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Equity benchmark indices were largely flat during early hours on Wednesday following gloomy global trends after US President Donald Trump said a trade deal with China may have to wait until after the 2020 presidential election.

At 10:15 am, the BSE S &amp; P Sensex was up by 90 points to 40,766 while the Nifty 50 edged higher by 20 points at 12,014. Except for Nifty metal which slipped by nearly 1 per cent, all other sectoral indices at the National Stock Exchange were in the green with thin margins.

Among stocks, Bharti Infratel gained by 3.5 per cent to Rs 257.10 per share while Tata Motors ticked up by 3 per cent. Private lenders ICICI Bank and Axis Bank showed gains of 1.4 per cent and 0.9 per cent. 
The other prominent gainers were Eicher Motors, Mahindra &amp; Mahindra, Wipro, Tata Consultancy Services, Adani Ports, ONGC and Hindustan Lever.

However, metal stocks lost shine with JSW Steel dropping by 2.7 per cent, Tata Steel by 1.3 per cent, Hindalco by 0.8 per cent and Vedanta by 0.5 per cent. Reliance Industries was down by 0.7 per cent to Rs 1,567.60 per share.

Meanwhile, Asian shares extended their losses after US President Donald Trump dashed hopes for a quick preliminary agreement with China on trade tariffs, saying the deal may have to wait until after the 2020 presidential election.

Fresh US tariffs on Argentina and Brazil, as well as threatened duties on French goods, also darkened the mood. MSCI's broadest index of AsiaPacific shares outside Japan fell by 0.9 per cent.

Japan's Nikkei dropped by 1.2 per cent, matched by falls in Hong Kong and South Korea where stock markets hit their lowest since October.

Equity benchmark indices were largely flat during early hours on Wednesday following gloomy global trends after US President Donald Trump said a trade deal with China may have to wait until after the 2020 presidential election.

Equity benchmark indices were largely flat during early hours on Wednesday following gloomy global trends after US President Donald Trump said a trade deal with China may have to wait until after the 2020 presidential election. At 10:15 am, the BSE S & P Sensex was up by 90 points to 40,766 while the Nifty 50 edged higher by 20 points at 12,014. Except for Nifty metal which slipped by nearly 1 per cent, all other sectoral indices at the National Stock Exchange were in the green with thin margins. Among stocks, Bharti Infratel gained by 3.5 per cent to Rs 257.10 per share while Tata Motors ticked up by 3 per cent. Private lenders ICICI Bank and Axis Bank showed gains of 1.4 per cent and 0.9 per cent. The other prominent gainers were Eicher Motors, Mahindra & Mahindra, Wipro, Tata Consultancy Services, Adani Ports, ONGC and Hindustan Lever. However, metal stocks lost shine with JSW Steel dropping by 2.7 per cent, Tata Steel by 1.3 per cent, Hindalco by 0.8 per cent and Vedanta by 0.5 per cent. Reliance Industries was down by 0.7 per cent to Rs 1,567.60 per share. Meanwhile, Asian shares extended their losses after US President Donald Trump dashed hopes for a quick preliminary agreement with China on trade tariffs, saying the deal may have to wait until after the 2020 presidential election. Fresh US tariffs on Argentina and Brazil, as well as threatened duties on French goods, also darkened the mood. MSCI's broadest index of AsiaPacific shares outside Japan fell by 0.9 per cent. Japan's Nikkei dropped by 1.2 per cent, matched by falls in Hong Kong and South Korea where stock markets hit their lowest since October.

Stock market indices flat as Trump hints at delay in trade talks

Five interest rate cuts since the start of the year hasn't stopped India's economy from slowing to its weakest growth rate since 2013, but the&nbsp;Reserve Bank of India&nbsp;is expected to make its sixth cut on Thursday to give what little relief it can.

<a href="https://www.wionews.com/business-economy/indias-q2-gdp-falls-to-45-lowest-in-6-years-265259">Growing by 4.5&nbsp;per cent</a>&nbsp;annually in the June-September quarter, down from 7 per cent&nbsp;a year earlier, the economy is expanding well below the rate needed to generate enough jobs for the millions of younth&nbsp;entering the labour market each month.

The gross domestic product numbers released on Friday showed government spending helping to prop up weak demand, but private investment growth had virtually collapsed, with a crisis in the shadow banking sector causing illiquidity in the economy.

A Reuters poll of 70 economists predicted the RBI would cut its repo rate by 25 basis points (bps) to 4.90 per cent&nbsp;when the monetary policy committee's decision is announced on Thursday, and then by another 15 bps in the second quarter of 2020, where it will stay at least until 2021.

A 25 bps cut would take the cumulative rate cuts by Asia's most aggressive central bank to 160 bps since February and will be the most in a calendar year since 2009.

Madhavi Arora, economist forex and rates at Edelweiss Securities, said the RBI faced "a tough policy dilemma", as economic growth was underperforming, inflation was overshooting, and the government lacked fiscal room to manoeuvre.

She said the latest GDP numbers supported the view in Edelweiss that the RBI will ease "by at least another 50 bps in this cycle, despite an uptick in inflation beyond the 4 per cent&nbsp;comfort zone in the coming months."

Annual retail inflation rose to 4.62 per cent&nbsp;last month, climbing above 4 per cent&nbsp;for the first time in 15 months and up from 3.99 per cent&nbsp;in September.

Analysts believe transient factors were to blame, so the central bank still had room to continue cutting rates.

The September industrial output too contracted 4.3 per cent, following a decline of 1.4 per cent&nbsp;in August.

At its policy review in October, the RBI sharply lowered its growth projection for 2019/20 (April-March) by 80 bps to 6.1 per cent, but most economists expect another downward revision on Thursday.

Rate cuts alone are however expected to do little to revive growth and calls for more direct fiscal stimulus have grown in recent weeks.

A significant minority of economists - 24 of 56 - who answered an additional question in the poll said rate cuts would marginally boost the economy, while nearly a third said they would have little or no impact.

Anagha Deodhar, an economist at ICICI Securities in Mumbai said there was a strong case for an interest rate on Thursday, though monetary policy has limited benefits in the current circumstances.

"Hence, fiscal policy will have to do the heavy-lifting to boost growth. Sector-specific measures and increased government spending could be the quickest way to boost growth in the near term," Deodhar said.

Five interest rate cuts since the start of the year hasn't stopped India's economy from slowing to its weakest growth rate since 2013, but the Reserve Bank of India is expected to make its sixth cut on Thursday to give what little relief it can.

Five interest rate cuts since the start of the year hasn't stopped India's economy from slowing to its weakest growth rate since 2013, but the Reserve Bank of India is expected to make its sixth cut on Thursday to give what little relief it can. Growing by 4.5 per cent annually in the June-September quarter, down from 7 per cent a year earlier, the economy is expanding well below the rate needed to generate enough jobs for the millions of younth entering the labour market each month. The gross domestic product numbers released on Friday showed government spending helping to prop up weak demand, but private investment growth had virtually collapsed, with a crisis in the shadow banking sector causing illiquidity in the economy. A Reuters poll of 70 economists predicted the RBI would cut its repo rate by 25 basis points (bps) to 4.90 per cent when the monetary policy committee's decision is announced on Thursday, and then by another 15 bps in the second quarter of 2020, where it will stay at least until 2021. A 25 bps cut would take the cumulative rate cuts by Asia's most aggressive central bank to 160 bps since February and will be the most in a calendar year since 2009. Madhavi Arora, economist forex and rates at Edelweiss Securities, said the RBI faced "a tough policy dilemma", as economic growth was underperforming, inflation was overshooting, and the government lacked fiscal room to manoeuvre. She said the latest GDP numbers supported the view in Edelweiss that the RBI will ease "by at least another 50 bps in this cycle, despite an uptick in inflation beyond the 4 per cent comfort zone in the coming months." Annual retail inflation rose to 4.62 per cent last month, climbing above 4 per cent for the first time in 15 months and up from 3.99 per cent in September. Analysts believe transient factors were to blame, so the central bank still had room to continue cutting rates. The September industrial output too contracted 4.3 per cent, following a decline of 1.4 per cent in August. At its policy review in October, the RBI sharply lowered its growth projection for 2019/20 (April-March) by 80 bps to 6.1 per cent, but most economists expect another downward revision on Thursday. Rate cuts alone are however expected to do little to revive growth and calls for more direct fiscal stimulus have grown in recent weeks. A significant minority of economists - 24 of 56 - who answered an additional question in the poll said rate cuts would marginally boost the economy, while nearly a third said they would have little or no impact. Anagha Deodhar, an economist at ICICI Securities in Mumbai said there was a strong case for an interest rate on Thursday, though monetary policy has limited benefits in the current circumstances. "Hence, fiscal policy will have to do the heavy-lifting to boost growth. Sector-specific measures and increased government spending could be the quickest way to boost growth in the near term," Deodhar said.

RBI likely to slash interest rates for 6th time on December 5 to support growth

Business&nbsp;activity&nbsp;in&nbsp;Hong&nbsp;Kong&nbsp;contracted at the fastest pace in&nbsp;21&nbsp;years&nbsp;in&nbsp;November, dragged down by anti-government protests and softening global demand, an IHS Markit survey showed on Wednesday.

Increasingly violent demonstrations have disrupted the Chinese-ruled city for nearly six months, battering its retail and tourism sector and plunging its economy into recession for the first time in a decade.

The seasonally adjusted headline&nbsp;Hong&nbsp;Kong&nbsp;Purchasing Manager's Index (PMI) fell to 38.5 in&nbsp;November, down from 39.3 in October and signaling the steepest private sector downturn since the SARS epidemic in early 2003.

A survey reading above 50 indicates expansion, while a figure below 50 denotes contraction on a monthly basis.

"Escalating political unrest saw&nbsp;business&nbsp;activity&nbsp;shrinking at the steepest rate since the survey started in July 1998," said Bernard Aw, principal economist at IHS Markit.

"The average PMI reading for October and&nbsp;November&nbsp;combined showed the economy on track to see GDP fall by over 5 per cent&nbsp;in the fourth quarter unless December brings a dramatic recovery."

Demand from mainland China shrank for a nineteenth straight month in&nbsp;November, although the pace of contraction eased from October.

Companies also continued to scale back their purchases of raw materials and other inputs, with 38 per cent&nbsp;of survey respondents predicting weaker&nbsp;activity&nbsp;in the year ahead, citing political unrest and the protracted US-China trade war.

Hong&nbsp;Kong's retail sales fell the&nbsp;most&nbsp;on record in October, sinking 24.3 per cent&nbsp;from a year earlier, government data showed on Monday. Tourist arrivals plunged nearly 44 per cent.

Protesters are angry by what they see as Beijing's tightening grip over the city's cherished freedoms promised under a "one country, two systems" formula when Britain returned it to Chinese rule in 1997.

China denies interfering and says it is committed to the “one country, two systems” formula put in place at that time and has blamed foreign forces for fomenting unrest.

The crisis has heightened tensions between Washington and Beijing, complicating the two sides' efforts to negotiate a trade deal.

Economists at ING said&nbsp;Hong&nbsp;Kong&nbsp;is sliding into a hard-landing recession.

"No one is expecting a sudden end to the violent situation. We're forecasting GDP growth at&nbsp;7 per cent for the fourth quarter, and full-year growth will be 2.25 per cent&nbsp;in 2019, which is close in scale to 2009's recession of 2.5 per cent," they said in a note on Monday.

The economy could shrink 5.8 per cent&nbsp;in 2020, assuming trade war uncertainty and violent protests drag on through the year, ING said.

Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by anti-government protests and softening global demand, an IHS Markit survey showed on Wednesday.

Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by anti-government protests and softening global demand, an IHS Markit survey showed on Wednesday. Increasingly violent demonstrations have disrupted the Chinese-ruled city for nearly six months, battering its retail and tourism sector and plunging its economy into recession for the first time in a decade. The seasonally adjusted headline Hong Kong Purchasing Manager's Index (PMI) fell to 38.5 in November, down from 39.3 in October and signaling the steepest private sector downturn since the SARS epidemic in early 2003. A survey reading above 50 indicates expansion, while a figure below 50 denotes contraction on a monthly basis. "Escalating political unrest saw business activity shrinking at the steepest rate since the survey started in July 1998," said Bernard Aw, principal economist at IHS Markit. "The average PMI reading for October and November combined showed the economy on track to see GDP fall by over 5 per cent in the fourth quarter unless December brings a dramatic recovery." Demand from mainland China shrank for a nineteenth straight month in November, although the pace of contraction eased from October. Companies also continued to scale back their purchases of raw materials and other inputs, with 38 per cent of survey respondents predicting weaker activity in the year ahead, citing political unrest and the protracted US-China trade war. Hong Kong's retail sales fell the most on record in October, sinking 24.3 per cent from a year earlier, government data showed on Monday. Tourist arrivals plunged nearly 44 per cent. Protesters are angry by what they see as Beijing's tightening grip over the city's cherished freedoms promised under a "one country, two systems" formula when Britain returned it to Chinese rule in 1997. China denies interfering and says it is committed to the “one country, two systems” formula put in place at that time and has blamed foreign forces for fomenting unrest. The crisis has heightened tensions between Washington and Beijing, complicating the two sides' efforts to negotiate a trade deal. Economists at ING said Hong Kong is sliding into a hard-landing recession. "No one is expecting a sudden end to the violent situation. We're forecasting GDP growth at 7 per cent for the fourth quarter, and full-year growth will be 2.25 per cent in 2019, which is close in scale to 2009's recession of 2.5 per cent," they said in a note on Monday. The economy could shrink 5.8 per cent in 2020, assuming trade war uncertainty and violent protests drag on through the year, ING said.

Business activity in Hong Kong shrinks the most in 21 years: Sources

A&nbsp;South&nbsp;Korean&nbsp;court&nbsp;on Wednesday upheld a record $873&nbsp;million&nbsp;fine&nbsp;against&nbsp;US&nbsp;chip&nbsp;giant&nbsp;<a href="https://www.wionews.com/science-tech/tech-group-sides-with-apple-in-qualcomms-iphone-ban-dispute-18142">Qualcomm&nbsp;</a>for unfair business practices related to patent licensing and modem&nbsp;chip&nbsp;sales.

Seoul High&nbsp;Court&nbsp;Judge Noh Tae-ak rejected the company's appeal&nbsp;against&nbsp;the penalty imposed by the Korea Fair Trade Commission (KFTC) in 2016 saying&nbsp;Qualcomm&nbsp;had abused its dominant market position.

The&nbsp;court, however, said the regulator's claims that&nbsp;Qualcomm&nbsp;had disadvantaged smartphone makers by signing "comprehensive" licensing deals lacked evidence, opening the door for the company to continue such practices.

It was not immediately clear whether either side would appeal to the Supreme&nbsp;Court.

Qualcomm, the world's biggest supplier of mobile phone&nbsp;chips, derives most of its profits from a business segment that invents technologies and licenses them.

The company forecast between $1.3 billion and $1.5 billion in revenue for that segment for its fiscal first quarter, above analyst expectations of $1.23 billion, according to IBES data from Refinitiv.

Qualcomm&nbsp;is a top&nbsp;chip&nbsp;supplier to&nbsp;South&nbsp;Korean&nbsp;smartphone makers <a href="https://www.wionews.com/business-economy/samsung-electronics-third-quarter-net-profit-slumps-52-258964">Samsung Electronics</a>&nbsp;and <a href="https://www.wionews.com/business-economy/lg-electronics-joins-hands-with-here-technologies-self-driving-cars-27857">LG Electronics</a>, as well as to <a href="https://www.wionews.com/business-economy/apple-asks-united-states-to-waive-tariffs-on-chinese-made-watches-iphone-parts-airpods-259657">Apple Inc</a>.

A South Korean court on Wednesday upheld a record $873 million fine against US chip giant Qualcomm for unfair business practices related to patent licensing and modem chip sales.

A South Korean court on Wednesday upheld a record $873 million fine against US chip giant Qualcomm for unfair business practices related to patent licensing and modem chip sales. Seoul High Court Judge Noh Tae-ak rejected the company's appeal against the penalty imposed by the Korea Fair Trade Commission (KFTC) in 2016 saying Qualcomm had abused its dominant market position. The court, however, said the regulator's claims that Qualcomm had disadvantaged smartphone makers by signing "comprehensive" licensing deals lacked evidence, opening the door for the company to continue such practices. It was not immediately clear whether either side would appeal to the Supreme Court. Qualcomm, the world's biggest supplier of mobile phone chips, derives most of its profits from a business segment that invents technologies and licenses them. The company forecast between $1.3 billion and $1.5 billion in revenue for that segment for its fiscal first quarter, above analyst expectations of $1.23 billion, according to IBES data from Refinitiv. Qualcomm is a top chip supplier to South Korean smartphone makers Samsung Electronics and LG Electronics, as well as to Apple Inc.

South Korea imposes $873 million fine against US chip gaint Qualcomm

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US&nbsp;President <a href="https://www.wionews.com/business-economy/global-stocks-rattled-after-donald-trump-says-no-deadline-on-us-china-trade-deal-266025">Donald Trump</a> surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election.

US&nbsp;stocks sold off for a third consecutive session overnight, while Asian shares extended losses as hopes for a quick preliminary agreement between the world's two biggest economies were dashed.

A full-blown global trade war is currently seen as the biggest threat to world markets. Fresh US tariffs on Argentina and Brazil, plus a threaten to impose duties on French goods, are fuelling fears that risks are tilting towards an escalation of the crisis.

"Any doubts about the vulnerability of equity markets to the mood of the US&nbsp;President should have been dispelled, as his recent tweets and comments have nearly wiped out the entirety of November's gains," said Ian Williams, economics &amp; strategy analyst at Peel Hunt.

The pan-European equity index STOXX 600, which had slumped 2.2 per cent&nbsp;since the beginning of the month, rose 0.4 per cent&nbsp;but futures markets were still pointing to a slightly negative open on Wall Street.

The mood on the European trading floor is subject to change, with investors awaiting a salvo of surveys on the health of the service sector of major European countries.

"For some months now there has been a concern that the weakness in the manufacturing sector might start to weigh on services activity and there has been some evidence of that in recent months, though not quite to the same extent," wrote Michael Hewson, chief market analyst at CMC Markets, to clients.

The latest trade war scare has put the brakes on a rally that had lifted the S&amp;P 500 since early October when top diplomats from China and the United States met and outlined an initial agreement that Trump said he hoped could be sealed within weeks.

US&nbsp;Commerce Secretary Wilbur Ross said that if no substantial progress was made soon, another round of duties on Chinese imports including cell phones, laptops and toys would take effect on December 15.

The US&nbsp;House of Representatives' passage of a bill proposing a stronger response to a crackdown on Muslims in China's west also added yet another layer of tension, drawing swift condemnation from Beijing on Wednesday.

Beijing's handling of civil unrest in Hong Kong has also drawn criticism from Washington.

"The market was too complacent, thinking both superpowers would be able to compartmentalize these issues away from the broader trade narrative," Stephen Innes chief&nbsp;Asia market strategist at AxiTrader,&nbsp;said in a note.

In currency markets, the euro was flat against the dollar at 1.1081. The Japanese yen and Swiss franc, seen as safe havens stood during market storms were making gains, up 0.17 per cent and 0.13 per cent&nbsp;respectively.

European yields continued their descent on Wednesday as investors continued to fret about the impact of America's trade war, falling between one and two basis points.

The yield on benchmark 10-year US&nbsp;Treasuries fell as low as 1.6930 per cent&nbsp;overnight, the sharpest fall since May and was trading at 1.7105 per cent&nbsp;on Wednesday.

Gold XAU= rose 0.4 per cent&nbsp;to $1,482.9 per ounce.

Brent crude futures were up 0.58 per cent at $61.17 a barrel while US&nbsp;West Texas Intermediate crude gained 0.52 per cent&nbsp;to $56.39 per barrel.

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US President Donald Trump surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election.

European stocks opened higher on Wednesday, recovering some of the losses made in the previous session when US President Donald Trump surprised world markets by saying a trade deal with China could wait until after the 2020 presidential election. US stocks sold off for a third consecutive session overnight, while Asian shares extended losses as hopes for a quick preliminary agreement between the world's two biggest economies were dashed. A full-blown global trade war is currently seen as the biggest threat to world markets. Fresh US tariffs on Argentina and Brazil, plus a threaten to impose duties on French goods, are fuelling fears that risks are tilting towards an escalation of the crisis. "Any doubts about the vulnerability of equity markets to the mood of the US President should have been dispelled, as his recent tweets and comments have nearly wiped out the entirety of November's gains," said Ian Williams, economics & strategy analyst at Peel Hunt. The pan-European equity index STOXX 600, which had slumped 2.2 per cent since the beginning of the month, rose 0.4 per cent but futures markets were still pointing to a slightly negative open on Wall Street. The mood on the European trading floor is subject to change, with investors awaiting a salvo of surveys on the health of the service sector of major European countries. "For some months now there has been a concern that the weakness in the manufacturing sector might start to weigh on services activity and there has been some evidence of that in recent months, though not quite to the same extent," wrote Michael Hewson, chief market analyst at CMC Markets, to clients. The latest trade war scare has put the brakes on a rally that had lifted the S&P 500 since early October when top diplomats from China and the United States met and outlined an initial agreement that Trump said he hoped could be sealed within weeks. US Commerce Secretary Wilbur Ross said that if no substantial progress was made soon, another round of duties on Chinese imports including cell phones, laptops and toys would take effect on December 15. The US House of Representatives' passage of a bill proposing a stronger response to a crackdown on Muslims in China's west also added yet another layer of tension, drawing swift condemnation from Beijing on Wednesday. Beijing's handling of civil unrest in Hong Kong has also drawn criticism from Washington. "The market was too complacent, thinking both superpowers would be able to compartmentalize these issues away from the broader trade narrative," Stephen Innes chief Asia market strategist at AxiTrader, said in a note. In currency markets, the euro was flat against the dollar at 1.1081. The Japanese yen and Swiss franc, seen as safe havens stood during market storms were making gains, up 0.17 per cent and 0.13 per cent respectively. European yields continued their descent on Wednesday as investors continued to fret about the impact of America's trade war, falling between one and two basis points. The yield on benchmark 10-year US Treasuries fell as low as 1.6930 per cent overnight, the sharpest fall since May and was trading at 1.7105 per cent on Wednesday. Gold XAU= rose 0.4 per cent to $1,482.9 per ounce. Brent crude futures were up 0.58 per cent at $61.17 a barrel while US West Texas Intermediate crude gained 0.52 per cent to $56.39 per barrel.

Stocks in tentative rebound after Trump's trade war scare

<a href="https://www.wionews.com/business-economy/oil-prices-tumble-ahead-of-opec-meeting-global-stocks-fall-265363">OPEC</a> is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782"> OPEC+</a>, on Friday.

OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in cuts.

Next year, rising production in non-OPEC countries such as Brazil and Norway threatens to add to the glut.

OPEC's actions in the past have angered US&nbsp;President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran.

In the past few months, Trump has remained silent on OPEC but he faces re-election in November next year when the issue of gasoline prices is likely to become a hot political topic again.

Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020.

OPEC's second-largest oil producer Iraq said on Tuesday key members supported deepening cuts for OPEC+ from the current level of 1.2 million barrels per day, or 1.2 per cent of global demand.

"My understanding is that they (Saudis) do (prefer it)," Iraqi Oil Minister Thamer Ghadhban told reporters in Vienna.

The current deal expires in March and two OPEC sources have said it would be extended at least until June. Oman's oil minister Mohammed al-Rumhi said on Wednesday his delegation would recommend extending cuts until the end of 2020.

Saudi Arabia needs higher oil prices to support its budget revenue and the pending share sale of state-owned oil giant Saudi Aramco with pricing expected on Thursday.

OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year and on Wednesday they traded at $61 per barrel.

Iraq's Ghadhban said new cuts could be expanded to 1.6 million BPD while OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD.

Not all OPEC members were convinced of the need to cut deeper, however. One OPEC delegate said the move would boost prices and help spur a new phase of US&nbsp;oil output growth.

Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures.

Russian Energy Minister <a href="https://www.wionews.com/world/russian-oil-contamination-crisis-is-almost-over-energy-minister-alexander-novak-225266">Alexander Novak</a> said on Tuesday that Moscow had yet to finalise its position: "Let's wait but I think the meeting, as usual, will be of a constructive nature."

A source familiar with the Russian thinking told Reuters that Moscow would "most likely" reach a consensus with OPEC this week and just needed to iron out a few outstanding issues.

One sticking point for Russia this time is how its output is measured it includes gas condensate in its figures, while other producers do not.

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.

OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year. The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday. OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in cuts. Next year, rising production in non-OPEC countries such as Brazil and Norway threatens to add to the glut. OPEC's actions in the past have angered US President Donald Trump, who has repeatedly demanded OPEC's de facto leader Saudi Arabia to bring oil prices down if it wants Washington's to provide Riyadh with military support against arch-rival Iran. In the past few months, Trump has remained silent on OPEC but he faces re-election in November next year when the issue of gasoline prices is likely to become a hot political topic again. Washington's ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020. OPEC's second-largest oil producer Iraq said on Tuesday key members supported deepening cuts for OPEC+ from the current level of 1.2 million barrels per day, or 1.2 per cent of global demand. "My understanding is that they (Saudis) do (prefer it)," Iraqi Oil Minister Thamer Ghadhban told reporters in Vienna. The current deal expires in March and two OPEC sources have said it would be extended at least until June. Oman's oil minister Mohammed al-Rumhi said on Wednesday his delegation would recommend extending cuts until the end of 2020. Saudi Arabia needs higher oil prices to support its budget revenue and the pending share sale of state-owned oil giant Saudi Aramco with pricing expected on Thursday. OPEC's actions have supported oil prices at around $50-$75 per barrel over the past year and on Wednesday they traded at $61 per barrel. Iraq's Ghadhban said new cuts could be expanded to 1.6 million BPD while OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 BPD. Not all OPEC members were convinced of the need to cut deeper, however. One OPEC delegate said the move would boost prices and help spur a new phase of US oil output growth. Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 BPD as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures. Russian Energy Minister Alexander Novak said on Tuesday that Moscow had yet to finalise its position: "Let's wait but I think the meeting, as usual, will be of a constructive nature." A source familiar with the Russian thinking told Reuters that Moscow would "most likely" reach a consensus with OPEC this week and just needed to iron out a few outstanding issues. One sticking point for Russia this time is how its output is measured it includes gas condensate in its figures, while other producers do not.

OPEC gearing up for deeper oil cuts, Russia yet to agree

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister <a href="https://www.wionews.com/india-news/growth-may-have-come-down-but-not-a-recession-yet-sitharaman-264953">Nirmala Sitharaman</a> said on Wednesday, in a bid to allow retail investors to buy government debt.

"It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister <a href="https://www.wionews.com/opinions/the-india-japan-alliance-is-the-next-global-power-play-265918">Narendra Modi</a>.

The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said.

Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said.

The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets.

"It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai.

"Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market.

India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April.

In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets.

According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt.

India will launch its first debt exchange-traded fund (EFT) comprised of debt of state-run companies, finance minister Nirmala Sitharaman said on Wednesday, in a bid to allow retail investors to buy government debt. "It will be the first corporate ETF, which will provide additional money for PSUs (public sector undertakings) as well as other government organisations," Sitharaman told reporters after the proposal was approved by the cabinet chaired by Prime Minister Narendra Modi. The ETF, called Bharat Bond ETF, will have a fixed maturity of three and ten years and will trade on the local stock exchange. It will invest in a portfolio of bonds of state-run companies and other government entities, a government statement said. Retail investors will be able to invest in the bonds with as little as 1,000 rupees ($14), it said. The move reflects Modi's push to ease rules for state companies to raise funds through debt instruments and further develop domestic capital markets. "It is a positive development for retail investors," said A. Prasanna, head of fixed income research at ICICI Securities Primary Dealership in Mumbai. "Compared to existing options, the new ETF will have lower fees and better tax treatment," he said, adding it was unlikely to have a big impact in the short term on the corporate bond market. India has so far allowed only equity ETFs, and the government raised nearly 144 billion rupees ($2 billion) through ETFs in the 2019/20 fiscal year beginning April. In general, ETFs have become a popular investment vehicle for investors because they allow them to invest in a diverse collection of assets. According to government estimates, India's state-run social security fund, Employees Provident Fund (EPFO), has invested about 870 billion rupees in ETFs.

India to launch first debt exchange-traded fund

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent&nbsp;this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result.

"The competition is getting tougher, the headwinds are getting stronger," Bernhard Mattes, president of industry association VDA, told reporters, adding that the association expected global car sales to fall by 4.1 million to 80.1 million this year.

Germany's export-dependent car industry is struggling with weaker foreign demand, tariff disputes sparked by US&nbsp;President <a href="https://www.wionews.com/world/after-trump-china-says-no-time-limit-on-trade-deal-with-us-266194">Donald Trump</a>'s 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union.

The sector, an important driver of overall growth in Europe's largest economy, is also having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines toward electric cars.

"Capacity utilization has declined, limited-term employment contracts are not being renewed, and the instrument of short-time work is being employed once again," Mattes said. This meant that the number of permanent staff in car factories was likely to fall further.

Mattes said the association already expected a drop in employment this year, and this trend would worsen in 2020, though he gave no figures for the predicted layoffs.

In 2018, employment in the car industry in Germany reached 834,000, its highest level since 1991.

VDA expects car sales in Germany to fall by 4 per cent&nbsp;to 3.43 million in 2020 and to drop by 2 per cent&nbsp;to 15.3 million in Europe.

The US&nbsp;market for light vehicles is seen shrinking by 3 per cent&nbsp;to 16.5 million while car sales in China are expected to go down by 2 per cent&nbsp;to 20.5 million, VDA said.

Mattes called on Chancellor Angela Merkel's shaky ruling coalition to get its act together and help companies to better master the structural changes in the car industry that also include trends like digitisation and autonomous driving.

"Now it must be all about improving the framework conditions in Germany as an industrial business location," Mattes said. "What we need right now, therefore, is a stable government capable of taking action."

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result.

Germany's main automobile industry body said on Wednesday it expects global car sales to fall by 5 per cent this year, the steepest drop since the financial crisis, and warned of more job cuts in 2020 as a result. "The competition is getting tougher, the headwinds are getting stronger," Bernhard Mattes, president of industry association VDA, told reporters, adding that the association expected global car sales to fall by 4.1 million to 80.1 million this year. Germany's export-dependent car industry is struggling with weaker foreign demand, tariff disputes sparked by US President Donald Trump's 'America First' policies and business uncertainty linked to Britain's decision to leave the European Union. The sector, an important driver of overall growth in Europe's largest economy, is also having trouble adjusting to stricter regulation following an emissions-cheating scandal and managing a broader shift away from combustion engines toward electric cars. "Capacity utilization has declined, limited-term employment contracts are not being renewed, and the instrument of short-time work is being employed once again," Mattes said. This meant that the number of permanent staff in car factories was likely to fall further. Mattes said the association already expected a drop in employment this year, and this trend would worsen in 2020, though he gave no figures for the predicted layoffs. In 2018, employment in the car industry in Germany reached 834,000, its highest level since 1991. VDA expects car sales in Germany to fall by 4 per cent to 3.43 million in 2020 and to drop by 2 per cent to 15.3 million in Europe. The US market for light vehicles is seen shrinking by 3 per cent to 16.5 million while car sales in China are expected to go down by 2 per cent to 20.5 million, VDA said. Mattes called on Chancellor Angela Merkel's shaky ruling coalition to get its act together and help companies to better master the structural changes in the car industry that also include trends like digitisation and autonomous driving. "Now it must be all about improving the framework conditions in Germany as an industrial business location," Mattes said. "What we need right now, therefore, is a stable government capable of taking action."

German car industry to slash more jobs in 2020

Indian shares reversed course to end higher on Wednesday, snapping a three-day losing streak, after a media report said the United States and China are moving closer to a trade deal.

The NSE Nifty 50 index ended 0.41 per cent higher at 12,043.20 and the S&amp;P BSE Sensex was up 0.43 per cent up at 40,850.29.

Washington and Beijing were nearing an agreement on the number of tariffs to be rolled back in a phase-one trade deal, Bloomberg reported, citing people familiar with the matter.

Stocks across the globe took a beating in early trade after U.S. President Donald Trump said on Tuesday that a trade agreement with China might have to wait until after the presidential election in November 2020.

Metal stocks, which were the top drags in early trading, ended as the day`s top gainers. The Nifty metals index was up 1.55 per cent at the close.

Steelmaker Tata Steel, miner Vedanta and aluminium producer Hindalco were all among the top gainers on the Nifty, rising between 2.5 per cent and 3 per cent.

Tata Motors gained 7 per cent and was the most bullish stock on the Nifty, while Larsen and Toubro was the biggest laggard, shedding 2.14 per cent.

Indian shares reversed course to end higher on Wednesday, snapping a three-day losing streak, after a media report said the United States and China are moving closer to a trade deal.

Indian shares reversed course to end higher on Wednesday, snapping a three-day losing streak, after a media report said the United States and China are moving closer to a trade deal. The NSE Nifty 50 index ended 0.41 per cent higher at 12,043.20 and the S&P BSE Sensex was up 0.43 per cent up at 40,850.29. Washington and Beijing were nearing an agreement on the number of tariffs to be rolled back in a phase-one trade deal, Bloomberg reported, citing people familiar with the matter. Stocks across the globe took a beating in early trade after U.S. President Donald Trump said on Tuesday that a trade agreement with China might have to wait until after the presidential election in November 2020. Metal stocks, which were the top drags in early trading, ended as the day`s top gainers. The Nifty metals index was up 1.55 per cent at the close. Steelmaker Tata Steel, miner Vedanta and aluminium producer Hindalco were all among the top gainers on the Nifty, rising between 2.5 per cent and 3 per cent. Tata Motors gained 7 per cent and was the most bullish stock on the Nifty, while Larsen and Toubro was the biggest laggard, shedding 2.14 per cent.

Sensex, Nifty recover after report rekindles US-China trade deal hopes

Hong Kong's government pledged HK$4 billion ($511 million) on Wednesday in new relief measures to help bolster an economy battered by months of protests that have eroded business confidence in the Asian financial hub.

The latest boost brings the government's total pledged amount of relief to HK$25 billion ($3.2 billion). It remains to be seen whether that will be enough to help the economy, reeling from a drop-off in tourism and a record decline in retail sales.

The <a href="https://www.wionews.com/opinions/the-corrupt-pillars-of-climate-change-denial-265220">International Monetary Fund</a> on Wednesday urged the government to deliver "significantly" more fiscal stimulus to address the downturn and longer-term structural issues such as insufficient housing and income inequality.

"During an economic downturn, supporting employment is the number one priority of the government," Financial Secretary Paul Chan said as he announced the package.

Chan described the measures as mainly aimed at helping small and medium-sized businesses, in order to safeguard jobs. He told reporters that the anti-Beijing demonstrations had hurt international investor confidence in the China-ruled city.

Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by the protests and softening global demand, an IHS Markit survey showed on Wednesday.

Asia's largest distributor of luxury brands, the<a href="https://www.wionews.com/world/hong-kong-police-retrieve-another-round-of-petrol-bombs-from-university-266074"> Bluebell group</a>, has appealed to Hong Kong landlords to scrap the base rent in shopping malls, saying a slump in tourist spending will push even more retailers out of business.

Hong Kong recorded its largest-ever retail collapse in October, with sales dropping 24.3 percent to HK$30.1 billion, the government said Monday.

Sparked by a controversial and since-withdrawn extradition bill, the protests have swelled into broader calls for greater democratic freedoms.

Those who have joined the pro-democracy demonstrations accuse China of increasingly interfering in freedoms promised to the former British colony when it was returned to Chinese rule in 1997.

Hong Kong's government pledged HK$4 billion ($511 million) on Wednesday in new relief measures to help bolster an economy battered by months of protests that have eroded business confidence in the Asian financial hub.

Hong Kong's government pledged HK$4 billion ($511 million) on Wednesday in new relief measures to help bolster an economy battered by months of protests that have eroded business confidence in the Asian financial hub. The latest boost brings the government's total pledged amount of relief to HK$25 billion ($3.2 billion). It remains to be seen whether that will be enough to help the economy, reeling from a drop-off in tourism and a record decline in retail sales. The International Monetary Fund on Wednesday urged the government to deliver "significantly" more fiscal stimulus to address the downturn and longer-term structural issues such as insufficient housing and income inequality. "During an economic downturn, supporting employment is the number one priority of the government," Financial Secretary Paul Chan said as he announced the package. Chan described the measures as mainly aimed at helping small and medium-sized businesses, in order to safeguard jobs. He told reporters that the anti-Beijing demonstrations had hurt international investor confidence in the China-ruled city. Business activity in Hong Kong contracted at the fastest pace in 21 years in November, dragged down by the protests and softening global demand, an IHS Markit survey showed on Wednesday. Asia's largest distributor of luxury brands, the Bluebell group, has appealed to Hong Kong landlords to scrap the base rent in shopping malls, saying a slump in tourist spending will push even more retailers out of business. Hong Kong recorded its largest-ever retail collapse in October, with sales dropping 24.3 percent to HK$30.1 billion, the government said Monday. Sparked by a controversial and since-withdrawn extradition bill, the protests have swelled into broader calls for greater democratic freedoms. Those who have joined the pro-democracy demonstrations accuse China of increasingly interfering in freedoms promised to the former British colony when it was returned to Chinese rule in 1997.

Hong Kong government tops up stimulus with extra HK$4 billion

Cyber&nbsp;Monday&nbsp;sales&nbsp;were on course to bring in a record $9.2&nbsp;billion, according to evening estimates, building on a bumper <a href="https://www.wionews.com/photos/between-black-friday-and-cyber-monday-pope-condemns-virus-of-consumerism-265592">Black Friday</a> weekend for&nbsp;US&nbsp;retailers driven by earlier-than-usual promotions and free shipping.

Shoppers have already had nearly a month of offers and deals as retailers look to draw out their vital holiday season, which is six days shorter this year due to a late Thanksgiving.

Adobe Analytics predicted that $72.1&nbsp;billion&nbsp;was spent online in the month ending December 1, and&nbsp;<a href="https://www.wionews.com/business-economy/cyber-monday-on-track-for-record-us-online-sales-estimate-265685">Cyber&nbsp;Monday</a>&nbsp;now traditionally the&nbsp;US&nbsp;economy's biggest internet shopping day had logged a 16.9 per cent&nbsp;jump in&nbsp;sales&nbsp;over the year prior as of 7 pm&nbsp;ET.

<a href="https://www.wionews.com/world/venezuela-designers-turn-to-piracy-after-adobe-announces-it-will-cut-service-254691">Adobe</a>, which measures transactions from 80 of the biggest 100&nbsp;US&nbsp;retailers, said it marked down its prior $9.4&nbsp;billion&nbsp;forecast slightly as more data came in.

<a href="https://www.wionews.com/science-tech/amazon-violates-laws-banning-sex-discriminationsued-by-transgender-woman-and-husband-18814">Amazon.com</a> Inc and rivals such as Target Corp and Walmart Inc were&nbsp;poised&nbsp;to benefit from the event, having beefed up delivery services to fulfill online orders more quickly. In-store pickup of online orders has become smoother, too, said Carol Spieckerman, president at consultancy Spieckerman Retail.

"At the end of the day,&nbsp;Cyber&nbsp;Monday&nbsp;is just Black Friday revisited so the momentum, and the deals, really started last week," Spieckerman said.

Adobe also said $3&nbsp;billion&nbsp;of the estimated&nbsp;sales&nbsp;would be from smartphones, a new&nbsp;US&nbsp;record.

Large companies did well in this channel, outpacing small businesses due to investment in mobile apps and other technology, as well as to larger product and deals selections, said Taylor Schreiner, director of Adobe Digital Insights.

"The big companies are still getting disproportionate growth versus the small ones," he said.

The event was not all smooth sailing for the world's biggest online retailer, Amazon. Protesters, who have described the poor treatment of warehouse workers and rising climate emissions from the company's push for speedier deliveries, marched outside CEO Jeff Bezos' Fifth Avenue penthouse in New York City on&nbsp;Monday. "We're humans, not robots," read one sign.

Amazon spokeswoman Kristen Kish said unions and groups&nbsp;funded by competitors were "conjuring misinformation" about Amazon, which had industry-leading pay and benefits. The company aims to be carbon neutral by 2040.

Activists also tried to blockade a shopping mall in Paris, denouncing the spread of Black Friday to European shores. The day's shopping in the United States still paled in comparison to Alibaba Group Holding Ltd's "Singles Day" last month, when the Chinese e-commerce giant raked in $38.4&nbsp;billion&nbsp;in&nbsp;sales.

The&nbsp;US&nbsp;National Retail Federation estimates nearly 69 million Americans will scour the web on&nbsp;Monday&nbsp;for deals on everything from mobile phones to kitchenware, with Adobe estimating the biggest discounts on televisions and computers.

Top&nbsp;sellers included toys from the film "Frozen 2," LOL surprise dolls and Nintendo Co Ltd's Switch games console, Adobe said.

"#CyberMonday2019 The day of the year 85 per cent&nbsp;of the&nbsp;US&nbsp;population pretends to actually be working," tweeted Erika Mayor, a user in Miami.

Cyber Monday sales were on course to bring in a record $9.2 billion, according to evening estimates, building on a bumper Black Friday weekend for US retailers driven by earlier-than-usual promotions and free shipping.

Cyber Monday sales were on course to bring in a record $9.2 billion, according to evening estimates, building on a bumper Black Friday weekend for US retailers driven by earlier-than-usual promotions and free shipping. Shoppers have already had nearly a month of offers and deals as retailers look to draw out their vital holiday season, which is six days shorter this year due to a late Thanksgiving. Adobe Analytics predicted that $72.1 billion was spent online in the month ending December 1, and Cyber Monday now traditionally the US economy's biggest internet shopping day had logged a 16.9 per cent jump in sales over the year prior as of 7 pm ET. Adobe, which measures transactions from 80 of the biggest 100 US retailers, said it marked down its prior $9.4 billion forecast slightly as more data came in. Amazon.com Inc and rivals such as Target Corp and Walmart Inc were poised to benefit from the event, having beefed up delivery services to fulfill online orders more quickly. In-store pickup of online orders has become smoother, too, said Carol Spieckerman, president at consultancy Spieckerman Retail. "At the end of the day, Cyber Monday is just Black Friday revisited so the momentum, and the deals, really started last week," Spieckerman said. Adobe also said $3 billion of the estimated sales would be from smartphones, a new US record. Large companies did well in this channel, outpacing small businesses due to investment in mobile apps and other technology, as well as to larger product and deals selections, said Taylor Schreiner, director of Adobe Digital Insights. "The big companies are still getting disproportionate growth versus the small ones," he said. The event was not all smooth sailing for the world's biggest online retailer, Amazon. Protesters, who have described the poor treatment of warehouse workers and rising climate emissions from the company's push for speedier deliveries, marched outside CEO Jeff Bezos' Fifth Avenue penthouse in New York City on Monday. "We're humans, not robots," read one sign. Amazon spokeswoman Kristen Kish said unions and groups funded by competitors were "conjuring misinformation" about Amazon, which had industry-leading pay and benefits. The company aims to be carbon neutral by 2040. Activists also tried to blockade a shopping mall in Paris, denouncing the spread of Black Friday to European shores. The day's shopping in the United States still paled in comparison to Alibaba Group Holding Ltd's "Singles Day" last month, when the Chinese e-commerce giant raked in $38.4 billion in sales. The US National Retail Federation estimates nearly 69 million Americans will scour the web on Monday for deals on everything from mobile phones to kitchenware, with Adobe estimating the biggest discounts on televisions and computers. Top sellers included toys from the film "Frozen 2," LOL surprise dolls and Nintendo Co Ltd's Switch games console, Adobe said. "#CyberMonday2019 The day of the year 85 per cent of the US population pretends to actually be working," tweeted Erika Mayor, a user in Miami.

US Cyber Monday sales to hit record $9.2 billion

<a href="https://www.wionews.com/business-economy/microsoft-granted-licence-to-export-mass-market-software-to-huawei-263823">Huawei&nbsp;Technologies Co Ltd</a>&nbsp;plans&nbsp;to&nbsp;shift&nbsp;its&nbsp;research&nbsp;center&nbsp;to&nbsp;Canada&nbsp;from&nbsp;the United States, Ren Zhengfei, the founder of the Chinese telecoms equipment maker, said in an interview with&nbsp;Canada's&nbsp;Globe&nbsp;and&nbsp;Mail.

Ren's remarks came as&nbsp;Reuters&nbsp;reported on Friday that the United States is weighing expanding its power to stop more foreign shipments of products with&nbsp;US&nbsp;technology to&nbsp;Huawei. The&nbsp;US&nbsp;Commerce Department in May placed&nbsp;Huawei&nbsp;on a trade blacklist, citing national security concerns.

Huawei's "center for&nbsp;research&nbsp;and development will be moved out of the United States. And that will be relocated to&nbsp;Canada," Ren told the&nbsp;Globe&nbsp;and&nbsp;Mail, adding that the company will also manufacture some mobile network equipment outside China.

The&nbsp;Huawei&nbsp;founder wants to build new factory capacity in Europe to make fifth-generation (<a href="https://www.wionews.com/business-%26-economy/oneplus-7-will-be-5g-ready-hopes-ceo-pete-lau-147876">5G</a>) networking equipment there, hoping to assuage fears stemming&nbsp;from&nbsp;US&nbsp;allegations that its product could be used by China for spying, the&nbsp;Globe&nbsp;and&nbsp;Mail&nbsp;reported.

<a href="https://www.wionews.com/world/huawei-plans-legal-challenge-to-latest-us-pressure-report-265269">Huawei</a>&nbsp;was not immediately available to comment on Ren's interview when contacted by&nbsp;Reuters. The firm has previously denied it is a risk to&nbsp;US&nbsp;national security.

The company spent $510 million on the operations of its&nbsp;US&nbsp;research&nbsp;arm last year, according to the&nbsp;Globe&nbsp;and&nbsp;Mail&nbsp;report, which added that it has now trimmed the arm's workforce by 600 to about 250.

Separately, Ren's daughter and&nbsp;Huawei&nbsp;Chief Financial Officer Meng Wanzhou, who was arrested by Canadian police on a&nbsp;US&nbsp;warrant late last year, is fighting extradition to the United States on charges of violating sanctions against Iran. She is currently out on bail.

<a href="https://www.wionews.com/world/chinese-envoy-to-canada-visits-detained-huawei-cfo-urges-ottawa-to-correct-mistake-265318">Huawei</a>&nbsp;has denied the charges and China has urged&nbsp;Canada&nbsp;to release her.

Commenting on her case, Ren said that it is an example of "obvious political interference&nbsp;from&nbsp;the&nbsp;US"

Huawei Technologies Co Ltd plans to shift its research center to Canada from the United States, Ren Zhengfei, the founder of the Chinese telecoms equipment maker, said in an interview with Canada's Globe and Mail.

Huawei Technologies Co Ltd plans to shift its research center to Canada from the United States, Ren Zhengfei, the founder of the Chinese telecoms equipment maker, said in an interview with Canada's Globe and Mail. Ren's remarks came as Reuters reported on Friday that the United States is weighing expanding its power to stop more foreign shipments of products with US technology to Huawei. The US Commerce Department in May placed Huawei on a trade blacklist, citing national security concerns. Huawei's "center for research and development will be moved out of the United States. And that will be relocated to Canada," Ren told the Globe and Mail, adding that the company will also manufacture some mobile network equipment outside China. The Huawei founder wants to build new factory capacity in Europe to make fifth-generation (5G) networking equipment there, hoping to assuage fears stemming from US allegations that its product could be used by China for spying, the Globe and Mail reported. Huawei was not immediately available to comment on Ren's interview when contacted by Reuters. The firm has previously denied it is a risk to US national security. The company spent $510 million on the operations of its US research arm last year, according to the Globe and Mail report, which added that it has now trimmed the arm's workforce by 600 to about 250. Separately, Ren's daughter and Huawei Chief Financial Officer Meng Wanzhou, who was arrested by Canadian police on a US warrant late last year, is fighting extradition to the United States on charges of violating sanctions against Iran. She is currently out on bail. Huawei has denied the charges and China has urged Canada to release her. Commenting on her case, Ren said that it is an example of "obvious political interference from the US"

Huawei plans to shift research center to Canada from US: Sources

&nbsp;The <a href="https://www.wionews.com/business-economy/wto-authorises-chinese-tariffs-on-36-billion-in-us-goods-in-anti-dumping-tiff-259385">World Trade Organization</a> on Monday rejected&nbsp;<a href="https://www.wionews.com/south-asia/fatf-european-union-offers-technical-assistance-to-pakistan-262766">European Union</a>&nbsp;claims&nbsp;that it no longer provides subsidies to planemaker&nbsp;Airbus, prompting the United States to say it could&nbsp;increase&nbsp;retaliatory&nbsp;tariffs&nbsp;on a wider range of&nbsp;European goods.

A new compliance report from the Geneva trade watchdog found that the&nbsp;Airbus&nbsp;A380 and A350 jetliners continue to be subsidised as a result of past&nbsp;European government loans.

US&nbsp;Trade Representative Robert Lighthizer said the decision affirmed that&nbsp;European subsidies to&nbsp;Airbus&nbsp;continued to harm the&nbsp;US&nbsp;aerospace industry, and strong action was required to eliminate such market-distorting subsidies.

It was the latest salvo in a record transatlantic trade dispute involving mutual&nbsp;claims&nbsp;of illegal aircraft subsidies, which comes to a head at a time of rising global trade tensions and has grabbed the attention of financial markets this year.

The United States was in October awarded the right to impose&nbsp;tariffs&nbsp;on $7.5 billion of annual&nbsp;EU&nbsp;imports in its case against&nbsp;Airbus. It placed partial&nbsp;tariffs&nbsp;on most&nbsp;Airbus&nbsp;jets and products from cheese to olives and single-malt whisky.

A decision on retaliation rights for the&nbsp;EU&nbsp;in a parallel case on aid for Boeing is due next year.

Officials on both sides have expressed support for a negotiated settlement, while accusing the other of failing to take the prospect of a negotiated solution seriously.

In Monday's finding, a three-person panel rejected&nbsp;EU&nbsp;claims&nbsp;that a recent decision by&nbsp;Airbus&nbsp;to stop producing the slow-selling A380 meant the giant airliner could no longer be seen as a threat to Boeing, whose competing 747 is also out of fashion.

While the&nbsp;WTO&nbsp;no longer faulted&nbsp;Airbus&nbsp;for causing lost sales to Boeing with the A380, which is no longer marketed, it ruled that the superjumbo would cause market-share damage to Boeing for as long as it is produced and delivered.

<a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a>&nbsp;plans to shut production in mid-2021.

The&nbsp;WTO&nbsp;appeared to strengthen findings against the A350, saying it had both cost sales and damaged Boeing's market-share prospects - a process called impedance - in the busier twin-engined long-haul market where Boeing offers its 787 Dreamliner.

A previous&nbsp;WTO&nbsp;ruling had focused only on lost sales.

The latest report put the world's largest corporate trade dispute squarely on the agenda for new&nbsp;EU&nbsp;Trade Commissioner Phil Hogan, who started his term on Sunday.

The Commission said the new findings contained serious legal errors and that it would consider its next steps, including a possible appeal, while seeking an accord with the United States.

USTR, which imposed&nbsp;tariffs&nbsp;of 10 per cent&nbsp;on large civil&nbsp;EU&nbsp;aircraft and 25 per cent&nbsp;on selected farm and other products in October, said it would look at raising tariff rates and subjecting additional&nbsp;EU&nbsp;products to the&nbsp;tariffs. It gave no immediate details on the size of the possible&nbsp;increases, or which products could be added to the current list.

As so often following the dozens of rulings in the 15-year-old trade case,&nbsp;Airbus&nbsp;and Boeing were left starkly at odds.

Boeing claimed a complete loss for its&nbsp;European rival&nbsp;Airbus, which it said continued to harm the&nbsp;US&nbsp;aerospace industry by receiving billions of&nbsp;euros in illegal aid.

Airbus&nbsp;said the&nbsp;WTO's decision to drop previous references to the A380 causing lost sales to Boeing meant the United States should slash its authorised&nbsp;tariffs&nbsp;by $2 billion to $5.5 billion.

The USTR rejected that argument, saying it saw no basis in the report to justify reducing&nbsp;US&nbsp;retaliatory&nbsp;tariffs.

US&nbsp;sources said only full compliance or a political settlement - which is widely seen as remote amid fragile economic ties - could legally cancel&nbsp;WTO&nbsp;approval for&nbsp;tariffs.

European executives warned against a "lose-lose" trade war.

Both sides can appeal the latest finding but doing so could place the&nbsp;WTO&nbsp;in uncertain legal territory, experts said.

The&nbsp;WTO&nbsp;Appellate Body will cease to function&nbsp;after&nbsp;December 10, due to&nbsp;US&nbsp;blocking of new appointments, leaving a tight deadline for a challenge to Monday's ruling.

Appeals launched&nbsp;after&nbsp;that risk falling into a legal void, and it is unclear if the body will be allowed to rule on appeals filed before then.

The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of European goods.

The World Trade Organization on Monday rejected European Union claims that it no longer provides subsidies to planemaker Airbus, prompting the United States to say it could increase retaliatory tariffs on a wider range of European goods. A new compliance report from the Geneva trade watchdog found that the Airbus A380 and A350 jetliners continue to be subsidised as a result of past European government loans. US Trade Representative Robert Lighthizer said the decision affirmed that European subsidies to Airbus continued to harm the US aerospace industry, and strong action was required to eliminate such market-distorting subsidies. It was the latest salvo in a record transatlantic trade dispute involving mutual claims of illegal aircraft subsidies, which comes to a head at a time of rising global trade tensions and has grabbed the attention of financial markets this year. The United States was in October awarded the right to impose tariffs on $7.5 billion of annual EU imports in its case against Airbus. It placed partial tariffs on most Airbus jets and products from cheese to olives and single-malt whisky. A decision on retaliation rights for the EU in a parallel case on aid for Boeing is due next year. Officials on both sides have expressed support for a negotiated settlement, while accusing the other of failing to take the prospect of a negotiated solution seriously. In Monday's finding, a three-person panel rejected EU claims that a recent decision by Airbus to stop producing the slow-selling A380 meant the giant airliner could no longer be seen as a threat to Boeing, whose competing 747 is also out of fashion. While the WTO no longer faulted Airbus for causing lost sales to Boeing with the A380, which is no longer marketed, it ruled that the superjumbo would cause market-share damage to Boeing for as long as it is produced and delivered. Airbus plans to shut production in mid-2021. The WTO appeared to strengthen findings against the A350, saying it had both cost sales and damaged Boeing's market-share prospects - a process called impedance - in the busier twin-engined long-haul market where Boeing offers its 787 Dreamliner. A previous WTO ruling had focused only on lost sales. The latest report put the world's largest corporate trade dispute squarely on the agenda for new EU Trade Commissioner Phil Hogan, who started his term on Sunday. The Commission said the new findings contained serious legal errors and that it would consider its next steps, including a possible appeal, while seeking an accord with the United States. USTR, which imposed tariffs of 10 per cent on large civil EU aircraft and 25 per cent on selected farm and other products in October, said it would look at raising tariff rates and subjecting additional EU products to the tariffs. It gave no immediate details on the size of the possible increases, or which products could be added to the current list. As so often following the dozens of rulings in the 15-year-old trade case, Airbus and Boeing were left starkly at odds. Boeing claimed a complete loss for its European rival Airbus, which it said continued to harm the US aerospace industry by receiving billions of euros in illegal aid. Airbus said the WTO's decision to drop previous references to the A380 causing lost sales to Boeing meant the United States should slash its authorised tariffs by $2 billion to $5.5 billion. The USTR rejected that argument, saying it saw no basis in the report to justify reducing US retaliatory tariffs. US sources said only full compliance or a political settlement - which is widely seen as remote amid fragile economic ties - could legally cancel WTO approval for tariffs. European executives warned against a "lose-lose" trade war. Both sides can appeal the latest finding but doing so could place the WTO in uncertain legal territory, experts said. The WTO Appellate Body will cease to function after December 10, due to US blocking of new appointments, leaving a tight deadline for a challenge to Monday's ruling. Appeals launched after that risk falling into a legal void, and it is unclear if the body will be allowed to rule on appeals filed before then.

US may increase tariffs after World Trade Organisation rejects European union claims over Airbus

<a href="https://www.wionews.com/world/japan-ex-pm-nakasone-who-boosted-ties-with-us-dies-at-101-265192">Japan</a>&nbsp;is&nbsp;preparing&nbsp;an economic&nbsp;stimulus&nbsp;package&nbsp;worth $120&nbsp;billion&nbsp;to support fragile economic&nbsp;growth, two government officials with direct knowledge of the matter said on Tuesday, complicating government efforts to fix public finances.

The spending would be earmarked in a supplementary budget for this fiscal year to next March and an annual budget for the coming fiscal year from April. Both budgets will be compiled later this month, the sources told Reuters, declining to be identified because the&nbsp;package&nbsp;has not been finalised.

While the&nbsp;package&nbsp;would come to around 13 trillion yen (93.5&nbsp;billion&nbsp;pounds), that would rise to 25 trillion yen ($230&nbsp;billion) when private-sector and other spending are included.

However, the spending could strain the industrial world's heaviest public debt burden, which tops more than twice the size of&nbsp;Japan's $5 trillion economy.

And despite the headline size of the&nbsp;stimulus, actual spending would be smaller in the current fiscal year, and economists are not expecting much of a boost.

"We expect this fiscal year's extra budget to total around 3-4 trillion yen. We should not expect it to substantially push up the GDP&nbsp;growth rate," said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute.

The 13 trillion yen includes more than 3 trillion yen from fiscal investment and loan programmes, as the heavily indebted government seeks to take advantage of low borrowing costs under the Bank of&nbsp;Japan's negative interest rate policy.

Direct government spending is expected to reach around 7-8 trillion yen, they said.

Sources of funding the big-spending remain unclear. A final decision on the&nbsp;package&nbsp;could be made as early as Thursday.

Japan is preparing an economic stimulus package worth $120 billion to support fragile economic growth, two government officials with direct knowledge of the matter said on Tuesday, complicating government efforts to fix public finances.

Japan is preparing an economic stimulus package worth $120 billion to support fragile economic growth, two government officials with direct knowledge of the matter said on Tuesday, complicating government efforts to fix public finances. The spending would be earmarked in a supplementary budget for this fiscal year to next March and an annual budget for the coming fiscal year from April. Both budgets will be compiled later this month, the sources told Reuters, declining to be identified because the package has not been finalised. While the package would come to around 13 trillion yen (93.5 billion pounds), that would rise to 25 trillion yen ($230 billion) when private-sector and other spending are included. However, the spending could strain the industrial world's heaviest public debt burden, which tops more than twice the size of Japan's $5 trillion economy. And despite the headline size of the stimulus, actual spending would be smaller in the current fiscal year, and economists are not expecting much of a boost. "We expect this fiscal year's extra budget to total around 3-4 trillion yen. We should not expect it to substantially push up the GDP growth rate," said Takuya Hoshino, senior economist at Dai-ichi Life Research Institute. The 13 trillion yen includes more than 3 trillion yen from fiscal investment and loan programmes, as the heavily indebted government seeks to take advantage of low borrowing costs under the Bank of Japan's negative interest rate policy. Direct government spending is expected to reach around 7-8 trillion yen, they said. Sources of funding the big-spending remain unclear. A final decision on the package could be made as early as Thursday.

Japan preparing $120 billion stimulus package as recession risks grow

A federal judge on Monday rejected<a href="https://www.wionews.com/science-tech/how-apple-disrupted-the-world-16525">&nbsp;Apple&nbsp;Inc's</a>&nbsp;bid to dismiss a proposed&nbsp;class-action&nbsp;lawsuit by customers who said it knew and concealed how the "butterfly"&nbsp;keyboards on its&nbsp;MacBook&nbsp;laptop computers were prone to failure.

US&nbsp;District Judge Edward Davila in San Jose, California said&nbsp;Apple&nbsp;must face claims that its troubleshooting program did not provide an "effective fix" for&nbsp;MacBook&nbsp;design defects, or fully compensate customers for their out-of-pocket expenses while seeking repairs.

Customers claimed that their<a href="https://www.wionews.com/business-economy/dont-fly-with-apples-old-macbook-pro-laptops-dgca-requests-passengers-245804">&nbsp;MacBook</a>,&nbsp;<a href="https://www.wionews.com/science-tech/apple-unveils-new-macbook-pro-with-touch-bar-hikes-price-8031/amp">MacBook&nbsp;Pro</a>, and&nbsp;<a href="https://www.wionews.com/world/hold-on-is-apple-going-to-lauch-new-ipads-this-month-36267">MacBook&nbsp;Air</a> laptop&nbsp;keyboards suffered from sticky keys, unresponsive keys, and keystrokes that failed to register when tiny amounts of dust or debris accumulated under or near keys.

They also said&nbsp;Apple's service program was inadequate because the Cupertino, California-based company often provided replacement&nbsp;keyboards that had the same problems.

The lawsuit covers purchasers of model year 2015 or later&nbsp;MacBook&nbsp;laptops, and model year 2016 or later&nbsp;MacBook&nbsp;Pros laptops. It seeks a variety of damages for violations of several states' consumer protection laws.

Apple&nbsp;did not immediately respond to requests for comment. Benjamin Johns, a lawyer for the plaintiffs, said he was pleased with the decision and looked forward to pursuing the case.

Last month,&nbsp;Apple&nbsp;introduced a&nbsp;MacBook&nbsp;Pro with a larger screen and new "Magic"&nbsp;keyboard&nbsp;with the "scissor" mechanism more commonly found in the industry. The hinged butterfly mechanism resembles a butterfly's wings.

Mac sales, including various&nbsp;MacBook&nbsp;models, accounted for about 10 per cent&nbsp;of&nbsp;Apple's $260.2 billion of net sales in its fiscal year&nbsp;ended September&nbsp;28.

The case is In re MacBook&nbsp;Keyboard&nbsp;Litigation, US&nbsp;District Court, Northern District of California, No. 18-02813.

A federal judge on Monday rejected Apple Inc's bid to dismiss a proposed class-action lawsuit by customers who said it knew and concealed how the "butterfly" keyboards on its MacBook laptop computers were prone to failure.

A federal judge on Monday rejected Apple Inc's bid to dismiss a proposed class-action lawsuit by customers who said it knew and concealed how the "butterfly" keyboards on its MacBook laptop computers were prone to failure. US District Judge Edward Davila in San Jose, California said Apple must face claims that its troubleshooting program did not provide an "effective fix" for MacBook design defects, or fully compensate customers for their out-of-pocket expenses while seeking repairs. Customers claimed that their MacBook, MacBook Pro, and MacBook Air laptop keyboards suffered from sticky keys, unresponsive keys, and keystrokes that failed to register when tiny amounts of dust or debris accumulated under or near keys. They also said Apple's service program was inadequate because the Cupertino, California-based company often provided replacement keyboards that had the same problems. The lawsuit covers purchasers of model year 2015 or later MacBook laptops, and model year 2016 or later MacBook Pros laptops. It seeks a variety of damages for violations of several states' consumer protection laws. Apple did not immediately respond to requests for comment. Benjamin Johns, a lawyer for the plaintiffs, said he was pleased with the decision and looked forward to pursuing the case. Last month, Apple introduced a MacBook Pro with a larger screen and new "Magic" keyboard with the "scissor" mechanism more commonly found in the industry. The hinged butterfly mechanism resembles a butterfly's wings. Mac sales, including various MacBook models, accounted for about 10 per cent of Apple's $260.2 billion of net sales in its fiscal year ended September 28. The case is In re MacBook Keyboard Litigation, US District Court, Northern District of California, No. 18-02813.

Apple fails to end MacBook 'butterfly' keyboard class action

<a href="https://www.wionews.com/world/twitter-tightens-bans-on-political-ads-and-causes-ahead-of-2020-us-election-262497">Twitter&nbsp;Inc</a>&nbsp;is updating its&nbsp;global&nbsp;privacy&nbsp;policy to give users more information about what data advertisers might receive and is launching a site to provide clarity on its data protection efforts, the company said on Monday.

The&nbsp;changes, which will take effect on January 1, 2020, will&nbsp;comply&nbsp;with the California Consumer&nbsp;Privacy&nbsp;Act (CCPA).

The California law requires large businesses to give consumers more transparency and control over their personal information, such as allowing them to request that their data be deleted and to opt-out of having their data sold to third parties.

Social media companies including <a href="https://www.wionews.com/world/facebook-instagram-down-in-large-parts-of-the-the-world-203174">Facebook Inc </a>and Alphabet Inc's&nbsp;<a href="https://www.wionews.com/business-economy/google-pay-to-offer-checking-accounts-through-citi-stanford-federal-261964">Google </a>have come under scrutiny on data&nbsp;privacy&nbsp;issues, fuelled by Facebook's Cambridge Analytica scandal in which personal data were harvested from millions of users without their consent.

Twitter&nbsp;also announced on Monday that it is moving the accounts of users outside of the United States and European Union which were previously contracted by&nbsp;Twitter&nbsp;International Company in Dublin, Ireland, to the San Francisco-based&nbsp;Twitter&nbsp;Inc.

The company said this move would allow it the flexibility to test different settings and controls with these users, such as additional opt-in or opt-out&nbsp;privacy&nbsp;preferences, that would likely be restricted by the <a href="https://www.wionews.com/videos/gdpr-eu-data-protection-regulation-comes-into-effect-139663">General Data otectPrion Regulation (GDPR)</a>, Europe's landmark digital&nbsp;privacy&nbsp;law.

"We want to be able to experiment without immediately running afoul of the GDPR provisions,"&nbsp;Twitter's data protection officer Damien Kieran told&nbsp;Reuters&nbsp;in a phone interview.

"The goal is to learn from those experiments and then to provide those same experiences to people all around the world," he said.

The company, which said it has upped its communications about data and security-related disclosures over the last two years, emphasized in a Monday blog post that it was working to upgrade systems and build&nbsp;privacy&nbsp;into new products.

In October,&nbsp;Twitter&nbsp;announced it had found that phone numbers and email addresses used for two-factor authentication may inadvertently have been used for advertising purposes.

Twitter's new&nbsp;privacy&nbsp;site, dubbed the 'Twitter&nbsp;Privacy&nbsp;Center' is part of the company's efforts to showcase its work on data protection and will also give users another route to access and download their data.

Twitter&nbsp;joins other internet companies who have recently staked out their positions ahead of CCPA coming into effect. Last month, Microsoft Corp&nbsp;said it would honor the law throughout the United States and Google told clients that it would let sites and apps using its advertising tools block personalized ads as part of its efforts to&nbsp;comply&nbsp;with CCPA.

Twitter Inc is updating its global privacy policy to give users more information about what data advertisers might receive and is launching a site to provide clarity on its data protection efforts, the company said on Monday.

Twitter Inc is updating its global privacy policy to give users more information about what data advertisers might receive and is launching a site to provide clarity on its data protection efforts, the company said on Monday. The changes, which will take effect on January 1, 2020, will comply with the California Consumer Privacy Act (CCPA). The California law requires large businesses to give consumers more transparency and control over their personal information, such as allowing them to request that their data be deleted and to opt-out of having their data sold to third parties. Social media companies including Facebook Inc and Alphabet Inc's Google have come under scrutiny on data privacy issues, fuelled by Facebook's Cambridge Analytica scandal in which personal data were harvested from millions of users without their consent. Twitter also announced on Monday that it is moving the accounts of users outside of the United States and European Union which were previously contracted by Twitter International Company in Dublin, Ireland, to the San Francisco-based Twitter Inc. The company said this move would allow it the flexibility to test different settings and controls with these users, such as additional opt-in or opt-out privacy preferences, that would likely be restricted by the General Data otectPrion Regulation (GDPR), Europe's landmark digital privacy law. "We want to be able to experiment without immediately running afoul of the GDPR provisions," Twitter's data protection officer Damien Kieran told Reuters in a phone interview. "The goal is to learn from those experiments and then to provide those same experiences to people all around the world," he said. The company, which said it has upped its communications about data and security-related disclosures over the last two years, emphasized in a Monday blog post that it was working to upgrade systems and build privacy into new products. In October, Twitter announced it had found that phone numbers and email addresses used for two-factor authentication may inadvertently have been used for advertising purposes. Twitter's new privacy site, dubbed the 'Twitter Privacy Center' is part of the company's efforts to showcase its work on data protection and will also give users another route to access and download their data. Twitter joins other internet companies who have recently staked out their positions ahead of CCPA coming into effect. Last month, Microsoft Corp said it would honor the law throughout the United States and Google told clients that it would let sites and apps using its advertising tools block personalized ads as part of its efforts to comply with CCPA.

Twitter makes global changes to comply with privacy laws

Global equities mostly retreated Tuesday after US President Donald Trump warned there was no deadline for doing a trade deal with China.

The announcement added to trade uncertainty already stoked by the United States reimposing tariffs on Argentina and Brazil, threatening France with steep levies -- and warning China of possible new measures if ongoing talks fall through.

Trump, in Britain for a NATO summit, warned that efforts to resolve a trade dispute could wait until after next November's US election.

"I have no deadline," Trump told reporters upon his arrival.

"In some ways I like the idea of waiting until after the election for the China deal."

Trump's trade war with China and on-again-off-again attempts to reach a deal have destabilised markets and stoked geopolitical tensions.

'Another turn lower'&nbsp;

"The chances of a deal by December 15 just took another turn lower," said Markets.com analyst Neil Wilson.

"After weeks of making generally positive noises on a deal being very close, there is a real sense now that a deal is not so very near at all and markets need to reprice," Wilson added.

As recently as last week Trump boasted that he was in the "final throes" of negotiating "one of the most important deals in trade ever".

But Washington has since courted Chinese anger by expressing support for Hong Kong protesters.

Optimism that Beijing and Washington will eventually hammer out a partial agreement as part of a wider deal had supported equities for weeks, helping Wall Street to set numerous records.

Wine and cheese&nbsp;

But investor sentiment was dealt a blow on Monday when Trump said he would reinstate tariffs on steel and aluminium from Argentina and Brazil whom he accused of manipulating their currencies and hurting US farmers.

Later, officials warned they would also hit France with up to 100 per cent levies on $2.4 billion in goods, saying a French digital tax was discriminatory against US tech firms such as Google, Apple and Amazon.

Sparkling wine, yoghurt and Roquefort cheese could be affected as soon as next month, while US Trade Representative Robert Lighthizer warned his office was also considering similar moves against Austria, Italy, and Turkey.

On Tuesday, France vowed a "strong" response to any tariffs.

Oil prices were firmer ahead of a key meeting of OPEC and other major producers, which is expected to see them maintain output cuts into June, with speculation they could go on until the end of 2020.

Key figures around 1645 GMT&nbsp;

London - FTSE 100: DOWN 1.8 percent at 7,158.76 points (close)

Frankfurt - DAX 30: UP 0.2 percent at 12,989.29 (close)

Paris - CAC 40: DOWN 1.0 percent at 5,727.22 (close)

EURO STOXX 50: DOWN 0.4 percent at 3,610.99

New York - Dow: DOWN 1.4 percent at 27,392.08

Tokyo - Nikkei 225: DOWN 0.6 percent at 23,379.81 (close)

Hong Kong - Hang Seng: DOWN 0.2 percent at 26,391.30 (close)

Shanghai - Composite: UP 0.3 percent at 2,884.70 (close)

Euro/dollar: UP at $1.1085 from $1.1078 at 2145 GMT

Pound/dollar: UP at $1.3000 from $1.2939

Euro/pound: DOWN at 85.25 pence from 85.63

Dollar/yen: DOWN at 108.56 from 108.98 yen

Brent North Sea crude: UP 0.2 percent at $61.03 per barrel

West Texas Intermediate: UP 0.2 percent at $56.08&nbsp;

Global equities mostly retreated Tuesday after US President Donald Trump warned there was no deadline for doing a trade deal with China. The announcement added to trade uncertainty already stoked by the United States reimposing tariffs on Argentina and Brazil, threatening France with steep levies -- and warning China of possible new measures if ongoing talks fall through.

Global equities mostly retreated Tuesday after US President Donald Trump warned there was no deadline for doing a trade deal with China. The announcement added to trade uncertainty already stoked by the United States reimposing tariffs on Argentina and Brazil, threatening France with steep levies -- and warning China of possible new measures if ongoing talks fall through. Trump, in Britain for a NATO summit, warned that efforts to resolve a trade dispute could wait until after next November's US election. "I have no deadline," Trump told reporters upon his arrival. "In some ways I like the idea of waiting until after the election for the China deal." Trump's trade war with China and on-again-off-again attempts to reach a deal have destabilised markets and stoked geopolitical tensions. 'Another turn lower' "The chances of a deal by December 15 just took another turn lower," said Markets.com analyst Neil Wilson. "After weeks of making generally positive noises on a deal being very close, there is a real sense now that a deal is not so very near at all and markets need to reprice," Wilson added. As recently as last week Trump boasted that he was in the "final throes" of negotiating "one of the most important deals in trade ever". But Washington has since courted Chinese anger by expressing support for Hong Kong protesters. Optimism that Beijing and Washington will eventually hammer out a partial agreement as part of a wider deal had supported equities for weeks, helping Wall Street to set numerous records. Wine and cheese But investor sentiment was dealt a blow on Monday when Trump said he would reinstate tariffs on steel and aluminium from Argentina and Brazil whom he accused of manipulating their currencies and hurting US farmers. Later, officials warned they would also hit France with up to 100 per cent levies on $2.4 billion in goods, saying a French digital tax was discriminatory against US tech firms such as Google, Apple and Amazon. Sparkling wine, yoghurt and Roquefort cheese could be affected as soon as next month, while US Trade Representative Robert Lighthizer warned his office was also considering similar moves against Austria, Italy, and Turkey. On Tuesday, France vowed a "strong" response to any tariffs. Oil prices were firmer ahead of a key meeting of OPEC and other major producers, which is expected to see them maintain output cuts into June, with speculation they could go on until the end of 2020. Key figures around 1645 GMT London - FTSE 100: DOWN 1.8 percent at 7,158.76 points (close) Frankfurt - DAX 30: UP 0.2 percent at 12,989.29 (close) Paris - CAC 40: DOWN 1.0 percent at 5,727.22 (close) EURO STOXX 50: DOWN 0.4 percent at 3,610.99 New York - Dow: DOWN 1.4 percent at 27,392.08 Tokyo - Nikkei 225: DOWN 0.6 percent at 23,379.81 (close) Hong Kong - Hang Seng: DOWN 0.2 percent at 26,391.30 (close) Shanghai - Composite: UP 0.3 percent at 2,884.70 (close) Euro/dollar: UP at $1.1085 from $1.1078 at 2145 GMT Pound/dollar: UP at $1.3000 from $1.2939 Euro/pound: DOWN at 85.25 pence from 85.63 Dollar/yen: DOWN at 108.56 from 108.98 yen Brent North Sea crude: UP 0.2 percent at $61.03 per barrel West Texas Intermediate: UP 0.2 percent at $56.08

Global stocks rattled after Donald Trump says no 'deadline' on US-China trade deal

Indian shares tracked Asian markets lower on Tuesday, amid weakness in metal stocks, after US&nbsp;President <a href="https://www.wionews.com/world/effective-immediately-us-to-restore-steel-aluminum-tariffs-on-brazil-argentina-trump-265754">Donald Trump's move</a> to impose tariffs on Brazil and Argentina stoked fresh concerns about global trade.

The NSE Nifty 50 index fell 0.2 per cnet&nbsp;to 12,021.50 and the S&amp;P BSE&nbsp;Sensex&nbsp;declined 0.18 per cent&nbsp;to 40,720.73 by 0354 GMT.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45 per cent.

Trump on Monday said he would impose tariffs on steel and aluminium imports from Brazil and Argentina, attacking what he saw as both countries' "massive devaluation of their currencies."

Meanwhile, investors back home were hopeful of a sixth rate cut by the Reserve Bank of India (RBI) this year, after a Reuters poll last week said the bank may cut rates by 25 basis points at its policy meeting later this week.

The expectations for a rate-cut comes as India's economic growth slowed to a six-year low at 4.5 per cent&nbsp;for the July-September period.

Metal stocks were lower as most industrial metal prices came under pressure due to Trump's tariffs move. The Nifty metals index fell 2.04 per cent.

Steelmakers Tata Steel and JSW Steel were among the top losers on the Nifty, dropping about 1.45 per cent&nbsp;each, while Britannia Industries gained about 1.42 per cent.

Indian shares tracked Asian markets lower on Tuesday, amid weakness in metal stocks, after US President Donald Trump's move to impose tariffs on Brazil and Argentina stoked fresh concerns about global trade.

Indian shares tracked Asian markets lower on Tuesday, amid weakness in metal stocks, after US President Donald Trump's move to impose tariffs on Brazil and Argentina stoked fresh concerns about global trade. The NSE Nifty 50 index fell 0.2 per cnet to 12,021.50 and the S&P BSE Sensex declined 0.18 per cent to 40,720.73 by 0354 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.45 per cent. Trump on Monday said he would impose tariffs on steel and aluminium imports from Brazil and Argentina, attacking what he saw as both countries' "massive devaluation of their currencies." Meanwhile, investors back home were hopeful of a sixth rate cut by the Reserve Bank of India (RBI) this year, after a Reuters poll last week said the bank may cut rates by 25 basis points at its policy meeting later this week. The expectations for a rate-cut comes as India's economic growth slowed to a six-year low at 4.5 per cent for the July-September period. Metal stocks were lower as most industrial metal prices came under pressure due to Trump's tariffs move. The Nifty metals index fell 2.04 per cent. Steelmakers Tata Steel and JSW Steel were among the top losers on the Nifty, dropping about 1.45 per cent each, while Britannia Industries gained about 1.42 per cent.

Nifty, Sensex fall on global trade worries; metals top drag

<a href="https://www.wionews.com/business-economy/oil-prices-jump-to-61-over-opec-supply-cut-reports-265782">Oil prices</a> gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts' skepticism over the achievement of further reductions.

Brent futures rose 17 cents, or 0.3 per cent, to $61.09 a barrel by 0516 GMT, after having gained 0.7 per cent&nbsp;on Monday.

US&nbsp;West Texas Intermediate crude was up 25 cents, or 0.5 per cent, at $56.21 a barrel. The contract rose by 1.4 per cent&nbsp;on Monday.

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 its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (BPD) by a further 400,000 BPD and extend the pact until June, two sources familiar with the matter said.

Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering (IPO) of state-owned Saudi Aramco, the sources said.

"We believe the global oil supply-demand balance requires an extension of the current OPEC+ cuts," Goldman Sachs said in a research note.

The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added.

The investment bank said it expected Brent to trade around $60 a barrel in 2020, "absent new growth or geopolitical shocks".

OPEC ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.

"(The) oil price is little moved today, suggesting that traders are skeptical about the additional 400,000 BPD cut on top of the extension of (the) current production cut agreement," said Margaret Yang, market analyst at CMC Markets in Singapore.

Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging US&nbsp;economic data.

A senior adviser to <a href="https://www.wionews.com/americas/china-loves-ripping-off-america-says-us-president-donald-trump-218218">President Donald Trump</a> said a US-China trade deal was still possible before the end of the year, adding that the first phase of the agreement was being put to paper, although the talks have dragged on for weeks.

While OPEC may cut output,&nbsp;US&nbsp;producers have been only too happy to meet any market shortfalls, with production set successive records. Growth into 2020, though, may range between 100,000 BPD and 1 million BPD.

US&nbsp;crude inventories are expected to have declined last week, which may support prices, with analysts in a preliminary Reuters poll suggesting a contraction of 1.8 million barrels.&nbsp;

In a sign of buying interest for oil, fund managers increased net long positions in US&nbsp;crude futures and options in the week to November&nbsp;26, the US&nbsp;Commodities Futures Trading Commission said.

Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts' skepticism over the achievement of further reductions.

Oil prices gained on Tuesday, as hopes rose for OPEC and its allies to agree deeper output cuts when they meet this week, although gains were limited, amid some analysts' skepticism over the achievement of further reductions. Brent futures rose 17 cents, or 0.3 per cent, to $61.09 a barrel by 0516 GMT, after having gained 0.7 per cent on Monday. US West Texas Intermediate crude was up 25 cents, or 0.5 per cent, at $56.21 a barrel. The contract rose by 1.4 per cent on Monday. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (BPD) by a further 400,000 BPD and extend the pact until June, two sources familiar with the matter said. Saudi Arabia is pushing the plan to deliver a positive surprise to the market before the initial public offering (IPO) of state-owned Saudi Aramco, the sources said. "We believe the global oil supply-demand balance requires an extension of the current OPEC+ cuts," Goldman Sachs said in a research note. The factors behind this view included a large increase in production from legacy non-OPEC projects and a still uncertain outlook for demand growth, it added. The investment bank said it expected Brent to trade around $60 a barrel in 2020, "absent new growth or geopolitical shocks". OPEC ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday. "(The) oil price is little moved today, suggesting that traders are skeptical about the additional 400,000 BPD cut on top of the extension of (the) current production cut agreement," said Margaret Yang, market analyst at CMC Markets in Singapore. Concerns about the inability of the United States and China, the world's two biggest oil users, to reach a preliminary deal to resolve their 17-month trade dispute also weighed on oil prices, along with discouraging US economic data. A senior adviser to President Donald Trump said a US-China trade deal was still possible before the end of the year, adding that the first phase of the agreement was being put to paper, although the talks have dragged on for weeks. While OPEC may cut output, US producers have been only too happy to meet any market shortfalls, with production set successive records. Growth into 2020, though, may range between 100,000 BPD and 1 million BPD. US crude inventories are expected to have declined last week, which may support prices, with analysts in a preliminary Reuters poll suggesting a contraction of 1.8 million barrels. In a sign of buying interest for oil, fund managers increased net long positions in US crude futures and options in the week to November 26, the US Commodities Futures Trading Commission said.

Oil prices rise as Saudi Arabia pushes for further supply cuts

US online sales are set to hit a new record on this week's <a href="https://www.wionews.com/photos/between-black-friday-and-cyber-monday-pope-condemns-virus-of-consumerism-265592#excesses-of-con-265585">"Cyber&nbsp;Monday,"</a> Adobe Analytics said, as e-commerce outlets gear up to lure shoppers in the opening days of the holiday season.

Internet purchases are expected to reach $9.4 billion, a jump of nearly 19 per cent over last year's record-setting $7.9 billion take, according to a Sunday estimate from the company, which measures transactions from 80 of the 100 largest US online retailers.

US merchants have long viewed the days after the Thursday Thanksgiving holiday as a prime time to part shoppers from their money, particularly during the "Black Friday" sales following the holiday.

This year's expected record-setting shopping comes as Price Waterhouse Cooper found for the first time that a majority of people surveyed said they would rather shop online than in a brick-and-mortar store.

Shoppers spent $7.4 billion online on Friday, according to Adobe. Some 40 per cent of these purchases were made using smartphones. On Thanksgiving Day, US consumers spent $4.2 billion online.

Online sales on "Small Business Saturday" amounted to $3.6 billion, up 18 per cent over last year.

This increase was "fueled by strong gains from both large and small retailers alike," said Vivek Pandya, lead analyst at Adobe.

"The weekend between Black Friday and&nbsp;Cyber&nbsp;Monday&nbsp;is emerging as a truly lucrative period for online commerce," he added.

The hottest toys included L.O.L. Surprise dolls and items linked to the Disney blockbuster movie <a href="https://www.wionews.com/entertainment/frozen-2-review-elsa-and-anna-grow-up-and-take-charge-of-things-263883">"Frozen 2."</a> In the video game category, the top sellers were FIFA 20, Madden 20 and Nintendo Switch.

The most popular electronics were <a href="https://www.wionews.com/world/apple-taking-a-deeper-look-at-map-policies-after-calling-crimea-part-of-russia-265344">Apple</a> laptops, AirPods and Samsung TVs.

Adobe expects shoppers to spend a total of $143.8 billion during the entire holiday season.

According to a study released on Sunday by the International Council of Shopping Centers,&nbsp;an estimated 160 million people flocked to stores over the Thanksgiving weekend and spent on average just over $500 each.

That's up from 151 million shoppers last year.

US online sales are set to hit a new record on this week's "Cyber Monday," Adobe Analytics said, as e-commerce outlets gear up to lure shoppers in the opening days of the holiday season.

US online sales are set to hit a new record on this week's "Cyber Monday," Adobe Analytics said, as e-commerce outlets gear up to lure shoppers in the opening days of the holiday season. Internet purchases are expected to reach $9.4 billion, a jump of nearly 19 per cent over last year's record-setting $7.9 billion take, according to a Sunday estimate from the company, which measures transactions from 80 of the 100 largest US online retailers. US merchants have long viewed the days after the Thursday Thanksgiving holiday as a prime time to part shoppers from their money, particularly during the "Black Friday" sales following the holiday. This year's expected record-setting shopping comes as Price Waterhouse Cooper found for the first time that a majority of people surveyed said they would rather shop online than in a brick-and-mortar store. Shoppers spent $7.4 billion online on Friday, according to Adobe. Some 40 per cent of these purchases were made using smartphones. On Thanksgiving Day, US consumers spent $4.2 billion online. Online sales on "Small Business Saturday" amounted to $3.6 billion, up 18 per cent over last year. This increase was "fueled by strong gains from both large and small retailers alike," said Vivek Pandya, lead analyst at Adobe. "The weekend between Black Friday and Cyber Monday is emerging as a truly lucrative period for online commerce," he added. The hottest toys included L.O.L. Surprise dolls and items linked to the Disney blockbuster movie "Frozen 2." In the video game category, the top sellers were FIFA 20, Madden 20 and Nintendo Switch. The most popular electronics were Apple laptops, AirPods and Samsung TVs. Adobe expects shoppers to spend a total of $143.8 billion during the entire holiday season. According to a study released on Sunday by the International Council of Shopping Centers, an estimated 160 million people flocked to stores over the Thanksgiving weekend and spent on average just over $500 each. That's up from 151 million shoppers last year.

'Cyber Monday' on track for record US online sales: Estimate

China's factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend.

But analysts remain concerned about deflationary risks in the sector, unconvinced that the worst is over yet for Chinese manufacturers. They say the sub-indexes of both surveys painted a picture of patchy recovery that will be difficult to sustain.

"The improvement last month was driven by different factors across the two manufacturing indices, making it hard to pinpoint the reason for the apparent uptick industrial activity," Julian Evans-Pritchard, Senior China Economist, wrote in a note on Monday.

"We doubt this marks the start of a decisive rebound inactivity," he said.

The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) index rose to 51.8 in November from 51.7 in the previous month, marking the fastest expansion since December 2016, when it was 51.9.

The 50-mark separates expansion from contraction on a monthly basis.&nbsp;

Total new orders and factory production remained at buoyant levels in November, although they both eased slightly from record highs in the previous month, when they grew the fastest in over six years and nearly three years, respectively.

Larry Hu, Chief China economist at Macquarie Group, cautioned that the improvement could be hit as many one-off tailwinds wear off, such as better sentiment on trade deal and warm weather. Business confidence slipped and companies were reluctant to replenish their inventories, worried about the uncertain outlook for demand and the prolonged <a href="https://www.wionews.com/world/china-wants-us-tariffs-rolled-back-in-phase-one-trade-deal-report-265517">China-US&nbsp;trade war</a>, the survey showed.

China's official factory activity gauge on Saturday also surprised, returning to growth for the first time in seven months as domestic demand picked up in response to stimulus measures. But gains were slight and export orders sluggish.

The official survey focuses more on heavy industry than Caixin's, which is believed to include firms that are more export oriented. The two surveys also cover different geographical areas.

The Caixin survey showed sub-index for new export orders came in at 51, marginally below that in October, when it was the highest since February 2018.

Resilience in the sector led to a notable recovery in the labour market in the month, with companies adding workers for the first time in eight months.

However, profit margins remained under pressure, with input costs continuing to rise while output charges fell, suggesting some firms are still cutting their prices due to fierce competition for sales.

"While growth is likely to stabilise in November, the overall downtrend will continue in months ahead," Hu told Reuters.

The Chinese government has been trying to spur domestic demand for well over a year, largely through higher infrastructure spending and tax cuts, but the measures have been slow to gain traction.

Economic growth cooled to a near 30-year low of 6.0 per cent&nbsp;in the third quarter.

"I think the rebound in headline PMIs may indicate the possibility that <a href="https://www.wionews.com/business-%26-economy/china-economic-growth-slows-to-67-in-second-quarter-151991">China</a> will still be able to achieve above 6 per cent&nbsp;growth rate in 2019," said Betty Wang, senior China economist at ANZ.&nbsp;

"But the price subindices in the manufacturing PMI survey still declined, which suggests the deflationary risk in the manufacturing sector remains."

To help avert a sharper slowdown, China has brought forward 1 trillion yuan&nbsp;of the 2020 local government special bond quota to this year. The bonds are used largely to fund public works.

While China has cut some of its key lending rates in the last few months to reduce corporate financing costs, the reductions have been quite modest. Analysts believe policymakers are reluctant to unleash more aggressive stimulus out of concern it could heighten financial risks and add to a mountain of debt.

Washington and Beijing said in October they were working on a "phase one" trade agreement, but initial market hopes for a quick deal are fading after weeks of conflicting headlines.

A deal could slide into next year as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.

Highlighting the tension, China's Global Times newspaper said on Sunday that Beijing is demanding Washington removes existing tariffs, not just planned tariffs, as part of the deal, citing sources with direct knowledge of the trade talks.

Additional US&nbsp;duties on Chinese exports are set to kick in on December&nbsp;15.

Months of protests in Chinese-ruled Hong Kong have also exacerbated tensions.

A trade deal has now stalled after the <a href="https://www.wionews.com/world/united-states-house-passes-hong-kong-democracy-act-256310">US&nbsp;passed legislation</a> backing protesters in Hong Kong, news website Axios reported on Sunday, citing a source close to Trump's negotiating team.

China's factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend.

China's factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend. But analysts remain concerned about deflationary risks in the sector, unconvinced that the worst is over yet for Chinese manufacturers. They say the sub-indexes of both surveys painted a picture of patchy recovery that will be difficult to sustain. "The improvement last month was driven by different factors across the two manufacturing indices, making it hard to pinpoint the reason for the apparent uptick industrial activity," Julian Evans-Pritchard, Senior China Economist, wrote in a note on Monday. "We doubt this marks the start of a decisive rebound inactivity," he said. The Caixin/Markit manufacturing Purchasing Managers' Index (PMI) index rose to 51.8 in November from 51.7 in the previous month, marking the fastest expansion since December 2016, when it was 51.9. The 50-mark separates expansion from contraction on a monthly basis. Total new orders and factory production remained at buoyant levels in November, although they both eased slightly from record highs in the previous month, when they grew the fastest in over six years and nearly three years, respectively. Larry Hu, Chief China economist at Macquarie Group, cautioned that the improvement could be hit as many one-off tailwinds wear off, such as better sentiment on trade deal and warm weather. Business confidence slipped and companies were reluctant to replenish their inventories, worried about the uncertain outlook for demand and the prolonged China-US trade war, the survey showed. China's official factory activity gauge on Saturday also surprised, returning to growth for the first time in seven months as domestic demand picked up in response to stimulus measures. But gains were slight and export orders sluggish. The official survey focuses more on heavy industry than Caixin's, which is believed to include firms that are more export oriented. The two surveys also cover different geographical areas. The Caixin survey showed sub-index for new export orders came in at 51, marginally below that in October, when it was the highest since February 2018. Resilience in the sector led to a notable recovery in the labour market in the month, with companies adding workers for the first time in eight months. However, profit margins remained under pressure, with input costs continuing to rise while output charges fell, suggesting some firms are still cutting their prices due to fierce competition for sales. "While growth is likely to stabilise in November, the overall downtrend will continue in months ahead," Hu told Reuters. The Chinese government has been trying to spur domestic demand for well over a year, largely through higher infrastructure spending and tax cuts, but the measures have been slow to gain traction. Economic growth cooled to a near 30-year low of 6.0 per cent in the third quarter. "I think the rebound in headline PMIs may indicate the possibility that China will still be able to achieve above 6 per cent growth rate in 2019," said Betty Wang, senior China economist at ANZ. "But the price subindices in the manufacturing PMI survey still declined, which suggests the deflationary risk in the manufacturing sector remains." To help avert a sharper slowdown, China has brought forward 1 trillion yuan of the 2020 local government special bond quota to this year. The bonds are used largely to fund public works. While China has cut some of its key lending rates in the last few months to reduce corporate financing costs, the reductions have been quite modest. Analysts believe policymakers are reluctant to unleash more aggressive stimulus out of concern it could heighten financial risks and add to a mountain of debt. Washington and Beijing said in October they were working on a "phase one" trade agreement, but initial market hopes for a quick deal are fading after weeks of conflicting headlines. A deal could slide into next year as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. Highlighting the tension, China's Global Times newspaper said on Sunday that Beijing is demanding Washington removes existing tariffs, not just planned tariffs, as part of the deal, citing sources with direct knowledge of the trade talks. Additional US duties on Chinese exports are set to kick in on December 15. Months of protests in Chinese-ruled Hong Kong have also exacerbated tensions. A trade deal has now stalled after the US passed legislation backing protesters in Hong Kong, news website Axios reported on Sunday, citing a source close to Trump's negotiating team.

China's factory activity surprises with fastest expansion in three years

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17&nbsp;(0.17 per cent), while Nifty clocked in 12,067.10 points,&nbsp;gaining 11.05&nbsp;(0.092 per cent).

MSCI's index of Asia-Pacific shares outside Japan gained 0.46 per cent&nbsp;after investors clung to hopes Beijing and Washington could reach a compromise in trade talks despite concerns of US&nbsp;support to the Honk Kong protests.

Investors at home seemed to have priced in the flagging economic growth, which slowed to 4.5 per cent&nbsp;for the July-September period.

Telecom stocks led gains among sectors as all three major operators in the country announced price hikes over the weekend after a court ruling forced them to cough up nearly $13 billion in dues and levies.

Bharti Airtel&nbsp;rose 8.03 per cent, Vodafone Idea jumped 16.06 per cent&nbsp;and Reliance Jio owner Reliance Industries&nbsp;advanced 3.57 per cent.

Vodafone was the biggest gainer among all stocks listed on the NSE, while Airtel gained most on the Nifty.

Among losers, Oil and Natural Gas Corp&nbsp;dropped 2.54 per cent&nbsp;and was the biggest drag on the indexes.

(With inputs from agencies)

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17 (0.17 per cent), while Nifty clocked in 12,067.10 points, gaining 11.05 (0.092 per cent). MSCI's index of Asia-Pacific shares outside Japan gained 0.

At 11.50 am on Monday, Sensex stood at 40,861.98 points, gaining 68.17 (0.17 per cent), while Nifty clocked in 12,067.10 points, gaining 11.05 (0.092 per cent). MSCI's index of Asia-Pacific shares outside Japan gained 0.46 per cent after investors clung to hopes Beijing and Washington could reach a compromise in trade talks despite concerns of US support to the Honk Kong protests. Investors at home seemed to have priced in the flagging economic growth, which slowed to 4.5 per cent for the July-September period. Telecom stocks led gains among sectors as all three major operators in the country announced price hikes over the weekend after a court ruling forced them to cough up nearly $13 billion in dues and levies. Bharti Airtel rose 8.03 per cent, Vodafone Idea jumped 16.06 per cent and Reliance Jio owner Reliance Industries advanced 3.57 per cent. Vodafone was the biggest gainer among all stocks listed on the NSE, while Airtel gained most on the Nifty. Among losers, Oil and Natural Gas Corp dropped 2.54 per cent and was the biggest drag on the indexes. (With inputs from agencies)

Sensex rises by 68 points, Nifty gains 11

L&amp;T Technology Services said on Monday it has been selected by <a href="https://www.wionews.com/business-economy/ge-unit-orders-25-airbus-jets-including-12-rolls-powered-a330neo-260791">Airbus</a> India to manage its avionics software development, validation and verification, and data analytics.

"The win has been a direct result of LTTS` years of expertise in the aviation space and the company`s timely investment in cutting-edge technologies," it said in a statement without giving the timeframe or value of the contract.

The global pure-play engineering services company`s distinct advantage in the aerospace landscape includes ITAR (International Traffic in Arms) compliance and CEMILAC (The Centre for Military Airworthiness and Certification) certified state-of-the-art facilities, strong global customer base, robust lab and testing infrastructure, and strategic alliances with Fortune 500 companies.

"The new-age business opportunities in aviation sector call for a transformative approach including fresh ideas, elaborate evaluation of best-fit technology solution and capability to accelerate business growth through innovation," said Abhishek Sinha, Chief Operating Officer and member of the board at L&amp;T Technology Services.

"We are pleased that Airbus India has chosen LTTS to deliver on all these aspects. We look forward to co-developing innovations in the aviation space and ushering in newer benchmarks of industry excellence."

L&amp;T Technology Services Ltd is a listed subsidiary of Larsen &amp; Toubro Ltd focused on engineering and R&amp;D. It offers consultancy, design, development and testing services across the product and process development life cycle.

The company`s customer base includes 69 Fortune 500 companies and 51 of the world`s top ER&amp;D companies, across industrial products, medical devices, transportation, telecom and hi-tech, and the process industries.

It has over 16,700 employees spread across 17 global design centres, 28 global sales offices and 49 innovation labs.

L&T Technology Services said on Monday it has been selected by Airbus India to manage its avionics software development, validation and verification, and data analytics.

L&T Technology Services said on Monday it has been selected by Airbus India to manage its avionics software development, validation and verification, and data analytics. "The win has been a direct result of LTTS` years of expertise in the aviation space and the company`s timely investment in cutting-edge technologies," it said in a statement without giving the timeframe or value of the contract. The global pure-play engineering services company`s distinct advantage in the aerospace landscape includes ITAR (International Traffic in Arms) compliance and CEMILAC (The Centre for Military Airworthiness and Certification) certified state-of-the-art facilities, strong global customer base, robust lab and testing infrastructure, and strategic alliances with Fortune 500 companies. "The new-age business opportunities in aviation sector call for a transformative approach including fresh ideas, elaborate evaluation of best-fit technology solution and capability to accelerate business growth through innovation," said Abhishek Sinha, Chief Operating Officer and member of the board at L&T Technology Services. "We are pleased that Airbus India has chosen LTTS to deliver on all these aspects. We look forward to co-developing innovations in the aviation space and ushering in newer benchmarks of industry excellence." L&T Technology Services Ltd is a listed subsidiary of Larsen & Toubro Ltd focused on engineering and R&D. It offers consultancy, design, development and testing services across the product and process development life cycle. The company`s customer base includes 69 Fortune 500 companies and 51 of the world`s top ER&D companies, across industrial products, medical devices, transportation, telecom and hi-tech, and the process industries. It has over 16,700 employees spread across 17 global design centres, 28 global sales offices and 49 innovation labs.

L&T Technology Services wins avionics contract from Airbus

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks.

Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.85 per day, effective from December 3. 
 
The company announced new plans, which will affect the Airtel pre-paid customers who avail the plans provided by the company under its "unlimited" category, among others.&nbsp; 
 
"Our new mobile plans offer tremendous value to our customers and are backed by a superior network experience on Airtel's nationwide 4G network. Airtel will continue to make large investments in emerging technologies and digital platforms to deliver world-class experiences to our customers," said Shashwat Sharma, Chief Marketing Officer, Bharti Airtel. 
 
According to the release, Airtel's new plans will offer "exclusive benefits as part of the Airtel Thanks platform" to its customers.

Vodafone Idea also announced a similar plan, with plans capping at 2 days, 28 days, 84 days, and 365 days of validity and prices varying from Rs 19-2399.

Similarly, Jio will be introducing the new 'ALL-IN-ONE' plans with unlimited voice and data, effective from December 6. 
 
"Jio will be introducing new ALL-IN-ONE plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. 
The new plans will be effective from December 6, 2019," the statement informed. 
 
"Although the NEW ALL-IN-ONE plans will be priced up to 40 per cent higher, staying true to its promise of being customer first, Jio customers will get up to 300 per cent more benefits," the statement added. 
 
The company said that while remaining committed to the ultimate interest of the consumer, "Jio will take all necessary steps to help sustain the Indian telecommunications industry." 
 
The statement stressed that Jio will continue to work with the government on the consultation process for the revision of telecom tariffs and looks forward to participation from all other stakeholders.

The hike in tariffs comes after VIL, and Bharti Airtel posted record quarterly losses of ₹50,922 crore and ₹23,045 crore respectively due to a Supreme Court ruling on the adjusted gross revenue (AGR).

Both Vodafone Idea and Bharti Airtel also have an outstanding debt of over ₹1 lakh crore each.&nbsp;

The three telecommunication giants account for over 90 per cent market share of 1.18 billion mobile subscribers.

(With inputs from agencies)

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks. Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.

Bharti Airtel, Vodafone Idea, and Reliance Jio have hiked their tariffs by about 40 per cent after incurring huge losses over the last few weeks. Bharti Airtel on Sunday hiked tariff rate in the range of 50 paise per day to Rs 2.85 per day, effective from December 3. The company announced new plans, which will affect the Airtel pre-paid customers who avail the plans provided by the company under its "unlimited" category, among others. "Our new mobile plans offer tremendous value to our customers and are backed by a superior network experience on Airtel's nationwide 4G network. Airtel will continue to make large investments in emerging technologies and digital platforms to deliver world-class experiences to our customers," said Shashwat Sharma, Chief Marketing Officer, Bharti Airtel. According to the release, Airtel's new plans will offer "exclusive benefits as part of the Airtel Thanks platform" to its customers. Vodafone Idea also announced a similar plan, with plans capping at 2 days, 28 days, 84 days, and 365 days of validity and prices varying from Rs 19-2399. Similarly, Jio will be introducing the new 'ALL-IN-ONE' plans with unlimited voice and data, effective from December 6. "Jio will be introducing new ALL-IN-ONE plans with unlimited voice and data. These plans will have a fair usage policy for calls to other mobile networks. The new plans will be effective from December 6, 2019," the statement informed. "Although the NEW ALL-IN-ONE plans will be priced up to 40 per cent higher, staying true to its promise of being customer first, Jio customers will get up to 300 per cent more benefits," the statement added. The company said that while remaining committed to the ultimate interest of the consumer, "Jio will take all necessary steps to help sustain the Indian telecommunications industry." The statement stressed that Jio will continue to work with the government on the consultation process for the revision of telecom tariffs and looks forward to participation from all other stakeholders. The hike in tariffs comes after VIL, and Bharti Airtel posted record quarterly losses of ₹50,922 crore and ₹23,045 crore respectively due to a Supreme Court ruling on the adjusted gross revenue (AGR). Both Vodafone Idea and Bharti Airtel also have an outstanding debt of over ₹1 lakh crore each. The three telecommunication giants account for over 90 per cent market share of 1.18 billion mobile subscribers. (With inputs from agencies)

Vodafone Idea, Bharti Airtel, Reliance Jio hike prepaid prices by 40%

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on <a href="https://www.wionews.com/world/effective-immediately-us-to-restore-steel-aluminum-tariffs-on-brazil-argentina-trump-265754">Brazil and Argentina </a>and China retaliated for a US bill supporting protesters in Hong Kong.

Trump said he was reinstating tariffs on steel and aluminium from the South American countries due to a devaluation of their currencies. The United States had previously exempted some countries, including Argentina and Brazil, which agreed to quotas on the metals.

Meanwhile, China suspended US warship visits and sanctioned American NGOs after Trump signed into law a congressional measure supporting pro-democracy protesters in Hong Kong.

Some analysts rated the Chinese measures as mostly symbolic but said they were potentially important in light of ongoing trade talks between Washington and Beijing.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,038.17, down 0.1 per cent.

The broad-based S&amp;P 500 dropped 0.2 per cent to 3,135.43, while the tech-rich Nasdaq Composite Index shed 0.4 per cent to 8,633.53.

US stocks are still within shouting distance of all-time highs following records last week that were fed by optimism over the US-China trade talks, upbeat expectations for the holiday shopping season and moves by the Federal Reserve to cut interest rates and loosen monetary policy.

Key events this week include updates on the manufacturing and services sector, as well as the November jobs report.

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on Brazil and Argentina and China retaliated for a US bill supporting protesters in Hong Kong.

Wall Street stocks dipped early Monday after US President Donald Trump announced tariff actions on Brazil and Argentina and China retaliated for a US bill supporting protesters in Hong Kong. Trump said he was reinstating tariffs on steel and aluminium from the South American countries due to a devaluation of their currencies. The United States had previously exempted some countries, including Argentina and Brazil, which agreed to quotas on the metals. Meanwhile, China suspended US warship visits and sanctioned American NGOs after Trump signed into law a congressional measure supporting pro-democracy protesters in Hong Kong. Some analysts rated the Chinese measures as mostly symbolic but said they were potentially important in light of ongoing trade talks between Washington and Beijing. About 15 minutes into trading, the Dow Jones Industrial Average stood at 28,038.17, down 0.1 per cent. The broad-based S&P 500 dropped 0.2 per cent to 3,135.43, while the tech-rich Nasdaq Composite Index shed 0.4 per cent to 8,633.53. US stocks are still within shouting distance of all-time highs following records last week that were fed by optimism over the US-China trade talks, upbeat expectations for the holiday shopping season and moves by the Federal Reserve to cut interest rates and loosen monetary policy. Key events this week include updates on the manufacturing and services sector, as well as the November jobs report.

Wall Street stocks dip over US tariff action on Brazil, Argentina; China retaliation on US bill

Oil jumped above $61 a barrel on Monday, supported by <a href="https://www.wionews.com/business-economy/opecs-share-of-indian-oil-imports-fell-down-43-lowest-since-2011-263065">hints that OPEC</a> and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand.

The Organization of the Petroleum Exporting Countries and allies including Russia are expected to extend output cuts this week and could increase the size of the curb by at least 400,000 barrels per day (bpd), two sources said.

"There is a discussion about a deeper cut taking place," an OPEC source said, citing forecasts of oversupply in the first six months of 2020. "There is a big stock build in the first half of the year - we need to keep an eye on that."

Brent crude, the global benchmark, rose $1.13 to $61.62 a barrel by 1426 GMT. US West Texas Intermediate (WTI) crude added $1.07 to $56.24.

The so-called OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd started in January and expires at the end of March 2020.

"Any sign of discontent between the producers will send out negative signals and will put significant downward pressure on the oil price," said Tamas Varga of oil broker PVM. "We believe this is unlikely to happen."

OPEC's ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday.

On Friday Brent and US crude both fell on concerns that talks to end the trade war between the United States and China, the world's two biggest oil consumers, would be disrupted by US support for protesters in Hong Kong.

Oil also rose on Monday because of an unexpected return to growth in Chinese factory activity in November as domestic demand picked up on Beijing's accelerated stimulus measures. That is supportive of the oil demand outlook.

But US production keeps rising, led by shale oil, filling the gaps left by OPEC. Output in September increased to a record 12.46 million bpd, the U.S. government said in a monthly report on Friday.

It is not certain OPEC+ will agree this week to deepen its curbs. Some in the group are wary measures to support prices will encourage more U.S. production.

"A deeper cut could boost prices, which would bring on more shale output and not help," the OPEC source said.

Oil jumped above $61 a barrel on Monday, supported by hints that OPEC and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand.

Oil jumped above $61 a barrel on Monday, supported by hints that OPEC and its allies may agree to deepen output cuts at a meeting this week and as rising manufacturing activity in China suggested stronger demand. The Organization of the Petroleum Exporting Countries and allies including Russia are expected to extend output cuts this week and could increase the size of the curb by at least 400,000 barrels per day (bpd), two sources said. "There is a discussion about a deeper cut taking place," an OPEC source said, citing forecasts of oversupply in the first six months of 2020. "There is a big stock build in the first half of the year - we need to keep an eye on that." Brent crude, the global benchmark, rose $1.13 to $61.62 a barrel by 1426 GMT. US West Texas Intermediate (WTI) crude added $1.07 to $56.24. The so-called OPEC+ group has coordinated output for three years to balance the market and support prices. Their current deal to cut supply by 1.2 million bpd started in January and expires at the end of March 2020. "Any sign of discontent between the producers will send out negative signals and will put significant downward pressure on the oil price," said Tamas Varga of oil broker PVM. "We believe this is unlikely to happen." OPEC's ministers will meet in Vienna on Thursday and the wider OPEC+ group will gather on Friday. On Friday Brent and US crude both fell on concerns that talks to end the trade war between the United States and China, the world's two biggest oil consumers, would be disrupted by US support for protesters in Hong Kong. Oil also rose on Monday because of an unexpected return to growth in Chinese factory activity in November as domestic demand picked up on Beijing's accelerated stimulus measures. That is supportive of the oil demand outlook. But US production keeps rising, led by shale oil, filling the gaps left by OPEC. Output in September increased to a record 12.46 million bpd, the U.S. government said in a monthly report on Friday. It is not certain OPEC+ will agree this week to deepen its curbs. Some in the group are wary measures to support prices will encourage more U.S. production. "A deeper cut could boost prices, which would bring on more shale output and not help," the OPEC source said.

Oil prices jump to $61 over OPEC+ supply cut reports