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Exchange-traded funds that use leverage to offer double or triple the daily return of benchmark US&nbsp;stock indexes rank among the 10 top-performing funds of the decade, with returns that in some cases neared 2,000 per cent, despite warnings that they are not suitable for most investors.

The huge gains for leveraged ETFs reflect the benefits of betting on growth during the longest bull market in history. But they also highlight the subtle ways in which record-low volatility bolstered investors.

High volatility hurts leveraged ETFs by adding costs to the daily rebalancing trades necessary to maintain leverage.

Fund experts and analysts caution that the outsized returns for leveraged funds may not be repeated in the decade ahead.

"This was virtually the perfect decade. You had very low volatility, very low borrowing costs, and above-average market returns," said William Trainor, a professor at East Tennessee State University who specializes in the study of leveraged ETFs.

While leveraged funds will outperform other options in the decade ahead, Trainor said, rising borrowing costs over the next 3 to 4 years will likely weigh on possible gains.

"I don't think we will see the returns that we've seen again," he said.

The Direxion Daily Technology Bull 3X ETF, for instance, returned nearly 1,920&nbsp;per cent&nbsp;between the start of 2010 through November of this year, according to Morningstar data, the biggest gain among the roughly 10,000 mutual funds and ETFs available in the United States. The ProShares Ultra QQQ, which offers two times the daily return of the Nasdaq 100 index, posted the second-best return with a nearly 1,330&nbsp;per cent&nbsp;gain over the decade.

The top actively managed US&nbsp;stock fund over the decade, by comparison, gained 441 per cent, led by the Virtus KAR Small-Cap Growth fund, the Fidelity Select Retailing fund, and the Berkshire Focus fund.

Despite their outperformance, leveraged funds remain more suitable for tactical investors such as hedge funds than long-term investors, said Todd Rosenbluth, director of ETF and mutual fund research at CFRA.

"You can be very, very right or very, very wrong [with the use of leverage] and that can also reverse itself relatively quickly," he said.

Investors in exchange-traded notes that made leveraged bets on volatility, for instance, suffered one-day losses of 90&nbsp;per cent&nbsp;in February 2018, after the Dow Jones Industrial Average plunged.

Approximately $35 billion in assets is invested in leveraged ETFs and mutual funds, according to Refinitiv Lipper data, with most investors holding the funds for only a few days or weeks at a time.

Robert Nestor, president of leveraged-fund provider Direxion, said that the firm is expecting much of its growth to come in providing funds with no net leverage that appeal to longer-term investors interested in issues such as ESG, a catch-all term for investing in companies that focus on environmental, social, and governance issues.

"We're looking at things that are relevant to other big pockets of assets and investors that don't have or want high levels of leverage," he said.

Exchange-traded funds that use leverage to offer double or triple the daily return of benchmark US stock indexes rank among the 10 top-performing funds of the decade, with returns that in some cases neared 2,000 per cent, despite warnings that they are not suitable for most investors.

Exchange-traded funds that use leverage to offer double or triple the daily return of benchmark US stock indexes rank among the 10 top-performing funds of the decade, with returns that in some cases neared 2,000 per cent, despite warnings that they are not suitable for most investors. The huge gains for leveraged ETFs reflect the benefits of betting on growth during the longest bull market in history. But they also highlight the subtle ways in which record-low volatility bolstered investors. High volatility hurts leveraged ETFs by adding costs to the daily rebalancing trades necessary to maintain leverage. Fund experts and analysts caution that the outsized returns for leveraged funds may not be repeated in the decade ahead. "This was virtually the perfect decade. You had very low volatility, very low borrowing costs, and above-average market returns," said William Trainor, a professor at East Tennessee State University who specializes in the study of leveraged ETFs. While leveraged funds will outperform other options in the decade ahead, Trainor said, rising borrowing costs over the next 3 to 4 years will likely weigh on possible gains. "I don't think we will see the returns that we've seen again," he said. The Direxion Daily Technology Bull 3X ETF, for instance, returned nearly 1,920 per cent between the start of 2010 through November of this year, according to Morningstar data, the biggest gain among the roughly 10,000 mutual funds and ETFs available in the United States. The ProShares Ultra QQQ, which offers two times the daily return of the Nasdaq 100 index, posted the second-best return with a nearly 1,330 per cent gain over the decade. The top actively managed US stock fund over the decade, by comparison, gained 441 per cent, led by the Virtus KAR Small-Cap Growth fund, the Fidelity Select Retailing fund, and the Berkshire Focus fund. Despite their outperformance, leveraged funds remain more suitable for tactical investors such as hedge funds than long-term investors, said Todd Rosenbluth, director of ETF and mutual fund research at CFRA. "You can be very, very right or very, very wrong [with the use of leverage] and that can also reverse itself relatively quickly," he said. Investors in exchange-traded notes that made leveraged bets on volatility, for instance, suffered one-day losses of 90 per cent in February 2018, after the Dow Jones Industrial Average plunged. Approximately $35 billion in assets is invested in leveraged ETFs and mutual funds, according to Refinitiv Lipper data, with most investors holding the funds for only a few days or weeks at a time. Robert Nestor, president of leveraged-fund provider Direxion, said that the firm is expecting much of its growth to come in providing funds with no net leverage that appeal to longer-term investors interested in issues such as ESG, a catch-all term for investing in companies that focus on environmental, social, and governance issues. "We're looking at things that are relevant to other big pockets of assets and investors that don't have or want high levels of leverage," he said.

How risky ETFs won the decade and why they might not repeat that performance

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim <a href="https://www.wionews.com/world/us-smears-impacting-global-stability-china-269828">Sino-US&nbsp;trade deal</a> lent support to the safe-haven bullion.

Spot gold was up 0.3 per cent&nbsp;at $1,490.30 per ounce by 0601 GMT. Earlier in the day, prices hit their highest since November&nbsp;7 at $1,490.75. US&nbsp;gold futures edged up 0.4 per cent&nbsp;to $1,494.30.

Data on Monday showed new orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.

"The weaker US&nbsp;economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the US&nbsp;economy as we enter into 2020," said Stephen Innes, a market strategist at AxiTrader.

Adding to concerns, Canada's economy unexpectedly shrank by 0.1 per cent&nbsp;in October, the first monthly decline since February, partly because of a US&nbsp;auto strike that hit manufacturing.

Gold is considered an alternative investment during times of political and financial uncertainty.

On the trade front, investors awaited further developments on the <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">Phase 1 deal</a> between the world's top two economies.

"We are still not 100 per cent&nbsp;clear if the 'phase one' deal will go through or not, it has not been signed yet ... we then pivot to 'phase two' that suggests you need some gold, because we don't know what the next phase is all about, how contentious of a deal that is going to be," Innes added.

Gold was on track for its best year since 2010 with a 16 per cent&nbsp;gain, mainly due to the 17-month tariff dispute that has roiled the global financial markets.

Even as Beijing and Washington have taken steps to defuse their dispute, they diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of Muslim Uighur minority.

Also watch:&nbsp;Hong kong protests-&nbsp;Violent clashes at Uighur support rally

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Asian shares and US&nbsp;stock futures darted in and out of losses on Tuesday as the holiday lull offset optimism of a trade deal.

Trading is expected to be subdued in many financial markets ahead of the Christmas holidays.

Elsewhere, silver rose 1.1 per cent&nbsp;to $17.62 per ounce, after scaling its highest since November&nbsp;7 at $17.64 earlier in the session.

Palladium gained 0.2 per cent&nbsp;to $1,880 per ounce, while platinum rose 0.1 per cent&nbsp;to $937.12.

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim Sino-US trade deal lent support to the safe-haven bullion.

Gold prices rose to their highest in a month and a half on Tuesday, as soft economic data out of the United States and concerns about an interim Sino-US trade deal lent support to the safe-haven bullion. Spot gold was up 0.3 per cent at $1,490.30 per ounce by 0601 GMT. Earlier in the day, prices hit their highest since November 7 at $1,490.75. US gold futures edged up 0.4 per cent to $1,494.30. Data on Monday showed new orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. "The weaker US economic data is starting to show up ... there are still concerns that the current level of tariffs will continue to weigh on the US economy as we enter into 2020," said Stephen Innes, a market strategist at AxiTrader. Adding to concerns, Canada's economy unexpectedly shrank by 0.1 per cent in October, the first monthly decline since February, partly because of a US auto strike that hit manufacturing. Gold is considered an alternative investment during times of political and financial uncertainty. On the trade front, investors awaited further developments on the Phase 1 deal between the world's top two economies. "We are still not 100 per cent clear if the 'phase one' deal will go through or not, it has not been signed yet ... we then pivot to 'phase two' that suggests you need some gold, because we don't know what the next phase is all about, how contentious of a deal that is going to be," Innes added. Gold was on track for its best year since 2010 with a 16 per cent gain, mainly due to the 17-month tariff dispute that has roiled the global financial markets. Even as Beijing and Washington have taken steps to defuse their dispute, they diverge on a slew of issues, including anti-government protests in Hong Kong and the treatment of Muslim Uighur minority. Also watch: Hong kong protests- Violent clashes at Uighur support rally × Asian shares and US stock futures darted in and out of losses on Tuesday as the holiday lull offset optimism of a trade deal. Trading is expected to be subdued in many financial markets ahead of the Christmas holidays. Elsewhere, silver rose 1.1 per cent to $17.62 per ounce, after scaling its highest since November 7 at $17.64 earlier in the session. Palladium gained 0.2 per cent to $1,880 per ounce, while platinum rose 0.1 per cent to $937.12.

Gold hits 1-1/2-month peak on soft US data, trade deal concerns

Chinese social media firm <a href="https://www.wionews.com/business-economy/founder-of-chinas-smartphone-maker-smartisan-barred-from-planes-trains-259693">ByteDance</a> has no plans to sell part or all of its TikTok app, the short video platform's head said on Tuesday, denying a media report which said the company was currently weighing options to do so due to US&nbsp;concerns.

Bloomberg reported on Monday that the company was considering a <a href="https://www.wionews.com/world/social-media-app-tiktok-removes-islamic-state-propaganda-videos-257458">TikTok</a> stake sale.

"From time to time you may read stories in the media that are not true. Today there is an inaccurate report claiming that ByteDance has considered selling part or all of TikTok," Alex Zhu said in an internal company note seen by Reuters.

"We went on the record saying it was not true, but they decided to publish it anyway. I want to assure you that we have had no discussions with potential buyers of TikTok, nor do we have any intention to."

A ByteDance spokeswoman declined to comment on the internal note but reiterated that there had "been no discussions about any partial or full sale of TikTok".

"These rumours are completely meritless," she added.

ByteDance has been seeking to ringfence TikTok, popular with teenagers in the United States, from much of its Chinese operations to assure US&nbsp;regulatory officials that personal data held by the app is stored securely in America and will not be compromised by Chinese authorities.

The Committee on Foreign Investment in the United States, which reviews deals by foreign acquirers for potential national security risks, is looking into ByteDance's $1 billion purchase of social media app <a href="https://www.wionews.com/world/tiktok-app-fined-in-us-for-illegally-gathering-childrens-data-200266">Musical.ly</a> in 2017 that laid the foundations for TikTok's rapid growth, Reuters has reported.

Chinese social media firm ByteDance has no plans to sell part or all of its TikTok app, the short video platform's head said on Tuesday, denying a media report which said the company was currently weighing options to do so due to US concerns.

Chinese social media firm ByteDance has no plans to sell part or all of its TikTok app, the short video platform's head said on Tuesday, denying a media report which said the company was currently weighing options to do so due to US concerns. Bloomberg reported on Monday that the company was considering a TikTok stake sale. "From time to time you may read stories in the media that are not true. Today there is an inaccurate report claiming that ByteDance has considered selling part or all of TikTok," Alex Zhu said in an internal company note seen by Reuters. "We went on the record saying it was not true, but they decided to publish it anyway. I want to assure you that we have had no discussions with potential buyers of TikTok, nor do we have any intention to." A ByteDance spokeswoman declined to comment on the internal note but reiterated that there had "been no discussions about any partial or full sale of TikTok". "These rumours are completely meritless," she added. ByteDance has been seeking to ringfence TikTok, popular with teenagers in the United States, from much of its Chinese operations to assure US regulatory officials that personal data held by the app is stored securely in America and will not be compromised by Chinese authorities. The Committee on Foreign Investment in the United States, which reviews deals by foreign acquirers for potential national security risks, is looking into ByteDance's $1 billion purchase of social media app Musical.ly in 2017 that laid the foundations for TikTok's rapid growth, Reuters has reported.

ByteDance has no sale plans for TikTok, media report untrue: Sources

British supermarket giant Tesco suspended a Chinese supplier of Christmas cards on Sunday after a press report said a customer found a message written inside a card saying it had been packed by foreign prisoners who were victims of forced labour.

"We abhor the use of prison labour and would never allow it in our supply chain," a Tesco spokesman said on Sunday.

"We were shocked by these allegations and immediately suspended the factory where these cards are produced and launched an investigation. We have also withdrawn these cards from sale whilst we investigate."

Tesco, Britain's biggest retailer, donates 300,000 pounds ($390,000) a year from the sale of the cards to the charities British Heart Foundation, Cancer Research UK and Diabetes UK.

The Sunday Times said the message inside the card read: "We are foreign prisoners in <a href="https://www.wionews.com/world/change-to-chinese-universitys-charter-dropping-freedom-of-thought-stirs-debate-269066">Shanghai</a> Qingpu Prison China. Forced to work against our will. Please help us and notify human rights organisation.

Peter Humphrey is a British former journalist and corporate fraud investigator.

The cards were produced at the Zheijiang Yunguang Printing factory, about 100 km (60 miles) from Shanghai Qingpu prison, Tesco said.

The company, which prints cards and books for food and pharmaceutical companies, says on its website it supplies Tesco.

A staff member who answered the company's main telephone line on Monday told Reuters they were unaware of the press reports or Tesco's comments. She declined to provide her name. The company did not respond to further emailed requests for comment.

Humphrey and his American wife Yu Yingzeng were both sentenced in China in 2014 for illegally obtaining private records of Chinese citizens and selling the information to clients including drugmaker <a href="https://www.wionews.com/business-economy/gsk-raises-profit-forecast-after-shingles-vaccine-sales-boost-258876">GlaxoSmithKline</a>. The couple were deported from China in June 2015 after their jail terms were reduced.

The message inside the card was found by a 6-year-old girl, Florence Widdicombe, in London. Her father, Ben Widdicombe, contacted Humphrey via the LinkedIn social network.

Florence Widdicombe said she was "shocked" to see the message in the card. "We opened them about a week ago and we were writing in them, and on about my sixth or eighth card, somebody had already written in it," she told BBC TV.

Her father said at first he thought the note was a prank, but he later realised it was potentially a serious matter and he felt a responsibility to pass it on to Peter Humphrey as requested.

Writing in the Sunday Times, Humphrey said he did not know the identities or the nationalities of the prisoners who put the note into the card, but he "had no doubt they are Qingpu prisoners who knew me before my release in June 2015 from the suburban prison where I spent 23 months".

Tesco said it had a comprehensive auditing process in place.

"This supplier was independently audited as recently as last month and no evidence was found to suggest they had broken our rule banning the use of prison labour," the spokesman said.&nbsp;

"If a supplier breaches these rules, we will immediately and permanently de-list them."

Humphrey and his wife said in their trial they had not thought they were doing anything illegal in their activities in <a href="https://www.wionews.com/world/china-japan-south-korea-prepare-for-trilateral-summit-amid-tensions-269632">China</a>.

British supermarket giant Tesco suspended a Chinese supplier of Christmas cards on Sunday after a press report said a customer found a message written inside a card saying it had been packed by foreign prisoners who were victims of forced labour.

British supermarket giant Tesco suspended a Chinese supplier of Christmas cards on Sunday after a press report said a customer found a message written inside a card saying it had been packed by foreign prisoners who were victims of forced labour. "We abhor the use of prison labour and would never allow it in our supply chain," a Tesco spokesman said on Sunday. "We were shocked by these allegations and immediately suspended the factory where these cards are produced and launched an investigation. We have also withdrawn these cards from sale whilst we investigate." Tesco, Britain's biggest retailer, donates 300,000 pounds ($390,000) a year from the sale of the cards to the charities British Heart Foundation, Cancer Research UK and Diabetes UK. The Sunday Times said the message inside the card read: "We are foreign prisoners in Shanghai Qingpu Prison China. Forced to work against our will. Please help us and notify human rights organisation. Peter Humphrey is a British former journalist and corporate fraud investigator. The cards were produced at the Zheijiang Yunguang Printing factory, about 100 km (60 miles) from Shanghai Qingpu prison, Tesco said. The company, which prints cards and books for food and pharmaceutical companies, says on its website it supplies Tesco. A staff member who answered the company's main telephone line on Monday told Reuters they were unaware of the press reports or Tesco's comments. She declined to provide her name. The company did not respond to further emailed requests for comment. Humphrey and his American wife Yu Yingzeng were both sentenced in China in 2014 for illegally obtaining private records of Chinese citizens and selling the information to clients including drugmaker GlaxoSmithKline. The couple were deported from China in June 2015 after their jail terms were reduced. The message inside the card was found by a 6-year-old girl, Florence Widdicombe, in London. Her father, Ben Widdicombe, contacted Humphrey via the LinkedIn social network. Florence Widdicombe said she was "shocked" to see the message in the card. "We opened them about a week ago and we were writing in them, and on about my sixth or eighth card, somebody had already written in it," she told BBC TV. Her father said at first he thought the note was a prank, but he later realised it was potentially a serious matter and he felt a responsibility to pass it on to Peter Humphrey as requested. Writing in the Sunday Times, Humphrey said he did not know the identities or the nationalities of the prisoners who put the note into the card, but he "had no doubt they are Qingpu prisoners who knew me before my release in June 2015 from the suburban prison where I spent 23 months". Tesco said it had a comprehensive auditing process in place. "This supplier was independently audited as recently as last month and no evidence was found to suggest they had broken our rule banning the use of prison labour," the spokesman said. "If a supplier breaches these rules, we will immediately and permanently de-list them." Humphrey and his wife said in their trial they had not thought they were doing anything illegal in their activities in China.

Tesco suspends Chinese supplier after suspected prisoner message

<a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Oil prices</a> fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "<a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">very shortly</a>".

Brent crude was down 16 cents, or 0.2 per cent, at $65.98 a barrel by 0730 GMT. West Texas Intermediate was down 22 cents, or 0.4 per cent, at $60.22 a barrel.

A so-called <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">phase one deal</a> was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and <a href="https://www.wionews.com/world/trump-hopes-us-china-trade-deal-will-be-signed-by-middle-of-november-256808">roiled global growth</a>.

The United States is to agree to <a href="https://www.wionews.com/world/trump-will-make-final-call-on-china-tariffs-likes-direction-of-talks-larry-kudlow-266889">reduce some tariffs</a> in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January.

"We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday.

The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand.

"Oil prices will continue to benefit from the positive developments in the <a href="https://www.wionews.com/world/donald-trump-xi-jinping-give-positive-signals-on-trade-deal-after-phone-call-269443">US-China&nbsp;trade</a>," said <a href="https://www.wionews.com/business-economy/gold-prices-subdued-as-investors-await-trade-deal-details-palladium-dips-268837">Stephen Innes</a>, chief&nbsp;Asia market strategist at <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">AxiTrader</a>.

"With a more constructive global macro outlook than at any time in the last year, oil is well-supported by both fundamental factors and sentiment now," he said.

US&nbsp;drillers may be anticipating higher prices as well and last week increased the number of their oil rigs by the most in a week since February 2018.

Drillers added 18 oil rigs in the week to December&nbsp;20, bringing the total to 685, the most since November, <a href="https://www.wionews.com/business-economy/oil-drops-as-us-inventory-build-record-output-rekindles-supply-worries-264998">Baker Hughes</a>, an energy services company, said in its weekly report.

US&nbsp;economic growth nudged up in the third quarter, latest data shows, and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labour market.

Many investors are on holiday already with the end of the year around the corner and trading is thin, potentially accentuating market moves due to the lack of liquidity.

"With the holiday season upon us with much-reduced volumes and liquidity, some choppy daily moves can&nbsp;be expected," said <a href="https://www.wionews.com/business-economy/oil-rises-on-hopes-for-deeper-opec-output-cuts-us-china-trade-talks-255148">Jeffrey Halley</a>, senior market analyst at OANDA.

Oil prices fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "very shortly".

Oil prices fell on Monday, but were holding near recent three-month highs amid expectations that the United States and China will soon agree on a trade deal, with President Donald Trump saying an agreement would be signed "very shortly". Brent crude was down 16 cents, or 0.2 per cent, at $65.98 a barrel by 0730 GMT. West Texas Intermediate was down 22 cents, or 0.4 per cent, at $60.22 a barrel. A so-called phase one deal was announced earlier in December as part of a bid to end the months-long tit-for-tat trade war between the world's two largest economies, which has sent shockwaves through markets and roiled global growth. The United States is to agree to reduce some tariffs in return for a big increase in purchases by Chinese importers of American farm products, according to the deal that is due to be signed in January. "We just achieved a breakthrough on the trade deal and we will be signing it very shortly," Trump said at a Turning Point USA event in Florida on Saturday. The easing of tensions has improved business confidence and boosted the outlook for economic growth and energy demand. "Oil prices will continue to benefit from the positive developments in the US-China trade," said Stephen Innes, chief Asia market strategist at AxiTrader. "With a more constructive global macro outlook than at any time in the last year, oil is well-supported by both fundamental factors and sentiment now," he said. US drillers may be anticipating higher prices as well and last week increased the number of their oil rigs by the most in a week since February 2018. Drillers added 18 oil rigs in the week to December 20, bringing the total to 685, the most since November, Baker Hughes, an energy services company, said in its weekly report. US economic growth nudged up in the third quarter, latest data shows, and the economy appears to have maintained the moderate pace of expansion as the year ended, supported by a strong labour market. Many investors are on holiday already with the end of the year around the corner and trading is thin, potentially accentuating market moves due to the lack of liquidity. "With the holiday season upon us with much-reduced volumes and liquidity, some choppy daily moves can be expected," said Jeffrey Halley, senior market analyst at OANDA.

Oil eases but supported by trade deal hopes

<a href="https://www.wionews.com/business-economy/global-markets-asia-shares-eke-out-another-peak-pound-fears-brexit-redux-268851">Asian markets</a> idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month.

In early European trades, the pan-region Euro Stoxx 50 futures and German DAX futures rose 0.1 per cent&nbsp;each while those for London's FTSE inched up a bit.

E-Mini futures for the S&amp;P 500 climbed to all-time highs having put on 2.7 per cent&nbsp;for the month.

MSCI's <a href="https://www.wionews.com/business-economy/nifty-sensex-flat-as-financials-offset-it-gains-269058">broadest index</a> of Asia-Pacific shares outside Japan hovered near its highest since June 2018, having risen 1.4 per cent&nbsp;last week and more than 5 per cent&nbsp;this month. For the final quarter of the year, it is up nearly 10 per cent, so far.

Global stocks were "basking in the afterglow of the <a href="https://www.wionews.com/world/phase-one-trade-deal-with-china-would-be-signed-very-shortly-donald-trump-269576">US&nbsp;China trade deal</a> and continued encouraging signs of stabilisation in the global growth slowdown," said <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-a-sea-of-red-as-hk-chaos-hits-sentiment-261277">David Bassanese</a>, Sydney-based chief economist at Betashares.

On Friday, the benchmark S&amp;P 500 extended its run of record highs to seven straight sessions, its longest streak in more than two years. All three major US&nbsp;indexes - the S&amp;P 500, Nasdaq and Dow - notched up gains.

"While we're entering 2020 with more hope than last year, as is always the case, there's never any room for complacency," Bassanese added.

Data on Friday showed US&nbsp;growth nudged up in the third quarter, while there were signs the economy maintained its moderate pace of expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending.

US&nbsp;President Donald Trump gave markets more reasons to cheer on Saturday when he said the United States and China would "very shortly" sign their so-called <a href="https://www.wionews.com/world/donald-trump-xi-jinping-give-positive-signals-on-trade-deal-after-phone-call-269443">Phase One&nbsp;trade pact</a>.

Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products.

Further, China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as it looks to boost imports amid a slowing economy and a trade war with the United States.

During Asian hours on Monday, Japan's <a href="https://www.wionews.com/world/irans-rouhani-to-visit-japan-amid-heightened-tensions-with-united-states-268703">Nikkei</a> trod water after reaching a 14-month top last week. It was ahead by 2.3 per cent&nbsp;for the month so far.

South Korea's market was down 0.1 per cent&nbsp;after adding 5.5 per cent&nbsp;so far in December. Chinese shares eased with the blue-chip CSI300 down 0.5 per cent&nbsp;while Australian shares ended in the red.

The only major data this week is the US&nbsp;<a href="https://www.wionews.com/world/trade-truce-unlikely-in-2020-but-us-recession-fears-recede-economists-reuters-poll-261987">personal consumption expenditure</a> (PCE) deflator for November, due on Friday.

Action was muted in currency markets as well.

The euro held at $1.1078 after slipping 0.4 per cent&nbsp;last week.

Sterling last fetched $1.3011, not far from Friday's three-week low of $1.2976. It slid 2.6 per cent&nbsp;last week for its worst weekly showing since October 2017.

The safe haven Japanese yen was treading water at 109.40.

That left the dollar index barely changed at 97.667 against six major currencies.

In commodities, <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Brent crude</a> was off 21 cents at $65.93 a barrel, while West Texas Intermediate crude slipped 24 cents to $60.2 a barrel.

Spot gold was slightly ahead at $1,480.62 an ounce.

Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month.

Asian markets idled near 18-month highs on Monday as trading volumes weakened ahead of the Christmas holiday break, with investors taking profit on gains made earlier this month. In early European trades, the pan-region Euro Stoxx 50 futures and German DAX futures rose 0.1 per cent each while those for London's FTSE inched up a bit. E-Mini futures for the S&P 500 climbed to all-time highs having put on 2.7 per cent for the month. MSCI's broadest index of Asia-Pacific shares outside Japan hovered near its highest since June 2018, having risen 1.4 per cent last week and more than 5 per cent this month. For the final quarter of the year, it is up nearly 10 per cent, so far. Global stocks were "basking in the afterglow of the US China trade deal and continued encouraging signs of stabilisation in the global growth slowdown," said David Bassanese, Sydney-based chief economist at Betashares. On Friday, the benchmark S&P 500 extended its run of record highs to seven straight sessions, its longest streak in more than two years. All three major US indexes - the S&P 500, Nasdaq and Dow - notched up gains. "While we're entering 2020 with more hope than last year, as is always the case, there's never any room for complacency," Bassanese added. Data on Friday showed US growth nudged up in the third quarter, while there were signs the economy maintained its moderate pace of expansion as the year ended. Consumer spending was stronger than previously reported, and there were upgrades to business spending. US President Donald Trump gave markets more reasons to cheer on Saturday when he said the United States and China would "very shortly" sign their so-called Phase One trade pact. Under the deal, the United States would agree to reduce some tariffs in exchange for a big jump in Chinese purchases of American farm products. Further, China said on Monday it would lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as it looks to boost imports amid a slowing economy and a trade war with the United States. During Asian hours on Monday, Japan's Nikkei trod water after reaching a 14-month top last week. It was ahead by 2.3 per cent for the month so far. South Korea's market was down 0.1 per cent after adding 5.5 per cent so far in December. Chinese shares eased with the blue-chip CSI300 down 0.5 per cent while Australian shares ended in the red. The only major data this week is the US personal consumption expenditure (PCE) deflator for November, due on Friday. Action was muted in currency markets as well. The euro held at $1.1078 after slipping 0.4 per cent last week. Sterling last fetched $1.3011, not far from Friday's three-week low of $1.2976. It slid 2.6 per cent last week for its worst weekly showing since October 2017. The safe haven Japanese yen was treading water at 109.40. That left the dollar index barely changed at 97.667 against six major currencies. In commodities, Brent crude was off 21 cents at $65.93 a barrel, while West Texas Intermediate crude slipped 24 cents to $60.2 a barrel. Spot gold was slightly ahead at $1,480.62 an ounce.

Asian shares near 18-month high, bask in trade deal afterglow

The head of&nbsp;<a href="https://www.wionews.com/world/italy-banker-warns-on-political-crisis-as-investors-fear-for-euro-140705">Italy's central&nbsp;bank</a>&nbsp;rebuffed criticism of its&nbsp;role&nbsp;in supervising struggling lender Banca Popolare di&nbsp;Bari&nbsp;and said in an interview published on Monday that it was ready to account for its actions.

Prosecutors in the southern Italian city of&nbsp;Bari&nbsp;are investigating the former cooperative&nbsp;bank's chairman for alleged corruption in relation to the central&nbsp;bank's supervisory activity, a judicial source said on Sunday.

The&nbsp;Bank&nbsp;of&nbsp;Italy&nbsp;put Popolare di&nbsp;Bari, the biggest lender in the poorer south of the country, under special administration this month and Rome has agreed on measures worth up to 900 million euros ($997 million) to prop up the unlisted&nbsp;bank.

"Banking supervision has accomplished its duties with the highest effort and, in my opinion, positively,"&nbsp;Bank&nbsp;of&nbsp;Italy&nbsp;Governor Ignazio Visco told Il Corriere Della Sera newspaper in an interview published on Monday.

"We are ready to account for our actions, as we have always done, at an institutional level," he said.

The country's&nbsp;banking&nbsp;crisis&nbsp;has shone a spotlight on the&nbsp;Bank&nbsp;of&nbsp;Italy's supervisory&nbsp;role&nbsp;and the ruling 5-Star Movement has called for a reform of how the central&nbsp;bank's top managers are appointed.

Visco said the central&nbsp;bank&nbsp;would, however, assess whether it had made mistakes when asked about Popolare di&nbsp;Bari's takeover of struggling rival Tercas in 2014.

Critics say the deal accelerated Popolare de&nbsp;Bari's problems by increasing its portfolio of bad loans.

Popolare di&nbsp;Bari's rescue is the latest episode in a string of&nbsp;banking crises to hit&nbsp;Italy&nbsp;since 2015, costing the state and other Italian&nbsp;banks some 23 billion euros.

Visco said some small&nbsp;banks in&nbsp;Italy&nbsp;were still "weak" and the&nbsp;Bank&nbsp;of&nbsp;Italy&nbsp;was closely monitoring them.

"The problem is that we have an insufficient&nbsp;crisis&nbsp;management system. To manage a&nbsp;crisis&nbsp;you don't just need to be able to forecast it, you need tools," he said, without specifying what tools he was referring to.

"I've been asking for a long time for new rules to be established at the European level," he said.

The&nbsp;Bank&nbsp;of&nbsp;Italy&nbsp;was not immediately available for comment.

Visco said the rescue plan for Popolare di&nbsp;Bari&nbsp;which involves a depositor guarantee fund financed by Italian&nbsp;banks and state-owned Banca del Mezzogiorno-Mediocredito Centrale aims to prevent depositors and bondholders losing money.

But he suggested the cooperative&nbsp;bank's 69,000 shareholders, who are mostly retail investors, could book losses.

"The industrial plan will define the amount needed for new capital, the way to carry it out and the involvement of current shareholders," Visco said.

He said the plan would be open to other&nbsp;banks willing to join a larger financial entity with adequate size for the "new technological and competitive environment".

The head of Italy's central bank rebuffed criticism of its role in supervising struggling lender Banca Popolare di Bari and said in an interview published on Monday that it was ready to account for its actions.

The head of Italy's central bank rebuffed criticism of its role in supervising struggling lender Banca Popolare di Bari and said in an interview published on Monday that it was ready to account for its actions. Prosecutors in the southern Italian city of Bari are investigating the former cooperative bank's chairman for alleged corruption in relation to the central bank's supervisory activity, a judicial source said on Sunday. The Bank of Italy put Popolare di Bari, the biggest lender in the poorer south of the country, under special administration this month and Rome has agreed on measures worth up to 900 million euros ($997 million) to prop up the unlisted bank. "Banking supervision has accomplished its duties with the highest effort and, in my opinion, positively," Bank of Italy Governor Ignazio Visco told Il Corriere Della Sera newspaper in an interview published on Monday. "We are ready to account for our actions, as we have always done, at an institutional level," he said. The country's banking crisis has shone a spotlight on the Bank of Italy's supervisory role and the ruling 5-Star Movement has called for a reform of how the central bank's top managers are appointed. Visco said the central bank would, however, assess whether it had made mistakes when asked about Popolare di Bari's takeover of struggling rival Tercas in 2014. Critics say the deal accelerated Popolare de Bari's problems by increasing its portfolio of bad loans. Popolare di Bari's rescue is the latest episode in a string of banking crises to hit Italy since 2015, costing the state and other Italian banks some 23 billion euros. Visco said some small banks in Italy were still "weak" and the Bank of Italy was closely monitoring them. "The problem is that we have an insufficient crisis management system. To manage a crisis you don't just need to be able to forecast it, you need tools," he said, without specifying what tools he was referring to. "I've been asking for a long time for new rules to be established at the European level," he said. The Bank of Italy was not immediately available for comment. Visco said the rescue plan for Popolare di Bari which involves a depositor guarantee fund financed by Italian banks and state-owned Banca del Mezzogiorno-Mediocredito Centrale aims to prevent depositors and bondholders losing money. But he suggested the cooperative bank's 69,000 shareholders, who are mostly retail investors, could book losses. "The industrial plan will define the amount needed for new capital, the way to carry it out and the involvement of current shareholders," Visco said. He said the plan would be open to other banks willing to join a larger financial entity with adequate size for the "new technological and competitive environment".

Bank of Italy chief defends regulator's role in Bari bank crisis

<a href="https://www.wionews.com/business-economy/softbank-agrees-to-sell-50-stake-in-wag-labs-back-to-the-dog-walking-startup-267531">SoftBank </a>Group Corp's&nbsp;talks&nbsp;to secure $3&nbsp;billion&nbsp;from&nbsp;Japan's three biggest&nbsp;banks&nbsp;have&nbsp;stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5&nbsp;billion&nbsp;rescue package for&nbsp;WeWork.

The&nbsp;Japanese technology conglomerate is now likely to enter the new year without the&nbsp;<a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork</a>&nbsp;financing&nbsp;in place, the people said, adding the&nbsp;banks&nbsp;are also concerned about the risks involved in rescuing the US&nbsp;office-sharing startup.

Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc (MUFG) and Sumitomo Mitsui Financial Group Inc (SMFG) are seeking ways to provide the&nbsp;financing&nbsp;while offsetting exposure, the people said, declining to be identified because the information is not public.

SoftBank did not respond to a request for comment. Mizuho, MUFG and SMFG declined to comment.

One option is to use some of&nbsp;SoftBank's&nbsp;26 per cent stake in Chinese e-commerce major <a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group</a> Holding Ltd as collateral, the people said.

"SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk," said a senior banker.

The&nbsp;talks&nbsp;illustrate the difficulty SoftBank poses for&nbsp;Japan's&nbsp;banks. Founder Masayoshi Son's tech juggernaut has long been a lucrative source of corporate lending in the world's third-largest economy, where&nbsp;banks&nbsp;typically have to lend at ultra-low interest rates given years of deflation.

But&nbsp;SoftBank's&nbsp;growing debt and turmoil at major bet&nbsp;WeWork&nbsp;earlier this year also highlight the firm's higher risk profile.

"Banks&nbsp;cannot loosen their credit criteria only for SoftBank," said S&amp;P Global Ratings senior director Ryoji Yoshizawa.

Another option to spread the risk is a syndicated loan, Yoshizawa said, adding this would be time-consuming potentially delaying&nbsp;financing.

SoftBank in October said it would launch a $9.5&nbsp;billion&nbsp;bailout of&nbsp;WeWork&nbsp;after the cancellation of the startup's initial public offering due to investor concerns over its corporate governance and co-founder Adam Neumann's hard-partying ways.

Son has said he turned a blind eye to Neumann's management, but that the company is still a solid business.

The domestic bank deadlock led SoftBank to secure a $1.75&nbsp;billion&nbsp;line of credit from Goldman Sachs Group Inc, the people said.

Goldman Sachs declined to comment.

SoftBank has 5.5 trillion yen ($50.28&nbsp;billion) in outstanding bonds and another 4 trillion yen in bank loans, Refinitiv data showed. Its weighted average cost of debt is 3.7 per cent , the seventh-highest among all companies on the Nikkei 225 Stock Average.

Moody's calculations showed the conglomerate's interest coverage ratio is 1.3, meaning group income is enough to service its debt, with some leftover.

SoftBank Group Corp's talks to secure $3 billion from Japan's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.

SoftBank Group Corp's talks to secure $3 billion from Japan's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The Japanese technology conglomerate is now likely to enter the new year without the WeWork financing in place, the people said, adding the banks are also concerned about the risks involved in rescuing the US office-sharing startup. Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc (MUFG) and Sumitomo Mitsui Financial Group Inc (SMFG) are seeking ways to provide the financing while offsetting exposure, the people said, declining to be identified because the information is not public. SoftBank did not respond to a request for comment. Mizuho, MUFG and SMFG declined to comment. One option is to use some of SoftBank's 26 per cent stake in Chinese e-commerce major Alibaba Group Holding Ltd as collateral, the people said. "SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk," said a senior banker. The talks illustrate the difficulty SoftBank poses for Japan's banks. Founder Masayoshi Son's tech juggernaut has long been a lucrative source of corporate lending in the world's third-largest economy, where banks typically have to lend at ultra-low interest rates given years of deflation. But SoftBank's growing debt and turmoil at major bet WeWork earlier this year also highlight the firm's higher risk profile. "Banks cannot loosen their credit criteria only for SoftBank," said S&P Global Ratings senior director Ryoji Yoshizawa. Another option to spread the risk is a syndicated loan, Yoshizawa said, adding this would be time-consuming potentially delaying financing. SoftBank in October said it would launch a $9.5 billion bailout of WeWork after the cancellation of the startup's initial public offering due to investor concerns over its corporate governance and co-founder Adam Neumann's hard-partying ways. Son has said he turned a blind eye to Neumann's management, but that the company is still a solid business. The domestic bank deadlock led SoftBank to secure a $1.75 billion line of credit from Goldman Sachs Group Inc, the people said. Goldman Sachs declined to comment. SoftBank has 5.5 trillion yen ($50.28 billion) in outstanding bonds and another 4 trillion yen in bank loans, Refinitiv data showed. Its weighted average cost of debt is 3.7 per cent , the seventh-highest among all companies on the Nikkei 225 Stock Average. Moody's calculations showed the conglomerate's interest coverage ratio is 1.3, meaning group income is enough to service its debt, with some leftover.

SoftBank's $3 billion WeWork financing talks stall with Japan banks: Sources

Indian shares ended nearly unchanged on Monday, tracking subdued global markets ahead of year-end holidays, while gains in local auto stocks were offset by losses in public sector banks.

The Nifty ended down 0.07% at 12,262.75, while the benchmark Sensex was lower by 0.02% at 41,669.53. Both the indexes hit record intraday highs on Friday.

The Nifty auto index rose 0.6%, while the public sector bank index fell 1.3%.

Zee Entertainment Enterprises ended 3.6% higher and was the top gainer in the Nifty 50 index, while Yes Bank shares ended 3.8% lower and were the top loser in the Nifty index.

Global stocks stalled near record highs and currency markets were little changed, as trading dwindled before the Christmas holiday and investors took profit on gains made this month.

Indian shares ended nearly unchanged on Monday, tracking subdued global markets ahead of year-end holidays, while gains in local auto stocks were offset by losses in public sector banks.

Indian shares ended nearly unchanged on Monday, tracking subdued global markets ahead of year-end holidays, while gains in local auto stocks were offset by losses in public sector banks. The Nifty ended down 0.07% at 12,262.75, while the benchmark Sensex was lower by 0.02% at 41,669.53. Both the indexes hit record intraday highs on Friday. The Nifty auto index rose 0.6%, while the public sector bank index fell 1.3%. Zee Entertainment Enterprises ended 3.6% higher and was the top gainer in the Nifty 50 index, while Yes Bank shares ended 3.8% lower and were the top loser in the Nifty index. Global stocks stalled near record highs and currency markets were little changed, as trading dwindled before the Christmas holiday and investors took profit on gains made this month.

Nifty, Sensex end flat ahead on holidays; PSU banks offset auto gains

US&nbsp;electric vehicle maker&nbsp;<a href="https://www.wionews.com/business-economy/tesla-suffer-mishap-during-launch-of-electric-cybertruck-263848">Tesla&nbsp;Inc</a> and a group of China&nbsp;banks&nbsp;have agreed a&nbsp;new&nbsp;10&nbsp;billion&nbsp;yuan ($1.4&nbsp;billion), five-year&nbsp;loan&nbsp;facility for the automaker's&nbsp;Shanghai&nbsp;car plant, three sources familiar with the matter said, part of which will be used to roll over an existing&nbsp;loan.

China Construction Bank (CCB), <a href="https://www.wionews.com/business-economy/pakistans-habib-bank-under-us-scanner-in-money-laundering-case-faces-630-million-fine-19609/amp">Agricultural Bank of China</a> (AgBank), Industrial and Commercial Bank of China (ICBC) and&nbsp;Shanghai&nbsp;Pudong Development Bank (SPDB) are among the&nbsp;banks&nbsp;which have agreed to give&nbsp;Tesla&nbsp;the financial support, one source with direct knowledge said.

The&nbsp;Chinese&nbsp;banks&nbsp;earlier this year already offered&nbsp;Tesla&nbsp;a 12-month facility of up to 3.5&nbsp;billion&nbsp;yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the US&nbsp;Securities and Exchange Commission.

That&nbsp;new&nbsp;loan&nbsp;will be partially used to roll over the previous 3.5&nbsp;billion&nbsp;yuan debt, according to the first source. The second source said the rest will be used on the&nbsp;factory&nbsp;and&nbsp;Tesla's China operations.

The&nbsp;new&nbsp;loan's interest rate will be pegged at 90 per cent&nbsp;&nbsp;of China's one-year benchmark interest rate, the same as the 3.5&nbsp;billion&nbsp;yuan&nbsp;loan, the first source said. This is a rate that China&nbsp;banks&nbsp;offer to their best clients.

Tesla, CCB, AgBank, ICBC and SPDB did not immediately respond to Reuters' requests for comment.

Tesla&nbsp;broke ground on the&nbsp;factory&nbsp;in January and has started producing vehicles&nbsp;from&nbsp;its&nbsp;Shanghai&nbsp;plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year.

The&nbsp;factory, which is&nbsp;<a href="https://www.wionews.com/world/tesla-boss-elon-musk-wins-defamation-trial-over-his-pedo-guy-tweet-266759">Tesla</a>'s first car manufacturing site outside the United States, is the centrepiece of its ambitions to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US-made cars.

The&nbsp;Shanghai&nbsp;government has also thrown its support behind the&nbsp;Tesla&nbsp;project, which would be China's first wholly foreign-owned car plant and a reflection of the government's broader shift to open up its car market.

US electric vehicle maker Tesla Inc and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan.

US electric vehicle maker Tesla Inc and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan. China Construction Bank (CCB), Agricultural Bank of China (AgBank), Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank (SPDB) are among the banks which have agreed to give Tesla the financial support, one source with direct knowledge said. The Chinese banks earlier this year already offered Tesla a 12-month facility of up to 3.5 billion yuan, which is due to be repaid on March 4, 2020, according to a filing the automaker made to the US Securities and Exchange Commission. That new loan will be partially used to roll over the previous 3.5 billion yuan debt, according to the first source. The second source said the rest will be used on the factory and Tesla's China operations. The new loan's interest rate will be pegged at 90 per cent of China's one-year benchmark interest rate, the same as the 3.5 billion yuan loan, the first source said. This is a rate that China banks offer to their best clients. Tesla, CCB, AgBank, ICBC and SPDB did not immediately respond to Reuters' requests for comment. Tesla broke ground on the factory in January and has started producing vehicles from its Shanghai plant. It aims to build at least 1,000 Model 3 cars a week by the end of this year. The factory, which is Tesla's first car manufacturing site outside the United States, is the centrepiece of its ambitions to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US-made cars. The Shanghai government has also thrown its support behind the Tesla project, which would be China's first wholly foreign-owned car plant and a reflection of the government's broader shift to open up its car market.

Tesla to take new $1.4 billion loan from Chinese banks for Shanghai factory: Sources

Indian benchmark indices Sensex and Nifty rose to a record high in the early hours of trade on Friday.

In the initial trade, Sensex hit&nbsp;a record high of 41, 809.96 and after that, the 30-share BSE index was trading 102.51 points or 0.25 per cent higher at 41,776.43 in the opening session.

Meanwhile, the rupee on Friday opened 10 paise lower at 71.14 against the US dollar after the Reserve Bank of India said it will conduct a simultaneous sale and purchase of bonds, in a move seen by market participants as an attempt to bring longer-term yields lower.

Mid-caps were trading flat with the S&amp;P BSE Mid-cap index up 0.03 per cent. The S&amp;P BSE small-cap index, on the other hand, was up 0.11 per cent.

Indian benchmark indices Sensex and Nifty rose to a record high in the early hours of trade on Friday. In the initial trade, Sensex hit a record high of 41, 809.

Indian benchmark indices Sensex and Nifty rose to a record high in the early hours of trade on Friday. In the initial trade, Sensex hit a record high of 41, 809.96 and after that, the 30-share BSE index was trading 102.51 points or 0.25 per cent higher at 41,776.43 in the opening session. Meanwhile, the rupee on Friday opened 10 paise lower at 71.14 against the US dollar after the Reserve Bank of India said it will conduct a simultaneous sale and purchase of bonds, in a move seen by market participants as an attempt to bring longer-term yields lower. Mid-caps were trading flat with the S&P BSE Mid-cap index up 0.03 per cent. The S&P BSE small-cap index, on the other hand, was up 0.11 per cent.

Sensex hits all-time high of 41,798, Nifty at a record peak of 12,272

Indian shares ended a tick higher on Friday, as gains in financial stocks offset marginal losses in auto stocks.

The NSE Nifty 50 Index ended 0.1 per cent higher at 12,271.80, while the S&amp;P BSE Sensex index closed 0.02 per cent higher at 41,681.54.

Both the indexes clocked second straight weekly gains and their best week since week-ending November&nbsp;1.

The Nifty PSU Bank index, which tracks the country's state-run lenders, closed 2.28 per cent higher with 10 out of 12 stocks on the index finishing in positive territory.

Shares of miner Vedanta Ltd and Tata Motors Ltd were among the top losers on the NSE Nifty index, closing down 3.41 per cent and 1.79 per cent, respectively.

The country's auto index finished the session 0.39 per cent lower. 
&nbsp;

Indian shares ended a tick higher on Friday, as gains in financial stocks offset marginal losses in auto stocks. The NSE Nifty 50 Index ended 0.1 per cent higher at 12,271.

Indian shares ended a tick higher on Friday, as gains in financial stocks offset marginal losses in auto stocks. The NSE Nifty 50 Index ended 0.1 per cent higher at 12,271.80, while the S&P BSE Sensex index closed 0.02 per cent higher at 41,681.54. Both the indexes clocked second straight weekly gains and their best week since week-ending November 1. The Nifty PSU Bank index, which tracks the country's state-run lenders, closed 2.28 per cent higher with 10 out of 12 stocks on the index finishing in positive territory. Shares of miner Vedanta Ltd and Tata Motors Ltd were among the top losers on the NSE Nifty index, closing down 3.41 per cent and 1.79 per cent, respectively. The country's auto index finished the session 0.39 per cent lower.

Sensex, Nifty close higher, financials gain

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

The NSE Nifty 50 Index fell 0.08 per cent&nbsp;to 12,211.50 as on 0400 GMT, while the S&amp;P BSE Sensex index was down 0.09 per cent&nbsp;at 41,515.96.

Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent.

Meanwhile, investors are also weighing a decision by US&nbsp;House of Representatives to impeach US&nbsp;President Donald Trump for <a href="https://www.wionews.com/world/impeached-us-president-trump-says-democrats-consumed-with-hatred-269042">abuse of power</a> and obstruction of Congress.

But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office.

In India, sentiments were also dampened by the <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-to-chair-38th-gst-council-meeting-today-268815">Goods and Services Tax</a> (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut.

The rupee strengthened by 0.06 per cent&nbsp;to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent.

The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent.

The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-end-higher-it-metal-stocks-shine-268969">Nifty IT index</a> rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent.

Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company.

Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets. The NSE Nifty 50 Index fell 0.08 per cent to 12,211.50 as on 0400 GMT, while the S&P BSE Sensex index was down 0.09 per cent at 41,515.96. Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent. Meanwhile, investors are also weighing a decision by US House of Representatives to impeach US President Donald Trump for abuse of power and obstruction of Congress. But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office. In India, sentiments were also dampened by the Goods and Services Tax (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut. The rupee strengthened by 0.06 per cent to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent. The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent. The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red. The Nifty IT index rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent. Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company. Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Nifty, Sensex flat as financials offset IT gains

<a href="Boeing 737MAX 8 jets stands idle at the company's delivery centre, just south of Seattle. It's one of an estimated four hundred 737MAX's stored in Seattle, many in a Boeing employee parking lot, as well as at airfields across the country.">Boeing</a>&nbsp;had hoped that the Federal Aviation Administration would re-certify the aircraft, grounded after two deadly crashes, by the end of the year. With a heavy order book, they kept producing the plane, albeit at a lower rate than before.

But when it became clear that re-certification and the lifting of the grounding order could still be months away,&nbsp;Boeing&nbsp;announced they would stop&nbsp;production&nbsp;sometime in January, with 12,000 workers employed producing the aircraft being re-deployed to other&nbsp;<a href="https://www.wionews.com/opinions/wion-edit-the-fall-of-brand-boeing-268899">Boeing</a>&nbsp;manufacturing plants.

The news that no&nbsp;employees&nbsp;will be laid off when the&nbsp;production&nbsp;lines stops in January was welcomed by Jon Holden, President of the trade union representing factory floor workers.

"I think it was the right decision&nbsp;Boeing&nbsp;made, to maintain our workforce during this temporary&nbsp;production&nbsp;stoppage. The reality is that it's important to maintain our workforce so that when the grounding is lifted, we're able to ramp up&nbsp;production, build a safe aircraft, meet the needs of the customers with the&nbsp;737MAX&nbsp;going forward," Holden said on Wednesday (December 18).

For workers on the&nbsp;737MAX&nbsp;production&nbsp;line at the Boeing&nbsp;Renton plant, the news came as a relief just before the Christmas holiday, but aviation analyst Scott Hamilton says the announcement of no lay-offs came with a caveat.

"Well, there's obviously still uncertainty because what&nbsp;Boeing&nbsp;said was they aren't going to furlough, quote, "at this time", unquote. So how long does that mean?" said Hamilton, adding "Obviously,&nbsp;Boeing&nbsp;maintaining the employee payroll at this point, before the holiday, is a real relief and committing to pay the bonuses that were earned, is a real relief to the&nbsp;employees&nbsp;but what does the end of "at this time" look like? We just don't know."

For the many small aerospace component manufacturers who supply parts for the&nbsp;737MAX, the immediate future is less certain. Its been reported that&nbsp;Boeing&nbsp;has not contacted them as&nbsp;yet, with details of the&nbsp;production&nbsp;stoppage.

WATCH: Gravitas: The Downfall Of Boeing

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&nbsp;

Thousands of other jobs are dependent upon&nbsp;Boeing&nbsp;737MAX&nbsp;contracts, as Scott Hamilton describes, "You have a supply chain outside Boeing&nbsp;that is going to be affected. We're still trying to understand what that effect is going to be. There haven't been any public announcement by&nbsp;Boeing. There have been some stories reported that they're going to try to keep some&nbsp;suppliers whole, if you will, or at least sustainable. Other&nbsp;suppliers, we just don't know."

And it won't just be manufacturing that might be affected if the&nbsp;production&nbsp;shutdown lasts very long, or if jobs in the component sector are furloughed. The local economy is heavily reliant upon wages paid by&nbsp;Boeing&nbsp;and its parts'&nbsp;suppliers.

For now&nbsp;Boeing's <a href="https://www.wionews.com/opinions/boeings-crisis-management-all-wrong-heres-what-a-company-needs-to-do-to-restore-the-publics-trust-205702">workers</a> are still clocking in at the Renton plant, but their union representative says the nine months since the&nbsp;737MAX&nbsp;was grounded has been hard on them.

"Our members care deeply about the work they perform, and they perform it in a fashion to build a safe aircraft. They are proud of the work they do. They are proud of the aircraft that they build, and it certainly has caused a lot of anxiety over these last several months," said Holden.

As&nbsp;<a href="https://www.wionews.com/business-economy/sales-of-grounded-boeing-737-max-gather-pace-at-dubai-airshow-263161">737MAX</a>'s await re-certification and delivery to the airlines that ordered them, Scott Hamilton believes that the impact of the&nbsp;production&nbsp;shutdown could be felt much more widely than just in the Seattle region if it goes on beyond a few weeks.

"I think you're looking at two to three months, would be my forecast. If it goes on to six months, boy, you're going to see&nbsp;employees&nbsp;furloughed without pay. You're going to see a ripple effect down through the supply chain. You're going to see a ripple effect through the US economy."

For now these multi-million dollar aircraft stand idle, mothballed in a parking lot while their fate is being decided by aviation regulators in the United States and around the world.

Boeing had hoped that the Federal Aviation Administration would re-certify the aircraft, grounded after two deadly crashes, by the end of the year. With a heavy order book, they kept producing the plane, albeit at a lower rate than before.

Boeing had hoped that the Federal Aviation Administration would re-certify the aircraft, grounded after two deadly crashes, by the end of the year. With a heavy order book, they kept producing the plane, albeit at a lower rate than before. But when it became clear that re-certification and the lifting of the grounding order could still be months away, Boeing announced they would stop production sometime in January, with 12,000 workers employed producing the aircraft being re-deployed to other Boeing manufacturing plants. The news that no employees will be laid off when the production lines stops in January was welcomed by Jon Holden, President of the trade union representing factory floor workers. "I think it was the right decision Boeing made, to maintain our workforce during this temporary production stoppage. The reality is that it's important to maintain our workforce so that when the grounding is lifted, we're able to ramp up production, build a safe aircraft, meet the needs of the customers with the 737MAX going forward," Holden said on Wednesday (December 18). For workers on the 737MAX production line at the Boeing Renton plant, the news came as a relief just before the Christmas holiday, but aviation analyst Scott Hamilton says the announcement of no lay-offs came with a caveat. "Well, there's obviously still uncertainty because what Boeing said was they aren't going to furlough, quote, "at this time", unquote. So how long does that mean?" said Hamilton, adding "Obviously, Boeing maintaining the employee payroll at this point, before the holiday, is a real relief and committing to pay the bonuses that were earned, is a real relief to the employees but what does the end of "at this time" look like? We just don't know." For the many small aerospace component manufacturers who supply parts for the 737MAX, the immediate future is less certain. Its been reported that Boeing has not contacted them as yet, with details of the production stoppage. WATCH: Gravitas: The Downfall Of Boeing × Thousands of other jobs are dependent upon Boeing 737MAX contracts, as Scott Hamilton describes, "You have a supply chain outside Boeing that is going to be affected. We're still trying to understand what that effect is going to be. There haven't been any public announcement by Boeing. There have been some stories reported that they're going to try to keep some suppliers whole, if you will, or at least sustainable. Other suppliers, we just don't know." And it won't just be manufacturing that might be affected if the production shutdown lasts very long, or if jobs in the component sector are furloughed. The local economy is heavily reliant upon wages paid by Boeing and its parts' suppliers. For now Boeing's workers are still clocking in at the Renton plant, but their union representative says the nine months since the 737MAX was grounded has been hard on them. "Our members care deeply about the work they perform, and they perform it in a fashion to build a safe aircraft. They are proud of the work they do. They are proud of the aircraft that they build, and it certainly has caused a lot of anxiety over these last several months," said Holden. As 737MAX's await re-certification and delivery to the airlines that ordered them, Scott Hamilton believes that the impact of the production shutdown could be felt much more widely than just in the Seattle region if it goes on beyond a few weeks. "I think you're looking at two to three months, would be my forecast. If it goes on to six months, boy, you're going to see employees furloughed without pay. You're going to see a ripple effect down through the supply chain. You're going to see a ripple effect through the US economy." For now these multi-million dollar aircraft stand idle, mothballed in a parking lot while their fate is being decided by aviation regulators in the United States and around the world.

Boeing supplier employees anxious as company halts 737 Max production

US&nbsp;home-sharing site&nbsp;<a href="https://www.wionews.com/world/suspects-held-in-halloween-shooting-at-california-airbnb-262454">Airbnb</a>&nbsp;on Thursday won its battle to&nbsp;remain&nbsp;exempt&nbsp;from&nbsp;onerous&nbsp;European&nbsp;property&nbsp;regulations, as the EU's top court ruled it was an online platform and not a&nbsp;property&nbsp;agent.

The case came before the Court of Justice of the&nbsp;European&nbsp;Union (CJEU) following a complaint by French tourism association AHTOP.

The issue underlines the quandary regulators face in dealing with new online services venturing into traditional businesses, but not subjected to the same&nbsp;rules.

For&nbsp;Airbnb, the French case is significant as the International Olympic Committee has agreed to promote the company for accommodation during the <a href="https://www.wionews.com/sports/russia-recieves-a-four-year-olympic-ban-266130">2024 Olympics</a> in Paris.

Judges in essence accepted the company's arguments that it is an online platform and not a&nbsp;property&nbsp;agent.

"The nature of the links between the intermediation service and the provision of accommodation did not justify departing&nbsp;from&nbsp;the classification of that intermediation service as an 'information society service'," the CJEU said.

The court also faulted France for not notifying the&nbsp;European&nbsp;Commission, the EU executive, of the requirement for&nbsp;Airbnb&nbsp;to hold an estate agent's professional licence.

Airbnb&nbsp;welcomed the judgment.

"We want to be good partners to everyone and already we have worked with more than 500 governments to help hosts share their homes, follow the&nbsp;rules&nbsp;and pay tax," it said in a statement.

Airbnb&nbsp;has in recent years dueled with hoteliers and authorities in cities&nbsp;from&nbsp;New York to Amsterdam, Berlin and Paris, accused of worsening housing shortages and pushing out lower income residents.

The case is C-390/18&nbsp;Airbnb&nbsp;Ireland.

US home-sharing site Airbnb on Thursday won its battle to remain exempt from onerous European property regulations, as the EU's top court ruled it was an online platform and not a property agent.

US home-sharing site Airbnb on Thursday won its battle to remain exempt from onerous European property regulations, as the EU's top court ruled it was an online platform and not a property agent. The case came before the Court of Justice of the European Union (CJEU) following a complaint by French tourism association AHTOP. The issue underlines the quandary regulators face in dealing with new online services venturing into traditional businesses, but not subjected to the same rules. For Airbnb, the French case is significant as the International Olympic Committee has agreed to promote the company for accommodation during the 2024 Olympics in Paris. Judges in essence accepted the company's arguments that it is an online platform and not a property agent. "The nature of the links between the intermediation service and the provision of accommodation did not justify departing from the classification of that intermediation service as an 'information society service'," the CJEU said. The court also faulted France for not notifying the European Commission, the EU executive, of the requirement for Airbnb to hold an estate agent's professional licence. Airbnb welcomed the judgment. "We want to be good partners to everyone and already we have worked with more than 500 governments to help hosts share their homes, follow the rules and pay tax," it said in a statement. Airbnb has in recent years dueled with hoteliers and authorities in cities from New York to Amsterdam, Berlin and Paris, accused of worsening housing shortages and pushing out lower income residents. The case is C-390/18 Airbnb Ireland.

Airbnb wins fight to remain exempt from European property rules

The <a href="https://www.wionews.com/business-economy/nifty-sensex-flat-as-financials-offset-it-gains-269058">Nifty</a> ended 0.31&nbsp;per cent&nbsp;higher at 12,259.70, while the Sensex gained 0.28&nbsp;per cent&nbsp;to close at 41,673.92.

The Nifty IT index climbed 0.7 per cent, while the auto and energy index rose about 1 per cent.

<a href="https://www.wionews.com/business-economy/sensex-nifty-erase-gains-to-trade-flat-268465">YesBank</a> was the top gainer on the Nifty 50 index, ending 6.5&nbsp;per cent&nbsp;higher.

Meanwhile, world stocks drifted down from the week's record highs, while the crown gained as Sweden's central bank became the first to raise interest rates from negative territory.

The Nifty ended 0.31 per cent higher at 12,259.70, while the Sensex gained 0.28 per cent to close at 41,673.92. The Nifty IT index climbed 0.7 per cent, while the auto and energy index rose about 1 per cent.

The Nifty ended 0.31 per cent higher at 12,259.70, while the Sensex gained 0.28 per cent to close at 41,673.92. The Nifty IT index climbed 0.7 per cent, while the auto and energy index rose about 1 per cent. YesBank was the top gainer on the Nifty 50 index, ending 6.5 per cent higher. Meanwhile, world stocks drifted down from the week's record highs, while the crown gained as Sweden's central bank became the first to raise interest rates from negative territory.

Nifty, Sensex end higher; IT, auto stocks gain

China&nbsp;on Thursday unveiled a&nbsp;new&nbsp;list of import&nbsp;tariff&nbsp;exemptions&nbsp;for six&nbsp;chemical&nbsp;and&nbsp;oil&nbsp;products&nbsp;from the United States, days after the world's two largest economies announced a <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">Phase One&nbsp;trade deal</a>.

The&nbsp;exemptions&nbsp;will be for one year from December&nbsp;26, the Finance Ministry said, without providing a value for the imports excluded from duties.

Duties already imposed on&nbsp;US&nbsp;products&nbsp;would not be refunded, the ministry added.

The&nbsp;tariff&nbsp;waivers will apply to four&nbsp;chemical&nbsp;products, such as metallocene high-density polyethylene (HDPE) and a special grade of linear low-density polyethylene (LLDPE), and refined&nbsp;oil&nbsp;products&nbsp;that include white&nbsp;oil&nbsp;and food-grade petroleum wax.

Kelly Cui, principal analyst with consultancy Wood Mackenzie, said the&nbsp;exemptions&nbsp;on the&nbsp;chemical&nbsp;products&nbsp;would benefit companies such as <a href="https://www.wionews.com/world/france-bans-two-us-pesticides-citing-risk-to-bees-266292">Dow&nbsp;Chemical&nbsp;Co</a>, <a href="https://www.wionews.com/business-economy/failed-exxon-talks-left-petrobras-stranded-for-auctions-report-261167">Exxon Mobil Corp</a> and Chevron Phillips&nbsp;Chemical&nbsp;Co, which have since 2017 been adding shale-based ethylene production facilities and targeting&nbsp;China&nbsp;as the prime export market.

Cui also pointed out that the listed&nbsp;products, metallocene HDPE and LLDPE, were high-end special grade plastic raw materials used for packaging and pipes.&nbsp;China&nbsp;is the world's largest importer of polyethylene.

"The&nbsp;exemptions&nbsp;could see&nbsp;China&nbsp;resume buying more HDPE and LLDPE from the&nbsp;US, reversing the trade flow, as the&nbsp;US&nbsp;supplies have been diverted to Latin America and Europe while&nbsp;China&nbsp;has been importing mostly from the Middle East," said Cui.

In 2018,&nbsp;China&nbsp;imported some 6.86 million tonnes of HDPE and 4.46 million tonnes of LLDPE, according to Cui, who cited Chinese customs data. The data does not provide a breakdown for different grades of each polymer.

These imports had a combined total value of about $14 billion&nbsp;based on the delivered cost for these two&nbsp;products.

For petroleum wax,&nbsp;China&nbsp;imported from the&nbsp;US&nbsp;1,108 tonnes or worth only $3.2 million in the first 10 months of 2019, one-tenth of&nbsp;China's total imports of the product, according to Chinese customs data and consultancy JLC Network Technology.

White&nbsp;oil&nbsp;imports from the&nbsp;US&nbsp;were 3,490 tonnes or worth only $8.7 million during the same period, roughly 6 per cent&nbsp;of&nbsp;China's total imports.

China&nbsp;<a href="https://www.wionews.com/business-economy/china-to-waive-tariffs-on-some-us-soybeans-pork-266610">waived import&nbsp;tariffs</a> for some soybeans and pork shipments from the United States on December&nbsp;6, before the two sides reached a Phase One&nbsp;trade deal to cancel&nbsp;tariffs that were planned to take effect on December&nbsp;15.

China&nbsp;said it will continue to work on the <a href="https://www.wionews.com/world/china-wants-us-tariffs-rolled-back-in-phase-one-trade-deal-report-265517">product&nbsp;exemptions</a>&nbsp;and release the second batch of waivers at an appropriate time.

The <a href="https://www.wionews.com/business-economy/japan-tax-revision-targets-corporate-cashpile-to-spur-spending-5g-investment-267859">Sino-US&nbsp;trade war</a> has been a major headache for global policymakers as it slowed economic growth worldwide and chilled business investment and confidence.

US&nbsp;Trade Representative Robert Lighthizer last week acknowledged there remained hard work ahead in the next phase of <a href="https://www.wionews.com/world/as-goodwill-gesture-us-will-delay-5-boost-in-tariffs-on-chinese-imports-trump-249102">negotiations</a>.

He gave no specific timetable, but said&nbsp;U.S. President Donald Trump did not want to wait until after the 2020 presidential election to wrap up a more comprehensive agreement.

China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced a Phase One trade deal.

China on Thursday unveiled a new list of import tariff exemptions for six chemical and oil products from the United States, days after the world's two largest economies announced a Phase One trade deal. The exemptions will be for one year from December 26, the Finance Ministry said, without providing a value for the imports excluded from duties. Duties already imposed on US products would not be refunded, the ministry added. The tariff waivers will apply to four chemical products, such as metallocene high-density polyethylene (HDPE) and a special grade of linear low-density polyethylene (LLDPE), and refined oil products that include white oil and food-grade petroleum wax. Kelly Cui, principal analyst with consultancy Wood Mackenzie, said the exemptions on the chemical products would benefit companies such as Dow Chemical Co, Exxon Mobil Corp and Chevron Phillips Chemical Co, which have since 2017 been adding shale-based ethylene production facilities and targeting China as the prime export market. Cui also pointed out that the listed products, metallocene HDPE and LLDPE, were high-end special grade plastic raw materials used for packaging and pipes. China is the world's largest importer of polyethylene. "The exemptions could see China resume buying more HDPE and LLDPE from the US, reversing the trade flow, as the US supplies have been diverted to Latin America and Europe while China has been importing mostly from the Middle East," said Cui. In 2018, China imported some 6.86 million tonnes of HDPE and 4.46 million tonnes of LLDPE, according to Cui, who cited Chinese customs data. The data does not provide a breakdown for different grades of each polymer. These imports had a combined total value of about $14 billion based on the delivered cost for these two products. For petroleum wax, China imported from the US 1,108 tonnes or worth only $3.2 million in the first 10 months of 2019, one-tenth of China's total imports of the product, according to Chinese customs data and consultancy JLC Network Technology. White oil imports from the US were 3,490 tonnes or worth only $8.7 million during the same period, roughly 6 per cent of China's total imports. China waived import tariffs for some soybeans and pork shipments from the United States on December 6, before the two sides reached a Phase One trade deal to cancel tariffs that were planned to take effect on December 15. China said it will continue to work on the product exemptions and release the second batch of waivers at an appropriate time. The Sino-US trade war has been a major headache for global policymakers as it slowed economic growth worldwide and chilled business investment and confidence. US Trade Representative Robert Lighthizer last week acknowledged there remained hard work ahead in the next phase of negotiations. He gave no specific timetable, but said U.S. President Donald Trump did not want to wait until after the 2020 presidential election to wrap up a more comprehensive agreement.

China announces new tariff exemptions for US chemical, oil products

The&nbsp;Swiss&nbsp;competition&nbsp;watchdog&nbsp;on Thursday restricted&nbsp;Swatch&nbsp;Group's&nbsp;shipments&nbsp;of&nbsp;watch&nbsp;mechanisms to other companies ahead of a final decision in mid-2020 in a long-running dispute.

The world's biggest&nbsp;watchmaker is also an important supplier of&nbsp;watch&nbsp;movements that power mechanical timepieces. If it cannot sell them,&nbsp;<a href="https://www.wionews.com/science-tech/swatch-to-launch-swiss-smartwatch-operating-system-by-2018-13489">Swatch</a>&nbsp;itself and its customers, from Cartier maker Richemont to independently owned Chopard and Breitling, may face problems.

Anti-trust agency WEKO said deliveries of&nbsp;watch&nbsp;movements to&nbsp;Swatch&nbsp;Group's existing customers would be suspended from January&nbsp;1, with an exception for small and mid-sized companies of up to 250 staff, until the&nbsp;watchdog&nbsp;reaches a final decision.

The decision creates uncertainty over supplies at a time when&nbsp;Swiss&nbsp;watchmakers face&nbsp;competition&nbsp;from smartwatches and <a href="https://www.wionews.com/business-economy/business-activity-in-hong-kong-shrinks-the-most-in-21-years-pmi-266073">slowing demand</a> in key market Hong Kong.&nbsp;Swiss&nbsp;watch&nbsp;export data on Thursday showed&nbsp;shipments&nbsp;to Hong Kong fell 27 per cent&nbsp;in November.

Swatch&nbsp;shares were indicated 1.1 per cent&nbsp;lower in pre-market trade.

A&nbsp;Swatch&nbsp;Group spokesman said the lion's share of the&nbsp;watch&nbsp;movements sold by&nbsp;Swatch's ETA unit was absorbed by companies with more than 250 staff and the group expected not to be able to deliver any&nbsp;movements to third parties next year.

WEKO Director Patrik Ducrey said&nbsp;Swatch&nbsp;Group was still allowed to supply smaller customers, but had to treat them all equally.

"Is there really going to be a shortage of&nbsp;watch&nbsp;movements? I'm not sure. There's also a grey market and brands have built inventories," he told our sources.

Swatch&nbsp;Group had said on Wednesday that it could seek damages.

The question of how to end&nbsp;Swatch&nbsp;Group's historical quasi-monopoly on mechanical&nbsp;watch&nbsp;movements has kept the&nbsp;competition&nbsp;authority busy for years.

WEKO and&nbsp;Swatch&nbsp;struck a deal in 2013 under which the company known for high-end Omega and colourful plastic&nbsp;watches agreed to gradually phase out&nbsp;movement&nbsp;supplies to the rest of the industry by the end of 2019 and would have been free to choose its customers and prices from 2020.

Swatch&nbsp;itself had initiated the change at the time, saying it no longer wanted to serve as a "supermarket" for other brands, but had to keep supplying rivals for several years because of its dominant market position.

Privately owned Sellita has since emerged as the main alternative supplier.&nbsp;Swatch&nbsp;Group said in its statement on Wednesday Sellita would benefit from WEKO's decision.

Sellita and <a href="https://www.wionews.com/entertainment/french-luxury-giant-lvmh-in-talks-to-take-over-us-jewellers-tiffany-258600/amp">Richemont </a>could not immediately be reached for comment.

The Swiss competition watchdog on Thursday restricted Swatch Group's shipments of watch mechanisms to other companies ahead of a final decision in mid-2020 in a long-running dispute.

The Swiss competition watchdog on Thursday restricted Swatch Group's shipments of watch mechanisms to other companies ahead of a final decision in mid-2020 in a long-running dispute. The world's biggest watchmaker is also an important supplier of watch movements that power mechanical timepieces. If it cannot sell them, Swatch itself and its customers, from Cartier maker Richemont to independently owned Chopard and Breitling, may face problems. Anti-trust agency WEKO said deliveries of watch movements to Swatch Group's existing customers would be suspended from January 1, with an exception for small and mid-sized companies of up to 250 staff, until the watchdog reaches a final decision. The decision creates uncertainty over supplies at a time when Swiss watchmakers face competition from smartwatches and slowing demand in key market Hong Kong. Swiss watch export data on Thursday showed shipments to Hong Kong fell 27 per cent in November. Swatch shares were indicated 1.1 per cent lower in pre-market trade. A Swatch Group spokesman said the lion's share of the watch movements sold by Swatch's ETA unit was absorbed by companies with more than 250 staff and the group expected not to be able to deliver any movements to third parties next year. WEKO Director Patrik Ducrey said Swatch Group was still allowed to supply smaller customers, but had to treat them all equally. "Is there really going to be a shortage of watch movements? I'm not sure. There's also a grey market and brands have built inventories," he told our sources. Swatch Group had said on Wednesday that it could seek damages. The question of how to end Swatch Group's historical quasi-monopoly on mechanical watch movements has kept the competition authority busy for years. WEKO and Swatch struck a deal in 2013 under which the company known for high-end Omega and colourful plastic watches agreed to gradually phase out movement supplies to the rest of the industry by the end of 2019 and would have been free to choose its customers and prices from 2020. Swatch itself had initiated the change at the time, saying it no longer wanted to serve as a "supermarket" for other brands, but had to keep supplying rivals for several years because of its dominant market position. Privately owned Sellita has since emerged as the main alternative supplier. Swatch Group said in its statement on Wednesday Sellita would benefit from WEKO's decision. Sellita and Richemont could not immediately be reached for comment.

Swiss competition watchdog curbs Swatch watch movement shipments

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent&nbsp;loss it suffered as fear of a no-deal Brexit returned.

The pan-region STOXX 600&nbsp;bobbed in and out of the red. Britain's blue-chip index&nbsp;managed a 0.15 per cent&nbsp;rise before a Bank of England meeting.

Wall Street futures suggested the S&amp;P 500 would barely budge, after rising to a fifth consecutive record high on Wednesday. Earlier, Asian shares had pulled back from a one-and-a-half year peak as trading wound down before the end of the year.

Japan's <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-eke-out-another-peak-pound-fears-brexit-redux-268851">Nikkei</a> fell 0.3 per cent&nbsp;and China's stocks slipped&nbsp;for the second session despite trade optimism. Australian shares ended 0.3 per cent&nbsp;lower, led lower by mining stocks.

Investors were also watching proceedings in Washington, where the Democratic-led US&nbsp;House of Representatives voted to impeach US&nbsp;<a href="https://www.wionews.com/world/us-house-votes-to-impeach-trump-for-obstruction-of-congress-269040">President Donald Trump</a> for abuse of power and obstruction of Congress.

Market reaction was limited since the Republican-controlled Senate is widely expected not to convict Trump and removed him from office.

In Sweden, the central bank raised its key rate to zero after five years in negative territory. Economists wondered whether Sweden's hot-running economy would react badly and whether other sub-zero rate central banks in the eurozone, Japan, Denmark, Switzerland and Hungary would follow suit.

The crown rose 0.2 per cent, again that had been widely flagged.

"At the end of the day, this market doesn't look at macro and earnings, it just looks at monetary developments," said Stéphane Barbier de la Serre, macro strategist at Makor Capital Markets. "If the market thinks central banks (globally) are done with being dovish then we would see some volatility."

The British pound gained after suffering heavy losses on concern Britain could still crash out of the European Union without a trade deal in place when a transition period ends in December 2020.

Traders were also waiting for the <a href="https://www.wionews.com/business-economy/hedge-funds-gained-early-access-to-boe-press-conference-feeds-269131">Bank of England</a>'s last policy meeting of the year. No change in policy is expected, but more policy-makers might signal they could vote for an interest rate cut next year.

Sterling&nbsp;rose 0.2 per cent&nbsp;to $1.3105 after falling more than 3 per cent. It had reached an 18-month high on December&nbsp;13 after UK Prime Minister Boris Johnson's Conservative Party won a majority in a general election.

Against the euro, it stood at 84.94 pence, close to its weakest since December&nbsp;4. British inflation remained at a three-year low in November, data had shown on Wednesday.

&nbsp;

Stay Easy

Germany's benchmark 10-year bond yield crept towards the six-month highs it touched last week, with bond traders focussed on the day's central bank meetings.

After Sweden's move, Norway kept its rates at 1.5 per cent&nbsp;and reiterated it was likely to stay there for some time.

The Australian dollar jumped by 0.36 per cent&nbsp;to $0.6879 after better-than-expected labour-market data made interest rate cuts less likely.

The yen barely moved from 109.58 per dollar after the Bank of Japan kept its quantitative easing in place and issued a gloomier assessment on factory output.

In commodities, <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Brent crude</a>&nbsp;dipped 0.1 per cent&nbsp;to $66.10 per barrel. US&nbsp;crude also dipped 0.01 per cent&nbsp;to $60.86 a barrel after US&nbsp;government data showed a decline in crude inventories.

Prices are likely to be supported by production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, including Russia.

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent loss it suffered as fear of a no-deal Brexit returned. The pan-region STOXX 600 bobbed in and out of the red.

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent loss it suffered as fear of a no-deal Brexit returned. The pan-region STOXX 600 bobbed in and out of the red. Britain's blue-chip index managed a 0.15 per cent rise before a Bank of England meeting. Wall Street futures suggested the S&P 500 would barely budge, after rising to a fifth consecutive record high on Wednesday. Earlier, Asian shares had pulled back from a one-and-a-half year peak as trading wound down before the end of the year. Japan's Nikkei fell 0.3 per cent and China's stocks slipped for the second session despite trade optimism. Australian shares ended 0.3 per cent lower, led lower by mining stocks. Investors were also watching proceedings in Washington, where the Democratic-led US House of Representatives voted to impeach US President Donald Trump for abuse of power and obstruction of Congress. Market reaction was limited since the Republican-controlled Senate is widely expected not to convict Trump and removed him from office. In Sweden, the central bank raised its key rate to zero after five years in negative territory. Economists wondered whether Sweden's hot-running economy would react badly and whether other sub-zero rate central banks in the eurozone, Japan, Denmark, Switzerland and Hungary would follow suit. The crown rose 0.2 per cent, again that had been widely flagged. "At the end of the day, this market doesn't look at macro and earnings, it just looks at monetary developments," said Stéphane Barbier de la Serre, macro strategist at Makor Capital Markets. "If the market thinks central banks (globally) are done with being dovish then we would see some volatility." The British pound gained after suffering heavy losses on concern Britain could still crash out of the European Union without a trade deal in place when a transition period ends in December 2020. Traders were also waiting for the Bank of England's last policy meeting of the year. No change in policy is expected, but more policy-makers might signal they could vote for an interest rate cut next year. Sterling rose 0.2 per cent to $1.3105 after falling more than 3 per cent. It had reached an 18-month high on December 13 after UK Prime Minister Boris Johnson's Conservative Party won a majority in a general election. Against the euro, it stood at 84.94 pence, close to its weakest since December 4. British inflation remained at a three-year low in November, data had shown on Wednesday. Stay Easy Germany's benchmark 10-year bond yield crept towards the six-month highs it touched last week, with bond traders focussed on the day's central bank meetings. After Sweden's move, Norway kept its rates at 1.5 per cent and reiterated it was likely to stay there for some time. The Australian dollar jumped by 0.36 per cent to $0.6879 after better-than-expected labour-market data made interest rate cuts less likely. The yen barely moved from 109.58 per dollar after the Bank of Japan kept its quantitative easing in place and issued a gloomier assessment on factory output. In commodities, Brent crude dipped 0.1 per cent to $66.10 per barrel. US crude also dipped 0.01 per cent to $60.86 a barrel after US government data showed a decline in crude inventories. Prices are likely to be supported by production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, including Russia.

Stocks near record highs, Sweden ends negative rates

Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets.

Brent crude futures edged up 8 cents to $66.25 a barrel by 0645 GMT, while US&nbsp;West Texas Intermediate (WTI) crude gained 4 cents to $60.97. Trading volume was thin, with not even news of President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald Trump</a>'s impeachment by the US&nbsp;House of Representatives stirring the oil market.

"We're near the top of trading ranges for both Brent and WTI so it's interesting to see them holding here," said Michael McCarthy, chief market analyst at CMC Markets in Sydney.

While there is a clear uptrend in place on the daily technical price chart for<a href="https://www.wionews.com/business-economy/international-oil-prices-stabilise-as-opec-production-cut-looms-178478"> WTI</a> to potentially move towards $61.50 a barrel, there are also near-term risks - touching that price level may encourage traders to sell, McCarthy said.

"(Trading) volumes are terrible. A lot of people have given up for the year with no scheduled events to push oil markets around," he said.

The trend leaves oil prices set to rise for a third consecutive week, surfing momentum from announcements this month about deeper output cuts by major producers as well as the 'Phase One' deal between the United States and China to resolve their long-running trade war.

The deal between the world's two largest economies has improved the global economic outlook, lifted the prospect for higher energy demand next year and underpinned oil prices.

In a further sign of thawing relations, China's finance ministry on Thursday published a new list of six US products that will be exempt from tariffs starting December&nbsp;26.

Just the week before, the Organization of the Petroleum Exporting Countries (<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC</a>) and non-OPEC producers such as Russia agreed to deepen production cuts by a further 500,000 barrels per day (bpd) from January 1 on top of previous reductions of 1.2 million bpd.

According to weekly data released by the Energy Information Administration on Wednesday, US&nbsp;crude inventories dropped 1.1 million barrels in the week to December&nbsp;13, while gasoline and distillate stockpiles rose.

Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets.

Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets. Brent crude futures edged up 8 cents to $66.25 a barrel by 0645 GMT, while US West Texas Intermediate (WTI) crude gained 4 cents to $60.97. Trading volume was thin, with not even news of President Donald Trump's impeachment by the US House of Representatives stirring the oil market. "We're near the top of trading ranges for both Brent and WTI so it's interesting to see them holding here," said Michael McCarthy, chief market analyst at CMC Markets in Sydney. While there is a clear uptrend in place on the daily technical price chart for WTI to potentially move towards $61.50 a barrel, there are also near-term risks - touching that price level may encourage traders to sell, McCarthy said. "(Trading) volumes are terrible. A lot of people have given up for the year with no scheduled events to push oil markets around," he said. The trend leaves oil prices set to rise for a third consecutive week, surfing momentum from announcements this month about deeper output cuts by major producers as well as the 'Phase One' deal between the United States and China to resolve their long-running trade war. The deal between the world's two largest economies has improved the global economic outlook, lifted the prospect for higher energy demand next year and underpinned oil prices. In a further sign of thawing relations, China's finance ministry on Thursday published a new list of six US products that will be exempt from tariffs starting December 26. Just the week before, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia agreed to deepen production cuts by a further 500,000 barrels per day (bpd) from January 1 on top of previous reductions of 1.2 million bpd. According to weekly data released by the Energy Information Administration on Wednesday, US crude inventories dropped 1.1 million barrels in the week to December 13, while gasoline and distillate stockpiles rose.

Oil prices surf US-China trade thaw to 3-month highs

The dollar took US&nbsp;President Donald Trump's impeachment in stride on Thursday while its Australian counterpart rallied after a surprise fall in the country's unemployment rate. The British pound&nbsp;remained under pressure on renewed fears of a chaotic exit from the European Union. It was last at $1.3081 after sliding nearly 2 per cent&nbsp;in as many days.

<a href="https://www.wionews.com/business-economy/euro-steady-as-us-dollar-set-for-worst-week-since-october-266647">Dollar</a> traders were sanguine after a majority of lawmakers in the US&nbsp;House of Representatives voted to impeach Trump.

The dollar was a shade firmer against the safe-haven yen&nbsp;at 109.56. An index that tracks the dollar against six major currencies hovered at 97.347, not far from a six-day high of 97.475 touched on Wednesday.

"It is unlikely that the Senate will support the motion when it votes in January, as is required to remove Trump from office," ANZ economists wrote in a note.

The Aussie dollar climbed as high as $0.6883 after the robust jobs data suggested the country's labour market might have enough life in it to lessen the need for more interest rate cuts. It was last at $0.6878.

In New Zealand, better-than-expected third-quarter economic growth data sent the kiwi dollar&nbsp;bouncing off a one-week low at $0.6592.

Risk sensitive currencies such as the Aussie and the kiwi started December on a firm footing after a preliminary US-China <a href="https://www.wionews.com/opinions/us-china-trade-conflict-lack-of-trust-hobbling-the-ability-to-reach-a-deal-198533">trade deal</a> and a landslide Conservative election win in the UK removed two major uncertainties hanging over markets.

However, fears have resurfaced this week as the spectre of US-led <a href="https://www.wionews.com/business-economy/trade-war-goes-digital-countries-eye-tariffs-on-internet-economy-266783">tariff war</a> has not completely disappeared with traders awaiting more details on the "<a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">phase one</a>" deal with Beijing.

US&nbsp;Trade Representative Robert Lighthizer said on Tuesday that the United States may raise tariffs on European goods as it tries to shrink its chronic trade deficit with the continent, re-igniting worries of the prospects of the export-driven euro.

The euro&nbsp;held close to Wednesday's trough of $1.1109 against the dollar, shrugging off a better-than-expected survey of German business morale. It was last at $1.1126.

"The most significant piece of news overnight has been the German December IFO survey, which... has shown evidence that the German economy may be in the process of pulling itself up by its boot straps," said Ray Attrill, Sydney-based head of forex strategy at National Australia Bank.

"Improvement in the German – and broader Eurozone – economy – is fundamental to our expectation for a softer US&nbsp;dollar and stronger Euro next year."

Markets will focus on interest rate decisions from the Bank of England, which is seen unlikely to change policy. At its previous meeting, two of the central bank's nine policymakers voted to cut interest rates.

The dollar took US President Donald Trump's impeachment in stride on Thursday while its Australian counterpart rallied after a surprise fall in the country's unemployment rate.

The dollar took US President Donald Trump's impeachment in stride on Thursday while its Australian counterpart rallied after a surprise fall in the country's unemployment rate. The British pound remained under pressure on renewed fears of a chaotic exit from the European Union. It was last at $1.3081 after sliding nearly 2 per cent in as many days. Dollar traders were sanguine after a majority of lawmakers in the US House of Representatives voted to impeach Trump. The dollar was a shade firmer against the safe-haven yen at 109.56. An index that tracks the dollar against six major currencies hovered at 97.347, not far from a six-day high of 97.475 touched on Wednesday. "It is unlikely that the Senate will support the motion when it votes in January, as is required to remove Trump from office," ANZ economists wrote in a note. The Aussie dollar climbed as high as $0.6883 after the robust jobs data suggested the country's labour market might have enough life in it to lessen the need for more interest rate cuts. It was last at $0.6878. In New Zealand, better-than-expected third-quarter economic growth data sent the kiwi dollar bouncing off a one-week low at $0.6592. Risk sensitive currencies such as the Aussie and the kiwi started December on a firm footing after a preliminary US-China trade deal and a landslide Conservative election win in the UK removed two major uncertainties hanging over markets. However, fears have resurfaced this week as the spectre of US-led tariff war has not completely disappeared with traders awaiting more details on the "phase one" deal with Beijing. US Trade Representative Robert Lighthizer said on Tuesday that the United States may raise tariffs on European goods as it tries to shrink its chronic trade deficit with the continent, re-igniting worries of the prospects of the export-driven euro. The euro held close to Wednesday's trough of $1.1109 against the dollar, shrugging off a better-than-expected survey of German business morale. It was last at $1.1126. "The most significant piece of news overnight has been the German December IFO survey, which... has shown evidence that the German economy may be in the process of pulling itself up by its boot straps," said Ray Attrill, Sydney-based head of forex strategy at National Australia Bank. "Improvement in the German – and broader Eurozone – economy – is fundamental to our expectation for a softer US dollar and stronger Euro next year." Markets will focus on interest rate decisions from the Bank of England, which is seen unlikely to change policy. At its previous meeting, two of the central bank's nine policymakers voted to cut interest rates.

Dollar barely flinches after Trump impeachment, Aussie jumps on solid jobs data

China and the United States are in touch over the signing of their Phase One&nbsp;trade deal, China's commerce ministry said, which will see lower US&nbsp;tariffs on Chinese goods and higher Chinese purchases of US&nbsp;farm, energy and manufactured goods.

The <a href="https://www.wionews.com/world/china-us-trade-deal-good-news-for-all-chinese-foreign-minister-wang-yi-268292">Phase One&nbsp;deal</a> was announced last week after more than two years of on-and-off trade talks, although neither side has released many specific details of the agreement.

Also Watch:&nbsp;US-China reach 'Phase One' Trade Deal

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Both the Chinese and US&nbsp;trade teams are in <a href="https://www.wionews.com/world/china-says-in-close-communication-with-us-over-trade-deal-266442">close communication</a>, Gao Feng, a spokesman at the Chinese commerce ministry, told reporters at a regular briefing on Thursday, adding there is no specific information on the deal to disclose currently.

"After the official signing of the deal, the content of the agreement will be made public," Gao said.

US&nbsp;officials say China agreed to <a href="https://www.wionews.com/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">increase purchases</a> of US&nbsp;products and services by at least $200 billion over the next two years.

According to Washington, that would include additional purchases of US&nbsp;farm products of $32 billion over two years. That would average an annual total of about $40 billion, compared to a baseline of $24 billion in 2017 before the trade war started.

Chinese officials have so far not publicly confirmed much of Washington's version especially on <a href="https://www.wionews.com/world/us-on-verge-of-landmark-china-trade-deal-trump-267981">goods purchase commitments</a>. But China said on Friday when the deal was announced that it will import more US&nbsp;wheat, rice, corn, energy, pharmaceuticals and financial services.

Earlier on Thursday, China unveiled a new list of tariff exemptions for US&nbsp;imports, mostly chemical products, days after the world's two largest economies announced the Phase One deal. China said the second part of the waiver list will be released at an appropriate time.

Washington said the deal also includes stronger Chinese legal protections for patents, trademarks, copyrights, including improved criminal and civil procedures to combat online infringement, pirated and counterfeit goods.

The two countries have reached a consensus over the protection of trade secrets, guarding intellectual property rights for pharmaceutical products, and cracking down on counterfeits and pirated goods on e-commerce platforms, Chinese Vice Minister of Commerce Wang Shouwen said on Friday.

China will step up protection of intellectual property but at its own pace, Wang said.

China and the United States are in touch over the signing of their Phase One trade deal, China's commerce ministry said, which will see lower US tariffs on Chinese goods and higher Chinese purchases of US farm, energy and manufactured goods.

China and the United States are in touch over the signing of their Phase One trade deal, China's commerce ministry said, which will see lower US tariffs on Chinese goods and higher Chinese purchases of US farm, energy and manufactured goods. The Phase One deal was announced last week after more than two years of on-and-off trade talks, although neither side has released many specific details of the agreement. Also Watch: US-China reach 'Phase One' Trade Deal × Both the Chinese and US trade teams are in close communication, Gao Feng, a spokesman at the Chinese commerce ministry, told reporters at a regular briefing on Thursday, adding there is no specific information on the deal to disclose currently. "After the official signing of the deal, the content of the agreement will be made public," Gao said. US officials say China agreed to increase purchases of US products and services by at least $200 billion over the next two years. According to Washington, that would include additional purchases of US farm products of $32 billion over two years. That would average an annual total of about $40 billion, compared to a baseline of $24 billion in 2017 before the trade war started. Chinese officials have so far not publicly confirmed much of Washington's version especially on goods purchase commitments. But China said on Friday when the deal was announced that it will import more US wheat, rice, corn, energy, pharmaceuticals and financial services. Earlier on Thursday, China unveiled a new list of tariff exemptions for US imports, mostly chemical products, days after the world's two largest economies announced the Phase One deal. China said the second part of the waiver list will be released at an appropriate time. Washington said the deal also includes stronger Chinese legal protections for patents, trademarks, copyrights, including improved criminal and civil procedures to combat online infringement, pirated and counterfeit goods. The two countries have reached a consensus over the protection of trade secrets, guarding intellectual property rights for pharmaceutical products, and cracking down on counterfeits and pirated goods on e-commerce platforms, Chinese Vice Minister of Commerce Wang Shouwen said on Friday. China will step up protection of intellectual property but at its own pace, Wang said.

China: In touch with US on signing of Phase One Trade Deal

The <a href="https://www.wionews.com/business-economy/united-kingdom-economy-grows-at-slowest-annual-rate-since-2010-in-q3-261355">Bank of England (BoE)</a> admitted a rogue supplier has been misusing&nbsp;feeds&nbsp;of its&nbsp;press&nbsp;briefings, allowing high-speed traders&nbsp;access&nbsp;to market-sensitive information seconds before rivals.

Following a report in The Times newspaper, the UK central bank said on Wednesday a third-party supplier had&nbsp;accessed a back-up audio feed of some of its&nbsp;press&nbsp;conferences without consent, and supplied it to "other external clients".

Briefings by&nbsp;BoE&nbsp;Governor <a href="https://www.wionews.com/business-economy/bank-of-england-chief-pulls-out-of-chinese-event-244164">Mark Carney</a> and other top central bank officials often move markets including sterling and gilts, and&nbsp;access&nbsp;to them&nbsp;early&nbsp;would potentially allow traders to make millions.

Carney is due to leave the bank - which makes a policy announcement at noon - within weeks. His replacement is expected to be announced soon following last week's national election.

The third-party supplier, whom the&nbsp;BoE&nbsp;did not name, had been misusing the audio feed since earlier this year, the central bank said in a statement.

"This wholly unacceptable use of the audio feed was without the Bank's knowledge or consent, and is being investigated further," it added.

The feed was intended as a fallback option if the&nbsp;BoE's official video feed of the&nbsp;press&nbsp;conference&nbsp;went down, according to The Times.

A spokesman for the Bank told&nbsp;that it had referred the misuse of the feed to the Financial Conduct Authority on Thursday.

The FCA, the body responsible for regulating markets and traders, did not immediately respond to a request for comment.

The supplier in question had been sending the feed to high-speed traders who seek to benefit from receiving comments of the bank's governor before others can.

The&nbsp;BoE&nbsp;curbed the supplier's&nbsp;access&nbsp;once the misuse was identified to it by the newspaper and said that the supplier did not distribute&nbsp;feeds&nbsp;from its most recent news&nbsp;conference&nbsp;and will not be involved in any&nbsp;conferences in the future.

The Bank of England (BoE) admitted a rogue supplier has been misusing feeds of its press briefings, allowing high-speed traders access to market-sensitive information seconds before rivals.

The Bank of England (BoE) admitted a rogue supplier has been misusing feeds of its press briefings, allowing high-speed traders access to market-sensitive information seconds before rivals. Following a report in The Times newspaper, the UK central bank said on Wednesday a third-party supplier had accessed a back-up audio feed of some of its press conferences without consent, and supplied it to "other external clients". Briefings by BoE Governor Mark Carney and other top central bank officials often move markets including sterling and gilts, and access to them early would potentially allow traders to make millions. Carney is due to leave the bank - which makes a policy announcement at noon - within weeks. His replacement is expected to be announced soon following last week's national election. The third-party supplier, whom the BoE did not name, had been misusing the audio feed since earlier this year, the central bank said in a statement. "This wholly unacceptable use of the audio feed was without the Bank's knowledge or consent, and is being investigated further," it added. The feed was intended as a fallback option if the BoE's official video feed of the press conference went down, according to The Times. A spokesman for the Bank told that it had referred the misuse of the feed to the Financial Conduct Authority on Thursday. The FCA, the body responsible for regulating markets and traders, did not immediately respond to a request for comment. The supplier in question had been sending the feed to high-speed traders who seek to benefit from receiving comments of the bank's governor before others can. The BoE curbed the supplier's access once the misuse was identified to it by the newspaper and said that the supplier did not distribute feeds from its most recent news conference and will not be involved in any conferences in the future.

Hedge funds gained early access to BoE press conference feeds

In end of December 2018, Malaysia's inventory recorded a near two-decade high of 2.3 million tonnes, data from the <a href="https://www.wionews.com/india-news/indias-tax-hike-to-slash-palm-oil-imports-boost-soyoil-sunflower-oil-buying-34770">Malaysian Palm Oil</a> Board (MPOB) showed.

The industry regulator expects the introduction of the B20 biodiesel programme in the <a href="https://www.wionews.com/business-economy/malaysia-offers-to-buy-more-imports-from-india-after-threat-of-palm-oil-curbs-256078">country</a> to increase local consumption to 25% versus the current 18%.

"We will be&nbsp;very happy if the stocks can reduce further to between 1.5 million tonnes to 2.0 million tonnes especially with the implementation of the B20 programme to kick in next year," Ahmad&nbsp;Parveez&nbsp;Ghulam Kadir, MPOB director-general told Bernama.

"It is my wish to see the crude palm oil price trading at RM3,000 per tonne."

Malaysia, the world's <a href="https://www.wionews.com/world/palm-oil-to-blame-for-39-per-cent-of-forest-loss-in-borneo-since-2000-study-250629">second-largest producer</a> of palm oil, increased the proportion of palm oil used in biodiesel to 10% from 7% last December to increase domestic consumption.

It plans to roll out the 20% biodiesel programme in stages next year. Kadir said he expects 70% of oil palm plantation across the tropical Southeast Asian nation to be certified with the Malaysian Sustainable Palm Oil (MSPO) certification by February.

Currently, about 60.6% of total oil palm plantation are MSPO certified.

"With our full-fledged MSPO-certified palm oil, after three to four years down the road, Malaysian palm oil productivity will start catching up. But whatever production we produce, I hope stocks are&nbsp;always manageable and&nbsp;the crude palm oil price should not go below $603.78 per tonne," Kadir&nbsp;said.

The MSPO certification, which requires growers to meet certain standards on protecting the environment and workers' rights, is set to be mandatory from January 2020.

WATCH: Gravitas: Indian Traders Boycott Palm Oil From Malaysia

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&nbsp;

In end of December 2018, Malaysia's inventory recorded a near two-decade high of 2.3 million tonnes, data from the Malaysian Palm Oil Board (MPOB) showed. The industry regulator expects the introduction of the B20 biodiesel programme in the country to increase local consumption to 25% versus the current 18%.

In end of December 2018, Malaysia's inventory recorded a near two-decade high of 2.3 million tonnes, data from the Malaysian Palm Oil Board (MPOB) showed. The industry regulator expects the introduction of the B20 biodiesel programme in the country to increase local consumption to 25% versus the current 18%. "We will be very happy if the stocks can reduce further to between 1.5 million tonnes to 2.0 million tonnes especially with the implementation of the B20 programme to kick in next year," Ahmad Parveez Ghulam Kadir, MPOB director-general told Bernama. "It is my wish to see the crude palm oil price trading at RM3,000 per tonne." Malaysia, the world's second-largest producer of palm oil, increased the proportion of palm oil used in biodiesel to 10% from 7% last December to increase domestic consumption. It plans to roll out the 20% biodiesel programme in stages next year. Kadir said he expects 70% of oil palm plantation across the tropical Southeast Asian nation to be certified with the Malaysian Sustainable Palm Oil (MSPO) certification by February. Currently, about 60.6% of total oil palm plantation are MSPO certified. "With our full-fledged MSPO-certified palm oil, after three to four years down the road, Malaysian palm oil productivity will start catching up. But whatever production we produce, I hope stocks are always manageable and the crude palm oil price should not go below $603.78 per tonne," Kadir said. The MSPO certification, which requires growers to meet certain standards on protecting the environment and workers' rights, is set to be mandatory from January 2020. WATCH: Gravitas: Indian Traders Boycott Palm Oil From Malaysia ×

Malaysia expects palm oil inventory to end year at 2.1 million tonnes: Report

Japan&nbsp;plans to&nbsp;trim&nbsp;its overall government&nbsp;bond&nbsp;issuance&nbsp;to the market by 0.5 per cent next&nbsp;fiscal&nbsp;year&nbsp;from current&nbsp;year's levels, government officials said on Wednesday, as Prime Minister <a href="https://www.wionews.com/india-news/japanese-pm-shinzo-abe-likely-to-visit-indias-imphal-in-december-265170">Shinzo Abe</a> balances supporting growth and reining in huge public debt.

The drop would mark the seventh straight&nbsp;year&nbsp;of declines in&nbsp;total&nbsp;debt&nbsp;issuance, despite rising&nbsp;fiscal&nbsp;spending as worries grow that cooling global growth and the US-China <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">trade war</a> could hit corporate tax income in export-led&nbsp;Japan.

The government is set to sell 128.8 trillion yen ($1.19 trillion) of&nbsp;Japanese government&nbsp;bonds (JGBs) in the&nbsp;next&nbsp;fiscal&nbsp;year&nbsp;beginning in April 2020, down from this&nbsp;year's 129.4 trillion yen, the two officials said on condition of anonymity because the plan has not yet been announced.

Of the&nbsp;total, the government is considering increasing&nbsp;issuance&nbsp;of JGBs with maturity of 40&nbsp;years by 600 billion yen from the current&nbsp;fiscal&nbsp;year&nbsp;to 3 trillion yen, the officials said, in a nod to solid demand from investors hunting for yield amid&nbsp;years of ultra-low interest rates.

Issuance&nbsp;plans for other maturities will remain unchanged, they added.

New&nbsp;bond&nbsp;issuance&nbsp;for&nbsp;next&nbsp;fiscal&nbsp;year, which excludes&nbsp;bonds issued to roll over those reaching maturity, will fall for the 10th straight&nbsp;year&nbsp;to 32.56 trillion yen, versus this&nbsp;fiscal&nbsp;year's 32.7 trillion yen.

The government is expected to approve its draft budget for&nbsp;next&nbsp;fiscal&nbsp;year&nbsp;on Friday.

The general-account budget will hit a record 102.66 trillion yen in spending due to increases in welfare to support the fast-ageing population as well as military outlay, according to the draft. Tax revenue is estimated at 63.51 trillion yen.

After peaking at a record 156.6 trillion yen issued in&nbsp;fiscal&nbsp;2013, government&nbsp;bond&nbsp;issuance&nbsp;has been declining, supporting Abe's arguments that&nbsp;Japan&nbsp;is keeping its&nbsp;fiscal&nbsp;house in order while boosting spending to reflate the economy.

The government has managed to&nbsp;trim&nbsp;the amount of JGBs sold to the market in recent&nbsp;years, partly by tapping funds raised in the past from "front-loading" JGB&nbsp;issuance, which took advantage of low borrowing costs.

Still,&nbsp;Japan's public debt is the highest among advanced economies and&nbsp;total&nbsp;spending under&nbsp;next&nbsp;fiscal&nbsp;year's budget is likely to hit a new record. And yet,&nbsp;bond&nbsp;yields have been kept low due to the <a href="https://www.wionews.com/business-economy/bank-of-japan-suggests-future-rate-cut-but-holds-fire-for-now-258962">Bank of&nbsp;Japan's</a> aggressive buying under a policy that caps 10-year&nbsp;government&nbsp;bond&nbsp;yields around 0 per cent.

The BOJ's ultra-loose monetary policy has crushed yields across the curve, forcing investors to hoard super-long government&nbsp;bonds in search of higher returns.

Wary of the implications of a flattening yield curve on financial institutions' profits, BOJ Governor Haruhiko Kuroda has repeatedly warned against <a href="https://www.wionews.com/business-economy/japan-business-mood-gloomiest-in-nearly-seven-years-as-trade-war-bites-267983">excessive falls</a> in super-long yields.

The increase in supply of 40-year&nbsp;bonds could alleviate the pain of investors, though many analysts doubt the effect on steepening the yield curve would be sustainable.

Japan plans to trim its overall government bond issuance to the market by 0.5 per cent next fiscal year from current year's levels, government officials said on Wednesday, as Prime Minister Shinzo Abe balances supporting growth and reining in huge public debt.

Japan plans to trim its overall government bond issuance to the market by 0.5 per cent next fiscal year from current year's levels, government officials said on Wednesday, as Prime Minister Shinzo Abe balances supporting growth and reining in huge public debt. The drop would mark the seventh straight year of declines in total debt issuance, despite rising fiscal spending as worries grow that cooling global growth and the US-China trade war could hit corporate tax income in export-led Japan. The government is set to sell 128.8 trillion yen ($1.19 trillion) of Japanese government bonds (JGBs) in the next fiscal year beginning in April 2020, down from this year's 129.4 trillion yen, the two officials said on condition of anonymity because the plan has not yet been announced. Of the total, the government is considering increasing issuance of JGBs with maturity of 40 years by 600 billion yen from the current fiscal year to 3 trillion yen, the officials said, in a nod to solid demand from investors hunting for yield amid years of ultra-low interest rates. Issuance plans for other maturities will remain unchanged, they added. New bond issuance for next fiscal year, which excludes bonds issued to roll over those reaching maturity, will fall for the 10th straight year to 32.56 trillion yen, versus this fiscal year's 32.7 trillion yen. The government is expected to approve its draft budget for next fiscal year on Friday. The general-account budget will hit a record 102.66 trillion yen in spending due to increases in welfare to support the fast-ageing population as well as military outlay, according to the draft. Tax revenue is estimated at 63.51 trillion yen. After peaking at a record 156.6 trillion yen issued in fiscal 2013, government bond issuance has been declining, supporting Abe's arguments that Japan is keeping its fiscal house in order while boosting spending to reflate the economy. The government has managed to trim the amount of JGBs sold to the market in recent years, partly by tapping funds raised in the past from "front-loading" JGB issuance, which took advantage of low borrowing costs. Still, Japan's public debt is the highest among advanced economies and total spending under next fiscal year's budget is likely to hit a new record. And yet, bond yields have been kept low due to the Bank of Japan's aggressive buying under a policy that caps 10-year government bond yields around 0 per cent. The BOJ's ultra-loose monetary policy has crushed yields across the curve, forcing investors to hoard super-long government bonds in search of higher returns. Wary of the implications of a flattening yield curve on financial institutions' profits, BOJ Governor Haruhiko Kuroda has repeatedly warned against excessive falls in super-long yields. The increase in supply of 40-year bonds could alleviate the pain of investors, though many analysts doubt the effect on steepening the yield curve would be sustainable.

Japan to trim total govt bond issuance next fiscal year: Sources

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions, while the British pound was licking fresh wounds as revived Brexit fears came back to bite it.

MSCI's <a href="https://www.wionews.com/business-economy/it-stocks-propel-indian-shares-to-all-time-peaks-268818">broadest index</a> of Asia-Pacific shares outside Japan inched up 0.1 per cent to its highest since June last year. Japan's <a href="https://www.wionews.com/business-economy/sensex-rallies-by-413-points-to-scale-new-high-nifty-closes-at-12165-268755">Nikkei</a> dipped 0.3 per cent&nbsp;and off a 2019 top.

Shanghai blue chips added 0.3 per cent, after hitting an eight-month peak on Tuesday, as Beijing trimmed another short-term interest rate.

E-Mini futures for the S&amp;P 500 were little changed, while <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">EUROSTOXX 50</a> futures fell 0.1 per cent.

Upbeat economic news had helped the S&amp;P 500 reach a record for the fourth straight session, building on its 27 per cent&nbsp;gain this year. The Dow ended Tuesday up 0.19 per cent, while the S&amp;P 500 gained 0.07 per cent&nbsp;and the Nasdaq 0.11 per cent.

U.S. housing starts were surprisingly strong in November, and building permits rose to the highest level since May 2007. Manufacturing output picked up more than expected as a strike at General Motors Co ended.

A run of better data recently has helped calm fears of recession while the "phase one" Sino-US&nbsp;deal on trade seems to have lifted some of the uncertainty on the&nbsp;global&nbsp;outlook.

The sea change was clear in BofA&nbsp;Global&nbsp;Research's latest survey of fund managers with recession concerns diving 33 per cent points to a net 68 per cent&nbsp;of investors saying a recession is now unlikely in 2020.

Global&nbsp;growth expectations jumped 22 per cent points, marking the biggest 2-month rise on record. As a result, funds' allocation to&nbsp;global&nbsp;equities climbed 10 per cent points to a net 31 per cent&nbsp;overweight, the highest level in a year.

Yet it might be too soon to declare an all-clear on the political front with UK Prime Minister Boris Johnson upsetting&nbsp;markets&nbsp;by taking a <a href="https://www.wionews.com/world/boris-johnson-uses-threat-of-brexit-cliff-edge-to-demand-eu-trade-deal-by-end-of-2020-268681">hard line</a> on Brexit talks.

Johnson will use the prospect of a Brexit cliff-edge at the end of 2020 to demand the EU give him a comprehensive free trade deal in less than 11 months.

The threat of a hard exit sent shivers through sterling, which slid 1.5 per cent&nbsp;in its largest one-day fall this year.

The pound was down another 0.4 per cent&nbsp;on Wednesday at $1.3075 having shed all the gains made during the Conservative Party's big election win.

"Johnson's move aimed at cancelling the possibility of an extension, has essentially increase the possibility of a no deal Brexit," said <a href="https://www.wionews.com/business-economy/asian-markets-rally-as-trump-says-trade-talks-going-very-well-255147">Rodrigo Catril</a>, a senior FX strategist at NAB.

"It suggests sterling's path in 2020 looks set to be a volatile one, a hard Brexit cannot be ruled out, but the probability of a positive Brexit resolution has also increased."

Sterling's slide gave the dollar index a lift to 97.243 against a basket of currencies, extending a bounce from last week's five-month low of 96.588.

The euro also surged on the pound and was steady on the dollar at $1.1140. The yen was little changed at 109.46 per dollar.

Spot gold idled at $1,475.24 per ounce, after a couple of very quiet sessions.

Oil prices eased from three-month highs as data showed US crude stocks rose unexpectedly in the most recent week.

US&nbsp;crude fell 38 cents to $60.56 a barrel, while Brent crude futures lost 29 cents to $65.81.

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions, while the British pound was licking fresh wounds as revived Brexit fears came back to bite it.

Asian stocks camped out at 18-month peaks on Wednesday having climbed for five straight sessions, while the British pound was licking fresh wounds as revived Brexit fears came back to bite it. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent to its highest since June last year. Japan's Nikkei dipped 0.3 per cent and off a 2019 top. Shanghai blue chips added 0.3 per cent, after hitting an eight-month peak on Tuesday, as Beijing trimmed another short-term interest rate. E-Mini futures for the S&P 500 were little changed, while EUROSTOXX 50 futures fell 0.1 per cent. Upbeat economic news had helped the S&P 500 reach a record for the fourth straight session, building on its 27 per cent gain this year. The Dow ended Tuesday up 0.19 per cent, while the S&P 500 gained 0.07 per cent and the Nasdaq 0.11 per cent. U.S. housing starts were surprisingly strong in November, and building permits rose to the highest level since May 2007. Manufacturing output picked up more than expected as a strike at General Motors Co ended. A run of better data recently has helped calm fears of recession while the "phase one" Sino-US deal on trade seems to have lifted some of the uncertainty on the global outlook. The sea change was clear in BofA Global Research's latest survey of fund managers with recession concerns diving 33 per cent points to a net 68 per cent of investors saying a recession is now unlikely in 2020. Global growth expectations jumped 22 per cent points, marking the biggest 2-month rise on record. As a result, funds' allocation to global equities climbed 10 per cent points to a net 31 per cent overweight, the highest level in a year. Yet it might be too soon to declare an all-clear on the political front with UK Prime Minister Boris Johnson upsetting markets by taking a hard line on Brexit talks. Johnson will use the prospect of a Brexit cliff-edge at the end of 2020 to demand the EU give him a comprehensive free trade deal in less than 11 months. The threat of a hard exit sent shivers through sterling, which slid 1.5 per cent in its largest one-day fall this year. The pound was down another 0.4 per cent on Wednesday at $1.3075 having shed all the gains made during the Conservative Party's big election win. "Johnson's move aimed at cancelling the possibility of an extension, has essentially increase the possibility of a no deal Brexit," said Rodrigo Catril, a senior FX strategist at NAB. "It suggests sterling's path in 2020 looks set to be a volatile one, a hard Brexit cannot be ruled out, but the probability of a positive Brexit resolution has also increased." Sterling's slide gave the dollar index a lift to 97.243 against a basket of currencies, extending a bounce from last week's five-month low of 96.588. The euro also surged on the pound and was steady on the dollar at $1.1140. The yen was little changed at 109.46 per dollar. Spot gold idled at $1,475.24 per ounce, after a couple of very quiet sessions. Oil prices eased from three-month highs as data showed US crude stocks rose unexpectedly in the most recent week. US crude fell 38 cents to $60.56 a barrel, while Brent crude futures lost 29 cents to $65.81.

Global Markets: Asia shares eke out another peak, pound fears Brexit redux