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Moody's Investors Service on Thursday cut India's ratings outlook to "negative" from "stable", citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

Moody's Investors Service on Thursday cut India's ratings outlook to "negative" from "stable", citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said. The Nifty 50 index fell 0.4% in early trade on Friday, while the rupee weakened to 71.31 against the dollar, versus Thursday's close of 70.965. Moody's retained its foreign and local currency ratings at 'Baa2'. India's economy grew only 5.0% year-on-year between April and June, its weakest pace since 2013, as consumer demand and government spending slowed amid global trade frictions. This prompted a slew of rate cuts by the central bank, while the government rolled out several measures, including a sharp cut in corporate taxes, in a bid to boost growth. "While government measures to support the economy should help to reduce the depth and duration of India's growth slowdown, prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions have increased the probability of a more entrenched slowdown," Moody's said. The ratings agency does not expect the credit crunch among non-bank financial institutions to be resolved quickly, it added. After the corporate tax cuts and lower nominal GDP growth, Moody's now expects a government deficit of 3.7% of GDP in the fiscal year ending in March 2020, compared with a government target of 3.3% of GDP.

Moody's cuts India's outlook to 'negative' on economic growth worries

Gap Inc&nbsp;said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&amp;M.

On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy.

The drop comes as the Gap brand also has heavily discounted in a competitive retail environment.

"Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA.

Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020.

Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders.

"Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group.

"Where he missed was their marketing and merchandising and pricing and promotional program."

Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said.

But the company's dismal forecasts indicated that Peck's efforts are yet to yield results.

Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15.

The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands.

"(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said.

Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%.

Gap Inc said on Thursday Chief Executive Officer Art Peck will leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast, sending its shares down 7%. Since taking the helm in 2015, Peck has tried to re-energize sales at the Gap brand, once a trendsetter with its casual logo-emblazoned hoodies and Khaki cargos, but it has recently struggled to keep pace with fast-fashion rivals such as Zara and H&M. On Thursday, the company estimated a 4% drop in third-quarter same-store sales, with declines across all its key brands including Old Navy. The drop comes as the Gap brand also has heavily discounted in a competitive retail environment. "Gap's whole portfolio is having a brand erosion crisis that we expect to only deepen with the current leadership vacuum," said Camilla Yanushevsky, research analyst at CFRA. Earlier this year, Gap said it will separate its better-performing Old Navy brand and shutter about 230 stores of its namesake apparel business, a process likely to be completed by 2020. Peck, who was to head the new Gap Inc, is credited with developing the company's "omni-channel" strategy that uses its retail stores and its digital platform to fulfill orders. "Peck deserves a lot of credit for decisive corrective action and starting to rationalize the retail store base and deserves credit for streamlining the supply chain in a challenging international environment," said Burt Flickinger, managing director of Strategic Resource Group. "Where he missed was their marketing and merchandising and pricing and promotional program." Robert Fisher, a member of the founding family behind Gap and its non-executive board chairman, will become the chief executive officer on an interim basis, effective immediately, the company said. But the company's dismal forecasts indicated that Peck's efforts are yet to yield results. Gap also now expects full-year adjusted earnings per share of $1.70 to $1.75, down from its previous forecast of $2.05 to $2.15. The quarter was "challenging", Chief Financial Officer Teri List-Stoll said, adding macro impact and slower traffic deepened the hit from product and operating challenges across key brands. "(The) results also reiterate our skepticism that the spin-off of touted stronghold Old Navy can unlock value," analyst Yanushevsky said. Shares of the company were down 7.4% at $16.71 in extended trading. The stock has lost nearly a third of its value this year.

Gap CEO exiting as forecast cut casts doubt on turnaround

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.

The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said.

Moody's also took rating actions on 11 Indian financial institutions, eight corporates and seven sovereign-linked infrastructure companies.

The BSE S&amp;P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908.&nbsp;

Most sectoral indices at the National Stock Exchange (NSE) were in the negative terrain except for Nifty realty which gained by 1.6 per cent and private bank by 0.7 per cent.

Nifty pharma dipped by 2.2 per cent, PSU bank by 1.9 per cent and FMCG by 1.8 per cent as investors kept their bets low amid mixed Q2 corporate earnings.

Among stocks, Bharti Infratel was a prominent loser with a drop of 4.9 per cent. Sun Pharma dipped by 4.3 per cent, GAIL by 3.9 per cent, UPL by 3.7 per cent and Vedanta by 3.2 per cent.

Among the gainers were private lenders like Yes Bank which moved up by 4.8 per cent, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank.

Meanwhile, Asian stocks retreated after an initial rally as uncertainty about the fate of trade negotiations between the United States and China kept investors on their toes.

While Japan`s Nikkei moved up by 0.26 per cent, Hong Kong`s Hang Seng fell by 0.7 per cent, South Korean Kospi by 0.3 per cent and Shanghai Composite by 0.49 per cent.

(With inputs from ANI)

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth.

Domestic stock market indices Sensex and Nifty closed in the negative zone as the investors remained cautious on economy concerns on Friday after markets digested Moody's downgrade of India's sovereign outlook from 'stable' to 'negative' citing increasing risks to the country's economic growth. The outlook partly reflects government and policy ineffectiveness in addressing economic weakness, which led to an increase in debt burden from already high levels, the ratings agency said. Moody's also took rating actions on 11 Indian financial institutions, eight corporates and seven sovereign-linked infrastructure companies. The BSE S&P Sensex closed 330 points or 0.8 per cent lower at 40,324 while the Nifty 50 moved down by 104 points to 11,908. Most sectoral indices at the National Stock Exchange (NSE) were in the negative terrain except for Nifty realty which gained by 1.6 per cent and private bank by 0.7 per cent. Nifty pharma dipped by 2.2 per cent, PSU bank by 1.9 per cent and FMCG by 1.8 per cent as investors kept their bets low amid mixed Q2 corporate earnings. Among stocks, Bharti Infratel was a prominent loser with a drop of 4.9 per cent. Sun Pharma dipped by 4.3 per cent, GAIL by 3.9 per cent, UPL by 3.7 per cent and Vedanta by 3.2 per cent. Among the gainers were private lenders like Yes Bank which moved up by 4.8 per cent, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank. Meanwhile, Asian stocks retreated after an initial rally as uncertainty about the fate of trade negotiations between the United States and China kept investors on their toes. While Japan`s Nikkei moved up by 0.26 per cent, Hong Kong`s Hang Seng fell by 0.7 per cent, South Korean Kospi by 0.3 per cent and Shanghai Composite by 0.49 per cent. (With inputs from ANI)

Sensex slips 330 points on Moody's outlook cut, Nifty ends at 11,908

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable.

Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings.

Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling.

Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd.

Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable.

Moody's Investors Service on Friday took rating action on 11 Indian financial institutions (FIs), eight non-financial corporates and eight sovereign-linked Indian infrastructure companies, a day after it changed the outlook on India's Baa2 sovereign rating to negative from stable. Moody's revised its outlook of six FIs to negative from stable. They are Exim India, HDFC Bank, Hero FinCorp, Housing and Urban Development Corporation, Indian Railway Finance Corporation and State Bank of India. The rating outlooks for Bank of India, Canara Bank, Syndicate Bank and Union Bank of India are maintained at stable. Separately, Moody's downgraded the long-term counterparty risk assessment and long-term local currency counterparty risk rating of HDFC Bank's Bahrain branch and ICICI Bank's Bahrain Branch to Ba2(cr) from Ba1(cr) and Ba2 from Ba1 to align these ratings with Bahrain's local currency ceilings. Also for ICICI Bank Bahrain Branch, Moody's downgraded the long-term foreign currency senior unsecured medium-term note programme rating and subordinate medium-term note programme rating to (P)Ba3 from (P)Ba2 to align these ratings with Bahrain's foreign currency bond ceiling. Besides, Moody's changed the outlook to negative on ratings of eight non-financial corporates. They include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Indian Oil Corporation Ltd, Oil and Natural Gas Corporation Ltd, Oil India Ltd, Petronet LNG Ltd, Infosys Ltd and Tata Consultancy Services Ltd. Similar action was taken against eight sovereign-linked infrastructure companies. They include NTPC Ltd, NHPC Ltd, National Highways Authority of India, Gail India Ltd, Power Grid Corporation of India Ltd, Adani Green Energy Restricted Group (RG-2) comprising of Wardha Solar (Maharashtra) Pvt Ltd, Adani Renewable Energy Ltd and Adani Transmission Restricted Group.

Moody's takes rating action on 12 Indian FIs, 8 corporates, 8 sovereign-linked infra firms

Telecom Italia (TIM) said it planned to spin off its&nbsp;data&nbsp;centre&nbsp;operations and look for an investor ahead of a potential market listing, after unveiling a&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;to develop the cloud&nbsp;business.

The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly,&nbsp;an&nbsp;underperforming&nbsp;business&nbsp;saddled with 24 billion euros of debt.

In presentation slides on its website,&nbsp;TIM&nbsp;said it would place the&nbsp;data&nbsp;centres&nbsp;under&nbsp;a newly-created legal entity.

TIM&nbsp;will then look for an infrastructure investor that could enter the capital of the new&nbsp;data&nbsp;centre&nbsp;company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road.

On Thursday,&nbsp;TIM&nbsp;a strategic&nbsp;partnership&nbsp;with&nbsp;Google&nbsp;on the cloud service market.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business.

Telecom Italia (TIM) said it planned to spin off its data centre operations and look for an investor ahead of a potential market listing, after unveiling a partnership with Google to develop the cloud business. The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly, an underperforming business saddled with 24 billion euros of debt. In presentation slides on its website, TIM said it would place the data centres under a newly-created legal entity. TIM will then look for an infrastructure investor that could enter the capital of the new data centre company to finance its expansion while keeping control of it. It could also consider listing the new entity down the road. On Thursday, TIM a strategic partnership with Google on the cloud service market.

Italy's TIM to expand data centre business under partnership with Google

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

Interest rate doves,&nbsp;policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more.

But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend.

As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero.

In September, the ECB cut its already negative key deposit rate further into sub-zero territory,&nbsp;a move that has laid bare growing divisions and pushback from some policymakers.

Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers.

"It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates. Interest rate doves, policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more. But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend. As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero. In September, the ECB cut its already negative key deposit rate further into sub-zero territory, a move that has laid bare growing divisions and pushback from some policymakers. Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers. "It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

Rising European savings could undermine case for negative rates

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus&nbsp;aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said.

The order includes 12 Airbus A330neo jets, for which Rolls-Royce&nbsp;is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets. It was included in a new Airbus order tally but the name of the buyer was not immediately disclosed.

Airbus and GE both declined to comment.

If confirmed, the decision by the world's second-largest aircraft leasing company to invest in the A330neo would be a key endorsement for the A330neo programme which has been clawing its way back from a period of weak sales and some cancellations.

GECAS has traditionally prioritised aircraft powered by engines made by its parent company General Electric.

Decisions to invest in rival technology highlight competition to diversify portfolios in the leasing industry, even though GE is perceived as more closely aligned in the wide-body market with Airbus rival Boeing.

The A330neo is a 250-300 seat upgrade of Airbus's most-sold wide-body aircraft, the A330, which is offered alongside the slightly larger Airbus A350 family. Both aircraft are exclusively powered by engines from Rolls-Royce.

In 2015, GECAS invested in the first A350 by buying the aircraft immediately after its delivery to Qatar Airways and then renting it back to the airline in a sale-and-leaseback deal.

But it remains rare for the GE subsidiary to buy Rolls-Royce-powered aircraft directly from the manufacturer.

Rolls and GE compete fiercely for engine sales and the A330neo aeroplane has, in turn, faced intense competition from the newer Boeing 787, which offers both GE and Rolls-Royce engines.

GECAS is widely seen as a candidate for potential sale as GE overhauls its balance sheet through disposals. It has said it aims to invest in aircraft to keep down the average age of its portfolio to 5.5 years from 6.8 years by 2024.

In a statement with its monthly order update on Thursday, Airbus said an "unidentified customer ordered 13 A321XLRs in a transaction that also included 12 A330-900 highly efficient wide-bodies".

It is common for aircraft deals to be posted on an anonymous basis before the buyer goes public, often using the publicity surrounding air shows.

Planemakers are gearing up for the Dubai Airshow from Nov. 17 which could feature confirmation of demand from leasing companies including GECAS, industry sources said.

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said.

Leasing giant GECAS, the aircraft leasing subsidiary of General Electric, has ordered 25 Airbus aircraft including a rare purchase of jets powered by GE's rival engine maker Rolls-Royce, two people familiar with the matter said. The order includes 12 Airbus A330neo jets, for which Rolls-Royce is the sole engine supplier, and 13 A321XLR long-distance narrow-body jets. It was included in a new Airbus order tally but the name of the buyer was not immediately disclosed. Airbus and GE both declined to comment. If confirmed, the decision by the world's second-largest aircraft leasing company to invest in the A330neo would be a key endorsement for the A330neo programme which has been clawing its way back from a period of weak sales and some cancellations. GECAS has traditionally prioritised aircraft powered by engines made by its parent company General Electric. Decisions to invest in rival technology highlight competition to diversify portfolios in the leasing industry, even though GE is perceived as more closely aligned in the wide-body market with Airbus rival Boeing. The A330neo is a 250-300 seat upgrade of Airbus's most-sold wide-body aircraft, the A330, which is offered alongside the slightly larger Airbus A350 family. Both aircraft are exclusively powered by engines from Rolls-Royce. In 2015, GECAS invested in the first A350 by buying the aircraft immediately after its delivery to Qatar Airways and then renting it back to the airline in a sale-and-leaseback deal. But it remains rare for the GE subsidiary to buy Rolls-Royce-powered aircraft directly from the manufacturer. Rolls and GE compete fiercely for engine sales and the A330neo aeroplane has, in turn, faced intense competition from the newer Boeing 787, which offers both GE and Rolls-Royce engines. GECAS is widely seen as a candidate for potential sale as GE overhauls its balance sheet through disposals. It has said it aims to invest in aircraft to keep down the average age of its portfolio to 5.5 years from 6.8 years by 2024. In a statement with its monthly order update on Thursday, Airbus said an "unidentified customer ordered 13 A321XLRs in a transaction that also included 12 A330-900 highly efficient wide-bodies". It is common for aircraft deals to be posted on an anonymous basis before the buyer goes public, often using the publicity surrounding air shows. Planemakers are gearing up for the Dubai Airshow from Nov. 17 which could feature confirmation of demand from leasing companies including GECAS, industry sources said.

GE unit orders 25 Airbus jets including 12 Rolls-powered A330neo

The value of the cost savings announced in the planned merger between Peugeot owner PSA&nbsp;and Fiat Chrysler&nbsp;is nominal and management will target improvements over time, PSA's chief executive told French BFM&nbsp;Business&nbsp;radio on Friday.

CEO Carlos Tavares also said he does not see the need to scrap any brands within the new PSA-Fiat Chrysler entity.

The two carmaker groups are targeting annual cost savings of 3.7 billion euros ($4.09 billion) as part of a planned merger unveiled at the end of October, which will create the world's fourth-largest automaker with 8.7 million in annual vehicle sales.

Tavares also said the two groups are willing to make all necessary concessions to get a green light from the European Union.

"Given all the necessary regulatory approvals that need to be granted, such a deal cannot be closed in less than a year," Tavares said, adding however that he expects to seal a "binding deal" in the coming weeks.

A source familiar with the matter told Reuters on Saturday that Fiat Chrysler and PSA aim to sign a final merger agreement as early as the beginning of next month.

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA's chief executive told French BFM Business radio on Friday.

The value of the cost savings announced in the planned merger between Peugeot owner PSA and Fiat Chrysler is nominal and management will target improvements over time, PSA's chief executive told French BFM Business radio on Friday. CEO Carlos Tavares also said he does not see the need to scrap any brands within the new PSA-Fiat Chrysler entity. The two carmaker groups are targeting annual cost savings of 3.7 billion euros ($4.09 billion) as part of a planned merger unveiled at the end of October, which will create the world's fourth-largest automaker with 8.7 million in annual vehicle sales. Tavares also said the two groups are willing to make all necessary concessions to get a green light from the European Union. "Given all the necessary regulatory approvals that need to be granted, such a deal cannot be closed in less than a year," Tavares said, adding however that he expects to seal a "binding deal" in the coming weeks. A source familiar with the matter told Reuters on Saturday that Fiat Chrysler and PSA aim to sign a final merger agreement as early as the beginning of next month.

New PSA-Fiat Chrysler management to try to improve cost savings

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent&nbsp;from 51 per cent.

Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces.

Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent&nbsp;from 47 per cent&nbsp;at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network.

Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder.

It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion.

It said other existing Cainiao shareholders also participated in the fundraising.

"Logistics is a key pillar of the Alibaba&nbsp;business&nbsp;operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent.

China's e-commerce giant, Alibaba Group Holding, said on Friday it would invest an additional 23.3 billion yuan ($3.33 billion or £2.6 billion) to raise its equity stake in its logistics affiliate Cainiao Smart Logistics Network to 63 per cent from 51 per cent. Alibaba co-founded Cainiao in 2013, with partners including department store owner Intime Group, conglomerate Fosun Group and a handful of logistics companies. The network underpins delivery for Alibaba's e-commerce marketplaces. Alibaba took control of Cainiao two years ago, bumping up its stake to 51 per cent from 47 per cent at the time, and said it would spend more than 100 billion yuan over five years to build out a global logistics network. Alibaba said the latest investment would go towards subscribing for newly issued Cainiao shares and an equity interest from an existing shareholder. It did not provide a breakdown of the acquisition cost for each deal, but its total spending suggests the logistics unit could be worth around $28 billion. It said other existing Cainiao shareholders also participated in the fundraising. "Logistics is a key pillar of the Alibaba business operating System. It allows us to offer the best service to customers and to effectively advance our new retail strategy," Alibaba's CEO and chairman, Daniel Zhang, said in an e-mailed statement.

China's Alibaba invests $3.3 billion to raise stake in logistics unit Cainiao

German insurer Allianz&nbsp;on Friday posted a better-than-expected 0.6 per cent&nbsp;rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier.

"We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said.

For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros.

Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range.

German insurer Allianz on Friday posted a better-than-expected 0.6 per cent rise in third-quarter net profit, helped by investment result and a lower tax rate, and said 2019 operating profit would be in the upper half of its targeted range. Net profit attributable to shareholders of 1.95 billion euros ($2.16 billion) compares with a forecast of 1.84 billion euro by analysts in a Refinitiv poll and is up from 1.94 billion euros a year earlier. "We are ready to reach the upper half of our operating profit outlook despite a significant increase in external challenges," Chief Executive Officer Oliver Baete said. For 2019, Allianz had been aiming for operating profit of 11.5 billion euros, plus or minus 500 million euros. It now expects an operating profit of between 11.5 billion euros and 12 billion euros. Allianz's combined ratio in its property and casualty division, a key measure of profitability, was 94.3% in the third quarter, up 1.2 percentage points from a year earlier. Readings below 100 indicate profitability.

Allianz sees 2019 profit in upper half of target range after solid third quarter

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak&nbsp;business&nbsp;in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares.

The dour outlook comes at a time when Honda is struggling to shore up its automobile operations, with its profitability down more than half in the past two years due to a series of quality-related issues constraining its financial firepower to invest in new vehicle technologies.

Japan's third-largest automaker now expects an operating income of 690 billion yen for the year to March, lowest since the year ended March 2016, from 770 billion yen previously.

It sees the yen averaging 107 versus the dollar over the period, from a previous assumption of 110 yen. A stronger currency eats into profits because exports become more expensive and the value of overseas earnings decreases.

Honda said it had also been hit by an almost 20 per cent&nbsp;slide in motorcycle sales over the six months to September in India. The world's No 4 auto market has gone into a tailspin this year amid tight liquidity, high taxes and a weak rural economy.

"The Indian market is contracting at a very rapid rate," said Honda Executive Vice President Seiji Kuraishi.

"I must say, we are struggling there."

While Honda's vehicle sales were overall flat in its main market of North America in the first half, it expects a "moderate" decline over the course of the fiscal year.

The company cut its outlook for global group auto sales to 4,975,000 vehicles, versus a previous forecast of 5,110,000, for the current financial year.

For a graphic on Honda's operating profit, vehicle sales.

Honda joins compatriots Suzuki Motor Corp, Subaru Corp, Mazda Motor Corp and Mitsubishi Motors Corp in slashing profit projections in recent days.

Toyota bucked the trend and retained its forecast on Thursday. Flush with cash after a stellar second quarter, it also announced a $1.8 billion share buyback.

Honda has said it will buy back up to 33 million shares worth up to 100 billion yen over the rest of the fiscal year.

Nissan Motor is due to report results on Tuesday.

Honda shares closed 1.9 per cent&nbsp;higher ahead of the results announcement. They plumbed a near 7-year low in August and are up 6.3 per cent&nbsp;so far this year.

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak business in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares.

Honda Motor Co slashed its annual profit and global sales outlook to a four-year low, citing a firmer yen and bleak business in both India and its main market of North America, even as it unveiled plans to buy back $915 million shares. The dour outlook comes at a time when Honda is struggling to shore up its automobile operations, with its profitability down more than half in the past two years due to a series of quality-related issues constraining its financial firepower to invest in new vehicle technologies. Japan's third-largest automaker now expects an operating income of 690 billion yen for the year to March, lowest since the year ended March 2016, from 770 billion yen previously. It sees the yen averaging 107 versus the dollar over the period, from a previous assumption of 110 yen. A stronger currency eats into profits because exports become more expensive and the value of overseas earnings decreases. Honda said it had also been hit by an almost 20 per cent slide in motorcycle sales over the six months to September in India. The world's No 4 auto market has gone into a tailspin this year amid tight liquidity, high taxes and a weak rural economy. "The Indian market is contracting at a very rapid rate," said Honda Executive Vice President Seiji Kuraishi. "I must say, we are struggling there." While Honda's vehicle sales were overall flat in its main market of North America in the first half, it expects a "moderate" decline over the course of the fiscal year. The company cut its outlook for global group auto sales to 4,975,000 vehicles, versus a previous forecast of 5,110,000, for the current financial year. For a graphic on Honda's operating profit, vehicle sales. Honda joins compatriots Suzuki Motor Corp, Subaru Corp, Mazda Motor Corp and Mitsubishi Motors Corp in slashing profit projections in recent days. Toyota bucked the trend and retained its forecast on Thursday. Flush with cash after a stellar second quarter, it also announced a $1.8 billion share buyback. Honda has said it will buy back up to 33 million shares worth up to 100 billion yen over the rest of the fiscal year. Nissan Motor is due to report results on Tuesday. Honda shares closed 1.9 per cent higher ahead of the results announcement. They plumbed a near 7-year low in August and are up 6.3 per cent so far this year.

Honda cuts profit, sales outlook to four-year low; unveils $915 million buyback

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter.

The Federal Statistics Office said seasonally adjusted exports increased by 1.5 per cent&nbsp;this month. That was their biggest increase since November 2017 and compared with economist expectations for a rise of 0.4 per cent.

"While there is no doubt that industry is in recession, the entire German economy could have avoided another contraction - and hence a technical recession - at the very last minute," said ING economist Carsten Brzeski.

The economy shrank by 0.1 per cent&nbsp;in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in a technical recession - usually defined as two straight quarters of contraction.

"Today's trade data suggest that there has been hardly any negative drag from net trade on the third-quarter gross domestic product," he said, adding private consumption looked like it had increased slightly and construction was flat or positive.

Germany's export-reliant manufacturers have been suffering from a slowing world economy and&nbsp;business&nbsp;uncertainty linked to a trade war between the United States and China, and Britain's planned, if delayed, exit from the European Union.

Data published this week has painted a mixed picture of the industrial sector, with output falling more than forecast in September while orders rose more than expected. A survey showed Germany's manufacturers remained stuck in recession in October as new orders fell.

Speaking about Friday's data, Landesbank Baden-Wuerttemberg economist Jens-Oliver Niklasch said: "This looks like a revival in foreign trade but looking at the whole year, September is more of an outlier".

He said foreign trade had been rather weak throughout 2019 and added that the risks in overseas trade had declined but not disappeared. A 0.4 decline in exports to non-euro zone European Union countries between January and September compared with the same period last year could be due to Brexit, he said.

The DIHK Chambers of Commerce expects exports to grow by 0.3 per cent&nbsp;this year as a whole before declining by 0.5 per cent&nbsp;next year, which would be their first fall since the global financial crisis.

A panel of economists advising the government on Wednesday said Germany's long-term upswing had come to an end and said that the export-oriented German economy was particularly at risk from a possible escalation of the trade conflicts. But they did not expect a "broad and deep recession".

Friday's data showed imports climbed by 1.3 per cent&nbsp;in September. The trade surplus widened to 19.2 billion euros from an upwardly revised 18.7 billion euros in the prior month.

Economists polled by Reuters had expected imports to be unchanged and saw the trade surplus at 18.1 billion euros.

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter.

German exports posted their biggest rise in almost two years in September, data showed on Friday, providing some relief amid widespread concerns that Europe's largest economy will dip into recession in the third quarter. The Federal Statistics Office said seasonally adjusted exports increased by 1.5 per cent this month. That was their biggest increase since November 2017 and compared with economist expectations for a rise of 0.4 per cent. "While there is no doubt that industry is in recession, the entire German economy could have avoided another contraction - and hence a technical recession - at the very last minute," said ING economist Carsten Brzeski. The economy shrank by 0.1 per cent in the second quarter, and recent data have suggested manufacturing fared badly in the third, which could put Germany in a technical recession - usually defined as two straight quarters of contraction. "Today's trade data suggest that there has been hardly any negative drag from net trade on the third-quarter gross domestic product," he said, adding private consumption looked like it had increased slightly and construction was flat or positive. Germany's export-reliant manufacturers have been suffering from a slowing world economy and business uncertainty linked to a trade war between the United States and China, and Britain's planned, if delayed, exit from the European Union. Data published this week has painted a mixed picture of the industrial sector, with output falling more than forecast in September while orders rose more than expected. A survey showed Germany's manufacturers remained stuck in recession in October as new orders fell. Speaking about Friday's data, Landesbank Baden-Wuerttemberg economist Jens-Oliver Niklasch said: "This looks like a revival in foreign trade but looking at the whole year, September is more of an outlier". He said foreign trade had been rather weak throughout 2019 and added that the risks in overseas trade had declined but not disappeared. A 0.4 decline in exports to non-euro zone European Union countries between January and September compared with the same period last year could be due to Brexit, he said. The DIHK Chambers of Commerce expects exports to grow by 0.3 per cent this year as a whole before declining by 0.5 per cent next year, which would be their first fall since the global financial crisis. A panel of economists advising the government on Wednesday said Germany's long-term upswing had come to an end and said that the export-oriented German economy was particularly at risk from a possible escalation of the trade conflicts. But they did not expect a "broad and deep recession". Friday's data showed imports climbed by 1.3 per cent in September. The trade surplus widened to 19.2 billion euros from an upwardly revised 18.7 billion euros in the prior month. Economists polled by Reuters had expected imports to be unchanged and saw the trade surplus at 18.1 billion euros.

Biggest rise in German exports in nearly two years gives some relief from recession fears

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.&nbsp;

The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.

The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. &nbsp;

But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets.&nbsp;

"The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management.&nbsp;

If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added.

The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals".

ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024.

The steel giant was given a period of legal immunity to bring the site up to environmental standards.

But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3.

The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions.

The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high.&nbsp;

Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.&nbsp;

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants.

Steel giant ArcelorMittal pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, Italy's prime minister has said, warning the company wants to cut 5,000 jobs at one of its plants. The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant. The announcement caused shockwaves in Italy where the deal was expected to safeguard thousands of jobs. But the country's prime minister Giuseppe Conte on Wednesday said the decision was instead over production targets. "The real reason for their withdrawal is that their investments are not profitable and they are demanding now that 5,000 jobs are cut. It's unacceptable," he said, after meeting with ArcelorMittal's management. If the steel giant goes ahead with its plan to pull out of the plant, the government "will not stay inert", he added. The prime minister hopes that following the discussion, ArcelorMittal will return to the negotiating table "with acceptable and tenable proposals". ArcelorMittal began leasing the plant -- with an obligation to buy it -- last November and had plans to invest 2.4 billion euros ($2.7 billion) to revive it, including 1.2 billion euros to curb pollution by 2024. The steel giant was given a period of legal immunity to bring the site up to environmental standards. But after much prevarication, the Italian parliament revoked that decision and the company lost its immunity on November 3. The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions. The plant -- Europe's largest integrated steelmaking site -- has a workforce of more than 8,000 in the poverty-hit southern Italian city, where unemployment is high. Conte said he would meet with unions on Thursday and asked the whole country to form a "common front" to support the site.

ArcelorMittal wants to cut 5,000 jobs: Italy PM

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30.

Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore.

In a statement, Tata Steel said that during the quarter, the company had a favourable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries.

"The liquidity position of the group remains robust at Rs 11,858 crore comprising Rs 4,596 crore cash and cash equivalents, and Rs 7,262 crore undrawn bank lines," said the company, adding that gross debt during the quarter was Rs 1,11,549 crore, and net debt stood at Rs 1,06,952 crore.

The company said the consolidated steel production stood at 6.95 million tonne, while deliveries grew by 3 per cent quarter-on-quarter (QoQ) to 6.53 million tonne.

"Consolidated revenues were Rs 34,579 crore while India revenues stood at Rs 20,204 crore. Consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 4,018 crore and India`s adjusted EBITDA was Rs 3,817 crore.

Regarding the company`s European operations, the statement said: "In 2QFY20, Tata Steel Europe liquid steel production was impacted by weak market conditions, planned summer shutdowns and unplanned outages. Revenue from operations decreased to Rs 14,035 crore in 2QFY20 due to weaker steel prices, partially offset by marginally better sales volumes."T V Narendran, CEO and Managing Director, Tata Steel, said:

"The business environment in India and other geographies continued to be challenging and weighed heavily on steel prices. Tata Steel worked closely with customers across business segments to drive sales and maintain volumes."

"We are focused on driving productivity improvements across our various operations as well as the supply chain to reduce costs and minimise the impact on margins. We hope the end of monsoon season and the onset of festive demand leads to a pick-up in overall consumption and the steel demand," he said.

Koushik Chatterjee, Executive Director and CFO, said: "Amidst a very challenging economic environment which saw steel prices drop by over $100 per tonne, Tata Steel reported consolidated revenue of Rs 34,579 crore and consolidated adjusted EBITDA of Rs 4,018 crore.

Our India operations reported an adjusted EBITDA of Rs 3,817 crore, which is an EBIDTA margin of 18.9 per cent.""While our gross debt has increased during the quarter due to an increase in working capital, we have renewed our focus on cash flow maximisation through operational improvements, working capital reduction and rationalization of capex which will help us deleverage," added Chatterjee.&nbsp;

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30. Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore.

Tata Steel on Wednesday reported a consolidated profit after tax (PAT) at Rs 3,302 crore for the quarter and half year ended September 30. Gross debt during the quarter has been pegged at Rs 1,11,549 crore, while net debt stood at Rs 1,06,952 crore. In a statement, Tata Steel said that during the quarter, the company had a favourable tax impact of Rs 4,233 crore, of which Rs 2,425 crore was on adoption of the new corporate tax rate by Tata Steel Standalone and some subsidiaries in India and Rs 1,808 crore was on account of recognition/reversal of deferred tax assets and liabilities in offshore subsidiaries. "The liquidity position of the group remains robust at Rs 11,858 crore comprising Rs 4,596 crore cash and cash equivalents, and Rs 7,262 crore undrawn bank lines," said the company, adding that gross debt during the quarter was Rs 1,11,549 crore, and net debt stood at Rs 1,06,952 crore. The company said the consolidated steel production stood at 6.95 million tonne, while deliveries grew by 3 per cent quarter-on-quarter (QoQ) to 6.53 million tonne. "Consolidated revenues were Rs 34,579 crore while India revenues stood at Rs 20,204 crore. Consolidated adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was Rs 4,018 crore and India`s adjusted EBITDA was Rs 3,817 crore. Regarding the company`s European operations, the statement said: "In 2QFY20, Tata Steel Europe liquid steel production was impacted by weak market conditions, planned summer shutdowns and unplanned outages. Revenue from operations decreased to Rs 14,035 crore in 2QFY20 due to weaker steel prices, partially offset by marginally better sales volumes."T V Narendran, CEO and Managing Director, Tata Steel, said: "The business environment in India and other geographies continued to be challenging and weighed heavily on steel prices. Tata Steel worked closely with customers across business segments to drive sales and maintain volumes." "We are focused on driving productivity improvements across our various operations as well as the supply chain to reduce costs and minimise the impact on margins. We hope the end of monsoon season and the onset of festive demand leads to a pick-up in overall consumption and the steel demand," he said. Koushik Chatterjee, Executive Director and CFO, said: "Amidst a very challenging economic environment which saw steel prices drop by over $100 per tonne, Tata Steel reported consolidated revenue of Rs 34,579 crore and consolidated adjusted EBITDA of Rs 4,018 crore. Our India operations reported an adjusted EBITDA of Rs 3,817 crore, which is an EBIDTA margin of 18.9 per cent.""While our gross debt has increased during the quarter due to an increase in working capital, we have renewed our focus on cash flow maximisation through operational improvements, working capital reduction and rationalization of capex which will help us deleverage," added Chatterjee.

Tata Steel reports Rs 3,302 crore Q2 profit

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' <a href="http://13.235.153.162/world/china-says-it-has-agreed-with-united-states-to-cancel-tariffs-in-phases-260538">trade deal</a> with the United States was close to being sealed.

Asia had been quiet overnight but things sparked just before Europe opened when China's commerce ministry said the world's two economic giants were working on a deal that would roll back trade tariffs in different stages.

Cue optimism. The pan-European STOXX 600 index&nbsp;rose 0.4 percent&nbsp;to its highest since July 2015 led by the export-heavy DAX&nbsp;percent&nbsp;in Frankfurt despite worse-than-expected German industrial output data.

European government bond yields -- which move inverse to the price -- rose too. Benchmark Bund yields were heading towards their highest in more than three months while the dollar took background from the safe-haven yen in the currency markets.

"Everything is moving together for now on this trade deal news," said Saxo Bank's head of FX strategy John Hardy. "The question is, how much was already baked into the cake and can we really see more specifics?" he added.

Among the top gainers across European sub-sectors were automakers&nbsp;and miners,&nbsp;while defensive plays such as telecoms and utilities fell, which all pointed to higher risk appetite.

E-Mini futures for the S&amp;P 500, which has already set a new record high this week, were also a solid 0.5&nbsp;percent&nbsp;better off.

Asia, in contrast, had barely budged. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 percent, just off a six-month high hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks&nbsp;stalled after hitting their highest since May, while Shanghai blue chips&nbsp;eked out a 0.2&nbsp;percent&nbsp;rise.

Reuters reported on Wednesday that a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign the interim trade deal could be delayed until December as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in London in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

The overnight pause in the risk rally helped US&nbsp;bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes fell back to 1.84&nbsp;percent&nbsp;from a two-month top of 1.87 percent&nbsp;.

That kept the dollar in check, it was at 109.00 yen&nbsp;from a weekly high of 109.24 and was a smidgen lower on a basket of currencies at 97.965.

The euro was trying to sustain a bounce at $1.1079 previously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges.

Oil prices clawed higher after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 57 cents higher at $56.92 a barrel, while Brent crude made 5&nbsp;cents to $62.23.

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' trade deal with the United States was close to being sealed.

Europe's share markets hit a more than 4-year peak and bond yields shuffled higher on Thursday, as Beijing signalled a 'phase 1' trade deal with the United States was close to being sealed. Asia had been quiet overnight but things sparked just before Europe opened when China's commerce ministry said the world's two economic giants were working on a deal that would roll back trade tariffs in different stages. Cue optimism. The pan-European STOXX 600 index rose 0.4 percent to its highest since July 2015 led by the export-heavy DAX percent in Frankfurt despite worse-than-expected German industrial output data. European government bond yields -- which move inverse to the price -- rose too. Benchmark Bund yields were heading towards their highest in more than three months while the dollar took background from the safe-haven yen in the currency markets. "Everything is moving together for now on this trade deal news," said Saxo Bank's head of FX strategy John Hardy. "The question is, how much was already baked into the cake and can we really see more specifics?" he added. Among the top gainers across European sub-sectors were automakers and miners, while defensive plays such as telecoms and utilities fell, which all pointed to higher risk appetite. E-Mini futures for the S&P 500, which has already set a new record high this week, were also a solid 0.5 percent better off. Asia, in contrast, had barely budged. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 percent, just off a six-month high hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks stalled after hitting their highest since May, while Shanghai blue chips eked out a 0.2 percent rise. Reuters reported on Wednesday that a meeting between US President Donald Trump and Chinese President Xi Jinping to sign the interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in London in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. The overnight pause in the risk rally helped US bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.84 percent from a two-month top of 1.87 percent . That kept the dollar in check, it was at 109.00 yen from a weekly high of 109.24 and was a smidgen lower on a basket of currencies at 97.965. The euro was trying to sustain a bounce at $1.1079 previously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices clawed higher after taking a hit from a surprisingly large build in US crude inventories. US crude was 57 cents higher at $56.92 a barrel, while Brent crude made 5 cents to $62.23.

US-China trade deal hopes restart stocks rally

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers.

Lufthansa CEO Carsten Spohr said the cull would help Austrian Airlines, which could end the year in the red, achieve "savings of 90 million euros&nbsp;per year" from the end of 2021.

The small carrier was locked "in the mother of all battles" in Vienna with low-cost rivals Ryanair and Wizz Air, Spohr told reporters in a conference call after announcing a rise in the group's third-quarter revenues.

News of the jobs cull sent shares in Lufthansa soaring by 8.8 percent to 17.6 euros by 1140 GMT, putting it at the top of the blue-chip DAX index in Frankfurt.

"We have to reposition ourselves to be able to survive in the brutal competition with budget carriers," Austrian Airlines boss Alexis von Hoensbroech said in a separate statement.

The planned job cuts amount to a loss of 700 to 800 full-time jobs by the end of 2021, out of a total workforce of 7,000 people, the statement added.&nbsp;

Most of the <a href="http://13.235.153.162/world/lufthansa-cabin-crew-union-stages-all-day-strike-at-smaller-airlines-257094">job losses</a> will come from not replacing departing workers.

The Lufthansa group -- which also includes Eurowings, Brussels and Swiss airlines -- earlier on Thursday said it was on track to meet its full-year outlook despite a "challenging market environment".

The carrier booked a net profit of 1.15 billion euros&nbsp; between July and September, up four percent year-on-year.

But the jump was mainly thanks to accounting effects, with the group's operating profit adjusted for some one-off items, actually falling eight percent to 1.3 billion euros.

Lufthansa said it had faced higher than expected fuel costs that were only partially offset by cost-cutting efforts.

And like rival airlines it was grappling with "a general slowdown in the global economy", it said in a statement.

Revenues for the period were up two percent to 10.2 billion euros.

Lufthansa's chief financial officer Ulrik Svensson said it was "vital" that the group took action "to further reduce our costs".

Aside from the job losses at Austrian Airlines, the group is hoping that a renewed focus on the Vienna hub and aircraft replacements will further trim costs at the struggling subsidiary.

Looking ahead, Lufthansa said it was on track to meet its 2019 goals.

It continues to expect adjusted earnings before tax and interest of 2.0-2.4 billon euros while revenues are predicted "to rise by a single-digit percentage amount".

But it lowered its earnings outlook for Lufthansa Cargo, blaming "current weak market demand".

The group's total fuel costs for the year are expected to reach 6.8 billion euros, 650 million euros more than in 2018.

Thursday's announcements came as Lufthansa faced a major strike by German cabin crew on Thursday, the first of a two-day walkout that has led to 1,300 flight cancellations.

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers.

Lufthansa on Thursday said it was slashing 700 to 800 jobs at its Austrian Airlines subsidiary, more than a tenth of the workforce there, to cut costs in the face of "brutal competition" from rival carriers. Lufthansa CEO Carsten Spohr said the cull would help Austrian Airlines, which could end the year in the red, achieve "savings of 90 million euros per year" from the end of 2021. The small carrier was locked "in the mother of all battles" in Vienna with low-cost rivals Ryanair and Wizz Air, Spohr told reporters in a conference call after announcing a rise in the group's third-quarter revenues. News of the jobs cull sent shares in Lufthansa soaring by 8.8 percent to 17.6 euros by 1140 GMT, putting it at the top of the blue-chip DAX index in Frankfurt. "We have to reposition ourselves to be able to survive in the brutal competition with budget carriers," Austrian Airlines boss Alexis von Hoensbroech said in a separate statement. The planned job cuts amount to a loss of 700 to 800 full-time jobs by the end of 2021, out of a total workforce of 7,000 people, the statement added. Most of the job losses will come from not replacing departing workers. The Lufthansa group -- which also includes Eurowings, Brussels and Swiss airlines -- earlier on Thursday said it was on track to meet its full-year outlook despite a "challenging market environment". The carrier booked a net profit of 1.15 billion euros between July and September, up four percent year-on-year. But the jump was mainly thanks to accounting effects, with the group's operating profit adjusted for some one-off items, actually falling eight percent to 1.3 billion euros. Lufthansa said it had faced higher than expected fuel costs that were only partially offset by cost-cutting efforts. And like rival airlines it was grappling with "a general slowdown in the global economy", it said in a statement. Revenues for the period were up two percent to 10.2 billion euros. Lufthansa's chief financial officer Ulrik Svensson said it was "vital" that the group took action "to further reduce our costs". Aside from the job losses at Austrian Airlines, the group is hoping that a renewed focus on the Vienna hub and aircraft replacements will further trim costs at the struggling subsidiary. Looking ahead, Lufthansa said it was on track to meet its 2019 goals. It continues to expect adjusted earnings before tax and interest of 2.0-2.4 billon euros while revenues are predicted "to rise by a single-digit percentage amount". But it lowered its earnings outlook for Lufthansa Cargo, blaming "current weak market demand". The group's total fuel costs for the year are expected to reach 6.8 billion euros, 650 million euros more than in 2018. Thursday's announcements came as Lufthansa faced a major strike by German cabin crew on Thursday, the first of a two-day walkout that has led to 1,300 flight cancellations.

Austrian Airlines to slash jobs over 'brutal competition'

Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points.&nbsp;

The cheer in the domestic stock market comes after Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore <a href="https://www.wionews.com/india-news/government-to-clear-rs-25000-crore-fund-to-revive-stalled-housing-projects-nirmala-sitharaman-260384">fund for stalled middle and low-income housing projects</a>.

The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units.

"A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister. 
Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. 
The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run.

"For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said. 
&nbsp;

Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points.

Equity indices on Thursday soared in opening trade with BSE Sensex surging 200 points, touching a record high at 40,670.46. Nifty, on the other hand, crossed the 12,000 mark, rising over 50 points. The cheer in the domestic stock market comes after Finance Minister Nirmala Sitharaman on Wednesday announced that the Union Cabinet had approved a Rs 25,000-crore fund for stalled middle and low-income housing projects. The government plans to give a boost to the housing market to revive over 1600 stalled housing projects covering 4.58 lakh units. "A special window will be made, that will be an alternative investment fund (AIF). The government will first fund Rs 10,000 crore. There will be participation from SBI and LIC to place funds. The total funding from the government and SBI and LIC put together is expected to have a starting value at around Rs 25,000 crore," said Finance Minister. Addressing a press conference after the cabinet meeting, Finance Minister Nirmala Sitharaman said the fund will provide relief to developers with unfinished projects and ensure delivery of homes to buyers. The minister said over 1,600 housing projects are stalled and about 4.58 lakh housing units are stuck in it. She said the fund will be set up as a Category-11 AIF (Alternate Investment Fund) debt fund registered with SEBI and would be professionally run. "For these incomplete projects, we will put money into an escrow account. Those incomplete projects registered with RERA will get funded for the last finishing projects after assessing their net worth if it is positive. The money will be given in stages. So, people will not have to worry about projects getting completed or not," she said.

Markets open in green; Sensex soars 200 points, touches record high 

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements.

The airline, which said last month its profits would be considerably better, made 862 million dirhams&nbsp;in the six months to September 30, compared to the 226 million dirhams it made a year ago.

Revenue fell 3 per cent&nbsp;to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs.

Emirates carried 29.6 million passengers, a 2 per cent&nbsp;decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub.

The amount of cargo it carried declined by 8 per cent&nbsp;to 1.2 million tonnes.

"The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum.

Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent&nbsp;to 53.3 billion.

Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit.

Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September.

Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago.

Emirates, one of the world's biggest international airlines, said on Thursday profit nearly quadrupled in the first half of the year, bouncing back from a decade low half-year profit a year ago. The dubai-based Emirates, which is owned by the state, benefited from a decline in global fuel prices although it said it was hit by unfavourable currency movements. The airline, which said last month its profits would be considerably better, made 862 million dirhams in the six months to September 30, compared to the 226 million dirhams it made a year ago. Revenue fell 3 per cent to 47.3 billion dirhams with operating costs cut by 8 per cent, helped by the decline in fuel costs. Emirates carried 29.6 million passengers, a 2 per cent decline after the airline reduced the number of seats it offered by 5% in part due to a 45-day closure of a runway at its Dubai hub. The amount of cargo it carried declined by 8 per cent to 1.2 million tonnes. "The global outlook is difficult to predict, but we expect the airline and travel industry to continue facing headwinds over the next six months with stiff competition adding downward pressure on margins," said Chairman Sheikh Ahmed bin Saeed al-Maktoum. Emirates Group, which includes the airline and airport services unit dnta, made 1.2 billion dirhams, up 8 per cent. Revenue shrank 2 per cent to 53.3 billion. Sheikh Ahmed said the fuel bill was 2 billion dirhams cheaper than a year ago but said unfavourable currency fluctuations cost it 1.2 billion in profit. Dnata, which operates at airports around the world, suffered a 64% fall in profit to 311 million dirhams. It booked an 84 million dirhams impairment on amounts it was owed following the collapse of Thomas Cook in September. Thomas Cook's bankruptcy has had a broad impact, affecting hotel owners across Europe, holiday booking sites in Asia and airline support services around the world.

Emirates airlines first half profit surges on cheaper fuel, cost cuts

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark.

Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects.

During the day, BSE Sensex gained 183.9 points or 0.45 per cent to close at 40,653.74 while NSE Nifty rose 46 points or 0.38 per cent to end with 12,012 points.&nbsp;

Sun Pharma was the biggest gainer in the Sensex with a rise of 3.5 per cent in the share value after reporting a quarterly profit&nbsp;of Rs 1064 crore. IndusInd Bank, Asian Paints, Reliance, ITC, HDFC, HDFC Bank, and Infosys were the other winners in the 30-share index.

The impact of Centre's package to the real estate sector was felt on NSE Nifty as the share value of Sobha Ltd and Prestige Estates Projects, Phoenix Mills and Indiabulls Real Estate Limited rose.

Sensex's latest high meant that it ended green in nine out of the last ten sessions due to factors such as better than expected quarterly figures, corporate tax cuts and measures taken by the government to boost Indian economy.

(With inputs from agencies)

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark. Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects.

Indian markets continued dominant run on Thursday with Sensex closing at a record level of 40,653.74 and NSE Nifty ending a tad over the 12000-mark. Earlier on Wednesday, markets made a strong comeback after finance minister Nirmala Sitharaman announced the approval of Rs 25,000 crore package to revive stalled housing projects. During the day, BSE Sensex gained 183.9 points or 0.45 per cent to close at 40,653.74 while NSE Nifty rose 46 points or 0.38 per cent to end with 12,012 points. Sun Pharma was the biggest gainer in the Sensex with a rise of 3.5 per cent in the share value after reporting a quarterly profit of Rs 1064 crore. IndusInd Bank, Asian Paints, Reliance, ITC, HDFC, HDFC Bank, and Infosys were the other winners in the 30-share index. The impact of Centre's package to the real estate sector was felt on NSE Nifty as the share value of Sobha Ltd and Prestige Estates Projects, Phoenix Mills and Indiabulls Real Estate Limited rose. Sensex's latest high meant that it ended green in nine out of the last ten sessions due to factors such as better than expected quarterly figures, corporate tax cuts and measures taken by the government to boost Indian economy. (With inputs from agencies)

Indian markets continue strong run as Sensex closes at record high

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday.

The Food and Agriculture Organization (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 172.7 points in October, up 1.7 per cent&nbsp;on the previous month and 6.0 per cent&nbsp;year-on-year.

FAO also predicted that cereal production would be 2.704 billion tonnes in 2019, slightly lower than its last forecast.

The FAO sugar price index jumped 5.8 per cent&nbsp;from September levels, largely because of expectations of lower supplies in the year ahead following forecasts of large reductions in sugar output in India and Thailand.

The cereal price index rose 4.2 per cent, with wheat and maize export prices climbing on the back of reduced crop prospects in several major producing countries and "robust trade activity". By contrast, rice prices fell, hit by subdued demand and expectations of an abundant basmati harvest.

The vegetable oil price index increased 0.5 per cent&nbsp;to reach its highest level in more than a year, while the meat price index rose 0.9 per cent, driven by higher import demand, especially from China.

By contrast, the dairy price index dropped 0.7per cent&nbsp;in October, as lower quotations for cheese offset increases in those for skimmed and whole milk powders, FAO said.

FAO lowered its forecast for global cereal production in 2019 by some 2 million tonnes, pegging world cereal output at 2.704 billion tonnes, but still up 1.8 per cent&nbsp;from 2018 levels.

The U.N. agency said worldwide coarse grain production in 2019 was seen at 1.425 billion tonnes, down 1.3 million on the previous forecast.

Wheat output was seen at 765 million tonnes, down nearly 1 million tonnes on the last outlook, but still on course to set a new record and up 4.5 per cent&nbsp;on 2018 levels.

The forecast for global rice production was put at 513.4 million tonnes, little changed on the previous forecast and slightly below 2018 levels.

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday.

World food prices rose for the first time in five months in October, boosted by jumps in quotations for sugar and cereals, the United Nations food agency said on Thursday. The Food and Agriculture Organization (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 172.7 points in October, up 1.7 per cent on the previous month and 6.0 per cent year-on-year. FAO also predicted that cereal production would be 2.704 billion tonnes in 2019, slightly lower than its last forecast. The FAO sugar price index jumped 5.8 per cent from September levels, largely because of expectations of lower supplies in the year ahead following forecasts of large reductions in sugar output in India and Thailand. The cereal price index rose 4.2 per cent, with wheat and maize export prices climbing on the back of reduced crop prospects in several major producing countries and "robust trade activity". By contrast, rice prices fell, hit by subdued demand and expectations of an abundant basmati harvest. The vegetable oil price index increased 0.5 per cent to reach its highest level in more than a year, while the meat price index rose 0.9 per cent, driven by higher import demand, especially from China. By contrast, the dairy price index dropped 0.7per cent in October, as lower quotations for cheese offset increases in those for skimmed and whole milk powders, FAO said. FAO lowered its forecast for global cereal production in 2019 by some 2 million tonnes, pegging world cereal output at 2.704 billion tonnes, but still up 1.8 per cent from 2018 levels. The U.N. agency said worldwide coarse grain production in 2019 was seen at 1.425 billion tonnes, down 1.3 million on the previous forecast. Wheat output was seen at 765 million tonnes, down nearly 1 million tonnes on the last outlook, but still on course to set a new record and up 4.5 per cent on 2018 levels. The forecast for global rice production was put at 513.4 million tonnes, little changed on the previous forecast and slightly below 2018 levels.

World food prices rise for first time in five months: United Nations Food Agency

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US&nbsp;trade deal left investors frustrated at the lack of concrete progress.

In early European trades, the pan-region Euro Stoxx 50 futures&nbsp;were up slightly while those for German DAX were flat. London's FTSE futures&nbsp;rose 0.2 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent&nbsp;after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent.

E-Mini futures for the S&amp;P 500 eased 0.1 per cent.

Reuters reported on Wednesday a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be <a href="https://www.wionews.com/world/us-china-trade-deal-signing-could-be-delayed-to-december-london-a-possible-venue-report-260422">delayed until December</a> as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

"But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal."

Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&amp;P 500&nbsp;gained 0.07 per cent&nbsp;and the Nasdaq&nbsp;dropped 0.29 per cent.

HP Inc&nbsp;rose over 6 per cent&nbsp;after Reuters reported US&nbsp;printer maker Xerox Holdings Corp&nbsp;has made a roughly $33 billion cash-and-stock offer for the computer group.

The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes&nbsp;fell back to 1.81 per cent&nbsp;from a two-month top of 1.87 per cent.

That, in turn, restrained the dollar, which eased to 108.74 yen&nbsp;from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965.

The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce&nbsp;and well within recent tight trading ranges.

Oil prices nursed losses after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 6 cents lower at $56.29 a barrel, while Brent crude&nbsp;slipped 7 cents to $61.67.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London's FTSE futures rose 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent. E-Mini futures for the S&P 500 eased 0.1 per cent. Reuters reported on Wednesday a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. "But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal." Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&P 500 gained 0.07 per cent and the Nasdaq dropped 0.29 per cent. HP Inc rose over 6 per cent after Reuters reported US printer maker Xerox Holdings Corp has made a roughly $33 billion cash-and-stock offer for the computer group. The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.81 per cent from a two-month top of 1.87 per cent. That, in turn, restrained the dollar, which eased to 108.74 yen from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965. The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices nursed losses after taking a hit from a surprisingly large build in US crude inventories. US crude was 6 cents lower at $56.29 a barrel, while Brent crude slipped 7 cents to $61.67.

Asia stocks frustrated as trade doubts resurface

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation.

Chinese government ministries and research institutes met this week in a "kick-off" meeting to establish a national 6G technology research and development group, according to a report by the Science and Technology Daily, which is published by China's Ministry of Science and Technology.

Technologies related to ultra-fast mobile services have become a key conflict point between the United States and China in recent months.

Countries around the world have been racing to roll out <a href="https://www.wionews.com/business-economy/huawei-pushes-5g-in-southeast-asia-brushing-off-tech-war-with-us-259636">5G next-generation</a> wireless networks, which can provide data speeds at least 20 times faster than 4G and promises to support new technologies such as self-driving cars and augmented reality.

In April, Reuters published a story quoting South Korean officials declaring victory over the United States and China as the site of the world's first commercial launch of a 5G telecoms network.

They made their assertion on the basis that the new network connected to an actual 5G phone. US&nbsp;carriers disputed South Korea's claims to be first.

The race has also embroiled China's Huawei Technologies, the world's largest telecoms equipment vendor, which is heavily involved in building many of these networks.

The US&nbsp;government, fearing that Huawei's equipment could be used by China for spying, has placed Huawei on a blacklist in May that banned the company from buying American-made parts. The US&nbsp;government led a campaign to convince its allies to bar it from their 5G networks. Huawei has repeatedly denied the claims.

Meanwhile, US&nbsp;<a href="https://www.wionews.com/world/ahead-of-impeachment-hearings-trump-may-expand-communications-team-to-bolster-defense-260440">President Donald Trump</a> in February tweeted that he wanted 6G technology in the United States as soon as possible, urging US&nbsp;firms to step up their efforts or get left behind.

Beijing's move to kickstart research into 6G comes days after the country's top three telecos rolled out 5G mobile phone services nationwide.

China had originally said it would launch the ultra-fast mobile internet service early next year but accelerated its plans as tensions with the United States heated up.

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation.

China has officially started researching sixth-generation telecoms technology, state media reported on Thursday, a move it described as aiming to promote the latest wireless innovation. Chinese government ministries and research institutes met this week in a "kick-off" meeting to establish a national 6G technology research and development group, according to a report by the Science and Technology Daily, which is published by China's Ministry of Science and Technology. Technologies related to ultra-fast mobile services have become a key conflict point between the United States and China in recent months. Countries around the world have been racing to roll out 5G next-generation wireless networks, which can provide data speeds at least 20 times faster than 4G and promises to support new technologies such as self-driving cars and augmented reality. In April, Reuters published a story quoting South Korean officials declaring victory over the United States and China as the site of the world's first commercial launch of a 5G telecoms network. They made their assertion on the basis that the new network connected to an actual 5G phone. US carriers disputed South Korea's claims to be first. The race has also embroiled China's Huawei Technologies, the world's largest telecoms equipment vendor, which is heavily involved in building many of these networks. The US government, fearing that Huawei's equipment could be used by China for spying, has placed Huawei on a blacklist in May that banned the company from buying American-made parts. The US government led a campaign to convince its allies to bar it from their 5G networks. Huawei has repeatedly denied the claims. Meanwhile, US President Donald Trump in February tweeted that he wanted 6G technology in the United States as soon as possible, urging US firms to step up their efforts or get left behind. Beijing's move to kickstart research into 6G comes days after the country's top three telecos rolled out 5G mobile phone services nationwide. China had originally said it would launch the ultra-fast mobile internet service early next year but accelerated its plans as tensions with the United States heated up.

China kicks off work on 6G research: State media

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

At 10:15 am, the BSE S&amp;P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859.

Sectoral indices at the National Stock Exchange were mixed with Nifty realty gaining 2.4 points and pharma by 1.4 points. Nifty auto lost by 0.5 per cent and private bank by 0.4 per cent.

Among stocks, Titan tumbled by 7.8 per cent to Rs 1,182.85 per share. Bharti Infratel, Bharti Airtel, HCL Technologies and Axis Bank too were in the red.

Among the gainers were pharma majors like Cipla, Dr Reddy's and Sun Pharma besides Yes Bank, Mahindra &amp; Mahindra, Tech Mahindra, Coal India and Bharat Petroleum Corporation.

Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China.

MSCI's broadest index of Asia Pacific shares outside Japan was unchanged while Japan's Nikkei stock index rose by 0.35 per cent. Hong Kong's Hang Seng was down by 0.08 per cent and South Korea's Kospi by 0.02 per cent. 
 
&nbsp;

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

Equity indices pulled back during early hours on Wednesday in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks. At 10:15 am, the BSE S&P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859. Sectoral indices at the National Stock Exchange were mixed with Nifty realty gaining 2.4 points and pharma by 1.4 points. Nifty auto lost by 0.5 per cent and private bank by 0.4 per cent. Among stocks, Titan tumbled by 7.8 per cent to Rs 1,182.85 per share. Bharti Infratel, Bharti Airtel, HCL Technologies and Axis Bank too were in the red. Among the gainers were pharma majors like Cipla, Dr Reddy's and Sun Pharma besides Yes Bank, Mahindra & Mahindra, Tech Mahindra, Coal India and Bharat Petroleum Corporation. Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. MSCI's broadest index of Asia Pacific shares outside Japan was unchanged while Japan's Nikkei stock index rose by 0.35 per cent. Hong Kong's Hang Seng was down by 0.08 per cent and South Korea's Kospi by 0.02 per cent.

Sensex, Nifty fall in early trade, Asian shares little changed

Saudi Aramco has approached Malaysian state energy company Petronas&nbsp;to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

The Saudi government plans to sell 2 per cent&nbsp;of state-run <a href="http://13.235.153.162/business-economy/saudis-scramble-to-raise-cash-for-aramco-share-sale-260106">Aramco</a>, the world's most profitable company, in a domestic listing on December&nbsp;11, three sources familiar with the matter told Reuters.

The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia.

"We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters.

"However, we will not be providing any further comments on this matter at this time."

Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China&nbsp;sold 77 percent&nbsp;of its $7.4 billion&nbsp;IPO to such backers.

Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing.

Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers.

Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing.

Saudi Aramco has approached Malaysian state energy company Petronas to participate in Aramco's initial public offering (IPO), Petronas said on Wednesday, as the Middle Eastern oil giant seeks cornerstone investors for the listing. The Saudi government plans to sell 2 per cent of state-run Aramco, the world's most profitable company, in a domestic listing on December 11, three sources familiar with the matter told Reuters. The approach comes as Petronas, officially known as Petroliam Nasional Bhd, nears the start of commercial operations at a $27 billion refinery and the petrochemical project built jointly with Aramco in southern Malaysia. "We have been recently approached by representatives of Saudi Aramco to consider Petronas' participation in its initial public offering exercise," Petronas, the Malaysian government's cash cow, told Reuters. "However, we will not be providing any further comments on this matter at this time." Aramco's much-vaunted IPO was delayed as deal advisers said they needed more time to lock in cornerstone or anchor, investors such as sovereign wealth funds. In 2016, state-owned Postal Savings Bank of China sold 77 percent of its $7.4 billion IPO to such backers. Reuters reported in September that Aramco had approached Abu Dhabi Investment Authority, Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of its listing. Abu Dhabi's state investor Mubadala Investment Co has also been approached by Aramco's advisers. Asked about its interest in the Aramco IPO, Malaysian sovereign wealth fund Khazanah Nasional Bhd told Reuters it "does not have any investments in the oil and gas sector".

Aramco approaches Malaysia's Petronas to participate in IPO

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks.

The BSE S&amp;P Sensex closed 222 points or 0.55 per cent higher at 40,470 while the Nifty 50 moved up by 44 points to 11,961.

ICICI Bank was the biggest gainer with a rise of 2.64 per cent. Infosys, IndusInd Bank, HDFC Bank, HDFC, Tata Motors and Axis Bank were the other major earners in the day. Bajaj Auto, M&amp;M, TCS, ITC and Maruti among others suffered a loss on Wednesday's trade. Cipla Ltd was the top gainer on NSE Nifty.

Individually, Titan Company witnessed a sharp fall of 10 per cent in its share value after the company reported a slight fall in quarterly earnings and cut its revenue guidance to 11%-13% on-year growth for the second half of 2020 from 20%.&nbsp;

Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector.

Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. Japan's Nikkei stock index rose by 0.22 per cent, Hong Kong's Hang Seng by 0.02 per cent and South Korea`s Kospi by 0.07 per cent.

(With inputs from agencies)

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks. The BSE S&P Sensex closed 222 points or 0.

Domestic Stock markets on Wednesday experienced a fresh high with the strong inflow of foreign funds and positivity in select stocks. The BSE S&P Sensex closed 222 points or 0.55 per cent higher at 40,470 while the Nifty 50 moved up by 44 points to 11,961. ICICI Bank was the biggest gainer with a rise of 2.64 per cent. Infosys, IndusInd Bank, HDFC Bank, HDFC, Tata Motors and Axis Bank were the other major earners in the day. Bajaj Auto, M&M, TCS, ITC and Maruti among others suffered a loss on Wednesday's trade. Cipla Ltd was the top gainer on NSE Nifty. Individually, Titan Company witnessed a sharp fall of 10 per cent in its share value after the company reported a slight fall in quarterly earnings and cut its revenue guidance to 11%-13% on-year growth for the second half of 2020 from 20%. Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector. Meanwhile, Asian shares were little changed as investors awaited new developments toward scaling back a protracted trade war between the United States and China. Japan's Nikkei stock index rose by 0.22 per cent, Hong Kong's Hang Seng by 0.02 per cent and South Korea`s Kospi by 0.07 per cent. (With inputs from agencies)

Stock markets roar as Sensex ends at record high of 40,670

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points.&nbsp;

Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

At 10:15 am, the BSE S&amp;P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859.

On Monday, Indian shares jumped extending gains to a seventh straight session, boosted by the government's plan to offer more capital to finance the country's infrastructure needs and reports of further tax reforms, news agency Reuters reported.&nbsp;

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points. Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks.

BSE Sensex on Wednesday noon hit a fresh high breaching the 40,500, surging around 270 points. Earlier in the day, equity indices opened in red in line with Asian peers as investors awaited fresh developments on the outcome of US-China trade talks. At 10:15 am, the BSE S&P Sensex was down by 186 points at 40,062 while the Nifty 50 edged lower by 58 points to 11,859. On Monday, Indian shares jumped extending gains to a seventh straight session, boosted by the government's plan to offer more capital to finance the country's infrastructure needs and reports of further tax reforms, news agency Reuters reported.

Sensex surges 270 points, breaches 40,500 mark