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

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

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

China to waive tariffs on some US soybeans, pork

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

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

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

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

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

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

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

Oil slips as OPEC+ gears up to confirm supply cut

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

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

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

Japan unveils $120 billion stimulus package

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

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

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

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

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

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

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

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

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

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

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

OPEC and allies prepare to deepen oil output cuts

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

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

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

Oil rises as OPEC weighs deeper output cuts

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

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

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

Nifty closes at 12018, Sensex down 0.17 per cent

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

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

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

Huawei cancels new phone launch in Taiwan after China row

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

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

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

Consumer inflation hits 9-year-high in Pakistan

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

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

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

RBI keeps rates on hold despite economy fears

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

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

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

Nifty, Sensex slip after RBI surprises by steady holding rates

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

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

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

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

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

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

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

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

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

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

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

Saudi Aramco IPO institutional tranche 2.95 times oversubscribed

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