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Oil&nbsp;prices&nbsp;eased on Thursday after industry data showed a&nbsp;larger-than-expected&nbsp;build-up in&nbsp;stocks in the United States, although losses were limited by <a href="https://www.wionews.com/world/additional-tariffs-on-china-may-be-imposed-in-case-of-a-no-deal-us-treasury-secretary-256016">comments by&nbsp;US&nbsp;Treasury</a> Secretary Steven Mnuchin on a&nbsp;<a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade deal.</a>

Global benchmark Brent crude&nbsp;oil&nbsp;futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT.

US&nbsp;crude&nbsp;oil&nbsp;futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent&nbsp;to a session low of $52.76 earlier.

US&nbsp;crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October&nbsp;11, according to the American Petroleum Institute's weekly report, published ahead of official government&nbsp;stocks data due on Thursday.&nbsp;

Analysts had estimated&nbsp;US&nbsp;crude inventories rose around 2.8 million barrels last week.

"An enormous&nbsp;US&nbsp;inventory&nbsp;build&nbsp;hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday.&nbsp;

If confirmed by the government data, the&nbsp;build-up would be the biggest&nbsp;US&nbsp;inventory swell since February, 2017, Innes said.

It comes amid concerns about the global economy - and therefore&nbsp;oil&nbsp;demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.

Still, hopes of a potential&nbsp;US-China trade deal helped offset&nbsp;oil&nbsp;prices&nbsp;losses after Mnuchin said&nbsp;US&nbsp;and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month.

"Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the&nbsp;US&nbsp;(and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney.

But short-term pressure on&nbsp;oil&nbsp;prices&nbsp;will likely remain until&nbsp;US&nbsp;government data on&nbsp;oil&nbsp;inventory is out later on Thursday, he added.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal.

Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by US Treasury Secretary Steven Mnuchin on a US-China trade deal. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8 per cent, at $58.95 a barrel by 0330 GMT. US crude oil futures were down 48 cents, or 0.9 per cent, at $52.88 after earlier dropping more than 1 per cent to a session low of $52.76 earlier. US crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to October 11, according to the American Petroleum Institute's weekly report, published ahead of official government stocks data due on Thursday. Analysts had estimated US crude inventories rose around 2.8 million barrels last week. "An enormous US inventory build hits at precisely the wrong moment when the markets are overly focused on demand devastation due to the latest run of weaker global economic data," Stephen Innes, Asia Pacific market strategist at AxiTrader, said in a note on Thursday. If confirmed by the government data, the build-up would be the biggest US inventory swell since February, 2017, Innes said. It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity. Still, hopes of a potential US-China trade deal helped offset oil prices losses after Mnuchin said US and Chinese trade negotiators are working on nailing down a Phase 1 trade deal text for their presidents to sign next month. "Overall, we are seeing a more constructive picture both in terms of the demand side of the equation with the partial agreement from the US (and) also from a technical point of view. (Prices) are at close to the bottom end of trading range rather than the top," said Michael McCarthy, chief market strategist at brokerage CMC Markets in Sydney. But short-term pressure on oil prices will likely remain until US government data on oil inventory is out later on Thursday, he added.

Oil prices fall on signs of large United States stock build

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Spot gold&nbsp;inched 0.1 per cent&nbsp;higher to $1,490.37 per ounce as of 0044 GMT&nbsp;US gold futures&nbsp;rose 0.1 per cent&nbsp;to $1,495.60.

Asian shares were subdued as the soft US&nbsp;sales data pointed to signs that the US&nbsp;economy was beginning to show signs of weakness, and a global recession was looming.

US&nbsp;retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month.

Investors awaited further news on the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade front</a>. US&nbsp;Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month.

Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to <a href="https://www.wionews.com/world/brexit-deal-at-hand-in-brussels-boris-johnson-struggles-to-win-support-at-home-256400">seal a deal on Britain's exit</a> from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget.

Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal.

Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent&nbsp;to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday.

Palladium rose 0.2 per cent&nbsp;to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day.

Gold prices held steady on Thursday as weak United States retail sales data fanned concerns that the country's economy may be feeling the pinch of the long-drawn trade war with China, while palladium held close to a record high hit the previous day. Spot gold inched 0.1 per cent higher to $1,490.37 per ounce as of 0044 GMT US gold futures rose 0.1 per cent to $1,495.60. Asian shares were subdued as the soft US sales data pointed to signs that the US economy was beginning to show signs of weakness, and a global recession was looming. US retail sales fell for the first time in seven months in September, suggesting that manufacturing-led weakness could be spreading to the broader economy, keeping the door open for the Federal Reserve to cut interest rates again later this month. Investors awaited further news on the US-China trade front. US Treasury Secretary Steven Mnuchin said on Wednesday that trade negotiators are working on nailing down a phase 1 trade deal text for their presidents to sign next month. Elsewhere, a European Union leaders' two-day summit in Brussels starting on Thursday will be dominated by last-gasp efforts to seal a deal on Britain's exit from the bloc despite a raft of other pressing issues, from the crisis in the Middle East to the EU budget. Investors have welcomed optimistic comments from key officials during last few days. British culture minister Nicky Morgan said late on Wednesday there is a good chance of a deal. Indicative of sentiment, SPDR Gold Trust GLD, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.16 per cent to 918.19 tonnes on Wednesday from 919.66 tonnes on Tuesday. Palladium rose 0.2 per cent to $1,770.54 an ounce on Thursday after notching a fresh high of $1,779.23 on Wednesday.

Gold steady as disappointing US retail sales weigh on risk appetite

Citigroup Inc&nbsp;has named Peter Babej, the US&nbsp;bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday.

Babej joined Citi in 2010 as co-head of the financial institution's group after having previously worked at Deutsche Bank&nbsp;and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat.

A spokesman for Citi in Hong Kong confirmed the contents of the memo.

Babej, who is currently based in New York and will relocate to Hong Kong, will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp&nbsp;as chief executive of its international business.

Citi's business in the Asia Pacific is the second-largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank's net income.

In the quarter ended September&nbsp;30, Citi's Asia Pacific revenue grew 7 per cent&nbsp;to $4.01 billion.

Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately.

"He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption," Corbat said in the memo.

Citigroup Inc has named Peter Babej, the US bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday.

Citigroup Inc has named Peter Babej, the US bank's global head of financial institutions group, as its new Asia Pacific Chief Executive Officer, according to an internal memo seen by Reuters on Thursday. Babej joined Citi in 2010 as co-head of the financial institution's group after having previously worked at Deutsche Bank and investment bank Lazard, according to the memo sent to staff by Citi global CEO Mike Corbat. A spokesman for Citi in Hong Kong confirmed the contents of the memo. Babej, who is currently based in New York and will relocate to Hong Kong, will replace Francisco Aristeguieta, who left Citi earlier this year to join custodian bank State Street Corp as chief executive of its international business. Citi's business in the Asia Pacific is the second-largest region-wise in terms of revenue, outside of its home market of North America, and contributes around one-fifth of its revenues and nearly one-third of the bank's net income. In the quarter ended September 30, Citi's Asia Pacific revenue grew 7 per cent to $4.01 billion. Babej has been involved in several Asia-focused merger and acquisition transactions in the financial sector, Corbat wrote in the memo, adding the new regional head will take over the role immediately. "He will draw on his deep knowledge of the financial services landscape in Asia, where we continue to see great opportunities, including fast-growing digital adoption," Corbat said in the memo.

Citigroup names Peter Babej as Asia Pacific Chief Executive: Memo

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms.

China has stepped up efforts to open its financial sector amid a festering <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">trade war </a>with the United States, with increased access to its financial sector among a host of demands from Washington.

Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute.

The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope.

China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said.

China will not allow forced technology transfers by foreign firms, it said.

Stabilising foreign investment is part of Beijing's policies to support the<a href="https://www.wionews.com/business-economy/global-markets-asia-relieved-at-latest-trade-truce-china-data-disappoints-255740"> slowing economy </a>that has been hit by the country's trade war with the United States.

In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia&nbsp;and Citigroup&nbsp;became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector.

But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China&nbsp;and Bank of China.

"Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's&nbsp;China head of global markets told a financial conference over the weekend.

He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment."

In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase&nbsp;and Japan's Nomura Holdings&nbsp;have obtained regulatory approval to set up majority-owned China ventures.

But China has yet to open more sensitive areas of its financial industry. US&nbsp;payments card giants Mastercard Inc&nbsp;and Visa Inc&nbsp;are still awaiting regulatory approval to conduct yuan clearing business in the country.

China's economic growth is expected to slow to a near 30-year low of 6.2 per cent&nbsp;this year and cool further to 5.9 per cent&nbsp;in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus.

The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment.

Tax and fee cuts amounted to 1.5 trillion yuan&nbsp;in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said.

The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported.

China will remove business restrictions on foreign banks, brokerages and fund management firms, a cabinet meeting chaired by Premier Li Keqiang said on Wednesday, state television reported. But the move, which comes nearly 18 years after China joined the World Trade Organisation (WTO), could have a limited impact on the competitive landscape of an industry dominated by China's state firms. China has stepped up efforts to open its financial sector amid a festering trade war with the United States, with increased access to its financial sector among a host of demands from Washington. Last week, China announced a firm timetable for opening its futures, brokerage and mutual fund sectors fully to foreign investors next year, as Beijing and Washington reached a tentative deal to resolve their trade dispute. The cabinet did not elaborate on what effect the removal of the curbs would have. On Tuesday, the cabinet relaxed management rules for foreign insurers and banks, giving them easier access to China, and wider business scope. China will also support local governments' efforts to attract more foreign investment and allow foreign companies to be more flexible in choosing how they borrow funds from abroad, the cabinet said. China will not allow forced technology transfers by foreign firms, it said. Stabilising foreign investment is part of Beijing's policies to support the slowing economy that has been hit by the country's trade war with the United States. In 2007, HSBC Holdings, Standard Chartered Bank, Bank of East Asia and Citigroup became the first foreign banks allowed to set up locally-incorporated subsidiaries in China as Beijing gradually opened up the sector. But hampered by numerous restrictions on business scopes and operations such as outlet openings, the roughly 40 foreign banks with local units operating in China account for a tiny fraction of a market dominated by state-owned rivals such as Industrial and Commercial Bank of China and Bank of China. "Many people say 'the wolves are coming', but my observation is that...through opening, Chinese regulators intend to introduce technology and talents, but it doesn't mean foreign players can grab a big market share in China," Xin He, Societe Generale's China head of global markets told a financial conference over the weekend. He added that the French bank has retreated from its retail business in China after realising that "foreign banks cannot compete with Chinese players in this business segment." In the securities sector, China last year relaxed rules to allow foreign brokerages to own a majority stake in Chinese ventures. China said last week foreign ownership limits in the sector will be scrapped completely on Dec. 1, 2020. UBS Group, JPMorgan Chase and Japan's Nomura Holdings have obtained regulatory approval to set up majority-owned China ventures. But China has yet to open more sensitive areas of its financial industry. US payments card giants Mastercard Inc and Visa Inc are still awaiting regulatory approval to conduct yuan clearing business in the country. China's economic growth is expected to slow to a near 30-year low of 6.2 per cent this year and cool further to 5.9 per cent in 2020, a Reuters poll showed, even as Beijing steps up policy stimulus. The government has been leaning heavily on fiscal stimulus to support the economy, including rolling out big tax cuts and increased spending on infrastructure investment. Tax and fee cuts amounted to 1.5 trillion yuan in the first eight months, which has helped ease the burden on firms, boost incomes and employment, with full-year reductions set to exceed 2 trillion yuan, the cabinet said. The government will also support local governments facing fiscal difficulties to ensure wage payments, the cabinet said.

China to scrap business curbs on foreign banks, brokerages

Food group Nestle&nbsp;plans to return up to 20 billion Swiss francs&nbsp;to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent&nbsp;in the third quarter from 3.9 per cent&nbsp;in the previous quarter.

Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market.

Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday.

It did, however, confirm its outlook for organic sales growth of around 3.5 per cent&nbsp;and an operating margin of 17.5 per cent&nbsp;or above for the full year, pointing to strong momentum in the United States and its petcare business.

It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible.

"Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said.

In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones.

Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year.

Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.

Food group Nestle plans to return up to 20 billion Swiss francs to shareholders over the next two years and is making changes to its struggling waters business after organic sales growth dipped to 3.7 per cent in the third quarter from 3.9 per cent in the previous quarter. Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all-natural ingredients to boost growth in an otherwise sluggish market. Nestle's organic growth, which strips out currency swings and acquisitions, slowed in the third quarter as prices for its products fell slightly, the maker of KitKat chocolate bars, Maggi noodles and vegan burgers said in a statement on Thursday. It did, however, confirm its outlook for organic sales growth of around 3.5 per cent and an operating margin of 17.5 per cent or above for the full year, pointing to strong momentum in the United States and its petcare business. It said it had decided to distribute up to 20 billion francs to shareholders over the period 2020 to 2022, primarily in the form of share buybacks, but special dividends were also possible. "Should any sizable acquisitions take place during this period, the amount of cash to be distributed to shareholders will be adjusted accordingly," Nestle said. In a separate statement, Nestle announced it would no longer manage its waters business, which posted weak organic growth of 0.5 per cent for the nine-month period, as a global business. It will instead integrate it into its three geographical zones. Maurizio Patarnello, head of the waters business, will leave the executive board at the end of this year. Nestle appointed Sanjay Bahadur, head of acquisitions and business development, to lead a new group strategy and business development function that should help identify internal and external strategic growth opportunities.

Nestle revamps waters business as organic growth slows

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check.

The broader NSE Nifty was down 0.06 per cent&nbsp;at 11,458.30 at 0420 GMT, while the benchmark BSE Sensex rose 0.1 per cent at 38,638.56.

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher after data showed U.S. retail sales contracted in September for the first time in seven months, in a potential sign that manufacturing-led weakness could be spreading to the broader economy.

Meanwhile, investors in India hoped that the government's corporate tax cut last month would give fillip to companies' September-quarter earnings.

"The calm on the global side due to the mid-term resolution between the United States and China and better results will drive markets," said Rusmik Oza, head of fundamental research at Kotak Securities.

"There could be healthy earnings growth because of the tax cut."

Media stocks were among top gainers on the indexes with the Nifty Media index rising as much as 1 per cent, driven by sector heavyweight Zee Entertainment Enterprises Ltd, which is scheduled to report earnings later in the day. Zee shares were up about 1 per cent.

Eicher Motors, however, topped the Nifty index and rose 3.75 per cent.

Meanwhile, battered mining and steel stocks continued to fall and were among the top losers for the day sending the metals index down 1.4 per cent.

JSW Steel, Vedanta Ltd and Hindalco were all down between 2 per cent&nbsp;and 2.5 per cent.

Dewan Housing Finance Ltd (DHFL) shares fell 5 per cent after the Economic Times reported the company gave loans to a firm at the centre of investigations into the operations of a gangster.

DHFL has since denied the allegations in the report.

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check.

Indian shares were little changed on Thursday, in line with broader Asia, as investors were jilted by weak retail sales data from the United States, but hopes of upbeat corporate earnings in the domestic market kept losses in check. The broader NSE Nifty was down 0.06 per cent at 11,458.30 at 0420 GMT, while the benchmark BSE Sensex rose 0.1 per cent at 38,638.56. MSCI's broadest index of Asia-Pacific shares outside Japan was slightly higher after data showed U.S. retail sales contracted in September for the first time in seven months, in a potential sign that manufacturing-led weakness could be spreading to the broader economy. Meanwhile, investors in India hoped that the government's corporate tax cut last month would give fillip to companies' September-quarter earnings. "The calm on the global side due to the mid-term resolution between the United States and China and better results will drive markets," said Rusmik Oza, head of fundamental research at Kotak Securities. "There could be healthy earnings growth because of the tax cut." Media stocks were among top gainers on the indexes with the Nifty Media index rising as much as 1 per cent, driven by sector heavyweight Zee Entertainment Enterprises Ltd, which is scheduled to report earnings later in the day. Zee shares were up about 1 per cent. Eicher Motors, however, topped the Nifty index and rose 3.75 per cent. Meanwhile, battered mining and steel stocks continued to fall and were among the top losers for the day sending the metals index down 1.4 per cent. JSW Steel, Vedanta Ltd and Hindalco were all down between 2 per cent and 2.5 per cent. Dewan Housing Finance Ltd (DHFL) shares fell 5 per cent after the Economic Times reported the company gave loans to a firm at the centre of investigations into the operations of a gangster. DHFL has since denied the allegations in the report.

Sensex, Nifty nearly flat; metal stocks drag

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally.

The BSE S&amp;P Sensex closed 453 points or 1.17 per cent higher at 39,052, while the Nifty 50 was up 122 points at 11,586.&nbsp;

All sectoral indices at the National Stock Exchange were in the positive zone except for Nifty IT.&nbsp;

Nifty auto gained by 3.1 per cent while PSU bank was up by 3 per cent.&nbsp;

Among stocks, private lender Yes Bank emerged as a star performer of the day with gains of 15.47 per cent and closing at Rs 47.50 per share.&nbsp;

Tata Motors wound up at Rs 142.55 apiece, up 13.2 per cent.

The other prominent gainers were Eicher Motors which closed 7.9 per cent higher and IndusInd Bank which gained by over 5 per cent.&nbsp;

State Bank of India was up by 3.6 per cent and Axis Bank by 2.4 per cent. Bajaj Auto, Tata Steel, Asian Paints and Bajaj Finserv closed with a gain of over 2 per cent each. However, those which lost were HCL Technologies, Vedanta, Grasim, UltraTech Cement and Bharti Infratel.

Meanwhile, Asian stocks were flat as markets awaited further clarification on progress between the United States and China trade talks. The Hang Seng Index jumped by 0.7 per cent, Chinese markets were mixed and Japan's Nikkei was down by 0.09 per cent.&nbsp;

Investors also looked for clarity on whether Britain can secure a deal to avoid a disorderly exit from the European Union later this month.

(With inputs from ANI)

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally.

Maintaining a positive streak for the fifth straight session on Thursday, the BSE Sensex posted a solid gain with fresh optimism in auto and banking stocks leading the rally. The BSE S&P Sensex closed 453 points or 1.17 per cent higher at 39,052, while the Nifty 50 was up 122 points at 11,586. All sectoral indices at the National Stock Exchange were in the positive zone except for Nifty IT. Nifty auto gained by 3.1 per cent while PSU bank was up by 3 per cent. Among stocks, private lender Yes Bank emerged as a star performer of the day with gains of 15.47 per cent and closing at Rs 47.50 per share. Tata Motors wound up at Rs 142.55 apiece, up 13.2 per cent. The other prominent gainers were Eicher Motors which closed 7.9 per cent higher and IndusInd Bank which gained by over 5 per cent. State Bank of India was up by 3.6 per cent and Axis Bank by 2.4 per cent. Bajaj Auto, Tata Steel, Asian Paints and Bajaj Finserv closed with a gain of over 2 per cent each. However, those which lost were HCL Technologies, Vedanta, Grasim, UltraTech Cement and Bharti Infratel. Meanwhile, Asian stocks were flat as markets awaited further clarification on progress between the United States and China trade talks. The Hang Seng Index jumped by 0.7 per cent, Chinese markets were mixed and Japan's Nikkei was down by 0.09 per cent. Investors also looked for clarity on whether Britain can secure a deal to avoid a disorderly exit from the European Union later this month. (With inputs from ANI)

Sensex soars 453 points, Nifty nears 11,600

Tesla&nbsp;Inc.&nbsp;was added to a government list of approved automotive manufacturers,&nbsp;China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to&nbsp;start&nbsp;production in the country.

The list was published by the Ministry of Industry and Information Technology.

This means "the green light is fully given to&nbsp;Tesla&nbsp;for production in&nbsp;China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight.&nbsp;Tesla&nbsp;can&nbsp;start&nbsp;production any time, he said

Tesla&nbsp;did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car&nbsp;manufacturing&nbsp;site overseas.

Reuters reported earlier this month that&nbsp;Tesla&nbsp;plans to&nbsp;start&nbsp;production at its&nbsp;China&nbsp;factory this month. It is unclear when it will meet year-end production targets&nbsp;because of uncertainties around orders, labour and suppliers.

Tesla&nbsp;intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US&nbsp;cars.

The factory,&nbsp;China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market.

Shanghai authorities have offered&nbsp;Tesla&nbsp;assistance to speed up construction, and&nbsp;China&nbsp;excluded&nbsp;Tesla&nbsp;models from a 10 per cent&nbsp;car purchase tax on August&nbsp;30.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country.

Tesla Inc. was added to a government list of approved automotive manufacturers, China's industry ministry said on Thursday, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means "the green light is fully given to Tesla for production in China," said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factories it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. Reuters reported earlier this month that Tesla plans to start production at its China factory this month. It is unclear when it will meet year-end production targets because of uncertainties around orders, labour and suppliers. Tesla intends to produce at least 1,000 Model 3s a week from the Shanghai factory by the end of this year, as it tries to boost sales in the world's biggest auto market and avoid higher import tariffs imposed on US cars. The factory, China's first fully foreign-owned car plant, also reflects Beijing's broader shift to open up its car market. Shanghai authorities have offered Tesla assistance to speed up construction, and China excluded Tesla models from a 10 per cent car purchase tax on August 30.

Tesla gets approval to start manufacturing in China

British&nbsp;retailer&nbsp;WH&nbsp;Smith&nbsp;Plc&nbsp;said on Thursday it will&nbsp;buy&nbsp;Marshall&nbsp;Retail&nbsp;Group for about $400&nbsp;million, betting that the American peer's network of stores at&nbsp;US&nbsp;airports will help boost profits soured by turmoil on the British high street.

Business at&nbsp;WH&nbsp;Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets.

The company,&nbsp;which sells everything from books and sandwiches to Bluetooth headphones, began its&nbsp;push&nbsp;into the United States last year&nbsp;when it bought digital accessories&nbsp;retailer InMotion.

WH&nbsp;Smith&nbsp;said it would fund the all-cash deal for&nbsp;Marshall&nbsp;through a combination of 200&nbsp;million&nbsp;pounds&nbsp;in new debt and a 155&nbsp;million&nbsp;pound equity raise. The company will suspend its share&nbsp;buyback programme&nbsp;while it pays off debt.

The reliance on travelling consumers was highlighted on Thursday&nbsp;when&nbsp;WH&nbsp;Smith&nbsp;reported a 7 per cent&nbsp;rise in headline annual pre-tax profit, boosted by a 14 per cent&nbsp;jump in earnings from its travel business.

Headline profit before tax rose to 155&nbsp;million&nbsp;pounds from 145&nbsp;million&nbsp;pounds in the year ended August&nbsp;31, marginally beating analyst estimates of 154.2&nbsp;million&nbsp;pounds, according to IBES data from Refinitiv.

The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street.

British retailer WH Smith Plc said on Thursday it will buy Marshall Retail Group for about $400 million, betting that the American peer's network of stores at US airports will help boost profits soured by turmoil on the British high street. Business at WH Smith's stores at airports and railway stations has been booming as the over 200-year-old company benefits from rising passenger footfall and new larger-format outlets. The company, which sells everything from books and sandwiches to Bluetooth headphones, began its push into the United States last year when it bought digital accessories retailer InMotion. WH Smith said it would fund the all-cash deal for Marshall through a combination of 200 million pounds in new debt and a 155 million pound equity raise. The company will suspend its share buyback programme while it pays off debt. The reliance on travelling consumers was highlighted on Thursday when WH Smith reported a 7 per cent rise in headline annual pre-tax profit, boosted by a 14 per cent jump in earnings from its travel business. Headline profit before tax rose to 155 million pounds from 145 million pounds in the year ended August 31, marginally beating analyst estimates of 154.2 million pounds, according to IBES data from Refinitiv. The company also said it was prepared for Brexit and has put in place contingency plans, including increasing the stock of convenience products.

WH Smith to buy Marshall Retail for $400 million in US push

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">health of the economy</a> in the run-up to Brexit.

Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften.

Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent&nbsp;while the annual pace of expansion dropped to 3.1 per cent&nbsp;from 3.6 per cent&nbsp;in the second quarter, the weakest since the late 2018.

Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years.

Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a<a href="https://www.wionews.com/world/uks-johnson-says-great-new-deal-reached-on-brexit-256464"> Brexit deal</a> that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October&nbsp;31.

"September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said.

Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent&nbsp;from a weak 2.6 per cent&nbsp;in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll.

"Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said.

Some retailers said unusually rainy weather had hurt demand too, the ONS added.

Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent&nbsp;in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession.

At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores.

The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s.

In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains.

The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent&nbsp;in the third quarter from 4.1 per cent&nbsp;in the second quarter, the weakest since the second quarter of 2016.

Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade.

That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit.

A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears.

There have also been signs that consumers are turning more cautious as Britain's political crisis drags on.

Several British retailers, including supermarkets Asda and Morrisons&nbsp;and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases.

But clothing retailer Next&nbsp;attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit.

British shoppers grew more cautious about their spending in the three months to September despite rising wages, official figures showed on Thursday, raising concerns about the health of the economy in the run-up to Brexit. Consumer spending has been the biggest driver of British economic growth since June 2016's referendum to leave the European Union, but there have been increasing signs that this is starting to soften. Looking at the third quarter as a whole, which strips out monthly volatility, quarterly sales growth held steady at 0.6 per cent while the annual pace of expansion dropped to 3.1 per cent from 3.6 per cent in the second quarter, the weakest since the late 2018. Stripping out inflation adjustments, growth in retail spending was the weakest in more than three years. Sterling showed little reaction to the data, with markets focused on whether Prime Minister Boris Johnson can broker a Brexit deal that is acceptable both to Brussels and Britain's parliament before the country is due to leave on October 31. "September's retail sales figures were perhaps a bit of a relief given the intense Brexit uncertainty, but were hardly a picture of strength," economist Ruth Gregory of consultancy Capital Economics said. Monthly retail sales volumes were flat in September and annual sales growth picked up to 3.1 per cent from a weak 2.6 per cent in August, the Office for National Statistics said - slightly less of a recovery than economists had forecast in a Reuters poll. "Food shops bounced back after a weak few months, but there was yet more bad news for department stores, with sales continuing to fall in September," ONS statistician Rhian Murphy said. Some retailers said unusually rainy weather had hurt demand too, the ONS added. Sales in the 'non-specialised stores' category - which includes department stores - dropped by an annual 2.0 per cent in the third quarter, the biggest decline since the first three months of 2009 when Britain was mired in recession. At the start of this month, major retailer John Lewis Partnership said it would cut a third of senior managers and merge its supermarket and department store divisions to better tackle challenges from online stores. The lacklustre ONS figures are less bleak than a British Retail Consortium survey that showed the biggest fall in retail spending of any September since at least the mid-1990s. In recent months, surveys by the BRC and Confederation of British Industry have painted a weaker picture of the retail sector than subsequent official data - in part due to the former focusing more on large high-street chains. The ONS data has a broader sample that includes more online and small retailers, and its measure of retail spending showed annual growth slowing to 3.5 per cent in the third quarter from 4.1 per cent in the second quarter, the weakest since the second quarter of 2016. Until recently consumers appeared to have largely taken Brexit in their stride, helped by weaker inflation and stronger growth in wages which are rising at the fastest pace in more than a decade. That has aided the world's fifth-biggest economy at a time when many companies have been cutting back on investment because of uncertainty about Brexit. A separate Bank of England survey on Thursday showed British lenders expect business loans will dry up in the next few months at the fastest rate since the financial crisis, boding poorly for investment as Brexit nears. There have also been signs that consumers are turning more cautious as Britain's political crisis drags on. Several British retailers, including supermarkets Asda and Morrisons and home improvement group Kingfisher, have highlighted the drag of Brexit uncertainty on bigger purchases. But clothing retailer Next attributed a disappointing start to autumn trading to unusually warm weather in parts of Britain, rather than shoppers holding back on buying new items because of Brexit.

United Kingdom retail sales growth softens as department stores disappoint

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals.

The government is now trying to cap the fiscal deficit for 2019/20 at 3.8 per cent of GDP from the target set during the budget presented in July, the two officials told Reuters.

The government is also likely to defer lowering the fiscal deficit to 3 per cent of GDP by a year to 2021/22, the same two officials said.

The officials did not want to be named as the details and the proposals have not been made public.

In trying to revive economic growth from its 5 per cent level in the April-June quarter, the government cut corporate tax that was expected to result in revenue loss of 1.5 trillion rupees ($21 billion).

India's economy grew at its weakest pace since 2013 between April and June as consumer demand and government spending slowed amid global trade frictions.

Finance Minister Nirmala Sitharaman has said she will relook the fiscal calculations before the next budget in February before announcing the fiscal deficit target for the year.

A spokesman for the finance ministry did not immediately respond to requests for comment.

The government has yet to decide if it wants to announce more fiscal measures to boost growth or leave them to be unveiled at next year's budget in February, the first official said.

"Whether we announce more measures or not, we are trying to cap the fiscal deficit slippage at 3.8 per cent for the year," the official said.

Direct tax collections growth from April through to October 15 was around 3.5 per cent, way below the over 17 per cent tax target growth the government had budgeted for the year, a third official said.

Meanwhile, the nationwide goods and services tax collection in September fell to a 19-month low.

"We expect the government to miss the tax revenue target by 2 trillion rupees in the current year," the second official said.

The official said the government could borrow more than 1 trillion rupees from the term deposits it had accumulated from its schemes for small savers to fund some expenditure targets for 2019-20, but despite that it would have a wider deficit.

The government's revenue collection problems have not been solved even after the Reserve Bank of India pitched in a record dividend of 1.48 trillion rupees for the current year.

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals.

India is likely to miss its fiscal deficit target of 3.3 per cent of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals. The government is now trying to cap the fiscal deficit for 2019/20 at 3.8 per cent of GDP from the target set during the budget presented in July, the two officials told Reuters. The government is also likely to defer lowering the fiscal deficit to 3 per cent of GDP by a year to 2021/22, the same two officials said. The officials did not want to be named as the details and the proposals have not been made public. In trying to revive economic growth from its 5 per cent level in the April-June quarter, the government cut corporate tax that was expected to result in revenue loss of 1.5 trillion rupees ($21 billion). India's economy grew at its weakest pace since 2013 between April and June as consumer demand and government spending slowed amid global trade frictions. Finance Minister Nirmala Sitharaman has said she will relook the fiscal calculations before the next budget in February before announcing the fiscal deficit target for the year. A spokesman for the finance ministry did not immediately respond to requests for comment. The government has yet to decide if it wants to announce more fiscal measures to boost growth or leave them to be unveiled at next year's budget in February, the first official said. "Whether we announce more measures or not, we are trying to cap the fiscal deficit slippage at 3.8 per cent for the year," the official said. Direct tax collections growth from April through to October 15 was around 3.5 per cent, way below the over 17 per cent tax target growth the government had budgeted for the year, a third official said. Meanwhile, the nationwide goods and services tax collection in September fell to a 19-month low. "We expect the government to miss the tax revenue target by 2 trillion rupees in the current year," the second official said. The official said the government could borrow more than 1 trillion rupees from the term deposits it had accumulated from its schemes for small savers to fund some expenditure targets for 2019-20, but despite that it would have a wider deficit. The government's revenue collection problems have not been solved even after the Reserve Bank of India pitched in a record dividend of 1.48 trillion rupees for the current year.

India to miss fiscal deficit target by 30-50 basic points: Report

Domino's&nbsp;Pizza&nbsp;Group Plc, Britain's biggest&nbsp;pizza&nbsp;delivery company, said on Thursday it will&nbsp;exit&nbsp;its&nbsp;international&nbsp;markets, where it has been facing mounting losses.

"We have concluded that, whilst they represent attractive&nbsp;markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said.

The company, which is a franchise of US-based&nbsp;Domino's&nbsp;Pizza&nbsp;Inc, said third-quarter group system sales rose 3.4 per cent&nbsp;to 313.5 million pounds&nbsp;on strong demand in the UK and Ireland.

The British company owns&nbsp;Domino's&nbsp;operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well.

However, it reported a 2.7 per cent&nbsp;dip in&nbsp;international&nbsp;system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland.

Europe's economy has slowed this year as the <a href="https://www.wionews.com/world/united-states-china-trade-mini-deal-being-papered-trump-256340">US-China trade</a> tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of<a href="https://www.wionews.com/business-economy/united-kingdom-hiring-falls-by-most-in-over-four-years-as-brexit-nears-256066"> Brexit&nbsp;on jobs and incomes.</a>

The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected.

The decision to&nbsp;exit&nbsp;these&nbsp;markets&nbsp;comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses.

Domino's Pizza Group Plc, Britain's biggest pizza delivery company, said on Thursday it will exit its international markets, where it has been facing mounting losses. "We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses," outgoing Chief Executive Officer David Wild said. The company, which is a franchise of US-based Domino's Pizza Inc, said third-quarter group system sales rose 3.4 per cent to 313.5 million pounds on strong demand in the UK and Ireland. The British company owns Domino's operations in Switzerland, Iceland, Norway and Sweden, and is a minority shareholder in the Germany operations as well. However, it reported a 2.7 per cent dip in international system sales, which have taken a hit from macroeconomic events, including declining tourist numbers in Iceland. Europe's economy has slowed this year as the US-China trade tensions weakened global growth, and consumers and businesses in and around the United Kingdom worried about the impact of Brexit on jobs and incomes. The company, which has 57 stores in Norway, said it had implemented a turnaround plan in the country during the quarter, but early signs have been mixed and improvement in sales were weaker than expected. The decision to exit these markets comes a few months after the company announced the retirement of its CEO Wild, while in the midst of trying to resolve a profit sharing row with disgruntled franchisees in the UK and Ireland.

Domino's Pizza to exit four international markets

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally.

<a href="https://www.wionews.com/world/huaweis-new-phone-lacks-google-access-after-us-ban-250639">Huawei's revenues jumped</a> to $86.2 billion&nbsp;and its profit margin grew 8.7 per cent, the company announced.

The firm has been under immense pressure this year as Washington lobbied allies worldwide to avoid the company's telecom gear over security concerns, and in May blacklisted it from both the US market and buying crucial US components.

The United States has expressed concerns that Huawei equipment could contain security loopholes that allow China to spy on global communications traffic.

The company has repeatedly denied the accusation.

"Huawei has maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations," a company statement said.

"This contributed to increased operational and organisational stability and solidified the company's performance in the first three quarters of 2019."

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally.

Chinese tech giant Huawei said on Wednesday that its revenue for the first nine months of the year grew 24.4 per cent year-on-year despite a US campaign to isolate the company globally. Huawei's revenues jumped to $86.2 billion and its profit margin grew 8.7 per cent, the company announced. The firm has been under immense pressure this year as Washington lobbied allies worldwide to avoid the company's telecom gear over security concerns, and in May blacklisted it from both the US market and buying crucial US components. The United States has expressed concerns that Huawei equipment could contain security loopholes that allow China to spy on global communications traffic. The company has repeatedly denied the accusation. "Huawei has maintained its focus on ICT infrastructure and smart devices, and continued to boost the efficiency and quality of its operations," a company statement said. "This contributed to increased operational and organisational stability and solidified the company's performance in the first three quarters of 2019."

Nine-month revenue up despite US pressure: Huawei

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.

The broader NSE Nifty rose 0.4 per cent at 11,474.90 as of 0408 GMT, while the benchmark BSE Sensex was up 0.35 per cent at 38,634.90.

The September-quarter earnings season has so far seen blue-chip companies such as Hindustan Unilever (HUL) , Wipro Ltd and ACC Ltd beat estimates.

Earnings were in-part helped by the government`s move to slash corporate taxes last month.

Federal Bank and Mindtree Ltd are among the companies scheduled to report earnings later on Wednesday. Both the companies` shares were up between 0.5 per cent and 1 per cent ahead of the announcement.

Meanwhile, retail inflation for September rose, but a sharp economic slowdown has left analysts predicting a further rate cut by the Reserve bank of India.

"Investors are hoping for optimism from corporates in their Q2 earnings commentary led by corporate tax rate cuts and revival in consumer demand," said Rajesh Cheruvu, chief investment officer at Validus Wealth.

Broader Asian shares that rose in line with overnight gains in U.S. equities also supported Indian indexes.

MSCI`s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent.

In the domestic market, Bharat Petroleum Corp topped the gainers list on the Nifty index, as the stock rose 4.79 per cent.

Wipro shares were up about 2.7 per cent&nbsp;after the company reported better-than-expected September-quarter earnings and also gave an optimistic revenue forecast for the next quarter.

Among other companies that reported earnings on Tuesday, ACC Ltd rose 2.69 per cent, while the Multi Commodity Exchange of India was up about 7%.

However, Vedanta Ltd was the morning`s top loser on the NSE index, dropping 1.4 per cent. 
&nbsp;

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.

Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government`s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank. The broader NSE Nifty rose 0.4 per cent at 11,474.90 as of 0408 GMT, while the benchmark BSE Sensex was up 0.35 per cent at 38,634.90. The September-quarter earnings season has so far seen blue-chip companies such as Hindustan Unilever (HUL) , Wipro Ltd and ACC Ltd beat estimates. Earnings were in-part helped by the government`s move to slash corporate taxes last month. Federal Bank and Mindtree Ltd are among the companies scheduled to report earnings later on Wednesday. Both the companies` shares were up between 0.5 per cent and 1 per cent ahead of the announcement. Meanwhile, retail inflation for September rose, but a sharp economic slowdown has left analysts predicting a further rate cut by the Reserve bank of India. "Investors are hoping for optimism from corporates in their Q2 earnings commentary led by corporate tax rate cuts and revival in consumer demand," said Rajesh Cheruvu, chief investment officer at Validus Wealth. Broader Asian shares that rose in line with overnight gains in U.S. equities also supported Indian indexes. MSCI`s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent. In the domestic market, Bharat Petroleum Corp topped the gainers list on the Nifty index, as the stock rose 4.79 per cent. Wipro shares were up about 2.7 per cent after the company reported better-than-expected September-quarter earnings and also gave an optimistic revenue forecast for the next quarter. Among other companies that reported earnings on Tuesday, ACC Ltd rose 2.69 per cent, while the Multi Commodity Exchange of India was up about 7%. However, Vedanta Ltd was the morning`s top loser on the NSE index, dropping 1.4 per cent.

Nifty, Sensex gain as September-quarter earnings season gathers steam

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM.

These entities, coordinated by Dubai-based Emaar Group, plan to invest up to US$5 billion in mega food parks and similar facilities in various Indian cities, and up to US$2 billion in contract farming, sourcing of agro commodities and related infrastructure, Piyush Goyal had said on September 24.

Emaar in a statement issued to WAM on Tuesday said, "Emaar Group is coordinating with the Government of India in respect of the investment relating to food security in the UAE. The investment will be made by other UAE entities, the details of which will be declared at a later stage."

It was reported earlier that the idea of the joint food corridor for the UAE's food security was inspired by India's strategic petroleum reserve in Padur in south India, in partnership with Abu Dhabi National Oil Company, ADNOC. Likewise, the UAE could have a food reserve in India.

"They [UAE entities] have expressed their interest to invest up to USD 5 billion in mega food parks, logistics and warehouse hubs, fruits and vegetable hubs in various Indian cities, which would create 200,000 jobs across India," said the minister who was in the UAE earlier this week on an official visit.

The proposed projects are in various cities, such as mega food parks in Kutch in the western state of Gujarat and Aurangabad in the western state of Maharashtra, Goyal said.

A food park in Pawarkheda in the central state of Madhya Pradesh, logistics and warehouse hub in Itarsi in Madhya Pradesh, fruits and vegetable hub in Nashik and warehousing hub in Bhiwandi in Maharashtra are other projects, he explained.

The UAE entities plan to make an indicative investment up to USD2 billion in contract farming, sourcing of several agro commodities, setting up of food parks and other related infrastructure for food processing, the minister said.

They are considering western Indian states of Gujarat and Maharashtra for the proposed projects and the possibility of eight food parks is being currently evaluated, Goyal revealed.

The food export possibilities to the UAE and wider region are explored, which will turn into a win-win situation for both India and UAE, he said.

Reports in 2018 said that India had suggested to the UAE leadership it could be a partner in the UAE's food security.

Although India grows enough food for its 1.3 billion people, 30 per cent of that food is wasted for lack of appropriate infrastructure for storage, processing and transportation, which could be built by the UAE's investments.

The UAE can buy the food produced by the project at a cheaper price while Indian farmers will get a comparatively better price for their crops.

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM.

UAE entities are expected to invest up to USD 7 billion in India's food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE's food security, Commerce Minister Piyush Goyal told Emirates News Agency, WAM. These entities, coordinated by Dubai-based Emaar Group, plan to invest up to US$5 billion in mega food parks and similar facilities in various Indian cities, and up to US$2 billion in contract farming, sourcing of agro commodities and related infrastructure, Piyush Goyal had said on September 24. Emaar in a statement issued to WAM on Tuesday said, "Emaar Group is coordinating with the Government of India in respect of the investment relating to food security in the UAE. The investment will be made by other UAE entities, the details of which will be declared at a later stage." It was reported earlier that the idea of the joint food corridor for the UAE's food security was inspired by India's strategic petroleum reserve in Padur in south India, in partnership with Abu Dhabi National Oil Company, ADNOC. Likewise, the UAE could have a food reserve in India. "They [UAE entities] have expressed their interest to invest up to USD 5 billion in mega food parks, logistics and warehouse hubs, fruits and vegetable hubs in various Indian cities, which would create 200,000 jobs across India," said the minister who was in the UAE earlier this week on an official visit. The proposed projects are in various cities, such as mega food parks in Kutch in the western state of Gujarat and Aurangabad in the western state of Maharashtra, Goyal said. A food park in Pawarkheda in the central state of Madhya Pradesh, logistics and warehouse hub in Itarsi in Madhya Pradesh, fruits and vegetable hub in Nashik and warehousing hub in Bhiwandi in Maharashtra are other projects, he explained. The UAE entities plan to make an indicative investment up to USD2 billion in contract farming, sourcing of several agro commodities, setting up of food parks and other related infrastructure for food processing, the minister said. They are considering western Indian states of Gujarat and Maharashtra for the proposed projects and the possibility of eight food parks is being currently evaluated, Goyal revealed. The food export possibilities to the UAE and wider region are explored, which will turn into a win-win situation for both India and UAE, he said. Reports in 2018 said that India had suggested to the UAE leadership it could be a partner in the UAE's food security. Although India grows enough food for its 1.3 billion people, 30 per cent of that food is wasted for lack of appropriate infrastructure for storage, processing and transportation, which could be built by the UAE's investments. The UAE can buy the food produced by the project at a cheaper price while Indian farmers will get a comparatively better price for their crops.

UAE entities to invest up to $7 billion in India-UAE food corridor: Piyush Goyal

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement.

Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar.

He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman.

"The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement.

Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank.

Lázaro de Mello Brandão, former chairman of Brazil's Banco Bradesco SA, died on Wednesday at 93 at a hospital in Sao Paulo, the bank said in a statement. Brandao stepped down from his chairman role two years ago, after a 75-year career at the bank. He joined Bradesco in 1942 and worked alongside founder Amador Aguiar. He kept a tight grip on Brazil's second-largest lender for decades and has been its chief executive and chairman. "The Brazilian financial system lost one of its best-known executives that led us," said Bradesco Chairman Luiz Carlos Trabuco Cappi in a statement. Sergio Rial, chief executive of Banco Santander Brasil SA, said Brandao "led the Brazilian financial industry for a long time and left a valuable legacy."

Former chairman of Brazil's Banco Bradesco dies at 93

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came.

Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale.

"Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg.

Sterling was down by 0.4 per cent&nbsp;against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum.

The pound had strengthened by close to 5 per cent&nbsp;over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline.

Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks.

German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent&nbsp;as Bunds extended a sell-off that began on Tuesday.

British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent&nbsp;year-on-year, below market expectations.

The pan-European STOXX 600&nbsp;retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent.

Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;gained 0.5 per cent. MSCI's gauge of stocks across the globe&nbsp;was flat.

"Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley.

Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said.

Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession.

Companies listed on the STOXX 600&nbsp;index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent&nbsp;expected a week ago, according to I/B/E/S data from Refinitiv.

Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US&nbsp;farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US&nbsp;President Donald Trump.

The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday.

Global gross domestic product is now expected grow 3 per cent&nbsp;in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent&nbsp;in a July forecast, largely because of global trade friction.

US&nbsp;stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&amp;P 500 futures&nbsp;and Nasdaq futures&nbsp;were both down 0.3 per cent.

In commodities, Brent crude&nbsp;shed about 0.1 cent to $58.66 a barrel. US&nbsp;crude&nbsp;rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy.

In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US&nbsp;prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US&nbsp;sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday.

Sterling came off five-month highs and stocks traded sideways on Wednesday as the European Union and Britain sought to avert a disorderly Brexit before an EU summit on Thursday. Hopes of a breakthrough lifted markets on Tuesday, but investors turned more cautious after looking for a deal during the night that never came. Conflicting reports about the ongoing talks triggered a series of sharp moves on the pound. Reports that Germany might use emergency measures to counter any market panic from a hard Brexit, such as banning bets on falling share prices, also weighed on morale. "Most of the good news that could have been anticipated has been priced in, and now there's caution it seems on whether we get a deal today or not," said Kallum Pickering, senior economist at Berenberg. Sterling was down by 0.4 per cent against the dollar with investors trading volatility levels not seen since the 2016 June Brexit referendum. The pound had strengthened by close to 5 per cent over the past week as investors rushed to reprice the prospect of a last-minute Brexit deal before the October 31 deadline. Eurozone government bonds were also volatile on Wednesday as investors watched the eleventh-hour talks. German 10-year government bond yields were last flat at -0.42 per cent, after reaching an 11-week high of -0.397 per cent as Bunds extended a sell-off that began on Tuesday. British government 10-year bond yields were down 2.7 basis points at 0.67 per cent, unaffected by data showing inflation in September reached 1.7 per cent year-on-year, below market expectations. The pan-European STOXX 600 retreated 0.1 per cent, but Britain's domestically focused midcaps, a gauge of Brexit anxiety, fell 0.8 per cent. Ireland's ISEQ, another vulnerable index, lost 0.6 per cent. Earlier, shares rose in Asia. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5 per cent. MSCI's gauge of stocks across the globe was flat. "Even though we are most optimistic that a deal does happen, we don't think the most likely outcome is that it happens by October 31, so you would be looking at some form of extension and potentially elections," said, Andrew Sheets, chief cross-asset strategist at Morgan Stanley. Third-quarter earnings are expected to show an overall decline in earnings, which could also weigh on morale, Sheets said. Morgan Stanley had a below-consensus view on how companies would fare this quarter, he said. Europe's companies are struggling with uncertainties ranging from Brexit and the US-China trade war to Germany's manufacturing recession. Companies listed on the STOXX 600 index are now expected to report a decline in third-quarter earnings of as much as 3.7 per cent, worse than the 3 per cent expected a week ago, according to I/B/E/S data from Refinitiv. Bloomberg reported, citing sources, that China will struggle to buy $50 billion of US farm goods annually unless it removes retaliatory tariffs on American products, which would require reciprocal action by US President Donald Trump. The US-China trade war will cut 2019 global growth to its slowest pace since the 2008-2009 financial crisis, the International Monetary Fund warned on Tuesday. Global gross domestic product is now expected grow 3 per cent in 2019, the IMF said its latest World Economic Outlook projections, down from 3.2 per cent in a July forecast, largely because of global trade friction. US stocks, which typically track the ups and downs of the trade war, were set to open in the red. S&P 500 futures and Nasdaq futures were both down 0.3 per cent. In commodities, Brent crude shed about 0.1 cent to $58.66 a barrel. US crude rose 10 cents to $52.91 after falling the day before over fears the trade war would keep squeezing the global economy. In emerging markets, Turkey's Halkbank saw its shares and bonds plunge after US prosecutors charged the state-owned lender with taking part in a multibillion-dollar scheme to evade US sanctions on Iran. A day earlier, Washington had imposed sanctions on Turkish officials, raised tariffs and halted trade talks after Turkey invaded northeastern Syria in a campaign again Kurdish fighters. Before Turkish markets opened, authorities banned short selling on seven large Turkish bank stocks, including Halkbank. Selling shares in the banks only to buy them later in the session was also banned, authorities said.

Sterling falters as Brexit approaches its endgame

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed.

Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes,&nbsp;its lowest since July 2017, down about 0.3 per cent&nbsp;compared with the same month last year.

Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent&nbsp;year-over-year to 5.83 million tonnes, its lowest since January 2017.

Sales of gasoline, or petrol, were 6.3 per cent&nbsp;higher from a year earlier at 2.37 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent&nbsp;to 2.18 million tonnes, while naphtha sales slumped 26 per cent&nbsp;to 0.84 million tonnes.

Sales of bitumen, used for making roads, were 7.3 per cent&nbsp;lower, while fuel oil use edged lower 3.8 per cent&nbsp;in September.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.

India's fuel demand fell to its lowest in more than two years in September, data from the Petroleum Planning and Analysis Cell (PPAC) showed. Consumption of fuel, a proxy for oil demand, totalled 16.01 million tonnes, its lowest since July 2017, down about 0.3 per cent compared with the same month last year. Meanwhile, consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3 per cent year-over-year to 5.83 million tonnes, its lowest since January 2017. Sales of gasoline, or petrol, were 6.3 per cent higher from a year earlier at 2.37 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by nearly 6 per cent to 2.18 million tonnes, while naphtha sales slumped 26 per cent to 0.84 million tonnes. Sales of bitumen, used for making roads, were 7.3 per cent lower, while fuel oil use edged lower 3.8 per cent in September.

India's September fuel demand slips to its lowest in over two years

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech.

The European Commission took the extremely rare move of ordering the interim changes from one of Silicon Valley's pioneer companies while the EU's investigation was still underway, citing the "irreparable" threats to competition.

"Broadcom's behaviour is likely, in the absence of intervention, to create serious and irreversible harm to competition," the EU's Competition Commissioner Margrethe Vestager said in a statement.

"We have strong indications that Broadcom, the world's leading supplier of chipsets used for TV set-top boxes and modems, is engaging in anticompetitive practices," she said.

With the order, Vestager significantly stepped up her scrutiny of US tech giants, where investigations usually dragged on for years before companies were fined or ordered into compliance.

The ongoing investigation centres on Broadcom's highly popular TV and modem chipsets, devices that offer television and internet access to customers at home or work.

The commission said it has obtained information that Broadcom may be requiring firms to buy only its components or granting them rebates and other advantages if they buy high quantities.

The commission said it had also heard Broadcom maybe bundling products or deliberately undermining the "interoperability" between Broadcom products and other products.

The commission in June sent a "statement of objections on interim measures" to Broadcom requiring it to swiftly stop such alleged practices.

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech.

The European Union's powerful anti-trust authority on Wednesday ordered United States chipmaker Broadcom to immediately halt certain practices, in an unprecedented salvo against US big tech. The European Commission took the extremely rare move of ordering the interim changes from one of Silicon Valley's pioneer companies while the EU's investigation was still underway, citing the "irreparable" threats to competition. "Broadcom's behaviour is likely, in the absence of intervention, to create serious and irreversible harm to competition," the EU's Competition Commissioner Margrethe Vestager said in a statement. "We have strong indications that Broadcom, the world's leading supplier of chipsets used for TV set-top boxes and modems, is engaging in anticompetitive practices," she said. With the order, Vestager significantly stepped up her scrutiny of US tech giants, where investigations usually dragged on for years before companies were fined or ordered into compliance. The ongoing investigation centres on Broadcom's highly popular TV and modem chipsets, devices that offer television and internet access to customers at home or work. The commission said it has obtained information that Broadcom may be requiring firms to buy only its components or granting them rebates and other advantages if they buy high quantities. The commission said it had also heard Broadcom maybe bundling products or deliberately undermining the "interoperability" between Broadcom products and other products. The commission in June sent a "statement of objections on interim measures" to Broadcom requiring it to swiftly stop such alleged practices.

European Union orders emergency anti-trust measures against chip-maker Broadcom

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurostat said prices in the 19-country currency area grew by 0.8 per cent&nbsp;on the year, revising down its earlier estimate of a 0.9 per cent&nbsp;rate. That also defied the market consensus of a 0.9 per cent&nbsp;growth.

In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion&nbsp;in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports.

The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent&nbsp;growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent&nbsp;in the bloc.

The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent&nbsp;over the medium term.

The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence.

Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent&nbsp;on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent&nbsp;increase.

Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent&nbsp;in line with previous estimates.

A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent&nbsp;in September from 1.1 per cent&nbsp;in August, in line with Eurostat's earlier estimates released on October&nbsp;1.

Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent&nbsp;in September, Eurostat said, confirming its previous figures.

On the month, headline inflation grew 0.2 per cent&nbsp;in the bloc, also in line with earlier estimates.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy.

Eurozone inflation slowed in September by more than previously estimated to its slowest pace in nearly three years, the European Union statistics agency said on Wednesday, in a new warning on the state of the bloc's economy. Eurostat said prices in the 19-country currency area grew by 0.8 per cent on the year, revising down its earlier estimate of a 0.9 per cent rate. That also defied the market consensus of a 0.9 per cent growth. In a separate release, Eurostat said on Wednesday that the bloc's trade surplus with the rest of the world rose to $16.2 billion in August, from 11.9 billion the previous year, as euro zone's imports dropped more than its declining exports. The revised inflation reading marked a more pronounced slowdown from the 1.0 per cent growth in August and was the lowest rate since November 2016 when prices grew by 0.6 per cent in the bloc. The new drop is likely to raise new concerns on the state of the eurozone economy and could reignite the debate within the European Central Bank on how to pursue its goal of keeping inflation below, but close to 2 per cent over the medium term. The revision was due to lower-than-expected inflation for industrial products, in a fresh worrying sign for the bloc's manufacturing sector which faces drops in output and a fall in confidence. Prices for industrial goods, excluding energy, went up by a mere 0.2 per cent on the year in September, Eurostat said, revising its earlier estimate of a 0.3 per cent increase. Energy prices were confirmed falling by 1.8 per cent, while inflation in the service sector, the largest in the bloc, rose by 1.5 per cent in line with previous estimates. A narrower inflation indicator which strips out volatile energy and unprocessed food prices, and is monitored closely by the ECB for its policy decisions, rose to 1.2 per cent in September from 1.1 per cent in August, in line with Eurostat's earlier estimates released on October 1. Excluding energy, food, alcohol and tobacco, inflation grew 1.0 per cent in September, Eurostat said, confirming its previous figures. On the month, headline inflation grew 0.2 per cent in the bloc, also in line with earlier estimates.

Eurozone September inflation unexpectedly revised down to 0.8%

Credit growth at Indian banks has dropped to its lowest level in nearly two years, <a href="https://www.wionews.com/india-news/reserve-bank-of-india-increases-withdrawal-limit-for-punjab-and-maharashtra-cooperative-bank-to-rs-40000-255916">the latest Reserve Bank of India (RBI)</a> data shows, as slowing domestic consumption weighs on demand.

This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years.

"The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said.

Lending growth by banks had nearly halved to 8.8 per cent&nbsp;at the end-September from the start of the year.

The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank&nbsp;and Union Bank of India as well as private ones such as HDFC Bank&nbsp;and ICICI Bank.

While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans.

"In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged.

A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto".

"Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said.

India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&amp;FS.

While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely.

However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent&nbsp;of auto loans and more than 40 per cent&nbsp;of home loans until the end of last year.

The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow.

So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months.

A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts.

A credit-deposit ratio above 75 per cent&nbsp;indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent.

In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand.

"Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand.

Credit growth at Indian banks has dropped to its lowest level in nearly two years, the latest Reserve Bank of India (RBI) data shows, as slowing domestic consumption weighs on demand. This adds to the challenges facing Narendra Modi as he begins his second term as prime minister with India's economy at its weakest levels in six years. "The slowdown in credit growth this time is a result of both reduced demand and supply," Madan Sabnavis, chief economist at CARE ratings, said. Lending growth by banks had nearly halved to 8.8 per cent at the end-September from the start of the year. The RBI data includes all banks in India, which is dominated by state-run lenders Bank of Baroda, Punjab National Bank and Union Bank of India as well as private ones such as HDFC Bank and ICICI Bank. While retail lending has driven growth, banks are taking a more cautious approach on some consumer loans. "In certain retail loans we're seeing customers delaying the payments by a few days over the due date," said the head of consumer banking segment of a private bank, adding that this does not bode well when corporate lending has plunged. A report last month by India Ratings predicts "further moderation" retail lending in 2020 "given the consumption slowdown across segments including housing and auto". "Even the unsecured loans, which include credit cards, education loans and other personal loans have seen a moderation in growth," the report said. India's lending problems have been compounded by a drying up of liquidity in the shadow banking sector last year after the collapse of infrastructure lending group IL&FS. While some major non-banking financial companies (NBFCs) have been going slow on lending, others stopped completely. However, banks have not used this opportunity to win market share from NBFCs, which accounted for 30 per cent of auto loans and more than 40 per cent of home loans until the end of last year. The weak growth in lending comes at a time when banks have been cutting interest rates and making it cheaper to borrow. So far in 2019, the RBI has reduced the repo rate by 135 basis points. Even though banks have not matched this, the pace of cuts has picked up in the last few months. A high credit-deposit ratio has been one of the key reasons why banks have struggled to cut interest rates. But with credit growth falling faster than deposit growth, banks may have a bit more room to transmit rate cuts. A credit-deposit ratio above 75 per cent indicates pressure on banks' resources as they have to set aside funds to maintain a cash reserve ratio of 4% and a statutory liquidity ratio of 18.5 per cent. In an attempt to push banks to pass rate cuts on to their customers, the RBI has required them to link all loans to an external benchmark such as the repo rate since the start of this month. While this is expected to push rates down, economists are not sure this will help spur credit demand. "Credit growth is expected to remain sub 10 per cent," Sabnavis said.

Slowing Indian bank lending overshadows economic rebound hopes

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">China trade deal</a> wore off, while the pound was boosted by a report saying a <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit </a>deal was taking shape.

While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place.

And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign.

Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday.

But they struggled to build on that as questions swirled over the value of the deal.

"It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement."

He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action".

"Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality."

Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC.

"There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close.

In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent.

Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia.

Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent.

On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape,<a href="https://www.wionews.com/world/eu-and-uk-bid-to-save-brexit-talks-before-key-summit-255299"> EU and British negotiators </a>hailing a positive day of talks on the Northern Ireland issue.

The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week.

The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week.

Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week".

He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK.

"In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape.

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape. While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place. And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign. Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday. But they struggled to build on that as questions swirled over the value of the deal. "It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement." He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action". "Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality." Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC. "There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close. In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent. Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia. Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent. On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape, EU and British negotiators hailing a positive day of talks on the Northern Ireland issue. The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week. The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week. Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week". He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK. "In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets edge up but caution keeps traders in check

Oil&nbsp;prices lost about&nbsp;2 per cent&nbsp;on Monday on worries that global crude demand could stay under pressure as few details about the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a&nbsp;U.S.-China&nbsp;trade&nbsp;deal</a>&nbsp;did little to assure a quick resolution to the tariff fight.

Oil&nbsp;prices also felt pressure as the&nbsp;US&nbsp;dollar, which has an inverse relationship with crude prices, gained as waning&nbsp;trade&nbsp;deal&nbsp;hopes and ongoing concerns over <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Britain's exit </a>from the European Union attracted safe-haven investments.

Brent crude&nbsp;settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while&nbsp;US&nbsp;West Texas Intermediate (WTI) crude&nbsp;settled at $53.59 a barrel, losing $1.11, or 2.03 per cent.

"The complex is in (the) process of relinquishing a major portion of the late week&nbsp;trade&nbsp;inspired gains as conflicting indications out of the&nbsp;U.S. and&nbsp;China&nbsp;regarding&nbsp;trade&nbsp;progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates.

Late on Friday, Washington and Beijing outlined the first stage of a&nbsp;trade&nbsp;deal&nbsp;and suspended this week's scheduled&nbsp;US&nbsp;tariff hikes. Brent and WTI rose&nbsp;more&nbsp;than&nbsp;3 per cent&nbsp;last week, their first weekly increase since the week starting September&nbsp;20, on signs of progress toward a&nbsp;trade&nbsp;deal&nbsp;that would boost crude demand.

But optimism that the&nbsp;trade&nbsp;negotiations would prove successful faded, as&nbsp;China&nbsp;indicated further discussions were needed and&nbsp;US&nbsp;Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December&nbsp;15 if a&nbsp;deal&nbsp;has not been reached by then.

But existing tariffs remain in place and officials on both sides said much&nbsp;more&nbsp;work was needed before an accord could be agreed.

A good portion of the gains last week came after the United States announced on Friday it was deploying&nbsp;<a href="https://www.wionews.com/world/us-says-deploying-more-forces-to-saudi-arabia-to-counter-iran-threat-255380">more&nbsp;troops to Saudi Arabia</a>, and after an Iranian&nbsp;oil&nbsp;tanker was attacked in the Red Sea.

Oil&nbsp;prices had drawn some support from worries that further escalation along the <a href="https://www.wionews.com/photos/explainer-turkey-set-to-redraw-map-of-syrian-war-once-more-254794">Syrian and Turkish border</a> could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday.

The Saudi energy minister, Prince Abdulaziz bin Salman, said&nbsp;oil&nbsp;exporters were showing serious commitment to global output cuts&nbsp;in a&nbsp;deal&nbsp;between OPEC and its allies, a grouping known as OPEC+.

Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+&nbsp;deal.

Kuwait's&nbsp;oil&nbsp;minister said it was too early to discuss&nbsp;a possible buildup in&nbsp;oil&nbsp;inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable.

The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent&nbsp;in September, sources familiar with the matter said.

Bin Salman also said on Monday that Saudi Arabia's&nbsp;oil&nbsp;production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on&nbsp;oil&nbsp;prices.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight.

Oil prices lost about 2 per cent on Monday on worries that global crude demand could stay under pressure as few details about the first phase of a U.S.-China trade deal did little to assure a quick resolution to the tariff fight. Oil prices also felt pressure as the US dollar, which has an inverse relationship with crude prices, gained as waning trade deal hopes and ongoing concerns over Britain's exit from the European Union attracted safe-haven investments. Brent crude settled at $59.35 a barrel, shedding $1.16, or 1.92 per cent, while US West Texas Intermediate (WTI) crude settled at $53.59 a barrel, losing $1.11, or 2.03 per cent. "The complex is in (the) process of relinquishing a major portion of the late week trade inspired gains as conflicting indications out of the U.S. and China regarding trade progress is reducing risk appetite," said Jim Ritterbusch of Ritterbusch and Associates. Late on Friday, Washington and Beijing outlined the first stage of a trade deal and suspended this week's scheduled US tariff hikes. Brent and WTI rose more than 3 per cent last week, their first weekly increase since the week starting September 20, on signs of progress toward a trade deal that would boost crude demand. But optimism that the trade negotiations would prove successful faded, as China indicated further discussions were needed and US Treasury Secretary Steven Mnuchin said the next round of tariffs on Chinese imports are still set to take effect on December 15 if a deal has not been reached by then. But existing tariffs remain in place and officials on both sides said much more work was needed before an accord could be agreed. A good portion of the gains last week came after the United States announced on Friday it was deploying more troops to Saudi Arabia, and after an Iranian oil tanker was attacked in the Red Sea. Oil prices had drawn some support from worries that further escalation along the Syrian and Turkish border could affect output or exports from Iraq. Syrian troops entered a northeastern town on Monday. The Saudi energy minister, Prince Abdulaziz bin Salman, said oil exporters were showing serious commitment to global output cuts in a deal between OPEC and its allies, a grouping known as OPEC+. Russian Energy Minister Alexander Novak said there were no talks underway to change the OPEC+ deal. Kuwait's oil minister said it was too early to discuss a possible buildup in oil inventories in 2020. Khaled al-Fadhel said a price range of $50 to $70 per barrel would be acceptable. The compliance of OPEC+ producers with the supply-reduction agreement was seen at above 200 per cent in September, sources familiar with the matter said. Bin Salman also said on Monday that Saudi Arabia's oil production will recover in October and November to levels above those seen before attacks on its energy installations in September, which weighed on oil prices.

Oil falls more than 2% on US-China trade deal doubts, stronger dollar

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month.

The broader NSE Nifty was up 0.28% at 11,371.35 as of 0413 GMT, while the benchmark BSE Sensex rose 0.3% at 38,328.28.

Annual retail inflation rose to 3.99% in last month, driven by higher food prices, up sharply compared with 3.21% in August and higher than the 3.70% forecast in a Reuters poll of analysts.

However, economists said GDP growth could fall as low as 5.8%, dragged down by a slump in consumer demand and investment, encouraging the Reserve Bank of India (RBI) to cut rates for the sixth consecutive time at its next meeting in December.

"With growth numbers remaining fairly weak we expect RBI to continue with its rate cuts," said Shubhada Rao, chief economist at Yes Bank. "For remaining FY20, we expect 25-40 bps of rate cut."

Consumer stocks led gains after sector heavyweight Hindustan Unilever's (HUL) September-quarter earnings beat expectations, despite the company flagging near-term woes in the rural market.

HUL was up about 1% and the Nifty fast-moving consumer goods index rose 0.5%.

Oil marketing companies Indian Oil Corp and Bharat Petroleum Corp were up 1% and 2%, respectively, and topped the blue-chip gainers on the Nifty index due to favourable oil prices.

Crude fell after weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-Sino trade deal announced by U.S. President Donald Trump last week.

Among losers, Infosys continued to fall for a second session and shed about 2% after its September-quarter earnings underscored the spending squeeze among Western clients for the company and the country's $180 billion information technology sector at large.

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month.

Indian shares were higher on Tuesday, as investors hoped for further rate cuts from the central bank to tackle the economic slowdown amid a rise in inflation during the last month. The broader NSE Nifty was up 0.28% at 11,371.35 as of 0413 GMT, while the benchmark BSE Sensex rose 0.3% at 38,328.28. Annual retail inflation rose to 3.99% in last month, driven by higher food prices, up sharply compared with 3.21% in August and higher than the 3.70% forecast in a Reuters poll of analysts. However, economists said GDP growth could fall as low as 5.8%, dragged down by a slump in consumer demand and investment, encouraging the Reserve Bank of India (RBI) to cut rates for the sixth consecutive time at its next meeting in December. "With growth numbers remaining fairly weak we expect RBI to continue with its rate cuts," said Shubhada Rao, chief economist at Yes Bank. "For remaining FY20, we expect 25-40 bps of rate cut." Consumer stocks led gains after sector heavyweight Hindustan Unilever's (HUL) September-quarter earnings beat expectations, despite the company flagging near-term woes in the rural market. HUL was up about 1% and the Nifty fast-moving consumer goods index rose 0.5%. Oil marketing companies Indian Oil Corp and Bharat Petroleum Corp were up 1% and 2%, respectively, and topped the blue-chip gainers on the Nifty index due to favourable oil prices. Crude fell after weak Chinese economic data for September added to lingering concerns about the feasibility of the U.S.-Sino trade deal announced by U.S. President Donald Trump last week. Among losers, Infosys continued to fall for a second session and shed about 2% after its September-quarter earnings underscored the spending squeeze among Western clients for the company and the country's $180 billion information technology sector at large.

Nifty, Sensex edge higher; Hindustan Unilever rises after upbeat earnings

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir.

Malaysia is the world's second-largest producer and exporter of palm oil after Indonesia, and the edible oil contributed to 2.8 per cent&nbsp;of its gross domestic product last year. Malaysian palm oil futures fell for a third straight session on Tuesday, hitting their lowest in nearly two weeks.

"These steps will be taken in light of India's importance as our third-largest export destination in 2018 for palm oil and palm-based products worth $1.63 billion," Teresa Kok, the Malaysian minister in charge of the palm oil portfolio, said in a statement.

India is one of the biggest producers of sugar and buffalo meat in the world.

Reuters reported last week that India was considering restricting imports of some products from Malaysia, including palm oil after Kuala Lumpur criticised New Delhi for its actions in Kashmir.

India stripped its portion of the Kashmir valley of statehood and autonomy on August&nbsp;5, cutting internet and phone lines and arresting thousands in an attempt to dampen dissent.

Kok said she was aware of the news on "issues that threaten the good ties between Malaysia and India" and that Malaysia was open to negotiations with New Delhi on narrowing the trade deficit between the two countries.

Malaysia's exports to India stood at $10.8 billion in the fiscal year that ended on March 31, while imports totalled $6.4 billion.

Some Indian traders said refiners had already stopped buying Malaysian palm oil for shipment in November and December, fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian country.

Twitter users in India and Malaysia have already sparred with each other - a #BoycottMalaysia call recently trended on social media in India - after Malaysian Prime Minister Mahathir Mohamad said at the U.N. general assembly last month that India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan.

India's foreign ministry rebuked the Malaysian government after that, asking it to "bear in mind the friendly relations between the two countries and desist from making such comments".

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir.

Malaysia said on Tuesday it would look to increase imports of crude sugar and buffalo meat from India, after reports that New Delhi was considering restricting imports of palm oil from Malaysia following the criticism of its actions in Kashmir. Malaysia is the world's second-largest producer and exporter of palm oil after Indonesia, and the edible oil contributed to 2.8 per cent of its gross domestic product last year. Malaysian palm oil futures fell for a third straight session on Tuesday, hitting their lowest in nearly two weeks. "These steps will be taken in light of India's importance as our third-largest export destination in 2018 for palm oil and palm-based products worth $1.63 billion," Teresa Kok, the Malaysian minister in charge of the palm oil portfolio, said in a statement. India is one of the biggest producers of sugar and buffalo meat in the world. Reuters reported last week that India was considering restricting imports of some products from Malaysia, including palm oil after Kuala Lumpur criticised New Delhi for its actions in Kashmir. India stripped its portion of the Kashmir valley of statehood and autonomy on August 5, cutting internet and phone lines and arresting thousands in an attempt to dampen dissent. Kok said she was aware of the news on "issues that threaten the good ties between Malaysia and India" and that Malaysia was open to negotiations with New Delhi on narrowing the trade deficit between the two countries. Malaysia's exports to India stood at $10.8 billion in the fiscal year that ended on March 31, while imports totalled $6.4 billion. Some Indian traders said refiners had already stopped buying Malaysian palm oil for shipment in November and December, fearing New Delhi could raise import taxes or enforce other measures to curb imports from the Southeast Asian country. Twitter users in India and Malaysia have already sparred with each other - a #BoycottMalaysia call recently trended on social media in India - after Malaysian Prime Minister Mahathir Mohamad said at the U.N. general assembly last month that India had "invaded and occupied" Kashmir, a disputed Muslim-majority region also claimed by Pakistan. India's foreign ministry rebuked the Malaysian government after that, asking it to "bear in mind the friendly relations between the two countries and desist from making such comments".

Malaysia offers to buy more imports from India after threat of palm oil curbs

Britain's jobs boom has weakened in the <a href="https://www.wionews.com/world/european-unions-brexit-minister-says-united-kingdoms-proposals-fall-short-need-agreement-by-end-of-day-256061">approach to Brexit</a> with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000.

The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said.

Britain's strong labour market has been the silver lining for the economy since the <a href="https://www.wionews.com/world/brexit-deal-possible-this-week-says-european-union-chief-negotiator-michel-barnier-256023">Brexit referendum in 2016</a>, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment.

But there were signs in Tuesday's figures that employers were turning more cautious.

The unemployment rate unexpectedly rose to 3.9 per cent&nbsp;from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017.

"Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said.

"Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent."

Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels.

A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago.

As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth.

The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years.

Total earnings growth, including bonuses, rose by an annual 3.8 per cent&nbsp;in the three months to August, slowing from 3.9 per cent&nbsp;in the three months to July and weaker than the median forecast of 4.0 per cent&nbsp;in the Reuters poll.

Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent.

The trend in pay growth is being watched closely by the Bank of England.

Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure."

However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday.

Britain's jobs boom has weakened in the approach to Brexit with the number of people in work unexpectedly falling by the most in over four years and unemployment rising, official data showed on Tuesday. Employment fell by 56,000 to 32.69 million in the three months to August, the Office for National Statistics said. Economists polled by Reuters had expected growth of 23,000. The number of people out of work rose by 22,000 to just over 1.31 million, the ONS said. Britain's strong labour market has been the silver lining for the economy since the Brexit referendum in 2016, something many analysts attribute, in part, to firms hiring workers that they can later lay off rather than making longer-term commitments to investment. But there were signs in Tuesday's figures that employers were turning more cautious. The unemployment rate unexpectedly rose to 3.9 per cent from 3.8 per cent, which had been its joint-lowest since the mid-1970s, while vacancies fell to their lowest level since the three months to November 2017. "Challenging economic conditions are starting to take the shine off the UK’s job boom," Tej Parikh, chief economist at the Institute of Directors, an employers group, said. "Business leaders’ long-lasting drive to expand their workforce has put the labour market in a strong position. However, firms are now increasingly coming up against uncertainty and the shrinking supply of available talent." Many employers are worried about Prime Minister Boris Johnson's pledge to take Britain out of the European Union on October 31 without a transition deal to smooth the economic shock if necessary. However, lawmakers have passed legislation that they say will force him to seek a delay from Brussels. A survey published separately on Tuesday by Britain's main auto industry group showed jobs cuts at one in three firms in the sector, which risks being a big loser from Brexit. That was up from one in eight just under a year ago. As well as worries about Brexit, Britain's economy is feeling the drag from rising US-China trade tensions which have weighed on global growth. The ONS labour market data showed a dip in the pace of pay growth which recently hit its fastest in more than 10 years. Total earnings growth, including bonuses, rose by an annual 3.8 per cent in the three months to August, slowing from 3.9 per cent in the three months to July and weaker than the median forecast of 4.0 per cent in the Reuters poll. Excluding bonuses, which smoothes out some volatility, pay growth similarly slowed slightly to 3.8 per cent, but was a touch ahead of the Reuters poll forecast of 3.7 per cent. The trend in pay growth is being watched closely by the Bank of England. Deputy Governor Dave Ramsden said in a newspaper interview published on Sunday that wage costs were "picking up quite significantly, which will drive domestic inflationary pressure." However, the BoE is waiting for more clarity on Brexit before any decision to resume its gradual and limited programme of interest rates hikes.

United Kingdom hiring falls by most in over four years as Brexit nears