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With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money.&nbsp; 
&nbsp; 
So let's see if the recently-released Huawei Watch GT 2 fits the bill.

One of the major highlights of the Huawei Watch GT 2 is its battery. According to the company, the smartwatch can last up to two weeks on a single charge.

Like many other smartwatches, it can be paired with a phone via Bluetooth. Huawei claims it offers Bluetooth connectivity up to 150 metres.

It is powered by Huawei's first self-developed wearable chip, which ensures high operation performance and low power consumption.

GT 2 features a minimalist aesthetic design. It has a 3D curved glass with a bezel-less watch face. Also, there are a variety of watch faces available for users to select and customise. Its 1.39-inch AMOLED display is bright and the touch experience is also good.&nbsp;

The Huawei Watch GT 2 is compatible with 15 sports including eight outdoor sports and seven indoor sports. Talking about heart rate monitoring, it notifies the user if the heart rate is above 100 beats per minute or below 50 beats per minute.

It also has a sleep monitoring function.

The watch comes in three variants at different price points, the 46 mm sport model in black costs Rs 15,990; the 46 mm leather edition is priced at Rs 17, 990; and the 46mm metal variant comes with a price tag of Rs 21,990.

So which one would you pick?

With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money.

With so many smartwatches available in India, we are spoilt for choice; and even though there's no dearth of options there are very few smartwatches that are truly worth the money. So let's see if the recently-released Huawei Watch GT 2 fits the bill. One of the major highlights of the Huawei Watch GT 2 is its battery. According to the company, the smartwatch can last up to two weeks on a single charge. Like many other smartwatches, it can be paired with a phone via Bluetooth. Huawei claims it offers Bluetooth connectivity up to 150 metres. It is powered by Huawei's first self-developed wearable chip, which ensures high operation performance and low power consumption. GT 2 features a minimalist aesthetic design. It has a 3D curved glass with a bezel-less watch face. Also, there are a variety of watch faces available for users to select and customise. Its 1.39-inch AMOLED display is bright and the touch experience is also good. The Huawei Watch GT 2 is compatible with 15 sports including eight outdoor sports and seven indoor sports. Talking about heart rate monitoring, it notifies the user if the heart rate is above 100 beats per minute or below 50 beats per minute. It also has a sleep monitoring function. The watch comes in three variants at different price points, the 46 mm sport model in black costs Rs 15,990; the 46 mm leather edition is priced at Rs 17, 990; and the 46mm metal variant comes with a price tag of Rs 21,990. So which one would you pick?

Packed with 2-week battery life, is Huawei Watch GT 2 worth the price?

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war.

Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump.

Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect.

At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat.

"Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina.

Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&amp;P 500 &lt;.SPX&gt; logging a gain of more than 20 per cent&nbsp;so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market.

“The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market."

The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing.

UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent&nbsp;or 0.2 per cent&nbsp;in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent&nbsp;in 2020, with tariffs generally weighing heavily in the first half of the year.

Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina.

Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal.

“Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC.

The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year.

"The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said.

However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates.

Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth.

There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis.

"President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon.

The stock market looks set to end 2019 the way it began the year -- highly sensitive to headlines from President Donald Trump's global trade war. Stocks pulled back from record highs to start December, undermined by comments from Trump and others in his administration suggesting any deal to resolve the trade dispute between the United States and China would not come soon. But the market rebounded at the end of the week on Friday's strong US jobs and a change in tone from Trump. Wall Street could see more volatility ahead of December 15, when the next tranche of US tariffs on Chinese imports is set to take effect. At the start of the week, investors said equity prices were factoring in that those tariffs would be delayed if not cancelled as Beijing and Washington work on a "phase one" trade deal. But subsequent tough talk from Trump officials has shaken those expectations somewhat. "Until we get some finality on this, the day-to-day is going to move on headlines that suggest progress or lack thereof,” said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. While the dispute between the world's two largest economies commands the spotlight, other trade issues also have drawn investor attention. They include a recent delay in ratification of the North American Trade pact, potential US tariffs on imported autos and Trump's issuing surprise levies on steel imports from Brazil and Argentina. Optimism over a US-China truce has helped push the major Wall Street indexes to all-time highs recently, with the benchmark S&P 500 <.SPX> logging a gain of more than 20 per cent so far in 2019. But as the latest swings show, lack of a resolution to a trade dispute that has lasted nearly two years continues to weigh on the market. “The problem is the uncertainty that the trade war process has on business decisions," said Art Hogan, chief market strategist at National Securities in New York. "Without some sort of short-term truce, company spending gets frozen and that’s where it affects the economy and the market." The tariffs on $156 billion in Chinese imports that could take effect Dec. 15 are largely on consumer goods, including cellphones, laptop and desktop computers, toys and clothing. UBS economists estimate those tariffs would drag on US gross domestic product by either 0.1 per cent or 0.2 per cent in each of the four quarters next year. UBS projects overall GDP growth to average 1.1 per cent in 2020, with tariffs generally weighing heavily in the first half of the year. Aside from the fallout from the tariffs themselves, "the next read from them going into effect is that trade discussions are not going well," said Walter Todd, chief investment officer with Greenwood Capital in South Carolina. Political tensions over US support for protesters in Hong Kong and over Beijing's treatment of its Uighur Muslim minority have also raised concerns about the prospects for an initial trade deal. “Without a phase one plan on getting something signed early in the new year, I think the market is susceptible for a pullback," said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC. The focus will remain on trade into next week, even as the Federal Reserve holds its last meeting of 2019, with the US central bank expected to keep interest rates steady after three cuts earlier in the year. "The Fed chairman pretty much outlined that the bar is very high to raise rates," SunTrust's Lerner said. However, he added, if some of the tariffs result in a sharp slowdown, "the Fed would have to act eventually" by cutting rates. Investors will also be looking for signs of strength in the holiday shopping season, given that consumer spending is seen as a key pillar holding up overall economic growth. There is a strong incentive to push off the tariffs "as long as people are at the negotiating table," said Carol Schleif, deputy chief investment officer at Abbot Downing in Minneapolis. "President Trump definitely doesn’t want a downbeat consumer going into the election cycle,” she said.

Wall Street week ahead: Tariff deadline keeps focus on trade as 2019 draws to close

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads.

A 20-year global moratorium on imposing tariffs on digital trade could end next week if India or South Africa makes good on threats, according to trade officials and documents, potentially forcing people to pay duties on software and movie downloads. Since 1998, World Trade Organization (WTO) members have renewed a ban on import duties on so-called "electronic transmissions", worth up to $255 billion a year by one estimate. Some think this favours rich countries, given it received strong backing from Washington at the outset and most of the lost customs revenues are thought to be born by developing countries. Pressure is now growing to lift the ban as more books and movies become digital, potentially reducing revenues further. India and South Africa circulated an internal WTO document, reviewed by Reuters this week, saying that rising digitalisation compelled "a rethink of the role of the temporary moratorium" last year, citing the potential of 3D printing to manufacture products. It will be decided on next week and renewal requires full consensus. Asked about its position, South Africa's WTO Ambassador Xolelwa Mlumbi-Peter said in an emailed response this week that it was "still consulting on this important decision." India did not respond to a request for comment. "At the moment there are a number of countries that feel confident they can stand aside from the global consensus," said the International Chamber of Commerce's (ICC) Secretary General John Denton. "It could break the Internet." A proposal backed by 21 countries including China and Canada seeks to extend the ban for at least six months when it expires at year end. Deal-broker Switzerland said "a large part of the WTO has signalled its support for the Moratorium". Such duties could be difficult to apply and it is not clear how it would be determined where the digital product originated from and whether it is an import. "How do you put a tariff on a byte? How would you capture millions of data flows from multiple sources flowing across countries’ borders every minute of every day," asked Denton. However, the first possible answers are emerging. Indonesia created tariff codes for digital goods in 2018, fixing the level at 0 percent for now. Lost revenues? Should the moratorium end, it does not mean that tariffs will immediately follow, and Mlumbi-Peter stressed that. But this is seen as more likely in a new culture of permissiveness following the expected paralysis of the WTO's top ruling body after Dec. 10. "If someone tries to experiment putting customs duties on even a limited set of products or services, then there is a risk of immediate retaliation absent of the dispute settlement function," said the ICC's Andrew Wilson. Estimates of the ban's effect vary. At the top of the scale, a recent U.N. report said potential annual tariff revenue losses could be up to $10.4 billion a year, with more than $10 billion lost by WTO developing countries. "More and more production is going to be digitised in future so developing countries will lose tariff revenues," Rashmi Banga, the report's author, said. However, an OECD study questioned these assumptions, arguing that the revenue gains from lifting the ban would be relatively small and tariffs would lead to higher prices for consumers among other costs.

Trade war goes digital: Countries eye tariffs on Internet economy

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.

"The jury is still out where will we be in March," he said regarding the level of supply the market will need then.

OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States.

While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added.

"The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market.

He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking.

The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon.

Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs.

"We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said.

The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.

Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March.

"I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed."

Brent oil&nbsp;rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota.

He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon."

"But it would not affect both our countries' commitments (with OPEC+ cuts)," he said.

The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply.

Aramco value

The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11.

"We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted.

"We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's&nbsp;$25 billion listing in 2014.

The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population.

Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved.

"I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters.

OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia's energy minister told Reuters. Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020. In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March. "The jury is still out where will we be in March," he said regarding the level of supply the market will need then. OPEC+ producers pump more than 40% of the world's oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States. While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added. "The more we are inside this contour, the better..." he said, adding another indicator would be prompt oil prices moving higher than longer-dated ones, known as backwardation, which reflects a tighter market. He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking. The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon. Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs. "We as producers all wish for a good room to increase production... With Russia we (Saudi Arabia) are committed to a huge joint cooperation programme (besides oil)," he said. The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts. Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March. "I won't take unilateral measures. I would still consult and review... It will be the group versus those who have not performed." Brent oil rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota. He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait "very soon." "But it would not affect both our countries' commitments (with OPEC+ cuts)," he said. The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply. Aramco value The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion (£1.33 trillion) valuation ahead of its initial public offering set for Dec. 11. "We believe that the value of the company is way higher than $1.7 trillion," he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted. "We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth."Even with the lower valuation, it is the world's biggest IPO, raising $25.6 billion and topping Alibaba Group's $25 billion listing in 2014. The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population. Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved. "I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs," the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.

Saudi energy minister talks OPEC+ unity, backs Aramco to soar

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes.

The FAA alleged that Boeing "failed to adequately oversee its suppliers to ensure they complied with the company’s quality assurance system ... Boeing knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test."

In a statement on Friday, Boeing did not admit liability but said they were aware of the FAA's concerns.

"We are working closely with our customers to take the appropriate corrective actions," spokesman Charles Bickers said.

The company has 30 days to respond either by paying the fine or challenging it; Boeing said it would review the penalty.

The FAA disclosed in June that 300 NG and 737 MAX airplanes could contain improperly manufactured parts and said it would require these parts to be quickly replaced. The fine announced on Friday only relates to NG airplane components, the FAA said, but it is continuing to review the issue as it relates to the MAX.

The parts at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an airplane, potentially resulting in injury to passengers or preventing a safe landing.

The FAA said Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating."

Boeing reiterated on Friday it had not been informed of any in-service issues related to the batch of slat tracks in question. It added that "all affected 737 NGs have been inspected and all slat track installations determined to be required have been completed on the NGs."

The NG is the third-generation 737 that the company began building in 1997.

Boeing's safety record has come under criticism from some in Congress, as has the FAA's certification of the 737 MAX, which has been grounded since March after two fatal crashes killed 346 people. Boeing said it will ensure "all inspections and any necessary part replacements are performed on all 737 MAXs before they return to service."

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes.

The Federal Aviation Administration (FAA) said on Friday it seeks to impose a $3.9 million (£3.04 million) fine on Boeing Co, alleging it failed to prevent the installation of defective parts on about 130 737 NG airplanes. The FAA alleged that Boeing "failed to adequately oversee its suppliers to ensure they complied with the company’s quality assurance system ... Boeing knowingly submitted aircraft for final FAA airworthiness certification after determining that the parts could not be used due to a failed strength test." In a statement on Friday, Boeing did not admit liability but said they were aware of the FAA's concerns. "We are working closely with our customers to take the appropriate corrective actions," spokesman Charles Bickers said. The company has 30 days to respond either by paying the fine or challenging it; Boeing said it would review the penalty. The FAA disclosed in June that 300 NG and 737 MAX airplanes could contain improperly manufactured parts and said it would require these parts to be quickly replaced. The fine announced on Friday only relates to NG airplane components, the FAA said, but it is continuing to review the issue as it relates to the MAX. The parts at issue are tracks on the leading edge of the wings used to guide the movement of slats that provide additional lift during takeoff and landing, the FAA said. The issue could result in a slat striking an airplane, potentially resulting in injury to passengers or preventing a safe landing. The FAA said Boeing's oversight failure "resulted in the installation of slat tracks that were weakened by a condition known as hydrogen embrittlement that occurred during cadmium-titanium plating." Boeing reiterated on Friday it had not been informed of any in-service issues related to the batch of slat tracks in question. It added that "all affected 737 NGs have been inspected and all slat track installations determined to be required have been completed on the NGs." The NG is the third-generation 737 that the company began building in 1997. Boeing's safety record has come under criticism from some in Congress, as has the FAA's certification of the 737 MAX, which has been grounded since March after two fatal crashes killed 346 people. Boeing said it will ensure "all inspections and any necessary part replacements are performed on all 737 MAXs before they return to service."

FAA seeks $3.9 million fine from Boeing for defective parts on 737 NG planes

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US&nbsp;President Donald Trump's latest comments saying trade talks with China were moving on track.

The NSE Nifty 50 index rose 0.22% at 12,044.25 and the S&amp;P BSE Sensex was up 0.28% at 40,893.17 by 0349 GMT.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% after Trump's upbeat tone in comments on Thursday, despite a lack of agreement between Washington and Beijing over whether existing tariffs should be dropped as part of a preliminary trade deal.

In the domestic market, shares bounced back, a day after the Reserve Bank of India kept rates steady, which led to markets ending lower on Thursday.

State-owned banking stocks led gains on Friday, as their main sub-index rose 0.52% in early trading, followed by the metals index, which gained 0.47%.

Bharti Infratel Ltd rose 1.3.% and topped the list among stock gainers, while Yes Bank Ltd fell 4.27% and was the day`s biggest laggard. 
&nbsp;

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US President Donald Trump's latest comments saying trade talks with China were moving on track.

Indian shares rose on Friday, in line with gains in broader Asia, as investors cheered US President Donald Trump's latest comments saying trade talks with China were moving on track. The NSE Nifty 50 index rose 0.22% at 12,044.25 and the S&P BSE Sensex was up 0.28% at 40,893.17 by 0349 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5% after Trump's upbeat tone in comments on Thursday, despite a lack of agreement between Washington and Beijing over whether existing tariffs should be dropped as part of a preliminary trade deal. In the domestic market, shares bounced back, a day after the Reserve Bank of India kept rates steady, which led to markets ending lower on Thursday. State-owned banking stocks led gains on Friday, as their main sub-index rose 0.52% in early trading, followed by the metals index, which gained 0.47%. Bharti Infratel Ltd rose 1.3.% and topped the list among stock gainers, while Yes Bank Ltd fell 4.27% and was the day`s biggest laggard.

Nifty, Sensex track broader Asia higher as Trump's comments renew trade hopes

Indian shares gave up <a href="https://www.wionews.com/business-economy/nifty-sensex-track-broader-asia-higher-as-trumps-comments-renew-trade-hopes-266533">early gains </a>and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday.

The NSE Nifty 50 index closed down 0.81% at 11,921.50 at Friday's close and the S&amp;P BSE Sensex&nbsp;ended 0.82% lower at 40,445.15.

For the week, the NSE and BSE indexes lost 1.12% and 0.85%, respectively.

The Reserve Bank of India (RBI) kept its key lending rate on hold in a shock decision that spooked markets on Thursday, even as it slashed its growth forecast for the economy to its lowest level in over a decade.

The Nifty state-owned banking index&nbsp;was down 4.39% and ended as the day's biggest laggard among sectors.

Yes Bank dropped over 10%, while Bharti Infratel&nbsp;gained 5.55% among stocks.

Indian shares gave up early gains and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday.

Indian shares gave up early gains and ended lower on Friday, dragged down by state-owned banking stocks, as investor risk appetite waned after the central bank held interest rates in a surprise move on Thursday. The NSE Nifty 50 index closed down 0.81% at 11,921.50 at Friday's close and the S&P BSE Sensex ended 0.82% lower at 40,445.15. For the week, the NSE and BSE indexes lost 1.12% and 0.85%, respectively. The Reserve Bank of India (RBI) kept its key lending rate on hold in a shock decision that spooked markets on Thursday, even as it slashed its growth forecast for the economy to its lowest level in over a decade. The Nifty state-owned banking index was down 4.39% and ended as the day's biggest laggard among sectors. Yes Bank dropped over 10%, while Bharti Infratel gained 5.55% among stocks.

Nifty, Sensex end lower as state-owned banks weigh

The <a href="https://www.wionews.com/world/italy-readies-web-tax-in-its-2020-budget-sources-255911">euro </a>was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US&nbsp;economy.

The resurgent kiwi enjoyed a hefty recovery thanks to some renewed risk appetite, as well as due to positive domestic factors.

Against a basket of six currencies, the greenback fell to a one-month low of 97.355. The euro was last flat at $ 1.1106.

Sterling was 0.2 per cent&nbsp;weaker at $1.3132 and 84.58 pence against the euro&nbsp;but parked close to a 2-1/2-year high as traders grow more confident the uncertainty over Brexit could soon be over.

Opinion polls suggest the Conservative Party of Prime Minister <a href="https://www.wionews.com/world/uk-pm-boris-johnson-rejects-calls-for-no-deal-brexit-in-election-pitch-259559">Boris Johnson</a> is on course for a majority on December 12 to push through the Brexit deal he struck with the EU after the bloc granted a third delay to a divorce that was originally supposed to have taken place at the end of March.

US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> remained upbeat overnight on trade and said talks are "moving right along" and that "we'll have to see" about the increase in tariffs that are scheduled to take place on December&nbsp;15.

But markets were unconvinced, with worries stemming from a lack of similar enthusiasm from China, keeping the dollar subdued.

Chinese officials reiterated their stance that some US&nbsp;tariffs must be rolled back for a deal to end the 17-month trade war between the two powers, something Washington has given no sign of doing.&nbsp;

Still, risk sentiment recovered somewhat, pushing the New Zealand dollar to a four-month high of 0.6568 against the US&nbsp;dollar.

"My guess and it’s just a guess is that the rally in NZD may have started with a recovery in risk sentiment" driven by Trump's comments, said Marshall Gittler, strategist at ACLS Global, noting the kiwi tracked the safe-haven Japanese yen's performance on Thursday.

The currency also got a boost from Reserve Bank of New Zealand Deputy Governor Geoff Bascand saying in a Bloomberg interview that the latest economic&nbsp;developments are "supportive of the story that we’re near or around that turning point" in the economic cycle, Gittler said.

US&nbsp;non-farm payrolls data due at 1330 GMT comes after dismal numbers showed weak private payrolls, soft services activity, and a shrinking manufacturing sector.

A Reuters poll shows a forecast of 180,000 jobs being added in November, and a miss might leave the Fed reconsidering its wait-and-see mode when the committee meets on Tuesday and Wednesday.

"Markets are in a highly fragile condition at the moment," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

"So there is a greater potential for an exaggerated move if we see a big divergence from expectations," he said. "The risk is in both directions&nbsp;below 150,000 or above 210,000 we could see a significant market reaction."

The euro was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US economy.

The euro was steady against the dollar on Friday, though the greenback was headed for its worst week since mid-October, dragged down by nervousness around US-China trade relations and hints of weakness in the US economy. The resurgent kiwi enjoyed a hefty recovery thanks to some renewed risk appetite, as well as due to positive domestic factors. Against a basket of six currencies, the greenback fell to a one-month low of 97.355. The euro was last flat at $ 1.1106. Sterling was 0.2 per cent weaker at $1.3132 and 84.58 pence against the euro but parked close to a 2-1/2-year high as traders grow more confident the uncertainty over Brexit could soon be over. Opinion polls suggest the Conservative Party of Prime Minister Boris Johnson is on course for a majority on December 12 to push through the Brexit deal he struck with the EU after the bloc granted a third delay to a divorce that was originally supposed to have taken place at the end of March. US President Donald Trump remained upbeat overnight on trade and said talks are "moving right along" and that "we'll have to see" about the increase in tariffs that are scheduled to take place on December 15. But markets were unconvinced, with worries stemming from a lack of similar enthusiasm from China, keeping the dollar subdued. Chinese officials reiterated their stance that some US tariffs must be rolled back for a deal to end the 17-month trade war between the two powers, something Washington has given no sign of doing. Still, risk sentiment recovered somewhat, pushing the New Zealand dollar to a four-month high of 0.6568 against the US dollar. "My guess and it’s just a guess is that the rally in NZD may have started with a recovery in risk sentiment" driven by Trump's comments, said Marshall Gittler, strategist at ACLS Global, noting the kiwi tracked the safe-haven Japanese yen's performance on Thursday. The currency also got a boost from Reserve Bank of New Zealand Deputy Governor Geoff Bascand saying in a Bloomberg interview that the latest economic developments are "supportive of the story that we’re near or around that turning point" in the economic cycle, Gittler said. US non-farm payrolls data due at 1330 GMT comes after dismal numbers showed weak private payrolls, soft services activity, and a shrinking manufacturing sector. A Reuters poll shows a forecast of 180,000 jobs being added in November, and a miss might leave the Fed reconsidering its wait-and-see mode when the committee meets on Tuesday and Wednesday. "Markets are in a highly fragile condition at the moment," said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "So there is a greater potential for an exaggerated move if we see a big divergence from expectations," he said. "The risk is in both directions below 150,000 or above 210,000 we could see a significant market reaction."

Euro steady as US dollar set for worst week since October

Weeks after his billion-dollar bailout of WeWork, <a href="https://www.wionews.com/business-economy/softbanks-oyo-reveals-over-330-million-annual-loss-revenue-surges-valuation-report-264451">SoftBank</a> Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

SoftBank owns 26 per cent&nbsp;of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization.

Son on Friday said the decision to invest in Alibaba was driven by a gut feeling.

Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma.

Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann.

Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO).

Son last month said he misjudged Neumann's character after <a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork </a>formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss.

The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut.

Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University.

Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference.

"Too much guts, sometimes I lose a lot of money," Son responded.

With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds.

"In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting."

That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma.

Weeks after his billion-dollar bailout of WeWork, SoftBank Group Corp's founder and CEO Masayoshi Son reiterated his belief in an instinct-led investing style, in a discussion with Alibaba Group Holding Inc's co-founder Jack Ma. SoftBank owns 26 per cent of China's Alibaba, with its origin in a $20 million investment in 2000, and the stake is now worth more than the Japanese firm's market capitalization. Son on Friday said the decision to invest in Alibaba was driven by a gut feeling. Other entrepreneurs Son met at that time "did not have true belief in their heart. I can feel," Son said. "We are the same animal. We are both a little crazy," he said of long-time ally Ma. Ma said Son initially tried to invest $50 million in the e-commerce firm, but that he declined saying it was too large a sum - part of a pattern of offering big cheques to company founders that continued with WeWork co-founder Adam Neumann. Son's comments come weeks after he was forced to bail out office-sharing startup WeWork when Neumann's level of control over his firm and hard-partying ways chilled investor appetite and crashed plans for an initial public offering (IPO). Son last month said he misjudged Neumann's character after WeWork formally The We Company and other sputtering bets saw his $100 billion Vision Fund report an $8.9 billion second-quarter operating loss. The conversation at Tokyo University between two of Asia's most prominent tech entrepreneurs comes at a point of divergence in their careers, with 55-year-old Ma retiring as Alibaba's executive chairman in September and Son pledging to spend his sixth decade at the helm of his investment juggernaut. Domestically, SoftBank hopes to drive commercialization of the emerging field of artificial intelligence (AI), announcing on Friday it will spend 20 billion yen ($184 million) over 10 years funding an AI research institute with Tokyo University. Son "probably has the biggest guts in the world on doing investment," Ma told attendees to the conference. "Too much guts, sometimes I lose a lot of money," Son responded. With the highly leveraged SoftBank trying to raise funds for a second megafund in which it is currently the only investor, its stake in Alibaba is one possible source of funds. "In my view, I have not achieved anything yet," Son said. "I'm still a challenger and every day I'm still fighting." That approach contrasts with Ma, who stepped back from running Alibaba to focus on philanthropy.

SoftBank's Son sticks with gut-led investing in chat with Alibaba's Ma

<a href="https://www.wionews.com/business-economy/global-markets-biting-bears-sink-world-shares-to-1-year-low-173030">World shares</a> ticked up on Friday, buoyed by comments from US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> that talks aimed at dialing down the damaging trade war with China were "moving right along".

Trump's relatively upbeat tone in comments on Thursday was enough to encourage riskier bets by investors, despite a lack of agreement over whether existing tariffs should be dropped as part of an initial deal to ease the long standoff.

European shares, including the broader Euro STOXX 600 gained 0.3&nbsp;per cent&nbsp;in early trade, with indexes in Frankfurt and Paris up by similar amounts.

The cautiously buoyant mood mirrored an appetite for riskier bets in Asia, where MSCI's broadest index of <a href="https://www.wionews.com/business-economy/flare-up-of-sino-us-tensions-over-hong-kong-knocks-world-shares-off-22-month-high-263395">Asia-Pacific shares</a> outside Japan was up 0.5 per cent.

The MSCI world equity index, which tracks shares in 47 countries, added 0.2&nbsp;per cent&nbsp;to 554.91 points, not far off a record high of 550.63 hit last January but still on track for a weekly fall.

Investors were hoping the two sides can reach a compromise to at least avoid their worst fear: that the United States goes ahead with its final batch of tariffs on about $156 billion of Chinese exports, due to take effect on December&nbsp;15.

Trump's remarks came after Chinese officials reiterated demands that some US&nbsp;tariffs be rolled back if the sides are to reach a so-called phase one deal.

Markets had expected the sides to seal the initial deal in November. Instead, investors are nervously watching the approaching deadline for the new US&nbsp;levies.

"The difficulty with this is it's very difficult to time and to trade," said Jeremy Gatto, a multi-asset investment manager at Unigestion. "We are relatively favorable towards riskier assets in general but with hedges."

Gatto said those hedges include currencies such as the US&nbsp;dollar, Japanese yen, and Australian dollar, as well as options.

Investors have already taken precautions against a possible slide in stocks by buying put options, with demand for "put" options to hedge exposure to the S&amp;P500 index climbing in recent days.

In one sign of detente, China said it would waive import tariffs imposed last year on some US&nbsp;soybean and pork shipments. Beijing is rushing to source more meat to fill a gap in protein supplies.

China stocks posted their biggest weekly advance in nearly two months, with the blue-chips up 0.6 per cent.

Investors were looking out for US&nbsp;jobs data, due out at 1330 GMT. The non-farm payrolls report is expected to show 180,000 new jobs were created in November, up from 128,000 a month earlier.

Signs of buoyancy in the labour market would soothe anxiety over the impact of the trade war.

"Markets are in consolidation phase," said Salman Ahmed, chief investment strategist at Lombard Odier. "It's wait and watch for first, how does the non-farm payrolls look and, more importantly, the December&nbsp;15 tariff deadline."

In other economic data, German industrial output fell unexpectedly in October, pointing to persistent weakness in the backbone of the economy. Berlin said, however, that new orders and business expectations suggest output may stabilise.

While markets have largely priced in the view that the world economy has dodged the bullet of recession, there are still signs of fragility in many major economies.

Oil lost ground as investors awaited a meeting of OPEC and its allies later on Friday, which is expected to formally agree to more output curbs in early 2020.

Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting of OPEC and non-OPEC nations, otherwise known as OPEC+, in Vienna.

Brent crude futures were flat at $63.46 a barrel after earlier gaining ground.

The agreement coincided with the initial public offering of state oil firm Saudi Aramco, which was priced at the top of its range and raised $25.6 billion in the world's biggest IPO.

In currencies, the British pound stepped back some 0.2 per cent. Sterling spiked to a seven-month high of $1.3166 on Thursday on bets that next week's election will give the Conservative party the majority it needs to deliver Brexit, ending near-term uncertainty.

The pound last stood at $1.313. It hit 2-1/2-year highs versus the euro.

Against a basket of currencies the dollar has dropped every day this week, falling to a one-month low of 97.356 on Thursday. The index was last down a smidgeon at 97.370 and has lost nearly 1 per cent&nbsp;this week.

World shares ticked up on Friday, buoyed by comments from US President Donald Trump that talks aimed at dialing down the damaging trade war with China were "moving right along".

World shares ticked up on Friday, buoyed by comments from US President Donald Trump that talks aimed at dialing down the damaging trade war with China were "moving right along". Trump's relatively upbeat tone in comments on Thursday was enough to encourage riskier bets by investors, despite a lack of agreement over whether existing tariffs should be dropped as part of an initial deal to ease the long standoff. European shares, including the broader Euro STOXX 600 gained 0.3 per cent in early trade, with indexes in Frankfurt and Paris up by similar amounts. The cautiously buoyant mood mirrored an appetite for riskier bets in Asia, where MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent. The MSCI world equity index, which tracks shares in 47 countries, added 0.2 per cent to 554.91 points, not far off a record high of 550.63 hit last January but still on track for a weekly fall. Investors were hoping the two sides can reach a compromise to at least avoid their worst fear: that the United States goes ahead with its final batch of tariffs on about $156 billion of Chinese exports, due to take effect on December 15. Trump's remarks came after Chinese officials reiterated demands that some US tariffs be rolled back if the sides are to reach a so-called phase one deal. Markets had expected the sides to seal the initial deal in November. Instead, investors are nervously watching the approaching deadline for the new US levies. "The difficulty with this is it's very difficult to time and to trade," said Jeremy Gatto, a multi-asset investment manager at Unigestion. "We are relatively favorable towards riskier assets in general but with hedges." Gatto said those hedges include currencies such as the US dollar, Japanese yen, and Australian dollar, as well as options. Investors have already taken precautions against a possible slide in stocks by buying put options, with demand for "put" options to hedge exposure to the S&P500 index climbing in recent days. In one sign of detente, China said it would waive import tariffs imposed last year on some US soybean and pork shipments. Beijing is rushing to source more meat to fill a gap in protein supplies. China stocks posted their biggest weekly advance in nearly two months, with the blue-chips up 0.6 per cent. Investors were looking out for US jobs data, due out at 1330 GMT. The non-farm payrolls report is expected to show 180,000 new jobs were created in November, up from 128,000 a month earlier. Signs of buoyancy in the labour market would soothe anxiety over the impact of the trade war. "Markets are in consolidation phase," said Salman Ahmed, chief investment strategist at Lombard Odier. "It's wait and watch for first, how does the non-farm payrolls look and, more importantly, the December 15 tariff deadline." In other economic data, German industrial output fell unexpectedly in October, pointing to persistent weakness in the backbone of the economy. Berlin said, however, that new orders and business expectations suggest output may stabilise. While markets have largely priced in the view that the world economy has dodged the bullet of recession, there are still signs of fragility in many major economies. Oil lost ground as investors awaited a meeting of OPEC and its allies later on Friday, which is expected to formally agree to more output curbs in early 2020. Details of the agreement and how the cuts will be distributed among producers still need to be ratified at a meeting of OPEC and non-OPEC nations, otherwise known as OPEC+, in Vienna. Brent crude futures were flat at $63.46 a barrel after earlier gaining ground. The agreement coincided with the initial public offering of state oil firm Saudi Aramco, which was priced at the top of its range and raised $25.6 billion in the world's biggest IPO. In currencies, the British pound stepped back some 0.2 per cent. Sterling spiked to a seven-month high of $1.3166 on Thursday on bets that next week's election will give the Conservative party the majority it needs to deliver Brexit, ending near-term uncertainty. The pound last stood at $1.313. It hit 2-1/2-year highs versus the euro. Against a basket of currencies the dollar has dropped every day this week, falling to a one-month low of 97.356 on Thursday. The index was last down a smidgeon at 97.370 and has lost nearly 1 per cent this week.

'Moving right along'? Global shares nudge up after Trump trade talk

China said on Friday it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out an agreement to defuse their protracted trade war.

The tariff waivers were based on applications by individual firms for US&nbsp;soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country's cabinet. It did not specify the quantities involved.

China imposed tariffs of 25 per cent&nbsp;on both US&nbsp;soybeans and pork in July 2018 as a countermeasure to tariffs levied by Washington over allegations that China steals and forces the transfer of American intellectual property to Chinese firms.

The waiver comes amid negotiations between the United States and China to conclude a 'phase one' or interim deal to de-escalate a 17-month trade war that has roiled financial markets, disrupted supply chains and weighed on global economic growth.

A deal had initially been expected last month, but the two sides are said to be still seeking agreement on major issues such as which tariffs to roll back and the size of US&nbsp;farm purchases China is willing to make.

Though Trump struck an upbeat tone on progress in talks on Thursday, a new round of US&nbsp;tariffs covering about $156 billion of Chinese imports is set to kick in just over a week away on December&nbsp;15.

China's tariff waivers on key US&nbsp;agricultural products is a sign of its commitment to the deal, said an industry source who declined to be identified because of the sensitivity of the matter.

Beijing's levies on US&nbsp;soybeans initially brought its purchases of the US' most valuable farm export to a virtual halt, although it has offered waivers to buyers in recent months.

Those waivers are said to have expired, although new exemptions may come too late, said an analyst.

"December arrivals are already pretty high and then we're getting into the Brazil crop," said Darin Friedrichs, senior Asia commodity analyst at INTL FC Stone.

"There's limited space to buy new US&nbsp;soybeans at this point."

Exemptions for pork are likely to be in higher demand, with less than two months until China's Lunar New Year holiday, the country's peak consumption period.

China has been scouring the world for more meat to fill a big shortage of protein after an outbreak of African swine fever devastated its massive hog herd, cutting supplies of pork.

US pork exports to China and Hong Kong are already up 47 per cent&nbsp;in volume terms from January to September, even with high duties in place.

An adviser to the Chinese government said exemptions on the products suited Beijing, as they helped meet market demand for such goods while reducing the trade surplus with the United States.

"We might as well buy soybeans from the US&nbsp;rather than from Brazil. Brazil is actually selling us what was purchased from the United States and they even hiked the prices up before selling to us. In that case, we'd better just buy from the United States," she said.

China said on Friday it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out an agreement to defuse their protracted trade war.

China said on Friday it will waive import tariffs for some soybeans and pork shipments from the United States, as the two sides try to thrash out an agreement to defuse their protracted trade war. The tariff waivers were based on applications by individual firms for US soybeans and pork imports, the finance ministry said in a statement, citing a decision by the country's cabinet. It did not specify the quantities involved. China imposed tariffs of 25 per cent on both US soybeans and pork in July 2018 as a countermeasure to tariffs levied by Washington over allegations that China steals and forces the transfer of American intellectual property to Chinese firms. The waiver comes amid negotiations between the United States and China to conclude a 'phase one' or interim deal to de-escalate a 17-month trade war that has roiled financial markets, disrupted supply chains and weighed on global economic growth. A deal had initially been expected last month, but the two sides are said to be still seeking agreement on major issues such as which tariffs to roll back and the size of US farm purchases China is willing to make. Though Trump struck an upbeat tone on progress in talks on Thursday, a new round of US tariffs covering about $156 billion of Chinese imports is set to kick in just over a week away on December 15. China's tariff waivers on key US agricultural products is a sign of its commitment to the deal, said an industry source who declined to be identified because of the sensitivity of the matter. Beijing's levies on US soybeans initially brought its purchases of the US' most valuable farm export to a virtual halt, although it has offered waivers to buyers in recent months. Those waivers are said to have expired, although new exemptions may come too late, said an analyst. "December arrivals are already pretty high and then we're getting into the Brazil crop," said Darin Friedrichs, senior Asia commodity analyst at INTL FC Stone. "There's limited space to buy new US soybeans at this point." Exemptions for pork are likely to be in higher demand, with less than two months until China's Lunar New Year holiday, the country's peak consumption period. China has been scouring the world for more meat to fill a big shortage of protein after an outbreak of African swine fever devastated its massive hog herd, cutting supplies of pork. US pork exports to China and Hong Kong are already up 47 per cent in volume terms from January to September, even with high duties in place. An adviser to the Chinese government said exemptions on the products suited Beijing, as they helped meet market demand for such goods while reducing the trade surplus with the United States. "We might as well buy soybeans from the US rather than from Brazil. Brazil is actually selling us what was purchased from the United States and they even hiked the prices up before selling to us. In that case, we'd better just buy from the United States," she said.

China to waive tariffs on some US soybeans, pork

The <a href="https://www.wionews.com/world/china-denies-world-bank-cuts-related-to-uighur-rights-concerns-261605">World Bank</a> on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of US&nbsp;Treasury Secretary Steven Mnuchin.

Mnuchin told a House Financial Services Committee hearing that the Treasury's representative on the bank's board had objected on to the plan on Wednesday, adding he wanted the World Bank to "graduate" China from its concessional loan programs for low- and middle-income countries.

The new five-year plan calls for lending to "gradually decline" from the previous five-year average of $1.8 billion.

It was published on Thursday afternoon after the World Bank's board "expressed broad support" for the multilateral development lender's engagement in China's structural and environmental reforms.

The World Bank loaned China $1.3 billion in the fiscal 2019 year ended June 30, down from about $2.4 billion during fiscal 2017.

"Lending levels may fluctuate up and down from year to year due to normal pipeline management based on project readiness," the World Bank said in the new plan.

It said Beijing had requested continued financing from the World Bank's International Bank for Reconstruction and Development division "as platforms for reform, institution building and knowledge transfer."

But the decline in lending is not fast enough for Mnuchin, who has argued China is too wealthy for such international aid when it is lending hundreds of billions of dollars of its own to poor countries through its <a href="https://www.wionews.com/south-asia/china-will-take-belt-and-road-initiative-all-over-unless-other-countries-provide-alternative-warns-sri-lankas-gotabaya-rajapaksa-265560">Belt and Road infrastructure</a> drive.

US&nbsp;lawmakers are also increasingly expressing concerns that US&nbsp;taxpayer funds loaned through the World Bank to China will enable human rights abuses and unfair economic competition with the United States.

In Senate floor remarks on Thursday, Senate Finance Committee Chairman Charles Grassley cited alleged human rights abuses in Xinjiang associated with detention camps for Muslim Uighurs in criticizing the World Bank lending plan.

"The World Bank, using American tax dollars, should not be lending to wealthy countries that <a href="https://www.wionews.com/world/chinese-media-blasts-us-for-uighur-bill-calls-for-action-266285">violate the human rights</a> of their citizens and attempt to dominate weaker countries either militarily or economically," Grassley said.

China defended its partnership with the World Bank.

"We are willing to make an effort and work together (with the bank) to summarize and share China's success and experience in poverty alleviation with other developing countries, to realize a long-term sustainable development for these countries," foreign ministry spokeswoman Hua Chunying told a news briefing Friday.

Although the United States hold an effective veto power over major board decisions such as capital increases and leadership appointments, the latest China lending plan did not require a formal vote.

Mnuchin told lawmakers he expected the World Bank's lending to China to fall below $1 billion during the current fiscal year, with more repayment funds flowing back to the lender from China than loan funds going out.

The World Bank said the loans in the five-year plan would be aimed at advancing market and fiscal reforms, promoting greener growth and increasing citizens' access to health and social services.

The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of US Treasury Secretary Steven Mnuchin.

The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of US Treasury Secretary Steven Mnuchin. Mnuchin told a House Financial Services Committee hearing that the Treasury's representative on the bank's board had objected on to the plan on Wednesday, adding he wanted the World Bank to "graduate" China from its concessional loan programs for low- and middle-income countries. The new five-year plan calls for lending to "gradually decline" from the previous five-year average of $1.8 billion. It was published on Thursday afternoon after the World Bank's board "expressed broad support" for the multilateral development lender's engagement in China's structural and environmental reforms. The World Bank loaned China $1.3 billion in the fiscal 2019 year ended June 30, down from about $2.4 billion during fiscal 2017. "Lending levels may fluctuate up and down from year to year due to normal pipeline management based on project readiness," the World Bank said in the new plan. It said Beijing had requested continued financing from the World Bank's International Bank for Reconstruction and Development division "as platforms for reform, institution building and knowledge transfer." But the decline in lending is not fast enough for Mnuchin, who has argued China is too wealthy for such international aid when it is lending hundreds of billions of dollars of its own to poor countries through its Belt and Road infrastructure drive. US lawmakers are also increasingly expressing concerns that US taxpayer funds loaned through the World Bank to China will enable human rights abuses and unfair economic competition with the United States. In Senate floor remarks on Thursday, Senate Finance Committee Chairman Charles Grassley cited alleged human rights abuses in Xinjiang associated with detention camps for Muslim Uighurs in criticizing the World Bank lending plan. "The World Bank, using American tax dollars, should not be lending to wealthy countries that violate the human rights of their citizens and attempt to dominate weaker countries either militarily or economically," Grassley said. China defended its partnership with the World Bank. "We are willing to make an effort and work together (with the bank) to summarize and share China's success and experience in poverty alleviation with other developing countries, to realize a long-term sustainable development for these countries," foreign ministry spokeswoman Hua Chunying told a news briefing Friday. Although the United States hold an effective veto power over major board decisions such as capital increases and leadership appointments, the latest China lending plan did not require a formal vote. Mnuchin told lawmakers he expected the World Bank's lending to China to fall below $1 billion during the current fiscal year, with more repayment funds flowing back to the lender from China than loan funds going out. The World Bank said the loans in the five-year plan would be aimed at advancing market and fiscal reforms, promoting greener growth and increasing citizens' access to health and social services.

World Bank adopts $1 billion-plus annual China lending plan over US objections

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Despite the new cuts, <a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a> stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs.

Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT.

West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the <a href="https://www.wionews.com/world/china-says-in-close-communication-with-us-over-trade-deal-266442">US-China trade war</a>.

The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent&nbsp;of global oil output.

"The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note.

A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak.

Details need to be hammered out at Friday's OPEC+ meeting in Vienna.

Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies.

"North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note.

Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range.

The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing <a href="https://www.wionews.com/business-economy/saudi-aramco-ipo-institutional-tranche-295-times-oversubscribed-266097">Aramco</a> at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman.

Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020.

Oil edged lower on Friday as investors awaited a meeting of OPEC and its allies later in the day which is expected to formally agree to more output curbs in early 2020. Despite the new cuts, OPEC stopped short of pledging action beyond March and analysts questioned the impact of the latest curbs. Brent futures were down 10 cents, or 0.2 per cent, at $63.29 by 0730 GMT. West Texas Intermediate oil futures fell 7 cents, or 0.1 per cent, to $58.36 a barrel. They hit $59.12 a barrel on Thursday, the highest since the end of September. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - a grouping known as OPEC+ - agreed on Thursday to more output cuts to avert oversupply early next year as economic growth stagnates amid the US-China trade war. The agreement, which needs to be formally adopted later on Friday, will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7 per cent of global oil output. "The key question is whether these reported cuts will actually reflect fresh cuts and so help to reduce the surplus in 1Q20, or whether they will just formalise the over-compliance that we have seen from the group as a whole," ING Economics said in a note. A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, according to Russian Energy Minister Alexander Novak. Details need to be hammered out at Friday's OPEC+ meeting in Vienna. Any price gains from the OPEC+ output cut are likely to benefit American producers not party to any supply curbing agreement. American drillers have been breaking production records even as they cut the number of oil rigs in operation, filling gaps in global supplies. "North American shale supply will continue growing even in an environment with lower oil prices," Rystad Energy said in a note. Higher oil prices are also supporting the initial public offering of Saudi Arabia's state-owned oil company, Saudi Aramco, which priced its shares on Thursday at the top of an indicated range. The sale was the world's biggest IPO, beating Alibaba Group Holdings' $25 billion listing in 2014, but fell short of valuing Aramco at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman. Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Oil slips as OPEC+ gears up to confirm supply cut

Japanese Prime Minister Shinzo Abe unveiled <a href="https://www.wionews.com/business-economy/japan-preparing-120-billion-stimulus-package-as-recession-risks-grow-265859">$120 billion in stimulus measures</a> on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom.

"We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office.

"We have crafted a powerful policy package," Abe added.

The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media.

Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters,&nbsp;including killer Typhoon Hagibis,&nbsp;caused huge damage to the country's infrastructure, local media said.

Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump.

The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute.

The Tokyo market welcomed the package.

"In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP.

But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited."

"The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said.

The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said.

Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters.

Japanese Prime Minister Shinzo Abe unveiled $120 billion in stimulus measures on Thursday, to help the world's third-largest economy overcome the aftermath of the nation's recent natural disasters. The package is also aimed at helping the nation alleviate the impact of last month's tax hike and survive a potential economic slowdown after an Olympic boom. "We will introduce a daring fiscal policy worth 13 trillion yen ($120 billion)," Abe told ministers and party leaders at the prime minister's office. "We have crafted a powerful policy package," Abe added. The package, expected to be endorsed at a cabinet meeting later in the day, totals some 26 trillion yen if spending by the private sector is counted, according to public broadcaster NHK and other local media. Under the plan, the government will spend some six trillion yen on a public investment after a series of natural disasters, including killer Typhoon Hagibis, caused huge damage to the country's infrastructure, local media said. Japan's economy has so far expanded this year, partially because of strong demand related to preparations for the Olympics, which will start in July next year. Some analysts warned the country may suffer a post-Olympic slump. The package is also aimed at easing the impact of the consumption tax increase to 10 per cent from eight per cent on October 1 and helping Japanese firms prepare for a global economic slowdown due to the US-China trade dispute. The Tokyo market welcomed the package. "In particular, stimulus-related shares such as construction companies benefited from the announcement," Toshikazu Horiuchi, a broker at IwaiCosmo Securities, told AFP. But Yusuke Shimoda, an economist at Japan Research Institute, warned the impact of the package could be "limited." "The package is likely to boost infrastructure-related businesses, but is unlikely to help reform the nation's slow-growth economy fundamentally," Shimoda said. The package will also include government measures to help expand exports of farm products as a bilateral trade accord between Tokyo and Washington is set to take effect next year, Kyodo News said. Among other steps, the government will help people in their 30s and 40s, who have been struggling to find work due to past economic slowdowns, to land new jobs, it said.

Japan unveils $120 billion stimulus package

The top&nbsp;US&nbsp;solar&nbsp;industry&nbsp;trade group on Wednesday urged members to use social media to hit back in a dispute with the&nbsp;<a href="https://www.wionews.com/world/washington-airspace-alert-sparks-white-house-lockdown-264738">White&nbsp;House</a>&nbsp;over whether the Trump administration's tariffs on imported panels are killing or creating American jobs.

The&nbsp;Solar&nbsp;Energy&nbsp;Industry&nbsp;Association's call to action came a day after it released a study saying the levies would cost 62,000 jobs and $19 billion in clean energy investments. The study is part of a strategy to persuade President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> to reduce or end the four-year tariff regime implemented early last year.

The study prompted a withering rebuttal from Trump's trade adviser Peter Navarro, who called the estimate&nbsp;"fake news" and the association "a loose confederation of Chinese&nbsp;solar&nbsp;companies seeking to destroy American&nbsp;solar&nbsp;manufacturing jobs."

In an email to the&nbsp;solar&nbsp;group's public relations committee on Wednesday, Dan Whitten, it's vice president of public affairs, asked that members post photos of&nbsp;US&nbsp;solar&nbsp;workers online with the phrase: "Mr. Peter Navarro, I am an American&nbsp;solar&nbsp;worker. #StopSolarTariffs @WhiteHouse&nbsp;&amp; @USTradeRep".

"We need your help to punch back," said the email, which was seen by Reuters. "We need to engage our workers in a&nbsp;Twitter&nbsp;campaign&nbsp;to hit back."

SEIA's president, Abigail Hopper, issued a statement in response to Navarro's comments saying: "We'd be thrilled if Mr. Navarro would come to one of our conferences to meet some of the 240,000 Americans who work in this great&nbsp;industry, including the tens of thousands of people who manufacture&nbsp;solar&nbsp;products."

Trump's tariff program on imported panels was his opening salvo in a trade war aimed at helping&nbsp;US&nbsp;manufacturers rebound from years of decline due to foreign competition.&nbsp;Solar&nbsp;installers opposed the tariffs because they rely on cheap imported panels to compete with fossil fuels.

The levies started at 30 per cent&nbsp;and were designed to drop by five percentage points each year.

The report, whose gloomy forecasts were based on that rate regime, came out two days before a scheduled mid-term review of the tariff program by the International Trade Commission that could influence whether Trump maintains, changes or cancels it.

Most panels installed in the United States are made in Asia. Despite the tariffs, panel prices have continued to fall due to an oversupply in top producer China, which cut incentives on installations, unleashing a flood of&nbsp;solar&nbsp;products onto the global market.

The top US solar industry trade group on Wednesday urged members to use social media to hit back in a dispute with the White House over whether the Trump administration's tariffs on imported panels are killing or creating American jobs.

The top US solar industry trade group on Wednesday urged members to use social media to hit back in a dispute with the White House over whether the Trump administration's tariffs on imported panels are killing or creating American jobs. The Solar Energy Industry Association's call to action came a day after it released a study saying the levies would cost 62,000 jobs and $19 billion in clean energy investments. The study is part of a strategy to persuade President Donald Trump to reduce or end the four-year tariff regime implemented early last year. The study prompted a withering rebuttal from Trump's trade adviser Peter Navarro, who called the estimate "fake news" and the association "a loose confederation of Chinese solar companies seeking to destroy American solar manufacturing jobs." In an email to the solar group's public relations committee on Wednesday, Dan Whitten, it's vice president of public affairs, asked that members post photos of US solar workers online with the phrase: "Mr. Peter Navarro, I am an American solar worker. #StopSolarTariffs @WhiteHouse & @USTradeRep". "We need your help to punch back," said the email, which was seen by Reuters. "We need to engage our workers in a Twitter campaign to hit back." SEIA's president, Abigail Hopper, issued a statement in response to Navarro's comments saying: "We'd be thrilled if Mr. Navarro would come to one of our conferences to meet some of the 240,000 Americans who work in this great industry, including the tens of thousands of people who manufacture solar products." Trump's tariff program on imported panels was his opening salvo in a trade war aimed at helping US manufacturers rebound from years of decline due to foreign competition. Solar installers opposed the tariffs because they rely on cheap imported panels to compete with fossil fuels. The levies started at 30 per cent and were designed to drop by five percentage points each year. The report, whose gloomy forecasts were based on that rate regime, came out two days before a scheduled mid-term review of the tariff program by the International Trade Commission that could influence whether Trump maintains, changes or cancels it. Most panels installed in the United States are made in Asia. Despite the tariffs, panel prices have continued to fall due to an oversupply in top producer China, which cut incentives on installations, unleashing a flood of solar products onto the global market.

US solar industry urged members to use social media to 'hit back' at White house

The <a href="https://www.wionews.com/business-%26-economy/indian-rupee-since-independence-a-brief-history-159436">Indian&nbsp;rupee</a>&nbsp;will not recover lost ground in the coming&nbsp;year, according to a&nbsp;Reuters&nbsp;poll&nbsp;of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.

Most emerging markets currencies have depreciated against the <a href="https://www.wionews.com/business-economy/rupee-slips-17-paise-to-6932-vs-us-dollar-in-early-trade-230729">US&nbsp;dollar</a>, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon.

Also weighing on the currency's outlook, the <a href="https://www.wionews.com/business-economy/india-seen-making-sixth-interest-rate-cut-but-no-cure-for-economys-ills-265905">Reserve Bank of India </a>has cut its key interest rate by 135 basis points&nbsp;so far this&nbsp;year&nbsp;to support a slowing economy. It is expected to cut the repo rate by another 25 basis points to 4.90 per cent&nbsp;on Thursday.

"Global trade talks are turning topsy-turvy, a lot will depend on how that plays out. Domestically, the tide has turned rough for the <a href="https://www.wionews.com/videos/reserve-bank-of-india-scales-down-printing-of-inr-2000-notes-188206">INR</a>, led by tapering of domestic growth optimism and fiscal worries - all weighing on the&nbsp;rupee's way forward," Madhavi Arora, lead economist, FX and rates at Edelweiss Securities said.

"After December's rate cut&nbsp;reforms in the banking sector and strong infrastructure investments are needed in addition to a monetary stimulus to help growth and the&nbsp;rupee."

The December 2-4&nbsp;poll, taken before the monetary policy committee's announcement due later on Thursday, showed the currency would weaken 0.6 per cent&nbsp;to 72.00 per dollar in a&nbsp;year&nbsp;from 71.57 where it was trading around on Wednesday.

The&nbsp;year&nbsp;ahead outlook was the most pessimistic for the&nbsp;rupee&nbsp;since October.

Over the coming&nbsp;year, 23 of 51 strategists expected the&nbsp;rupee&nbsp;to breach 72.40 against the dollar&nbsp;its weakest trade this&nbsp;year. Six of those expected it to weaken beyond its lifetime low of 74.48 per dollar.

But a few analysts argued the&nbsp;rupee's weakness was a deliberate attempt by the RBI to boost exports that have been on a downward trend.

"There is a conscious effort by the RBI to provide a depreciation bias to the&nbsp;rupee. That could probably become a new norm for at&nbsp;least&nbsp;sometimes, so the export sector slightly benefits," said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank.

"The pace at which the RBI has been buying dollars clearly signals a new policy the RBI is adopting. Its bias for a relatively weaker currency will determine its direction. This is an unsaid policy obviously, but through actions like dollar purchases it is suggestive of that."

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China. Most emerging markets currencies have depreciated against the US dollar, hurt by the tit-for-tat trade war between the world's two largest economies, and there are scant signs of a resolution anytime soon. Also weighing on the currency's outlook, the Reserve Bank of India has cut its key interest rate by 135 basis points so far this year to support a slowing economy. It is expected to cut the repo rate by another 25 basis points to 4.90 per cent on Thursday. "Global trade talks are turning topsy-turvy, a lot will depend on how that plays out. Domestically, the tide has turned rough for the INR, led by tapering of domestic growth optimism and fiscal worries - all weighing on the rupee's way forward," Madhavi Arora, lead economist, FX and rates at Edelweiss Securities said. "After December's rate cut reforms in the banking sector and strong infrastructure investments are needed in addition to a monetary stimulus to help growth and the rupee." The December 2-4 poll, taken before the monetary policy committee's announcement due later on Thursday, showed the currency would weaken 0.6 per cent to 72.00 per dollar in a year from 71.57 where it was trading around on Wednesday. The year ahead outlook was the most pessimistic for the rupee since October. Over the coming year, 23 of 51 strategists expected the rupee to breach 72.40 against the dollar its weakest trade this year. Six of those expected it to weaken beyond its lifetime low of 74.48 per dollar. But a few analysts argued the rupee's weakness was a deliberate attempt by the RBI to boost exports that have been on a downward trend. "There is a conscious effort by the RBI to provide a depreciation bias to the rupee. That could probably become a new norm for at least sometimes, so the export sector slightly benefits," said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank. "The pace at which the RBI has been buying dollars clearly signals a new policy the RBI is adopting. Its bias for a relatively weaker currency will determine its direction. This is an unsaid policy obviously, but through actions like dollar purchases it is suggestive of that."

Indian Rupee on slippery slope for at least a year: Sources

<a href="https://www.wionews.com/business-economy/opec-gearing-up-for-deeper-oil-cuts-russia-yet-to-agree-266198">OPEC</a> and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.

OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world's biggest producer.

Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut.

OPEC's actions in the past have angered US&nbsp;President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran.

In the past few months, Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise a politically sensitive issue as he seeks re-election in November.

Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020.

Two OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 BPD.

Iraq, OPEC's second-largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million BPD, or 1.6 per cent&nbsp;of global demand.

The current cuts expire in March and OPEC sources and delegates have said the new deal could be extended to June or until the end of 2020.

Saudi Energy Minister Prince Abdulaziz bin Salman has so far declined to comment on policy matters in Vienna.

Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue.

Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering (IPO) of state-owned oil giant Saudi Aramco with the pricing of the IPO expected on Thursday.

OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year. Brent crude futures on Thursday were trading near $63 per barrel.

OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD.

Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures.

A source familiar with the Russian thinking told Reuters that Moscow would likely reach a deal with OPEC this week and just needed to iron out a few outstanding issues.

One sticking point for Russia is how its output is measured. Russia includes gas condensate in production figures, while other producers do not.

OPEC and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

OPEC and its allies led by Russia were moving closer on Thursday to agree to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world's biggest producer. Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut. OPEC's actions in the past have angered US President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran. In the past few months, Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise a politically sensitive issue as he seeks re-election in November. Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020. Two OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 BPD. Iraq, OPEC's second-largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million BPD, or 1.6 per cent of global demand. The current cuts expire in March and OPEC sources and delegates have said the new deal could be extended to June or until the end of 2020. Saudi Energy Minister Prince Abdulaziz bin Salman has so far declined to comment on policy matters in Vienna. Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue. Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering (IPO) of state-owned oil giant Saudi Aramco with the pricing of the IPO expected on Thursday. OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year. Brent crude futures on Thursday were trading near $63 per barrel. OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD. Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures. A source familiar with the Russian thinking told Reuters that Moscow would likely reach a deal with OPEC this week and just needed to iron out a few outstanding issues. One sticking point for Russia is how its output is measured. Russia includes gas condensate in production figures, while other producers do not.

OPEC and allies prepare to deepen oil output cuts

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">Oil prices</a> edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more than 400,000 barrels per day (BPD) from their current level of 1.2 million BPD.

The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. The group is known as <a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">OPEC+</a>.

Brent crude&nbsp;futures were up 21 cents, or 0.33 per cent, to $63.21 a barrel at 1005 GMT. Brent surged 3.6 per cent&nbsp;on Wednesday. <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">West Texas Intermediate</a> (WTI) crude&nbsp; futures were up 1 cents to $58.44 a barrel. They settled up 4.2 per cent&nbsp;on Wednesday.

The OPEC+ group has been curbing output since 2017 to counter surging production from the United States, now the world's biggest oil producer thanks to rapid growth in shale oil output.

Next year, rising production in other non-OPEC countries such as Brazil and Norway threatens to add to the glut.

"We expect a constructive outcome to today's meeting in terms of a prolongation of the deal, but are not yet convinced that a strong bullish surprise with a sizeable adjustment to the target level will really transpire," Vienna-based consultancy JBC Energy said in a note.

OPEC's effort to deepen cuts and increase member compliance was also driven by the group's de facto leader Saudi Arabia's hopes to see higher oil prices to support its budget and <a href="https://www.wionews.com/business-economy/worlds-biggest-initial-public-offering-saudi-aramco-seeks-171-trillion-in-valuation-262778">initial public offering </a>(IPO) of state-owned Saudi Aramco.

Oil prices surged on Wednesday on expectations of deeper OPEC cuts and data showing a large drop in US&nbsp;crude inventories last week. But prices are still roughly where they were a week ago, as concerns about a US-Chinese trade war persist.

US President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump </a>on Wednesday described trade talks with China as going "very well", a day after saying it could take until after next year's presidential election to complete an agreement.

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year.

Oil prices edged higher on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that OPEC was seeking to increase production cuts by the group and its allies by Russia by more than 400,000 barrels per day (BPD) from their current level of 1.2 million BPD. The Organization of the Petroleum Exporting Countries meets on Thursday in Vienna followed by a meeting on Friday with Russia and other producers. The group is known as OPEC+. Brent crude futures were up 21 cents, or 0.33 per cent, to $63.21 a barrel at 1005 GMT. Brent surged 3.6 per cent on Wednesday. West Texas Intermediate (WTI) crude futures were up 1 cents to $58.44 a barrel. They settled up 4.2 per cent on Wednesday. The OPEC+ group has been curbing output since 2017 to counter surging production from the United States, now the world's biggest oil producer thanks to rapid growth in shale oil output. Next year, rising production in other non-OPEC countries such as Brazil and Norway threatens to add to the glut. "We expect a constructive outcome to today's meeting in terms of a prolongation of the deal, but are not yet convinced that a strong bullish surprise with a sizeable adjustment to the target level will really transpire," Vienna-based consultancy JBC Energy said in a note. OPEC's effort to deepen cuts and increase member compliance was also driven by the group's de facto leader Saudi Arabia's hopes to see higher oil prices to support its budget and initial public offering (IPO) of state-owned Saudi Aramco. Oil prices surged on Wednesday on expectations of deeper OPEC cuts and data showing a large drop in US crude inventories last week. But prices are still roughly where they were a week ago, as concerns about a US-Chinese trade war persist. US President Donald Trump on Wednesday described trade talks with China as going "very well", a day after saying it could take until after next year's presidential election to complete an agreement.

Oil rises as OPEC weighs deeper output cuts

Indian shares pared early gains to end lower on Thursday after the <a href="https://www.wionews.com/business-economy/government-wants-rbi-to-buy-out-stressed-assets-of-shadow-banks-source-265083">Reserve Bank of India</a> (RBI) kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut.

The NSE Nifty 50 index closed down 0.21 per cent&nbsp;to 12,018.40 and the S&amp;P BSE <a href="https://www.wionews.com/business-economy/nifty-sensex-slip-after-rbi-surprises-by-holding-rates-steady-266369">Sensex&nbsp; </a>ended 0.17 per cent&nbsp;lower at 40779.59.

The RBI left its key repo rate unchanged at 5.15 per cent, and said it would continue with an accommodative stance after its policy meeting.

Economists polled by Reuters expected the central bank to cut rates for the sixth time this year.

"While the decision to pause is not entirely unjustified given the clear lack of efficacy of monetary policy actions through the policy rate cut channel, what is worrying is that the RBI did not announce any unconventional measure but hoped for better transmission of its past actions," said Kunal Kundu, an economist with Societe Generale in Bengaluru.

Expectations of a rate cut were fueled after India's economic growth slowed to 4.5 per cent&nbsp;in the July-September period, its weakest pace since 2013, piling pressure on Prime Minister Narendra Modi to speed up reforms.

The Nifty had risen 7.7 per cent and the Sensex has gained 8.43 per cent&nbsp;since the last rate cut in October, mainly due to measures such as reducing the corporate tax rate and hopes of more stimulus.

Among the sectors, the Nifty metals index&nbsp; fell most, shedding 2.31 per cent, while the state-owned bank's index was down 1.8 per cent&nbsp;at close.

Zee Entertainment closed up 6.18 per cent&nbsp;to top the Nifty gainers, while JSW Steel was the biggest laggard, shedding 3.52 per cent.

Indian shares pared early gains to end lower on Thursday after the Reserve Bank of India (RBI) kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut.

Indian shares pared early gains to end lower on Thursday after the Reserve Bank of India (RBI) kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut. The NSE Nifty 50 index closed down 0.21 per cent to 12,018.40 and the S&P BSE Sensex ended 0.17 per cent lower at 40779.59. The RBI left its key repo rate unchanged at 5.15 per cent, and said it would continue with an accommodative stance after its policy meeting. Economists polled by Reuters expected the central bank to cut rates for the sixth time this year. "While the decision to pause is not entirely unjustified given the clear lack of efficacy of monetary policy actions through the policy rate cut channel, what is worrying is that the RBI did not announce any unconventional measure but hoped for better transmission of its past actions," said Kunal Kundu, an economist with Societe Generale in Bengaluru. Expectations of a rate cut were fueled after India's economic growth slowed to 4.5 per cent in the July-September period, its weakest pace since 2013, piling pressure on Prime Minister Narendra Modi to speed up reforms. The Nifty had risen 7.7 per cent and the Sensex has gained 8.43 per cent since the last rate cut in October, mainly due to measures such as reducing the corporate tax rate and hopes of more stimulus. Among the sectors, the Nifty metals index fell most, shedding 2.31 per cent, while the state-owned bank's index was down 1.8 per cent at close. Zee Entertainment closed up 6.18 per cent to top the Nifty gainers, while JSW Steel was the biggest laggard, shedding 3.52 per cent.

Nifty closes at 12018, Sensex down 0.17 per cent

<a href="https://www.wionews.com/.../white-house-considered-kicking-huawei-out-of- us-banking-system-sources-265973">Tech giant Huawei</a> has cancelled the launch of a flagship phone and watch in Taiwan after Taipei imposed a temporary ban on some of its products for listing the island as part of China.&nbsp;

On its official Taiwan Facebook page, Wednesday Chinese company Huawei said the launch of its Mate 30 Pro smartphone and its GT 2 digital watch had been cancelled due to "supply issues" without elaborating further.&nbsp;

"We thank all users who participated in the pre-order event of the products&nbsp;and express deep regret for causing you inconvenience," the statement said, adding that users would be refunded.&nbsp;

The cancellations came after <a href="https://www.wionews.com/.../fourth-round-of-relief-measures-to-be- introduced-in-hong-kong-carrie-lam-265826">Taiwan</a> last month suspended sales of three Huawei models that listed the self-ruled, democratic island as "Taiwan, China" for timezones and contacts.

On Thursday Taiwan's National Communications Commission (NCC) said the temporary ban of Huawei's P30, P30 Pro and Nova 5T models was still effective as the company had yet to change the wording.

How Taiwan is described is a hugely sensitive political issue.&nbsp;

Beijing considers Taiwan as part of its territory and has vowed to seize it by force if necessary, even though the two sides have been governed separately for the last seven decades.&nbsp;

In recent years international brands have routinely found themselves bowing to Beijing's stance on Taiwan,&nbsp;a much smaller market compared to the lucrative mainland.&nbsp;

A growing list of international firms, including luxury brands, airlines and hotels, have been pushed to apologise to Beijing or change Taiwan's classification on their websites to "Taiwan, China" or "Chinese Taipei".

The authoritarian mainland has ramped up diplomatic and economic pressure on Taiwan since President Tsai Ing-wen was elected in 2016 because her party refuses to recognise that idea that the island is part of "one China".&nbsp;

The pressure is building as Taiwan heads towards elections in January, with Tsai seeking to defeat an opponent who favours much warmer ties with China.&nbsp;

Huawei, the world's number two smartphone producer, has previously come under fire in mainland China for the opposite offence,&nbsp;not labelling the cities of Taipei, Hong Kong and Macau as part of China in some Chinese-language settings.&nbsp;

The company is also fighting legal battles in the United States, saying Thursday it has petitioned a US court to overturn a ban imposed on national security grounds that prevents carriers in rural America from buying its equipment by tapping an $8.5-billion federal fund.&nbsp;

Tech giant Huawei has cancelled the launch of a flagship phone and watch in Taiwan after Taipei imposed a temporary ban on some of its products for listing the island as part of China.

Tech giant Huawei has cancelled the launch of a flagship phone and watch in Taiwan after Taipei imposed a temporary ban on some of its products for listing the island as part of China. On its official Taiwan Facebook page, Wednesday Chinese company Huawei said the launch of its Mate 30 Pro smartphone and its GT 2 digital watch had been cancelled due to "supply issues" without elaborating further. "We thank all users who participated in the pre-order event of the products and express deep regret for causing you inconvenience," the statement said, adding that users would be refunded. The cancellations came after Taiwan last month suspended sales of three Huawei models that listed the self-ruled, democratic island as "Taiwan, China" for timezones and contacts. On Thursday Taiwan's National Communications Commission (NCC) said the temporary ban of Huawei's P30, P30 Pro and Nova 5T models was still effective as the company had yet to change the wording. How Taiwan is described is a hugely sensitive political issue. Beijing considers Taiwan as part of its territory and has vowed to seize it by force if necessary, even though the two sides have been governed separately for the last seven decades. In recent years international brands have routinely found themselves bowing to Beijing's stance on Taiwan, a much smaller market compared to the lucrative mainland. A growing list of international firms, including luxury brands, airlines and hotels, have been pushed to apologise to Beijing or change Taiwan's classification on their websites to "Taiwan, China" or "Chinese Taipei". The authoritarian mainland has ramped up diplomatic and economic pressure on Taiwan since President Tsai Ing-wen was elected in 2016 because her party refuses to recognise that idea that the island is part of "one China". The pressure is building as Taiwan heads towards elections in January, with Tsai seeking to defeat an opponent who favours much warmer ties with China. Huawei, the world's number two smartphone producer, has previously come under fire in mainland China for the opposite offence, not labelling the cities of Taipei, Hong Kong and Macau as part of China in some Chinese-language settings. The company is also fighting legal battles in the United States, saying Thursday it has petitioned a US court to overturn a ban imposed on national security grounds that prevents carriers in rural America from buying its equipment by tapping an $8.5-billion federal fund.

Huawei cancels new phone launch in Taiwan after China row

Inflation rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, the Pakistan Bureau of Statistics (PBS) said in a report.

<a href="https://www.wionews.com/pakistan">Inflation</a>, measured by the Consumer Price Index (CPI), edged up by 1.3 per cent over the previous month after the PBS revised its calculation methodology by setting the new base year 2015-16 instead of the previous 2007-08 financial year, Dawn reported.

In a statement, the Finance Ministry claimed that inflation would come down from the next month, however, without divulging further details on how they figured this out.

The data released on Wednesday showed that higher prices of food items have been the largest driver in overall inflation in November.

It has also been observed that the prices of essential food items are higher in rural areas than in urban areas, the report said.

Food inflation in urban areas rose by 16.6 per cent in November on a yearly basis and 2.4 per cent on a monthly basis and that in rural areas by 19.3 per cent and 3.4 per cent, respectively.

Similarly, non-food inflation in urban centres was recorded at 9.6 per cent year-on-year, while it was 9 per cent in rural areas.

The rise in non-food inflation is mainly driven by an increase in oil prices over the past few months and a combined impact of the depreciation of the exchange rate.

Economist Ashfaque Hasan Khan, however, believes that inflation is likely to be "more than 13 per cent in December, and the expected increase in inflation numbers would be based on a hike in energy prices, currency devaluation and high-interest rates."

"Higher prices of imported items and raw materials due to the currency devaluation are being passed on to consumers. Companies are also passing on the higher costs of working capital amid increased interest rates to the consumers," Khan was quoted as saying by Geo News.

The central bank kept its benchmark interest rate unchanged at 13.25 per cent in November, as expected, to prevent food inflation, nearing the top of its target range, from further spreading.

State Bank of Pakistan Governor Reza Baqir was recently quoted as saying that rising inflation "has partly been the result of the need to restore competitiveness in the exchange rate, increased administered prices to reduce fiscal deficits in the public sector, and unforeseen food supply disruptions."

Inflation rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, the Pakistan Bureau of Statistics (PBS) said in a report.

Inflation rose to 12.7 per cent year-on-year, the highest level in nine years mainly driven by an increase in prices of food items, the Pakistan Bureau of Statistics (PBS) said in a report. Inflation, measured by the Consumer Price Index (CPI), edged up by 1.3 per cent over the previous month after the PBS revised its calculation methodology by setting the new base year 2015-16 instead of the previous 2007-08 financial year, Dawn reported. In a statement, the Finance Ministry claimed that inflation would come down from the next month, however, without divulging further details on how they figured this out. The data released on Wednesday showed that higher prices of food items have been the largest driver in overall inflation in November. It has also been observed that the prices of essential food items are higher in rural areas than in urban areas, the report said. Food inflation in urban areas rose by 16.6 per cent in November on a yearly basis and 2.4 per cent on a monthly basis and that in rural areas by 19.3 per cent and 3.4 per cent, respectively. Similarly, non-food inflation in urban centres was recorded at 9.6 per cent year-on-year, while it was 9 per cent in rural areas. The rise in non-food inflation is mainly driven by an increase in oil prices over the past few months and a combined impact of the depreciation of the exchange rate. Economist Ashfaque Hasan Khan, however, believes that inflation is likely to be "more than 13 per cent in December, and the expected increase in inflation numbers would be based on a hike in energy prices, currency devaluation and high-interest rates." "Higher prices of imported items and raw materials due to the currency devaluation are being passed on to consumers. Companies are also passing on the higher costs of working capital amid increased interest rates to the consumers," Khan was quoted as saying by Geo News. The central bank kept its benchmark interest rate unchanged at 13.25 per cent in November, as expected, to prevent food inflation, nearing the top of its target range, from further spreading. State Bank of Pakistan Governor Reza Baqir was recently quoted as saying that rising inflation "has partly been the result of the need to restore competitiveness in the exchange rate, increased administered prices to reduce fiscal deficits in the public sector, and unforeseen food supply disruptions."

Consumer inflation hits 9-year-high in Pakistan

The <a href="https://www.wionews.com/.../india-seen-making-sixth-interest-rate-cut-but-no -cure-for-economys-ills-265905">Reserve Bank of India</a> (RBI) kept its key lending rate on hold in a surprise decision on Thursday, despite a worrying slowdown in the country that prompted the central bank to sharply reduce its economic growth forecast to 5 per cent&nbsp;for the year through March.

The six-member monetary policy committee (MPC) unanimously voted to hold the key repo rate at 5.15 per cent&nbsp;while the reverse repo rate was also held at 4.90 per cent.

The RBI reiterated that it would maintain an accommodative stance as long as it is necessary to revive economic growth which slowed to 4.5 per cent&nbsp;in the September quarter from 7 per cent&nbsp;a year ago, to stand at its lowest in more than six years.

"The MPC recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture," the committee said in a statement.

A Reuters poll of 70 economists had predicted the RBI would cut its repo rate by 25 bps and then by another 15 bps in the second quarter of 2020, where it will stay at least until 2021.

The Reserve Bank of India (RBI) kept its key lending rate on hold in a surprise decision on Thursday, despite a worrying slowdown in the country that prompted the central bank to sharply reduce its economic growth forecast to 5 per cent for the year through March.

The Reserve Bank of India (RBI) kept its key lending rate on hold in a surprise decision on Thursday, despite a worrying slowdown in the country that prompted the central bank to sharply reduce its economic growth forecast to 5 per cent for the year through March. The six-member monetary policy committee (MPC) unanimously voted to hold the key repo rate at 5.15 per cent while the reverse repo rate was also held at 4.90 per cent. The RBI reiterated that it would maintain an accommodative stance as long as it is necessary to revive economic growth which slowed to 4.5 per cent in the September quarter from 7 per cent a year ago, to stand at its lowest in more than six years. "The MPC recognises that there is monetary policy space for future action. However, given the evolving growth-inflation dynamics, the MPC felt it appropriate to take a pause at this juncture," the committee said in a statement. A Reuters poll of 70 economists had predicted the RBI would cut its repo rate by 25 bps and then by another 15 bps in the second quarter of 2020, where it will stay at least until 2021.

RBI keeps rates on hold despite economy fears

Indian shares pared early gains to trade lower on Thursday&nbsp;after&nbsp;the country's central bank kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut.

The NSE&nbsp;Nifty&nbsp;50 index fell 0.12 per cent&nbsp;to 12,28.65 and the S&amp;P BSE&nbsp;Sensex&nbsp;shed 0.06 per cent&nbsp;to 40,824.68 by 0636 GMT.

The <a href="https://www.wionews.com/business-economy/avoiding-temptation-rbi-likely-to-cut-key-rate-by-just-25-basis-points-207455">Reserve Bank of India</a> (RBI) left its key repo rate unchanged at 5.15 per cent, and said it would continue with an accommodative stance&nbsp;after&nbsp;its policy meeting.

Economists polled by Reuters expected the central bank to cut&nbsp;rates&nbsp;for the sixth time this year.

"While the decision to pause is not entirely unjustified given the clear lack of efficacy of monetary policy actions through the policy rate cut channel, what is worrying is that the&nbsp;RBI&nbsp;did not announce any unconventional measure but hoped for better transmission of its past actions," said Kunal Kundu, an economist with Societe Generale in Bengaluru.

Expectations of a rate cut were fueled&nbsp;after&nbsp;India's economic growth slowed to 4.5&nbsp;per cent&nbsp;in the July-September period, its weakest pace since 2013, piling pressure on Prime Minister Narendra Modi to speed up reforms.

The&nbsp;Nifty&nbsp;had risen 7.7&nbsp;per cent&nbsp;and the&nbsp;<a href="https://www.wionews.com/business-economy/sensex-nifty-recover-after-report-rekindles-us-china-trade-deal-hopes-266189">Sensex</a>&nbsp;has gained 8.43&nbsp;per cent&nbsp;since the last rate cut in October, mainly due to measures such as reducing the corporate tax rate and hopes of more stimulus.

The benchmark 10-year bond yield rose to 6.5502&nbsp;per cent&nbsp;from 6.4735 per centbefore the announcement, while the rupee weakened to 71.58 against the US&nbsp;dollar. The local currency stood at 71.5 before the decision.

Among the sectors, the&nbsp;Nifty&nbsp;metals index fell most, shedding 1.32per cent.

Zee Entertainment rose 1.37 per cent&nbsp;to the top of the&nbsp;Nifty, while Coal India was the biggest laggard, dropping 2.29 per cent.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3&nbsp;per cent&nbsp;on signs the United States and China were on track for a preliminary trade deal.

Indian shares pared early gains to trade lower on Thursday after the country's central bank kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut.

Indian shares pared early gains to trade lower on Thursday after the country's central bank kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut. The NSE Nifty 50 index fell 0.12 per cent to 12,28.65 and the S&P BSE Sensex shed 0.06 per cent to 40,824.68 by 0636 GMT. The Reserve Bank of India (RBI) left its key repo rate unchanged at 5.15 per cent, and said it would continue with an accommodative stance after its policy meeting. Economists polled by Reuters expected the central bank to cut rates for the sixth time this year. "While the decision to pause is not entirely unjustified given the clear lack of efficacy of monetary policy actions through the policy rate cut channel, what is worrying is that the RBI did not announce any unconventional measure but hoped for better transmission of its past actions," said Kunal Kundu, an economist with Societe Generale in Bengaluru. Expectations of a rate cut were fueled after India's economic growth slowed to 4.5 per cent in the July-September period, its weakest pace since 2013, piling pressure on Prime Minister Narendra Modi to speed up reforms. The Nifty had risen 7.7 per cent and the Sensex has gained 8.43 per cent since the last rate cut in October, mainly due to measures such as reducing the corporate tax rate and hopes of more stimulus. The benchmark 10-year bond yield rose to 6.5502 per cent from 6.4735 per centbefore the announcement, while the rupee weakened to 71.58 against the US dollar. The local currency stood at 71.5 before the decision. Among the sectors, the Nifty metals index fell most, shedding 1.32per cent. Zee Entertainment rose 1.37 per cent to the top of the Nifty, while Coal India was the biggest laggard, dropping 2.29 per cent. Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent on signs the United States and China were on track for a preliminary trade deal.

Nifty, Sensex slip after RBI surprises by steady holding rates

India's&nbsp;demand&nbsp;for&nbsp;diesel&nbsp;will remain subdued&nbsp;until&nbsp;the second half of&nbsp;2020, when analysts expect various policy measures aimed at stimulating industrial activity to kick in and soak up excess fuel.

Until&nbsp;consumption picks up in Asia's third-largest economy, where economic&nbsp;growth&nbsp;has slowed to six-year&nbsp;lows, refiners are likely to extend their recent stretch of rare&nbsp;diesel&nbsp;exports, which have weighed on refining margins in the region.

Diesel&nbsp;accounts for about two-fifths of refined fuel&nbsp;demand&nbsp;in India, which has grown by its slowest pace since the fiscal year 2014 this year amid&nbsp;tight credit markets, contracting auto sales and slowing rail and air traffic.

<a href="https://www.wionews.com/business-economy/petrol-diesel-prices-hiked-third-time-week-168083">Diesel</a>&nbsp;exports could climb by up to 8 million tonnes in the 2019-20 fiscal year from the 28 million tonnes shipped the year before, said an executive at a state refiner who could not be named due to company policy.

Ship-tracking data compiled by Refinitiv show&nbsp;India's&nbsp;diesel&nbsp;exports since the fiscal year start in April have jumped 8.9 per cent&nbsp;from the same period in 2018 to 17.7 million tonnes, the highest for that time span since at least 2015.

India consumed 83.5 million tonnes of&nbsp;diesel&nbsp;in the 2018/19 fiscal year, <a href="https://www.wionews.com/india-general-elections-2019/cabinet-20-most-ministers-retain-earlier-ministries-check-complete-list-223154">Ministry of Petroleum and Natural Gas </a>data show, which was a record and 3 per cent&nbsp;above the prior year's total.

But&nbsp;demand&nbsp;growth&nbsp;in 2019/20 could be "flat or 1 per cent", according to K. Ravichandran, group head for corporate sector ratings at ICRA Ltd, a local of arm of Moody's.

Bhanu Patni, oil and gas analyst at Fitch's local unit Indian Ratings, said&nbsp;diesel&nbsp;consumption will continue to contract for the next several months.

"Diesel&nbsp;consumption will not improve before the first half of&nbsp;2020," she said.

India announced cuts to corporate tax rates in September to help boost manufacturing and private investment, while the central bank also cut interest rates to spur economic activity, but the steps have yet to increase&nbsp;demand.

India has not released factory output data for October, but a 7.4 per cent&nbsp;decline in the month's&nbsp;diesel&nbsp;consumption the&nbsp;lowest in three years - suggests the country's industrial engine continues to sputter.

Diesel&nbsp;demand&nbsp;has also taken a hit from lingering monsoon rains which curbed consumption in the farm sector and hindered rural construction work since September.

Greater use of solar-powered irrigation pumps has dented farm sector&nbsp;demand, while a steady shift away from&nbsp;diesel&nbsp;to gasoline-powered cars has also slowed&nbsp;diesel&nbsp;consumption.

Oil&nbsp;demand&nbsp;may also be curbed by&nbsp;India's&nbsp;slowdown. Data last week showed annual economic&nbsp;growth&nbsp;slowed to 4.5 per cent&nbsp;in the July-September quarter, the weakest pace since 2013.

Even so, analysts expect the government's stimulus efforts to gain traction in the coming months and lead to a lift in&nbsp;diesel&nbsp;use in&nbsp;2020.

Singapore based consulting firm FGE expects&nbsp;India's&nbsp;diesel&nbsp;demand&nbsp;growth&nbsp;to rise to about 2 per cent&nbsp;in&nbsp;2020/21 from below&nbsp;1 per cent&nbsp;in 2019/20, said Sri Paravaikkarasu, director for Asia Oil.

"We could expect the government to launch some stimulus measures to boost momentum in&nbsp;India's&nbsp;economic&nbsp;growth. This should support industrial and freight activities and infrastructure developments...providing the needed impetus to gas oil&nbsp;demand&nbsp;growth," she said.

The government is pushing for more reforms and incentives to attract foreign investors to set up factories in India.

An executive at a state refiner, who could not be named due to company policy, said&nbsp;diesel&nbsp;demand&nbsp;will continue to rise even if economic&nbsp;growth&nbsp;was slower and was more upbeat about&nbsp;2020&nbsp;demand.

"This year we expect&nbsp;growth&nbsp;of 1.5 per cent-2 per cent&nbsp;in&nbsp;diesel&nbsp;sales, and next year it could be 3-4 per cent," he said.

India's demand for diesel will remain subdued until the second half of 2020, when analysts expect various policy measures aimed at stimulating industrial activity to kick in and soak up excess fuel.

India's demand for diesel will remain subdued until the second half of 2020, when analysts expect various policy measures aimed at stimulating industrial activity to kick in and soak up excess fuel. Until consumption picks up in Asia's third-largest economy, where economic growth has slowed to six-year lows, refiners are likely to extend their recent stretch of rare diesel exports, which have weighed on refining margins in the region. Diesel accounts for about two-fifths of refined fuel demand in India, which has grown by its slowest pace since the fiscal year 2014 this year amid tight credit markets, contracting auto sales and slowing rail and air traffic. Diesel exports could climb by up to 8 million tonnes in the 2019-20 fiscal year from the 28 million tonnes shipped the year before, said an executive at a state refiner who could not be named due to company policy. Ship-tracking data compiled by Refinitiv show India's diesel exports since the fiscal year start in April have jumped 8.9 per cent from the same period in 2018 to 17.7 million tonnes, the highest for that time span since at least 2015. India consumed 83.5 million tonnes of diesel in the 2018/19 fiscal year, Ministry of Petroleum and Natural Gas data show, which was a record and 3 per cent above the prior year's total. But demand growth in 2019/20 could be "flat or 1 per cent", according to K. Ravichandran, group head for corporate sector ratings at ICRA Ltd, a local of arm of Moody's. Bhanu Patni, oil and gas analyst at Fitch's local unit Indian Ratings, said diesel consumption will continue to contract for the next several months. "Diesel consumption will not improve before the first half of 2020," she said. India announced cuts to corporate tax rates in September to help boost manufacturing and private investment, while the central bank also cut interest rates to spur economic activity, but the steps have yet to increase demand. India has not released factory output data for October, but a 7.4 per cent decline in the month's diesel consumption the lowest in three years - suggests the country's industrial engine continues to sputter. Diesel demand has also taken a hit from lingering monsoon rains which curbed consumption in the farm sector and hindered rural construction work since September. Greater use of solar-powered irrigation pumps has dented farm sector demand, while a steady shift away from diesel to gasoline-powered cars has also slowed diesel consumption. Oil demand may also be curbed by India's slowdown. Data last week showed annual economic growth slowed to 4.5 per cent in the July-September quarter, the weakest pace since 2013. Even so, analysts expect the government's stimulus efforts to gain traction in the coming months and lead to a lift in diesel use in 2020. Singapore based consulting firm FGE expects India's diesel demand growth to rise to about 2 per cent in 2020/21 from below 1 per cent in 2019/20, said Sri Paravaikkarasu, director for Asia Oil. "We could expect the government to launch some stimulus measures to boost momentum in India's economic growth. This should support industrial and freight activities and infrastructure developments...providing the needed impetus to gas oil demand growth," she said. The government is pushing for more reforms and incentives to attract foreign investors to set up factories in India. An executive at a state refiner, who could not be named due to company policy, said diesel demand will continue to rise even if economic growth was slower and was more upbeat about 2020 demand. "This year we expect growth of 1.5 per cent-2 per cent in diesel sales, and next year it could be 3-4 per cent," he said.

India's diesel demand growth seen stuck in low gear until mid-2020

<a href="https://www.wionews.com/world/united-airlines-bars-two-girls-from-boarding-for-wearing-leggings-13833">United Airlines</a> said Tuesday it had ordered 50 Airbus A321XLR aircraft, worth an estimated $6.5 billion, to replace an existing fleet of aging Boeings.

The new Airbus planes, which will be delivered in 2024, will allow United to retire its Boeing 757-200s, the company said.&nbsp;

The<a href="https://www.wionews.com/business-economy/us-may-increase-tariffs-after-world-trade-organization-rejects-european-union-claims-over-airbus-265870"> Airbus</a> order is the latest blow to the American manufacturer, already deeply mired in the crisis surrounding its 737 MAX.

Boeing, whose 737 MAX has been grounded worldwide after two crashes that resulted in 346 deaths, currently has no new aircraft to compete with the Airbus A321XLR in the mid-market range.

Airbus launched the A321XLR only this year, at the<a href="https://www.wionews.com/photos/paris-air-show-how-britains-future-combat-air-system-will-overpower-dassaults-rafale-228062"> Paris Air Show </a>in June.&nbsp;

The single-aisle aircraft's range is 15 percent above that of its predecessor model, the A321LR, making it a cost-effective alternative to long-haul wide-body planes.

United said it intends to use the new aircraft to serve additional European destinations from US East Coast hubs in Newark/New York and Washington.

United turned to Airbus for the purchase due to Boeing's lack of aircraft in the mid-market range, a source close to the matter told AFP on condition of anonymity.

"There are no aircraft currently offered by Boeing that can replace the 757," the source said, adding that negotiations between Airbus and United began several months ago.

Boeing, which is currently focused on returning its MAX aircraft to the sky, has already postponed the possible announcement of a new model aircraft (NMA) until next year.

The manufacturer recently presented the design to various airlines, industrial sources told AFP.

Airbus decided to no longer publish the catalog prices for its aircraft beginning in 2019. However, the A321XLR is a long-range version of the A321, whose unit value was $129.5 million in 2018.

United has meanwhile postponed receipt of its first 45 Airbus A350 long-haul aircraft by five years.

The company, which ordered the planes in 2017, said it now plans to have them delivered in 2027 instead of 2022.

United Airlines said Tuesday it had ordered 50 Airbus A321XLR aircraft, worth an estimated $6.5 billion, to replace an existing fleet of aging Boeings. The new Airbus planes, which will be delivered in 2024, will allow United to retire its Boeing 757-200s, the company said.

United Airlines said Tuesday it had ordered 50 Airbus A321XLR aircraft, worth an estimated $6.5 billion, to replace an existing fleet of aging Boeings. The new Airbus planes, which will be delivered in 2024, will allow United to retire its Boeing 757-200s, the company said. The Airbus order is the latest blow to the American manufacturer, already deeply mired in the crisis surrounding its 737 MAX. Boeing, whose 737 MAX has been grounded worldwide after two crashes that resulted in 346 deaths, currently has no new aircraft to compete with the Airbus A321XLR in the mid-market range. Airbus launched the A321XLR only this year, at the Paris Air Show in June. The single-aisle aircraft's range is 15 percent above that of its predecessor model, the A321LR, making it a cost-effective alternative to long-haul wide-body planes. United said it intends to use the new aircraft to serve additional European destinations from US East Coast hubs in Newark/New York and Washington. United turned to Airbus for the purchase due to Boeing's lack of aircraft in the mid-market range, a source close to the matter told AFP on condition of anonymity. "There are no aircraft currently offered by Boeing that can replace the 757," the source said, adding that negotiations between Airbus and United began several months ago. Boeing, which is currently focused on returning its MAX aircraft to the sky, has already postponed the possible announcement of a new model aircraft (NMA) until next year. The manufacturer recently presented the design to various airlines, industrial sources told AFP. Airbus decided to no longer publish the catalog prices for its aircraft beginning in 2019. However, the A321XLR is a long-range version of the A321, whose unit value was $129.5 million in 2018. United has meanwhile postponed receipt of its first 45 Airbus A350 long-haul aircraft by five years. The company, which ordered the planes in 2017, said it now plans to have them delivered in 2027 instead of 2022.

50 Airbus aircraft ordered to replace the existing fleet of ageing Boeing: United Airlines

The institutional tranche of <a href="https://www.wionews.com/business-economy/saudi-arabia-kick-starts-ipo-of-worlds-largest-oil-company-259638">Saudi Aramco's</a> planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday.

The book-building process for allocating shares to institutional buyers typically asset managers, insurers or pension funds&nbsp;began on November&nbsp;17 and investors have until 1700 Saudi time on December&nbsp;4 to place orders.

Aramco plans to sell 1.5 per cent&nbsp;of its shares in a deal that could raise up to $25.6 billion.

The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from&nbsp;institutions&nbsp;in the first 17 days of the IPO, Samba Capital, NCB Capital, and HSBC Saudi Arabia said.

Typically, IPOs in Saudi Arabia tend to be subscribed many times over, although the unprecedented size of Aramco's listing means it is harder to benchmark the level of demand.

The biggest IPO in Saudi Arabia, before Aramco, was for the <a href="https://www.wionews.com/world/saudi-arabia-must-face-us-lawsuits-over-september-11-attacks-127162">National Commercial Bank</a> (NCB) in 2013, which sought to raise $6 billion and was oversubscribed many times over.

Aramco has previously said 0.5 per cent of the offering will be allocated to retail investors, leaving 1 per cent or&nbsp;2 billion shares for institutional buyers.

The deal could be the world's biggest IPO if it tops the $25 billion listing of China's <a href="https://www.wionews.com/business-economy/alibaba-launches-134-billion-hong-kong-listing-to-fund-expansion-261906">Alibaba Group </a>Holding Ltd&nbsp;in 2014.

The lead managers did not provide a breakdown of the institutional investors, but in a separate statement last week Samba Capital said the bulk of orders came from Saudi companies and funds, while foreign investors accounted for just 10.5 per cent&nbsp;of the offers as of November&nbsp;28.

The retail tranche, which closed on that date, attracted bids worth 47.4 billion riyals, equivalent to around 1.5 times the number of shares offered.

Riyadh scaled back its original IPO plans, scrapping an international roadshow to focus instead on marketing the offering to wealthy <a href="https://www.wionews.com/opinions/trouble-in-the-gulf-as-us-iran-dispute-threatens-to-escalate-into-serious-conflict-220323">Gulf Arab allies</a>. It has stayed quiet on when or where it might list the stock abroad.

The deal is the centerpiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from oil.

The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.

The institutional tranche of Saudi Aramco's planned initial public offering (IPO) has been almost three times oversubscribed, receiving orders worth 189.04 billion riyals ($50.4 billion), financial advisers for the IPO said on Tuesday. The book-building process for allocating shares to institutional buyers typically asset managers, insurers or pension funds began on November 17 and investors have until 1700 Saudi time on December 4 to place orders. Aramco plans to sell 1.5 per cent of its shares in a deal that could raise up to $25.6 billion. The state-owned Saudi oil giant has received subscription orders for around 5.9 billion shares so far from institutions in the first 17 days of the IPO, Samba Capital, NCB Capital, and HSBC Saudi Arabia said. Typically, IPOs in Saudi Arabia tend to be subscribed many times over, although the unprecedented size of Aramco's listing means it is harder to benchmark the level of demand. The biggest IPO in Saudi Arabia, before Aramco, was for the National Commercial Bank (NCB) in 2013, which sought to raise $6 billion and was oversubscribed many times over. Aramco has previously said 0.5 per cent of the offering will be allocated to retail investors, leaving 1 per cent or 2 billion shares for institutional buyers. The deal could be the world's biggest IPO if it tops the $25 billion listing of China's Alibaba Group Holding Ltd in 2014. The lead managers did not provide a breakdown of the institutional investors, but in a separate statement last week Samba Capital said the bulk of orders came from Saudi companies and funds, while foreign investors accounted for just 10.5 per cent of the offers as of November 28. The retail tranche, which closed on that date, attracted bids worth 47.4 billion riyals, equivalent to around 1.5 times the number of shares offered. Riyadh scaled back its original IPO plans, scrapping an international roadshow to focus instead on marketing the offering to wealthy Gulf Arab allies. It has stayed quiet on when or where it might list the stock abroad. The deal is the centerpiece of Crown Prince Mohammed bin Salman's plans to diversify the Saudi economy away from oil.

Saudi Aramco IPO institutional tranche 2.95 times oversubscribed