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<a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">Oil</a> slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

The <a href="https://www.wionews.com/world/china-virus-us-confirms-first-case-of-coronavirus-death-toll-reaches-nine-275853">virus</a> has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel to their homes and abroad.

Global benchmark Brent fell 2 cents to $62.02 by 0951 GMT. Brent was down about 4 per cent&nbsp;this week, its third consecutive weekly drop. US&nbsp;crude rose 6 cents to $55.65 but was also on course for a weekly decline.

"One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, analyst at Commerzbank.

"The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese."

China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts.

Offering some support for prices was the <a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">US&nbsp;Energy Information Administration</a>'s latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to January&nbsp;&nbsp;17.

Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses.

"Such is the bearish pressure that a raft of ongoing crude supply outages are not gaining much traction," said analysts at JBC Energy in a report.

Such outages include the shutdown this week of the bulk of oil supply in <a href="https://www.wionews.com/business-economy/opecs-share-of-indian-oil-imports-fell-down-43-lowest-since-2011-263065">OPEC</a> producer Libya.

The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as <a href="https://www.wionews.com/business-economy/oil-slips-as-opec-gears-up-to-confirm-supply-cut-266600">OPEC+</a>, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on January&nbsp;&nbsp;1 deepened a cut in output.

Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported.

The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

Oil slipped towards $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts. The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend when millions of Chinese travel to their homes and abroad. Global benchmark Brent fell 2 cents to $62.02 by 0951 GMT. Brent was down about 4 per cent this week, its third consecutive weekly drop. US crude rose 6 cents to $55.65 but was also on course for a weekly decline. "One should be prepared for negative surprises when it comes to Chinese demand," said Eugen Weinberg, analyst at Commerzbank. "The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese." China is the world's second-largest oil consumer so any slowdown in travel would show up on demand forecasts. Offering some support for prices was the US Energy Information Administration's latest weekly supply report, which on Thursday showed that crude inventories fell 405,000 barrels in the week to January 17. Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialised world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses. "Such is the bearish pressure that a raft of ongoing crude supply outages are not gaining much traction," said analysts at JBC Energy in a report. Such outages include the shutdown this week of the bulk of oil supply in OPEC producer Libya. The prospect of further steps by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could still offer support. OPEC+ has been mostly limiting supply since 2017 and on January 1 deepened a cut in output. Saudi Arabia's energy minister said all options are open at the next OPEC+ meeting, which is scheduled for March, including further cuts, Al Arabiya television reported. The current OPEC+ deal expires at the end of March. Russia's No. 2 oil producer Lukoil expects it to be extended, Interfax news agency cited its chief executive as saying on Thursday.

Oil prices slip over China virus fears

<a href="https://www.wionews.com/business-economy/oil-prices-slip-over-us-china-trade-deal-concern-274466">Oil prices</a> fell more than 2 per cent&nbsp;on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Brent <a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">crude </a>ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74.

Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US&nbsp;crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw.

US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">gasoline stocks</a> built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. 
Official US&nbsp;government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year.

"Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China."

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">China virus could hit oil prices by $3 per barrel: Goldman</a>

<img alt="Oil prices - Representative Image" data-entity-type="file" data-entity-uuid="a6a05eb2-ce3a-4ed7-95d4-5d83fbd47c79" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2814%29_11.jpg" /> 
[&nbsp;Oil prices - Representative Image (Courtesy: Reuters) ]

Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States.

Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. 
"Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far".

Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict.

Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd.

"The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM.

Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia.

Overall though, global supplies are likely to continue to rise, with US&nbsp;crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US&nbsp;Energy Information Administration (EIA) said on Tuesday.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output.

Oil prices fell more than 2 per cent on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries amid the outbreak of a virus in China outweighed concern over disruptions to Libya's crude output. Brent crude ended the session down $1.38, or 2.1 per cent, at $63.21 while West Texas Intermediate fell $1.64, or 2.8%, to settle at $56.74. Prices extended losses in post-settlement trade, with WTI dropping by more than $2 after data from the American Petroleum Institute showed US crude inventories rose 1.6 million barrels last week, compared with analysts' expectations for 1 million-barrel draw. US gasoline stocks built for an 11th week, rising 4.5 million barrels, much more than forecasts for a 3.1 million-barrel gain. Official US government data is due at 11 a.m. ET (1600 GMT) on Thursday, delayed a day in observance of Monday's Martin Luther King Jr. Day holiday. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by 1 million barrels per day (bpd) in the first half of this year. "Oil prices remain heavy on oversupply concerns and after the Saudi Energy Minister Price Abdulaziz did not offer any hints of optimism that the OPEC+ production cuts would be extended beyond March," said Edward Moya, senior market analyst at OANDA in New York. "China's coronavirus will likely see travel restrictions that could end up hurting demand for crude during a peak travel time in China." Also Read: China virus could hit oil prices by $3 per barrel: Goldman [ Oil prices - Representative Image (Courtesy: Reuters) ] Markets are also focusing on the emergence from China of a new coronavirus just ahead of the Lunar New Year holidays this weekend and the possible impact a pandemic might have on global economic growth. Deaths from the new flu-like virus in China have risen to 17 with more than 540 cases confirmed, with cases now detected as far away as the United States. Should the virus develop dramatically and hit travel and growth, demand for oil could fall by 260,000 bpd, Goldman Sachs said in a note. "Demand concerns over a potential epidemic will counter concerns around supply disruptions in Libya, Iran, and Iraq, driving spot price volatility in the coming weeks," Goldman said, though the "impact on oil fundamentals remains limited so far". Oil prices have been marginally supported after Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oilfields after the latest development in a long-running military conflict. Unless oil facilities return to operation quickly, OPEC member Libya's crude output will be reduced to about 72,000 bpd from about 1.2 million bpd. "The Libyan pipeline blockade continued to have a muted impact on sentiment ... There is a consensus that the disruption will prove short-lived," said Stephen Brennock of oil broker PVM. Meanwhile, Kazakhstan has suspended its oil exports to China after contamination was found in crude supplied by a Kazakh producer less than a year after a 'dirty oil' crisis broke in neighbouring Russia. Overall though, global supplies are likely to continue to rise, with US crude production in large shale deposits expected to rise to record highs in February, though the pace of increase is likely to be the lowest in about year, the US Energy Information Administration (EIA) said on Tuesday.

Oil prices slide 2% over glut forecast, China virus worries

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">prices tumbled on a forecast</a> for a market surplus.

<a href="https://www.wionews.com/business-economy/china-virus-could-hit-oil-prices-by-3-per-barrel-goldman-275924">Worries about contagion</a> of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks.

Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard.

But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive."

On Wall Street, the benchmark S&amp;P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven <a href="https://www.wionews.com/business-economy/tokyo-stocks-open-lower-on-virus-woes-275928">Japanese yen</a> and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices.

Also Read:&nbsp;Risk assets slip on Chinese virus anxiety

Brent crude &nbsp;ended down $1.38, or 2.1%, at $63.21 while U.S. crude &nbsp;fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&amp;P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77.

U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth.

"For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis.

Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned.

The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109.

The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. 
Spot gold added 0.04% to $1,558.35 an ounce. 
&nbsp;

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus.

World stock markets gained back some ground on Wednesday as investors took heart from measures to curb the spread of a flu-like virus from China, while oil prices tumbled on a forecast for a market surplus. Worries about contagion of the coronavirus and its effect on the global economy, particularly as millions in China travel for upcoming Lunar New Year festivities, had knocked the world's top equity markets off record peaks. Deaths from the coronavirus rose to 17 on Wednesday, with more than 540 cases confirmed. Cases of the previously unknown virus have emerged as far away as the United States. The outbreak revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a virus outbreak that killed nearly 800 people worldwide and hit Hong Kong's economy particularly hard. But China's response to the coronavirus outbreak, including some travel restrictions and regular updates by the government, reassured some investors. "The call here is not that the virus is done or nipped in the bud by any means," said Kay Van-Petersen, global macro strategist at Saxo Capital Markets. "But there have been no big further reported outbreaks, and the response from the Chinese authorities has been very, very positive." On Wall Street, the benchmark S&P 500 stock index ended nominally higher after touching a record earlier in the session. Among currencies, the safe-haven Japanese yen and the Swiss franc were little changed against the dollar as worries over the virus abated. China's coronavirus had some lingering effects on oil markets. Concerns of dropping demand, along with a forecast of a market surplus from the International Energy Agency, pushed down crude prices. Also Read: Risk assets slip on Chinese virus anxiety Brent crude ended down $1.38, or 2.1%, at $63.21 while U.S. crude fell $1.64, or 2.8%, to settle at $56.74. The Dow Jones Industrial Average fell 9.77 points, or 0.03%, to 29,186.27, the S&P 500 gained 0.96 points, or 0.03%, to 3,321.75, and the Nasdaq Composite added 12.96 points, or 0.14%, to 9,383.77. U.S. 2-year, 10-year and 30-year Treasury yields were little changed. Earlier, they hit two-week lows after the Bank of Canada held interest rates steady and opened the door for possible easing amid an economic slowdown, rekindling worries about global growth. "For Canada to sort of change its outlook fairly quickly opens up the possibility that easing could occur elsewhere too," said Jim Vogel, senior rates strategist at FHN Financial in Memphis. Benchmark 10-year Treasury notes were little changed in price to yield 1.7691%, from 1.769% late on Tuesday. Across the Atlantic, Italian government bonds had their biggest sell-off in a month after reports the leader of the country's co-governing 5-Star movement had resigned. The pan-European STOXX 600 equity index lost 0.08%, and MSCI's gauge of stocks across the globe gained 0.10%. Emerging market stocks rose 0.58%. The dollar index fell 0.01%, with the euro up 0.07% to $1.109. The Japanese yen strengthened 0.01% versus the greenback at 109.88 per dollar, while sterling was last trading at $1.3135, up 0.67%. Spot gold added 0.04% to $1,558.35 an ounce.

Global stocks edge up, oil drops as China virus worries abate

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday.

The latest development comes amid the ongoing diplomatic row in which, India decided to <a href="https://www.wionews.com/india-news/malaysia-too-small-to-respond-to-indias-boycott-of-palm-oil-with-trade-retaliation-mahathir-mohamad-275346">put a curb on palm oil imports from Malaysia</a> after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims.

According to the Reuters' report, MSM Malaysia Holdings Berhad will buy 130,000 tonnes of raw sugar from India worth 200 million ringgit ($49.20 million) in the first quarter.

In 2018, the company bought around 88,000 tonnes of raw sugar from India.

<a href="https://www.wionews.com/india-news/malaysian-pm-expresses-concern-after-india-puts-curbs-on-palm-oil-imports-274231">Also read | Malaysian PM Mahathir Mohamad takes a dig at India over palm oil import row</a>

MSM is the sugar refining arm of the world's largest palm oil producer, FGV Holdings, which is a unit of Malaysian state-owned Federal Land Development Authority or Felda.

In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir.

New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same.&nbsp;

The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read.

Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat.

As Malaysian palm refiners stare at a massive loss of business, Mahathir assured his country that his government would find a solution.

India is the world's biggest buyer of edible oils and Malaysia is the second-biggest producer and exporter of palm oil after Indonesia.

India is also Malaysia's biggest buyer of palm oil in 2019, with 4.4 million tonnes of purchases. Now, in 2020, purchases could fall below 1 million tonnes if relations don't improve.

(With inputs from agencies)

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday. The latest development comes amid the ongoing diplomatic row in which, India decided to put a curb on palm oil imports from Malaysia after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims.

Malaysia's top sugar refiner said that it will increase purchases of the commodity from India, news agency Reuters reported on Thursday. The latest development comes amid the ongoing diplomatic row in which, India decided to put a curb on palm oil imports from Malaysia after the southeast Asian country's Prime Minister Mahathir Mohammed spoke out against the recent policies of India including abrogation of Article 370 which critics say discriminate against Muslims. According to the Reuters' report, MSM Malaysia Holdings Berhad will buy 130,000 tonnes of raw sugar from India worth 200 million ringgit ($49.20 million) in the first quarter. In 2018, the company bought around 88,000 tonnes of raw sugar from India. Also read | Malaysian PM Mahathir Mohamad takes a dig at India over palm oil import row MSM is the sugar refining arm of the world's largest palm oil producer, FGV Holdings, which is a unit of Malaysian state-owned Federal Land Development Authority or Felda. In the Kuala Lumpur summit that took place in December 2019, the Malaysian prime minister had criticised the new citizenship act and government's move on Jammu and Kashmir. New Delhi reacted to Mohamad's comments with the Ministry of External Affairs issuing a statement on the same. The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read. Now, the Indian palm oil importers have effectively stopped all purchases from Malaysia following a diplomatic spat. As Malaysian palm refiners stare at a massive loss of business, Mahathir assured his country that his government would find a solution. India is the world's biggest buyer of edible oils and Malaysia is the second-biggest producer and exporter of palm oil after Indonesia. India is also Malaysia's biggest buyer of palm oil in 2019, with 4.4 million tonnes of purchases. Now, in 2020, purchases could fall below 1 million tonnes if relations don't improve. (With inputs from agencies)

Amid the palm oil import row, Malaysia's top refiner says it will 'buy more Indian sugar'

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent&nbsp;on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1&nbsp;per cent&nbsp;the previous session.

US&nbsp;West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December&nbsp;3. The contract declined 2.7&nbsp;per cent&nbsp;on Wednesday.

The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China.

Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading.

The potential for a pandemic has stirred memories of the Sudden<a href="https://www.wionews.com/world/mysterious-viral-pneumonia-infects-several-in-china-272495"> Acute Respiratory Syndrome</a> epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel.

"Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said.

Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city.

"We estimate a price shock of up to $5 (a barrel) if the crisis develops into a <a href="https://www.wionews.com/world/sars-like-virus-spreading-across-china-amid-140-new-cases-third-death-275342">SARS-style</a> epidemic based on historical oil price movements," JPM Commodities Research said in a note.

The US&nbsp;bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020.

Elsewhere, amid all the concern about hits to demand, supply remains plentiful.

US&nbsp;crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday.

Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday.

Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago.

Oil prices fell to their lowest in seven weeks on Thursday, sliding more than 1 per cent on concern that the spread of a respiratory virus from China may lower fuel demand if it stunts economic growth in an echo of the SARS epidemic nearly 20 years ago. Brent crude futures were down 87 cents, or 1.4 per cent, to $62.34 a barrel by 0733 GMT, and earlier dropped to the lowest since Dec. 4 after falling 2.1 per cent the previous session. US West Texas Intermediate futures fell 94 cents, or 1.6 per cent, to $55.80 a barrel after earlier falling to the lowest since December 3. The contract declined 2.7 per cent on Wednesday. The new coronavirus has killed 17 people through respiratory illness since it emerged late last year in Wuhan, a city of 11 million people in central China. Nearly 600 cases have been confirmed, with cases detected as far as away as the United States, and city authorities have shut transport networks, urging residents not to leave to prevent the contagion spreading. The potential for a pandemic has stirred memories of the Sudden Acute Respiratory Syndrome epidemic in 2002-2003, which also started in China, denting economic growth and causing a slump in travel. "Downside demand risks due to the Wuhan virus appear to be a growing concern for the market, and understandably so, with any clampdown on travel likely to weigh on fuel demand," ING Research said. Overseas airlines, along with rail operators from Hong Kong and elsewhere have also started shutting down connections to Wuhan, essentially now in lockdown as guards blocked routes out of the city. "We estimate a price shock of up to $5 (a barrel) if the crisis develops into a SARS-style epidemic based on historical oil price movements," JPM Commodities Research said in a note. The US bank maintained its forecasts for Brent to average $67 a barrel in the first quarter and $64.50 a barrel throughout 2020. Elsewhere, amid all the concern about hits to demand, supply remains plentiful. US crude stockpiles rose last week by 1.6 million barrels, against expectations of a drop, the American Petroleum Institute said late on Tuesday. Brazil also produced more than a billion barrels of oil in 2019, a first for the South American nation, the national oil regulator said on Wednesday. Meanwhile China released data on Thursday showing its gasoline exports are surging, rising nearly a third last year as more new refineries are opened.

Oil skids as spectre of China virus looms over fuel demand, economy

World shares fell on Thursday, led by the biggest decline in <a href="https://www.wionews.com/business-economy/global-markets-us-stock-futures-slip-after-tariff-hike-asia-shares-eke-out-gains-217420">Chinese stocks</a> in more than eight months, as concern mounted about the spread of a deadly virus in China.

With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling.

Safe options like Japan's yen and government bonds rose, while European stocks followed Asia lower. The threat to airline travel and an increase in supply pushed oil prices to seven-week lows.

"Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days," said TD Securities' European head of currency strategy, Ned Rumpeltin. "And the natural go-to currencies, when there are headlines like these, are the yen and the Swiss franc."

The Swiss franc rose to a near three-year high against the euro overnight, but it was trading little changed as the focus in Europe turned to its central banks.

Norway's central bank had already left its interest rates unchanged. The <a href="https://www.wionews.com/world/european-central-bank-will-ease-policy-if-inflation-doesnt-pick-up-draghi-228287">European Central Bank</a> holds its first meeting of the year later on Thursday, where it's expected to outline its first formal policy review in 17 years.

It will probably last for most of the year and span topics from the inflation target to digital money and the fight against climate change.

"Quite a lot has happened in the last 17 years," Rumpeltin said. "They are due for a rethink."

As the virus took hold, MSCI's broadest index of <a href="https://www.wionews.com/business-economy/asian-shares-erase-losses-as-mideast-tensions-ease-oil-ticks-up-273093">Asia-Pacific shares</a> outside Japan fell 1.07 per cent. Chinese shares dropped 3.1 per cent, the biggest daily decline since May, when US&nbsp;President Donald Trump's threats of additional tariffs on Chinese goods rocked financial markets.

Hong Kong shares ended down 1.5 per cent&nbsp;and <a href="https://www.wionews.com/business-%26-economy/asia-stocks-open-lower-on-fears-over-us-growth-155633">Japan's Nikkei index</a> slid 1 per cent.

Among major currencies, the Chinese yuan fell to a two-week low, on course for its worst week since August. The Japanese yen climbed 0.2&nbsp;per cent&nbsp;to secure a third day of gains.

Gold and US&nbsp;Treasuries also rose as China blocked travel to and from Wuhan, the city where the coronavirus outbreak originated. Gold later recovered in Europe.

Deaths in China from the coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed. The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus that broke out in China and killed nearly 800 people worldwide.

"The coronavirus has introduced some caution," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "There is no reason to expect a global pandemic now, but there is some repricing in financial markets."

World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China.

World shares fell on Thursday, led by the biggest decline in Chinese stocks in more than eight months, as concern mounted about the spread of a deadly virus in China. With millions of Chinese preparing to travel for the Lunar New Year, the potential the disease to spread, along with the tendency of traders to reduce their exposure before holidays, left markets struggling. Safe options like Japan's yen and government bonds rose, while European stocks followed Asia lower. The threat to airline travel and an increase in supply pushed oil prices to seven-week lows. "Ultimately, the coronavirus is a slow-burning but important story for markets that is likely to last for months rather than just a few days," said TD Securities' European head of currency strategy, Ned Rumpeltin. "And the natural go-to currencies, when there are headlines like these, are the yen and the Swiss franc." The Swiss franc rose to a near three-year high against the euro overnight, but it was trading little changed as the focus in Europe turned to its central banks. Norway's central bank had already left its interest rates unchanged. The European Central Bank holds its first meeting of the year later on Thursday, where it's expected to outline its first formal policy review in 17 years. It will probably last for most of the year and span topics from the inflation target to digital money and the fight against climate change. "Quite a lot has happened in the last 17 years," Rumpeltin said. "They are due for a rethink." As the virus took hold, MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.07 per cent. Chinese shares dropped 3.1 per cent, the biggest daily decline since May, when US President Donald Trump's threats of additional tariffs on Chinese goods rocked financial markets. Hong Kong shares ended down 1.5 per cent and Japan's Nikkei index slid 1 per cent. Among major currencies, the Chinese yuan fell to a two-week low, on course for its worst week since August. The Japanese yen climbed 0.2 per cent to secure a third day of gains. Gold and US Treasuries also rose as China blocked travel to and from Wuhan, the city where the coronavirus outbreak originated. Gold later recovered in Europe. Deaths in China from the coronavirus rose to 17 on Wednesday, with nearly 600 cases confirmed. The outbreak has evoked memories of Severe Acute Respiratory Syndrome (SARS) in 2002-2003, another coronavirus that broke out in China and killed nearly 800 people worldwide. "The coronavirus has introduced some caution," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "There is no reason to expect a global pandemic now, but there is some repricing in financial markets."

Virus fears keep stocks red; ECB gets ready to rethink

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities.

The 30-share BSE Sensex settled 271.02 points or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91.

The broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak.

Larsen &amp; Toubro (L&amp;T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 2019.

Bharti Airtel, which is facing Rs 35,586 crore demand for AGR dues, rose by 1.8 per cent after the telecom firm said it will wait for the outcome of modification petition listed for hearing before the Supreme Court next week. Sources also said that the DoT has advised its departments to not take any coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court.

Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent.

ONGC gained 1.12 per cent amid a fall in global crude oil prices.

Other gainers included M&amp;M, Titan, Infosys, and Ultratech Cement.

Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red.

According to experts, despite the carnage in other Asian equities amid fears of contagion after a deadly virus emerged from China, stock-specific action kept domestic benchmarks buoyed.

Vinod Nair, Head of Research, Geojit Financial Services said, "The market is marginally up today due to the bounce back by banks, auto, and mid &amp; small caps after a mild consolidation during the week. We feel that a cautious trend will be maintained in the near-term since a lot has been factored in the market about budget wish list and revival in earnings growth, while the start to Q3 result is below par."

Hemang Kapasi, Portfolio Manager, Equity Investment Products, Sanctum Wealth Management, "Nifty snapped a four-day losing streak on the back of short-covering.

While the performance of the headline index is not very spectacular over a couple of weeks, the midcaps are gaining traction."

Midcaps have delivered 8 per cent return over last one month while Nifty has given marginally negative return, he added.

All sectoral indices ended on a positive note, with BSE capital goods, realty, oil and gas, telecom, consumer durables, industrials and utilities settling up to 2.33 per cent higher.

Broader BSE midcap and smallcap rallied up to 1.06 per cent.

Modest fall in crude oil price and a sharp upsurge in Larsen &amp; Toubro stock post the results helped bulls maintain positive sentiment in the market, Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities commented.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions.

Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel.

The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities.

Snapping its three-day losing run, market benchmark index Sensex rose by 271 points on Thursday following gains in banking and energy stocks despite a massive sell-off in global equities. The 30-share BSE Sensex settled 271.02 points or 0.66 per cent, higher at 41,386.40. It hit an intra-day high of 41,413.96 and a low of 41,098.91. The broader NSE Nifty gained 73.45 points, or 0.61 per cent, to end at 12,180.35, ending its four-day losing streak. Larsen & Toubro (L&T) was the top gainer in the Sensex pack, rising by 2.98 per cent, after the company reported a 15 per cent rise in its consolidated net profit at Rs 2,560.32 crore for the quarter to December 2019. Bharti Airtel, which is facing Rs 35,586 crore demand for AGR dues, rose by 1.8 per cent after the telecom firm said it will wait for the outcome of modification petition listed for hearing before the Supreme Court next week. Sources also said that the DoT has advised its departments to not take any coercive action against the telcos for failing to pay AGR dues by the January 23 deadline set by the Supreme Court. Banking stocks also recovered after recent losses. SBI rose by 2.26 per cent, Axis Bank by 1.41 per cent, Kotak Bank by 1.14 per cent and ICICI Bank by 0.96 per cent. ONGC gained 1.12 per cent amid a fall in global crude oil prices. Other gainers included M&M, Titan, Infosys, and Ultratech Cement. Tech Mahindra, PowerGrid, TCS, Bajaj Auto, Reliance Industries and Maruti ended in the red. According to experts, despite the carnage in other Asian equities amid fears of contagion after a deadly virus emerged from China, stock-specific action kept domestic benchmarks buoyed. Vinod Nair, Head of Research, Geojit Financial Services said, "The market is marginally up today due to the bounce back by banks, auto, and mid & small caps after a mild consolidation during the week. We feel that a cautious trend will be maintained in the near-term since a lot has been factored in the market about budget wish list and revival in earnings growth, while the start to Q3 result is below par." Hemang Kapasi, Portfolio Manager, Equity Investment Products, Sanctum Wealth Management, "Nifty snapped a four-day losing streak on the back of short-covering. While the performance of the headline index is not very spectacular over a couple of weeks, the midcaps are gaining traction." Midcaps have delivered 8 per cent return over last one month while Nifty has given marginally negative return, he added. All sectoral indices ended on a positive note, with BSE capital goods, realty, oil and gas, telecom, consumer durables, industrials and utilities settling up to 2.33 per cent higher. Broader BSE midcap and smallcap rallied up to 1.06 per cent. Modest fall in crude oil price and a sharp upsurge in Larsen & Toubro stock post the results helped bulls maintain positive sentiment in the market, Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities commented. Bourses in Shanghai, Hong Kong, Tokyo and Seoul declined up to 2.75 per cent. European markets were also trading on a negative note in their early sessions. Brent crude oil futures fell 1.22 per cent to USD 62.44 per barrel. The rupee depreciated 9 paise to 71.28 per US dollar (intra-day).

Sensex snaps 3-day losing run as banking, energy stocks gain, L&T rises 3%

&nbsp;India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks.

The 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</a> 50 index closed 0.6 per cent higher at 12,180.35, while the S&amp;P BSE Sensex ended up 0.66 per cent&nbsp;at 41,386.40.

The market gained after some mild consolidation during the week, said Vinod Nair, head of research at Geojit Financial Services.

A slew of disappointing earnings had weighed on the market earlier this week, with Nifty 50 and Sensex losing about 2&nbsp;per cent&nbsp;each in the past three sessions.

On Thursday, the banking sector dominated the gains, with the <a href="https://www.wionews.com/business-economy/sensex-nifty-end-lower-as-banks-slump-earnings-in-focus-254999">Nifty Bank Index</a> rising 1 per cent&nbsp;and Nifty Public Sector Bank Index firming 1.24 per cent.

Yes Bank jumped 6.6&nbsp;per cent&nbsp;and was the best performer in the Nifty 50.

Meanwhile, the Nifty energy index ended up 1.1&nbsp;per cent&nbsp;with <a href="https://www.wionews.com/business-economy/indian-oils-third-quarter-profit-plunges-almost-91-193870">Indian Oil Corp</a> gaining 4.14 per cent.

India oil ministry wants state refiners such as IOC to buy oil from Brazil under annual deals, a source said on Wednesday.

c lost about 7 per cent, making it the top loser in the Nifty 50.

India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks. The NSE Nifty 50 index closed 0.6 per cent higher at 12,180.

India's main stock indexes ended higher for the first time this week on Thursday, driven by gains in banking and energy stocks. The NSE Nifty 50 index closed 0.6 per cent higher at 12,180.35, while the S&P BSE Sensex ended up 0.66 per cent at 41,386.40. The market gained after some mild consolidation during the week, said Vinod Nair, head of research at Geojit Financial Services. A slew of disappointing earnings had weighed on the market earlier this week, with Nifty 50 and Sensex losing about 2 per cent each in the past three sessions. On Thursday, the banking sector dominated the gains, with the Nifty Bank Index rising 1 per cent and Nifty Public Sector Bank Index firming 1.24 per cent. Yes Bank jumped 6.6 per cent and was the best performer in the Nifty 50. Meanwhile, the Nifty energy index ended up 1.1 per cent with Indian Oil Corp gaining 4.14 per cent. India oil ministry wants state refiners such as IOC to buy oil from Brazil under annual deals, a source said on Wednesday. c lost about 7 per cent, making it the top loser in the Nifty 50.

Sensex, Nifty end higher on banks, energy stocks

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

However, the Bank of England has different ideas - they might end up embracing cryptocurrency.

From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum.

But now it could find more legitimacy than ever before because of some of the world's largest central banks. &nbsp;

Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. 
 
WATCH:&nbsp;&nbsp;

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And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements.

This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised.

But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback.

Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny.

China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details. 
&nbsp;

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project.

Last year Facebook announced its digital currency - Libra - which seen as a savvy business move, but American lawmakers raised red flags over the entire project. However, the Bank of England has different ideas - they might end up embracing cryptocurrency. From being hailed as the future of money to being snubbed and barred, the cryptocurrency has faced the entire spectrum. But now it could find more legitimacy than ever before because of some of the world's largest central banks. Right after Facebook revealed its plans, the European central bank expressed an interest. China too has been busy readying plans for a state-backed cryptocurrency. WATCH: × And now the Bank of England has created an international group for it. The central banks of Japan, Sweden, Switzerland and the Eurozone have joined the initiative along with the bank of international settlements. This new group will be co-chaired by ECB board member Benoit course and Bank of England Deputy Governor Jon Cunliffe. The cryptocurrency industry has given the move a double thumbs-up expectedly. They are glad that the potential of the bitcoin is finally being recognised. But they are also aware that this is just the beginning of what could be an extremely long-winding process. In the meantime, the facebook-led project libra itself has faced intense regulatory pushback. Central bankers from the US to Europe have warned about potential risks of Libra to global financial stability. Vodafone is the latest company to leave Facebook's digital currency project which has seen an exodus of backers including PayPal, e-bay and Mastercard amid regulatory scrutiny. China has been racing to issue its own central bank digital currency, but its efforts in the space have so far been sketchy in terms of details.

Global central banks could adopt cryptocurrencies

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the <a href="https://www.wionews.com/world/wuhan-mayor-asks-citizens-not-to-travel-outside-as-chinas-coronavirus-spreads-275911">outbreak of a new coronavirus</a> could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan.

Also Read: <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">Asian shares dip as China virus spreads</a>

The new virus, which health officials have said can be <a href="https://www.wionews.com/india-news/china-coronavirus-viral-outbreak-forces-india-to-strengthen-airport-safety-laws-275899">passed from person to person</a>, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide.

<img alt="Chinese Stock Market" data-entity-type="file" data-entity-uuid="ae8db9dc-366b-4603-9a5d-51f703234b09" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2857%29_0.jpg" /> 
[ Chinese Stock Market (Courtesy: Reuters) ]

"Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added.

The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel.

While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added.

Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions.

Goldman Sachs said a potential drop in oil demand from top energy consumer China due to the outbreak of a new coronavirus could hurt crude prices by about $3 per barrel, countering concerns about Middle East supply disruptions. The outbreak began in the central Chinese city of Wuhan in Hubei and has spread to the rest of the country, with 440 confirmed cases and nine deaths so far. It has also spread to the United States, Thailand, South Korea, Japan and Taiwan. Also Read: Asian shares dip as China virus spreads The new virus, which health officials have said can be passed from person to person, has worried financial markets as investors recalled the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-2003, also a coronavirus outbreak that started in China and killed nearly 800 people worldwide. [ Chinese Stock Market (Courtesy: Reuters) ] "Translating the estimated SARS demand impact into 2020 volumes points to a potential 260,000 barrels per day negative shock to global oil demand on average," Goldman said in a note dated Jan. 21. The estimate includes a 170,000 barrels per day loss of jet fuel demand, it added. The bank expects jet fuel markets, including cracks, regrade and Asian differentials, to be hit the most if the outbreak leads to a decline in regional air travel. While a supply response from the Organization of the Petroleum Exporting Countries could limit any fundamental impact from such a demand shock, the initial uncertainty could lead to a larger oil price sell-off, Goldman added. Brent crude prices are currently just below $65 a barrel, while U.S. oil is at about $58 a barrel.

China virus could hit oil prices by $3 per barrel: Goldman

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as <a href="https://www.wionews.com/business-economy/global-markets-shares-swept-new-year-gains-gold-oil-prices-jumps-and-iran-trade-threats-272528">financial markets</a> reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death.

Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up.

<a href="https://www.wionews.com/business-economy/no-dearth-of-crude-oil-in-global-market-says-union-minister-dharmendra-pradhan-273737">Emerging market</a> stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;closed 1.63% lower, while Japan's Nikkei&nbsp;lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index&nbsp;fall 2.8%. The overnight chill in Asia carried over to <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">European markets</a>. Shares of luxury goods makers - which have large exposure to China - were among those declining the most.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Global Markets: Asian shares lower as investors book decade-end profits</a>

A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy."

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="44f15713-342b-487d-90f5-6d86f21ace64" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2859%29_0.jpg" /> 
[&nbsp;Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ]

The Dow Jones Industrial Average&nbsp;fell 20.99 points, or 0.07%, to 29,327.11, the S&amp;P 500&nbsp;lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite&nbsp;added 1.12 points&nbsp;or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe&nbsp;shed 0.29%.

In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen&nbsp;strengthened 0.23% versus the dollar at 109.95.

"The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything."

Benchmark 10-year notes&nbsp;last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro&nbsp;down 0.04% to $1.109.Sterling&nbsp;was last trading at $1.3051, up 0.32% on the day. The Australian dollar&nbsp;dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays.

Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said.

A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures&nbsp;fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude&nbsp;rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

&nbsp;

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China.

Risk assets took a hit across the globe on Tuesday while the Japanese yen and U.S. Treasury prices gained as financial markets reacted to mounting concern about a new strain of the flu-like virus in China. The World Health Organization called a meeting for Wednesday to consider declaring a global health emergency while authorities in China confirmed the coronavirus could spread through human contact. The mayor of Wuhan, where the virus may have originated, confirmed a sixth virus-related death. Investors are worried about the threat of contagion as hundreds of millions travel for the Chinese Lunar New Year holidays, which peak over the coming weekend. Traders recalled the fallout from a Severe Acute Respiratory Syndrome (SARS) outbreak in 2002-2003 that killed about 800 people globally and which China initially covered up. Emerging market stocks lost 1.58%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 1.63% lower, while Japan's Nikkei lost 0.91%. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2.8%. The overnight chill in Asia carried over to European markets. Shares of luxury goods makers - which have large exposure to China - were among those declining the most. Also Read: Global Markets: Asian shares lower as investors book decade-end profits A U.S. index of airline stocks fell 2.3% and hotel and casino operators Las Vegas Sands Corp and Wynn Resorts Ltd, both of which have large operations in China, dropped over 4%. The virus outbreak "seems to be the biggest negative," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "We may see U.S. markets try to spit it out because it doesn't have that much of an impact on U.S. economy." [ Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] The Dow Jones Industrial Average fell 20.99 points, or 0.07%, to 29,327.11, the S&P 500 lost 1.13 points, or 0.03%, to 3,328.49 and the Nasdaq Composite added 1.12 points or 0.01%, to 9,390.06. The pan-European FTSEurofirst 300 index lost 0.16% and MSCI's gauge of stocks across the globe shed 0.29%. In other markets, U.S.- and German 10-year government bond yields touched a two week low while the safe-haven yen strengthened 0.23% versus the dollar at 109.95. "The fear is that it could be a SARS-type event, which was an economic issue," said Ellis Phifer, market strategist at Raymond James in Tennessee. "But this is all cautionary. The market is not panicking or anything." Benchmark 10-year notes last rose 16/32 in price to yield 1.7795%, from 1.835% late on Friday. Monday was a U.S. market holiday. The dollar index fell 0.04%, with the euro down 0.04% to $1.109.Sterling was last trading at $1.3051, up 0.32% on the day. The Australian dollar dropped on the flu worries since the country attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Some investors were relieved that U.S. President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. They agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. A tariff war between China and the United States was blamed for the economic growth slowdown of last year. U.S. gold futures fell 0.22% to $1,555.40 an ounce. Oil prices were mixed on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle. U.S. crude rose 0.17% to $58.64 per barrel and Brent was last at $64.98, down 0.34% on the day.

Risk assets slip on Chinese virus anxiety

The emergence of a SARS-like virus in China is the last thing Hong Kong's struggling economy needs, analysts say, as the city reels from the twin storms of the global trade war and months of political unrest.

The emergence of a SARS-like virus in China is the last thing Hong Kong's struggling economy needs, analysts say, as the city reels from the twin storms of the global trade war and months of political unrest. The semi-autonomous financial hub is currently on high alert for any appearance of the new coronavirus, which first surfaced in the Chinese city of Wuhan and has since spread to the United States and around Asia. In 2003, nearly 300 people were killed in Hong Kong during an outbreak of Severe Acute Respiratory Syndrome (SARS), which also began on the mainland and hammered the city's economy as tourists arrivals plunged. "We are on extremely high alert and preparing for the worst," chief secretary Matthew Cheung told reporters on Tuesday. "We have not lowered our guard." The timing could hardly be worse. Hong Kong has been tipped into a recession by the US-China trade war and months of seething pro-democracy protests that have upended its reputation for stability. On Monday, Moody's downgraded Hong Kong's credit rating, saying the government had failed to respond to the economic and political demands of protesters and that China's increased influence was undermining the city's once-vaunted institutions. A disease outbreak in the densely packed city would only add to current economic woes. "This is definitely the last thing Hong Kong people want to see," said Jackson Wong, an asset management director at Amber Hill Capital Ltd. "The current situation will definitely remind investors about what we suffered in 2003 during the SARS outbreak in Hong Kong," he added. Also Read: China confirms person-to-person spread of the new virus as fourth death reported [ Citizens protect themselves with face masks (Courtesy: Reuters) ] 'Salt in the wounds' Hong Kong's stock market sank on Tuesday - with tourism-linked stocks leading the losses - after a top Chinese scientist said the Wuhan virus has now been found to pass between humans. The brewing crisis comes days before the Lunar New Year holiday, which sees hundreds of millions of people travel across China and overseas. The number of mainland Chinese travelling to Hong Kong has dropped dramatically since the anti-government protests began last summer, and there are fears the Wuhan virus will only make things worse for the battered tourism industry. "Hotel, catering and tourism have borne the brunt of the recession and now this situation is like rubbing salt into the wounds," Dickie Wong, executive director of research at Kingston Securities stated. "It will deal a heavy blow to the city's economic atmosphere. The impact of the political unrest sparked by the extradition bill (protests) has not yet ended." Hong Kong's health authorities are taking few chances in a bid to stave off a repeat of the SARS epidemic. Monitoring for people with fevers has been ramped up at the airport and local hospitals to include anyone coming from Hubei province, not just the capital city of Wuhan. More than 100 people who have come back from the region and reported flu-like symptoms have been isolated and treated, although none have yet tested positive for the new strain. - More prepared than SARS - But the spread of confirmed cases in multiple Chinese cities, including neighbouring Shenzhen, has put Hong Kong on edge with face masks rapidly selling out. Isolation wards and doctors are on standby. The SARS outbreak dramatically transformed Hong Kong into a place where the population is now far more conscious of contagion and hygiene standards. Door handles and lift buttons in the city's myriad skyscrapers are routinely sterilised multiple times a day, while an unguarded sneeze on the crowded subway can cause neighbouring commuters to scramble for distance. Surgical face masks are ubiquitous, not just in the winter flu season. Hong Kong's difficulties in battling SARS were compounded by the veil of secrecy that surrounded the outbreak on the authoritarian mainland. But specialists who are prepping the city for any new outbreak say they have been encouraged by the transparency Chinese authorities have shown following the Wuhan outbreak. "The timescale of recognising, characterising, releasing and reporting information is a vast improvement from the time of SARS," Gabriel Leung, Dean of the University of Hong Kong's medical school told reporters on Tuesday. "What did take months during the time of SARS is now compressed into a matter of weeks or days," he added.

Wuhan virus compounds Hong Kong's economic woes

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus.

The benchmark Nikkei 225 index edged down 0.06 per cent or 15.46 points to 23,849.10 in early trade while the broader Topix index was down 0.08 per cent or 1.45 points at 1,733.52.

"Selling will likely lead trading today due to drops in US stocks, and fears over the <a href="https://www.wionews.com/world/death-toll-in-the-new-sars-like-coronavirus-in-china-rises-to-six-275733">spread of the coronavirus</a>," Okasan Online Securities chief strategist Yoshihiro Ito said in a note. Wall Street stocks retreated from records Tuesday, with tourism stocks falling due to worries about the virus, and Boeing shares hammered by the latest delay to its crisis-hit 737 MAX jet.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-asia-shares-feel-a-chill-as-china-virus-risks-mount-275735">Asian shares dip as China virus spreads</a>

Ito added that the downtrend particularly in Asia and Europe "could drag on" amid concerns that the virus will spread during the Lunar New Year holidays. Hundreds of millions of Chinese people travel across the country to visit family. There is also a surge in foreign travel from China.&nbsp;

Heavy selling hit <a href="https://www.wionews.com/world/mitsubishi-suspected-of-diesel-fraud-german-prosecutors-raid-business-premises-275859">Mitsubishi Motors</a> after German prosecutors searched business premises linked to the group as part of an investigation into suspected diesel emissions cheating. Mitsubishi Motors stock was down 4.62 per cent at 433 yen while Nissan, which forms a three-way alliance with Mitsubishi and France's Renault, lost 1.0 per cent to 628 yen.

Some department store operators fell on fears that the new virus may hurt travel demand. Isetan Mitsukoshi Holdings dropped 1.16 per cent to 933 yen and J.Front Retailing was down 1.56 per cent at 1,451 yen. 
The dollar was trading at 109.89 yen against 109.83 yen in New York Tuesday afternoon.&nbsp;

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus. The benchmark Nikkei 225 index edged down 0.

Tokyo stocks opened slightly lower on Wednesday with investor sentiment dampened by fears over the growing spread of a new SARS-like virus. The benchmark Nikkei 225 index edged down 0.06 per cent or 15.46 points to 23,849.10 in early trade while the broader Topix index was down 0.08 per cent or 1.45 points at 1,733.52. "Selling will likely lead trading today due to drops in US stocks, and fears over the spread of the coronavirus," Okasan Online Securities chief strategist Yoshihiro Ito said in a note. Wall Street stocks retreated from records Tuesday, with tourism stocks falling due to worries about the virus, and Boeing shares hammered by the latest delay to its crisis-hit 737 MAX jet. Also Read: Asian shares dip as China virus spreads Ito added that the downtrend particularly in Asia and Europe "could drag on" amid concerns that the virus will spread during the Lunar New Year holidays. Hundreds of millions of Chinese people travel across the country to visit family. There is also a surge in foreign travel from China. Heavy selling hit Mitsubishi Motors after German prosecutors searched business premises linked to the group as part of an investigation into suspected diesel emissions cheating. Mitsubishi Motors stock was down 4.62 per cent at 433 yen while Nissan, which forms a three-way alliance with Mitsubishi and France's Renault, lost 1.0 per cent to 628 yen. Some department store operators fell on fears that the new virus may hurt travel demand. Isetan Mitsukoshi Holdings dropped 1.16 per cent to 933 yen and J.Front Retailing was down 1.56 per cent at 1,451 yen. The dollar was trading at 109.89 yen against 109.83 yen in New York Tuesday afternoon.

Tokyo stocks open lower on China virus woes

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure.

After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.43 points, or 0.50 per cent, lower at 41,115.38. It hit an intra-day high of 41,532.29 and a low of 41,059.04.

Likewise, the broader NSE Nifty closed 62.95 points, or 0.52 per cent, down at 12,106.90.

ONGC was the top loser in the Sensex pack, tumbling 5.13 per cent, followed by NTPC, Maruti, Kotak Bank, HDFC, Asian Paints, ICICI Bank and Axis Bank.

On the other hand, Nestle India, TCS, Infosys, HCL Tech, SBI and Bharti Airtel ended with gains of up to 1.86 per cent.

According to experts, major stocks are in the process of correcting to their support levels ahead of the Union Budget.

Further, global agencies slashing India's growth outlook and a tepid start to the earnings season are also weighing on domestic investor sentiment, they added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

European markets were also trading on a positive note in their early sessions.

Brent crude oil futures fell 0.67 per cent to USD 64.16 per barrel.

The rupee was trading flat at 71.22 per US dollar (intra-day).

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure. After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.

Market benchmark Sensex surrendered early gains to end 208 points lower on Wednesday as energy, power, auto and financial stocks came under selling pressure. After plunging 473 points from the day's high in a choppy session, the 30-share BSE index settled 208.43 points, or 0.50 per cent, lower at 41,115.38. It hit an intra-day high of 41,532.29 and a low of 41,059.04. Likewise, the broader NSE Nifty closed 62.95 points, or 0.52 per cent, down at 12,106.90. ONGC was the top loser in the Sensex pack, tumbling 5.13 per cent, followed by NTPC, Maruti, Kotak Bank, HDFC, Asian Paints, ICICI Bank and Axis Bank. On the other hand, Nestle India, TCS, Infosys, HCL Tech, SBI and Bharti Airtel ended with gains of up to 1.86 per cent. According to experts, major stocks are in the process of correcting to their support levels ahead of the Union Budget. Further, global agencies slashing India's growth outlook and a tepid start to the earnings season are also weighing on domestic investor sentiment, they added. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains. European markets were also trading on a positive note in their early sessions. Brent crude oil futures fell 0.67 per cent to USD 64.16 per barrel. The rupee was trading flat at 71.22 per US dollar (intra-day).

Sensex sheds 208 points; ONGC tanks 5%

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

<a href="https://www.wionews.com/business-economy/zomato-uber-eats-deal-info-edge-shares-rise-over-3-per-cent-275718">Zomato</a>, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. 
All three have spent heavily on deals and discounts to attract customers in a highly competitive market.

Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to <a href="https://www.wionews.com/business-economy/uber-safety-culture-lacking-in-autonomous-car-incident-regulator-263292">exit Uber</a> Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership".

The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/zomato-acquires-ubers-food-delivery-business-in-an-all-stock-deal-275592">Zomato acquires Uber's food delivery business in an all-stock deal</a>

It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment.

<img alt="Uber Eats" data-entity-type="file" data-entity-uuid="d90829f3-0347-4e31-b821-e21743b99ac3" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2852%29_0.jpg" />

[&nbsp;An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ]

Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said.

The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million.

The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said.

Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. 
The acquisition does not guarantee that all Uber Eats customers will switch to Zomato.

Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player.

"Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial.

Uber has sold its loss-making online food-ordering business in India to local rival Zomato in exchange for a 9.99% stake in the startup backed by China's Ant Financial. Zomato, valued at around $3 billion after raising money from Ant this month, will take over Uber Eats' operations from Tuesday. Since launching in India in 2017, Uber Eats has struggled to gain market share and is a distant third to Tencent Holdings-backed Swiggy and Zomato. All three have spent heavily on deals and discounts to attract customers in a highly competitive market. Uber chief financial officer Nelson Chai said the move was another demonstration, following its decision to exit Uber Eats South Korea in October 2019, "of our commitment to take a hard look at Eats markets where we do not have a path to leadership". The San Francisco-based firm, which has promised to be profitable at an operational level by the end of 2021, has been trying to sell India Eats business for a year, according to sources. Also Read: Zomato acquires Uber's food delivery business in an all-stock deal It earlier held talks with Swiggy for a similar deal, but those fell through due to valuation and regulatory issues, two of them said. Uber and Swiggy did not respond to requests for comment. [ An Uber Eats food delivery courier pulls a bicycle (Courtesy: Reuters) ] Uber Eats' India operations contributed just 3% of gross bookings for the business globally in the first nine months of last year, while accounting for a quarter of its adjusted operating losses, the company said. The unit in India made a loss of $61 million for the three months to Sept. 30 on revenue of $20 million, the company said in a filing with the U.S. Securities and Exchange Commission. Zomato reported a loss of $294 million for the year to March 2019, while Swiggy made a loss of $330 million. The sale will allow Uber to cut its losses and yet keep a stake in a market expected to be worth $15 billion by 2023. Independent brand consultant Harish Bijoor said the deal would also allow Uber to focus on its strengths. "It should stick to what its competence is, in terms of being an aggregator of cabs," he said. Zomato's orders per month should rise by 10 million from the 38 million to 40 million it was clocking before the deal, a source familiar with the deal said. Swiggy too receives around 40 million in monthly orders. The acquisition does not guarantee that all Uber Eats customers will switch to Zomato. Online food delivery customers tend to favour companies offering the best deals, market research shows. Consultancy Frost and Sullivan said that even after the acquisition, Swiggy remains arguably the country's leading market player. "Swiggy’s diversification into a variety of last-mile delivery services, including store, package and home meal deliveries, is expected to offset any potential losses due to Zomato's acquisition of Uber Eats," it said in a note.

Uber cuts losses from Eats business in India with sale to Zomato

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday.

Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports.&nbsp;

The share-swap arrangement and details of the transaction were not disclosed.

In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday.&nbsp;

"We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company.

Food delivery giant Zomato has acquired Uber's online food delivery venture Uber Eats in India on Tuesday. Zomato has purchased this app in an all-stock deal, which will give the Uber a 10% stake in the company. Under the deal, Uber Eats’s India business will be transferred to Zomato in exchange for at around $350 million, according to the news reports. The share-swap arrangement and details of the transaction were not disclosed. In a mailed statement to its customers, Uber Eats said that Zomato has acquired its business in India and Uber Eats would discontinue operations and direct restaurants, delivery partners, and users to the Zomato platform, effective Tuesday. "We have announced today that Zomato has acquired Uber Eats in India. As such, you will no longer be able to order from Uber Eats in India, but you will be able to enjoy your favourite meals with exciting offers tailored for you on Zomato. You can still get rides via the Uber app, which remains active and available. And you can still use Uber Eats if you're travelling outside India. Until then, we hope you will enjoy many more tasty moments and discover great restaurants around you on Zomato," said the statement.

Zomato acquires Uber's food delivery business in an all-stock deal

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report.

The World Employment and Social Outlook: Trends 2020 (WESO) report, released on Monday, states that global unemployment has been roughly stable for the last nine years but slowing global economic growth means that, as the global labour force increases, <a href="https://www.wionews.com/business-economy/australian-jobs-suffer-biggest-drop-in-three-years-argue-for-more-stimulus-262020">not enough new jobs </a>are being generated to absorb new entrants to the labour market.

The International Labour Organisation (ILO) forecasts that <a href="https://www.wionews.com/business-economy/indias-urban-unemployment-rate-slows-in-march-2019-quarter-government-data-264001">unemployment will rise</a> by about 2.5 million this year. The ILO is a UN agency whose mandate is to advance social justice and promote decent work by setting international labour standards.

"For millions of ordinary people, it's increasingly difficult to build better lives through work," ILO Director-General Guy Ryder said. "Persisting and substantial work-related inequalities and exclusion are preventing them from finding decent work and better futures. That's an extremely serious finding that has profound and worrying implications for social cohesion," Ryder said.

The number of <a href="https://www.wionews.com/business-economy/unemployment-sluggish-growth-fuelling-protests-in-arab-countries-imf-258450">people unemployed</a> around the world stands at some 188 million. Also, 165 million people do not have enough paid work, and 120 million have either given up actively searching for work or otherwise lack access to the labour market. In total, more than 470 million people worldwide are affected, the report said.

Also Read:&nbsp;<a href="https://www.wionews.com/world/more-than-473-million-people-cant-find-reasonably-paying-work-united-nations-report-275681">More than 473 million people can't find reasonably paying work: United Nations report</a>

Earlier in January, a UN report on the economy showed that developed countries are experiencing slow growth, and some African countries are stagnating. The consequence is that not enough new jobs are being created to absorb the growing labour force as it enters the market. Besides, many African countries are experiencing a drop in real incomes and a rise in poverty, it said.

The ILO report said that moderate or extreme working poverty is expected to edge up in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030.

Currently working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers or one in five of the global working population. Inequalities related to gender, age and geographical location continue to plague the job market, with the report showing that these factors limit both individual opportunity and economic growth.

Some 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working conditions. The rise in trade restrictions and protectionism, which could have a significant impact on employment, is seen as a potentially worrying trend, as is the significant drop in the share of national income in the form of wages, compared to other forms of production, it said.

"Labour underutilisation and poor-quality jobs mean our economies and societies are missing out on the potential benefits of a huge pool of human talent,? said the report's lead author, Stefan Kuhn. "We will only find a sustainable, inclusive path of development if we tackle these kinds of labour market inequalities and gaps in access to decent work," Kuhn said.

The report's authors recommend that countries ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions in low-income countries, through structural transformation, technological upgrading, and diversification.

The annual WESO Trends report analyses key labour market issues, including unemployment, labour underutilization, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report.

Global unemployment is projected to increase by around 2.5 million in 2020 and almost half a billion people are working fewer paid hours than they would like or lack adequate access to paid work, according to UN's International Labour Organization report. The World Employment and Social Outlook: Trends 2020 (WESO) report, released on Monday, states that global unemployment has been roughly stable for the last nine years but slowing global economic growth means that, as the global labour force increases, not enough new jobs are being generated to absorb new entrants to the labour market. The International Labour Organisation (ILO) forecasts that unemployment will rise by about 2.5 million this year. The ILO is a UN agency whose mandate is to advance social justice and promote decent work by setting international labour standards. "For millions of ordinary people, it's increasingly difficult to build better lives through work," ILO Director-General Guy Ryder said. "Persisting and substantial work-related inequalities and exclusion are preventing them from finding decent work and better futures. That's an extremely serious finding that has profound and worrying implications for social cohesion," Ryder said. The number of people unemployed around the world stands at some 188 million. Also, 165 million people do not have enough paid work, and 120 million have either given up actively searching for work or otherwise lack access to the labour market. In total, more than 470 million people worldwide are affected, the report said. Also Read: More than 473 million people can't find reasonably paying work: United Nations report Earlier in January, a UN report on the economy showed that developed countries are experiencing slow growth, and some African countries are stagnating. The consequence is that not enough new jobs are being created to absorb the growing labour force as it enters the market. Besides, many African countries are experiencing a drop in real incomes and a rise in poverty, it said. The ILO report said that moderate or extreme working poverty is expected to edge up in 2020-21 in developing countries, increasing the obstacles to achieving Sustainable Development Goal 1 on eradicating poverty everywhere by 2030. Currently working poverty (defined as earning less than USD 3.20 per day in purchasing power parity terms) affects more than 630 million workers or one in five of the global working population. Inequalities related to gender, age and geographical location continue to plague the job market, with the report showing that these factors limit both individual opportunity and economic growth. Some 267 million young people aged 15-24 are not in employment, education or training, and many more endure substandard working conditions. The rise in trade restrictions and protectionism, which could have a significant impact on employment, is seen as a potentially worrying trend, as is the significant drop in the share of national income in the form of wages, compared to other forms of production, it said. "Labour underutilisation and poor-quality jobs mean our economies and societies are missing out on the potential benefits of a huge pool of human talent,? said the report's lead author, Stefan Kuhn. "We will only find a sustainable, inclusive path of development if we tackle these kinds of labour market inequalities and gaps in access to decent work," Kuhn said. The report's authors recommend that countries ensure that economic growth and development occurs in a way that leads to the reduction of poverty and better working conditions in low-income countries, through structural transformation, technological upgrading, and diversification. The annual WESO Trends report analyses key labour market issues, including unemployment, labour underutilization, working poverty, income inequality, labour income share and factors that exclude people from decent work.

Global unemployment projected to rise by around 2.5 million in 2020: UN labour report

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in <a href="https://www.wionews.com/business-economy/gold-rises-to-one-week-peak-amid-trade-anxiety-254957">China stoked fears</a> of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian stocks</a>.

Spot gold prices touched their highest since Jan. 8 at $1,568.35 and were up 0.1 per cent&nbsp;to $1,563.01 per ounce by 0730 GMT. US&nbsp;gold futures were 0.3 per cent&nbsp;higher at $1,564.10.

<img alt="Customers select gold bracelets at Caibai Jewelry store in Beijing" data-entity-type="file" data-entity-uuid="3ca286a0-6aeb-4700-b332-f262b5b8f3c6" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2831%29_0.jpg" /> 
[&nbsp;Customers select gold bracelets at Caibai Jewelry store in Beijing (Courtesy: Reuters) ]

Asian shares slipped as the new coronavirus has spread to more Chinese cities and <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">concerns mounted</a> it could spread further with many traveling for the Lunar New Year holidays.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/gold-climbs-to-three-month-high-poised-for-best-year-since-2010-271231">Gold climbs to three-month high, poised for best year since 2010</a>

Gold prices were driven by "the rapid spread of the virus from Wuhan, China, which has caused panic", said Margaret Yang Yan, a market analyst at CMC Markets.

"Chinese New Year holidays are going to worsen the situation as people are bound to travel in China. The fear of outbreak is going to drive up demand for gold for a couple more days," she added.

China will start celebrating the Lunar New Year this weekend. The yen also gained on concerns of a wider outbreak, which has prompted the World Health Organisation to convene an emergency meeting to assess the situation.

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in China stoked fears of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in Asian stocks.

Gold prices rose to a two-week high on Tuesday as the spread of a new virus in China stoked fears of a wider epidemic, sparking a sudden bout of risk aversion and sell-off in Asian stocks. Spot gold prices touched their highest since Jan. 8 at $1,568.35 and were up 0.1 per cent to $1,563.01 per ounce by 0730 GMT. US gold futures were 0.3 per cent higher at $1,564.10. [ Customers select gold bracelets at Caibai Jewelry store in Beijing (Courtesy: Reuters) ] Asian shares slipped as the new coronavirus has spread to more Chinese cities and concerns mounted it could spread further with many traveling for the Lunar New Year holidays. Also Read: Gold climbs to three-month high, poised for best year since 2010 Gold prices were driven by "the rapid spread of the virus from Wuhan, China, which has caused panic", said Margaret Yang Yan, a market analyst at CMC Markets. "Chinese New Year holidays are going to worsen the situation as people are bound to travel in China. The fear of outbreak is going to drive up demand for gold for a couple more days," she added. China will start celebrating the Lunar New Year this weekend. The yen also gained on concerns of a wider outbreak, which has prompted the World Health Organisation to convene an emergency meeting to assess the situation.

Gold prices climb to two week high as China flu scare spurs safe haven bids

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays.

"It's an essential enough development that markets will monitor it on the risk radar as, if things turn critical, it could provide a massive blow to the airline industry and a knockout punch to local tourism," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

<img alt="China Stock Market" data-entity-type="file" data-entity-uuid="2eb92339-9586-4c42-b886-0cf231f8a2da" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%2832%29_2.jpg" /> 
[&nbsp;Investors look at computer screens showing stock information at a brokerage house in Shanghai (Courtesy: Reuters) ]

The mood swing saw MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1 per cent&nbsp;after a steady start. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2 per cent.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">World stocks hit all time high after Trump tweets 'close to China deal'</a>

Japan's Nikkei lost 0.8 per cent&nbsp;and Shanghai blue chips 1.5 per cent&nbsp;with airlines under pressure. The caution spread to E-Mini futures for the S&amp;P 500 which eased 0.4 per cent, while Eurostoxx&nbsp;50 futures lost 0.3 per cent.

Investors had already been guarded after the International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets.

There had been some relief as U<a href="https://www.wionews.com/business-economy/oil-ends-higher-as-trade-deal-progresses-spurs-energy-demand-hopes-275526">S&nbsp;President Donald Trump</a> and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax.

The two agreed to hold off on a <a href="https://www.wionews.com/business-economy/wall-street-stocks-surge-after-us-china-trade-accord-274737">potential tariffs war</a> until the end of the year, a French diplomatic source said. Trump is due to deliver a speech at the World Economic Forum in Davos later on Tuesday, and trade and tariffs could be on the agenda.

In a tweet late on Monday, Trump said he would be bringing "additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!"

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Heading to Davos, Switzerland, to meet with World and Business Leaders and bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!
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The Bank of Japan cited lessened trade risks when nudging up forecasts for economic growth after holding a policy meeting on Tuesday. As widely expected, the BOJ maintained its short-term interest rate target at -0.1 per cent&nbsp;and a pledge to guide 10-year government bond yields around 0 per cent, by a 7-2 vote.

Japan's yen picked up a bid on the safe-haven move and the dollar dipped to 109.92 from an early 110.17. It also gained on the euro, leaving the single currency flat on the dollar at $1.1092. Against a basket of currencies, the dollar was steady at 97.599, just off a four-week high of 97.729.

The Australia dollar took a knock from the flu worries since it attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Australia said it would step up the screening of some flights from Wuhan.

The outbreak was particularly badly timed as the tourism industry has been mauled already by bushfires sweeping the country. Spot gold edged up to $1,566.71 per ounce, and back toward a seven-year peak of $1,610.90 reached last week.

Oil prices hesitated, having earlier gained on the risk of supply disruption in Libya. Brent crude futures eased 31 cents to $64.89 a barrel, while US&nbsp;crude fell 5 cents to $58.49.

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets.

Asian shares took a sudden turn for the worse on Tuesday as mounting concerns about a new strain of coronavirus in China sent a ripple of risk aversion through markets. Safe-haven bonds and the yen edged higher as investors were reminded of the economic damage done by the SARS virus in 2003, particularly given the threat of contagion as hundreds of millions travel for the Lunar New Year holidays. "It's an essential enough development that markets will monitor it on the risk radar as, if things turn critical, it could provide a massive blow to the airline industry and a knockout punch to local tourism," said Stephen Innes, Asia Pacific market strategist at AxiCorp. [ Investors look at computer screens showing stock information at a brokerage house in Shanghai (Courtesy: Reuters) ] The mood swing saw MSCI's broadest index of Asia-Pacific shares outside Japan slipped 1 per cent after a steady start. Hong Kong, which suffered badly during the SARS outbreak, saw its index fall 2 per cent. Also Read: World stocks hit all time high after Trump tweets 'close to China deal' Japan's Nikkei lost 0.8 per cent and Shanghai blue chips 1.5 per cent with airlines under pressure. The caution spread to E-Mini futures for the S&P 500 which eased 0.4 per cent, while Eurostoxx 50 futures lost 0.3 per cent. Investors had already been guarded after the International Monetary Fund trimmed its global growth forecasts, mostly due to a surprisingly sharp slowdown in India and other emerging markets. There had been some relief as US President Donald Trump and French President Emmanuel Macron seemed to have struck a truce over a proposed digital tax. The two agreed to hold off on a potential tariffs war until the end of the year, a French diplomatic source said. Trump is due to deliver a speech at the World Economic Forum in Davos later on Tuesday, and trade and tariffs could be on the agenda. In a tweet late on Monday, Trump said he would be bringing "additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!!" Heading to Davos, Switzerland, to meet with World and Business Leaders and bring Good Policy and additional Hundreds of Billions of Dollars back to the United States of America! We are now NUMBER ONE in the Universe, by FAR!! — Donald J. Trump (@realDonaldTrump) January 21, 2020 × The Bank of Japan cited lessened trade risks when nudging up forecasts for economic growth after holding a policy meeting on Tuesday. As widely expected, the BOJ maintained its short-term interest rate target at -0.1 per cent and a pledge to guide 10-year government bond yields around 0 per cent, by a 7-2 vote. Japan's yen picked up a bid on the safe-haven move and the dollar dipped to 109.92 from an early 110.17. It also gained on the euro, leaving the single currency flat on the dollar at $1.1092. Against a basket of currencies, the dollar was steady at 97.599, just off a four-week high of 97.729. The Australia dollar took a knock from the flu worries since it attracts large numbers of Chinese tourists, who tend to be big spenders over the Lunar New Year holidays. Australia said it would step up the screening of some flights from Wuhan. The outbreak was particularly badly timed as the tourism industry has been mauled already by bushfires sweeping the country. Spot gold edged up to $1,566.71 per ounce, and back toward a seven-year peak of $1,610.90 reached last week. Oil prices hesitated, having earlier gained on the risk of supply disruption in Libya. Brent crude futures eased 31 cents to $64.89 a barrel, while US crude fell 5 cents to $58.49.

Asian shares dip as China virus spreads

Market benchmark Sensex dropped 205 points on Tuesday, led by losses in auto, banking, metal and FMCG stocks amid a sharp fall in other Asian markets on concerns over a deadly virus in China.

After trading on a volatile note, the 30-share BSE index settled 205.10 points, or 0.49 per cent, lower at 41,323.81.

Likewise, the broader NSE Nifty fell 54.70 points, or 0.45 per cent, to 12,169.85.

Tata Steel was the top loser in the Sensex pack, shedding 3.01 per cent, followed by M&amp;M, Maruti, Asian Paints, PowerGrid, ITC and Axis Bank.

On the other hand, Ultratech Cement, HDFC, Kotak Bank, ONGC and TCS ended with gains.

According to traders, domestic investors turned wary amid subdued quarterly results by key index constituents and negative cues from global markets.

Further, market sentiment was hit after the IMF on Monday lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with sharp losses.

European markets were also trading on a negative note in their early sessions.

Brent crude oil futures fell 1.21 per cent to USD 64.41 per barrel.

The rupee depreciated 5 paise to 71.16 per US dollar (intra-day).

Market benchmark Sensex dropped 205 points on Tuesday, led by losses in auto, banking, metal and FMCG stocks amid a sharp fall in other Asian markets on concerns over a deadly virus in China.

Market benchmark Sensex dropped 205 points on Tuesday, led by losses in auto, banking, metal and FMCG stocks amid a sharp fall in other Asian markets on concerns over a deadly virus in China. After trading on a volatile note, the 30-share BSE index settled 205.10 points, or 0.49 per cent, lower at 41,323.81. Likewise, the broader NSE Nifty fell 54.70 points, or 0.45 per cent, to 12,169.85. Tata Steel was the top loser in the Sensex pack, shedding 3.01 per cent, followed by M&M, Maruti, Asian Paints, PowerGrid, ITC and Axis Bank. On the other hand, Ultratech Cement, HDFC, Kotak Bank, ONGC and TCS ended with gains. According to traders, domestic investors turned wary amid subdued quarterly results by key index constituents and negative cues from global markets. Further, market sentiment was hit after the IMF on Monday lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with sharp losses. European markets were also trading on a negative note in their early sessions. Brent crude oil futures fell 1.21 per cent to USD 64.41 per barrel. The rupee depreciated 5 paise to 71.16 per US dollar (intra-day).

Sensex ends 205 points lower; Nifty slips below 12,200

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal.

Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE.

On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675.

Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform.

Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement.

In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and the diluted basis upon closing of the transaction.

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal.

Shares of Info Edge (India), one of the shareholders in Zomato, on Tuesday gained over 3 per cent after the online food ordering platform acquired the India business of Uber Eats in an all-stock deal. Shares of Info Edge (India) rose 3.47 per cent to trade at Rs 2,676.10 per unit on the BSE. On the NSE, the stock gained as much as 3.2 per cent to Rs 2,675. Zomato on Tuesday said it has acquired the Indian business of Uber Eats in an all-stock deal that will give Uber 9.99 per cent stake in the Indian food delivery and restaurant discovery platform. Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective Tuesday, as per a company statement. In a regulatory filing to BSE, Info Edge (India) - a shareholder in Zomato - said its shareholding in Zomato will stand reduced to about 22.71 per cent on fully converted and the diluted basis upon closing of the transaction.

Zomato-Uber Eats deal: Info Edge shares rise over 3 per cent

Instagram on Monday dropped the IGTV icon from the home screen of the app because hardly any user was using it.

According to a report, most people are finding IGTV content through previews in Feed, the IGTV channel in Explore, creators'&nbsp;profiles, and the standalone IGTV app. Hence, the separate icon on the top right corner of the home screen has been removed.

To enable more users to easily post long-form videos, Instagram also added a new feature that allows users to post IGTV videos right from the main app's IGTV feed video uploader.&nbsp;

The feature was <a href="https://www.wionews.com/business-&amp;-economy/instagram-unveils-new-video-service-in-challenge-to-youtube-145996">launched in June 2018</a>.

The feature had&nbsp;increased&nbsp;Instagram’s video time limit from one minute to 10 minutes for most users. Accounts with large audiences were able to go as long as an hour.

&nbsp;

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Instagram on Monday dropped the IGTV icon from the home screen of the app because hardly any user was using it. According to a report, most people are finding IGTV content through previews in Feed, the IGTV channel in Explore, creators' profiles, and the standalone IGTV app.

Instagram on Monday dropped the IGTV icon from the home screen of the app because hardly any user was using it. According to a report, most people are finding IGTV content through previews in Feed, the IGTV channel in Explore, creators' profiles, and the standalone IGTV app. Hence, the separate icon on the top right corner of the home screen has been removed. To enable more users to easily post long-form videos, Instagram also added a new feature that allows users to post IGTV videos right from the main app's IGTV feed video uploader. The feature was launched in June 2018. The feature had increased Instagram’s video time limit from one minute to 10 minutes for most users. Accounts with large audiences were able to go as long as an hour.

Instagram removes IGTV button from home screen

The <a href="https://www.wionews.com/world/us-mexico-canada-deal-most-important-trade-pact-ever-trump-168842">US Senate</a> approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel.

Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency.

The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years.

Also Read:&nbsp;<a href="https://www.wionews.com/world/usmca-united-states-mexico-and-canada-finalize-new-trade-agreement-267552">United States, Mexico, Canada sign deal finalizing USMCA trade pact</a>

However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. 
Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market.

<img alt="New York Stock Exchange" data-entity-type="file" data-entity-uuid="61ac745d-d1d2-4838-8094-dbcdb6e7d35b" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T183634.573_0.jpg" /> 
[ (Traders work on the floor at the&nbsp;New&nbsp;York Stock Exchange (Courtesy: Reuters) ]

"We had the US-China trade deal yesterday - signed and sealed. And now you got the <a href="https://www.wionews.com/business-economy/mexican-businesses-want-clarity-on-details-of-usmca-trade-deal-267698">US-Mexico</a> trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago.

The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&amp;P 500 touched a record high.

Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output.

However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal.

UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China.

The US Senate approved a revamp of the US-Mexico-Canada Free Trade Agreement a day after the signing of the Phase 1 trade deal between the United States and China. Brent settled up 62 cents, or 1%, to $64.62 a barrel, while US West Texas Intermediate (WTI) crude rose by 71 cents, or 1.2%, to $58.52 a barrel. Oil rose about 1% on Thursday, as progress on another major trade deal fed optimism that energy demand will grow in 2020, which offset bearish market comments from the International Energy Agency. The deal that the Senate approved was a revamp of the 26-year-old North American Free Trade Agreement. A day earlier, US and Chinese leaders signed the Phase 1 trade deal calling for the world's largest energy importer to buy $50 billion more of US oil, liquefied natural gas and other energy products over two years. Also Read: United States, Mexico, Canada sign deal finalizing USMCA trade pact However, analysts warned that China might struggle to meet the target and said oil prices could be volatile until more details emerge. Trade sources said sharply higher Chinese purchases of US energy products as part of the China-US trade deal will shake up global crude oil trade flows if American supplies squeeze rival crudes out of the top oil import market. [ (Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] "We had the US-China trade deal yesterday - signed and sealed. And now you got the US-Mexico trade going through the senate. So I think the optimism surrounding the demand is rising exponentially right now," said Phil Flynn, an analyst at Price Futures Group in Chicago. The oil benchmark prices were also supported by a report from the Federal Reserve Bank of Philadelphia showing strong manufacturing activity in the US Mid-Atlantic region and as Wall Street stock indexes scaled new records. The S&P 500 touched a record high. Price gains were capped earlier as the International Energy Agency (IEA) said it expected oil production to outpace demand for crude from the Organization of the Petroleum Exporting Countries (OPEC), even if members comply fully with a pact with Russia and other non-OPEC allies to curb output. However, Flynn believes the agency may be underestimating the potential demand boost from the US-Mexico trade accord and the US-China trade deal. UBS said in a note "provided Middle East tensions do not intensify and cause production disruptions, Brent should decline toward the bottom of a $60–65 per barrel trading range in 1H20 before recovering to the top of it in the second half of the year".

Oil ends higher as trade deals progress; spurs energy demand hopes

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher.

Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the red with Nifty bank down by 1.56 per cent. Among stocks, Kotak Mahindra Bank lost by 4.78 per cent at Rs 1,617 per share.

The private sector lender said its standalone profit after tax for Q3 FY20 increased to Rs 1,596 crore from 1,291 crore in Q3 FY19, up 24 per cent, but asset quality weakened sequentially. Indian Oil Corporation fell by 4.08 per cent while index heavyweight Reliance Industries dropped by 3.09 per cent to Rs 1,532.20 per share.

The other prominent losers were Coal India, NTPC, Tata Consultancy Services, Adani Ports, Axis Bank and Bajaj Finance. Meanwhile, Asian shares traded higher as Wall Street extended its run of record peaks on solid US economic data. Japan`s Nikkei added 0.18 per cent while the Shanghai Composite was up by 0.66 per cent and South Korea`s Kospi by 0.54 per cent.&nbsp;

The Hang Seng index slipped fractionally by 0.9 per cent. However, prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher.

Equity benchmark indices erased opening gains and continued to slide throughout the session on Monday due to profit booking as concerns over a cut in supply from Libya sent oil prices higher. Except for Nifty FMCG and realty, all sectoral indices at the National Stock Exchange (NSE) were in the red with Nifty bank down by 1.56 per cent. Among stocks, Kotak Mahindra Bank lost by 4.78 per cent at Rs 1,617 per share. The private sector lender said its standalone profit after tax for Q3 FY20 increased to Rs 1,596 crore from 1,291 crore in Q3 FY19, up 24 per cent, but asset quality weakened sequentially. Indian Oil Corporation fell by 4.08 per cent while index heavyweight Reliance Industries dropped by 3.09 per cent to Rs 1,532.20 per share. The other prominent losers were Coal India, NTPC, Tata Consultancy Services, Adani Ports, Axis Bank and Bajaj Finance. Meanwhile, Asian shares traded higher as Wall Street extended its run of record peaks on solid US economic data. Japan`s Nikkei added 0.18 per cent while the Shanghai Composite was up by 0.66 per cent and South Korea`s Kospi by 0.54 per cent. The Hang Seng index slipped fractionally by 0.9 per cent. However, prices jumped as oilfields in southwest Libya began shutting down after forces loyal to Khalifa Haftar closed a pipeline, potentially reducing national output to a fraction of its normal level.

Amid concerns over oil supply from Libya, Sensex tumbles 416 points

US&nbsp;President Donald Trump and Chinese Vice Premier Liu He signed a <a href="https://www.wionews.com/opinions-blogs/us-china-trade-deal-what-were-the-key-issues-and-are-they-resolved-275073">Phase 1&nbsp;deal</a>&nbsp;that will roll back some tariffs and see China boost purchases of US&nbsp;goods and services, defusing a prolonged conflict between the world's two largest economies.

Liu said in remarks at the White House that the <a href="https://www.wionews.com/business-economy/nifty-sensex-settle-near-record-highs-after-us-china-trade-deal-274867">United States and China</a> need to step up cooperation and that the&nbsp;deal&nbsp;benefits both countries and the world. The&nbsp;deal&nbsp;capped an 18-month dispute that had roiled&nbsp;markets.

The centrepiece of the&nbsp;deal&nbsp;is a pledge by China to purchase at least an additional $200 billion worth of US&nbsp; farm products and other goods and services over two years, over a baseline of $186 billion in purchases in 2017.

Key world equity indexes&nbsp;climbed to&nbsp;new&nbsp;records on Wednesday on hopes a US-China&nbsp;trade&nbsp;deal&nbsp;will <a href="https://www.wionews.com/opinions-blogs/us-china-trade-pact-fails-to-resolve-three-fundamental-issues-274848">reduce harmful tensions</a>, but&nbsp;oil&nbsp;prices slid on doubts the pact will spur world growth and boost crude&nbsp;demand.

<img alt="Stock Exchange" data-entity-type="file" data-entity-uuid="745cf3ce-50b4-48b1-8998-5f886a9a8990" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20-%202020-01-20T183634.573.jpg" /> 
[&nbsp;Traders work on the floor at the&nbsp;New&nbsp;York Stock Exchange (Courtesy: Reuters) ]

MSCI's all-world stock index and the three major indexes on Wall Street set record intraday highs. The MSCI benchmark, along with the Dow and S&amp;P 500, also posted record closing highs, while the Dow closed above the 29,000 mark for the first time.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/china-will-increase-imports-from-us-according-to-market-principles-official-275252">China will increase imports from US according to 'market principles': Official</a>

The&nbsp;deal&nbsp;is unlikely to significantly change the growth outlook, but it should allow companies to make the capital investments they have not, which is positive, said Marvin Loh, senior&nbsp;global&nbsp;macro strategist at State Street&nbsp;Global&nbsp;Markets.

"What's most important to investors is a potential de-escalation and signs that de-escalation will continue this year, which is the outlook period for a lot of investors," he said.

"If we can somehow take this out as one of the bigger risks that we had all last year, it does give some confidence to the market. Not necessarily from an economic but from a risk parameter perspective," Loh said.

MSCI's gauge of&nbsp;stocks&nbsp;across the globe gained 0.07%. Earlier in Europe, the pan-regional STOXX 600 index closed up 0.1% while MSCI's broadest measure of Asia-Pacific&nbsp;markets&nbsp;outside Japan closed down 0.35%. Japan's Nikkei lost 0.45%.

On Wall Street, the Dow Jones Industrial Average rose 90.55 points, or 0.31%, to 29,030.22. The S&amp;P 500 &nbsp;gained 6.14 points, or 0.19%, to 3,289.29 and the Nasdaq Composite added 7.37 points, or 0.08%, to 9,258.70.

Emerging market&nbsp;stocks&nbsp;lost 0.53%.

Oil&nbsp;prices slipped on concerns the&nbsp;trade&nbsp;agreement may not provide much of a&nbsp;demand&nbsp;boost because the United States intends to keep tariffs on Chinese goods until a Phase 2&nbsp;deal&nbsp;is reached.

Prices were also under pressure from a report by the Organization of Petroleum Exporting Countries. OPEC expects lower&nbsp;demand&nbsp;for its&nbsp;oil&nbsp;in 2020 even as&nbsp;global&nbsp;demand&nbsp;rises, as rival producers grab market share and the United States looks set for another output record.

Brent crude fell 49 cents to settle at $64.00 a barrel. US&nbsp;West Texas Intermediate crude futures settled down 42 cents at $57.81 a barrel.

The dollar pared losses but remained lower against the euro and the yen after the signing of a&nbsp;trade&nbsp;deal&nbsp;that may prove a mild negative for the greenback as it removes uncertainty.

The dollar index, tracking the unit against six major peers, fell 0.14%, with the euro up 0.18% to $1.1147.

US&nbsp;Treasury yields declined as investors repositioned around&nbsp;new&nbsp;data showing producer prices barely rose in December.

A rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to stand pat on interest rates this year.

Benchmark 10-year notes last rose 9/32 in price to push its yield lower to 1.7864%.

In Europe, investors flocked to&nbsp;new&nbsp;fundraisings by Italy and Belgium a day after Spain saw record&nbsp;demand.

The 10-year German bond yield fell 3 basis points to -0.201%, not too far from the more than six-month highs of -0.157% touched at the start of January.

US&nbsp;gold futures settled up 0.6% at $1,554 an ounce.

US President Donald Trump and Chinese Vice Premier Liu He signed a Phase 1 deal that will roll back some tariffs and see China boost purchases of US goods and services, defusing a prolonged conflict between the world's two largest economies.

US President Donald Trump and Chinese Vice Premier Liu He signed a Phase 1 deal that will roll back some tariffs and see China boost purchases of US goods and services, defusing a prolonged conflict between the world's two largest economies. Liu said in remarks at the White House that the United States and China need to step up cooperation and that the deal benefits both countries and the world. The deal capped an 18-month dispute that had roiled markets. The centrepiece of the deal is a pledge by China to purchase at least an additional $200 billion worth of US farm products and other goods and services over two years, over a baseline of $186 billion in purchases in 2017. Key world equity indexes climbed to new records on Wednesday on hopes a US-China trade deal will reduce harmful tensions, but oil prices slid on doubts the pact will spur world growth and boost crude demand. [ Traders work on the floor at the New York Stock Exchange (Courtesy: Reuters) ] MSCI's all-world stock index and the three major indexes on Wall Street set record intraday highs. The MSCI benchmark, along with the Dow and S&P 500, also posted record closing highs, while the Dow closed above the 29,000 mark for the first time. Also Read: China will increase imports from US according to 'market principles': Official The deal is unlikely to significantly change the growth outlook, but it should allow companies to make the capital investments they have not, which is positive, said Marvin Loh, senior global macro strategist at State Street Global Markets. "What's most important to investors is a potential de-escalation and signs that de-escalation will continue this year, which is the outlook period for a lot of investors," he said. "If we can somehow take this out as one of the bigger risks that we had all last year, it does give some confidence to the market. Not necessarily from an economic but from a risk parameter perspective," Loh said. MSCI's gauge of stocks across the globe gained 0.07%. Earlier in Europe, the pan-regional STOXX 600 index closed up 0.1% while MSCI's broadest measure of Asia-Pacific markets outside Japan closed down 0.35%. Japan's Nikkei lost 0.45%. On Wall Street, the Dow Jones Industrial Average rose 90.55 points, or 0.31%, to 29,030.22. The S&P 500 gained 6.14 points, or 0.19%, to 3,289.29 and the Nasdaq Composite added 7.37 points, or 0.08%, to 9,258.70. Emerging market stocks lost 0.53%. Oil prices slipped on concerns the trade agreement may not provide much of a demand boost because the United States intends to keep tariffs on Chinese goods until a Phase 2 deal is reached. Prices were also under pressure from a report by the Organization of Petroleum Exporting Countries. OPEC expects lower demand for its oil in 2020 even as global demand rises, as rival producers grab market share and the United States looks set for another output record. Brent crude fell 49 cents to settle at $64.00 a barrel. US West Texas Intermediate crude futures settled down 42 cents at $57.81 a barrel. The dollar pared losses but remained lower against the euro and the yen after the signing of a trade deal that may prove a mild negative for the greenback as it removes uncertainty. The dollar index, tracking the unit against six major peers, fell 0.14%, with the euro up 0.18% to $1.1147. US Treasury yields declined as investors repositioned around new data showing producer prices barely rose in December. A rise in the cost of goods was offset by weakness in services, the latest indication of tame inflation pressures that could allow the Federal Reserve to stand pat on interest rates this year. Benchmark 10-year notes last rose 9/32 in price to push its yield lower to 1.7864%. In Europe, investors flocked to new fundraisings by Italy and Belgium a day after Spain saw record demand. The 10-year German bond yield fell 3 basis points to -0.201%, not too far from the more than six-month highs of -0.157% touched at the start of January. US gold futures settled up 0.6% at $1,554 an ounce.

US stocks climb to new peak after trade deal

Hong Kong's reputation as a global business hub was dealt a fresh blow Monday after Moody's downgraded a key rating, blaming a lack of government response to months of popular protests and China's increased influence over the city's institutions.

<a href="https://www.wionews.com/world/hong-kong-police-officers-were-beaten-by-protesters-in-rally-275261">Also Read:&nbsp;Protesters rally, thrash police officers in Hong Kong</a>

The rating downgrade is a major blow to Hong Kong's pro-Beijing leader Carrie Lam, who has struggled to end more than seven months of huge and often violent pro-democracy protests.

It also reflects growing concern within the business community that the institutional features that give Hong Kong more political and economic autonomy are weakening under pressure from the authoritarian mainland.

In a statement explaining its decision to downgrade the long-term issuer and senior unsecured ratings one notch to Aa3, Moody's delivered a blunt assessment of the government's response to the protests.

"The absence of tangible plans to address either the political or economic and social concerns of the Hong Kong population that have come to the fore in the past nine months may reflect weaker inherent institutional capacity than Moody's had previously assessed," the New York-based credit rating agency said.

It described the government's response to demands for greater political freedoms -- and sky-high living costs -- as "notably slow, tentative and inconclusive".

"It may also point to more significant constraints on the autonomy of Hong Kong's institutions than previously thought," the agency added, in a nod to pressure from Beijing.

Months of political unrest has upended Hong Kong's reputation for stability while the protests present the most severe challenge to Beijing's rule since the former British colony's 1997 handover to China.

Millions of pro-democracy supporters have taken to Hong Kong's streets with clashes between hardcore protesters and police frequently breaking out.

Combined with the fallout of the US-China trade war, the protests have slammed the tourist and retail sectors and helped tip Hong Kong into a recession.

The protests were initially sparked by a proposed law allowing extraditions to the authoritarian mainland where the opaque judicial system answers to the Communist Party.

Opponents saw it as the latest move by Beijing to chip away at the city's unique freedoms, such as its independent judicial system.

But as Beijing and Lam dug in, the movement morphed into a broader campaign calling for democratic reforms and police accountability.

The extradition law was eventually abandoned, but Beijing has refused further concessions and thrown its full support behind Lam.

Among the key demands of the movement are an inquiry into the police, an amnesty for the thousands arrested and fully free elections.

Moody's decision comes four months after Fitch downgraded the city's sovereign rating, citing ongoing protests and uncertainty caused by closer integration with the Chinese mainland.

It was the first time the agency had downgraded Hong Kong since 1995 when fears about the city's future following its handover to China were at their peak.

Moody's changed Hong Kong's outlook from stable to negative in September after Fitch's move but did not follow suit on a ratings downgrade.

It the statement announcing Monday's downgrade, Moody's moved Hong Kong's outlook back to stable, noting the city's large fiscal reserves, minimal debt burden and ample foreign exchange reserves.

But it warned "closer institutional integration between Hong Kong and China" could contribute to further downgrades in the future.

Hong Kong's reputation as a global business hub was dealt a fresh blow Monday after Moody's downgraded a key rating, blaming a lack of government response to months of popular protests and China's increased influence over the city's institutions.

Hong Kong's reputation as a global business hub was dealt a fresh blow Monday after Moody's downgraded a key rating, blaming a lack of government response to months of popular protests and China's increased influence over the city's institutions. Also Read: Protesters rally, thrash police officers in Hong Kong The rating downgrade is a major blow to Hong Kong's pro-Beijing leader Carrie Lam, who has struggled to end more than seven months of huge and often violent pro-democracy protests. It also reflects growing concern within the business community that the institutional features that give Hong Kong more political and economic autonomy are weakening under pressure from the authoritarian mainland. In a statement explaining its decision to downgrade the long-term issuer and senior unsecured ratings one notch to Aa3, Moody's delivered a blunt assessment of the government's response to the protests. "The absence of tangible plans to address either the political or economic and social concerns of the Hong Kong population that have come to the fore in the past nine months may reflect weaker inherent institutional capacity than Moody's had previously assessed," the New York-based credit rating agency said. It described the government's response to demands for greater political freedoms -- and sky-high living costs -- as "notably slow, tentative and inconclusive". "It may also point to more significant constraints on the autonomy of Hong Kong's institutions than previously thought," the agency added, in a nod to pressure from Beijing. Months of political unrest has upended Hong Kong's reputation for stability while the protests present the most severe challenge to Beijing's rule since the former British colony's 1997 handover to China. Millions of pro-democracy supporters have taken to Hong Kong's streets with clashes between hardcore protesters and police frequently breaking out. Combined with the fallout of the US-China trade war, the protests have slammed the tourist and retail sectors and helped tip Hong Kong into a recession. The protests were initially sparked by a proposed law allowing extraditions to the authoritarian mainland where the opaque judicial system answers to the Communist Party. Opponents saw it as the latest move by Beijing to chip away at the city's unique freedoms, such as its independent judicial system. But as Beijing and Lam dug in, the movement morphed into a broader campaign calling for democratic reforms and police accountability. The extradition law was eventually abandoned, but Beijing has refused further concessions and thrown its full support behind Lam. Among the key demands of the movement are an inquiry into the police, an amnesty for the thousands arrested and fully free elections. Moody's decision comes four months after Fitch downgraded the city's sovereign rating, citing ongoing protests and uncertainty caused by closer integration with the Chinese mainland. It was the first time the agency had downgraded Hong Kong since 1995 when fears about the city's future following its handover to China were at their peak. Moody's changed Hong Kong's outlook from stable to negative in September after Fitch's move but did not follow suit on a ratings downgrade. It the statement announcing Monday's downgrade, Moody's moved Hong Kong's outlook back to stable, noting the city's large fiscal reserves, minimal debt burden and ample foreign exchange reserves. But it warned "closer institutional integration between Hong Kong and China" could contribute to further downgrades in the future.

'No tangible plans': Moody's downgrades protest-hit Hong Kong