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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Oil prices surge after US strike kills Iranian general Soleimani

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

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

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

Tesla reduced price for China made Tesla Model 3 before delivery

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

HSBC begins year with Hong Kong branches closed, vandalised

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

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

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

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

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris. 
 
The MoU has been signed with an objective to facilitate food business, food processing, food ingredient sourcing, providing market linkages and knowledge exchange between both the parties. 
 
NEEA aims to work closely with FIFI to curate products from the region which can find the platform at par to the international food and beverage products. With this MoU, NEEA is also looking forward to creating a few geographical product categories, brand them accordingly and generate long term brand equity for them. 
 
The GI tagged commodities remain underutilized and with FIFI, NEEA hopes to leverage the opportunity not only in India but across the world. 
 
"While FIFI members see great potential in the North-Eastern states and have expressed keen interest to connect the novel products not only with the Indian market but, to eventually see them getting attention across the globe. We are delighted to take this engagement forward," said Pankaj Singhal after signing of the MoU.

The MoU was signed by Amit Lohani and Pankaj Singhal from the FIFI and members of NEEA in the presence of luminous dignitaries like <a href="https://www.wionews.com/india-news/will-continue-to-serve-northeast-people-expand-national-peoples-party-base-conrad-k-sangma-225616">Conrad K Sangma</a>, the Chief Minister of the state of Meghalaya, <a href="https://www.wionews.com/india-news/defence-minister-rajnath-singh-calls-for-upgrading-border-infrastructure-inaugurates-sisseri-river-bridge-in-arunachal-pradesh-262438">Prema Khandu</a>, the Chief Minister of the state of Arunachal Pradesh, <a href="https://www.wionews.com/sports/clean-sports-is-our-agenda-sports-minister-rijiju-267400">Kiren Rijiju</a>, Minister of State of the Ministry of Youth Affairs and Sports and Minister of State in the Ministry of Minority Affairs of India, Rameswar Teli, Minister of State in the Ministry of Food Processing Industries, <a href="https://www.wionews.com/india-news/minister-of-home-affairs-amit-shah-discusses-citizenship-bill-with-northeastern-leaders-265351">Biplab Kumar Deb</a>, the Chief Minister of the state of Tripura, and Bedu Panth, Minister of Tourism and Civil aviation and Commerce and Industries.

"We warmly welcome the progressive the regime led by the brigade of politicians and bureaucrats in North East <a href="https://www.wionews.com/opinions/anti-caa-protests-heres-why-the-police-force-is-being-targetted-and-demonised-271596">India</a>. The eastern end of the political boundaries of India, the seven states, appears dedicated to connecting their food map to the world. We are keen to take the dialogue further in the realm of ease of doing business, better interstate trade, supporting tax reforms, improved logistical connectivity, and education on regulatory compliances. We would like to do continued efforts not only limiting ourselves to a trade show but, with our continued engagements," said Amit Lohani, Founder and Director, FIFI. 
 
"We firmly believe in cross border trade goods, which are not produced in the region like almonds, pistachios, high-end chocolates, alcoholic beverages, and other products can make way into the North Eastern Market and premium quality turmeric, organic teas, wines, pineapples, and citrus fruits can be traded out at an affordable price," he added.

FIFI led a delegation to the North East Food Show 2019, including of its members and representatives from various countries HE Juan Rolando Ambassador of Chile to India, HE Hector Cueva Ambassador of Ecuador to India, HE Claudio Ansorena Montero Ambassador of Costa Rica to India, and HE Archil Dzuliashvili Ambassador of Georgia to India; trade commissioners and section heads from <a href="https://www.wionews.com/world/syria-regime-must-halt-escalation-of-violence-european-union-270860">European Union</a>, France, Mexico, the United Kingdom, and Austria, to name a few. 
 
Forum of Indian Food Importers (FIFI); is a not for profit organization, which is not involved in buying and selling directly. An apex chamber representing over 15,000 food importers, retailers, hoteliers, and other stakeholders in India, FIFI provides a diligent informative data bank on Food and Beverage trade in-country and projects an efficacious knowledge network in the country through its composite interactions with various stakeholders. 
 
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris.

Forum of India Food Importers (FIFI) and North East Entrepreneurs Alliance (NEEA) agreed to build cooperation by signing a Memorandum of Understanding (MoU) during recently organized North East Food Show 2019 by the government of Meghalaya and SIAL Paris. The MoU has been signed with an objective to facilitate food business, food processing, food ingredient sourcing, providing market linkages and knowledge exchange between both the parties. NEEA aims to work closely with FIFI to curate products from the region which can find the platform at par to the international food and beverage products. With this MoU, NEEA is also looking forward to creating a few geographical product categories, brand them accordingly and generate long term brand equity for them. The GI tagged commodities remain underutilized and with FIFI, NEEA hopes to leverage the opportunity not only in India but across the world. "While FIFI members see great potential in the North-Eastern states and have expressed keen interest to connect the novel products not only with the Indian market but, to eventually see them getting attention across the globe. We are delighted to take this engagement forward," said Pankaj Singhal after signing of the MoU. The MoU was signed by Amit Lohani and Pankaj Singhal from the FIFI and members of NEEA in the presence of luminous dignitaries like Conrad K Sangma, the Chief Minister of the state of Meghalaya, Prema Khandu, the Chief Minister of the state of Arunachal Pradesh, Kiren Rijiju, Minister of State of the Ministry of Youth Affairs and Sports and Minister of State in the Ministry of Minority Affairs of India, Rameswar Teli, Minister of State in the Ministry of Food Processing Industries, Biplab Kumar Deb, the Chief Minister of the state of Tripura, and Bedu Panth, Minister of Tourism and Civil aviation and Commerce and Industries. "We warmly welcome the progressive the regime led by the brigade of politicians and bureaucrats in North East India. The eastern end of the political boundaries of India, the seven states, appears dedicated to connecting their food map to the world. We are keen to take the dialogue further in the realm of ease of doing business, better interstate trade, supporting tax reforms, improved logistical connectivity, and education on regulatory compliances. We would like to do continued efforts not only limiting ourselves to a trade show but, with our continued engagements," said Amit Lohani, Founder and Director, FIFI. "We firmly believe in cross border trade goods, which are not produced in the region like almonds, pistachios, high-end chocolates, alcoholic beverages, and other products can make way into the North Eastern Market and premium quality turmeric, organic teas, wines, pineapples, and citrus fruits can be traded out at an affordable price," he added. FIFI led a delegation to the North East Food Show 2019, including of its members and representatives from various countries HE Juan Rolando Ambassador of Chile to India, HE Hector Cueva Ambassador of Ecuador to India, HE Claudio Ansorena Montero Ambassador of Costa Rica to India, and HE Archil Dzuliashvili Ambassador of Georgia to India; trade commissioners and section heads from European Union, France, Mexico, the United Kingdom, and Austria, to name a few. Forum of Indian Food Importers (FIFI); is a not for profit organization, which is not involved in buying and selling directly. An apex chamber representing over 15,000 food importers, retailers, hoteliers, and other stakeholders in India, FIFI provides a diligent informative data bank on Food and Beverage trade in-country and projects an efficacious knowledge network in the country through its composite interactions with various stakeholders. This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

MoU signed between Forum of Indian Food Importers and NEEA to strengthen trade ties

Revenue Secretary Ajay Bhushan Pandey will hold a day-long brainstorming session on January 7 with commissioners of state and central taxes to discuss how the <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-to-chair-38th-gst-council-meeting-today-268815">Goods and Service Tax</a> (GST) system can be streamlined for faster refunds, enhanced compliance and discourage tax evaders. 
 
Officials will debate 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, sources said on Thursday. 
 
They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation. 
 
The discussions will focus 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. 
 
A detailed review of further use of <a href="https://www.wionews.com/india-news/maharashtra-pollution-control-bodys-report-lacks-coherent-solutions-experts-268200">data analytics</a> and artificial intelligence in the process of enforcement, red-flagging tax evaders and finding a way to block fake refund claimants will also be taken up, sources said. 
 
Officials will examine the processes designed to give the due role to collating and combined study of data from third parties like banks and IFU-India. 
 
The meeting will also be attended by senior officers of the <a href="https://www.wionews.com/india-news/cbic-suspends-assistant-commissioner-deepak-pandit-for-misusing-powers-264782">Central Board of Indirect Taxes and Customs</a>, 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.

Revenue Secretary Ajay Bhushan Pandey will hold a day-long brainstorming session on January 7 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 will hold a day-long brainstorming session on January 7 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 will debate 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, sources said on Thursday. They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation. The discussions will focus 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. A detailed review of further use of data analytics and artificial intelligence in the process of enforcement, red-flagging tax evaders and finding a way to block fake refund claimants will also be taken up, sources said. Officials will examine the processes designed to give the due role to collating and combined study of data from third parties like banks and IFU-India. The meeting will also be 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.

Officials to meet on January 7 for streamlining GST refunds, curbing evasion

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. 
 
Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. 
 
The <a href="https://www.wionews.com/business-economy/equity-indices-close-in-the-green-adani-ports-gains-by-31-per-cent-271482">BSE S&amp;P Sensex</a> closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. 
 
Except for <a href="https://www.wionews.com/business-economy/indian-shares-slip-on-year-end-profit-booking-nifty-set-for-13-jump-in-2019-271230">Nifty IT</a> which wound up 0.03 per cent lower, all sectoral indices at the <a href="https://www.wionews.com/business-economy/equities-begin-2020-on-a-positive-note-led-by-metal-stocks-271361">National Stock Exchange</a> were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. 
 
Among stocks, auto major <a href="https://www.wionews.com/business-economy/market-closing-sensex-ends-17-points-lower-nifty-at-12256-271060">Tata Motors</a> gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. 
 
But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and <a href="https://www.wionews.com/business-economy/sensex-rallies-by-413-points-to-scale-new-high-nifty-closes-at-12165-268755">Hindalco</a> by 2.4 per cent. 
 
Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen &amp; Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. 
 
However, <a href="https://www.wionews.com/business-economy/sensex-falls-by-298-points-psu-banks-underperform-270367">Eicher Motors</a> fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. 
 
Meanwhile, <a href="https://www.wionews.com/business-economy/global-markets-asian-shares-lower-as-investors-book-decade-end-profits-271229">Asian shares</a> were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. 
 
In China, the <a href="https://www.wionews.com/business-economy/sensex-falls-181-points-to-close-at-4146126-nifty-at-1221455-270010">Shanghai Composite Index</a> was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. 
 
US President Donald Trump said on Tuesday that phase one of the <a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade deal</a> with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors.

Equities continued to rally on the second day of the new calendar year with benchmark indices closing 0.8 per cent higher due to global gains and stellar performance domestically by infrastructure majors. Finance Minister Nirmala Sitharaman recently announced a Rs 102 lakh crore infrastructure project pipeline for the next five years, a move that is likely to help the country nearly double GDP's size to five trillion dollars by 2025. The BSE S&P Sensex closed 321 points up at 41,627 while the Nifty 50 edged higher by 100 points at 12,283. Except for Nifty IT which wound up 0.03 per cent lower, all sectoral indices at the National Stock Exchange were in the green with Nifty metal shoring up by 2.68 per cent, bank by 1.04 per cent and realty by 0.92 per cent. Among stocks, auto major Tata Motors gained by 5.1 per cent intraday to close at Rs 193.85 after global research firm Citi maintained a buy rating on the stock with a target of Rs 200. The firm has a positive stance on JLR recovery while domestic commercial vehicle and passenger vehicle volumes remained weak in December. But the overall rally was led by infra-led stocks, especially metal majors. Tata Steel gained by 4.3 per cent, JSW Steel by 3.2 per cent, Vedanta by 3.1 per cent and Hindalco by 2.4 per cent. Aditya Birla-led UltraTech Cement and Grasim added gains of 4.2 per cent and 3 per cent respectively while engineering major Larsen & Toubro edged higher by 2.6 per cent. Private sector lender IndusInd Bank ticked up by 3.2 per cent. However, Eicher Motors fell by 2.3 per cent while Bajaj Auto, Bharat Petroleum Corporation, Cipla and Tata Consultancy Services closed in the red. Meanwhile, Asian shares were buoyed by Chinese markets after Beijing eased monetary policy to support slowing growth. Investors also cheered news that the United States and China will sign a trade pact soon after a year of volatile negotiations between the world's two largest economies. In China, the Shanghai Composite Index was 1.15 per cent higher but Seoul's Kospi began the year down by 1.02 per cent. Markets in Japan were closed for a national holiday. US President Donald Trump said on Tuesday that phase one of the trade deal with China will be signed on January 15 at the White House, though uncertainty surrounds details about the agreement.

Sensex gains by 321 points as Nifty closes on high record, Tata Motors on top winner

Once Chinese conglomerate and now state-owned group,&nbsp;Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.5 billion yuan ($2.4 billion).

In December last year, Anbang tried to sell Chengdu Rural Commercial Bank for 16.8 billion yuan. However, Anbang withdrew the offer in January without mentioning any reason.

The group was taken over by the government last year.

The planned sale&nbsp;comes as China attempts to tame financial and credit risks among the country's smaller lenders while Anbang, once among China's most aggressive dealmakers, conducts a slew of asset sales.

According to a report by Reuters, the potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle.

In February 2018 the Chinese government seized control of the previously high-flying Anbang as part of a campaign to curb financial risk in the aftermath of a massive asset-buying spree by a handful of private-sector conglomerates.

China's financial regulators have also pushed local governments to take the lead in managing crises that have flared up among small lenders. Five regional banks have been hit by management or liquidity problems this year.

Anbang is the biggest shareholder of state-backed Chengdu Rural Commercial Bank.

In the event of multiple bids for Anbang's stake in the bank, the Beijing Financial Assets Exchange will conduct an auction that will conclude on Feb. 1, the filing said.

(With inputs from Reuters) 
&nbsp;

Once Chinese conglomerate and now state-owned group, Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.

Once Chinese conglomerate and now state-owned group, Anbang Insurance Group made it second attempt to offload the lender as it put 35% stake in Chengdu Rural Commercial Bank for sale for 16.5 billion yuan ($2.4 billion). In December last year, Anbang tried to sell Chengdu Rural Commercial Bank for 16.8 billion yuan. However, Anbang withdrew the offer in January without mentioning any reason. The group was taken over by the government last year. The planned sale comes as China attempts to tame financial and credit risks among the country's smaller lenders while Anbang, once among China's most aggressive dealmakers, conducts a slew of asset sales. According to a report by Reuters, the potential investors include Chengdu Xingcheng Investment Group, a local government-backed investment vehicle. In February 2018 the Chinese government seized control of the previously high-flying Anbang as part of a campaign to curb financial risk in the aftermath of a massive asset-buying spree by a handful of private-sector conglomerates. China's financial regulators have also pushed local governments to take the lead in managing crises that have flared up among small lenders. Five regional banks have been hit by management or liquidity problems this year. Anbang is the biggest shareholder of state-backed Chengdu Rural Commercial Bank. In the event of multiple bids for Anbang's stake in the bank, the Beijing Financial Assets Exchange will conduct an auction that will conclude on Feb. 1, the filing said. (With inputs from Reuters)

China's Anbang Insurance makes another attempt to sell stake in Chengdu bank

A stone's throw from Nelson Mandela's former home in&nbsp;South&nbsp;Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to&nbsp;Uber&nbsp;Eats, his hungriest customer yet.

Having already dominated Africa's ride-hailing sector,&nbsp;<a href="https://www.wionews.com/business-economy/uber-postmates-sue-to-block-california-gig-worker-law-claiming-its-unconstitutional-271222">Uber</a>&nbsp;is trying to conquer the&nbsp;food&nbsp;delivery market by leveraging&nbsp;its&nbsp;massive fleet of drivers in the continent's most developed economy and tracking popular&nbsp;food&nbsp;choices and destinations.

The prize is big. The country's online&nbsp;food&nbsp;delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent&nbsp;annually, it will hit 17.6 billion rand by 2023.

Surprisingly perhaps,&nbsp;Uber&nbsp;got off to a tricky start.

An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The <a href="https://www.wionews.com/world/uber-co-founder-travis-kalanick-to-leave-companys-board-270071">San Francisco</a>-based app is now targeting traditional,&nbsp;local&nbsp;fare.

In May, it launched in Soweto, where it works with around 20 partners and is adding more&nbsp;local&nbsp;foods to&nbsp;its&nbsp;480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home.

"I'd say&nbsp;Uber&nbsp;Eats&nbsp;has improved our sales by about 15 per cent&nbsp;to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity."

It could be a win-win;&nbsp;Uber&nbsp;posted a $1.16 billion third-quarter loss and&nbsp;Uber&nbsp;Eats&nbsp;is the company's fastest-growing business, contributing more than 10 per cent&nbsp;of&nbsp;its&nbsp;quarterly revenue of $3.8 billion.&nbsp;

Uber&nbsp;isn't alone in wanting a large piece of the&nbsp;South&nbsp;African&nbsp;pie.

Launched in the early 1990s as a call-and-deliver service,&nbsp;South&nbsp;Africa's Mr D&nbsp;Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player.

Some two million&nbsp;South&nbsp;Africans have downloaded&nbsp;its&nbsp;app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in&nbsp;food&nbsp;orders.

Uber&nbsp;Eats&nbsp;said it's recorded 2.1 million app downloads since&nbsp;its&nbsp;2016 launch, but declined to give figures for&nbsp;food&nbsp;sales.

Between them, the two companies have captured around 80 per cent-90 per cent&nbsp;of&nbsp;South&nbsp;Africa's&nbsp;food-hailing market, according to research firm Insight Surveys.

They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is&nbsp;Uber's main competition in Africa. The Estonian company plans to launch&nbsp;its&nbsp;food&nbsp;delivery service in&nbsp;South&nbsp;Africa early next year.&nbsp;

"There is space for three, possibly four key market players, as the market is still in&nbsp;its&nbsp;infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys.

Uber&nbsp;is using data from&nbsp;its&nbsp;rides service to monitor popular&nbsp;food&nbsp;destinations and is tracking popular&nbsp;food&nbsp;searches on the&nbsp;Uber&nbsp;Eats&nbsp;app to gauge what people are craving.

In&nbsp;South&nbsp;Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home.

"Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley,&nbsp;Uber&nbsp;Eats' General Manager for&nbsp;South&nbsp;Africa, told in media briefing.

"We're thinking a lot about migration.&nbsp;When they move, their taste buds move with them."

That's something George Makume, the Soweto-raised owner of So Cafe, understands.

Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional&nbsp;food&nbsp;options despite a growing number of black professionals moving to the area.

"People grew up with this kind of&nbsp;food, but it's difficult to&nbsp;find&nbsp;unless you travel 20 or 30 kilometres to Soweto," he said.

Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge.

Since partnering with&nbsp;Uber&nbsp;Eats, and more recently Mr D&nbsp;Food, Makume said his weekday sales have jumped 30 per cent-40 per cent.

Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around.

"I'm not the only one in Soweto offering this kind of&nbsp;food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'"

That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet.

A stone's throw from Nelson Mandela's former home in South Africa's Soweto township, Dumile Badela's restaurant is now more hectic and lucrative than ever, thanks to Uber Eats, his hungriest customer yet. Having already dominated Africa's ride-hailing sector, Uber is trying to conquer the food delivery market by leveraging its massive fleet of drivers in the continent's most developed economy and tracking popular food choices and destinations. The prize is big. The country's online food delivery industry was worth 10.49 billion rand ($713 million) in 2019, according to data portal Statista. And with growth pegged at nearly 14 per cent annually, it will hit 17.6 billion rand by 2023. Surprisingly perhaps, Uber got off to a tricky start. An initial focus on high-end restaurants proved to be a mistake in a country perpetually on the verge of recession. The San Francisco-based app is now targeting traditional, local fare. In May, it launched in Soweto, where it works with around 20 partners and is adding more local foods to its 480,000 menu items, dispatching dishes like stewed tripe, caterpillars, cow heels and sheep's head to mostly middle-class customers who crave a taste of home. "I'd say Uber Eats has improved our sales by about 15 per cent to 20 per cent. But I'm targeting even more, up to 50 per cent," Badela says. "There's huge opportunity." It could be a win-win; Uber posted a $1.16 billion third-quarter loss and Uber Eats is the company's fastest-growing business, contributing more than 10 per cent of its quarterly revenue of $3.8 billion. Uber isn't alone in wanting a large piece of the South African pie. Launched in the early 1990s as a call-and-deliver service, South Africa's Mr D Food, part of Naspers-controlled e-commerce firm Take-a-Lot, is the established player. Some two million South Africans have downloaded its app. It boasts 700,000 active monthly users, and over the past 12 months processed 1.5 billion rand in food orders. Uber Eats said it's recorded 2.1 million app downloads since its 2016 launch, but declined to give figures for food sales. Between them, the two companies have captured around 80 per cent-90 per cent of South Africa's food-hailing market, according to research firm Insight Surveys. They'll soon be joined by Bolt, the ride-hailing firm formerly known as Taxify, which is Uber's main competition in Africa. The Estonian company plans to launch its food delivery service in South Africa early next year. "There is space for three, possibly four key market players, as the market is still in its infancy and will continue to show rapid growth in the future," said Yashvir Maharaj, research director at Insight Surveys. Uber is using data from its rides service to monitor popular food destinations and is tracking popular food searches on the Uber Eats app to gauge what people are craving. In South Africa, it has found that Soweto and other traditionally black townships have a reservoir of middle-class consumers who may move further afield and crave a taste of home. "Now that we're in Soweto we want to take those experiences and expand them to other townships, and go even deeper into Soweto," Dave Kitley, Uber Eats' General Manager for South Africa, told in media briefing. "We're thinking a lot about migration. When they move, their taste buds move with them." That's something George Makume, the Soweto-raised owner of So Cafe, understands. Three years ago, he opened his restaurant in the middle-class suburb of Roodepoort, 25 kilometres (16 miles) west of Soweto, noticing a lack of traditional food options despite a growing number of black professionals moving to the area. "People grew up with this kind of food, but it's difficult to find unless you travel 20 or 30 kilometres to Soweto," he said. Among his best-sellers are skopo sheep's head steam-cooked or grilled on an open fire followed by "Mogodu Mondays", a 2-for-1 special of spicy tripe and maize porridge. Since partnering with Uber Eats, and more recently Mr D Food, Makume said his weekday sales have jumped 30 per cent-40 per cent. Back at Badela's restaurant where evening prep is under way, he says there's plenty of business to go around. "I'm not the only one in Soweto offering this kind of food. There are many places," he says. "So if I succeed, the guys selling amanqgina (pig trotters), namatwana (chicken feet) and skopo will say 'Yo! I can do it as well.'" That's a potential boon for black communities, where unemployment typically outstrips the nationwide average of nearly 30 per cent.

Uber Eats goes local to find its niche in South African food fight

Oil&nbsp;prices kicked off the&nbsp;new&nbsp;year&nbsp;higher&nbsp;on Thursday as warming&nbsp;<a href="https://www.wionews.com/world/us-china-phase-one-trade-deal-to-be-signed-january-15-trump-271308">trade&nbsp;relations</a> between the United States and China eased demand concerns while rising&nbsp;tensions&nbsp;in the&nbsp;Middle&nbsp;East&nbsp;fuelled worries about supply.

Global benchmark <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Brent crude</a> futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US&nbsp;<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">West Texas Intermediate</a> (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel.

<a href="https://www.wionews.com/opinions/wion-edit-oil-drives-the-global-economy-268116">Oil&nbsp;markets</a> were closed on Wednesday for&nbsp;New&nbsp;Year's Day.

Both benchmarks ended&nbsp;higher&nbsp;in 2019, posting their biggest annual gains since 2016, buoyed at the end of the&nbsp;year&nbsp;by a thaw in the prolonged&nbsp;trade&nbsp;dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the <a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">Organization of Petroleum Exporting Countries</a> (OPEC) and its allies.

"Oil&nbsp;remains supported by the back-burner&nbsp;trade&nbsp;truce and the uptick in political unrest in Iraq," said <a href="https://www.wionews.com/business-economy/oil-prices-slip-as-weak-china-exports-highlights-trade-war-impact-267079">Stephen Innes</a>, chief Asia market strategist at AxiTrader.

The US&nbsp;military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US&nbsp;Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops.

In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China&nbsp;trade&nbsp;deal boosted analysts' views on the prospects for the&nbsp;year, a Reuters poll showed.

US&nbsp;President Donald Trump said on Tuesday the US-China Phase One&nbsp;<a href="https://www.wionews.com/business-economy/oil-edges-up-on-trade-optimism-eyes-on-middle-east-tensions-270959">trade&nbsp;deal</a> would be signed on January&nbsp;15 at the White House.

January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January&nbsp;1, on top of their previous cut of 1.2 million BPD that started on January&nbsp;1&nbsp;a&nbsp;year&nbsp;ago.

A fall in US&nbsp;<a href="https://www.wionews.com/business-economy/oil-prices-inch-higher-amid-support-for-supply-cuts-lower-inventory-forecast-269909">crude inventories</a> last week also supported prices. US&nbsp;crude stocks fell 7.8 million barrels in the week ended December&nbsp;27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">American Petroleum Institute</a> (API) released on Tuesday.

Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the&nbsp;New&nbsp;Year's holiday.

"Traders will look towards Friday's EIA report for forwarding guidance on&nbsp;oil&nbsp;prices," said <a href="https://www.wionews.com/business-economy/oil-prices-steady-on-track-for-biggest-yearly-rise-since-2016-271227">Benjamin Lu</a>, an analyst at Singapore-based brokerage Phillip Futures.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply.

Oil prices kicked off the new year higher on Thursday as warming trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply. Global benchmark Brent crude futures, rose 35 cents, or 0.5 per cent, to 66.35 a barrel by 0738 GMT, while US West Texas Intermediate (WTI) crude was up 25 cents, or 0.4 per cent, at $61.31 per barrel. Oil markets were closed on Wednesday for New Year's Day. Both benchmarks ended higher in 2019, posting their biggest annual gains since 2016, buoyed at the end of the year by a thaw in the prolonged trade dispute between the United States and China, the world's two largest economies and a deeper output cut pledged by the Organization of Petroleum Exporting Countries (OPEC) and its allies. "Oil remains supported by the back-burner trade truce and the uptick in political unrest in Iraq," said Stephen Innes, chief Asia market strategist at AxiTrader. The US military carried out airstrikes against Iran-backed Katib Hezbollah militia group over the weekend. Angry at the airstrikes, protesters stormed the US Embassy in Baghdad on Wednesday, although they withdrew after the United States deployed extra troops. In 2020, Brent is forecast to average $63.07 a barrel, up from December's estimate of $62.50, while WTI is forecast to average $57.70 a barrel, up from December's estimate of $57.30, as the OPEC-led supply cuts and the expectations of a US-China trade deal boosted analysts' views on the prospects for the year, a Reuters poll showed. US President Donald Trump said on Tuesday the US-China Phase One trade deal would be signed on January 15 at the White House. January also marks the start of the deeper output cuts by OPEC and its partners, including Russia. OPEC and its allies have agreed to cut a further of 500,000 barrels per day (BPD) from January 1, on top of their previous cut of 1.2 million BPD that started on January 1 a year ago. A fall in US crude inventories last week also supported prices. US crude stocks fell 7.8 million barrels in the week ended December 27, compared with analysts' expectations for a decrease of 3.2 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday. Official data from the Energy Information Administration (EIA) is due on Friday as the release has been delayed by two days by the New Year's holiday. "Traders will look towards Friday's EIA report for forwarding guidance on oil prices," said Benjamin Lu, an analyst at Singapore-based brokerage Phillip Futures.

Oil starts new year higher on trade optimism, Middle East in 'supply' tensions

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of <a href="https://www.wionews.com/business-economy/will-take-appropriate-legal-recourse-tata-sons-statement-on-mistrys-restoration-as-chairman-by-nclat-269021">Cyrus Mistry</a> as executive chairman of the group.

Mistry lawyers had earlier challenged the order of the Mumbai bench of the NCLT which had dismissed the pleas against his removal as Tata Sons chairman. Last month, the NCLAT had restored Cyrus Mistry as the executive chairman of the Tata Sons.

Mistry in his pleas had argued that his removal was not in accordance with the Companies Act and that there was mismanagement of affairs across Tata Sons. &nbsp;

NCLAT's order on&nbsp;Mistry's restoration was set to be operational after four weeks allowing&nbsp;Tata Sons to file an appeal.&nbsp;

Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent.

Cyrus Mistry had taken over as the chairman of Tata Group in 2012 after Ratan Tata had announced his retirement.

Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies.

However, two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT against the action of Tata Sons and Ratan Tata.&nbsp;

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of Cyrus Mistry as executive chairman of the group.

Tata Sons on Thursday moved the Supreme Court against the National Company Law Appellate Tribunal (NCLAT) order that directed reinstatement of Cyrus Mistry as executive chairman of the group. Mistry lawyers had earlier challenged the order of the Mumbai bench of the NCLT which had dismissed the pleas against his removal as Tata Sons chairman. Last month, the NCLAT had restored Cyrus Mistry as the executive chairman of the Tata Sons. Mistry in his pleas had argued that his removal was not in accordance with the Companies Act and that there was mismanagement of affairs across Tata Sons. NCLAT's order on Mistry's restoration was set to be operational after four weeks allowing Tata Sons to file an appeal. Mistry’s family owns over 18 per cent stake in Tata Sons, the holding company of Tata Group, although its holding with voting rights is only under 4 per cent. Cyrus Mistry had taken over as the chairman of Tata Group in 2012 after Ratan Tata had announced his retirement. Mistry was ousted as chairman in October 2016, he subsequently resigned from the boards of six group companies. However, two months later, Mistry and his family-run investment firm, Cyrus Investments, approached the NCLT against the action of Tata Sons and Ratan Tata.

Tata Sons moves Supreme Court over NCLAT order to reinstate Cyrus Mistry as chairman

The Netherlands is ready to replace the UK's post as a hub for Indian investments into the EU.

WION Wallet: Indian firms eye base in the Netherlands

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday.

A day earlier, Finance Minister Nirmala Sitharaman announced a <a href="https://www.wionews.com/india-news/government-unveils-rs-102-lakh-crore-infrastructure-projects-for-next-5-years-271319">Rs 102 lakh crore infrastructure project pipeline</a> for the next five years at a time when overall economic growth is slowing.

The move is likely to help the country nearly double the size of GDP to five trillion dollars by 2025.At 10:15 am, the BSE S&amp;P Sensex was up by 79 points to 41,333 while the Nifty 50 edged higher by 20 points at 12,189.Most sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal up by 0.52 per cent, IT by 0.39 per cent and realty by 0.2 per cent.

Among stocks, JSW Steel gained by 1.15 per cent to trade at Rs 273.15 per share while Vedanta moved up by 0.98 per cent and Tata Steel by 0.73 per cent.

Adani Ports added gains of 1.97 per cent and engineering major Larsen &amp; Toubro ticked up by 1.5 per cent.

The other prominent gainers were index heavyweight Reliance Industries, Bharti Infratel, Wipro and IndianOil Corporation. However, among the losers were IndusInd Bank, Eicher Motors, Coal India, ONGC and Nestle India.&nbsp;

 
&nbsp;

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday. A day earlier, Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure project pipeline for the next five years at a time when overall economic growth is slowing.

Equity benchmark indices started calendar 2020 on a firm note with most sectoral indices in the green during early hours on Wednesday. A day earlier, Finance Minister Nirmala Sitharaman announced a Rs 102 lakh crore infrastructure project pipeline for the next five years at a time when overall economic growth is slowing. The move is likely to help the country nearly double the size of GDP to five trillion dollars by 2025.At 10:15 am, the BSE S&P Sensex was up by 79 points to 41,333 while the Nifty 50 edged higher by 20 points at 12,189.Most sectoral indices at the National Stock Exchange were in the positive zone with Nifty metal up by 0.52 per cent, IT by 0.39 per cent and realty by 0.2 per cent. Among stocks, JSW Steel gained by 1.15 per cent to trade at Rs 273.15 per share while Vedanta moved up by 0.98 per cent and Tata Steel by 0.73 per cent. Adani Ports added gains of 1.97 per cent and engineering major Larsen & Toubro ticked up by 1.5 per cent. The other prominent gainers were index heavyweight Reliance Industries, Bharti Infratel, Wipro and IndianOil Corporation. However, among the losers were IndusInd Bank, Eicher Motors, Coal India, ONGC and Nestle India.

Equities begin 2020 on a positive note led by metal stocks