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<a href="https://www.wionews.com/business-economy/indian-shares-slip-on-year-end-profit-booking-nifty-set-for-13-jump-in-2019-271230">Indian shares</a> rose on Thursday, as crude prices steadied after US-Iran tensions appeared to ebb, bringing relief to the world's No. 3 oil consumer.

Global markets have closely tracked any escalations in the conflict over the US&nbsp;killing of an Iranian general last week, due to fears of disruption to oil supplies, which sent crude prices soaring this week, and the rupee and Indian equities lower.

Broader Asian shares also rebounded on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent, as did Hong Kong's Hang Seng and Shanghai blue chips, reversing Wednesday's losses.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-inch-lower-zee-top-gainer-in-nifty-50-263548">NSE Nifty 50 </a>index climbed 1.09 per cent&nbsp;to 12,156.50 by 0403 GMT, while the benchmark S&amp;P BSE Sensex was 1.07 per cent&nbsp;higher at 41,256.14. The Nifty index ended lower on Wednesday, see-sawing between a higher and lower close for each session this week.

"Nothing materially came beside the sanction because of which crude has corrected a lot. That is something which is beneficial for emerging markets and India specifically," said Neeraj Dewan, director at Quantum Securities in New Delhi.

US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> on Wednesday tempered days of angry rhetoric and suggested Iran was "standing down" after it fired missiles at US&nbsp;forces in Iraq overnight, as both sides looked to defuse the crisis.

Brent crude futures rose 55 cents, or 0.8 per cent, to $65.99 a barrel by 0109 GMT after tumbling 4.1 per cent&nbsp;on Wednesday.

Among major gainers on Nifty, shares of <a href="https://www.wionews.com/business-economy/sensex-nifty-close-higher-as-federal-chief-rekindles-rate-cut-hopes-234968">JSW Steel Ltd</a> gained 3.8 per cent&nbsp;and those of Bharti Infratel Ltd rose 4.9 per cent.

Oil marketing companies <a href="https://www.wionews.com/business-economy/india-to-offload-bharat-petroleum-in-state-stake-sell-off-263518">Bharat Petroleum Corp Ltd</a> and Indian Oil Corporation Ltd rose 1.6 per cent&nbsp;and 1.8 per cent, respectively.

Infosys Ltd rose 0.8 per cent ahead of its quarterly earnings on Friday.

Indian shares rose on Thursday, as crude prices steadied after US-Iran tensions appeared to ebb, bringing relief to the world's No. 3 oil consumer. Global markets have closely tracked any escalations in the conflict over the US killing of an Iranian general last week, due to fears of disruption to oil supplies, which sent crude prices soaring this week, and the rupee and Indian equities lower.

Indian shares rose on Thursday, as crude prices steadied after US-Iran tensions appeared to ebb, bringing relief to the world's No. 3 oil consumer. Global markets have closely tracked any escalations in the conflict over the US killing of an Iranian general last week, due to fears of disruption to oil supplies, which sent crude prices soaring this week, and the rupee and Indian equities lower. Broader Asian shares also rebounded on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent, as did Hong Kong's Hang Seng and Shanghai blue chips, reversing Wednesday's losses. The NSE Nifty 50 index climbed 1.09 per cent to 12,156.50 by 0403 GMT, while the benchmark S&P BSE Sensex was 1.07 per cent higher at 41,256.14. The Nifty index ended lower on Wednesday, see-sawing between a higher and lower close for each session this week. "Nothing materially came beside the sanction because of which crude has corrected a lot. That is something which is beneficial for emerging markets and India specifically," said Neeraj Dewan, director at Quantum Securities in New Delhi. US President Donald Trump on Wednesday tempered days of angry rhetoric and suggested Iran was "standing down" after it fired missiles at US forces in Iraq overnight, as both sides looked to defuse the crisis. Brent crude futures rose 55 cents, or 0.8 per cent, to $65.99 a barrel by 0109 GMT after tumbling 4.1 per cent on Wednesday. Among major gainers on Nifty, shares of JSW Steel Ltd gained 3.8 per cent and those of Bharti Infratel Ltd rose 4.9 per cent. Oil marketing companies Bharat Petroleum Corp Ltd and Indian Oil Corporation Ltd rose 1.6 per cent and 1.8 per cent, respectively. Infosys Ltd rose 0.8 per cent ahead of its quarterly earnings on Friday.

Sensex, Nifty surge as easing Middle East tensions steady crude prices

Asian&nbsp;stocks rebounded on Thursday and&nbsp;oil&nbsp;edged&nbsp;up&nbsp;as the United States and Iran backed away from the brink of further conflict in the Middle East and investors unwound safety plays.

US&nbsp;President <a href="https://www.wionews.com/opinions/what-made-us-president-donald-trump-threaten-iran-271452">Donald Trump</a> responded overnight to an Iranian attack on US&nbsp;forces with sanctions, not violence. Iran offered no immediate signal it would retaliate further over a January&nbsp;3 US&nbsp;strike that killed one of its senior military commanders.

MSCI's broadest index of <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asia-Pacific&nbsp;shares</a>&nbsp;outside Japan rose 1 per cent, as did Hong Kong's Hang Seng and Shanghai blue chips, reversing Wednesday's&nbsp;losses.

Japan's Nikkei rose 1.8 per cent, lifting stocks to their highest for the year so far, while Australian stocks climbed 1 per cent&nbsp;to just below December's record high.

"I think today is a bit of a relief rally," said Shane Oliver, Chief Economist at AMP Capital in Sydney.

"Yesterday, investors were fearing the worst, that this was the escalation now underway. The news overnight has been more along the lines that Iran pulled its punches and Trump is toning things down," he said, "which is seen by investors as substantially reducing the risk of war."

Investors quit the safe-haven Japanese yen, sending it sliding from a three-month high to a two-week low of 109.25 yen per dollar.

Oil&nbsp;now sits just about where it was before the killing of the Iranian commander, <a href="https://www.wionews.com/opinions/the-killing-of-qasem-soleimani-will-lead-to-the-strengthening-of-iranian-hardliners-272109">Qasem Soleimani</a>, in Baghdad, a strike that raised fears of an escalating regional conflict.

Brent futures prices crept&nbsp;up&nbsp;from month lows hit overnight to $65.84 per barrel, about where they began the year.

Gold gave back sharp gains made on Wednesday but remains dearer than before Soleimani's death, in an indication that investors' fears have not completely evaporated.

It drifted higher to $1,560.00 per ounce.

Iran fired missiles at military bases housing US&nbsp;troops in Iraq on Wednesday in response to Soleimani's killing. But Trump said no Americans were hurt and made no direct threats of a military response in an address to the nation on Wednesday.

"Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world," he said. He announced economic sanctions on Iran without giving details.

Iranian Foreign Minister <a href="https://www.wionews.com/world/european-union-invites-iranian-foreign-minister-zarif-to-brussels-amid-rising-middle-east-tension-272290">Mohammad Javad Zarif</a> had earlier said the strikes "concluded" Tehran's response to the killing of Soleimani.

On Wall Street stocks rose, led by the Nasdaq which added 0.67 per cent, while the Dow Jones Industrial Average and the S&amp;P 500 &nbsp;each rose roughly half a percentage point.

US&nbsp;Treasuries, which had soared in the flight to safety a day ago also settled back, with yields on the benchmark 10-year US&nbsp;Treasury note at 1.8598 per cent, after dropping as low as 1.705 per cent.

Risk appetite was also evident in currency markets, with China's trade-exposed yuan standing at a five-month high of 6.9283 per dollar and the Aussie creeping higher.

"All is well so said,&nbsp;Trump! That is the mood today," said Bank of Singapore Currency Strategist Moh Siong Sim, a reference to Wednesday's&nbsp;upbeat tweet from the president.

"I think that neither side wants to have a further escalation in tension, and both parties seem to be standing down."

Asian stocks rebounded on Thursday and oil edged up as the United States and Iran backed away from the brink of further conflict in the Middle East and investors unwound safety plays.

Asian stocks rebounded on Thursday and oil edged up as the United States and Iran backed away from the brink of further conflict in the Middle East and investors unwound safety plays. US President Donald Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it would retaliate further over a January 3 US strike that killed one of its senior military commanders. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 per cent, as did Hong Kong's Hang Seng and Shanghai blue chips, reversing Wednesday's losses. Japan's Nikkei rose 1.8 per cent, lifting stocks to their highest for the year so far, while Australian stocks climbed 1 per cent to just below December's record high. "I think today is a bit of a relief rally," said Shane Oliver, Chief Economist at AMP Capital in Sydney. "Yesterday, investors were fearing the worst, that this was the escalation now underway. The news overnight has been more along the lines that Iran pulled its punches and Trump is toning things down," he said, "which is seen by investors as substantially reducing the risk of war." Investors quit the safe-haven Japanese yen, sending it sliding from a three-month high to a two-week low of 109.25 yen per dollar. Oil now sits just about where it was before the killing of the Iranian commander, Qasem Soleimani, in Baghdad, a strike that raised fears of an escalating regional conflict. Brent futures prices crept up from month lows hit overnight to $65.84 per barrel, about where they began the year. Gold gave back sharp gains made on Wednesday but remains dearer than before Soleimani's death, in an indication that investors' fears have not completely evaporated. It drifted higher to $1,560.00 per ounce. Iran fired missiles at military bases housing US troops in Iraq on Wednesday in response to Soleimani's killing. But Trump said no Americans were hurt and made no direct threats of a military response in an address to the nation on Wednesday. "Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world," he said. He announced economic sanctions on Iran without giving details. Iranian Foreign Minister Mohammad Javad Zarif had earlier said the strikes "concluded" Tehran's response to the killing of Soleimani. On Wall Street stocks rose, led by the Nasdaq which added 0.67 per cent, while the Dow Jones Industrial Average and the S&P 500 each rose roughly half a percentage point. US Treasuries, which had soared in the flight to safety a day ago also settled back, with yields on the benchmark 10-year US Treasury note at 1.8598 per cent, after dropping as low as 1.705 per cent. Risk appetite was also evident in currency markets, with China's trade-exposed yuan standing at a five-month high of 6.9283 per dollar and the Aussie creeping higher. "All is well so said, Trump! That is the mood today," said Bank of Singapore Currency Strategist Moh Siong Sim, a reference to Wednesday's upbeat tweet from the president. "I think that neither side wants to have a further escalation in tension, and both parties seem to be standing down."

Asian shares erase losses as Mideast tensions ease, oil ticks up

The "depth of the devastation" inflicted on Hong Kong's economy by more than six months of anti-government protests will be seen in the coming weeks, the chief executive of the city's stock exchange operator said on Thursday.

Charles Li, the Hong Kong Exchanges and Clearing Ltd's (HKEX) CEO, also told a Reuters Breakingviews event that what made Hong Kong great was "one country, two systems" - the framework under which the former British colony returned to Chinese rule in 1997.

"I think locally listed companies with local exposure are going to take a very big hit. They already are taking a big hit. That's going to continue," Li said.

HKEX posted an 8% drop in profit in the third quarter, its steepest slide in nearly three years, as investor sentiment was hit by months of political unrest that pushed the Asian financial hub into recession for the first time in a decade.

Hong Kong-based companies, mainly from the retail and tourism sectors, are expected to show the scars of the sometimes violent protests that forced businesses to shut and scared away visitors over the next few weeks when they report their annual results.

The anti-government protests in Chinese-controlled Hong Kong have evolved over the months into a broad pro-democracy campaign, with demands for universal suffrage and an independent inquiry into complaints of police brutality.

Many people in Hong Kong are angered by what they see as Beijing's ever-tightening grip on the city that was promised a high degree of autonomy under the "one country, two systems" formula.

Beijing denies interference and blames the West for fomenting the unrest.

HKEX earnings for the full year are, however, expected to be bolstered by a pick-up in share sales in the fourth quarter with e-commerce giant Alibaba Group Holding Ltd raising almost $13 billion from its secondary listing in Hong Kong.

Read:&nbsp;China halts listings between Shanghai, London due to tensions

The Hong Kong exchange launched a surprise $39 billion approaches for the London Stock Exchange Group in September but withdrew it after failing to convince LSE management and investors to back the move.

When asked about potential acquisitions, Li on Thursday said all options were on the table.

The "depth of the devastation" inflicted on Hong Kong's economy by more than six months of anti-government protests will be seen in the coming weeks, the chief executive of the city's stock exchange operator said on Thursday.

The "depth of the devastation" inflicted on Hong Kong's economy by more than six months of anti-government protests will be seen in the coming weeks, the chief executive of the city's stock exchange operator said on Thursday. Charles Li, the Hong Kong Exchanges and Clearing Ltd's (HKEX) CEO, also told a Reuters Breakingviews event that what made Hong Kong great was "one country, two systems" - the framework under which the former British colony returned to Chinese rule in 1997. "I think locally listed companies with local exposure are going to take a very big hit. They already are taking a big hit. That's going to continue," Li said. HKEX posted an 8% drop in profit in the third quarter, its steepest slide in nearly three years, as investor sentiment was hit by months of political unrest that pushed the Asian financial hub into recession for the first time in a decade. Hong Kong-based companies, mainly from the retail and tourism sectors, are expected to show the scars of the sometimes violent protests that forced businesses to shut and scared away visitors over the next few weeks when they report their annual results. The anti-government protests in Chinese-controlled Hong Kong have evolved over the months into a broad pro-democracy campaign, with demands for universal suffrage and an independent inquiry into complaints of police brutality. Many people in Hong Kong are angered by what they see as Beijing's ever-tightening grip on the city that was promised a high degree of autonomy under the "one country, two systems" formula. Beijing denies interference and blames the West for fomenting the unrest. HKEX earnings for the full year are, however, expected to be bolstered by a pick-up in share sales in the fourth quarter with e-commerce giant Alibaba Group Holding Ltd raising almost $13 billion from its secondary listing in Hong Kong. Read: China halts listings between Shanghai, London due to tensions The Hong Kong exchange launched a surprise $39 billion approaches for the London Stock Exchange Group in September but withdrew it after failing to convince LSE management and investors to back the move. When asked about potential acquisitions, Li on Thursday said all options were on the table.

Hong Kong exchange chief says economic 'devastation' from unrest will soon be apparent

Sales of <a href="https://www.wionews.com/world/apple-taking-a-deeper-look-at-map-policies-after-calling-crimea-part-of-russia-265344">Apple</a> Inc's iPhone in China in December jumped more than 18 per cent&nbsp;year on year, government data showed on Thursday.

China is gearing up for the Lunar New Year in late January, a major gift-giving holiday.

Apple shipped roughly 3.2 million phones in China in December, data from the China Academy of Information and Communications Technology and Reuters calculations showed.

That was up from 2.7 million a year earlier.

After a peak period in 2015, iPhone sales in China stagnated due to factors including longer upgrade cycles and competition from Chinese rivals.

Sales of phones from China's <a href="https://www.wionews.com/business-economy/some-huawei-suppliers-get-us-approval-to-restart-sales-to-blacklisted-firm-263525">Huawei Technologies</a> Co Ltd have boomed while overseas the company has faced political pressure from Washington over its technology.

In the third quarter of 2019, Huawei accounted for 42 per cent of new phone shipments in China, according to research firm IDC.

Throughout 2019, Apple offered discounts and financing schemes aimed at boosting sales in China.

In the company's last earnings call, CEO Tim Cook suggested that such initiatives were successful in attracting more Chinese consumers.

Apple is scheduled to release its next quarterly financial report in late January.

Sales of Apple Inc's iPhone in China in December jumped more than 18 per cent year on year, government data showed on Thursday. China is gearing up for the Lunar New Year in late January, a major gift-giving holiday.

Sales of Apple Inc's iPhone in China in December jumped more than 18 per cent year on year, government data showed on Thursday. China is gearing up for the Lunar New Year in late January, a major gift-giving holiday. Apple shipped roughly 3.2 million phones in China in December, data from the China Academy of Information and Communications Technology and Reuters calculations showed. That was up from 2.7 million a year earlier. After a peak period in 2015, iPhone sales in China stagnated due to factors including longer upgrade cycles and competition from Chinese rivals. Sales of phones from China's Huawei Technologies Co Ltd have boomed while overseas the company has faced political pressure from Washington over its technology. In the third quarter of 2019, Huawei accounted for 42 per cent of new phone shipments in China, according to research firm IDC. Throughout 2019, Apple offered discounts and financing schemes aimed at boosting sales in China. In the company's last earnings call, CEO Tim Cook suggested that such initiatives were successful in attracting more Chinese consumers. Apple is scheduled to release its next quarterly financial report in late January.

Apple's iPhone sales in China up 18 per cent in December: Report

The start of winter sales in Paris on Wednesday (January 8) - traditionally a big event for French retailers - is unlikely to make up for a dismal Christmas period, store directors and owners bemoaned as shoppers pushed through the doors of high-end department stores such as the Galeries Lafayette and Printemps.

Winter sales offer little relief for retailers in Paris, worried over continuing strikes

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President <a href="https://www.wionews.com/opinions/donald-trumps-attitude-towards-india-unpredictable-unreliable-238560">Donald Trump</a>'s comments on the Iran conflict eased worries and improved risk appetite.

The cooling off of oil prices lifted market sentiment as India imports more than 85 per cent of its requirement. The international benchmark Brent crude futures fell by 4.1 per cent amid volatility in the previous session and traded around 65 dollars a barrel.

The rally was also be attributed to expectations as the government is readying a set of bold initiatives to be announced in the Union Budget for 2020-21 which could bring a quick turnaround in the economy.

The BSE S&amp;P Sensex closed 634 points or 1.55 per cent higher at 41,451 while the <a href="https://www.wionews.com/business-economy/nifty-sensex-inch-lower-zee-top-gainer-in-nifty-50-263548">Nifty 50</a> moved up by 188 points at 12,214.

Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the green with Nifty realty ticking up by 2.73 per cent, auto by 2.68 per cent, PSU bank by 2.41 per cent and metal by 1.43 per cent.

Among stocks, JSW Steel was the top gainer at Rs 278 per share, up by 5.9 per cent. Private lenders <a href="https://www.wionews.com/business-economy/lower-provisions-help-icici-bank-swing-to-first-quarter-profit-238840">ICICI Bank</a>, IndusInd Bank and Yes Bank advanced by 3.7 per cent, 3.3 per cent and 2.9 per cent respectively while state-owned State Bank of India ticked up by 3.2 per cent.

Auto majors Tata Motors, Mahindra &amp; Mahindra and Maruti gained by 5.4 per cent, 3.2 per cent and 2.9 per cent. Shares of Reliance Industries rose by 2.25 per cent at Rs 1,547.95 after Morgan Stanley said it expects strong growth in its retail and telecom businesses.

However, IT majors Tata Consultancy Services and <a href="https://www.wionews.com/business-economy/market-rebounds-on-easing-crude-firming-rupee-hcl-tech-cracks-6-points-182083">HCL Technologies</a> showed marginal losses along with Coal India, GAIL and Britannia.

Meanwhile, Asian stocks rebounded as the United States and Iran backed away from the brink of further conflict in the Middle East.

Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it will retaliate further over a January 3 US strike that killed one of its senior military commanders.

Japan's Nikkei rose by 2.31 per cent, lifting stocks to their highest for the year so far. Hong Kong's Hang Seng climbed up by 1.68 per cent while South Korea's Kospi inched up by 1.63 per cent.

The Shanghai Composite index too moved up by 0.91 per cent after the government announced that China's Vice Premier Liu He, head of the country's negotiation team in US-China trade talks, will sign phase one of the deal in Washington next week.

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President Donald Trump's comments on the Iran conflict eased worries and improved risk appetite.

Bulls regained control on the D-Street amid softening crude oil prices on Thursday following optimism in global markets after US President Donald Trump's comments on the Iran conflict eased worries and improved risk appetite. The cooling off of oil prices lifted market sentiment as India imports more than 85 per cent of its requirement. The international benchmark Brent crude futures fell by 4.1 per cent amid volatility in the previous session and traded around 65 dollars a barrel. The rally was also be attributed to expectations as the government is readying a set of bold initiatives to be announced in the Union Budget for 2020-21 which could bring a quick turnaround in the economy. The BSE S&P Sensex closed 634 points or 1.55 per cent higher at 41,451 while the Nifty 50 moved up by 188 points at 12,214. Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the green with Nifty realty ticking up by 2.73 per cent, auto by 2.68 per cent, PSU bank by 2.41 per cent and metal by 1.43 per cent. Among stocks, JSW Steel was the top gainer at Rs 278 per share, up by 5.9 per cent. Private lenders ICICI Bank, IndusInd Bank and Yes Bank advanced by 3.7 per cent, 3.3 per cent and 2.9 per cent respectively while state-owned State Bank of India ticked up by 3.2 per cent. Auto majors Tata Motors, Mahindra & Mahindra and Maruti gained by 5.4 per cent, 3.2 per cent and 2.9 per cent. Shares of Reliance Industries rose by 2.25 per cent at Rs 1,547.95 after Morgan Stanley said it expects strong growth in its retail and telecom businesses. However, IT majors Tata Consultancy Services and HCL Technologies showed marginal losses along with Coal India, GAIL and Britannia. Meanwhile, Asian stocks rebounded as the United States and Iran backed away from the brink of further conflict in the Middle East. Trump responded overnight to an Iranian attack on US forces with sanctions, not violence. Iran offered no immediate signal it will retaliate further over a January 3 US strike that killed one of its senior military commanders. Japan's Nikkei rose by 2.31 per cent, lifting stocks to their highest for the year so far. Hong Kong's Hang Seng climbed up by 1.68 per cent while South Korea's Kospi inched up by 1.63 per cent. The Shanghai Composite index too moved up by 0.91 per cent after the government announced that China's Vice Premier Liu He, head of the country's negotiation team in US-China trade talks, will sign phase one of the deal in Washington next week.

Sensex jumps 634 points as US-Iran tensions ease, auto and realty stocks gain

India, Malaysia ties&nbsp;are likely to take a hit with New Delhi deciding to put curbs on palm oil imports from Malaysia.

The move follows Malaysian Prime Minister Mahathir bin Mohamad's comments on the Citizenship Amendment Act.&nbsp;

India will now be urging Indonesia for more oil imports, a move that is likely to spark a price war between Kuala Lumpur and Jakarta.&nbsp;

India's curb on palm oil imports will also result in a loss of market share for Malaysia.&nbsp;

Last month, as per reports, the Malaysian PM during a summit in Kuala Lumpur made comments on the CAA, criticising the new citizenship law and questioning its "necessity".&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/india-news/caa-fallout-member-of-malaysian-central-government-coalition-says-pm-mahathir-has-overreacted-269450">CAA fallout: Member of Malaysian central government coalition says PM Mahathir has overreacted</a>

New Delhi reacted to Mohamed's comments with the Ministry of External Affairs issuing a statement on the same.&nbsp;

The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read.

The statement further added that the new law is to provide citizenship to the "persecuted minorities from three countries" and that it does not impact any Indian citizen.&nbsp;

Read more:&nbsp;<a href="https://www.wionews.com/india-news/factually-inaccurate-india-slams-malaysian-pms-remarks-on-caa-269407">Factually inaccurate: India slams Malaysian PM's remarks on CAA&nbsp;</a>

"The Citizenship Amendment Act provides for citizenship through naturalization to be fast-tracked for non-citizens who are persecuted minorities from three countries. The Act does not impact in any manner on the status of any citizen of India, or deprive any Indian of any faith of her or his citizenship," the MEA release read.

New Delhi also asked Malaysia "to refrain from commenting on internal developments in India, especially without a right understanding of the facts".

India, Malaysia ties are likely to take a hit with New Delhi deciding to put curbs on palm oil imports from Malaysia. The move follows Malaysian Prime Minister Mahathir bin Mohamad's comments on the Citizenship Amendment Act.

India, Malaysia ties are likely to take a hit with New Delhi deciding to put curbs on palm oil imports from Malaysia. The move follows Malaysian Prime Minister Mahathir bin Mohamad's comments on the Citizenship Amendment Act. India will now be urging Indonesia for more oil imports, a move that is likely to spark a price war between Kuala Lumpur and Jakarta. India's curb on palm oil imports will also result in a loss of market share for Malaysia. Last month, as per reports, the Malaysian PM during a summit in Kuala Lumpur made comments on the CAA, criticising the new citizenship law and questioning its "necessity". Also read: CAA fallout: Member of Malaysian central government coalition says PM Mahathir has overreacted New Delhi reacted to Mohamed's comments with the Ministry of External Affairs issuing a statement on the same. The MEA called Mohamad's remarks as "factually inaccurate" and said that the Malaysian Prime Minister, "has yet again remarked on a matter that is entirely internal to India," the statement read. The statement further added that the new law is to provide citizenship to the "persecuted minorities from three countries" and that it does not impact any Indian citizen. Read more: Factually inaccurate: India slams Malaysian PM's remarks on CAA "The Citizenship Amendment Act provides for citizenship through naturalization to be fast-tracked for non-citizens who are persecuted minorities from three countries. The Act does not impact in any manner on the status of any citizen of India, or deprive any Indian of any faith of her or his citizenship," the MEA release read. New Delhi also asked Malaysia "to refrain from commenting on internal developments in India, especially without a right understanding of the facts".

India puts curbs on palm oil imports from Malaysia following PM Mahathir Mohamad's CAA remark

<a href="https://www.wionews.com/business-economy/india-puts-curbs-on-palm-oil-imports-from-malaysia-following-pm-mahathir-mohamad-caa-remark-273134">India's restrictions on imports of refined palm oil</a> will lead to a loss of market share for Malaysia and spark a price war with rival suppliers, Indonesia, a Malaysian industry association said on Thursday.

India, the world's biggest edible oil buyer, issued a notification on Wednesday amending imports of refined palm oil to "restricted", a move that industry sources said amounted to an effective ban.

The move was seen as punishing Malaysia, India's main supplier of refined palm oil, for criticism of its policies by Mahathir Mohamad, the 94-year-old outspoken prime minister of Muslim-majority Malaysia. Indonesia is the world's biggest exporter of crude palm oil.

The Palm Oil Refiners Association of Malaysia (PORAM) said the move meant Malaysia would now have to compete on crude palm sales to India, where Indonesia has traditionally been more cost-competitive.

"This puts Indonesia and Malaysia at loggerheads. There will be a price war between Indonesia and Malaysia, and we are at the losing end," said PORAM Chairman Jamil Haron told Reuters.

"We can still sell crude palm oil, but now we need to compete with Indonesia."

Haron said the restrictions on refined palm oil could be in the form of quotas and more regulations.

Malaysia last year overtook Indonesia as India's biggest <a href="https://www.wionews.com/business-economy/india-cuts-tax-on-crude-refined-palm-oil-imports-from-asean-countries-187685">palm oil</a> supplier after it won a lower duty for refined palm oil imports.

The Southeast Asian neighbours account for 85 per cent&nbsp;of global palm oil production. Palm oil is Malaysia's biggest agricultural export, accounting for 2.8 per cent&nbsp;of its gross domestic product and 4.5 per cent&nbsp;of total exports.

A Kuala Lumpur-based trader, who did not want to be named citing company policy, said Malaysia's exports would start falling from end-January after current contracts end.

Malaysia exported an estimated 3.9 million tonnes of palm oil to India in 2019. Of this 2.04 million tonnes was palm olein which is used as a cooking agent, according to Refinitiv data.

PORAM members include top industry players including Sime Darby Plantation, Cargill Palm Products, FGV Refineries, IOI Edible Oils, and Wilmar Edible Oils.

Malaysian Palm Oil Association Chief Executive Nageeb Wahab said the curbs on refined palm oil exports would benefit Indian refiners.

Mahathir said in October India "invaded and occupied" Kashmir, a disputed mainly Muslim region also claimed by Pakistan. Last month, he said India was stoking unrest with its new religion-based citizenship law that excludes Muslims.

India's restrictions on imports of refined palm oil will lead to a loss of market share for Malaysia and spark a price war with rival suppliers, Indonesia, a Malaysian industry association said on Thursday.

India's restrictions on imports of refined palm oil will lead to a loss of market share for Malaysia and spark a price war with rival suppliers, Indonesia, a Malaysian industry association said on Thursday. India, the world's biggest edible oil buyer, issued a notification on Wednesday amending imports of refined palm oil to "restricted", a move that industry sources said amounted to an effective ban. The move was seen as punishing Malaysia, India's main supplier of refined palm oil, for criticism of its policies by Mahathir Mohamad, the 94-year-old outspoken prime minister of Muslim-majority Malaysia. Indonesia is the world's biggest exporter of crude palm oil. The Palm Oil Refiners Association of Malaysia (PORAM) said the move meant Malaysia would now have to compete on crude palm sales to India, where Indonesia has traditionally been more cost-competitive. "This puts Indonesia and Malaysia at loggerheads. There will be a price war between Indonesia and Malaysia, and we are at the losing end," said PORAM Chairman Jamil Haron told Reuters. "We can still sell crude palm oil, but now we need to compete with Indonesia." Haron said the restrictions on refined palm oil could be in the form of quotas and more regulations. Malaysia last year overtook Indonesia as India's biggest palm oil supplier after it won a lower duty for refined palm oil imports. The Southeast Asian neighbours account for 85 per cent of global palm oil production. Palm oil is Malaysia's biggest agricultural export, accounting for 2.8 per cent of its gross domestic product and 4.5 per cent of total exports. A Kuala Lumpur-based trader, who did not want to be named citing company policy, said Malaysia's exports would start falling from end-January after current contracts end. Malaysia exported an estimated 3.9 million tonnes of palm oil to India in 2019. Of this 2.04 million tonnes was palm olein which is used as a cooking agent, according to Refinitiv data. PORAM members include top industry players including Sime Darby Plantation, Cargill Palm Products, FGV Refineries, IOI Edible Oils, and Wilmar Edible Oils. Malaysian Palm Oil Association Chief Executive Nageeb Wahab said the curbs on refined palm oil exports would benefit Indian refiners. Mahathir said in October India "invaded and occupied" Kashmir, a disputed mainly Muslim region also claimed by Pakistan. Last month, he said India was stoking unrest with its new religion-based citizenship law that excludes Muslims.

India palm import curbs to start Malaysia, Indonesia price war: Report

Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a US&nbsp;strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies.

<a href="https://www.wionews.com/world/iran-fires-missiles-at-us-bases-in-iraq-272811">Also Read:&nbsp;Iran fires missiles at US bases in Iraq</a>

Brent crude futures soared $1.83, or 2.7%, to $70.10 by around 0148 GMT, after earlier rising to $71.75, the highest since mid-September 2019.

West Texas Intermediate crude futures climbed nearly $2, or almost 3%, to $64.30 a barrel. It earlier reached a high of $65.85, the most since late April last year.

<a href="https://www.wionews.com/photos/soleimanis-killing-how-was-the-operation-carried-out-and-what-are-the-consequences-272077">In Pics: How was the operation to kill Soleimani was carried out and what are the consequences?</a>

Iran's missile attack on US-led forces in Iraq came in the early hours of Wednesday, hours after the funeral of Qassem Soleimani, the commander of the country's elite Quds Force killed in a US&nbsp;drone stroke on January&nbsp;3.

Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel, the US&nbsp;military said on Tuesday.

"The obvious concern for markets, is where does this all end?", ING Research analysts said in a note.

"The worry is that we could see more from Iran, provoking US&nbsp;retaliation - a scenario that cannot be ruled out given the warnings from President (Donald) Trump," it said.

Iranian news agency Mehr said Iran's Islamic Revolutionary Guard Corps had targeted the base. Tehran has vowed retaliation for the killing of military commander Soleimani.

Sirens were heard and American helicopters were seen flying over Iraq's Ain al-Asad air base in Anbar province early on Wednesday, according to Iraqi broadcaster al Mayadeen.

"We are working on initial battle damage assessments," Pentagon spokesman Jonathan Hoffman said in statement, adding that the bases targeted were at Al-Asad air base and another in Erbil, Iraq.

Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies.

Oil prices jumped to their highest in months on Wednesday after Iran attacked American forces in Iraq in response to a US strike that killed an Iranian general last week, raising the spectre of a spiralling conflict and disrupted oil supplies. Also Read: Iran fires missiles at US bases in Iraq Brent crude futures soared $1.83, or 2.7%, to $70.10 by around 0148 GMT, after earlier rising to $71.75, the highest since mid-September 2019. West Texas Intermediate crude futures climbed nearly $2, or almost 3%, to $64.30 a barrel. It earlier reached a high of $65.85, the most since late April last year. In Pics: How was the operation to kill Soleimani was carried out and what are the consequences? Iran's missile attack on US-led forces in Iraq came in the early hours of Wednesday, hours after the funeral of Qassem Soleimani, the commander of the country's elite Quds Force killed in a US drone stroke on January 3. Tehran fired more than a dozen ballistic missiles from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel, the US military said on Tuesday. "The obvious concern for markets, is where does this all end?", ING Research analysts said in a note. "The worry is that we could see more from Iran, provoking US retaliation - a scenario that cannot be ruled out given the warnings from President (Donald) Trump," it said. Iranian news agency Mehr said Iran's Islamic Revolutionary Guard Corps had targeted the base. Tehran has vowed retaliation for the killing of military commander Soleimani. Sirens were heard and American helicopters were seen flying over Iraq's Ain al-Asad air base in Anbar province early on Wednesday, according to Iraqi broadcaster al Mayadeen. "We are working on initial battle damage assessments," Pentagon spokesman Jonathan Hoffman said in statement, adding that the bases targeted were at Al-Asad air base and another in Erbil, Iraq.

Oil prices surge to new high after Iran attacks US bases in Iraq

<a href="https://www.wionews.com/business-economy/sensex-crashes-by-788-points-on-us-iran-tensions-banks-and-auto-companies-bleed-272541">Indian stocks</a> sank and the rupee weakened on Wednesday, as Iran struck US bases in Iraq. Shares tanked over 240 points in early trade on Wednesday.

The rupee was weaker by 0.27 per cent at 71.9900 against the dollar after hitting its lowest since November&nbsp;14.

Read:&nbsp;<a href="https://www.wionews.com/world/iran-fires-missiles-at-us-bases-in-iraq-272811">Iran fires 'more than a dozen' ballistic missiles at US bases in Iraq</a>

Oil refiner <a href="https://www.wionews.com/business-economy/india-to-offload-bharat-petroleum-in-state-stake-sell-off-263518">Bharat Petroleum</a> Corp Ltd was the top decliner on the Nifty, falling 2.2 per cent amid the rise in crude, which could hurt margins at refining companies.

Other Asian shares and US&nbsp;Treasury yields also tumbled while gold shot higher.

Watch:&nbsp;<a href="https://www.wionews.com/videos/amid-escalating-tensions-in-west-asia-indian-stock-markets-close-in-the-red-272641">Amid escalating tensions in West Asia Indian stock markets close in the red</a>

India imports much of its crude from the Middle East, and its markets are sensitive to swings in prices, which have dipped this week on fears of a disruption to oil supplies.

"For the time being, the biggest risk factor for the Indian economy is the possible closure of <a href="https://www.wionews.com/photos/what-makes-strait-of-hormuz-worlds-most-important-oil-artery-227135">Strait of Hormuz</a> - where almost half of the global oil supplies pass through," said Arnob Biswas, head of FX Research at SMC Global Securities in New Delhi.

"Higher oil prices may lead to headline CPI beyond 6.00 per cent in the coming months," he added in reference to the consumer price index.

Brent crude futures were up 95 cents at $69.22 a barrel, after earlier rising to $71.75, their highest since mid-September 2019.

In India, the NSE Nifty 50 index-tracking blue-chip equities were down 0.86 per cent at 11,948.85 by 0350 GMT, while the benchmark S&amp;P BSE Sensex slid 0.75 per cent to 40,564.72. The two indexes plunged nearly 2% on Monday after a spike in crude prices, and the Nifty saw its worst one-day drop in some four months.

Growth in Asia's third-largest economy has already slowed to multi-year lows, and on Tuesday, India forecast 5 per cent growth for the current financial year, the slowest pace in 11 years.

The projections will likely prompt finance minister Nirmala Sitharaman to opt for extra fiscal stimulus when she presents the annual budget next month.

Indian stocks sank and the rupee weakened on Wednesday, as Iran struck US bases in Iraq. Shares tanked over 240 points in early trade on Wednesday. The rupee was weaker by 0.

Indian stocks sank and the rupee weakened on Wednesday, as Iran struck US bases in Iraq. Shares tanked over 240 points in early trade on Wednesday. The rupee was weaker by 0.27 per cent at 71.9900 against the dollar after hitting its lowest since November 14. Read: Iran fires 'more than a dozen' ballistic missiles at US bases in Iraq Oil refiner Bharat Petroleum Corp Ltd was the top decliner on the Nifty, falling 2.2 per cent amid the rise in crude, which could hurt margins at refining companies. Other Asian shares and US Treasury yields also tumbled while gold shot higher. Watch: Amid escalating tensions in West Asia Indian stock markets close in the red India imports much of its crude from the Middle East, and its markets are sensitive to swings in prices, which have dipped this week on fears of a disruption to oil supplies. "For the time being, the biggest risk factor for the Indian economy is the possible closure of Strait of Hormuz - where almost half of the global oil supplies pass through," said Arnob Biswas, head of FX Research at SMC Global Securities in New Delhi. "Higher oil prices may lead to headline CPI beyond 6.00 per cent in the coming months," he added in reference to the consumer price index. Brent crude futures were up 95 cents at $69.22 a barrel, after earlier rising to $71.75, their highest since mid-September 2019. In India, the NSE Nifty 50 index-tracking blue-chip equities were down 0.86 per cent at 11,948.85 by 0350 GMT, while the benchmark S&P BSE Sensex slid 0.75 per cent to 40,564.72. The two indexes plunged nearly 2% on Monday after a spike in crude prices, and the Nifty saw its worst one-day drop in some four months. Growth in Asia's third-largest economy has already slowed to multi-year lows, and on Tuesday, India forecast 5 per cent growth for the current financial year, the slowest pace in 11 years. The projections will likely prompt finance minister Nirmala Sitharaman to opt for extra fiscal stimulus when she presents the annual budget next month.

Nifty, Sensex dive as crude jumps after Iran missile strike on US bases in Iraq

<a href="https://www.wionews.com/world/worlds-biggest-trade-deal-to-be-delayed-to-2020-draft-asean-statement-259667">America's trade deficit</a> continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy.

Lowering the deficit has been a chief goal of <a href="https://www.wionews.com/world/all-is-well-so-far-so-good-says-trump-after-irans-missile-strikes-at-us-bases-in-iraq-272818">President Donald Trump</a>'s aggressive trade policy but whether the decline will be sustained remains in question.

The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy.

The trade gap - the difference between what the <a href="https://www.wionews.com/world/us-criticises-russia-china-at-un-over-failure-to-condemn-baghdad-embassy-attack-272600">United States</a> buys from and sells to international trading partners -&nbsp;fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data.

Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers.

<a href="https://www.wionews.com/business-economy/oil-prices-surge-to-new-high-after-iran-attacks-us-bases-in-iraq-272812">Crude oil</a> imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer.

Autos and parts bucked the trend, with imports rising $1.1 billion.

Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines.

Imports to rebound?

Even that modest gain put exports at a new record.

But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever.

Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest.

"This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis.

Some tariff rates on <a href="https://www.wionews.com/world/taiwan-to-vote-in-shadow-of-china-pressure-hong-kong-protests-272816">Chinese</a> goods are due to fall that month as part of the partial deal announced in December between the United States and China.

Trump announced that Washington and Beijing are due to sign a partial <a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">agreement</a> in Washington next week, halting the escalation in their trade conflict of nearly two years.

But many of the trade barriers remain, including retaliatory tariffs on some US goods.

Despite the November increase, &nbsp;Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines.

The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year.

Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet.

Watch: Trump says 'all is well' after Iran's missile attack

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In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year.

With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent.

Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday.

America's trade deficit continued to tumble in November, hitting its lowest level in three years as imports of crude oil, computers and industrial supplies fell off sharply, the government reported Tuesday. That put the United States on track for the first drop in the annual deficit in six years, likely reflecting the damage to international commerce from the US-China trade conflict and a sluggish global economy. Lowering the deficit has been a chief goal of President Donald Trump's aggressive trade policy but whether the decline will be sustained remains in question. The drop should help lift GDP growth for the final months of 2019 but falling imports are not necessarily a good sign, as it can be a sign of a weakening domestic economy. The trade gap - the difference between what the United States buys from and sells to international trading partners - fell 8.2 per cent in November to $43.1 billion, even lower than economists had expected and the lowest since October 2016, according to the Commerce Department data. Imports fell 1.7 per cent to $251.7 billion for the month, the lowest level in more than two years, as Americans purchased fewer mobile phones, artwork, civilian aircraft, and computers. Crude oil imports, adjusted for inflation and seasonal changes, were the lowest since records began in 1994, reflecting increased domestic supply, as America transformed in recent years to become the world's largest producer. Autos and parts bucked the trend, with imports rising $1.1 billion. Exports rose but not enough to compensate for the drop in imports, rising 0.7 per cent to $208.6 billion, as Americans shipped out more drilling and oilfield equipment, jewellery and gems, autos and aircraft engines. Imports to rebound? Even that modest gain put exports at a new record. But imports of services, an area where the United States typically enjoys an advantage over foreign competitors, also hit the highest level ever. Ian Shepherdson of Pantheon Macroeconomics said the plunge in the US deficit was not sustainable, particularly because US demand is much stronger than the import figures suggest. "This can't last; we expect a rebound over the next few months, likely starting in February," he said in an analysis. Some tariff rates on Chinese goods are due to fall that month as part of the partial deal announced in December between the United States and China. Trump announced that Washington and Beijing are due to sign a partial agreement in Washington next week, halting the escalation in their trade conflict of nearly two years. But many of the trade barriers remain, including retaliatory tariffs on some US goods. Despite the November increase, Shepherdson said US exports are "struggling," Shepherdson said. He noted that excluding oil and aircraft, foreign goods sales had actually fallen sharply, which was in line with survey data pointing to continued declines. The US trade deficit has not decreased on a full-year basis since 2013, but over the first 11 months of 2019, it dropped 0.7 per cent compared to the same period in the prior year. Economists say falling imports could partly reflect the steep tariffs Trump imposed earlier this year on Chinese imports, even though last month he cancelled plans for what threatened to be the most painful round of duty increases yet. Watch: Trump says 'all is well' after Iran's missile attack × In November, the goods trade deficit with China fell 7.8 per cent compared to October, and it is down 16 per cent since the start of the year. With Mexico, however, the goods deficit continued to rise, growing 8.7 per cent compared to October, marking a year-to-date increase of nearly 28 per cent. Trump likens the trade deficit to stealing from America, but economists do not share this view, saying the United States does not produce enough domestically to meet its own needs.

Plunging US imports push trade deficit to 3-year low in November

India plans to amend proposed rules for policing digital content so the toughest measures apply only to big social media firms, according to two government sources, in a move that could give relief to other tech players fearful of the new regulations.

India plans to amend proposed rules for policing digital content so the toughest measures apply only to big social media firms, according to two government sources, in a move that could give relief to other tech players fearful of the new regulations. The original proposal would have forced all tech players, in addition to Facebook, Twitter and WhatsApp, to deploy automated tools to check for unlawful content and to appoint an officer for "24x7" coordination with law enforcement. The rules are part of India's broader efforts to tackle disinformation and "fake news". Since 2017, rumour-mongering on social media has been blamed for mob attacks that killed 30 people across the country. But the draft proposals, called "intermediary guidelines" when they were released in December 2018, could have applied to a broad range of technology firms including e-commerce players, cloud storage providers and telecoms companies. India's IT ministry is now considering a two-tier system - with stricter rules similar to the original proposals applying only to social media companies, said the two government sources, who declined to be named as the plans are still private. "The problem is largely with large messaging platforms, ones that enable interaction. Some of the requirements for non-social media companies were unrealistic," one of the officials said. India's IT ministry did not respond to a request for comment. The second government source said that having two separate layers of rules would mean that big social media companies such as Facebook, WhatsApp and Chinese video app TikTok would continue to face stricter regulation, but technology firms such as Amazon.com could breathe easier. The official described the proposed regulation for other technology companies as "minimal" and "simple", adding the rules would be finalised later this month. India's IT ministry has previously said stricter regulations were necessary to safeguard users and the nation's security as the Internet has emerged as a "potent tool to cause unimaginable disruption to the democratic polity". The original draft rules also said companies must "remove or disable access" to "unlawful" content within 24 hours when asked by a government agency or through a court order. That particular requirement, however, would likely stay in the new rules for both social media and other technology firms, the sources said. Global internet companies Mozilla Corp, Microsoft's GitHub and Cloudflare Inc this week wrote an open letter to India's IT minister, saying the draft 2018 regulations were extremely broad and would impact many companies. Calling for new rules to be made public soon, the companies also said the timeline of 24 hours for removing content posed significant implementation challenges.

India to tweak proposed content regulations to ease burden on some: Sources

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals &amp; Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure.

Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders.

"The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement.

"It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday gave in-principle approval for strategic disinvestment in Minerals & Metals Trading Corporation Ltd (MMTC), National Mineral Development Corporation (NMDC), Bharat Heavy Electricals Ltd (BHEL), Metallurgical and Engineering Consultants (MECON) and two Odisha state government public sector undertakings. The government will offload 49.78 per cent equity shareholding in MMTC, 10.1 per cent in NMDC besides 0.68 per cent in MECON and BHEL each to a strategic buyer after a two-stage auction procedure. Besides, it will sell 12 per cent stake in Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) and 20.47 per cent in Odisha Mining Corporation (OMC) in Neelachal Ispat Nigam Limited (NINL).NINL is a joint venture company in which four central public sector enterprises -- MMTC, NMDC, BHEL and MECON -- besides two state PSUs of the Odisha state government -- IPICOL and OMC -- are shareholders. "The proposed strategic disinvestment of NINL will unlock resources to be used to finance the social sector and developmental programmes of the government benefiting the public," according to an official statement. "It is also expected that the successful strategic buyer may bring in new management and technology and investment for the growth of company, and may use innovative methods for the development of business operations which may generate more employment opportunities," said the statement further.

Cabinet approves strategic disinvestment in MMTC, NMDC, BHEL and others

<a href="https://www.wionews.com/world/tesla-delivers-first-batch-of-china-made-cars-271122">Elon Musk</a> showed off striptease moves at the launch of Tesla's&nbsp;Model Y electric sports utility vehicle programme at its new Shanghai factory on Tuesday, where the company delivered its first cars built outside the United States to the public.

The $2 billion <a href="https://www.wionews.com/business-economy/rivals-gear-up-for-2020-after-teslas-model-3-sedan-hits-record-year-in-norway-271896">Tesla Inc</a> factory started delivering cars in just 357 days, a record for global automakers in China. The first 10 customers from the public received their China-made <a href="https://www.wionews.com/world/tesla-says-will-start-delivering-china-made-model-3s-to-public-on-january-7-271722">Model 3 sedans</a> on Tuesday.

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At Tesla Giga Shanghai NSFW!! <a href="https://t.co/1yrPyzJQGZ">pic.twitter.com/1yrPyzJQGZ</a>
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Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-shirt with a cartoon of the factory. In a tweet, he labelled the video "NSFW" - not safe for work.

He predicted that "ultimately Tesla Model Y will have more demand than probably all the other cars of Tesla combined", with his voice cracking with emotion at times while talking about the progress of the Shanghai factory.

<img alt="Tesla Inc CEO Elon Musk dances onstage during a delivery event" data-entity-type="file" data-entity-uuid="c97caf56-b0d0-407e-b077-89fd4f0ab29e" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%288%29_7.jpg" /> 
[Tesla Inc CEO Elon Musk dances onstage during a delivery event (Courtesy: Reuters)]

The ceremony was attended by Shanghai Mayor Ying Yong and other senior government officials.

Tesla executives, however, did not provide further details on the progress of the China-made Model Y project. A <a href="https://www.wionews.com/world/tesla-delivers-first-batch-of-china-made-cars-271122">Tesla</a> representative declined to comment further.

Tesla's shares are trading close to their record high after it beat Wall Street estimates for vehicle deliveries in its fourth quarter. News of production ramp-up in its China factory and upbeat early deposits for its recently launched pickup truck have also supported its share price.

<img alt="Tesla Model 3 vehicles are seen during a delivery event at its factory in Shanghai" data-entity-type="file" data-entity-uuid="8a257650-0a94-478e-b6a0-028c2f3645f6" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%289%29_11.jpg" /> 
[Tesla Model 3 vehicles are seen during a delivery event at its factory in Shanghai (Courtesy: Reuters)]

Construction of Tesla's first plant outside the United States began in January and production started in October.

The factory started with a production capacity of 150,000 <a href="https://www.wionews.com/business-economy/tesla-to-take-new-14-billion-loan-from-chinese-banks-for-shanghai-factory-sources-269723">Model 3 sedans</a> and Tesla aims to push that to 250,000 vehicles a year, including Model Y, in the plant's first phase.

Tesla unveiled its Model Y in March 2019 and said in October that production of the electric compact SUV at its Fremont facility was running ahead of schedule, adding at the time that it expects to launch the model by summer 2020.

<img alt="A Tesla Model 3 car owner sitting inside a car" data-entity-type="file" data-entity-uuid="b3a903dc-3ca8-4def-aa8d-60ed9ca001bc" src="//cdn.wionews.com/sites/default/files/inline-images/Untitled%20design%20%287%29_10.jpg" /> 
[A Tesla Model 3 car owner sitting inside a car (Courtesy: Reuters)]

It has said that margin expectations are higher for Model Y than Model 3, while production costs are roughly the same.

Tesla's China website estimates the starting price for Model Y vehicles at 444,000 yuan ($63,911.56). It will announce the retail price later, the website says. The China-made Model 3 sedans are priced at 355,800 yuan before subsidies.

Shanghai Vice Mayor Wu Qing said he hoped to see Tesla extend its cooperation with the city and for the car maker to manufacture more models at its Chinese plant.

Elon Musk showed off striptease moves at the launch of Tesla's Model Y electric sports utility vehicle programme at its new Shanghai factory on Tuesday, where the company delivered its first cars built outside the United States to the public.

Elon Musk showed off striptease moves at the launch of Tesla's Model Y electric sports utility vehicle programme at its new Shanghai factory on Tuesday, where the company delivered its first cars built outside the United States to the public. The $2 billion Tesla Inc factory started delivering cars in just 357 days, a record for global automakers in China. The first 10 customers from the public received their China-made Model 3 sedans on Tuesday. At Tesla Giga Shanghai NSFW!! pic.twitter.com/1yrPyzJQGZ — Elon Musk (@elonmusk) January 7, 2020 × Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-shirt with a cartoon of the factory. In a tweet, he labelled the video "NSFW" - not safe for work. He predicted that "ultimately Tesla Model Y will have more demand than probably all the other cars of Tesla combined", with his voice cracking with emotion at times while talking about the progress of the Shanghai factory. [Tesla Inc CEO Elon Musk dances onstage during a delivery event (Courtesy: Reuters)] The ceremony was attended by Shanghai Mayor Ying Yong and other senior government officials. Tesla executives, however, did not provide further details on the progress of the China-made Model Y project. A Tesla representative declined to comment further. Tesla's shares are trading close to their record high after it beat Wall Street estimates for vehicle deliveries in its fourth quarter. News of production ramp-up in its China factory and upbeat early deposits for its recently launched pickup truck have also supported its share price. [Tesla Model 3 vehicles are seen during a delivery event at its factory in Shanghai (Courtesy: Reuters)] Construction of Tesla's first plant outside the United States began in January and production started in October. The factory started with a production capacity of 150,000 Model 3 sedans and Tesla aims to push that to 250,000 vehicles a year, including Model Y, in the plant's first phase. Tesla unveiled its Model Y in March 2019 and said in October that production of the electric compact SUV at its Fremont facility was running ahead of schedule, adding at the time that it expects to launch the model by summer 2020. [A Tesla Model 3 car owner sitting inside a car (Courtesy: Reuters)] It has said that margin expectations are higher for Model Y than Model 3, while production costs are roughly the same. Tesla's China website estimates the starting price for Model Y vehicles at 444,000 yuan ($63,911.56). It will announce the retail price later, the website says. The China-made Model 3 sedans are priced at 355,800 yuan before subsidies. Shanghai Vice Mayor Wu Qing said he hoped to see Tesla extend its cooperation with the city and for the car maker to manufacture more models at its Chinese plant.

Elon Musk launches new Tesla SUV programme at Shanghai factory

Revenue Secretary Ajay Bhushan Pandey held a day-long brainstorming session on Tuesday with commissioners of state and central taxes to discuss how the Goods and Service Tax (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders.

Revenue Secretary Ajay Bhushan Pandey held a day-long brainstorming session on Tuesday with commissioners of state and central taxes to discuss how the Goods and Service Tax (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders. Officials debated on ways to curb fraud and evasion, check fake or huge input tax credit claims and seek bank account details of businesses to tally with their filings. They discussed methods to curb misuse of refunds and share the best practices in revenue augmentation. The discussions focussed on a road ahead for e-invoicing, new return system and feedback, e-way bill linking with Fastag, pendency of refunds, linkage of Aadhaar to GST registration, enforcement module use without overreach and QR codes. This was the second all-India conference where both tax administrations came together formally to build synergy and to share their knowledge with the intent to bring about uniformity in tax administrations. The meet deliberated on a mechanism and machinery for disseminating inter-departmental data among various agencies. It was attended by senior officers of the Central Board of Indirect Taxes and Customs, the Central Board of Direct Taxes, the Financial Intelligence Unit (FIU), the Directorate General of Analytics and Risk Management (DGARM), GSTN officials and field officers from enforcement wings. An official statement said all major cases of fake input tax credit, export or import fraud and fraudulent refunds will now be investigated by the Income Tax Department.

Officials discuss ways to streamline GST system, curb evasion

The end of one year of technology means looking forward to the next and better one. The year 2020 has brought another year filled with amazing game-changing technology trends.

Here is the list of upcoming technologies that could change the game in 2020.

Foldable phones

We now have phones that come with foldable screens. Last year, a handful of companies teased us with their models. In 2020, the trend is expected to grow manifold. More companies are expected to design phones with screens that can fold. So new warriors such as Xiaomi and Oppo will march into the battleground with their foldable designs. And existing players will improve their products. If all goes as expected, 2020 could truly be the year of foldable phones. 
&nbsp; 
5G is coming to India! 
&nbsp; 
Next-gen 5G technology has been a talking point for years. But it was only in 2019, that the world finally witnessed the launch of 5G phones, that too only in a handful of countries. But in 2020, 5G will be the catalyst to a digital revolution in more countries, including India. Indian telecoms have been conducting 5G tests and are implementing 5G-ready equipment, so it's quite plausible that 5G will finally take off in the country this year. And we'll get to enjoy the benefits of even faster internet speeds! 
&nbsp; 
The rise of video streaming 
&nbsp; 
Over the last 12 months, there has been a significant rise in the consumption of media on video streaming platforms. Many people now avoid going to cinema halls and wait for the movies to stream on OTT platforms. Companies are creating content exclusively for video-on-demand services, which are popular within all age groups. And this trend will be seen in 2020, OTT services will continue to adversely impact the business of cinema. 
&nbsp; 
Voice assistants - What's next? 
&nbsp; 
Voice assistants have been around for a few years now. Every year, they get better and are packed with new functionalities. Today, services like Alexa and Google Assistant can do a lot of things, answer our queries and make suggestions based on our schedules. But as anyone who uses a voice assistant knows, there's a huge scope for improvement. In 2020, voice recognition software will improve, so it will get better at understanding different accents. Artificial intelligence technology behind voice applications will continue to be a focus area in the space of technology.&nbsp; 
&nbsp; 
&nbsp;Connected retail 
&nbsp; 
Tech companies are working on making our shopping experience better.&nbsp;We have seen connected shopping devices in India and other countries.&nbsp;Amazon has set up a checkout-free grocery store. Facial recognition is improving payment systems. But all of these services are yet to go mainstream.&nbsp;

Price of privacy

After a series of data leaks at facebook and hacking attempts on apps like WhatsApp in 2019, there are increasing fears about privacy. &nbsp;But at the same time, many of us are knowingly trading our privacy for convenience.&nbsp;

For instance, users are granting app permissions without even giving it a second thought.&nbsp;

Devices like smart speakers, that have been accused of eavesdropping, are still flying off the shelves. And how many of us have stopped using Facebook despite knowing that it's in the middle of multiple data privacy rows?

We do think that these tech giants will continue profiting from invading our privacy, so let's hope we see better consumer protection and privacy laws in 2020. 
&nbsp;

The end of one year of technology means looking forward to the next and better one. The year 2020 has brought another year filled with amazing game-changing technology trends.

The end of one year of technology means looking forward to the next and better one. The year 2020 has brought another year filled with amazing game-changing technology trends. Here is the list of upcoming technologies that could change the game in 2020. Foldable phones We now have phones that come with foldable screens. Last year, a handful of companies teased us with their models. In 2020, the trend is expected to grow manifold. More companies are expected to design phones with screens that can fold. So new warriors such as Xiaomi and Oppo will march into the battleground with their foldable designs. And existing players will improve their products. If all goes as expected, 2020 could truly be the year of foldable phones. 5G is coming to India! Next-gen 5G technology has been a talking point for years. But it was only in 2019, that the world finally witnessed the launch of 5G phones, that too only in a handful of countries. But in 2020, 5G will be the catalyst to a digital revolution in more countries, including India. Indian telecoms have been conducting 5G tests and are implementing 5G-ready equipment, so it's quite plausible that 5G will finally take off in the country this year. And we'll get to enjoy the benefits of even faster internet speeds! The rise of video streaming Over the last 12 months, there has been a significant rise in the consumption of media on video streaming platforms. Many people now avoid going to cinema halls and wait for the movies to stream on OTT platforms. Companies are creating content exclusively for video-on-demand services, which are popular within all age groups. And this trend will be seen in 2020, OTT services will continue to adversely impact the business of cinema. Voice assistants - What's next? Voice assistants have been around for a few years now. Every year, they get better and are packed with new functionalities. Today, services like Alexa and Google Assistant can do a lot of things, answer our queries and make suggestions based on our schedules. But as anyone who uses a voice assistant knows, there's a huge scope for improvement. In 2020, voice recognition software will improve, so it will get better at understanding different accents. Artificial intelligence technology behind voice applications will continue to be a focus area in the space of technology. Connected retail Tech companies are working on making our shopping experience better. We have seen connected shopping devices in India and other countries. Amazon has set up a checkout-free grocery store. Facial recognition is improving payment systems. But all of these services are yet to go mainstream. Price of privacy After a series of data leaks at facebook and hacking attempts on apps like WhatsApp in 2019, there are increasing fears about privacy. But at the same time, many of us are knowingly trading our privacy for convenience. For instance, users are granting app permissions without even giving it a second thought. Devices like smart speakers, that have been accused of eavesdropping, are still flying off the shelves. And how many of us have stopped using Facebook despite knowing that it's in the middle of multiple data privacy rows? We do think that these tech giants will continue profiting from invading our privacy, so let's hope we see better consumer protection and privacy laws in 2020.

Technology trends of 2020: What to expect?

The Indian government said on Tuesday it expects the economy to grow at 5.0% in the fiscal year ending in March, lower than 6.8 % recorded a year earlier. Most private economists have lowered India's growth forecast to around 5% for the 2019/20 fiscal year, after the central bank cut its growth estimate to 5.

The Indian government said on Tuesday it expects the economy to grow at 5.0% in the fiscal year ending in March, lower than 6.8 % recorded a year earlier. Most private economists have lowered India's growth forecast to around 5% for the 2019/20 fiscal year, after the central bank cut its growth estimate to 5.0% last month, citing weakening demand and a slowdown in global economic activity.

India forecasts 2019/20 GDP growth rate at 5%

A gauge of <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian shares</a> was toppled from an 18-month top on Monday as heightened Middle East tensions sent investors scurrying for the safety of gold, which hit a near seven-year high while oil jumped to four-month peaks.

The United States detected a heightened state of alert by Iran's missile forces, as President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> warned the US&nbsp;would strike back, "perhaps in a disproportionate manner," if Iran attacked any American person or target.

Iraq's parliament on Sunday recommended all foreign troops be ordered out of the country after the US&nbsp;killing of a top Iranian military commander and an Iraqi militia leader.

Spot gold surged 1.5 per cent&nbsp;to $1,579.55 per ounce in jittery trade and reached its highest since April 2013.

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil prices</a> added to their gains on fears any conflict in the region could disrupt global supplies.

Brent crude futures rose $1.46 to $70.06 a barrel, while US crude climbed $1.17 to $64.22.

"The risk of further escalation has clearly gone up&nbsp;given the direct attack on Iran, Iran's threat of retaliation and Trump's desire to look tough - posing the threat of higher oil prices," said Shane Oliver, chief economist at AMP Capital.

"Historically though oil prices need to double to pose a severe threat to global growth and we are a long way from that."

Watch Video:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/trump-warns-he-may-hit-iraq-with-sanctions-272385/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;slipped 0.7 per cent.

Japan's Nikkei slid almost 2 per cent&nbsp;in a sour return from holiday, while E-Mini futures for the S&amp;P 500&nbsp; fell 0.5&nbsp;per cent in very choppy trade.

Chinese shares opened in the red too, with the blue-chip CSI300 index off a shade while Australian shares were off 0.4 per cent.

"Geopolitical tensions look like remaining elevated in the coming days, so lending support to oil prices and keeping risk asset markets on the defensive," said Ray Attrill, head of FX strategy at National Australia Bank.

Sovereign bonds benefited from the safety bid with yields on 10-year Treasuries down at 1.769&nbsp;per cent&nbsp;having fallen 10 basis points on Friday. Treasury futures gained 5-1/2 ticks.

In currency markets, the Japanese yen remained the favoured safe harbour courtesy of Japan's massive holdings of foreign assets. Investors assume Japanese funds would repatriate their money during a truly global crisis, pushing the yen higher.

On Monday, the dollar was last at 107.98 yen, after falling to a three-month trough of 107.78 earlier in the session. The euro likewise eased to 120.55 yen having hit a three-week low.

The dollar was steadier against the other majors, with the euro little changed at $1.1161. Against a basket of currencies, the dollar was holding at 96.86.

The risk-sensitive currencies of Australia and New Zealand were on track for their fourth straight session of losses.

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

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

Gold, oil prices soar amid US-Iran tensions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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