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The&nbsp;pound&nbsp;extended its slide on Wednesday, as Britain's fixing of a fresh Brexit deadline rekindled fears of a <a href="https://www.wionews.com/world/welcoming-new-lawmakers-pm-johnson-vows-a-speedy-brexit-268619">chaotic exit</a> from the European Union, while the dollar won back lost ground.

Sterling has collapsed more than 3 per cent&nbsp;since it peaked at an 18-month high of $1.3516 after Prime Minister Boris Johnson's landslide electoral victory last week.

His government, which campaigned to "<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">get Brexit done</a>," on Tuesday set the end of 2020 as an immovable deadline.

"With the level of frothiness in positioning, I think people had priced in very smooth sailing throughout 2020," said Chris Weston, head of research at Melbourne brokerage Pepperstone.

"This has given us a snap back to&nbsp;reality. If you thought Brexit was solved, and we're going to see very, very smooth times ahead, then that's not quite going to be the case."

Sterling last traded at $1.3102, below where it sat before polling day and 0.2 per cent&nbsp;lower for the session.

Asked if the government would legislate to rule out any extension of the transition beyond 2020, one of Johnson's most senior ministers, <a href="https://www.wionews.com/world/gove-says-united-kingdom-will-leave-european-union-by-october-31-farage-calls-for-general-election-257092">Michael Gove</a>, said "Exactly, absolutely."

In Brussels, officials said the timetable was "rigid" and likely to limit the scope of any deal.

Against the euro, the&nbsp;pound&nbsp;hit a two-week low of 85.17 pence per euro. The currency approaches another hurdle with inflation data due at 0930 GMT.

Focus will also be on German business sentiment data due later on Wednesday, along with a speech from European Central Bank Chief Christine Lagarde at 0830 GMT and remarks from US&nbsp;Federal Reserve Chicago President <a href="https://www.wionews.com/world/trade-uncertainty-to-trim-850-billion-global-output-fed-paper-247964">Charles Evans</a> at 1740 GMT.

Split Milk

<a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">Sterling's </a>slide supported the dollar to its highest in a week against a basket of currencies at 97.320.

Elsewhere, moves were slight as trading slows down into the holiday season and as the currency market waits for details on the Sino-US&nbsp;trade deal.

In the absence of fresh news, the Chinese yuan slipped back to the weaker side of 7-per-dollar at 7.0061.

"It is a slightly more generalised firmer US&nbsp;dollar. I don't think this is news or fundamentally driven flows," said Ray Attrill, Head of FX strategy at National Australia Bank.

The greenback was a little weaker on the euro at $1.1131. The kiwi&nbsp;was knocked by an unexpectedly steep drop in dairy prices, the top national export, pushing the currency to a week low of $0.6555.

The Australian dollar&nbsp;held near its lowest in a week as well ahead of crucial employment data due on Thursday. A disappointment could bring forward another rate cut, especially after the Reserve Bank of Australia (RBA) foreshadowed possible easing in December meeting minutes released on Tuesday.

"The RBA minutes struck a more dovish tone than the statement on the day, specifically citing the February meeting as a suitable time to reassess the (currently upbeat) outlook," Westpac analysts said in a note.

Futures markets have priced an even chance of a benchmark rate cut from an already record low 0.75 per cent.

The pound extended its slide on Wednesday, as Britain's fixing of a fresh Brexit deadline rekindled fears of a chaotic exit from the European Union, while the dollar won back lost ground.

The pound extended its slide on Wednesday, as Britain's fixing of a fresh Brexit deadline rekindled fears of a chaotic exit from the European Union, while the dollar won back lost ground. Sterling has collapsed more than 3 per cent since it peaked at an 18-month high of $1.3516 after Prime Minister Boris Johnson's landslide electoral victory last week. His government, which campaigned to "get Brexit done," on Tuesday set the end of 2020 as an immovable deadline. "With the level of frothiness in positioning, I think people had priced in very smooth sailing throughout 2020," said Chris Weston, head of research at Melbourne brokerage Pepperstone. "This has given us a snap back to reality. If you thought Brexit was solved, and we're going to see very, very smooth times ahead, then that's not quite going to be the case." Sterling last traded at $1.3102, below where it sat before polling day and 0.2 per cent lower for the session. Asked if the government would legislate to rule out any extension of the transition beyond 2020, one of Johnson's most senior ministers, Michael Gove, said "Exactly, absolutely." In Brussels, officials said the timetable was "rigid" and likely to limit the scope of any deal. Against the euro, the pound hit a two-week low of 85.17 pence per euro. The currency approaches another hurdle with inflation data due at 0930 GMT. Focus will also be on German business sentiment data due later on Wednesday, along with a speech from European Central Bank Chief Christine Lagarde at 0830 GMT and remarks from US Federal Reserve Chicago President Charles Evans at 1740 GMT. Split Milk Sterling's slide supported the dollar to its highest in a week against a basket of currencies at 97.320. Elsewhere, moves were slight as trading slows down into the holiday season and as the currency market waits for details on the Sino-US trade deal. In the absence of fresh news, the Chinese yuan slipped back to the weaker side of 7-per-dollar at 7.0061. "It is a slightly more generalised firmer US dollar. I don't think this is news or fundamentally driven flows," said Ray Attrill, Head of FX strategy at National Australia Bank. The greenback was a little weaker on the euro at $1.1131. The kiwi was knocked by an unexpectedly steep drop in dairy prices, the top national export, pushing the currency to a week low of $0.6555. The Australian dollar held near its lowest in a week as well ahead of crucial employment data due on Thursday. A disappointment could bring forward another rate cut, especially after the Reserve Bank of Australia (RBA) foreshadowed possible easing in December meeting minutes released on Tuesday. "The RBA minutes struck a more dovish tone than the statement on the day, specifically citing the February meeting as a suitable time to reassess the (currently upbeat) outlook," Westpac analysts said in a note. Futures markets have priced an even chance of a benchmark rate cut from an already record low 0.75 per cent.

Reality bites pound as Brexit fears return

Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US&nbsp;gold futures were little changed at $1,480.80.

"Gold is in sort of a <a href="https://www.wionews.com/business-economy/gold-holds-firm-as-optimism-fades-for-us-china-trade-talks-254716">holding pattern</a> and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson.

"But the main issue is they are not saying anything significant on the back of this deal and details around the trade deal are still lacking, there's that element of uncertainty."

US&nbsp;Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across various sectors in the United States in the "phase one" deal would be detailed in writing, but gave no further details about when the written agreement would be released.

&nbsp;

WATCH: WION Dispatch: US-China reach 'phase one' trade deal

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Bullion's upside remained capped by positive US&nbsp;economic data that underpinned the dollar and stock markets.

The dollar index hovered near a one-week high against a basket of rival currencies, while Asian shares camped out at 18-month peaks having climbed for five straight sessions.

US manufacturing production recovered in November and housing numbers rose beyond expectations with permits for future home construction soaring to a 12-1/2-year high on lower mortgage rates.

Meanwhile, two Federal Reserve policymakers on Tuesday upheld the central bank's stance on leaving interest rates steady and said the bar to cutting or raising them would be high.

"With the FOMC continually reminding us that rates are on hold indefinitely, it adds an element of support for gold but will not necessarily catapult prices higher. For that, we need a dovish Fed impulse," AxiTrader market strategist Stephen Innes said in a note.

&nbsp;

WATCH: US Fed keeps rates on hold, points to 'favourable' economic outlook next year

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Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.6% on Tuesday.

<a href="https://www.wionews.com/business-economy/deficit-hit-palladium-takes-aim-at-2000-ceiling-in-record-run-268725">Palladium</a> slipped 0.8% to $1,939.91 an ounce, retreating from an all-time peak of $1,998.43 hit in the previous session.

"The market set their sights on the key target, once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," ING's Patterson said.

Silver edged 0.1% higher to $17.02 per ounce, while platinum fell 0.1% to $926.65.

Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US gold futures were little changed at $1,480.80. "Gold is in sort of a holding pattern and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson.

Spot gold was flat at $1,476.55 per ounce at 0354 GMT. US gold futures were little changed at $1,480.80. "Gold is in sort of a holding pattern and one of the key reasons behind this is that the macro picture has been positive on the trade deal and it has obviously capped gold prices," said ING analyst Warren Patterson. "But the main issue is they are not saying anything significant on the back of this deal and details around the trade deal are still lacking, there's that element of uncertainty." US Trade Representative Robert Lighthizer on Tuesday said details of Chinese purchases across various sectors in the United States in the "phase one" deal would be detailed in writing, but gave no further details about when the written agreement would be released. WATCH: WION Dispatch: US-China reach 'phase one' trade deal × Bullion's upside remained capped by positive US economic data that underpinned the dollar and stock markets. The dollar index hovered near a one-week high against a basket of rival currencies, while Asian shares camped out at 18-month peaks having climbed for five straight sessions. US manufacturing production recovered in November and housing numbers rose beyond expectations with permits for future home construction soaring to a 12-1/2-year high on lower mortgage rates. Meanwhile, two Federal Reserve policymakers on Tuesday upheld the central bank's stance on leaving interest rates steady and said the bar to cutting or raising them would be high. "With the FOMC continually reminding us that rates are on hold indefinitely, it adds an element of support for gold but will not necessarily catapult prices higher. For that, we need a dovish Fed impulse," AxiTrader market strategist Stephen Innes said in a note. WATCH: US Fed keeps rates on hold, points to 'favourable' economic outlook next year × Reflecting investor interest in bullion, holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, fell 0.6% on Tuesday. Palladium slipped 0.8% to $1,939.91 an ounce, retreating from an all-time peak of $1,998.43 hit in the previous session. "The market set their sights on the key target, once we did that, we definitely did see some profit-taking - that's the reason we saw that price inflection," ING's Patterson said. Silver edged 0.1% higher to $17.02 per ounce, while platinum fell 0.1% to $926.65.

Gold prices subdued as investors await trade deal details; palladium dips

Indian shares extended gains to scale record levels early on Wednesday, as a weaker rupee boosted IT stocks and on optimism that the initial Sino-U.S. trade pact will allay one of the major risks to global economic growth.

Indian shares extended gains to scale record levels early on Wednesday, as a weaker rupee boosted IT stocks and on optimism that the initial Sino-U.S. trade pact will allay one of the major risks to global economic growth. The Nifty was up 0.15% at 12,183.50, as of 0356 GMT, having touched an all-time high of 12,197.65 earlier in the session. The Sensex index rose 0.18% to 41,421.70. "It is a dichotomy, economy is bad but markets are up, the guiding sentiment is that there is hope that things will get better going forward," said Arun Kejriwal, founder of advisory firm Kejriwal Research. Shares in broader Asia hovered near 18-month peaks, with the with MSCI's broadest index of Asia-Pacific shares outside Japan inching up 0.1 A weaker rupee, which lost 0.15% against the dollar, powered Wipro Ltd and Tata Consultancy Services Ltd to the top of the NSE index. The Nifty IT index rose as much as 1.27%, with Tech Mahindra Ltd gaining 2%. Market focus will be on a Goods and Services Tax (GST) Council meeting, set to happen later in the day, amid expectations of additional stimulus measures from the government. Telcos Bharti Airtel and Vodafone Idea eked out minor gains in early trade before reversing course to trade 1.18% and 2.9% lower, respectively. The country's telecom regulator on Tuesday deferred a decision to scrap interconnect usage charges by one year to January 2021. The biggest laggards in the NSE index were Vedanta Ltd and Hindustan Unilever Ltd. The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 1.24%, with State Bank of India slipping 0.33%.

IT stocks propel Indian shares to all-time peaks

Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant".&nbsp;

As per the statement, Tata Sons is set to "appropriate legal recourse" in the matter.&nbsp;

"Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse," the statement noted as reported by news agency ANI.&nbsp;

Mistry, on the other hand, termed the judgment as the victory for the principles of good governance and minority shareholder rights.

"Today's judgment is not a personal victory for me but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of," Mistry said in a statement.

"The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons. My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth," it said.

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Tata Sons statement: The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. 
Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse.
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"For the Tata Group to prosper as an institution, it is important that the management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group," read the statement.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons. 
This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was <a href="https://www.wionews.com/business-economy/3-years-after-ousting-cyrus-mistry-restored-as-tata-sons-chairman-268952">ousted from the Tata Sons board in the year 2016</a>.

Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;

(With inputs from ANI)&nbsp;

Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant".

Tata Sons, in a statement on Wednesday, reacted to the NCLAT's order to restore Cyrus Mistry as the group chairman stating that the "order appears to even go beyond the specific reliefs sought by the Appellant". As per the statement, Tata Sons is set to "appropriate legal recourse" in the matter. "Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse," the statement noted as reported by news agency ANI. Mistry, on the other hand, termed the judgment as the victory for the principles of good governance and minority shareholder rights. "Today's judgment is not a personal victory for me but is a victory for the principles of good governance and minority shareholder rights. For over fifty years, the Mistry family, as the significant minority shareholder of Tata Sons, has always endeavoured to play the role of a responsible guardian of an institution that the entire nation is proud of," Mistry said in a statement. "The outcome of the appeal is a vindication of my stand taken when the then board of Tata Sons, without warning or reason removed me, first as the executive chairman, and subsequently as a director of Tata Sons. My endeavour as Executive Chairman had always been to establish a culture and processes that promote effective board governance to create long term stakeholder value, sustainable profits and growth," it said. Tata Sons statement: The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant. Tata Sons strongly believes in the strength of its case and will take appropriate legal recourse. — ANI (@ANI) December 18, 2019 × "For the Tata Group to prosper as an institution, it is important that the management of individual companies, their Boards, the management of Tata Sons, the Board of Tata Sons and the shareholders of Tata Sons, all work harmoniously within a robust governance framework, that in substance and form, protects the rights of all stakeholders, including shareholders, investors and the Tata Groups employees, who represent the strongest asset of the Group," read the statement. The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal. Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was ousted from the Tata Sons board in the year 2016. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. (With inputs from ANI)

Will take appropriate legal recourse: Tata Sons' statement on Mistry's restoration as chairman by NCLAT

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored <a href="https://www.wionews.com/india-news/nclat-declines-stay-on-converting-tata-sons-into-private-company-says-cyrus-mistry-cant-be-forced-to-sell-stake-161191">Cyrus Mistry</a> as the executive chairman of the Tata Sons Limited.

This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was <a href="https://www.wionews.com/business-economy/cyrus-mistry-removed-as-director-of-tata-sons-12103">ousted from the Tata Sons board in the year 2016</a>.

Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group.&nbsp;

The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal.

Later, Mistry had also personally approached the NCLAT over the NCLT order.

The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board.

A special bench of the tribunal had held that the board of directors at <a href="https://www.wionews.com/business-%26-economy/nclt-dismisses-cyrus-mistrys-plea-against-tata-sons-150083">Tata Sons was 'competent' to remove the executive chairperson</a> of the company.

The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.'

Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members.

Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons.&nbsp;

Tata Sons is the principal investment holding company and promoter of Tata companies.

(With inputs from ANI)

&nbsp;

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday restored Cyrus Mistry as the executive chairman of the Tata Sons Limited. This comes as the Tribunal held Natarajan Chandrasekaran's appointment as the executive chairman as illegal. Mistry's restoration order will be operational only after four weeks, the time allowed to Tatas to file an appeal. His re-appointment to the position comes three years after he was ousted from the Tata Sons board in the year 2016. Mistry took over as the chairman of the conglomerate, replacing Ratan Tata in 2012 and was the sixth chairman of the group. The Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed the petitions filed by the two investment firms Cyrus Investments Pvt Ltd and Sterling Investments Corp challenging Mistry's removal. Later, Mistry had also personally approached the NCLAT over the NCLT order. The Mistry camp had challenged the July 9 order of the Mumbai bench of the NCLT which dismissed the pleas against his removal as Tata Sons chairman, as also the allegations of rampant misconduct on part of Ratan Tata and the company's board. A special bench of the tribunal had held that the board of directors at Tata Sons was 'competent' to remove the executive chairperson of the company. The NCLT bench had also said that Mistry was ousted as chairman because the Tata Sons' Board and its majority shareholders had 'lost confidence in him.' Two months after his removal, Mistry's family-run firms approached the NCLT as minority shareholders, against Tata Sons, Ratan Tata and some other board members. Mistry in his pleas primarily argued that his removal was not in accordance with the Companies Act and that there was rampant mismanagement of affairs across Tata Sons. Tata Sons is the principal investment holding company and promoter of Tata companies. (With inputs from ANI)

3 years after ousting, Cyrus Mistry restored as Tata Sons chairman by NCLAT

Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm.

"Fiat Chrysler Automobiles and Peugeot SA (Groupe PSA) have today signed a binding combination agreement providing for a 50/50 merger of their businesses to create the fourth-largest global automotive original equipment manufacturer by volume and third-largest by revenue," the statement said.

"No plant closures resulting from the transaction," the statement added.

Volkswagen, Renault-Nissan-Mitsubishi and Toyota are the top-3 carmakers which combined produce nearly 9 million. PSA and FCA had announced their plans six weeks ago for a 50-50 share tie-up.

The deal is likely to close over the next 15 months with the headquarters in the Netherlands.&nbsp;While Fiat Chrysler would gain access to PSA's more modern vehicle platforms, helping it meet tough new emissions rules, PSA would benefit from profitable US business of Fiat Chrysler featuring brands such as Ram and Jeep.

Under the group, the sub-brands include Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, Opel and Vauxhall.&nbsp;

Ranging from mass and premium passenger cars and trucks and light commercial vehicles, the $50 billion deal will see the two mid-sized auto firms coming together and the tie-up will the ability to reshape the global industry.&nbsp;

The PSA-FCA&nbsp;merger is also aiming for annual cost savings of over $4 billion by combining technologies which will also help carmakers in saving steep costs to develop cleaner models as more stringent emission targets set in across the world.

Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm.

Two global auto giants are coming together to create the world’s fourth-largest car maker. Fiat Chrysler and the makers of Peugeot branded cars PSA have agreed on a binding merger making $50 billion auto firm. "Fiat Chrysler Automobiles and Peugeot SA (Groupe PSA) have today signed a binding combination agreement providing for a 50/50 merger of their businesses to create the fourth-largest global automotive original equipment manufacturer by volume and third-largest by revenue," the statement said. "No plant closures resulting from the transaction," the statement added. Volkswagen, Renault-Nissan-Mitsubishi and Toyota are the top-3 carmakers which combined produce nearly 9 million. PSA and FCA had announced their plans six weeks ago for a 50-50 share tie-up. The deal is likely to close over the next 15 months with the headquarters in the Netherlands. While Fiat Chrysler would gain access to PSA's more modern vehicle platforms, helping it meet tough new emissions rules, PSA would benefit from profitable US business of Fiat Chrysler featuring brands such as Ram and Jeep. Under the group, the sub-brands include Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, Opel and Vauxhall. Ranging from mass and premium passenger cars and trucks and light commercial vehicles, the $50 billion deal will see the two mid-sized auto firms coming together and the tie-up will the ability to reshape the global industry. The PSA-FCA merger is also aiming for annual cost savings of over $4 billion by combining technologies which will also help carmakers in saving steep costs to develop cleaner models as more stringent emission targets set in across the world.

Fiat Chrysler, French carmaker PSA agree on mega merger

US retailers are&nbsp;expected&nbsp;to ring up record sales on Super&nbsp;Saturday&nbsp;this year, as fewer&nbsp;days than usual between Thanksgiving and&nbsp;Christmas&nbsp;have squeezed shoppers to finish their purchases.

In recent years, the&nbsp;Saturday&nbsp;before&nbsp;Christmas&nbsp;has seen a late surge in shopper traffic. With retailers maintaining deep discounts late into the holiday&nbsp;season, total sales on Super&nbsp;Saturday&nbsp;have edged closer to Black Friday, the&nbsp;day&nbsp;after Thanksgiving which traditionally kicks off the season in November.

Many retail consultants and analysts estimate the surge will bump Super&nbsp;Saturday&nbsp;into the&nbsp;biggest&nbsp;shopping&nbsp;day&nbsp;this year.

Craig Johnson, president at retail consultancy Customer Growth Partners, expects people to spend $34 billion this year on Super&nbsp;Saturday. These estimates include in-store and online purchases but exclude sales generated at gas stations, restaurants, and automobile dealers. In comparison, Black Friday&nbsp;generated $31.5 billion in sales, he said.

"Consumer demand remains strong," Johnson said. "While mall traffic is weak, those that are going to stores are buying more."

Despite slowing global growth,&nbsp;US&nbsp;consumer spending is benefiting from wage growth and a strong labor market, retail consultants and analysts said.

Also, prices have remained steady instead of rising as widely&nbsp;expected, they said, which has spurred spending. According to an analysis, retailers including Walmart Inc and Amazon.com Inc&nbsp;held prices steady for many popular holiday&nbsp;products sold online despite pressure from&nbsp;<a href="https://www.wionews.com/world/trump-heaps-another-5-tariff-on-chinese-goods-in-latest-tit-for-tat-escalation-245211">US&nbsp;tariffs</a> on Chinese imports.

Many retailers are responding to the late surge in spending by keeping stores open for longer in the&nbsp;days&nbsp;before&nbsp;Christmas. They have also added more staff in stores this year, reversing a trend that saw more workers being added to warehouses to ship online orders.

With store shoppers becoming more deliberate about their purchases, retailers' investments in improving the customer experience is resulting in stronger sales, analysts said.

"The shoppers that are coming into the store during the holidays want the personal touch...otherwise they'd be online," said Andrew Challenger, vice president at placement firm <a href="https://www.wionews.com/business-%26-economy/us-job-growth-seen-picking-up-unemployment-rate-falling-164155">Challenger, Gray &amp;&nbsp;Christmas&nbsp;Inc</a>. "They want somebody to guide them through the inventory and in some ways help them select the right products at the right prices," he said.

Target said it is giving employees in stores a serious bump in hours, investing an extra $50 million into the effort. Similarly, Walmart's holiday&nbsp;strategy this year has also focused on customer service improvements.

For instance, its Check Out With Me feature, which allows; shoppers paying by credit card to skip out on long lines by having employees equipped with cellular devices and bluetooth printers check them out anywhere in the store, is available in all big stores.

The <a href="https://www.wionews.com/business-economy/us-cyber-monday-sales-to-hit-record-92-billion-265856">National Retail Federation</a> estimates&nbsp;US&nbsp;holiday&nbsp;retail sales in November and December will increase between 3.8 per cent&nbsp;and 4.2 per cent&nbsp;over 2018, for a total of $727.9 billion to $730.7 billion. That compares with an average annual increase of 3.7 per cent&nbsp;over the past five years .

US retailers are expected to ring up record sales on Super Saturday this year, as fewer days than usual between Thanksgiving and Christmas have squeezed shoppers to finish their purchases.

US retailers are expected to ring up record sales on Super Saturday this year, as fewer days than usual between Thanksgiving and Christmas have squeezed shoppers to finish their purchases. In recent years, the Saturday before Christmas has seen a late surge in shopper traffic. With retailers maintaining deep discounts late into the holiday season, total sales on Super Saturday have edged closer to Black Friday, the day after Thanksgiving which traditionally kicks off the season in November. Many retail consultants and analysts estimate the surge will bump Super Saturday into the biggest shopping day this year. Craig Johnson, president at retail consultancy Customer Growth Partners, expects people to spend $34 billion this year on Super Saturday. These estimates include in-store and online purchases but exclude sales generated at gas stations, restaurants, and automobile dealers. In comparison, Black Friday generated $31.5 billion in sales, he said. "Consumer demand remains strong," Johnson said. "While mall traffic is weak, those that are going to stores are buying more." Despite slowing global growth, US consumer spending is benefiting from wage growth and a strong labor market, retail consultants and analysts said. Also, prices have remained steady instead of rising as widely expected, they said, which has spurred spending. According to an analysis, retailers including Walmart Inc and Amazon.com Inc held prices steady for many popular holiday products sold online despite pressure from US tariffs on Chinese imports. Many retailers are responding to the late surge in spending by keeping stores open for longer in the days before Christmas. They have also added more staff in stores this year, reversing a trend that saw more workers being added to warehouses to ship online orders. With store shoppers becoming more deliberate about their purchases, retailers' investments in improving the customer experience is resulting in stronger sales, analysts said. "The shoppers that are coming into the store during the holidays want the personal touch...otherwise they'd be online," said Andrew Challenger, vice president at placement firm Challenger, Gray & Christmas Inc. "They want somebody to guide them through the inventory and in some ways help them select the right products at the right prices," he said. Target said it is giving employees in stores a serious bump in hours, investing an extra $50 million into the effort. Similarly, Walmart's holiday strategy this year has also focused on customer service improvements. For instance, its Check Out With Me feature, which allows; shoppers paying by credit card to skip out on long lines by having employees equipped with cellular devices and bluetooth printers check them out anywhere in the store, is available in all big stores. The National Retail Federation estimates US holiday retail sales in November and December will increase between 3.8 per cent and 4.2 per cent over 2018, for a total of $727.9 billion to $730.7 billion. That compares with an average annual increase of 3.7 per cent over the past five years .

Saturday before Christmas expected to be the biggest US shopping day of 2019

<a href="https://www.wionews.com/business-economy/fiat-chrysler-peugeot-boards-meet-to-finalise-merger-sources-268704">Fiat&nbsp;Chrysler&nbsp;and&nbsp;Peugeot</a>&nbsp;maker PSA have reached a&nbsp;binding&nbsp;agreement over their roughly $50&nbsp;billion&nbsp;merger&nbsp;that will reshape the global car industry.

France's PSA and Italian-American&nbsp;Fiat&nbsp;Chrysler&nbsp;(FCA), which are yet to decide on a name for their new company, will now start work on delivering their pledge to cut costs by 3.7&nbsp;billion&nbsp;euros ($4.1&nbsp;billion) a year without closing factories.

That will be all the harder with politicians and strong labour unions in both France and Italy worried about job losses at a combined business that will employ around 400,000 people.

"The merged group will have to make massive savings and probably also close plants, even if the CEOs' choice of words is different," said NordLB autos analyst Frank Schwope after the&nbsp;binding&nbsp;agreement was announced on Wednesday.

French Finance Minister <a href="https://www.wionews.com/world/ready-to-take-trumps-tariff-threat-to-world-trade-organisation-french-finance-minister-le-maire-266994">Bruno Le Maire</a>, meanwhile, welcomed the move to bring together Europe's second and third biggest carmakers, while adding the French government, a key shareholder in PSA, would remain vigilant on matters including where "decision centres" are located within the new group.

PSA and FCA announced preliminary plans six weeks ago for a 50-50 all-share tie-up that will rank as the world's fourth-largest automaker behind Volkswagen, Toyota and the Renault-Nissan alliance.

The&nbsp;deal&nbsp;is aimed at helping <a href="https://www.wionews.com/business-economy/fiat-chrysler-and-psa-confirm-talks-over-potential-tie-up-258778">both companies</a> cope with slowing autos demand and the cost of building cleaner cars to meeting tougher emissions regulations.

With brands including Jeep, Dodge, Ram,&nbsp;Chrysler, Alfa Romeo, Maserati and Opel, the companies sold a combined 8.7 million vehicles last year, but have potential manufacturing capacity of 14 million, according to forecasters LMC Automotive.

They have yet to say precisely how they plan to tackle that potential excess, and which car platforms or underlying vehicle structures they will focus on, only detailing that most production would be concentrated on two platforms.

"At this stage nothing is decided. We have been evaluating what the opportunities are," PSA Chief Executive <a href="https://www.wionews.com/business-economy/new-psa-fiat-chrysler-management-to-try-to-improve-cost-savings-260788">Carlos Tavares</a>, who will head up the merged entity as CEO, told reporters.

There is no time to lose as both PSA and FCA are "currently lagging far behind the competition in terms of technology and product range," NordLB's Schwope said.

PSA and FCA said in a statement they expected the&nbsp;deal&nbsp;to close in the next 12 to 15 months, and they would come up with a name over the coming months.

FCA said it would meet unions on Friday to discuss the&nbsp;merger.

At 0845 GMT, PSA shares were up 1.2 per cent&nbsp;at 22.37 euros. FCA's stock was up 0.2 per cent&nbsp;at 13.63 euros.

Before the&nbsp;merger&nbsp;is completed, one of PSA's shareholders, China's Dongfeng Motor Group, will trim its 12.2 per cent&nbsp;stake in the French firm by selling 30.7 million shares to PSA.

That stake was worth 679 million euros ($748 million) at the most recent closing price, and Dongfeng will have 4.5 per cent of the merged group. Its smaller stake is seen as helping the&nbsp;deal&nbsp;gain regulatory approval in the United States.

"This is the way of supporting this&nbsp;merger&nbsp;and making sure we don't have bumps on the road," Tavares said.

PSA and FCA confirmed the new group would have an 11-strong board, with five members nominated by PSA and another five by FCA. These will include labour representatives from both.

Tavares, whose initial five-year term as CEO will begin once the&nbsp;deal&nbsp;has closed and gained all approvals, will have the additional seat on the board.

The companies did not clarify what would happen when Tavares leaves. Two sources close to PSA told that last week the&nbsp;French stakeholders were seeking reassurances they would retain a numerical advantage on the board.

A shock lawsuit by General Motors filed last month against FCA in the United State over alleged union bribing did not affect the&nbsp;merger&nbsp;terms, FCA CEO Mike Manley told reporters, reiterating the claim was "meritless".

Manley said he hoped <a href="https://www.wionews.com/business-economy/fiat-chrysler-to-recall-nearly-700000-suvs-for-electrical-fault-risk-263669">FCA</a> would "now dispose of that quickly" and if not, the company would defend itself vigorously.

Fiat Chrysler and Peugeot maker PSA have reached a binding agreement over their roughly $50 billion merger that will reshape the global car industry. France's PSA and Italian-American Fiat Chrysler (FCA), which are yet to decide on a name for their new company, will now start work on delivering their pledge to cut costs by 3.

Fiat Chrysler and Peugeot maker PSA have reached a binding agreement over their roughly $50 billion merger that will reshape the global car industry. France's PSA and Italian-American Fiat Chrysler (FCA), which are yet to decide on a name for their new company, will now start work on delivering their pledge to cut costs by 3.7 billion euros ($4.1 billion) a year without closing factories. That will be all the harder with politicians and strong labour unions in both France and Italy worried about job losses at a combined business that will employ around 400,000 people. "The merged group will have to make massive savings and probably also close plants, even if the CEOs' choice of words is different," said NordLB autos analyst Frank Schwope after the binding agreement was announced on Wednesday. French Finance Minister Bruno Le Maire, meanwhile, welcomed the move to bring together Europe's second and third biggest carmakers, while adding the French government, a key shareholder in PSA, would remain vigilant on matters including where "decision centres" are located within the new group. PSA and FCA announced preliminary plans six weeks ago for a 50-50 all-share tie-up that will rank as the world's fourth-largest automaker behind Volkswagen, Toyota and the Renault-Nissan alliance. The deal is aimed at helping both companies cope with slowing autos demand and the cost of building cleaner cars to meeting tougher emissions regulations. With brands including Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati and Opel, the companies sold a combined 8.7 million vehicles last year, but have potential manufacturing capacity of 14 million, according to forecasters LMC Automotive. They have yet to say precisely how they plan to tackle that potential excess, and which car platforms or underlying vehicle structures they will focus on, only detailing that most production would be concentrated on two platforms. "At this stage nothing is decided. We have been evaluating what the opportunities are," PSA Chief Executive Carlos Tavares, who will head up the merged entity as CEO, told reporters. There is no time to lose as both PSA and FCA are "currently lagging far behind the competition in terms of technology and product range," NordLB's Schwope said. PSA and FCA said in a statement they expected the deal to close in the next 12 to 15 months, and they would come up with a name over the coming months. FCA said it would meet unions on Friday to discuss the merger. At 0845 GMT, PSA shares were up 1.2 per cent at 22.37 euros. FCA's stock was up 0.2 per cent at 13.63 euros. Before the merger is completed, one of PSA's shareholders, China's Dongfeng Motor Group, will trim its 12.2 per cent stake in the French firm by selling 30.7 million shares to PSA. That stake was worth 679 million euros ($748 million) at the most recent closing price, and Dongfeng will have 4.5 per cent of the merged group. Its smaller stake is seen as helping the deal gain regulatory approval in the United States. "This is the way of supporting this merger and making sure we don't have bumps on the road," Tavares said. PSA and FCA confirmed the new group would have an 11-strong board, with five members nominated by PSA and another five by FCA. These will include labour representatives from both. Tavares, whose initial five-year term as CEO will begin once the deal has closed and gained all approvals, will have the additional seat on the board. The companies did not clarify what would happen when Tavares leaves. Two sources close to PSA told that last week the French stakeholders were seeking reassurances they would retain a numerical advantage on the board. A shock lawsuit by General Motors filed last month against FCA in the United State over alleged union bribing did not affect the merger terms, FCA CEO Mike Manley told reporters, reiterating the claim was "meritless". Manley said he hoped FCA would "now dispose of that quickly" and if not, the company would defend itself vigorously.

Fiat Chrysler, Peugeot owner agree binding $50 billion merger deal

Oil&nbsp;prices fell on Wednesday after&nbsp;US&nbsp;industry data showed a surprise&nbsp;build-up in crude&nbsp;inventories&nbsp;but losses were kept in check by expectations for an uptick in&nbsp;demand&nbsp;next year on the back of progress in resolving the&nbsp;<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">US-China trade</a> row.

Brent crude futures&nbsp;dropped 41 cents, or 0.6 per cents, to $65.69 a barrel by 0940 GMT on Wednesday. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.9 per cents, to $60.42 per barrel.

Prices had&nbsp;risen more than 1 per cent&nbsp;in the previous session after the announcement last week of the so-called <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">Phase One</a> of a&nbsp;U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy&nbsp;demand.

"The sizzling&nbsp;oil&nbsp;market rally came to a grinding halt after an unexpected climb in the weekly&nbsp;US&nbsp;crude inventory report," said <a href="https://www.wionews.com/business-&amp;-economy/oil-prices-drop-on-worries-about-oversupply-154079?amp">Stephen Innes</a>, market strategist at AxiTrader, although he said figures for stocks were "unlikely to be a game-changer."

"Investors have transcended the trade deal-inspired relief rally euphoria, and are now banking on a fundamental&nbsp;demand-driven shift that could quicken the pace of the&nbsp;oil&nbsp;market rebalancing in the first quarter of 2020," he said.

US&nbsp;crude&nbsp;inventories&nbsp;climbed 4.7 million barrels in the week to December&nbsp;13 to 452 million, compared with analysts' expectations for a draw of 1.3 million barrels, data from industry group the <a href="https://www.wionews.com/world/us-oil-falls-to-three-week-low-on-inventory-gains-due-to-brexit-fears-506">American Petroleum Institute</a> showed.

Data from the&nbsp;US&nbsp;Energy Information Administration (EIA) is due later on Wednesday.

"As much as the API has taken the wind out of bulls' sails, the lull in&nbsp;upside is expected to be short-lived. After all, recent positive developments have given&nbsp;oil&nbsp;fundamentals for next year a supportive shot in the arm," said Stephen Brennock of&nbsp;oil&nbsp;broker PVM.

Deeper production cuts&nbsp;coming from the Organization of the Petroleum Exporting Countries and its allies, such as Russia, which make up a group known as OPEC+, also continued to offer some support and prevented a further slide in prices.

OPEC+, which has cut production by 1.2 million barrels per day (bpd) since January 1 this year, will make a further output cut of 500,000 bpd from January 1, 2020, to support the market.&nbsp;

Oil prices fell on Wednesday after US industry data showed a surprise build-up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the US-China trade row.

Oil prices fell on Wednesday after US industry data showed a surprise build-up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the US-China trade row. Brent crude futures dropped 41 cents, or 0.6 per cents, to $65.69 a barrel by 0940 GMT on Wednesday. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.9 per cents, to $60.42 per barrel. Prices had risen more than 1 per cent in the previous session after the announcement last week of the so-called Phase One of a U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy demand. "The sizzling oil market rally came to a grinding halt after an unexpected climb in the weekly US crude inventory report," said Stephen Innes, market strategist at AxiTrader, although he said figures for stocks were "unlikely to be a game-changer." "Investors have transcended the trade deal-inspired relief rally euphoria, and are now banking on a fundamental demand-driven shift that could quicken the pace of the oil market rebalancing in the first quarter of 2020," he said. US crude inventories climbed 4.7 million barrels in the week to December 13 to 452 million, compared with analysts' expectations for a draw of 1.3 million barrels, data from industry group the American Petroleum Institute showed. Data from the US Energy Information Administration (EIA) is due later on Wednesday. "As much as the API has taken the wind out of bulls' sails, the lull in upside is expected to be short-lived. After all, recent positive developments have given oil fundamentals for next year a supportive shot in the arm," said Stephen Brennock of oil broker PVM. Deeper production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, such as Russia, which make up a group known as OPEC+, also continued to offer some support and prevented a further slide in prices. OPEC+, which has cut production by 1.2 million barrels per day (bpd) since January 1 this year, will make a further output cut of 500,000 bpd from January 1, 2020, to support the market.

Oil falls as US inventories rise but demand hopes stem bigger drop

Amazon's <a href="https://www.wionews.com/entertainment/top-fortnite-streamer-ninja-leaves-amazons-twitch-to-join-microsofts-mixer-240034">Twitch</a>&nbsp;said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service&nbsp;over&nbsp;alleged piracy broadcasting of English Premier League games.

No financial compensation has been sought or paid,&nbsp;Twitch&nbsp;added in a statement.

A&nbsp;Russian&nbsp;court on Monday blocked&nbsp;Twitch's access to English Premier League soccer broadcasts after Russia's Rambler media group said it would sue the Amazon subsidiary for 180 billion roubles ($2.88 billion)&nbsp;over&nbsp;pirate broadcasts.

On Tuesday, a&nbsp;Russian&nbsp;watchdog said it no longer planned to block&nbsp;Twitch&nbsp;after the company had taken down&nbsp;illegal&nbsp;sports&nbsp;content.

Amazon's Twitch said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service over alleged piracy broadcasting of English Premier League games.

Amazon's Twitch said on Wednesday that Russia's Rambler Group had withdrawn its claim against the streaming service over alleged piracy broadcasting of English Premier League games. No financial compensation has been sought or paid, Twitch added in a statement. A Russian court on Monday blocked Twitch's access to English Premier League soccer broadcasts after Russia's Rambler media group said it would sue the Amazon subsidiary for 180 billion roubles ($2.88 billion) over pirate broadcasts. On Tuesday, a Russian watchdog said it no longer planned to block Twitch after the company had taken down illegal sports content.

Russian firm has dropped suit over alleged illegal content: Amazon Twitch

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks.

The NSE Nifty 50 Index ended up 0.47 per cent&nbsp;at 12,221.65, having touched an all-time high of 12,237.70 earlier in the session.

The S&amp;P BSE Sensex index rose 0.55 per cent to 41,579.18, after hitting a record high of 41,614.77.

The Nifty IT index rose 0.47 per cent. The Nifty metals index gained 0.8 per cent, while the Nifty auto index rose 0.53 per cent.

The biggest gainers in the Nifty index were Mahindra and Mahindra Ltd gaining 3.59 per cent, Sun Pharmaceutical Industries Ltd up 2.51 per cent and JSW Steel Ltd higher by 2.07 per cent.

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks. The NSE Nifty 50 Index ended up 0.

Indian shares ended higher on Wednesday, after hitting record highs earlier in the session, boosted by metal, auto and information technology stocks. The NSE Nifty 50 Index ended up 0.47 per cent at 12,221.65, having touched an all-time high of 12,237.70 earlier in the session. The S&P BSE Sensex index rose 0.55 per cent to 41,579.18, after hitting a record high of 41,614.77. The Nifty IT index rose 0.47 per cent. The Nifty metals index gained 0.8 per cent, while the Nifty auto index rose 0.53 per cent. The biggest gainers in the Nifty index were Mahindra and Mahindra Ltd gaining 3.59 per cent, Sun Pharmaceutical Industries Ltd up 2.51 per cent and JSW Steel Ltd higher by 2.07 per cent.

Nifty, Sensex end higher; IT, metal stocks shine

Indian shares jumped on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China, reported news agency Reuters.

Indian shares jumped on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China, reported news agency Reuters. The Nifty was up 0.58% at 12,123.30, as of 0420 GMT, while the Sensex rose 0.63% to 41,197.14, the report added. Shares of Reliance Industries rose almost 1% after the company agreed to a deal with British oil major BP to form a fuels and mobility joint venture. Risk sentiment was also supported by the "phase one" Sino-US trade deal and Wall Street's run to all-time highs, with MSCI's broadest index of Asia-Pacific shares outside Japan climbing 0.6% to its highest since July 2018. Shares of Tata Motors Ltd advanced as much as 1.17% after media reports said the carmaker was in talks with Chinese firms regarding an alliance. That helped the Nifty Auto index gain 0.8%. Telecom stocks were among the top losers, with Vodafone Idea Ltd slipping over 3% and Bharti Airtel Ltd falling 0.39%. (With inputs from Reuters)

Nifty, Sensex jump on trade deal anticipation, Reliance Industries bounce

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while.

A temporary deal between the United States and China buoyed market sentiment. Foreign institutional investors (FIIs) also started pouring money into Indian equities after the air over Brexit cleared.

The BSE S&amp;P Sensex closed 413 points or 1 per cent higher at 41,352 while the Nifty 50 moved up by 111 points at 12,165.

All sectoral indices at the National Stock Exchange were in the green except for Nifty pharma and realty.

Nifty metal climbed by 2.8 per cent while Nifty IT closed 1.8 per cent higher from its previous close.

Among stocks, metals witnessed dramatic intra-day profits with Tata Steel gaining by 4.64 per cent at Rs 440.55 per cent, Vedanta and Hindalco moving up by 3.3 per cent each while JSW Steel ticked up by 1.9 per cent.

Bharti Airtel was up by 4.5 per cent, Tata Motors by 2.9 per cent, Bajaj Finance by 2.6 per cent, Infosys by 2.3 per cent and Tata Consultancy Services by 1.9 per cent.

However, Sun Pharma, GAIL, Bajaj Auto, Mahindra and Mahindra and Titan showed some losses.

Meanwhile, Asian shares rose to their highest in more than a year as trade deal optimism and Wall Street's run to all-time highs supported sentiment.

The mood carried Japan's Nikkei up by 0.47 per cent while Hong Kong's Hang Seng rose by 1.22 per cent. Korea's Kospi and Shanghai Composite edged higher by 1.27 per cent each.

The preliminary deal between Washington and Beijing will double US exports to China, White House Adviser Larry Kudlow said a day earlier.

The United States will also reduce some tariffs on Chinese goods under the agreement. 
&nbsp;

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while.

Equity benchmark indices touched fresh highs on Tuesday following gains in Asian and US markets with investors setting aside poor macro-economic indicators on the domestic front for a while. A temporary deal between the United States and China buoyed market sentiment. Foreign institutional investors (FIIs) also started pouring money into Indian equities after the air over Brexit cleared. The BSE S&P Sensex closed 413 points or 1 per cent higher at 41,352 while the Nifty 50 moved up by 111 points at 12,165. All sectoral indices at the National Stock Exchange were in the green except for Nifty pharma and realty. Nifty metal climbed by 2.8 per cent while Nifty IT closed 1.8 per cent higher from its previous close. Among stocks, metals witnessed dramatic intra-day profits with Tata Steel gaining by 4.64 per cent at Rs 440.55 per cent, Vedanta and Hindalco moving up by 3.3 per cent each while JSW Steel ticked up by 1.9 per cent. Bharti Airtel was up by 4.5 per cent, Tata Motors by 2.9 per cent, Bajaj Finance by 2.6 per cent, Infosys by 2.3 per cent and Tata Consultancy Services by 1.9 per cent. However, Sun Pharma, GAIL, Bajaj Auto, Mahindra and Mahindra and Titan showed some losses. Meanwhile, Asian shares rose to their highest in more than a year as trade deal optimism and Wall Street's run to all-time highs supported sentiment. The mood carried Japan's Nikkei up by 0.47 per cent while Hong Kong's Hang Seng rose by 1.22 per cent. Korea's Kospi and Shanghai Composite edged higher by 1.27 per cent each. The preliminary deal between Washington and Beijing will double US exports to China, White House Adviser Larry Kudlow said a day earlier. The United States will also reduce some tariffs on Chinese goods under the agreement.

Sensex rallies by 413 points to scale new high, Nifty closes at 12,165

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its <a href="https://www.wionews.com/business-economy/brexit-weak-global-demand-to-hurt-uk-in-2020-industry-warns-265700">weakest</a> reading since September 2009.

Inflows of new work also deteriorated as the CBI's monthly order book balance fell to -28 from -26.

The survey of 289 manufacturers covered Nov. 22 to Dec. 11, just before Johnson chalked up a comprehensive victory in last Thursday's election.

Other surveys have also shown Britain's <a href="https://www.wionews.com/world/uk-economy-risks-severe-damage-without-orderly-brexit-cbi-181812">manufacturers</a> have struggled in recent months against a global drop in demand, as well as uncertainty surrounding Brexit and the election.

"With manufacturers reporting that output is declining at a pace not seen since the financial crisis, alongside another month of softer order books, it is crucially important to rebuild business confidence in this sector," CBI deputy chief economist Anna Leach said.

"After three years of gridlock, the Prime Minister now has a clear mandate to govern. <a href="https://www.wionews.com/business-economy/uk-business-seeks-brexit-assurances-after-johnson-win-268132">Businesses</a> across the UK will want him to break the cycle of uncertainty," she added.

The survey showed export orders declined at one of the fastest rates since the financial crisis.

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its weakest reading since September 2009.

The Confederation of British Industry's gauge of manufacturing output over the three months to December fell to -16 from -9 in November, its weakest reading since September 2009. Inflows of new work also deteriorated as the CBI's monthly order book balance fell to -28 from -26. The survey of 289 manufacturers covered Nov. 22 to Dec. 11, just before Johnson chalked up a comprehensive victory in last Thursday's election. Other surveys have also shown Britain's manufacturers have struggled in recent months against a global drop in demand, as well as uncertainty surrounding Brexit and the election. "With manufacturers reporting that output is declining at a pace not seen since the financial crisis, alongside another month of softer order books, it is crucially important to rebuild business confidence in this sector," CBI deputy chief economist Anna Leach said. "After three years of gridlock, the Prime Minister now has a clear mandate to govern. Businesses across the UK will want him to break the cycle of uncertainty," she added. The survey showed export orders declined at one of the fastest rates since the financial crisis.

UK factory output slides in three months to December at fastest rate since 2009: CBI

China has seen a jump in private-sector corporate <a href="https://www.wionews.com/business-&amp;-economy/china-inc-tightens-reins-on-debt-raises-spectre-of-slowdown-139643">debt defaults</a> this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States.

Authorities are also keen to wean market players off the perception that central and local-government backed-borrowers enjoy an implicit guarantee. That has led to stress among some state-backed firms and there are signs this could soon affect the offshore debt market.

The developments are, however, viewed as healthy - paving the way for more accurate risk pricing and creating more normal differentiation in yields for strong and weak borrowers.

Bankers note that stronger issuers such as Hong Kong-listed carmaker Geely and state-backed China Resources Land have had no problems attracting investors in recent weeks.

The situation in the onshore market

A record 4.9 per cent&nbsp;of privately-owned companies defaulted on yuan debt payments in the first 11 months of the year, compared with 4.2 per cent&nbsp;for the whole of 2018, according to Fitch. The credit rating agency estimates the size of the onshore corporate debt market at $2.7 trillion.

Taken together, state and private companies have missed payments on more than $14.2 billion&nbsp;of bonds in the year to end-October, not far off the $15.8 billion&nbsp;for all of 2018, according to S&amp;P Global.

Watch: S&amp;P global ratings downgrades China's economy

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Calculations show six state-owned firms and 42 private companies defaulted on payments this year.

The move by authorities to seize control of troubled Inner-Mongolia based Baoshang bank in May, with some investors taking haircuts, has led to further strains in the market.

Some issuers have missed payments, such as Hohhot Economic and Technological Development Zone Investment Development Group, a state-owned enterprise in Inner Mongolia, which defaulted on part of a $142 million bond this month.

Others have seen yields surge. These include state-backed issuers in Guizhou, China's second most-indebted province. For example, Guizhou Hongguo Development Zone Development's yield on a three-year bond maturing in January 2020 has rocketed to 14% from around 6% in the summer.

The situation in the offshore market

If defaults by state firms in China are rare, defaults on their borrowings from international investors are rarer still. But China's offshore debt market, with close to $76 billion in bonds outstanding according to Refinitiv data, is showing pockets of stress.

S&amp;P has warned risks are set to grow as more than $200 billion of debt in the offshore market will mature over the next two years, up from $89 billion in 2019.

Troubled companies include Tianjin-based commodities trader Tewoo Group, which according to <a href="https://www.wionews.com/business-economy/moodys-downgrades-china-for-the-first-time-since-1989-15988">Moody's Investors Service</a> became the first major SOE to miss a payment on and restructure an offshore bond in two decades in late November.

Many of its investors appeared to have fled, taking haircuts of 40% to 60% rather than opting for Tewoo's offer to exchange that debt for new bonds, according to a company filing and analysis by S&amp;P.

Peking University Founder Group, a holding company tied to one of China's top universities, is scrambling for funds after failing to repay an onshore bond on time on December&nbsp;2.

No repayment within the grace period - which sources say ends on Friday - will trigger $2.95 billion of cross-defaults in the offshore market, <a href="https://www.wionews.com/business-economy/china-manufacturing-activity-eases-unexpectedly-3868/amp">Nomura</a> has warned.

Some university-linked bonds have seen their prices tumble in the wake of Peking University Founder's woes.

<cn1680014=></cn1680014=>

China has seen a jump in private-sector corporate debt defaults this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States.

China has seen a jump in private-sector corporate debt defaults this year to record highs as the pace of economic growth slows to its lowest level in nearly 30 years amid trade tensions with the United States. Authorities are also keen to wean market players off the perception that central and local-government backed-borrowers enjoy an implicit guarantee. That has led to stress among some state-backed firms and there are signs this could soon affect the offshore debt market. The developments are, however, viewed as healthy - paving the way for more accurate risk pricing and creating more normal differentiation in yields for strong and weak borrowers. Bankers note that stronger issuers such as Hong Kong-listed carmaker Geely and state-backed China Resources Land have had no problems attracting investors in recent weeks. The situation in the onshore market A record 4.9 per cent of privately-owned companies defaulted on yuan debt payments in the first 11 months of the year, compared with 4.2 per cent for the whole of 2018, according to Fitch. The credit rating agency estimates the size of the onshore corporate debt market at $2.7 trillion. Taken together, state and private companies have missed payments on more than $14.2 billion of bonds in the year to end-October, not far off the $15.8 billion for all of 2018, according to S&P Global. Watch: S&P global ratings downgrades China's economy × Calculations show six state-owned firms and 42 private companies defaulted on payments this year. The move by authorities to seize control of troubled Inner-Mongolia based Baoshang bank in May, with some investors taking haircuts, has led to further strains in the market. Some issuers have missed payments, such as Hohhot Economic and Technological Development Zone Investment Development Group, a state-owned enterprise in Inner Mongolia, which defaulted on part of a $142 million bond this month. Others have seen yields surge. These include state-backed issuers in Guizhou, China's second most-indebted province. For example, Guizhou Hongguo Development Zone Development's yield on a three-year bond maturing in January 2020 has rocketed to 14% from around 6% in the summer. The situation in the offshore market If defaults by state firms in China are rare, defaults on their borrowings from international investors are rarer still. But China's offshore debt market, with close to $76 billion in bonds outstanding according to Refinitiv data, is showing pockets of stress. S&P has warned risks are set to grow as more than $200 billion of debt in the offshore market will mature over the next two years, up from $89 billion in 2019. Troubled companies include Tianjin-based commodities trader Tewoo Group, which according to Moody's Investors Service became the first major SOE to miss a payment on and restructure an offshore bond in two decades in late November. Many of its investors appeared to have fled, taking haircuts of 40% to 60% rather than opting for Tewoo's offer to exchange that debt for new bonds, according to a company filing and analysis by S&P. Peking University Founder Group, a holding company tied to one of China's top universities, is scrambling for funds after failing to repay an onshore bond on time on December 2. No repayment within the grace period - which sources say ends on Friday - will trigger $2.95 billion of cross-defaults in the offshore market, Nomura has warned. Some university-linked bonds have seen their prices tumble in the wake of Peking University Founder's woes.

Explainer: Behind the climb in Chinese companies' defaults on bond payments

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist <a href="https://www.wionews.com/science-tech/amazon-awarded-worlds-smartest-company-1588?first_load=no">Spark Therapeutics</a> on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment.

The <a href="https://www.wionews.com/business-economy/facebook-shares-fall-over-possible-us-antitrust-move-268567">Federal Trade Commission</a> (FTC) and Britain's Competition and Markets Authority (CMA) approved the deal on Monday without demanding asset sales.

Roche is buying U.S.-based Spark to expand in gene therapy and boost its haemophilia A portfolio, where the Basel-based company's existing drug Hemlibra will surpass $1 billion sales in 2019.

Regulators had feared Roche might sabotage Spark's haemophilia program to benefit Hemlibra, but came to another conclusion.

"The evidence developed during staff's investigation did not indicate that Roche would have the incentive to delay or terminate Spark's developmental effort for its haemophilia A gene therapy," the FTC said after its 5-0 approval vote.

Clearance for Roche to buy Spark helps reduce the chance the Swiss drugmaker will be eclipsed in one of the industry's most dynamic and potentially profitable areas, as it was by Merck and Bristol-Myers Squibb in immune therapies for cancer.

"That's why the market was increasingly worried that the deal announced in February was taking so long," said Michael Nawrath, an analyst at Zuercher Kantonalbank.

The deal follows Novartis's $8.7 billion takeover&nbsp;of gene therapy specialist AveXis in 2018.

Beyond haemophilia, Spark is also working on gene therapies for Pompe and Huntington's diseases, among others.

With the deal, Roche agreed to pay more than twice the US company's closing price on Feb. 22. As of Tuesday, Roche held more than 60% of Spark shares.

"Following completion of the merger, Spark will become a wholly-owned subsidiary of Roche," Roche said.

Lucrative, competitive

Hemophilia A, where sufferers lack a protein needed for blood clotting, has traditionally been one of the most expensive - and for companies, lucrative - treatment areas.

Traditional treatments can in some cases run into millions of dollars annually.

Spark's haemophilia A treatment is up against a crowded pool of gene therapy hopefuls, something the FTC said influenced its decision not to block the deal.

Biomarin Pharmaceutical is seen filing for approval this year, while Sangamo Therapeutics Inc and <a href="https://www.wionews.com/business-economy/pfizer-decides-not-to-split-into-two-6818">Pfizer Inc</a> are steadily producing data from studies.

"As the other companies endeavour to bring their gene therapies to market, Roche would have the incentive to accelerate, rather than decelerate, the development of Spark’s gene therapy," the FTC said.

Roche stock eased 0.2 per cent&nbsp;in early trading.

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist Spark Therapeutics on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment.

Swiss drugmaker Roche plans to complete its $4.3 billion takeover of gene therapy specialist Spark Therapeutics on Tuesday after U.S. and British authorities ruled the deal would not hurt competition in haemophilia A treatment. The Federal Trade Commission (FTC) and Britain's Competition and Markets Authority (CMA) approved the deal on Monday without demanding asset sales. Roche is buying U.S.-based Spark to expand in gene therapy and boost its haemophilia A portfolio, where the Basel-based company's existing drug Hemlibra will surpass $1 billion sales in 2019. Regulators had feared Roche might sabotage Spark's haemophilia program to benefit Hemlibra, but came to another conclusion. "The evidence developed during staff's investigation did not indicate that Roche would have the incentive to delay or terminate Spark's developmental effort for its haemophilia A gene therapy," the FTC said after its 5-0 approval vote. Clearance for Roche to buy Spark helps reduce the chance the Swiss drugmaker will be eclipsed in one of the industry's most dynamic and potentially profitable areas, as it was by Merck and Bristol-Myers Squibb in immune therapies for cancer. "That's why the market was increasingly worried that the deal announced in February was taking so long," said Michael Nawrath, an analyst at Zuercher Kantonalbank. The deal follows Novartis's $8.7 billion takeover of gene therapy specialist AveXis in 2018. Beyond haemophilia, Spark is also working on gene therapies for Pompe and Huntington's diseases, among others. With the deal, Roche agreed to pay more than twice the US company's closing price on Feb. 22. As of Tuesday, Roche held more than 60% of Spark shares. "Following completion of the merger, Spark will become a wholly-owned subsidiary of Roche," Roche said. Lucrative, competitive Hemophilia A, where sufferers lack a protein needed for blood clotting, has traditionally been one of the most expensive - and for companies, lucrative - treatment areas. Traditional treatments can in some cases run into millions of dollars annually. Spark's haemophilia A treatment is up against a crowded pool of gene therapy hopefuls, something the FTC said influenced its decision not to block the deal. Biomarin Pharmaceutical is seen filing for approval this year, while Sangamo Therapeutics Inc and Pfizer Inc are steadily producing data from studies. "As the other companies endeavour to bring their gene therapies to market, Roche would have the incentive to accelerate, rather than decelerate, the development of Spark’s gene therapy," the FTC said. Roche stock eased 0.2 per cent in early trading.

Roche to complete $4.3 billion Spark deal as regulators give all clear

The boards of <a href="https://www.wionews.com/business-economy/fiat-chrysler-to-recall-nearly-700000-suvs-for-electrical-fault-risk-263669">Fiat Chrysler Automobiles</a> NV FCHA.MI&nbsp;and <a href="https://www.wionews.com/business-economy/fiat-chrysler-says-peugeot-talks-progressing-despite-general-motors-lawsuit-263632">Peugeot</a> SA PEUP.PA&nbsp;will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.9 billion pounds) merger to create the world's number four carmaker, sources said.

A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day.

The <a href="https://www.wionews.com/business-economy/fiat-chrysler-and-psa-confirm-talks-over-potential-tie-up-258778">two mid-sized</a> carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules.

Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said.

FCA and PSA have said they would seek to finalise a deal by year-end to create a group with 8.7 million in annual vehicle sales.

That would put it fourth globally behind Volkswagen, Toyota and the <a href="https://www.wionews.com/business-economy/renault-nissan-alliance-in-flux-a-year-after-ghosn-shock-262664">Renault-Nissan alliance</a>.

PSA's <a href="https://www.wionews.com/business-economy/new-psa-fiat-chrysler-management-to-try-to-improve-cost-savings-260788">Carlos Tavares </a>will be chief executive and FCA's John Elkann - the scion of Italy's Agnelli family, which controls FCA through their holding company Exor EXOR.MI&nbsp;- chairman of the combined company.

The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles.

The boards of Fiat Chrysler Automobiles NV FCHA.MI and Peugeot SA PEUP.PA will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.

The boards of Fiat Chrysler Automobiles NV FCHA.MI and Peugeot SA PEUP.PA will meet separately on Tuesday to discuss finalising an initial agreement for a $50 billion (38.9 billion pounds) merger to create the world's number four carmaker, sources said. A source close to FCA said the two companies could announce the signing of a binding memorandum early on Wednesday, followed by a conference call to explain further details later in the day. The two mid-sized carmakers announced plans six weeks ago for a tie-up to help them deal with big challenges in the industry, including a global demand downturn and the need to develop costly cleaner cars to meet looming anti-pollution rules. Ahead of the meetings, entities representing the Peugeot family, Etablissements Peugeot Freres (EPF) and FFP, unanimously approved a proposed memorandum of understanding for the planned merger, a source familiar with the situation said. FCA and PSA have said they would seek to finalise a deal by year-end to create a group with 8.7 million in annual vehicle sales. That would put it fourth globally behind Volkswagen, Toyota and the Renault-Nissan alliance. PSA's Carlos Tavares will be chief executive and FCA's John Elkann - the scion of Italy's Agnelli family, which controls FCA through their holding company Exor EXOR.MI - chairman of the combined company. The group will include the Fiat, Jeep, Dodge, Ram, Chrysler, Alfa Romeo, Maserati, Peugeot, DS, Opel and Vauxhall brands, allowing it to serve mass and premium passenger car markets as well as those for trucks and light commercial vehicles.

Fiat Chrysler, Peugeot boards meet to finalise merger: Report

India, the world's biggest <a href="https://www.wionews.com/business-economy/indias-sugar-output-seen-falling-global-deficit-rises-fcstone-259213">sugar</a> producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October&nbsp;1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year.

"Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm.

At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative.

"Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India.

A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers.

Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (<a href="https://www.wionews.com/business-economy/wto-authorises-chinese-tariffs-on-36-billion-in-us-goods-in-anti-dumping-tiff-259385">WTO</a>).

Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO.

India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year.

Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies.

In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday.

India, the world's biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade, and industry officials said on Tuesday. Sugar mills in India have done deals to export 2 million tonnes in the new season that began on October 1, 2019, raising hopes that the country would sell at least 5 million tonnes on the world market in the 2019/20 season, nearly a third higher than the previous year. "Looking at the current trend, I can tell you with a lot of confidence that we'll be able to export at least 5 million tonnes this year," said a New Delhi-based dealer from the Indian unit of a global trading firm. At 5 million tonnes, Indian exports would surpass their previous peak of 4.96 million tonnes shipped in 2007/08 according to trade and industry data. This was spurred by a rally in international prices, a weak Indian rupee and a clutch of government subsidies which made exports lucrative. "Compared to last year, exports got the momentum this year from the start of the season due to an improvement in sugar prices," said Rahil Shaikh, managing director of MEIR Commodities India. A sharp increase in exports from India, also the world's biggest sugar consumer, could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers. Higher sugar shipments from India could intensify a trade dispute at the World Trade Organization (WTO). Brazil has already said India's subsidies for sugar exports were not in line with WTO rules and would hurt free competition in the global market. Brazil, Australia, and Guatemala have questioned the subsidies at the WTO. India, struggling with surplus sugar supplies, has approved a subsidy of 10,448 rupees ($145.58) a tonne for exports in the 2019/20 season a move that encouraged mills to clinch overseas sales deals early this year. Traders have contracted to export raw sugar at an average $300 a tonne and white sugar $330 a tonne on a free-on-board (FOB) basis, three dealers directly involved in the deals said. They did not wish to be identified in line with their organisations' policies. In contrast to the 2 million tonnes of exports contracted so far this year, in the first three of the 2018/19 season, Indian mills were only able to sell about 850,000 tonnes of sugar.

Indian sugar exports poised to hit record 5 million tonnes this year

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists.

The employment rate hit an all-time high of 76.2 per cent&nbsp;while the unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 per cent.

"The larger-than-expected rise in employment in October suggests the labour market is not getting any worse and may have even started to turn around," said Andrew Wishart at Capital Economics.

The increase in jobs was driven by a rise in the number of self-employed workers and full-time staff, while the number of part-time employees fell.

British government bond prices fell by a small amount as investors viewed the chance of a Bank of England interest rate cut next year as slightly lower.

Britain's labour market has stayed strong even as the economy slowed following the 2016 referendum vote to leave the European Union. That is due in part to employers, who are uncertain about what Brexit will bring, hiring staff who can be laid off easily rather than making longer-term commitments to invest in equipment.

But there had been signs recently that the jobs boom was weakening. These prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week.

Prime Minister Boris Johnson last week reduced some of the uncertainty hanging over the economy by winning a big majority in a national election, ending any doubts about whether Britain would <a href="https://www.wionews.com/world/first-stop-brexit-uks-johnson-gets-down-to-work-268636">leave</a> the European Union on the new date of January&nbsp;31.

Watch:&nbsp;UK PM Boris Johnson promises the speedy Brexit, to happen before January 31

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But nerves about Brexit could return soon. Johnson plans to pass a law ruling out any extension of the Brexit transition period beyond the end of 2020, saying he is confident he will clinch a free trade deal with the European Union by then.

There were some signs of caution among employers in Tuesday's data. Vacancies were the lowest since the three months to August 2017 at 794,000.

The Office for National Statistics also said average <a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">earnings rose</a> by an annual 3.2 per cent, the weakest increase in more than a year and slowing sharply from growth of 3.7 per cent&nbsp;in the three months to September. The ONS attributed much of the slowdown, however, to high bonus payments in October 2018 which distorted the comparison.

Excluding bonuses, pay growth slowed less sharply to 3.5 per cent&nbsp;from 3.6 per cent&nbsp;in the three months to September and was above the polls forecast of 3.4 per cent.

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists.

The number of people in employment rose by 24,000 to 32.8 million in the August-to-October period, bucking the median forecast for a drop of 10,000 in a Reuters poll of economists. The employment rate hit an all-time high of 76.2 per cent while the unemployment rate fell back to its lowest level since the three months to January 1975 at 3.8 per cent. "The larger-than-expected rise in employment in October suggests the labour market is not getting any worse and may have even started to turn around," said Andrew Wishart at Capital Economics. The increase in jobs was driven by a rise in the number of self-employed workers and full-time staff, while the number of part-time employees fell. British government bond prices fell by a small amount as investors viewed the chance of a Bank of England interest rate cut next year as slightly lower. Britain's labour market has stayed strong even as the economy slowed following the 2016 referendum vote to leave the European Union. That is due in part to employers, who are uncertain about what Brexit will bring, hiring staff who can be laid off easily rather than making longer-term commitments to invest in equipment. But there had been signs recently that the jobs boom was weakening. These prompted two interest-rate setters at the Bank of England to vote for a cut to borrowing costs last month, and they are expected to do so again this week. Prime Minister Boris Johnson last week reduced some of the uncertainty hanging over the economy by winning a big majority in a national election, ending any doubts about whether Britain would leave the European Union on the new date of January 31. Watch: UK PM Boris Johnson promises the speedy Brexit, to happen before January 31 × But nerves about Brexit could return soon. Johnson plans to pass a law ruling out any extension of the Brexit transition period beyond the end of 2020, saying he is confident he will clinch a free trade deal with the European Union by then. There were some signs of caution among employers in Tuesday's data. Vacancies were the lowest since the three months to August 2017 at 794,000. The Office for National Statistics also said average earnings rose by an annual 3.2 per cent, the weakest increase in more than a year and slowing sharply from growth of 3.7 per cent in the three months to September. The ONS attributed much of the slowdown, however, to high bonus payments in October 2018 which distorted the comparison. Excluding bonuses, pay growth slowed less sharply to 3.5 per cent from 3.6 per cent in the three months to September and was above the polls forecast of 3.4 per cent.

UK jobs growth resumes, unemployment rate near 45-year low

<a href="https://www.wionews.com/business-economy/unilevers-marijn-dekkers-to-step-down-as-chairman-261780">Unilever Plc</a>&nbsp;will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben &amp; Jerry's ice cream into their steepest fall in six months.

In an unscheduled trading update, Anglo-Dutch Unilever also struck a downbeat tone on its prospects for meeting its mid-term target for sales growth of 3-5 per cent next year.

"Looking ahead to 2020, growth will be second-half weighted. While we expect improvement in H1 2020 versus this quarter, we expect that first half growth will be below 3 per cent," Chief Executive Alan Jope said in a statement.

"Our full-year underlying sales growth is expected to be in the lower half of the multi-year range," added Jope, who took on the top job earlier this year.

Shares in Unilever were down 5.1 per cent&nbsp;at 1025 GMT, while rival <a href="https://www.wionews.com/business-economy/loreal-nestle-turn-out-to-be-the-biggest-winners-at-alibabas-singles-day-shopping-fest-261650">Nestle </a>slipped 1.2 per cent.

Unilever's forecast implies it suffered its lowest fourth-quarter sales growth in more than a decade, RBC analysts said.

Earnings, margins and cash are not expected to be impacted by the slower sales growth, the company said.

Developed economies have been a drag for Unilever for several quarters, where growing numbers of consumers are turning to fresher foods, niche brands or cutting back on spending.

Growth in South Asia - India, Bangladesh, Pakistan, Sri Lanka and Nepal - slowed to 5 per cent this year, Jope said on a media call, marking a "significant deceleration" from last year's 10 per cent&nbsp;rise.

Much of this was caused by a sharp slowdown in consumption in rural India, where growth for the first time is underperforming urban markets, Jope said.

India is Unilever's second-biggest market after the United States, contributing nearly 10 per cent&nbsp;of its group revenue.

"When India takes a slowdown, we definitely feel it ...but this is more turbulent than normal," Jope said, adding that he expects the market to recover in the second half of 2020.

Unilever Plc will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben & Jerry's ice cream into their steepest fall in six months.

Unilever Plc will miss its underlying sales target this year, the consumer goods giant warned on Tuesday, sending shares in the maker of Dove soap and Ben & Jerry's ice cream into their steepest fall in six months. In an unscheduled trading update, Anglo-Dutch Unilever also struck a downbeat tone on its prospects for meeting its mid-term target for sales growth of 3-5 per cent next year. "Looking ahead to 2020, growth will be second-half weighted. While we expect improvement in H1 2020 versus this quarter, we expect that first half growth will be below 3 per cent," Chief Executive Alan Jope said in a statement. "Our full-year underlying sales growth is expected to be in the lower half of the multi-year range," added Jope, who took on the top job earlier this year. Shares in Unilever were down 5.1 per cent at 1025 GMT, while rival Nestle slipped 1.2 per cent. Unilever's forecast implies it suffered its lowest fourth-quarter sales growth in more than a decade, RBC analysts said. Earnings, margins and cash are not expected to be impacted by the slower sales growth, the company said. Developed economies have been a drag for Unilever for several quarters, where growing numbers of consumers are turning to fresher foods, niche brands or cutting back on spending. Growth in South Asia - India, Bangladesh, Pakistan, Sri Lanka and Nepal - slowed to 5 per cent this year, Jope said on a media call, marking a "significant deceleration" from last year's 10 per cent rise. Much of this was caused by a sharp slowdown in consumption in rural India, where growth for the first time is underperforming urban markets, Jope said. India is Unilever's second-biggest market after the United States, contributing nearly 10 per cent of its group revenue. "When India takes a slowdown, we definitely feel it ...but this is more turbulent than normal," Jope said, adding that he expects the market to recover in the second half of 2020.

Unilever shares slide after warning of sales miss

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" <a href="https://www.wionews.com/business-economy/gold-prices-steady-as-us-china-trade-deal-doubts-linger-263135">US-China trade deal</a> driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Palladium was up 0.6 per cent&nbsp;at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43.

"Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst <a href="https://www.wionews.com/business-economy/oil-prices-rise-nearly-3-on-china-service-sector-expansion-247634">Ole Hansen</a> said.

However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now."

The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled.

Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent&nbsp;so far this year because of a sustained supply crunch.

"We look set for an imminent test above $2,000," <a href="https://www.wionews.com/business-economy/gold-up-in-wake-of-weak-us-jobs-data-5941/amp">MKS PAMP</a> said in a note.

Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal.

Spot gold rose 0.2 per cent&nbsp;to $1,478.41 per ounce. US&nbsp;gold futures were also up 0.2 per cent, at $1,482.90.

The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement.

"We must be prepared for some volatility and uncertainty. It's not yet a done deal."

Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent&nbsp;this year, mainly driven by the 17-month-long tariff war and its impact on the global economy.

Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism.

Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent&nbsp;to $932.32.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run.

Scarce palladium soared on Tuesday, nearing a breach of the $2,000 an ounce level for the first time, with a "phase one" US-China trade deal driving prospects of a pick-up in demand and helping the autocatalyst metal extend a record run. Palladium was up 0.6 per cent at $1,989.58 an ounce at 1035 GMT, after hitting an all-time high of $1,998.43. "Supply is tight in the palladium market and when you're adding the speculation about a potential pick-up in demand due to recovery in the global economy, you have a perfect storm of bullish news continuing to keep it supported," Saxo Bank analyst Ole Hansen said. However, he added: "Liquidity is poor, which means that if we see a correction, it can be quite brutal and could take palladium back down towards $1,850, although there are no signs of that right now." The phase one trade deal has been "absolutely completed", a top White House adviser said on Monday. However, Chinese officials have been more cautious, emphasizing the dispute has not been completely settled. Palladium, used mainly in vehicle catalytic converters, has gained more than 57 per cent so far this year because of a sustained supply crunch. "We look set for an imminent test above $2,000," MKS PAMP said in a note. Elsewhere, gold prices rose due to uncertainty driven by a lack of concrete details about the interim trade deal. Spot gold rose 0.2 per cent to $1,478.41 per ounce. US gold futures were also up 0.2 per cent, at $1,482.90. The trade dispute will be an influencing factor for gold throughout next year, said Commerzbank analyst Daniel Briesemann, adding a phase two deal would be much more difficult since a lot of critical issues had been left out of the current agreement. "We must be prepared for some volatility and uncertainty. It's not yet a done deal." Gold, considered a safe investment during political and economic uncertainty, has gained about 15 per cent this year, mainly driven by the 17-month-long tariff war and its impact on the global economy. Also helping bullion, European stocks slid from record highs on reports that Britain's prime minister was ready to play rough in Brexit talks, souring sentiment somewhat after a record rally during the Asian session on the trade optimism. Silver was 0.2 per cent higher at $17.07 per ounce, while platinum gained 0.3 per cent to $932.32.

Deficit-hit palladium takes aim at $2,000 ceiling in record run

Cash-strapped carrier <a href="https://www.wionews.com/business-economy/hong-kong-airlines-told-to-improve-finances-or-risk-losing-licence-265751">Hong Kong Airlines</a> has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests.

The Airport Authority announced the seized planes under an ordinance that addresses overdue charges.

"The Airport Authority understands that the detained aircraft have not been operated for passenger service in recent months," a spokesman said.

The rule allows the city's air regulators to impound planes for non-payment of charges and that aircraft can be sold after 60 days if the account is not settled.

Hong Kong Airlines, which has a fleet of 39 planes, said the impounded aircraft were not currently operating passenger routes.

"Our operation remains normal," the carrier said in a statement.

The seizures will deepen concerns over the health of Hong Kong Airlines. The firm is owned by the struggling Chinese conglomerate HNA Group, which has been looking to lower its debt burden.

The airline has been hammered by a sharp drop-off in tourists to Hong Kong as the city convulses from six months of violent pro-democracy protests.

Earlier this month, regulators threatened to suspend its licence unless it found new cash revenues after the company announced it was delaying some salary payments to staff.

The carrier found a last-minute injection of funds, earning a reprieve.

Visitor arrivals have tanked during the protests with passengers from the Chinese mainland plummeting, hammering retail sales and helping tip the city into recession.

Hong Kong airline <a href="https://www.wionews.com/business-economy/cathay-pacific-shares-in-choppy-trade-after-shock-exit-of-ceo-rupert-hogg-243986">Cathay Pacific</a> on Tuesday announced it carried just under 2,624,000 passengers last month a drop of nine percent in November last year.

Cathay Pacific was criticised by Chinese state media and authorities earlier this year because some of its 27,000 employees took part in or were sympathetic to anti-government demonstrations in Hong Kong.

Cash-strapped carrier Hong Kong Airlines has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests.

Cash-strapped carrier Hong Kong Airlines has had seven idle planes impounded at the city's airport after it failed to make payments, authorities said Tuesday, with the firm hit by a plunge in tourist numbers caused by long-running protests. The Airport Authority announced the seized planes under an ordinance that addresses overdue charges. "The Airport Authority understands that the detained aircraft have not been operated for passenger service in recent months," a spokesman said. The rule allows the city's air regulators to impound planes for non-payment of charges and that aircraft can be sold after 60 days if the account is not settled. Hong Kong Airlines, which has a fleet of 39 planes, said the impounded aircraft were not currently operating passenger routes. "Our operation remains normal," the carrier said in a statement. The seizures will deepen concerns over the health of Hong Kong Airlines. The firm is owned by the struggling Chinese conglomerate HNA Group, which has been looking to lower its debt burden. The airline has been hammered by a sharp drop-off in tourists to Hong Kong as the city convulses from six months of violent pro-democracy protests. Earlier this month, regulators threatened to suspend its licence unless it found new cash revenues after the company announced it was delaying some salary payments to staff. The carrier found a last-minute injection of funds, earning a reprieve. Visitor arrivals have tanked during the protests with passengers from the Chinese mainland plummeting, hammering retail sales and helping tip the city into recession. Hong Kong airline Cathay Pacific on Tuesday announced it carried just under 2,624,000 passengers last month a drop of nine percent in November last year. Cathay Pacific was criticised by Chinese state media and authorities earlier this year because some of its 27,000 employees took part in or were sympathetic to anti-government demonstrations in Hong Kong.

Seven Hong Kong Airlines planes impounded by authority over failed payments

Spain's <a href="https://www.wionews.com/business-economy/telefonica-deutschland-picks-nokia-and-huawei-for-5g-network-267684">Telefonica</a> plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said.

Europe's fourth-largest telecoms group will buy from several different providers the pieces of the most sensitive part of its infrastructure, which will use so-called 5G technology to handle ever more data and connect billions of devices.

Choosing manufacturers for network equipment has become a political hot potato since Washington imposed an export <a href="https://www.wionews.com/business-economy/huawei-ceo-says-underestimated-impact-of-us-ban-sees-revenue-dip-227902">ban on Huawei</a>, the global market leader, but Telefonica's shift away was "a purely technical decision", CTIO Enrique Blanco said.

Until now, Telefonica has relied entirely on Huawei for its core 4G networks in key markets of Spain and Germany, but under the new strategy, this will disappear by 2024.

Huawei equipment slots less well into networks whose various layers come from different providers, a structure which helps ensure security of service, Blanco said.

"When the core comes from a single vendor, the probability is high that a failure in one part stops the whole network," he said.

Telefonica has seen no evidence to support President <a href="https://www.wionews.com/videos/us-president-donald-trump-denies-business-possibility-with-huawei-244146">Donald Trump</a>'s allegations that Huawei gear is insecure, Blanco said. Huawei and Beijing have denied the accusations.

"We have no evidence of back doors ... we monitor every day," he said, referring to loopholes that would enable China to spy on other countries.

Nevertheless, protection of data was a motivating factor in the decision to use multiple suppliers.

This way, "no vendor, regardless of their nationality, has all the information in their system," Blanco said.

The Madrid-based company will continue to buy from Huawei the radios and antennas that connect smartphones to the mobile network, equipment which accounts for the bulk of the cost, Blanco said.

Fellow European operators Vodafone and Deutsche Telekom are also opting for multiple vendors, but the latter is holding off from signing any contracts until <a href="https://www.wionews.com/world/us-warns-germany-a-huawei-deal-could-hurt-intelligence-sharing-202739">German</a> politicians agree on whether to bar Huawei on national security grounds.

Spain's Telefonica plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said.

Spain's Telefonica plans to drastically reduce the amount of equipment it buys from Chinese technology giant Huawei for the core of its next-generation mobile networks in Europe, its Chief Technology and Information Officer (CTIO) said. Europe's fourth-largest telecoms group will buy from several different providers the pieces of the most sensitive part of its infrastructure, which will use so-called 5G technology to handle ever more data and connect billions of devices. Choosing manufacturers for network equipment has become a political hot potato since Washington imposed an export ban on Huawei, the global market leader, but Telefonica's shift away was "a purely technical decision", CTIO Enrique Blanco said. Until now, Telefonica has relied entirely on Huawei for its core 4G networks in key markets of Spain and Germany, but under the new strategy, this will disappear by 2024. Huawei equipment slots less well into networks whose various layers come from different providers, a structure which helps ensure security of service, Blanco said. "When the core comes from a single vendor, the probability is high that a failure in one part stops the whole network," he said. Telefonica has seen no evidence to support President Donald Trump's allegations that Huawei gear is insecure, Blanco said. Huawei and Beijing have denied the accusations. "We have no evidence of back doors ... we monitor every day," he said, referring to loopholes that would enable China to spy on other countries. Nevertheless, protection of data was a motivating factor in the decision to use multiple suppliers. This way, "no vendor, regardless of their nationality, has all the information in their system," Blanco said. The Madrid-based company will continue to buy from Huawei the radios and antennas that connect smartphones to the mobile network, equipment which accounts for the bulk of the cost, Blanco said. Fellow European operators Vodafone and Deutsche Telekom are also opting for multiple vendors, but the latter is holding off from signing any contracts until German politicians agree on whether to bar Huawei on national security grounds.

Telefonica to drastically reduce Huawei kit for its core 5G network

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years <a href="https://www.wionews.com/business-economy/south-korea-jails-three-executives-of-samsung-electronics-267180">jail</a> on Tuesday for sabotaging legitimate union activities, a South Korean court said.

Lee and about 25 other defendants were charged with sabotaging union activities by subcontracted workers at Samsung Electronics' repair unit, Samsung Electronics Service Co Ltd.

When union activities took place at Samsung Electronics Service in 2013, Samsung Group's now-defunct elite strategy office developed and implemented strategies to hinder the union's operation, Seoul Central District Court ruled.

Samsung executives and employees were, to different degrees, involved in finding out sensitive information about union members to convince them to leave the union, inducing the closure of subcontracting firms with active unions and delaying negotiations between labour and management.

Samsung Electronics declined to comment.

“This is a further signal of change for South Korean judicial system, which previously gave lenient sentences to convicted businessmen,” said Park Sang-in, a professor at Seoul National University.

Samsung’s new leader, <a href="https://www.wionews.com/world/south-korean-prosecutors-seek-12-year-jail-term-for-samsung-heir-lee-27847">Jay Y. Lee</a> needed to "build industrial relations which are in line with global standards," he added.

The verdict follows last week's ruling by the same court that gave a 16-month jail term to Samsung Electronics Vice-President Kang Kyung-hoon on charges of union-busting activities at a different Samsung affiliate.

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years jail on Tuesday for sabotaging legitimate union activities, a South Korean court said.

Samsung Electronics Co Ltd board chairman Lee Sang-hoon was sentenced to 1-1/2 years jail on Tuesday for sabotaging legitimate union activities, a South Korean court said. Lee and about 25 other defendants were charged with sabotaging union activities by subcontracted workers at Samsung Electronics' repair unit, Samsung Electronics Service Co Ltd. When union activities took place at Samsung Electronics Service in 2013, Samsung Group's now-defunct elite strategy office developed and implemented strategies to hinder the union's operation, Seoul Central District Court ruled. Samsung executives and employees were, to different degrees, involved in finding out sensitive information about union members to convince them to leave the union, inducing the closure of subcontracting firms with active unions and delaying negotiations between labour and management. Samsung Electronics declined to comment. “This is a further signal of change for South Korean judicial system, which previously gave lenient sentences to convicted businessmen,” said Park Sang-in, a professor at Seoul National University. Samsung’s new leader, Jay Y. Lee needed to "build industrial relations which are in line with global standards," he added. The verdict follows last week's ruling by the same court that gave a 16-month jail term to Samsung Electronics Vice-President Kang Kyung-hoon on charges of union-busting activities at a different Samsung affiliate.

Samsung Electronics board chairman jailed on union-busting charge

Indian <a href="https://www.wionews.com/india-general-elections-2019/sensex-crosses-40000-mark-as-election-trends-show-second-term-for-narendra-modi-220820">Stock Markets</a> on Monday erased early gains to trade marginally higher in the first hour of trade.

At 12 afternoon Sensex was trading 15.70 points higher at 41,025.41 and Nifty traded 4.15 points lower at 12,082.55.&nbsp;

Earlier in the day, Sensex hit a new record high of 41,185.03 points.&nbsp;

At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50.

The Competition Commission of India on Friday approved the acquisition of a stake in SBI General Insurance Company by Napean Opportunities LLP and Honey Wheat Investment Ltd. State Bank of India will continue to hold a majority stake in its insurance arm.

Shares of private sector lender Yes Bank Ltd were the top gainer on the NSE index in early trade, rising nearly 3%.

However, strength in oil prices, which were at three-month highs, sent shares of state-run oil marketing companies lower. Hindustan Petroleum Corp and Bharat Petroleum Corp inched 0.6% and 0.27% lower, respectively.

(With inputs from agencies)

Indian Stock Markets on Monday erased early gains to trade marginally higher in the first hour of trade. At 12 afternoon Sensex was trading 15.70 points higher at 41,025.

Indian Stock Markets on Monday erased early gains to trade marginally higher in the first hour of trade. At 12 afternoon Sensex was trading 15.70 points higher at 41,025.41 and Nifty traded 4.15 points lower at 12,082.55. Earlier in the day, Sensex hit a new record high of 41,185.03 points. At 9:17 am, the Sensex was up 117.03 points, or 0.29%, at 41,126.74. Nifty too was trading higher by 35.80 points to 12,122.50. The Competition Commission of India on Friday approved the acquisition of a stake in SBI General Insurance Company by Napean Opportunities LLP and Honey Wheat Investment Ltd. State Bank of India will continue to hold a majority stake in its insurance arm. Shares of private sector lender Yes Bank Ltd were the top gainer on the NSE index in early trade, rising nearly 3%. However, strength in oil prices, which were at three-month highs, sent shares of state-run oil marketing companies lower. Hindustan Petroleum Corp and Bharat Petroleum Corp inched 0.6% and 0.27% lower, respectively. (With inputs from agencies)

Sensex, Nifty erase gains to trade flat

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods.

Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months.

There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before.

The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales.

Fu Linghui, spokesman at the<a href="https://www.wionews.com/world/chinas-factory-prices-fall-faster-as-weak-demand-hits-economy-248722"> National Bureau of Statistics</a>, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad".

But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties".

Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions.

In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant <a href="https://www.wionews.com/business-economy/hong-kongs-future-is-bright-says-alibaba-262275">Alibaba</a> saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event.

The figure was up 26 percent from the previous all-time high set last year.

China's economy is in an extended slowdown and the <a href="https://www.wionews.com/business-economy/alibaba-singles-day-sales-hit-1-billion-in-one-minute-eight-seconds-261250">Singles' Day</a> fire sale is viewed as a snapshot of consumer sentiment.

Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts.

Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated".

The partial trade deal had "reduced market uncertainty", he said.

But analysts said Monday's strong data was not necessarily a sign of long-lasting growth.

"We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector.

"Downward pressure on growth is likely to resurface before long," he added

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week.

China enjoyed a better-than-expected pick-up in the key retail and industrial sectors in November, data showed Monday, providing a further boost to Beijing after finally agreeing a mini trade pact with the United States last week. The readings come at the end of a tough year for the world's number two economy, which is expanding at its weakest rate for three decades as it is buffeted by the long-running trade war with Washington as well as a slowdown in global demand for its goods. Industrial production increased by 6.2 per cent on-year last month, up from 4.7 per cent in October and the best reading in six months. There was also positive news for the country's shops, with retail sales up 8.0 pe rcent, compared with a 7.2 per cent rise the month before. The figures exceeded expectations, with analysts surveyed by Bloomberg predicting just 5.0 per cent growth in industrial production and 7.6 per cent in retail sales. Fu Linghui, spokesman at the National Bureau of Statistics, said the key economic indicators "performed better than expected" in the "face of mounting risks and challenges both at home and abroad". But he warned there was still "downward pressure" on the Chinese economy owing to "increasing external instabilities and uncertainties". Investment in fixed capital was up 5.2 per cent, the same as October and in line with predictions. In November, Chinese shoppers set new records for spending during the annual "Singles' Day" buying spree, with e-commerce giant Alibaba saying consumers spent $38.3 billion on its platforms during the world's biggest 24-hour shopping event. The figure was up 26 percent from the previous all-time high set last year. China's economy is in an extended slowdown and the Singles' Day fire sale is viewed as a snapshot of consumer sentiment. Economic growth slowed to six percent in the third quarter the most sluggish rate since 1990 as demand for exports cooled and Chinese consumers tightened their belts. Fu said Beijing was on track to meet its full-year growth target of 6.0-6.5 per cent for 2019, but "must also acknowledge that the current international environment is still relatively complicated". The partial trade deal had "reduced market uncertainty", he said. But analysts said Monday's strong data was not necessarily a sign of long-lasting growth. "We think this uptick will prove short-lived," said Martin Lynge Rasmussen, China economist at Capital Economics, warning of the impact of a squeeze on financing in the important real-estate sector. "Downward pressure on growth is likely to resurface before long," he added

China sees strong industrial, retail growth in November