking for&nbsp;safe&nbsp;havens and a port in the storm," he added.

The Japanese&nbsp;yen&nbsp;had risen as high as 107.82 per&nbsp;dollar&nbsp;and was last up 0.48 per cent&nbsp;on the day at 108.04. The&nbsp;yen&nbsp;is often seen as a&nbsp;haven&nbsp;from risk, given Japan's status as the world's largest creditor nation. A holiday in Tokyo also made for thin conditions, exaggerating the move.

The&nbsp;US&nbsp;dollar&nbsp;index&nbsp;initially benefited from the move into&nbsp;safe-haven&nbsp;assets, but those gains were erased after the Institute for Supply Management (ISM) reported that the manufacturing sector contracted significantly in December. It was last up 0.03 per cent&nbsp;on the day at 96.873.

The attack sparked concerns about crude supply disruptions, lifting oil prices more than $3. Petrocurrencies gained slightly on the higher crude prices, but those were then largely offset by the overall move away from risk, said Schamotta.

The&nbsp;US&nbsp;manufacturing sector contracted in December by the most in more than a decade, with order volumes crashing to a near 11-year low and factory employment falling for a fifth straight month, according to a report from <a href="https://www.wionews.com/business-economy/us-manufacturing-contracts-for-first-time-in-3-years-industry-survey-247442">ISM</a> released on Friday.

"That is a depressing number," said Schamotta.

It suggests "<a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">trade war-related</a> uncertainty has actually damaged the manufacturing sector on a sustained basis and that points to weakness in GDP, particularly in the coming quarter because what you're likely to see is an inventory drawdown as opposed to continued build."

The longer-term effects on the&nbsp;dollar&nbsp;are unclear. Though it weakened Friday, the greenback may ultimately benefit if slower&nbsp;US&nbsp;manufacturing dents hopes for global growth in 2020.

"The idea that other countries that are large exporters to the&nbsp;US&nbsp;might see a large rebound in the near term,&nbsp;that idea is losing traction here," said Schamotta.

Investors rushed into safe-haven assets on Friday after US airstrikes in Iraq killed a senior Iranian military official, sending the Japanese yen to a three-month high, while the US dollar index was knocked by the weakest domestic factory activity in a decade.

Investors rushed into safe-haven assets on Friday after US airstrikes in Iraq killed a senior Iranian military official, sending the Japanese yen to a three-month high, while the US dollar index was knocked by the weakest domestic factory activity in a decade. In addition to the yen, US Treasuries, German bunds and gold rallied after the overnight airstrike in Baghdad killed Qassem Soleimani, Tehran's most prominent military commander and the architect of its growing military influence in the Middle East. "Overall, geopolitical risk premia have risen substantially overnight," said Karl Schamotta, chief market strategist at Cambridge Global Payments. Investors were "really looking for safe havens and a port in the storm," he added. The Japanese yen had risen as high as 107.82 per dollar and was last up 0.48 per cent on the day at 108.04. The yen is often seen as a haven from risk, given Japan's status as the world's largest creditor nation. A holiday in Tokyo also made for thin conditions, exaggerating the move. The US dollar index initially benefited from the move into safe-haven assets, but those gains were erased after the Institute for Supply Management (ISM) reported that the manufacturing sector contracted significantly in December. It was last up 0.03 per cent on the day at 96.873. The attack sparked concerns about crude supply disruptions, lifting oil prices more than $3. Petrocurrencies gained slightly on the higher crude prices, but those were then largely offset by the overall move away from risk, said Schamotta. The US manufacturing sector contracted in December by the most in more than a decade, with order volumes crashing to a near 11-year low and factory employment falling for a fifth straight month, according to a report from ISM released on Friday. "That is a depressing number," said Schamotta. It suggests "trade war-related uncertainty has actually damaged the manufacturing sector on a sustained basis and that points to weakness in GDP, particularly in the coming quarter because what you're likely to see is an inventory drawdown as opposed to continued build." The longer-term effects on the dollar are unclear. Though it weakened Friday, the greenback may ultimately benefit if slower US manufacturing dents hopes for global growth in 2020. "The idea that other countries that are large exporters to the US might see a large rebound in the near term, that idea is losing traction here," said Schamotta.

Safe-haven yen lifted, US dollar hits in Grim data after Qassem Soleimani strike

US&nbsp;citizens working for foreign&nbsp;oil&nbsp;companies in the southern&nbsp;Iraqi city of Basra were leaving the country on Friday, the&nbsp;oil&nbsp;ministry said after&nbsp;a&nbsp;US&nbsp;airstrike&nbsp;killed a top&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Iranian&nbsp;commander</a> in&nbsp;Iraq.

Hours&nbsp;after&nbsp;the killing of&nbsp;Iranian&nbsp;Quds&nbsp;Force&nbsp;leader&nbsp;<a href="https://www.wionews.com/world/deputy-commander-of-quds-force-to-replace-soleimani-irans-supreme-leader-ayatollah-ali-khamenei-271905">Qassem Soleimani</a> and&nbsp;Iraqi militia commander <a href="https://www.wionews.com/world/deputy-head-of-group-irans-quds-force-head-qasem-soleimani-killed-hashed-al-shaabi-271762">Abu Mahdi al-Muhandis</a>, who was with him, the&nbsp;US&nbsp;embassy in Baghdad urged all its citizens to&nbsp;leave&nbsp;Iraq&nbsp;immediately.

Iraqi officials said the evacuation would not affect&nbsp;oil&nbsp;operations, production or exports from the country, the second-biggest producer in the <a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Organization of the Petroleum Exporting Countries</a> with the output of about 4.62 million barrels per day (BPD), according to a&nbsp;survey of OPEC output.

Oil&nbsp;company sources told&nbsp;earlier on Friday that dozens of foreign&nbsp;workers&nbsp;were expected to fly out of the country. A&nbsp;witness saw a number of foreigners, including&nbsp;US&nbsp;citizens, queuing at Basra&nbsp;airport and described the atmosphere as relaxed.

Some were travelling to Dubai on&nbsp;airline FlyDubai and others were checking in at the Qatar&nbsp;Airways counter.

A spokesman for BP, which operates the giant Rumaila&nbsp;oil&nbsp;field near Basra, declined to comment. Rumaila produced around 1.5 million BPD as recently as April.

Italian energy group Eni&nbsp;said the Zubair&nbsp;<a href="https://www.wionews.com/world/iraq-protesters-lock-down-oil-field-call-strike-270855">oil&nbsp;field</a>, which produced around 475,000 BPD in 2018, was "proceeding regularly", adding it was closely monitoring the situation.

US&nbsp;major Exxon Mobil declined to comment on whether it was evacuating staff but said the production "continues&nbsp;normally" at its West Qurna 1&nbsp;oil&nbsp;concession in the south of the country near the&nbsp;Iranian&nbsp;border.

"We continue to watch the situation closely," a spokeswoman said.

Exxon removed around 60 foreign staff from West Qurna last May&nbsp;after&nbsp;attacks near its&nbsp;oil&nbsp;facilities. The employees returned about two weeks later&nbsp;after&nbsp;the government agreed to provide additional security.

Schlumberger, which also works in southern&nbsp;Iraq, is evaluating the security situation, a spokesman said, declining to comment on the&nbsp;US&nbsp;call for citizens to evacuate. Last year it won a two-year contract to drill 40 wells for Basra&nbsp;Oil&nbsp;Co.

Ian Bryant, chief executive of Canadian&nbsp;oilfield company Packers Plus, said he was "more concerned than ever" about the safety of their staff in&nbsp;Iraq, adding he was worried that&nbsp;US, British and Canadian citizens might get caught up in any unrest.

Genel, an&nbsp;oil&nbsp;producer in the autonomous region of Kurdistan in northern&nbsp;Iraq, said its operations were continuing normally. It did not comment on any staff movements.

Gulf Keystone Petroleum, which also operates in Kurdistan, said "while these events are taking place ... Gulf Keystone is closely monitoring the situation and operations at (the Shaikan field) are carrying on as per usual".

US citizens working for foreign oil companies in the southern Iraqi city of Basra were leaving the country on Friday, the oil ministry said after a US airstrike killed a top Iranian commander in Iraq.

US citizens working for foreign oil companies in the southern Iraqi city of Basra were leaving the country on Friday, the oil ministry said after a US airstrike killed a top Iranian commander in Iraq. Hours after the killing of Iranian Quds Force leader Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis, who was with him, the US embassy in Baghdad urged all its citizens to leave Iraq immediately. Iraqi officials said the evacuation would not affect oil operations, production or exports from the country, the second-biggest producer in the Organization of the Petroleum Exporting Countries with the output of about 4.62 million barrels per day (BPD), according to a survey of OPEC output. Oil company sources told earlier on Friday that dozens of foreign workers were expected to fly out of the country. A witness saw a number of foreigners, including US citizens, queuing at Basra airport and described the atmosphere as relaxed. Some were travelling to Dubai on airline FlyDubai and others were checking in at the Qatar Airways counter. A spokesman for BP, which operates the giant Rumaila oil field near Basra, declined to comment. Rumaila produced around 1.5 million BPD as recently as April. Italian energy group Eni said the Zubair oil field, which produced around 475,000 BPD in 2018, was "proceeding regularly", adding it was closely monitoring the situation. US major Exxon Mobil declined to comment on whether it was evacuating staff but said the production "continues normally" at its West Qurna 1 oil concession in the south of the country near the Iranian border. "We continue to watch the situation closely," a spokeswoman said. Exxon removed around 60 foreign staff from West Qurna last May after attacks near its oil facilities. The employees returned about two weeks later after the government agreed to provide additional security. Schlumberger, which also works in southern Iraq, is evaluating the security situation, a spokesman said, declining to comment on the US call for citizens to evacuate. Last year it won a two-year contract to drill 40 wells for Basra Oil Co. Ian Bryant, chief executive of Canadian oilfield company Packers Plus, said he was "more concerned than ever" about the safety of their staff in Iraq, adding he was worried that US, British and Canadian citizens might get caught up in any unrest. Genel, an oil producer in the autonomous region of Kurdistan in northern Iraq, said its operations were continuing normally. It did not comment on any staff movements. Gulf Keystone Petroleum, which also operates in Kurdistan, said "while these events are taking place ... Gulf Keystone is closely monitoring the situation and operations at (the Shaikan field) are carrying on as per usual".

US oil workers leave Iraq after air strike on Iranian leader Qassem Soleimani

Wall&nbsp;Street's major indexes fell from record highs on Friday after a <a href="https://www.wionews.com/world/trump-impeachment-row-us-senate-in-stalemate-over-how-to-proceed-272003">US&nbsp;airstrike</a> in Iraq ratcheted up&nbsp;tensions&nbsp;in the&nbsp;Middle&nbsp;East&nbsp;and a bigger-than-expected contraction in the US&nbsp;manufacturing sector raised concerns of slowing economic growth.

Friday's decline put the benchmark <a href="https://www.wionews.com/business-economy/indian-shares-slip-as-oil-jumps-after-us-air-strikes-in-middle-east-271832">S&amp;P&nbsp;500</a>&nbsp;in the red for the week, snapping a five-week&nbsp;winning&nbsp;streak&nbsp;for the index.

Demand for <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">safe-haven assets</a> soared as Iran vowed revenge for the killing of Qassem Soleimani, head of its elite Quds Force, in an airstrike authorized by US&nbsp;President Donald Trump.

In a further blow to US&nbsp;market sentiment, data from the Institute for Supply Management showed that US&nbsp;factory activity contracted in December by the most in more than a decade.

"There was a reinforcement of weak manufacturing activity and then you had the geopolitical spark," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. "That's on top of the sentiment that the market has been overbought."

S&amp;P&nbsp;500&nbsp;bank stocks dropped 1.6 per cent&nbsp;as the news sent benchmark US&nbsp;bond yields&nbsp;to their lowest since December&nbsp;12.

Shares of airlines also tumbled as oil prices jumped about 3 per cent. American Airlines Group Inc&nbsp;shares dropped 5.0 per cent, while shares of United Airlines Holdings Inc fell 2.1 per cent.

Among the S&amp;P&nbsp;500's 11 major sectors, only real estate and utilities both considered defensive plays, ended higher.

In a sign of investor jitters, US&nbsp;stocks extended their fall following a false report of an attack on a US&nbsp;military base in Iraq.

Shares of US&nbsp;defence companies jumped on news of the airstrike that killed <a href="https://www.wionews.com/world/soleimani-contributed-to-plotting-terror-attacks-in-new-delhi-london-trump-272027">Soleimani</a>. Northrop Grumman Corp&nbsp;shares climbed 5.4 per cent&nbsp;and Lockheed Martin Corp&nbsp;shares rose 3.6 per cent. The two provided the biggest boosts to the S&amp;P&nbsp;500.

The market disturbance following the strike could be fleeting, said Wayne Wicker, a chief investment officer of Vantagepoint Investment Advisers in Washington.

"We've looked at many types of conflicts over the last 20 years, and they've had much more of a short-term impact," Wicker said.

The Dow Jones Industrial Average fell 233.92 points, or 0.81 per cent, to 28,634.88. The S&amp;P&nbsp;500 lost 23 points, or 0.71 per cent, to 3,234.85. The Nasdaq Composite&nbsp;dropped 71.42 points, or 0.79 per cent, to 9,020.77.

For the week, the Dow dipped 0.04 per cent, the S&amp;P&nbsp;500&nbsp;fell 0.17 per cent, and the Nasdaq rose 0.16 per cent.

Among advancers, Tesla Inc&nbsp;shares hit a record high and ended up 3.0 per cent&nbsp;after the automaker beat estimates for vehicle deliveries in the fourth quarter.

Lamb Weston Holdings Inc shares surged 11.3 per cent, the biggest percentage gain on the S&amp;P&nbsp;500, after the frozen foods supplier's quarterly results surpassed estimates.

Shares of retailer L Brands Inc&nbsp;rose 7.8 per cent&nbsp;after Bank of America upgraded its rating on the company's stock.

Declining issues outnumbered advancing ones on the <a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">NYSE</a> by a 1.14-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favoured decliners.

The S&amp;P&nbsp;500&nbsp;posted 22 new 52-week highs and one new low. The Nasdaq Composite recorded 60 new highs and 15 new lows.

Volume on US&nbsp;exchanges was 7.47 billion shares, compared to the 6.87 billion average for the full session over the last 20 trading days.

Wall Street's major indexes fell from record highs on Friday after a US airstrike in Iraq ratcheted up tensions in the Middle East and a bigger-than-expected contraction in the US manufacturing sector raised concerns of slowing economic growth.

Wall Street's major indexes fell from record highs on Friday after a US airstrike in Iraq ratcheted up tensions in the Middle East and a bigger-than-expected contraction in the US manufacturing sector raised concerns of slowing economic growth. Friday's decline put the benchmark S&P 500 in the red for the week, snapping a five-week winning streak for the index. Demand for safe-haven assets soared as Iran vowed revenge for the killing of Qassem Soleimani, head of its elite Quds Force, in an airstrike authorized by US President Donald Trump. In a further blow to US market sentiment, data from the Institute for Supply Management showed that US factory activity contracted in December by the most in more than a decade. "There was a reinforcement of weak manufacturing activity and then you had the geopolitical spark," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. "That's on top of the sentiment that the market has been overbought." S&P 500 bank stocks dropped 1.6 per cent as the news sent benchmark US bond yields to their lowest since December 12. Shares of airlines also tumbled as oil prices jumped about 3 per cent. American Airlines Group Inc shares dropped 5.0 per cent, while shares of United Airlines Holdings Inc fell 2.1 per cent. Among the S&P 500's 11 major sectors, only real estate and utilities both considered defensive plays, ended higher. In a sign of investor jitters, US stocks extended their fall following a false report of an attack on a US military base in Iraq. Shares of US defence companies jumped on news of the airstrike that killed Soleimani. Northrop Grumman Corp shares climbed 5.4 per cent and Lockheed Martin Corp shares rose 3.6 per cent. The two provided the biggest boosts to the S&P 500. The market disturbance following the strike could be fleeting, said Wayne Wicker, a chief investment officer of Vantagepoint Investment Advisers in Washington. "We've looked at many types of conflicts over the last 20 years, and they've had much more of a short-term impact," Wicker said. The Dow Jones Industrial Average fell 233.92 points, or 0.81 per cent, to 28,634.88. The S&P 500 lost 23 points, or 0.71 per cent, to 3,234.85. The Nasdaq Composite dropped 71.42 points, or 0.79 per cent, to 9,020.77. For the week, the Dow dipped 0.04 per cent, the S&P 500 fell 0.17 per cent, and the Nasdaq rose 0.16 per cent. Among advancers, Tesla Inc shares hit a record high and ended up 3.0 per cent after the automaker beat estimates for vehicle deliveries in the fourth quarter. Lamb Weston Holdings Inc shares surged 11.3 per cent, the biggest percentage gain on the S&P 500, after the frozen foods supplier's quarterly results surpassed estimates. Shares of retailer L Brands Inc rose 7.8 per cent after Bank of America upgraded its rating on the company's stock. Declining issues outnumbered advancing ones on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.71-to-1 ratio favoured decliners. The S&P 500 posted 22 new 52-week highs and one new low. The Nasdaq Composite recorded 60 new highs and 15 new lows. Volume on US exchanges was 7.47 billion shares, compared to the 6.87 billion average for the full session over the last 20 trading days.

S&P 500 snaps win streak as Middle East tensions push down Wall Street

Asian shares fell on Friday, erasing <a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">early gains</a>, while oil prices spiked after US&nbsp;airstrikes in Iraq killed a top <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">Iranian commander</a>, heightening geopolitical tensions.

Iranian Major-General Qassem Soleimani, head of the elite Quds Force and top Iraqi militia commander <a href="https://www.wionews.com/world/deputy-head-of-group-irans-quds-force-head-qasem-soleimani-killed-hashed-al-shaabi-271762">Abu Mahdi al-Muhandis</a> were killed early on Friday in a US&nbsp;air strike on their convoy at Baghdad airport, the Pentagon said.

MSCI's <a href="https://www.wionews.com/business-economy/though-yearly-gains-lag-asian-shares-outperformed-global-peers-in-december-271627">broadest index</a> of Asia-Pacific shares outside Japan had touched its highest point since June 15, 2018 in early trade, but fell after reports of the air strike emerged. It was last down 0.26 per cent.

China's <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-a-sea-of-red-as-hk-chaos-hits-sentiment-261277">CSI300 index</a>, one of the world's best-performing indexes last year, also turned negative, losing 0.25 per cent. Australian shares were 0.66 per cent&nbsp;higher, but that was off earlier highs.

"It remains very unclear exactly what impact (the US&nbsp;strikes) could have on the equity market," said Tapas Strickland, director of economics and markets at National Australia Bank.

"It is significant that one of Iran's top military generals was reported to have been taken out but it all hinges on what Iran does in terms of retaliation," he said.

Middle Eastern tensions upset a rally for the MSCI index, which finished at its highest close in more than 18 months on Thursday.

It had been lifted by a New Year's Day announcement from China's central bank that it would cut the amount of cash that banks must hold as reserves, releasing around 800 billion yuan ($114.87 billion).

Against the backdrop of a thaw in trade relations between the United States and China, <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">global markets</a> had seen renewed appetite for risk assets.

"You have from both a policy and trade perspective a favourable framework for risk assets for the weeks to come," said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong.

"The issue in our view, and that is the central scenario, is beyond these few weeks, where could we see a further correction?" he said, noting that the United States is unlikely to enjoy further fiscal stimulus before the presidential election in November.

Shares had received further support from data on Thursday showing factory activity in China continued to grow at a solid pace in December, and that business confidence improved.

South Korean factory activity also improved in December, returning to growth after seven straight months of contraction, which analysts saw as a positive sign for global growth.

Markets in Japan remain closed for a national holiday.

Overnight, Wall Street's major indexes notched record highs in their first session of the decade. The Dow Jones Industrial Average rose 1.16 per cent to 28,868.8. The S&amp;P 500 gained 0.84 per cent&nbsp;to 3,257.85 and the Nasdaq Composite added 1.33 per cent&nbsp;to 9,092.19.

But <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">US&nbsp;stock</a> futures pointed to a grim day on Friday after the air strikes, with S&amp;P e-minis shedding 0.8 per cent.

While equity markets turned lower, oil prices surged on news of Soleimani's death, with global benchmark Brent crude shooting 3.02 per cent&nbsp;higher to $68.25 per barrel and US&nbsp;West Texas Intermediate crude jumping 2.75 per cent&nbsp;to $62.86 per barrel.

News of the strikes came after US&nbsp;Defense Secretary Mark Esper said on Thursday there were indications Iran or forces it backs may be planning additional attacks after Iranian-backed demonstrators hurled rocks at the US&nbsp;embassy in Baghdad following American strikes on Sunday against bases of the Tehran-backed Kataib Hezbollah group.

<a href="https://www.wionews.com/world/protesters-burn-security-post-at-us-embassy-in-iraq-pentagon-sending-additional-troops-to-region-271333">Esper</a> warned that the "game has changed" and it was possible the United States might have to take preemptive action to protect American lives.

In currency markets, the dollar weakened as investors snapped up safe-haven yen. The greenback fell 0.52 per cent&nbsp;against the Japanese currency to 108.00.

The dollar was flat against the euro at $1.1170.

The <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">dollar index</a>, which tracks the dollar against a basket of six major rivals, was down 0.09 per cent&nbsp;at 96.758.

The US&nbsp;strikes in Iraq and a weaker dollar combined to burnish the value of gold, driving the precious metal 0.75 per cent&nbsp;higher on the spot market to $1,540.25 per ounce, around four-month highs.

Asian shares fell on Friday, erasing early gains, while oil prices spiked after US airstrikes in Iraq killed a top Iranian commander, heightening geopolitical tensions.

Asian shares fell on Friday, erasing early gains, while oil prices spiked after US airstrikes in Iraq killed a top Iranian commander, heightening geopolitical tensions. Iranian Major-General Qassem Soleimani, head of the elite Quds Force and top Iraqi militia commander Abu Mahdi al-Muhandis were killed early on Friday in a US air strike on their convoy at Baghdad airport, the Pentagon said. MSCI's broadest index of Asia-Pacific shares outside Japan had touched its highest point since June 15, 2018 in early trade, but fell after reports of the air strike emerged. It was last down 0.26 per cent. China's CSI300 index, one of the world's best-performing indexes last year, also turned negative, losing 0.25 per cent. Australian shares were 0.66 per cent higher, but that was off earlier highs. "It remains very unclear exactly what impact (the US strikes) could have on the equity market," said Tapas Strickland, director of economics and markets at National Australia Bank. "It is significant that one of Iran's top military generals was reported to have been taken out but it all hinges on what Iran does in terms of retaliation," he said. Middle Eastern tensions upset a rally for the MSCI index, which finished at its highest close in more than 18 months on Thursday. It had been lifted by a New Year's Day announcement from China's central bank that it would cut the amount of cash that banks must hold as reserves, releasing around 800 billion yuan ($114.87 billion). Against the backdrop of a thaw in trade relations between the United States and China, global markets had seen renewed appetite for risk assets. "You have from both a policy and trade perspective a favourable framework for risk assets for the weeks to come," said Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong. "The issue in our view, and that is the central scenario, is beyond these few weeks, where could we see a further correction?" he said, noting that the United States is unlikely to enjoy further fiscal stimulus before the presidential election in November. Shares had received further support from data on Thursday showing factory activity in China continued to grow at a solid pace in December, and that business confidence improved. South Korean factory activity also improved in December, returning to growth after seven straight months of contraction, which analysts saw as a positive sign for global growth. Markets in Japan remain closed for a national holiday. Overnight, Wall Street's major indexes notched record highs in their first session of the decade. The Dow Jones Industrial Average rose 1.16 per cent to 28,868.8. The S&P 500 gained 0.84 per cent to 3,257.85 and the Nasdaq Composite added 1.33 per cent to 9,092.19. But US stock futures pointed to a grim day on Friday after the air strikes, with S&P e-minis shedding 0.8 per cent. While equity markets turned lower, oil prices surged on news of Soleimani's death, with global benchmark Brent crude shooting 3.02 per cent higher to $68.25 per barrel and US West Texas Intermediate crude jumping 2.75 per cent to $62.86 per barrel. News of the strikes came after US Defense Secretary Mark Esper said on Thursday there were indications Iran or forces it backs may be planning additional attacks after Iranian-backed demonstrators hurled rocks at the US embassy in Baghdad following American strikes on Sunday against bases of the Tehran-backed Kataib Hezbollah group. Esper warned that the "game has changed" and it was possible the United States might have to take preemptive action to protect American lives. In currency markets, the dollar weakened as investors snapped up safe-haven yen. The greenback fell 0.52 per cent against the Japanese currency to 108.00. The dollar was flat against the euro at $1.1170. The dollar index, which tracks the dollar against a basket of six major rivals, was down 0.09 per cent at 96.758. The US strikes in Iraq and a weaker dollar combined to burnish the value of gold, driving the precious metal 0.75 per cent higher on the spot market to $1,540.25 per ounce, around four-month highs.

Though early gains Asian shares flatten, oil surged after US air strike in Iraq

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US&nbsp;Federal Reserve's December policy meeting.

Spot gold was up 0.4 per cent&nbsp;to $1,523.12 per ounce as of 1248 GMT, having touched its highest since Sept. 25 at $1,525.20 on Tuesday. The US&nbsp;gold futures were up 0.2 per cent&nbsp;at $1,525.80.

"We are seeing a bit of a bounce-back&nbsp;in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim," said OANDA analyst Craig Erlam.

The negative correlation between the <a href="https://www.wionews.com/business-economy/dollar-snaps-six-day-losing-streak-a-flat-start-for-2020-271653">dollar</a> and bullion is what really propelled gold from $1,480 to $1,520, he said, but further upside in the US&nbsp;currency could put pressure on gold.

Against key rivals, the dollar was up 0.3 per cent&nbsp;this session but was trading not far from the six-month low it touched on Tuesday.

Beijing's decision to ease monetary policy further supported bullion, <a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">Erlam</a> added.

China's central bank on Wednesday said it was cutting the amount of cash that all banks must hold as reserves, releasing funds to shore up the slowing economy.

Bullion prices posted their biggest annual rise in nearly a decade in 2019, boosted by the drawn-out trade war between the <a href="https://www.wionews.com/world/china-halts-british-stock-link-over-political-tensions-sources-271591">United States and China</a> that dragged on global economic growth.

Many analysts said prices were likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs.

"A key thing to look out for is stock markets, which have been setting new highs," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "In case there is some correction, we (could) see some capital flows into gold."

<a href="https://www.wionews.com/world/united-kingdoms-new-government-increases-minimum-wage-to-ps872-271242">Brexit</a>, the US&nbsp;presidential election, <a href="https://www.wionews.com/world/hong-kong-protests-severely-challenged-one-country-two-systems-principle-xi-in-his-new-year-address-271325">protests in Hong Kong</a> and <a href="https://www.wionews.com/world/kim-says-north-korea-to-show-new-strategic-weapon-leaves-room-for-talks-271331">tensions with North Korea</a> would be the other key factors for the market this year, he said.

Investor focus has now turned to the minutes of the <a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">Federal Reserve's</a> December&nbsp;10-11 policy meeting, due at 1900 GMT on Friday. Lower interest rates encourage the buying of non-interest-paying bullion.

"Friday's US&nbsp;manufacturing ISM and the December <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-buoyed-by-wall-st-rally-but-china-worry-caps-gains-267070">Federal Open Market Committee</a> (FOMC) minutes could provide an impulse," <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Stephen Innes</a>, a market strategist at AxiTrader said in a note.

Among other precious metals, silver gained 0.5 per cent&nbsp;to $17.92 per ounce, while platinum rose 1.7 per cent&nbsp;to $979.65 and palladium edged up 0.4 per cent&nbsp;to $1,947.37 per ounce.

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US Federal Reserve's December policy meeting.

Gold firmed on Thursday, edging back towards the three-month peak it reached earlier in the week on the back of dollar weakness, with the market focusing on minutes of the US Federal Reserve's December policy meeting. Spot gold was up 0.4 per cent to $1,523.12 per ounce as of 1248 GMT, having touched its highest since Sept. 25 at $1,525.20 on Tuesday. The US gold futures were up 0.2 per cent at $1,525.80. "We are seeing a bit of a bounce-back in the dollar but if you look at the movements that we saw (in the past few days), it is probably supporting gold in the interim," said OANDA analyst Craig Erlam. The negative correlation between the dollar and bullion is what really propelled gold from $1,480 to $1,520, he said, but further upside in the US currency could put pressure on gold. Against key rivals, the dollar was up 0.3 per cent this session but was trading not far from the six-month low it touched on Tuesday. Beijing's decision to ease monetary policy further supported bullion, Erlam added. China's central bank on Wednesday said it was cutting the amount of cash that all banks must hold as reserves, releasing funds to shore up the slowing economy. Bullion prices posted their biggest annual rise in nearly a decade in 2019, boosted by the drawn-out trade war between the United States and China that dragged on global economic growth. Many analysts said prices were likely to rise further in 2020, with shaky growth and global stock markets potentially looking unsustainable at record highs. "A key thing to look out for is stock markets, which have been setting new highs," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "In case there is some correction, we (could) see some capital flows into gold." Brexit, the US presidential election, protests in Hong Kong and tensions with North Korea would be the other key factors for the market this year, he said. Investor focus has now turned to the minutes of the Federal Reserve's December 10-11 policy meeting, due at 1900 GMT on Friday. Lower interest rates encourage the buying of non-interest-paying bullion. "Friday's US manufacturing ISM and the December Federal Open Market Committee (FOMC) minutes could provide an impulse," Stephen Innes, a market strategist at AxiTrader said in a note. Among other precious metals, silver gained 0.5 per cent to $17.92 per ounce, while platinum rose 1.7 per cent to $979.65 and palladium edged up 0.4 per cent to $1,947.37 per ounce.

Gold rises back towards three-month high, markets eye Fed minutes

One of the co-founders of Indian airline IndiGo is seeking to modify rules on the sale and purchase of shares by its main shareholders amid a bitter spat with his founding partner in the country's largest carrier.

One of the co-founders of Indian airline IndiGo is seeking to modify rules on the sale and purchase of shares by its main shareholders amid a bitter spat with his founding partner in the country's largest carrier. Rakesh Gangwal, who co-founded IndiGo with Rahul Bhatia, is seeking to delete certain rules in the company's articles of association that give Bhatia the right of first refusal should Gangwal choose to sell his shares, a stock exchange filing showed. Gangwal, an American and aviation industry veteran who spent years in senior roles at United Airlines and U.S. Airways, and Bhatia, who runs things on the ground in India, each control stakes of slightly less than 40% in InterGlobe along with their respective families, giving them both a major say in the carrier's strategy. Gangwal, who alleged violations of corporate governance rules at the parent group in July, also wants to remove an article that prevents either of the co-founders from buying publicly-listed shares in InterGlobe and potentially triggering an open offer for the rest of the company. If the shareholders approve the amendments at a Jan. 29 extraordinary general meeting (EGM) requested by Gangwal, he or Bhatia could get a free hand to raise or cut stakes in the company. Shares of InterGlobe, which fell early on Friday due to a spike in oil prices, climbed more than 6% from their lows before settling up 2.1%. "The call for an EGM confirms that Rakesh Gangwal wants to sell his shares in the company," said Sriram Subramaniam, head of InGovern - a shareholder advisory firm, adding it was unlikely the resolutions would pass as they required three-quarters of the shareholder vote. "It will not be surprising if, once the resolutions are defeated, there are claims made of oppression and mismanagement," said Subramaniam, adding this was likely a part of a 'corporate fight playbook'. IGE Group, controlled by Bhatia, did not immediately respond to Reuters' request for comment. If approved, the changes could allow either party to initiate hostile buying of the group's shares in the event the dispute between the founders drags on, said Deepak Jasani, head of retail research at HDFC Securities.

IndiGo co-founder seeks to ease rules on shareholdings in Indian carrier

As per the data received from&nbsp;the <a href="https://www.wionews.com/world/tesco-suspends-chinese-supplier-after-suspected-prisoner-message-269636">Bank of England</a>&nbsp;on Friday, the British consumers increased their borrowing in November&nbsp;at the slowest rate in more than five years that indicates the economy stalled late the previous year.&nbsp;

The growth rate in unsecured consumer lending slowed to 5.7 per cent&nbsp;in the 12 months to November from 6.1 per cent&nbsp;in October, the BoE said, marking the smallest increase since June 2014.

The figures also showed credit card repayments exceeded borrowing for the first time since July 2013.

Household spending has helped to drive Britain's economy over the last few years, helped by record levels of employment and recovery in wage growth.

But some BoE officials are concerned that the labour market may finally be on the turn, raising questions about the sustainability of solid rates of consumer spending.

Investors are watching for signs that Prime Minister <a href="https://www.wionews.com/opinions/donald-trump-enthusiastic-about-boris-johnsons-victory-but-it-wont-be-smooth-sailing-for-them-269348">Boris Johnson's</a> victory in the December&nbsp;12 election has lifted worries about Britain's political stability, potentially providing a much-needed boost to the economy.

In cash terms, consumer credit rose by 563 million pounds in November after a 1.339 billion-pound rise in October, the smallest increase since November 2013, the BoE said.

The data also showed the number of mortgages approved for house purchase edged up to 64,994 in November from 64,662 in October, compared with the consensus forecast of 64,450 in a poll of economists.

British house price growth has slowed since 2016's <a href="https://www.wionews.com/world/british-pm-boris-johnsons-brexit-deal-wins-first-vote-in-new-parliament-269404">Brexit referendum</a>, with price falls in London and some neighbouring areas and nationally price growth is around 1-2 per cent, according to figures from the country's two main mortgage lenders.

Earlier on Friday lender, Nationwide said house prices rose in annual terms by more than 1 per cent&nbsp;for the first time in more than 12 months in December.

As per the data received from the Bank of England on Friday, the British consumers increased their borrowing in November at the slowest rate in more than five years that indicates the economy stalled late the previous year.

As per the data received from the Bank of England on Friday, the British consumers increased their borrowing in November at the slowest rate in more than five years that indicates the economy stalled late the previous year. The growth rate in unsecured consumer lending slowed to 5.7 per cent in the 12 months to November from 6.1 per cent in October, the BoE said, marking the smallest increase since June 2014. The figures also showed credit card repayments exceeded borrowing for the first time since July 2013. Household spending has helped to drive Britain's economy over the last few years, helped by record levels of employment and recovery in wage growth. But some BoE officials are concerned that the labour market may finally be on the turn, raising questions about the sustainability of solid rates of consumer spending. Investors are watching for signs that Prime Minister Boris Johnson's victory in the December 12 election has lifted worries about Britain's political stability, potentially providing a much-needed boost to the economy. In cash terms, consumer credit rose by 563 million pounds in November after a 1.339 billion-pound rise in October, the smallest increase since November 2013, the BoE said. The data also showed the number of mortgages approved for house purchase edged up to 64,994 in November from 64,662 in October, compared with the consensus forecast of 64,450 in a poll of economists. British house price growth has slowed since 2016's Brexit referendum, with price falls in London and some neighbouring areas and nationally price growth is around 1-2 per cent, according to figures from the country's two main mortgage lenders. Earlier on Friday lender, Nationwide said house prices rose in annual terms by more than 1 per cent for the first time in more than 12 months in December.

Consumers up borrowing at slowest rate in UK: Bank of England

The sale of new electric cars in <a href="https://www.wionews.com/business-economy/dollar-snaps-six-day-losing-streak-a-flat-start-for-2020-271653">Norway</a> rose by 30.9 per cent&nbsp;last year amid soaring demand for <a href="https://www.wionews.com/world/study-finds-google-system-could-improve-breast-cancer-detection-271720">Tesla Inc's</a> vehicles, but the pioneering US&nbsp;firm faces rising competition from rival automakers in 2020.

Fully electric cars made up 42.4 per cent&nbsp;of sales in the Nordic nation last year, a global record, rising from a 31.2 per cent&nbsp;market share in 2018 and just 5.5 per cent&nbsp;in 2013, the Norwegian Road Federation said on Friday.

Seeking to become the first country to end the sale of fossil-fueled cars by 2025, Norway exempts battery-powered vehicles from the taxes imposed on petrol and diesel engines.

This year, as many as six in 10 of all new cars sold in the country could be fully electric, said <a href="https://www.wionews.com/business-economy/volkswagens-german-plants-need-to-shape-up-production-chief-266997">Volkswagen</a> (VW) distributor Harald A. Moeller AS, which is preparing to launch several models in 2020.&nbsp;

"The electrification of the car market is accelerating,&nbsp;we forecast electric vehicles to hold a 100 per cent&nbsp;market share in 2025," the importer said of the outlook for Norway.

The country's best-selling car in 2019 was Tesla's mid-sized <a href="https://www.wionews.com/world/tesla-says-will-start-delivering-china-made-model-3s-to-public-on-january-7-271722">Model 3 sedan</a>, which retails from 384,900 Norwegian crowns ($43,721.74), racking up an 11 per cent&nbsp;market share in the California-based firm's first attempt at addressing the mass market.

The sale of new electric cars in Norway rose by 30.9 per cent last year amid soaring demand for Tesla Inc's vehicles, but the pioneering US firm faces rising competition from rival automakers in 2020.

The sale of new electric cars in Norway rose by 30.9 per cent last year amid soaring demand for Tesla Inc's vehicles, but the pioneering US firm faces rising competition from rival automakers in 2020. Fully electric cars made up 42.4 per cent of sales in the Nordic nation last year, a global record, rising from a 31.2 per cent market share in 2018 and just 5.5 per cent in 2013, the Norwegian Road Federation said on Friday. Seeking to become the first country to end the sale of fossil-fueled cars by 2025, Norway exempts battery-powered vehicles from the taxes imposed on petrol and diesel engines. This year, as many as six in 10 of all new cars sold in the country could be fully electric, said Volkswagen (VW) distributor Harald A. Moeller AS, which is preparing to launch several models in 2020. "The electrification of the car market is accelerating, we forecast electric vehicles to hold a 100 per cent market share in 2025," the importer said of the outlook for Norway. The country's best-selling car in 2019 was Tesla's mid-sized Model 3 sedan, which retails from 384,900 Norwegian crowns ($43,721.74), racking up an 11 per cent market share in the California-based firm's first attempt at addressing the mass market.

Rivals gear up for 2020 after Tesla's Model 3 sedan hits record year in Norway

Gold and other <a href="https://www.wionews.com/business-economy/gold-hits-two-month-peak-on-dollar-weakness-us-strikes-270962">safe-haven</a>&nbsp;assets including Oil prices increased over&nbsp;$2 a barrel on Friday because of&nbsp;the US&nbsp;killing of a top <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">Iranian commander</a> in an airstrike in Iraq ratcheted up tensions between the two national powers.&nbsp;

Traders were clearly spooked. The death of Iranian <a href="https://www.wionews.com/world/president-trump-ordered-action-against-irans-quds-force-commander-soleimani-us-department-of-defence-271773">Major-General Qassem Soleimani</a>, head of the elite Quds Force, prompted Iranian Supreme Leader Ayatollah Ali Khamenei to vow revenge.

Europe's <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">stock markets</a> fell 0.5 per cent&nbsp;in early trading as hopes for a lengthy New Year rally vanished. Safe havens gained, with Japan's yen rising half a per cent to the dollar to a two-month high and the Swiss franc hitting its highest against the euro since September.

The Middle East-focused oil markets saw the most dramatic moves. <a href="https://www.google.com/url?client=internal-element-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227&amp;sa=U&amp;ved=2ahUKEwiN_7-hm-fmAhU0yzgGHRcGDn8QFjACegQICBAC&amp;usg=AOvVaw0VUxWW0N1ASYhJBKQq-jha">Brent crude</a> futures jumped nearly $3 to $69.16 a barrel,&nbsp;also the highest since September,&nbsp;before easing back to $68.42.

"We are only into the third day of the new year, and a big fat dollop of geopolitical uncertainty has landed on investors' desks," said <a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">Jeffrey Halley</a>, senior market analyst for Asia Pacific at broker OANDA.

"I am struggling to see how an Iranian riposte will not occur," he said. "Oil installations and tankers were my first thoughts."

Soleimani's Quds Force and its paramilitary proxies, ranging from <a href="https://www.wionews.com/opinions/the-killing-of-iranians-general-qasem-soleimani-and-its-consequences-271884">Lebanon's Hezbollah</a> to the PMF in Iraq, have ample means to mount a multi-pronged response.

In September, US&nbsp;officials blamed Iran for a missile and drone attack on oil installations of Saudi Aramco, the Saudi state energy giant and world's largest oil exporter. The Trump administration did not respond, beyond heated rhetoric and threats.

German Bunds and US&nbsp;Treasuries,&nbsp;the world's benchmark government bonds, caught a bid, too. Ten-year German yields, which move inversely to prices, fell further away from seven-month highs touched earlier in the week. US&nbsp;10-year yields fell 5 basis points to a three-week low.

The focus on geopolitics meant markets paid little attention to stronger-than-expected data from France, where inflation rose 1.6 per cent&nbsp;year-on-year in December, beating analyst expectations for a 1.4 per cent&nbsp;rise.

"Markets still remain quite thin after the holidays, but even in a regular session we would have seen a similar reaction," said Christian Lenk, a rates strategist at DZ Bank in <a href="https://www.wionews.com/business-economy/german-court-bans-uber-services-via-rental-cars-in-germany-269165">Frankfurt</a>. "The repercussions from the airstrike are not clearly forecastable and tensions remain high in the region."

The airstrikes in Iraq also killed top Iraqi militia commander Abu Mahdi al-Muhandis. They came after US&nbsp;Defense Secretary Mark Esper said on Thursday there were indications Iran or forces it backed might be planning additional attacks, after Iranian-backed demonstrators stormed the US&nbsp;embassy in Baghdad.

Gold, a traditional refuge for risk-averse investors, rose 1 per cent&nbsp;to a four-month high of $1,543.66. For the week, it has gained about 2 per cent, heading for a fourth consecutive weekly increase.

"After the recent escalations in geopolitical issues, we see a resistance level near the $1,575 level for the next week," said Jigar Trivedi, a commodities analyst at <a href="https://www.wionews.com/business-economy/indian-shares-slip-on-year-end-profit-booking-nifty-set-for-13-jump-in-2019-271230">Anand Rathi Shares</a> &amp; Stock Brokers in Mumbai.

Gold and other safe-haven assets including Oil prices increased over $2 a barrel on Friday because of the US killing of a top Iranian commander in an airstrike in Iraq ratcheted up tensions between the two national powers.

Gold and other safe-haven assets including Oil prices increased over $2 a barrel on Friday because of the US killing of a top Iranian commander in an airstrike in Iraq ratcheted up tensions between the two national powers. Traders were clearly spooked. The death of Iranian Major-General Qassem Soleimani, head of the elite Quds Force, prompted Iranian Supreme Leader Ayatollah Ali Khamenei to vow revenge. Europe's stock markets fell 0.5 per cent in early trading as hopes for a lengthy New Year rally vanished. Safe havens gained, with Japan's yen rising half a per cent to the dollar to a two-month high and the Swiss franc hitting its highest against the euro since September. The Middle East-focused oil markets saw the most dramatic moves. Brent crude futures jumped nearly $3 to $69.16 a barrel, also the highest since September, before easing back to $68.42. "We are only into the third day of the new year, and a big fat dollop of geopolitical uncertainty has landed on investors' desks," said Jeffrey Halley, senior market analyst for Asia Pacific at broker OANDA. "I am struggling to see how an Iranian riposte will not occur," he said. "Oil installations and tankers were my first thoughts." Soleimani's Quds Force and its paramilitary proxies, ranging from Lebanon's Hezbollah to the PMF in Iraq, have ample means to mount a multi-pronged response. In September, US officials blamed Iran for a missile and drone attack on oil installations of Saudi Aramco, the Saudi state energy giant and world's largest oil exporter. The Trump administration did not respond, beyond heated rhetoric and threats. German Bunds and US Treasuries, the world's benchmark government bonds, caught a bid, too. Ten-year German yields, which move inversely to prices, fell further away from seven-month highs touched earlier in the week. US 10-year yields fell 5 basis points to a three-week low. The focus on geopolitics meant markets paid little attention to stronger-than-expected data from France, where inflation rose 1.6 per cent year-on-year in December, beating analyst expectations for a 1.4 per cent rise. "Markets still remain quite thin after the holidays, but even in a regular session we would have seen a similar reaction," said Christian Lenk, a rates strategist at DZ Bank in Frankfurt. "The repercussions from the airstrike are not clearly forecastable and tensions remain high in the region." The airstrikes in Iraq also killed top Iraqi militia commander Abu Mahdi al-Muhandis. They came after US Defense Secretary Mark Esper said on Thursday there were indications Iran or forces it backed might be planning additional attacks, after Iranian-backed demonstrators stormed the US embassy in Baghdad. Gold, a traditional refuge for risk-averse investors, rose 1 per cent to a four-month high of $1,543.66. For the week, it has gained about 2 per cent, heading for a fourth consecutive weekly increase. "After the recent escalations in geopolitical issues, we see a resistance level near the $1,575 level for the next week," said Jigar Trivedi, a commodities analyst at Anand Rathi Shares & Stock Brokers in Mumbai.

Global Markets: Oil, gold, safe haven assets prices rose as US strike kills Iranian commander

In a briefing received from the <a href="https://www.wionews.com/business-economy/hsbc-begins-year-with-hong-kong-branches-closed-vandalised-271637">HSBC</a> bank on Friday, the overnight services were said to be suspended at 19 ATM clusters cited in&nbsp;different areas of&nbsp;Hong Kong, two days after its branches and ATMs were&nbsp;vandalised and flamed during <a href="https://www.wionews.com/world/hong-kong-around-400-arrested-in-new-years-day-unrest-271484">anti-government protests</a>.&nbsp;&nbsp;

Hong Kong is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019.

Until mid-December, HSBC had largely escaped direct involvement in the often violent anti-government protests that have shaken Hong Kong for more than six months even as other companies with perceived links to Beijing saw premises vandalised.

Since then, HSBC has drawn the ire of some protesters who accuse it of being complicit inaction by the authorities against activists trying to raise money to support their campaign.

HSBC strongly denies any connection.

The 19 groups of ATM machines are located in common protest hotspots. As a precautionary measure, they will be closed from 8 p.m. to 6 a.m. on Fridays, Saturdays, Sundays, the days before public holidays and on public holidays until further notice, the bank said in a statement.

HSBC on Thursday closed two branches and seven indoor <a href="https://www.wionews.com/world/desperate-hong-kong-protesters-explore-sewers-in-campus-escape-bid-263209">ATM clusters</a> after they were vandalised during anti-government protests on New Year's Day and Christmas Eve.

The famous pair of lions that guard its city centre headquarters were daubed with graffiti and briefly set alight after being doused in a flammable liquid.

In a briefing received from the HSBC bank on Friday, the overnight services were said to be suspended at 19 ATM clusters cited in different areas of Hong Kong, two days after its branches and ATMs were vandalised and flamed during anti-government protests.

In a briefing received from the HSBC bank on Friday, the overnight services were said to be suspended at 19 ATM clusters cited in different areas of Hong Kong, two days after its branches and ATMs were vandalised and flamed during anti-government protests. Hong Kong is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019. Until mid-December, HSBC had largely escaped direct involvement in the often violent anti-government protests that have shaken Hong Kong for more than six months even as other companies with perceived links to Beijing saw premises vandalised. Since then, HSBC has drawn the ire of some protesters who accuse it of being complicit inaction by the authorities against activists trying to raise money to support their campaign. HSBC strongly denies any connection. The 19 groups of ATM machines are located in common protest hotspots. As a precautionary measure, they will be closed from 8 p.m. to 6 a.m. on Fridays, Saturdays, Sundays, the days before public holidays and on public holidays until further notice, the bank said in a statement. HSBC on Thursday closed two branches and seven indoor ATM clusters after they were vandalised during anti-government protests on New Year's Day and Christmas Eve. The famous pair of lions that guard its city centre headquarters were daubed with graffiti and briefly set alight after being doused in a flammable liquid.

HSBC suspends overnight services at 19 ATM clusters in Hong Kong after branches vandalised

As&nbsp;Mexico threw troubled state oil company <a href="https://www.wionews.com/world/hackers-demand-5-million-from-mexicos-pemex-in-cyberattack-261778">Pemex</a> a lifeline in 2019 to stop $80 billion in bonds the&nbsp;investors began to worry that the state itself is a risk for Pemex bonds which is&nbsp;held by investors worldwide being labelled as junk by major credit rating agencies.

Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign outlook for the country to negative and one downgrading its rating.

Economic growth has ground to a halt during Mexico's first year under leftist President <a href="https://www.wionews.com/world/mexico-accuses-bolivia-of-intimidating-its-diplomats-in-la-paz-269871">Andres Manuel Lopez Obrador</a>, hitting income and sales tax receipts. Meanwhile, a fall in oil output has cut Pemex's tax payout to the federal government.

The fates of Mexico and Pemex are intertwined,&nbsp;a Mexico downgrade would almost certainly trigger one for Pemex.

"The base case is Moody's downgrades the sovereign by one notch in Q2 2020 because of the need to continue to bail out Pemex as well as an erosion of savings used to meet fiscal targets," said Aaron Gifford, an analyst at asset manager T. Rowe Price, one of the largest holders of Pemex bonds.

"That would probably lead to an automatic one-notch downgrade of Pemex as well into junk territory."

Pemex is a major contributor to the budget and has long borrowed on bond markets to meet its tax obligations. In turn, the government has acted as an implicit guarantor for the company.

Rating agencies say Pemex's needs and uncertainty over Lopez Obrador's decision-making have hurt investor confidence - even as his spending cuts have helped improve market perceptions of the risk of a Mexican sovereign default.

Rating agencies referred to their latest reports when asked for comment. <a href="https://www.wionews.com/world/after-cabinet-opposed-mexican-cartel-policy-trump-forged-ahead-270508">Lopez Obrador</a> has said that while he respects the opinion of rating agencies, he feels "they weren't professional, they weren't objective."

Lopez Obrador has also eased Pemex's huge debt burden, providing $9.5 billion in support via capital injections, tax breaks and debt refinancing - in effect, transferring some of the company's risk to the federal government.

But a Mexico downgrade could drive up borrowing costs and trigger a fire sale of Pemex bonds.

Moody's and Standard &amp; Poor's have Mexico's debt on negative outlook, implying a greater than one-in-three downgrade risk in the coming year. Fitch downgraded Mexico in June and labelled Pemex's $80 billion worth of dollar-denominated bonds junk.

Moody's rates the company's bonds one notch above junk. All three major agencies have Pemex's bonds on negative outlook, and&nbsp;if two of them classify them as junk, many institutional investors would have to sell.

Rating agencies and bond investors have criticized the nationalist energy agenda of Lopez Obrador, who inherited Pemex with $105.8 billion in financial debt. By end-September, he had cut Pemex's financial debt to $99.6 billion.

Armando Armenta, a senior economist at AllianceBernstein, another large bondholder, said even though the government had reined in spending, the future looked uncertain. "2020 will be challenging as we expect growth - and government tax revenues - to disappoint," Armenta said.

There is also scepticism about Pemex's plans to lift output.

"They have a history of missing their production guidance," said Patti McConachie, an analyst at Columbia Threadneedle. "Over the last years, they have never guided production declines and it has been declining for over a decade."

Not everyone is downbeat.

"We have had a more fiscally disciplined Lopez Obrador than the market feared," said Omotunde Lawal, head of emerging markets corporate debt at Barings.

"The aid the government has provided to Pemex in 2019 has also been quite measured, and the government has been very effective in generating the most impact it can from the limited financial resources it had to spend on Pemex."

As Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds the investors began to worry that the state itself is a risk for Pemex bonds which is held by investors worldwide being labelled as junk by major credit rating agencies.

As Mexico threw troubled state oil company Pemex a lifeline in 2019 to stop $80 billion in bonds the investors began to worry that the state itself is a risk for Pemex bonds which is held by investors worldwide being labelled as junk by major credit rating agencies. Mexico's creditworthiness came under increasing scrutiny in 2019, with two rating agencies flipping their sovereign outlook for the country to negative and one downgrading its rating. Economic growth has ground to a halt during Mexico's first year under leftist President Andres Manuel Lopez Obrador, hitting income and sales tax receipts. Meanwhile, a fall in oil output has cut Pemex's tax payout to the federal government. The fates of Mexico and Pemex are intertwined, a Mexico downgrade would almost certainly trigger one for Pemex. "The base case is Moody's downgrades the sovereign by one notch in Q2 2020 because of the need to continue to bail out Pemex as well as an erosion of savings used to meet fiscal targets," said Aaron Gifford, an analyst at asset manager T. Rowe Price, one of the largest holders of Pemex bonds. "That would probably lead to an automatic one-notch downgrade of Pemex as well into junk territory." Pemex is a major contributor to the budget and has long borrowed on bond markets to meet its tax obligations. In turn, the government has acted as an implicit guarantor for the company. Rating agencies say Pemex's needs and uncertainty over Lopez Obrador's decision-making have hurt investor confidence - even as his spending cuts have helped improve market perceptions of the risk of a Mexican sovereign default. Rating agencies referred to their latest reports when asked for comment. Lopez Obrador has said that while he respects the opinion of rating agencies, he feels "they weren't professional, they weren't objective." Lopez Obrador has also eased Pemex's huge debt burden, providing $9.5 billion in support via capital injections, tax breaks and debt refinancing - in effect, transferring some of the company's risk to the federal government. But a Mexico downgrade could drive up borrowing costs and trigger a fire sale of Pemex bonds. Moody's and Standard & Poor's have Mexico's debt on negative outlook, implying a greater than one-in-three downgrade risk in the coming year. Fitch downgraded Mexico in June and labelled Pemex's $80 billion worth of dollar-denominated bonds junk. Moody's rates the company's bonds one notch above junk. All three major agencies have Pemex's bonds on negative outlook, and if two of them classify them as junk, many institutional investors would have to sell. Rating agencies and bond investors have criticized the nationalist energy agenda of Lopez Obrador, who inherited Pemex with $105.8 billion in financial debt. By end-September, he had cut Pemex's financial debt to $99.6 billion. Armando Armenta, a senior economist at AllianceBernstein, another large bondholder, said even though the government had reined in spending, the future looked uncertain. "2020 will be challenging as we expect growth - and government tax revenues - to disappoint," Armenta said. There is also scepticism about Pemex's plans to lift output. "They have a history of missing their production guidance," said Patti McConachie, an analyst at Columbia Threadneedle. "Over the last years, they have never guided production declines and it has been declining for over a decade." Not everyone is downbeat. "We have had a more fiscally disciplined Lopez Obrador than the market feared," said Omotunde Lawal, head of emerging markets corporate debt at Barings. "The aid the government has provided to Pemex in 2019 has also been quite measured, and the government has been very effective in generating the most impact it can from the limited financial resources it had to spend on Pemex."

Mexico and Pemex face downgrading risks in 2020 as economic growth halts

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions&nbsp;with <a href="https://www.wionews.com/world/tesla-says-will-start-delivering-china-made-model-3s-to-public-on-january-7-271722">Wall Street</a> reaching major indexes recorded on top to open new year on Thursday.&nbsp;

China's central bank said on Wednesday it would cut the amount of cash that all banks must&nbsp;hold as reserves, the eighth such cut since early 2018. The move to inject fresh&nbsp;stimulus into the Chinese economy boosted equity markets around the globe.

The benchmark <a href="https://www.wionews.com/business-economy/indian-shares-slip-as-oil-jumps-after-us-air-strikes-in-middle-east-271832">S&amp;P 500</a> hit its 11th record high in 14 sessions and posted its largest&nbsp;daily percentage gain in three weeks. The Dow registered its biggest&nbsp;such gain in almost&nbsp;four weeks, and the Nasdaq its greatest&nbsp;in nearly three months.

Economic&nbsp;stimulus in&nbsp;China, along with the easing of&nbsp;trade&nbsp;tensions between Washington and Beijing, has bolstered optimism that the global economy will accelerate in&nbsp;2020.

"The market's been up all day because of the&nbsp;news that&nbsp;China&nbsp;is out there with monetary easing," said <a href="https://www.wionews.com/world/us-joins-other-nations-in-grounding-737-max-jets-after-second-crash-203179">Tim Ghriskey</a>, chief investment&nbsp;strategist&nbsp;at Inverness Counsel in&nbsp;New&nbsp;York. "With the&nbsp;trade&nbsp;deal as a backdrop, it's a positive factor."

Among the S&amp;P 500's sectors, technology and industrials, both of which have high exposure to the Chinese economy, rose more than 1 per cent&nbsp;and led in percentage gains. Shares of <a href="https://www.wionews.com/world/new-york-cardiologist-sues-apple-over-heartbeat-monitoring-technology-271003">Apple Inc</a>, which have been a bellwether of&nbsp;trade&nbsp;sentiment, ended 2.3 per cent&nbsp;higher and surpassed $300.

The lengthy rally on&nbsp;Wall&nbsp;Street has prompted some concerns that US&nbsp;stocks are vulnerable to a pullback, especially if economic growth does not pick up as much as expected or if <a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">US-China&nbsp;trade</a>&nbsp;tensions reignite.

"Large-cap equities are priced for perfection," said Peter Cecchini, global chief market&nbsp;strategist&nbsp;at Cantor Fitzgerald in&nbsp;New&nbsp;York. "It feels like we're wildly overbought given the risks that we see."

The Dow Jones Industrial Average&nbsp;rose 330.36 points, or 1.16 per cent, to 28,868.8, the S&amp;P 500&nbsp;gained 27.07 points, or 0.84 per cent, to 3,257.85 and the Nasdaq Composite&nbsp;added 119.59 points, or 1.33 per cent, to 9,092.19.

Adding to positive economic sentiment, data from the US&nbsp;Labor Department showed the number of Americans filing claims for jobless benefits edged lower last&nbsp;week.

Other data from Greater&nbsp;China&nbsp;showing that gross gaming revenue in Macau fell less than expected in December boosted shares of US&nbsp;casino operators. Shares of Wynn Resorts Ltd, Las Vegas Sands Corp&nbsp;and Melco Resorts &amp; Entertainment Ltd&nbsp; rose between 2 per cent&nbsp;and 4 per cent.

Advancing issues outnumbered declining ones on the <a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">NYSE</a> by a 1.74-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favoured advancers.

The S&amp;P 500 posted 59&nbsp;new&nbsp;52-week highs and one&nbsp;new&nbsp;low; the Nasdaq Composite recorded 115&nbsp;new&nbsp;highs and 15&nbsp;new&nbsp;lows.

Volume on US&nbsp;exchanges was 7.61 billion shares, compared to the 6.85 billion-share average for the full session over the last&nbsp;20 trading days.

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions with Wall Street reaching major indexes recorded on top to open new year on Thursday.

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions with Wall Street reaching major indexes recorded on top to open new year on Thursday. China's central bank said on Wednesday it would cut the amount of cash that all banks must hold as reserves, the eighth such cut since early 2018. The move to inject fresh stimulus into the Chinese economy boosted equity markets around the globe. The benchmark S&P 500 hit its 11th record high in 14 sessions and posted its largest daily percentage gain in three weeks. The Dow registered its biggest such gain in almost four weeks, and the Nasdaq its greatest in nearly three months. Economic stimulus in China, along with the easing of trade tensions between Washington and Beijing, has bolstered optimism that the global economy will accelerate in 2020. "The market's been up all day because of the news that China is out there with monetary easing," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "With the trade deal as a backdrop, it's a positive factor." Among the S&P 500's sectors, technology and industrials, both of which have high exposure to the Chinese economy, rose more than 1 per cent and led in percentage gains. Shares of Apple Inc, which have been a bellwether of trade sentiment, ended 2.3 per cent higher and surpassed $300. The lengthy rally on Wall Street has prompted some concerns that US stocks are vulnerable to a pullback, especially if economic growth does not pick up as much as expected or if US-China trade tensions reignite. "Large-cap equities are priced for perfection," said Peter Cecchini, global chief market strategist at Cantor Fitzgerald in New York. "It feels like we're wildly overbought given the risks that we see." The Dow Jones Industrial Average rose 330.36 points, or 1.16 per cent, to 28,868.8, the S&P 500 gained 27.07 points, or 0.84 per cent, to 3,257.85 and the Nasdaq Composite added 119.59 points, or 1.33 per cent, to 9,092.19. Adding to positive economic sentiment, data from the US Labor Department showed the number of Americans filing claims for jobless benefits edged lower last week. Other data from Greater China showing that gross gaming revenue in Macau fell less than expected in December boosted shares of US casino operators. Shares of Wynn Resorts Ltd, Las Vegas Sands Corp and Melco Resorts & Entertainment Ltd rose between 2 per cent and 4 per cent. Advancing issues outnumbered declining ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favoured advancers. The S&P 500 posted 59 new 52-week highs and one new low; the Nasdaq Composite recorded 115 new highs and 15 new lows. Volume on US exchanges was 7.61 billion shares, compared to the 6.85 billion-share average for the full session over the last 20 trading days.

Wall Street begins 2020 with new records in China, catalyses economy and trade hopes

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after <a href="https://www.wionews.com/world/president-trump-ordered-action-against-irans-quds-force-commander-soleimani-us-department-of-defence-271773">US&nbsp;airstrikes</a> killed a top Iranian commander, intensifying geopolitical tensions in the Middle East.

Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport.

Oil prices surged, reflecting concerns that escalating Middle East tensions may disrupt oil supplies. <a href="https://www.wionews.com/business-economy/oil-prices-surge-after-us-strike-kills-iranian-general-271775">Brent crude</a> futures jumped to their highest since September&nbsp;17 and were last up 2.88 per cent at $68.16 a barrel.

The Rupee weakened by 0.26 per cent to 71.5525 against the <a href="https://www.wionews.com/business-economy/dollar-snaps-six-day-losing-streak-a-flat-start-for-2020-271653">dollar</a>. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings.

"Iran will certainly retaliate ... Oil is likely to be on boil. Bad for large oil-importing countries, especially those with large trade and current account deficit like India," said Ajay Bodke, chief executive of portfolio management services at Prabhudas Lilladher Pvt Ltd in Mumbai.

"Risk aversion would spike sharply. Investors may again find comfort in mega-caps and shun 'risky' small- and mid-cap equities."

India's NSE <a href="https://www.wionews.com/business-economy/sensex-gains-by-321-points-as-nifty-closes-on-high-record-tata-motors-on-top-winner-271672">Nifty 50</a> index, which tracks blue-chip equities, was down 0.35 per cent to 12,239.50 by 0425 GMT, while the benchmark S&amp;P BSE&nbsp;Sensex&nbsp;fell 0.28 per cent to 41,512.38.

Shares in oil refining, retail and telecoms group Reliance Industries Ltd, India's largest company by market value, fell 0.7 per cent, on concerns of falling margins due to the rise in oil prices.

State-run oil producer Oil and Natural Gas Corp and gas suppliers <a href="https://www.wionews.com/business-economy/sensex-nifty-edge-higher-in-rangebound-trade-gail-power-grid-rise-270934">GAIL</a> gained roughly 2.4 per cent each.

Shares in India's top two airlines also slumped due to the surge in oil prices. InterGlobe Aviation Ltd fell 1.8 per cent, while SpiceJet Ltd shed 4.4 per cent.

Asian Paints Ltd, a Nifty 50 component, fell 1.4 per cent.

Shares in IT services companies, which receive a bulk of their revenue from overseas and benefit from a weaker Rupee, gained. Infosys Ltd and Wipro Ltd climbed 1.5 per cent each, while <a href="wionews.com/india-news/tata-sons-moves-supreme-court-over-nclat-order-to-reinstate-cyrus-mistry-as-chairman-271594">Tata</a> Consultancy Services rose 2.3 per cent.

Meanwhile, India's central bank on Thursday announced another simultaneous purchase and sale of government bonds, the third such operation in recent weeks, moves seen as an attempt to bring longer-term yields lower.

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East.

The Indian Rupee weakened and shares slipped on Friday as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East. Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport. Oil prices surged, reflecting concerns that escalating Middle East tensions may disrupt oil supplies. Brent crude futures jumped to their highest since September 17 and were last up 2.88 per cent at $68.16 a barrel. The Rupee weakened by 0.26 per cent to 71.5525 against the dollar. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings. "Iran will certainly retaliate ... Oil is likely to be on boil. Bad for large oil-importing countries, especially those with large trade and current account deficit like India," said Ajay Bodke, chief executive of portfolio management services at Prabhudas Lilladher Pvt Ltd in Mumbai. "Risk aversion would spike sharply. Investors may again find comfort in mega-caps and shun 'risky' small- and mid-cap equities." India's NSE Nifty 50 index, which tracks blue-chip equities, was down 0.35 per cent to 12,239.50 by 0425 GMT, while the benchmark S&P BSE Sensex fell 0.28 per cent to 41,512.38. Shares in oil refining, retail and telecoms group Reliance Industries Ltd, India's largest company by market value, fell 0.7 per cent, on concerns of falling margins due to the rise in oil prices. State-run oil producer Oil and Natural Gas Corp and gas suppliers GAIL gained roughly 2.4 per cent each. Shares in India's top two airlines also slumped due to the surge in oil prices. InterGlobe Aviation Ltd fell 1.8 per cent, while SpiceJet Ltd shed 4.4 per cent. Asian Paints Ltd, a Nifty 50 component, fell 1.4 per cent. Shares in IT services companies, which receive a bulk of their revenue from overseas and benefit from a weaker Rupee, gained. Infosys Ltd and Wipro Ltd climbed 1.5 per cent each, while Tata Consultancy Services rose 2.3 per cent. Meanwhile, India's central bank on Thursday announced another simultaneous purchase and sale of government bonds, the third such operation in recent weeks, moves seen as an attempt to bring longer-term yields lower.

Shares slip, rupee weakens as oil jumps after US airstrikes in Iraq

<a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Oil prices</a> soared more than four per cent Friday and equities reversed early gains following news that the US had killed a top Iranian general, fanning fresh fears of a conflict in the crude-rich region.

The head of Iran's Quds Force, <a href="https://www.wionews.com/world/deputy-head-of-group-irans-quds-force-head-qasem-soleimani-killed-hashed-al-shaabi-271762">Qasem Soleimani</a>, was hit in an attack on Baghdad's international airport early Friday, according to Hashed, a powerful Iraqi paramilitary force linked to Tehran.

The Indian Rupee weakened and shares slipped as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East.

Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport.

The Rupee weakened by 0.26 per cent to 71.5525 against the dollar. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings.

Brent surged 4.4 per cent to $69.16 and WTI jumped 4.3 per cent to $63.84 as investors grow increasingly worried about a possible flare-up in the tinderbox Middle East.

"This is more than just bloodying Iran's nose," said AxiTrader's Stephen Innes. "This is an aggressive show of force and an outright provocation that could trigger another Middle East war."

The <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">killing of Soleimani</a> is a dramatic escalation of tensions between the US and Iran and comes after a pro-Iran mob this week laid siege to the US embassy in Iraq following deadly American airstrikes on the hardline Hashed faction.

The attack on the embassy highlighted new strains in the US-Iraqi relationship, which officials from both countries have described to sources as the "coldest" in years.

It also comes as tensions between the US and North Korea worsen, with <a href="https://www.wionews.com/world/north-korean-leader-skips-set-piece-new-years-speech-271374">Kim Jong Un</a> declaring a self-imposed moratorium on nuclear and intercontinental ballistic missile tests had ended, with talks with the US going nowhere.

"We are waking up to a less safe world than it was only hours ago, especially if we combine this with simmering tension in the Korean peninsula," Innes added.

The drama sent investors rushing for the hills and safe-haven units rallied with the yen up 0.7 per cent against the dollar and gold climbing more than one per cent.

High-risk currencies retreated against the greenback, with South Korea's won down 0.6 per cent, Australia's dollar down 0.4 per cent and the South African rand down more than one per cent.

Equities sank into the red, having been enjoying the second day of the year rallying on trade optimism.

Hong Kong fell 0.2 per cent, while <a href="https://www.wionews.com/world/china-halts-british-stock-link-over-political-tensions-sources-271591">Shanghai</a> shed 0.1 per cent. Singapore retreated 0.2 per cent, Seoul lost 0.1 per cent and Taipei eased 0.3 per cent. However, Sydney, Wellington, and Manila held in positive territory.

Markets had all been well up before news of the strike, thanks to ongoing optimism fuelled by the China-US trade agreement, looser central bank monetary policies and easing Brexit worries.

Oil prices soared more than four per cent Friday and equities reversed early gains following news that the US had killed a top Iranian general, fanning fresh fears of a conflict in the crude-rich region.

Oil prices soared more than four per cent Friday and equities reversed early gains following news that the US had killed a top Iranian general, fanning fresh fears of a conflict in the crude-rich region. The head of Iran's Quds Force, Qasem Soleimani, was hit in an attack on Baghdad's international airport early Friday, according to Hashed, a powerful Iraqi paramilitary force linked to Tehran. The Indian Rupee weakened and shares slipped as oil prices surged after US airstrikes killed a top Iranian commander, intensifying geopolitical tensions in the Middle East. Other Asian markets also tumbled following news of the airstrikes, in which the head of Iran's elite Quds Force and a top Iraqi militia leader were killed early on Friday at Baghdad airport. The Rupee weakened by 0.26 per cent to 71.5525 against the dollar. India, the world's third-biggest oil consumer, imports about 80 per cent of its oil needs, making it highly susceptible to crude price swings. Brent surged 4.4 per cent to $69.16 and WTI jumped 4.3 per cent to $63.84 as investors grow increasingly worried about a possible flare-up in the tinderbox Middle East. "This is more than just bloodying Iran's nose," said AxiTrader's Stephen Innes. "This is an aggressive show of force and an outright provocation that could trigger another Middle East war." The killing of Soleimani is a dramatic escalation of tensions between the US and Iran and comes after a pro-Iran mob this week laid siege to the US embassy in Iraq following deadly American airstrikes on the hardline Hashed faction. The attack on the embassy highlighted new strains in the US-Iraqi relationship, which officials from both countries have described to sources as the "coldest" in years. It also comes as tensions between the US and North Korea worsen, with Kim Jong Un declaring a self-imposed moratorium on nuclear and intercontinental ballistic missile tests had ended, with talks with the US going nowhere. "We are waking up to a less safe world than it was only hours ago, especially if we combine this with simmering tension in the Korean peninsula," Innes added. The drama sent investors rushing for the hills and safe-haven units rallied with the yen up 0.7 per cent against the dollar and gold climbing more than one per cent. High-risk currencies retreated against the greenback, with South Korea's won down 0.6 per cent, Australia's dollar down 0.4 per cent and the South African rand down more than one per cent. Equities sank into the red, having been enjoying the second day of the year rallying on trade optimism. Hong Kong fell 0.2 per cent, while Shanghai shed 0.1 per cent. Singapore retreated 0.2 per cent, Seoul lost 0.1 per cent and Taipei eased 0.3 per cent. However, Sydney, Wellington, and Manila held in positive territory. Markets had all been well up before news of the strike, thanks to ongoing optimism fuelled by the China-US trade agreement, looser central bank monetary policies and easing Brexit worries.

Oil prices surge after US strike kills Iranian general Soleimani

US&nbsp;electric vehicle maker <a href="https://www.wionews.com/world/tesla-says-will-start-delivering-china-made-model-3s-to-public-on-january-7-271722">Tesla Inc</a> cut the starting price for its China-made Model 3 sedans by 16 per cent&nbsp;to 299,050 yuan ($42,919) after receiving Chinese subsidies for electric vehicles, according to its China website.

The reduction, partly thanks to 24,750 yuan of subsidies, from an earlier 355,800 yuan is among a slew of adjustments Tesla has made to its <a href="https://www.wionews.com/business-economy/tesla-begins-deliveries-of-china-made-model-3-cars-270899">sales</a> policy in China, including tweaking prices for car accessories and home charging facilities.

Tesla has said it plans to start delivering cars, made at its $2 billion factory in Shanghai, to the public on January&nbsp;7.

Fifteen Tesla employees who had purchased the car were the first to take delivery on Monday after the first China-made vehicles rolled off the plant's production line in October. The deliveries come a year after construction of Tesla's only plant outside the United States began.

Earlier this week, Tesla said that 30 per cent&nbsp;of its <a href="https://www.wionews.com/business-economy/tesla-to-take-new-14-billion-loan-from-chinese-banks-for-shanghai-factory-sources-269723">China</a> supply chain was localized, which means some car parts are shipped in to build its cars. The automaker wants to completely localize its China supply chain by end-2020, it said at the time.

Tesla plans to ramp up Model 3 deliveries in January and will double the number of service centres and fast charging stations in China in 2020, its executives have said.

The plant has achieved a production target of 1,000 units per week, or around 280 cars a day, and that sales for the China-made sedan had so far been "very good", according to the executives.

US electric vehicle maker Tesla Inc cut the starting price for its China-made Model 3 sedans by 16 per cent to 299,050 yuan ($42,919) after receiving Chinese subsidies for electric vehicles, according to its China website.

US electric vehicle maker Tesla Inc cut the starting price for its China-made Model 3 sedans by 16 per cent to 299,050 yuan ($42,919) after receiving Chinese subsidies for electric vehicles, according to its China website. The reduction, partly thanks to 24,750 yuan of subsidies, from an earlier 355,800 yuan is among a slew of adjustments Tesla has made to its sales policy in China, including tweaking prices for car accessories and home charging facilities. Tesla has said it plans to start delivering cars, made at its $2 billion factory in Shanghai, to the public on January 7. Fifteen Tesla employees who had purchased the car were the first to take delivery on Monday after the first China-made vehicles rolled off the plant's production line in October. The deliveries come a year after construction of Tesla's only plant outside the United States began. Earlier this week, Tesla said that 30 per cent of its China supply chain was localized, which means some car parts are shipped in to build its cars. The automaker wants to completely localize its China supply chain by end-2020, it said at the time. Tesla plans to ramp up Model 3 deliveries in January and will double the number of service centres and fast charging stations in China in 2020, its executives have said. The plant has achieved a production target of 1,000 units per week, or around 280 cars a day, and that sales for the China-made sedan had so far been "very good", according to the executives.

Tesla reduced price for China made Tesla Model 3 before delivery

The <a href="https://www.wionews.com/india-news/india-is-witnessing-temporary-effects-of-global-slowdown-amit-shah-270648">Reserve Bank of India's</a> move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains.

The Indian central bank has offered to buy a wider range of papers at the latest auction as against just the benchmark 10-year at the first two OMOs, making it more attractive for participants.

The central bank announced its first-ever special open market operation to simultaneously purchase and sell bonds in the market on December&nbsp;19 to manage bond yields which had been rising despite five consecutive rate cuts.

Yields are down 25 basis points since the announcement of the first auction after having risen as much as 37 bps since the RBI shocked markets by keeping rates on hold on December5.

"The fundamentals are turning adverse for the bond market but the RBI has managed to prevent yields from rising," said <a href="https://www.wionews.com/business-economy/india-to-launch-first-debt-exchange-traded-fund-266182">A. Prasanna</a>, an economist with <a href="https://www.wionews.com/business-economy/india-seen-making-sixth-interest-rate-cut-but-no-cure-for-economys-ills-265905">ICICI Securities</a> Primary Dealership.

"It is good news for the government and other borrowers but whether this equilibrium can sustain is doubtful."

The benchmark 10-year bond yield dropped as much as 3 bps to 6.48 per cent&nbsp;on Friday and traders said they expected yields to stay capped at 6.55 per cent levels in the near term despite broader economic concerns.

Brent crude futures jumped close to $3 to their highest since September after a <a href="https://www.wionews.com/world/rocket-attack-on-baghdad-airport-top-iran-commander-killed-271756">US&nbsp;airstrike</a> killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies.

Market participants broadly expect the government to announce a 0.4 per cent-0.6 per cent&nbsp;slippage in fiscal deficit and that could result in 500 billion rupees-600 billion rupees ($6.97 billion-$8.37 billion) worth of additional borrowing.

Yields are expected to rise on the back of increased borrowing but traders expect the RBI to continue to manage yields at least until the budget, which is likely to be announced on February&nbsp;1.

The consensus is for at least two more special OMOs before the end of the month.

"The RBI has got themselves into a situation where they cannot stop now. Yields will jump the day they stop. There is a way to manage the markets and the RBI now has to live up to the expectations that it has built," a senior debt trader at a private bank said.

The Reserve Bank of India's move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains.

The Reserve Bank of India's move to widen its third special open market operation (OMO) helped bonds rise on Friday but worries over a likely fiscal slippage and a surge in global crude prices capped the gains. The Indian central bank has offered to buy a wider range of papers at the latest auction as against just the benchmark 10-year at the first two OMOs, making it more attractive for participants. The central bank announced its first-ever special open market operation to simultaneously purchase and sell bonds in the market on December 19 to manage bond yields which had been rising despite five consecutive rate cuts. Yields are down 25 basis points since the announcement of the first auction after having risen as much as 37 bps since the RBI shocked markets by keeping rates on hold on December5. "The fundamentals are turning adverse for the bond market but the RBI has managed to prevent yields from rising," said A. Prasanna, an economist with ICICI Securities Primary Dealership. "It is good news for the government and other borrowers but whether this equilibrium can sustain is doubtful." The benchmark 10-year bond yield dropped as much as 3 bps to 6.48 per cent on Friday and traders said they expected yields to stay capped at 6.55 per cent levels in the near term despite broader economic concerns. Brent crude futures jumped close to $3 to their highest since September after a US airstrike killed key Iranian and Iraqi military personnel, raising concerns that escalating Middle East tensions may disrupt oil supplies. Market participants broadly expect the government to announce a 0.4 per cent-0.6 per cent slippage in fiscal deficit and that could result in 500 billion rupees-600 billion rupees ($6.97 billion-$8.37 billion) worth of additional borrowing. Yields are expected to rise on the back of increased borrowing but traders expect the RBI to continue to manage yields at least until the budget, which is likely to be announced on February 1. The consensus is for at least two more special OMOs before the end of the month. "The RBI has got themselves into a situation where they cannot stop now. Yields will jump the day they stop. There is a way to manage the markets and the RBI now has to live up to the expectations that it has built," a senior debt trader at a private bank said.

Indian bonds gain as India's central bank, RBI, widens third special Open Market Operation

<a href="https://www.wionews.com/business-economy/indias-economy-seen-growing-at-47-per-cent-in-september-quarter-265058">India Ratings and Research</a> (Ind-Ra) said on Thursday that domestic steel demand showed improvement in the third quarter of the current fiscal year and can further pick up in the fourth quarter (January to March). 
 
However, the possible disruption in iron ore supplies, in case of delays in the auction of iron ore mines, continues to be a key monitorable. 
 
With the possible disruption, steel players will look to increase production levels over the remaining <a href="https://www.wionews.com/business-economy/india-fiscal-slippage-likely-in-2020-as-tax-revenue-growth-stumbles-262544">FY20</a> and also capitalize on improved gross spreads, said Ind-Ra. This is likely to contribute towards higher inventory levels with improved steel prices.

India's <a href="https://www.wionews.com/business-economy/asia-stocks-frustrated-as-trade-doubts-resurface-260494">crude steel</a> production was at 72.41 million tonnes in the eight months ended November 2019 from 106.44 million tonnes in <a href="https://www.wionews.com/opinions/economy-debate-narendra-modis-nda-versus-manmohan-singhs-upa-267271">FY19</a>. To make domestic steel players more cost-competitive, the government is likely to come out with a white paper in the next three to four months. 
 
The gross spread per tonne (realization per tonne of steel by raw material cost) within the hot-rolled coil product segment improved by Rs 2,200 per tonne in mid-December 2019 from the end of first-half FY20. This can be largely attributed to an increase in steel realizations clubbed with a simultaneous fall in coking coal prices. 
 
The domestic demand for steel showed signs of improvement in Q3 FY20 and can further pick-up in Q4 FY20 and is a key driver of improved domestic steel realizations. The demand in H2 FY20 is however not likely to witness the same levels as in FY19. 
 
Within the construction segment, the demand pick-up for long steel products was slightly delayed post the conclusion of monsoon season with the ban on construction activities to address pollution levels in the <a href="https://www.wionews.com/india-news/severe-cold-continues-in-delhi-dense-fog-hampers-visibility-270958">Delhi-NCR</a> region in November. 
 
However, steel consumption is expected to improve in December with the <a href="https://www.wionews.com/india-news/tata-sons-moves-supreme-court-over-nclat-order-to-reinstate-cyrus-mistry-as-chairman-271594">Supreme Court</a> partially lifting the ban on construction activities. 
 
On the global front, China's crude steel output fell by around 2 per cent month-on-month in November 2019 which was the lowest output since February. 
 
China crude steel production may remain low over December 2019 to January 2020 with the onset of winter season and aid in sustaining the current price levels, said Ind-Ra.

India Ratings and Research (Ind-Ra) said on Thursday that domestic steel demand showed improvement in the third quarter of the current fiscal year and can further pick up in the fourth quarter (January to March).

India Ratings and Research (Ind-Ra) said on Thursday that domestic steel demand showed improvement in the third quarter of the current fiscal year and can further pick up in the fourth quarter (January to March). However, the possible disruption in iron ore supplies, in case of delays in the auction of iron ore mines, continues to be a key monitorable. With the possible disruption, steel players will look to increase production levels over the remaining FY20 and also capitalize on improved gross spreads, said Ind-Ra. This is likely to contribute towards higher inventory levels with improved steel prices. India's crude steel production was at 72.41 million tonnes in the eight months ended November 2019 from 106.44 million tonnes in FY19. To make domestic steel players more cost-competitive, the government is likely to come out with a white paper in the next three to four months. The gross spread per tonne (realization per tonne of steel by raw material cost) within the hot-rolled coil product segment improved by Rs 2,200 per tonne in mid-December 2019 from the end of first-half FY20. This can be largely attributed to an increase in steel realizations clubbed with a simultaneous fall in coking coal prices. The domestic demand for steel showed signs of improvement in Q3 FY20 and can further pick-up in Q4 FY20 and is a key driver of improved domestic steel realizations. The demand in H2 FY20 is however not likely to witness the same levels as in FY19. Within the construction segment, the demand pick-up for long steel products was slightly delayed post the conclusion of monsoon season with the ban on construction activities to address pollution levels in the Delhi-NCR region in November. However, steel consumption is expected to improve in December with the Supreme Court partially lifting the ban on construction activities. On the global front, China's crude steel output fell by around 2 per cent month-on-month in November 2019 which was the lowest output since February. China crude steel production may remain low over December 2019 to January 2020 with the onset of winter season and aid in sustaining the current price levels, said Ind-Ra.

Ind-Ra: Higher gross spreads expected in steel sector over H2 FY20

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian&nbsp;shares</a>&nbsp;gained for the fourth successive month in&nbsp;December&nbsp;as appetite for regional&nbsp;shares&nbsp;improved after the US&nbsp;and China agreed on a preliminary deal to end their 17-month long trade war.

The MSCI's broadest index of <a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">Asia-Pacific&nbsp;shares</a>&nbsp;gained 4.2 per cent&nbsp;in&nbsp;December, compared with the month's&nbsp;gains&nbsp;of about 3.4 per cent&nbsp;for the MSCI's&nbsp;global&nbsp;share index.

The United States and China agreed on a <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">deal</a> on December 13 that reduces some US&nbsp;tariffs in exchange for what US&nbsp;officials said would be a big jump in Chinese purchases of American farm products and other goods. The deal is expected to be signed on January 15.

Asia-Pacific&nbsp;shares&nbsp;however,&nbsp;lagged behind&nbsp;global&nbsp;shares&nbsp;in the year and in the last decade.

MSCI's Asia-Pacific Index gained about 16 per cent&nbsp;in 2019 compared with 24 per cent&nbsp;for the World index.

New Zealand&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">shares</a>&nbsp;lead both 2019 and last decade's&nbsp;gains&nbsp;in the region. In US&nbsp;dollar terms, local&nbsp;shares&nbsp;gained 30.8 per cent&nbsp;in 2019 and 231 per cent&nbsp;in the last decade.

Asian shares gained for the fourth successive month in December as appetite for regional shares improved after the US and China agreed on a preliminary deal to end their 17-month long trade war.

Asian shares gained for the fourth successive month in December as appetite for regional shares improved after the US and China agreed on a preliminary deal to end their 17-month long trade war. The MSCI's broadest index of Asia-Pacific shares gained 4.2 per cent in December, compared with the month's gains of about 3.4 per cent for the MSCI's global share index. The United States and China agreed on a deal on December 13 that reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods. The deal is expected to be signed on January 15. Asia-Pacific shares however, lagged behind global shares in the year and in the last decade. MSCI's Asia-Pacific Index gained about 16 per cent in 2019 compared with 24 per cent for the World index. New Zealand shares lead both 2019 and last decade's gains in the region. In US dollar terms, local shares gained 30.8 per cent in 2019 and 231 per cent in the last decade.

Though yearly gains lag, Asian shares outperformed global peers in December

<a href="https://www.wionews.com/business-economy/us-government-fines-hsbc-1924-million-in-tax-evasion-case-267705">HSBC</a>&nbsp;is being drawn into&nbsp;Hong&nbsp;Kong's political turmoil with protesters attacking some of its&nbsp;branches&nbsp;and graffiti daubed on the famous pair of lions that guard its city-centre headquarters.

Hong&nbsp;Kong&nbsp;is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019, though with the <a href="https://www.wionews.com/world/hong-kong-protests-severely-challenged-one-country-two-systems-principle-xi-in-his-new-year-address-271325">protests</a> tipping&nbsp;Hong&nbsp;Kong's economy into recession,&nbsp;HSBC&nbsp;and its peers are expected to take a financial hit.

Until now,&nbsp;HSBC&nbsp;had largely escaped direct involvement in the often-violent anti-government protests that have shaken&nbsp;Hong&nbsp;Kong&nbsp;for more than six months even as other companies with perceived links to <a href="https://www.wionews.com/business-economy/airbus-beats-goal-with-863-jet-deliveries-in-2019-ousts-boeing-from-top-spot-271445">Beijing</a> have seen premises&nbsp;vandalised, including <a href="https://www.wionews.com/world/hong-kong-unrest-protesters-vow-to-keep-fighting-police-fire-tear-gas-271427">Bank of China</a> (Hong&nbsp;Kong),&nbsp;Hong&nbsp;Kong's second largest bank behind&nbsp;HSBC.

But more recently,&nbsp;HSBC&nbsp;has drawn the ire of some protesters who accuse it of being complicit in action by the authorities against activists trying to raise money to support their campaign.

Protesters link the bank's closure in November of an account held by a group called Spark Alliance, which helps pay protesters' legal costs, to the December arrest of four Spark Alliance members on money laundering charges.

HSBC&nbsp;has strongly denied any connection.

"People are angry because they feel that&nbsp;HSBC&nbsp;has stopped money getting to the protesters," one protester said on Wednesday, of the decision to close the account as he stood in a group taking photos of the damaged lions.

HSBC&nbsp;said in a statement after the arrests that the decision to close the account was "in accordance to international regulatory standards".

"Our decision is completely unrelated to the&nbsp;Hong&nbsp;Kong&nbsp;Police’s <a href="https://www.wionews.com/world/hong-kong-around-400-arrested-in-new-years-day-unrest-271484">arrest</a> of the four individuals on 19 December 2019.&nbsp;We&nbsp;closed&nbsp;the account in November 2019 following direct instruction from the customer," the bank said.

It is highly unusual for&nbsp;HSBC&nbsp;to comment on individual cases.

Two&nbsp;HSBC&nbsp;branches&nbsp;and seven indoor ATM clusters were&nbsp;closed&nbsp;on Thursday, the first working day of the&nbsp;year.

Some had their windows smashed and "support Spark Alliance" was spray painted on their walls during a New&nbsp;Year's Day anti-government protest march. Others were damaged during protests on Christmas Eve.

Also Watch:&nbsp;Hong Kong kicks off 2020 fresh protests

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The two lions were daubed with graffiti and briefly set alight after being doused in a flammable liquid.

HSBC&nbsp;said on Thursday initial cleaning of the lions had begun.

"We are engaging conservation experts to advise us on the professional restoration required and the process can take time," the bank said in a statement.

More than 90 per cent&nbsp;of the $4.4 billion generated by&nbsp;HSBC's retail banking and wealth management unit in the six months to last June, came from&nbsp;<a href="https://www.wionews.com/opinions/last-year-was-marked-by-defiance-dissent-2020-is-likely-to-be-no-different-271611">Hong&nbsp;Kong</a>.

HSBC&nbsp;has also deployed billions of dollars in China’s southern Pearl River Delta region, adjacent to&nbsp;Hong&nbsp;Kong, and has expanded its services in the world’s second largest economy.

Beijing plans to integrate the Pearl River Delta and&nbsp;Hong&nbsp;Kong&nbsp;and <a href="https://www.wionews.com/world/chinese-president-xi-jinping-praises-macau-for-choosing-unity-and-negotiation-over-contention-269302">Macau</a> to create an economic powerhouse under its Greater Bay Area Initiative.

HSBC's entanglement in the protests underlines the tightrope that companies have had to walk since the protests got going in June in response to a now-withdrawn bill that would have allowed extraditions to mainland China, where courts are controlled by the Communist Party.

The demonstrations have evolved into a broad <a href="https://www.wionews.com/world/hong-kong-readies-for-new-year-democracy-rally-271378">pro-democracy movement</a>.

"Clearly, there is a fine line for management to draw between customers and the Chinese authorities,” said a head of corporate governance at a UK-based asset manager and&nbsp;HSBC&nbsp;shareholder.

Other&nbsp;Hong&nbsp;Kong&nbsp;companies have been damaged by being perceived to be too supportive of the protests.

<a href="https://www.wionews.com/business-economy/seven-hong-kong-airlines-planes-impounded-by-authority-268722">Cathay Pacific Airways</a> was forced by Beijing to suspend staff involved in the protests, and chief executive Rupert Hogg and his top deputy resigned in August amid the turmoil.

HSBC&nbsp;has previously been targeted by supporters of Beijing.

Users of China's Weibo social media platform shared screenshots last&nbsp;year&nbsp;of an&nbsp;HSBC&nbsp;employee's Facebook posts supporting the protests. The posts urged readers to complain to&nbsp;HSBC&nbsp;management.

"Businesses now have to consider how three different groups will react to their decisions: The Chinese government,&nbsp;Hong&nbsp;Kong&nbsp;protesters, and Chinese consumers," said Kent Kedl, head of Control Risks' Greater China practice.

HSBC is being drawn into Hong Kong's political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-centre headquarters.

HSBC is being drawn into Hong Kong's political turmoil with protesters attacking some of its branches and graffiti daubed on the famous pair of lions that guard its city-centre headquarters. Hong Kong is the bank's single most important market, accounting for just over half of its $12.5 billion pre-tax profits in the first half of 2019, though with the protests tipping Hong Kong's economy into recession, HSBC and its peers are expected to take a financial hit. Until now, HSBC had largely escaped direct involvement in the often-violent anti-government protests that have shaken Hong Kong for more than six months even as other companies with perceived links to Beijing have seen premises vandalised, including Bank of China (Hong Kong), Hong Kong's second largest bank behind HSBC. But more recently, HSBC has drawn the ire of some protesters who accuse it of being complicit in action by the authorities against activists trying to raise money to support their campaign. Protesters link the bank's closure in November of an account held by a group called Spark Alliance, which helps pay protesters' legal costs, to the December arrest of four Spark Alliance members on money laundering charges. HSBC has strongly denied any connection. "People are angry because they feel that HSBC has stopped money getting to the protesters," one protester said on Wednesday, of the decision to close the account as he stood in a group taking photos of the damaged lions. HSBC said in a statement after the arrests that the decision to close the account was "in accordance to international regulatory standards". "Our decision is completely unrelated to the Hong Kong Police’s arrest of the four individuals on 19 December 2019. We closed the account in November 2019 following direct instruction from the customer," the bank said. It is highly unusual for HSBC to comment on individual cases. Two HSBC branches and seven indoor ATM clusters were closed on Thursday, the first working day of the year. Some had their windows smashed and "support Spark Alliance" was spray painted on their walls during a New Year's Day anti-government protest march. Others were damaged during protests on Christmas Eve. Also Watch: Hong Kong kicks off 2020 fresh protests × The two lions were daubed with graffiti and briefly set alight after being doused in a flammable liquid. HSBC said on Thursday initial cleaning of the lions had begun. "We are engaging conservation experts to advise us on the professional restoration required and the process can take time," the bank said in a statement. More than 90 per cent of the $4.4 billion generated by HSBC's retail banking and wealth management unit in the six months to last June, came from Hong Kong. HSBC has also deployed billions of dollars in China’s southern Pearl River Delta region, adjacent to Hong Kong, and has expanded its services in the world’s second largest economy. Beijing plans to integrate the Pearl River Delta and Hong Kong and Macau to create an economic powerhouse under its Greater Bay Area Initiative. HSBC's entanglement in the protests underlines the tightrope that companies have had to walk since the protests got going in June in response to a now-withdrawn bill that would have allowed extraditions to mainland China, where courts are controlled by the Communist Party. The demonstrations have evolved into a broad pro-democracy movement. "Clearly, there is a fine line for management to draw between customers and the Chinese authorities,” said a head of corporate governance at a UK-based asset manager and HSBC shareholder. Other Hong Kong companies have been damaged by being perceived to be too supportive of the protests. Cathay Pacific Airways was forced by Beijing to suspend staff involved in the protests, and chief executive Rupert Hogg and his top deputy resigned in August amid the turmoil. HSBC has previously been targeted by supporters of Beijing. Users of China's Weibo social media platform shared screenshots last year of an HSBC employee's Facebook posts supporting the protests. The posts urged readers to complain to HSBC management. "Businesses now have to consider how three different groups will react to their decisions: The Chinese government, Hong Kong protesters, and Chinese consumers," said Kent Kedl, head of Control Risks' Greater China practice.

HSBC begins year with Hong Kong branches closed, vandalised

The&nbsp;dollar&nbsp;snapped a six-day losing streak to add 0.2 per cent&nbsp;on Thursday, the first trading day of 2020, pushing the euro&nbsp;off&nbsp;five-month highs while the&nbsp;offshore yuan shrugged&nbsp;off-reserve ratio cuts that could add $115 billion worth of liquidity.

Trading may remain thin until Tuesday when most European countries open after Monday's Epiphany holiday but market players will be relieved the&nbsp;dollar&nbsp;navigated the thin-liquidity holiday period without experiencing the money market squeezes many had feared.

But wariness remains that there could be a repeat of last January's "flash crash" when massive stop-loss selling swept through holiday-thinned markets. Japanese retail investors are seen to have gone into the <a href="https://www.wionews.com/world/japans-naruhito-hopes-for-a-year-without-natural-disasters-271532">Tokyo</a> holiday heavily short yen and long high-yielding currencies, including the Turkish lira.

Such yen moves tend to fuel wild swings in the&nbsp;dollar&nbsp;as well but traders may be better prepared than last year.

"There had been some talk of a possible&nbsp;dollar&nbsp;squeeze but US&nbsp;rates have been calm as the Fed has been on top of the game and providing enough liquidity. So now&nbsp;dollar-yen is mostly moving in line with the general risk sentiment," said Lauri Halikka, fixed income and FX strategist at SEB in Stockholm.

US&nbsp;President <a href="https://www.wionews.com/world/kim-a-man-of-his-word-on-denuclearization-donald-trump-271377">Donald Trump</a> said on Tuesday that Phase One&nbsp;of <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade deal</a> with China would be signed on January&nbsp;15 at the White House, but uncertainty surrounds details of the agreement.

Having ended December almost 2 per cent&nbsp;lower against a basket of currencies, the&nbsp;dollar&nbsp;inched up to 96.55 while against the euro it was flat around $1.12095, just&nbsp;off&nbsp;its early-August peak of $1.1249. It ended 2019 almost flat.

The yuan closed at 6.9631 to the&nbsp;dollar, its strongest close since August 2, and its&nbsp;offshore version also firmed after an initial downward move after China's Wednesday move to cut the amount of cash that banks must hold, releasing $115 billion worth of funds to support the economy.

But the move had been widely expected ahead of January's Lunar New Year holidays and after <a href="https://www.wionews.com/business-economy/sensex-falls-181-points-to-close-at-4146126-nifty-at-1221455-270010">Premier Li Keqiang's</a> pledge last month to unleash more stimulus.

In terms of data, final purchasing managers indexes painted a slightly brighter than expected picture across much of Asia and Europe, with final French, German and euro zone readings a touch better than advance PMIs. However, they confirmed euro zone activity contracting for the 11th straight month.

The euro strengthened 1.8 per cent&nbsp;to the&nbsp;dollar&nbsp;last month but the PMIs failed to lift it further even though bond yields extended their rise and inflation expectations rose to the highest since July.

But <a href="https://www.wionews.com/business-economy/nifty-sensex-slip-after-rbi-surprises-by-holding-rates-steady-266369">Societe Generale</a> analysts wrote; "Higher bond yields are likely to keep the euro's micro-rally going, wildfires will keep a lid on Aussie&nbsp;dollar, and PMIs and oil are supporting Norwegian, Swedish and Canadian currencies."

The Swedish crown firmed 0.3 per cent&nbsp;against the euro after PMIs rose in December after three months of declines though they still languished in contraction territory.

Norway's PMI index rose to 55.5 points from November's revised 53.8 points, allowing the Norwegian crown to scale new 3-1/2-month highs to the euro.

The Australian&nbsp;dollar&nbsp;slipped 0.2 per cent&nbsp;while the Canadian&nbsp;dollar&nbsp;was close to 2-1/2-month highs.

The British pound slipped 0.2 per cent&nbsp;however after December's 2.5 per cent&nbsp;gain.

The dollar snapped a six-day losing streak to add 0.2 per cent on Thursday, the first trading day of 2020, pushing the euro off five-month highs while the offshore yuan shrugged off-reserve ratio cuts that could add $115 billion worth of liquidity.

The dollar snapped a six-day losing streak to add 0.2 per cent on Thursday, the first trading day of 2020, pushing the euro off five-month highs while the offshore yuan shrugged off-reserve ratio cuts that could add $115 billion worth of liquidity. Trading may remain thin until Tuesday when most European countries open after Monday's Epiphany holiday but market players will be relieved the dollar navigated the thin-liquidity holiday period without experiencing the money market squeezes many had feared. But wariness remains that there could be a repeat of last January's "flash crash" when massive stop-loss selling swept through holiday-thinned markets. Japanese retail investors are seen to have gone into the Tokyo holiday heavily short yen and long high-yielding currencies, including the Turkish lira. Such yen moves tend to fuel wild swings in the dollar as well but traders may be better prepared than last year. "There had been some talk of a possible dollar squeeze but US rates have been calm as the Fed has been on top of the game and providing enough liquidity. So now dollar-yen is mostly moving in line with the general risk sentiment," said Lauri Halikka, fixed income and FX strategist at SEB in Stockholm. US President Donald Trump said on Tuesday that Phase One of trade deal with China would be signed on January 15 at the White House, but uncertainty surrounds details of the agreement. Having ended December almost 2 per cent lower against a basket of currencies, the dollar inched up to 96.55 while against the euro it was flat around $1.12095, just off its early-August peak of $1.1249. It ended 2019 almost flat. The yuan closed at 6.9631 to the dollar, its strongest close since August 2, and its offshore version also firmed after an initial downward move after China's Wednesday move to cut the amount of cash that banks must hold, releasing $115 billion worth of funds to support the economy. But the move had been widely expected ahead of January's Lunar New Year holidays and after Premier Li Keqiang's pledge last month to unleash more stimulus. In terms of data, final purchasing managers indexes painted a slightly brighter than expected picture across much of Asia and Europe, with final French, German and euro zone readings a touch better than advance PMIs. However, they confirmed euro zone activity contracting for the 11th straight month. The euro strengthened 1.8 per cent to the dollar last month but the PMIs failed to lift it further even though bond yields extended their rise and inflation expectations rose to the highest since July. But Societe Generale analysts wrote; "Higher bond yields are likely to keep the euro's micro-rally going, wildfires will keep a lid on Aussie dollar, and PMIs and oil are supporting Norwegian, Swedish and Canadian currencies." The Swedish crown firmed 0.3 per cent against the euro after PMIs rose in December after three months of declines though they still languished in contraction territory. Norway's PMI index rose to 55.5 points from November's revised 53.8 points, allowing the Norwegian crown to scale new 3-1/2-month highs to the euro. The Australian dollar slipped 0.2 per cent while the Canadian dollar was close to 2-1/2-month highs. The British pound slipped 0.2 per cent however after December's 2.5 per cent gain.

Dollar snaps six-day losing streak, a flat start for 2020