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

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

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

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

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

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

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

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

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

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

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

Sensex, Nifty close higher, financials gain

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

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

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

Nifty, Sensex flat as financials offset IT gains

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

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

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

Boeing supplier employees anxious as company halts 737 Max production

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

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

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

Airbnb wins fight to remain exempt from European property rules

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

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

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

Nifty, Sensex end higher; IT, auto stocks gain

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

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

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

China announces new tariff exemptions for US chemical, oil products

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

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

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

Swiss competition watchdog curbs Swatch watch movement shipments

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

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

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

Stocks near record highs, Sweden ends negative rates

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hedge funds gained early access to BoE press conference feeds

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

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

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

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

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

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

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

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

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

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

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

The&nbsp;pound&nbsp;extended its slide on Wednesday, as Britain's fixing of a fresh Brexit deadline rekindled fears of a <a href="https://www.wionews.com/world/welcoming-new-lawmakers-pm-johnson-vows-a-speedy-brexit-268619">chaotic exit</a> from the European Union, while the dollar won back lost ground.

Sterling has collapsed more than 3 per cent&nbsp;since it peaked at an 18-month high of $1.3516 after Prime Minister Boris Johnson's landslide electoral victory last week.

His government, which campaigned to "<a href="https://www.wionews.com/world/boris-johnson-uses-threat-of-brexit-cliff-edge-to-demand-eu-trade-deal-by-end-of-2020-268681">get Brexit done</a>," on Tuesday set the end of 2020 as an immovable deadline.

"With the level of frothiness in positioning, I think people had priced in very smooth sailing throughout 2020," said Chris Weston, head of research at Melbourne brokerage Pepperstone.

"This has given us a snap back to&nbsp;reality. If you thought Brexit was solved, and we're going to see very, very smooth times ahead, then that's not quite going to be the case."

Sterling last traded at $1.3102, below where it sat before polling day and 0.2 per cent&nbsp;lower for the session.

Asked if the government would legislate to rule out any extension of the transition beyond 2020, one of Johnson's most senior ministers, <a href="https://www.wionews.com/world/gove-says-united-kingdom-will-leave-european-union-by-october-31-farage-calls-for-general-election-257092">Michael Gove</a>, said "Exactly, absolutely."

In Brussels, officials said the timetable was "rigid" and likely to limit the scope of any deal.

Against the euro, the&nbsp;pound&nbsp;hit a two-week low of 85.17 pence per euro. The currency approaches another hurdle with inflation data due at 0930 GMT.

Focus will also be on German business sentiment data due later on Wednesday, along with a speech from European Central Bank Chief Christine Lagarde at 0830 GMT and remarks from US&nbsp;Federal Reserve Chicago President <a href="https://www.wionews.com/world/trade-uncertainty-to-trim-850-billion-global-output-fed-paper-247964">Charles Evans</a> at 1740 GMT.

Split Milk

<a href="https://www.wionews.com/business-economy/sterling-rebounds-on-eve-of-uk-election-267749">Sterling's </a>slide supported the dollar to its highest in a week against a basket of currencies at 97.320.

Elsewhere, moves were slight as trading slows down into the holiday season and as the currency market waits for details on the Sino-US&nbsp;trade deal.

In the absence of fresh news, the Chinese yuan slipped back to the weaker side of 7-per-dollar at 7.0061.

"It is a slightly more generalised firmer US&nbsp;dollar. I don't think this is news or fundamentally driven flows," said Ray Attrill, Head of FX strategy at National Australia Bank.

The greenback was a little weaker on the euro at $1.1131. The kiwi&nbsp;was knocked by an unexpectedly steep drop in dairy prices, the top national export, pushing the currency to a week low of $0.6555.

The Australian dollar&nbsp;held near its lowest in a week as well ahead of crucial employment data due on Thursday. A disappointment could bring forward another rate cut, especially after the Reserve Bank of Australia (RBA) foreshadowed possible easing in December meeting minutes released on Tuesday.

"The RBA minutes struck a more dovish tone than the statement on the day, specifically citing the February meeting as a suitable time to reassess the (currently upbeat) outlook," Westpac analysts said in a note.

Futures markets have priced an even chance of a benchmark rate cut from an already record low 0.75 per cent.

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

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

Reality bites pound as Brexit fears return

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

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

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

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

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

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

IT stocks propel Indian shares to all-time peaks

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

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

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

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

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

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

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

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

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

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

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

Fiat Chrysler, French carmaker PSA agree on mega merger

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

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

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

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

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

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

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

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

Oil&nbsp;prices fell on Wednesday after&nbsp;US&nbsp;industry data showed a surprise&nbsp;build-up in crude&nbsp;inventories&nbsp;but losses were kept in check by expectations for an uptick in&nbsp;demand&nbsp;next year on the back of progress in resolving the&nbsp;<a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade</a> row.

Brent crude futures&nbsp;dropped 41 cents, or 0.6 per cents, to $65.69 a barrel by 0940 GMT on Wednesday. West Texas Intermediate (WTI) crude futures fell 52 cents, or 0.9 per cents, to $60.42 per barrel.

Prices had&nbsp;risen more than 1 per cent&nbsp;in the previous session after the announcement last week of the so-called <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">Phase One</a> of a&nbsp;U.S.-China trade deal, which lifted global economic prospects and improved the outlook for energy&nbsp;demand.

"The sizzling&nbsp;oil&nbsp;market rally came to a grinding halt after an unexpected climb in the weekly&nbsp;US&nbsp;crude inventory report," said <a href="https://www.wionews.com/business-&amp;-economy/oil-prices-drop-on-worries-about-oversupply-154079?amp">Stephen Innes</a>, market strategist at AxiTrader, although he said figures for stocks were "unlikely to be a game-changer."

"Investors have transcended the trade deal-inspired relief rally euphoria, and are now banking on a fundamental&nbsp;demand-driven shift that could quicken the pace of the&nbsp;oil&nbsp;market rebalancing in the first quarter of 2020," he said.

US&nbsp;crude&nbsp;inventories&nbsp;climbed 4.7 million barrels in the week to December&nbsp;13 to 452 million, compared with analysts' expectations for a draw of 1.3 million barrels, data from industry group the <a href="https://www.wionews.com/world/us-oil-falls-to-three-week-low-on-inventory-gains-due-to-brexit-fears-506">American Petroleum Institute</a> showed.

Data from the&nbsp;US&nbsp;Energy Information Administration (EIA) is due later on Wednesday.

"As much as the API has taken the wind out of bulls' sails, the lull in&nbsp;upside is expected to be short-lived. After all, recent positive developments have given&nbsp;oil&nbsp;fundamentals for next year a supportive shot in the arm," said Stephen Brennock of&nbsp;oil&nbsp;broker PVM.

Deeper production cuts&nbsp;coming from the Organization of the Petroleum Exporting Countries and its allies, such as Russia, which make up a group known as OPEC+, also continued to offer some support and prevented a further slide in prices.

OPEC+, which has cut production by 1.2 million barrels per day (bpd) since January 1 this year, will make a further output cut of 500,000 bpd from January 1, 2020, to support the market.&nbsp;

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

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

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