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Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher.

The broader NSE Nifty was up 0.24% at 11,201.70, as of 0429 GMT, while the benchmark BSE Sensex rose 0.36% at 38,804.17.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18% after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

Back home, the Reserve Bank of India (RBI) on Friday cut its real GDP growth forecast for 2019-20 to 6.1% from a prior projection of 6.9% as it reduced the policy interest rates by 25 basis points.

"The RBI's cutting down of growth forecast meant that even the (central) bank is not very hopeful of a big turnaround in growth," said Deepak Jasani, head of Retail Research at HDFC Securities.

Yes Bank shares gained as much as 9% after Mint reported the bank was wooing tech giant Microsoft Corp as a strategic investor, while another daily Business Standard said the lender was planning a $1 billion rights issue by December.

Oil marketing companies Bharat Petroleum Corp fell 2.6%, while Indian Oil Corp was down as much as 2.81%.

Among sectors, the NSE media index was the top drag, shedding 2.63%, as heavyweight Zee Entertainment Enterprises fell as much as 14.17%.

Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher.

Indian shares wobbled on Monday as prospects of slower domestic economic growth offset optimism stemming from strong US unemployment data that sent Asian peers higher. The broader NSE Nifty was up 0.24% at 11,201.70, as of 0429 GMT, while the benchmark BSE Sensex rose 0.36% at 38,804.17. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18% after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. Back home, the Reserve Bank of India (RBI) on Friday cut its real GDP growth forecast for 2019-20 to 6.1% from a prior projection of 6.9% as it reduced the policy interest rates by 25 basis points. "The RBI's cutting down of growth forecast meant that even the (central) bank is not very hopeful of a big turnaround in growth," said Deepak Jasani, head of Retail Research at HDFC Securities. Yes Bank shares gained as much as 9% after Mint reported the bank was wooing tech giant Microsoft Corp as a strategic investor, while another daily Business Standard said the lender was planning a $1 billion rights issue by December. Oil marketing companies Bharat Petroleum Corp fell 2.6%, while Indian Oil Corp was down as much as 2.81%. Among sectors, the NSE media index was the top drag, shedding 2.63%, as heavyweight Zee Entertainment Enterprises fell as much as 14.17%.

Sensex up by 200 points, Nifty over 11,000

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday.

Shares of the bank were up 4% in early morning trade, after opening up 9%.

The talks began three weeks ago and could see the bank selling as much as 15% through a fresh equity issue, the newspaper reported, citing two people aware of the discussions.

The bank's chief executive officer, Ravneet Gill, had said last week that the lender was in talks with private equity firms, strategic investors and family offices to raise additional capital.

The stake sale may fetch the bank around 20 billion rupees ($281.61 million) and could help it work on its digital banking and payment system plans, one of the sources told the newspaper.

Yes Bank and Microsoft did not immediately respond to requests for comment on the report.

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday.

Indian private sector lender Yes Bank is in talks with Microsoft Corp and two other technology companies as it looks to bring in a strategic shareholder as part of a strategy to rake in fresh capital, the Mint newspaper reported on Sunday. Shares of the bank were up 4% in early morning trade, after opening up 9%. The talks began three weeks ago and could see the bank selling as much as 15% through a fresh equity issue, the newspaper reported, citing two people aware of the discussions. The bank's chief executive officer, Ravneet Gill, had said last week that the lender was in talks with private equity firms, strategic investors and family offices to raise additional capital. The stake sale may fetch the bank around 20 billion rupees ($281.61 million) and could help it work on its digital banking and payment system plans, one of the sources told the newspaper. Yes Bank and Microsoft did not immediately respond to requests for comment on the report.

Yes Bank in talks with Microsoft, other tech firms to sell up to 15% stake: Report

Economists have become more concerned about <a href="https://www.wionews.com/world/us-economic-growth-seen-slowing-in-second-quarter-238552">US growth prospects,</a> citing trade friction as the major worry, but <a href="https://www.wionews.com/world/dollar-steadies-after-data-knocks-it-off-two-year-highs-253268">recession risks</a> have receded slightly, according to a survey released Monday.

Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey.

The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed.

Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the <a href="https://www.wionews.com/opinions/could-a-weakening-us-economy-imperil-trumps-trade-war-against-china-226753">US economy</a>, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe.

The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics.

"The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey.

Looking further out, 69 per cent of the panel expects a recession by mid-2021.

The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced.

Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020.

The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday.

Economists have become more concerned about US growth prospects, citing trade friction as the major worry, but recession risks have receded slightly, according to a survey released Monday. Nearly half of the panel surveyed by the National Association for Business Economics expect a recession before the end of next year, down from 60 per cent in the prior survey. The panel expects the world's largest economy to slow, with growth falling below 2 per cent for the first time since 2016, the survey showed. Recent data have shown the US labour market remains strong, but manufacturing is in recession while the larger services sector is slowing, giving rise to fears about the health of the US economy, especially amid President Donald Trump's grinding trade war with China and increasing tensions with Europe. The NABE panel "turned decidedly more pessimistic about the outlook over the summer, with 80 per cent of participants viewing risks to the outlook as tilted to the downside," said Gregory Daco, the group's survey chair and chief US economist at Oxford Economics. "The rise in protectionism, pervasive trade policy uncertainty, and slower global growth are considered key downside risks to US economic activity," he said in a statement on the findings in the quarterly survey. Looking further out, 69 per cent of the panel expects a recession by mid-2021. The Federal Reserve has cut interest rates twice this year and many market analysts expect more stimulus to be announced later this month, but the NABE panel was less convinced. Daco said over 40 per cent anticipate at least one more rate cut this year, while three-quarters of respondents expect at least one rate cut by the end of 2020. The median forecast by the panel is for growth of 2.3 per cent this year, slowing to 1.8 per cent next year after 85 per cent of the panel cut their real GDP projections.

US economists more pessimistic, citing trade as major risk: Survey

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents.

Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession.

US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal.

On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.

"The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government.

Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note.

"Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said.

"While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy."

Global supply also faces facility repair and maintenance pressures.

The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures.

Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war. Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents. Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession. US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal. On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense. "The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp. In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government. Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note. "Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said. "While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy." Global supply also faces facility repair and maintenance pressures. The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures. Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices on ebb tide as gloom gathers over global economy

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18%. Australian shares were up 0.5%. Japan's Nikkei stock index opened higher but reversed course and fell 0.3%.

US stock futures, fell 0.44% in Asia on Monday after the S&amp;P 500 surged 1.4% on Friday.

The offshore yuan fell 0.3% to 7.1352 to the dollar after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump.

There was no onshore yuan trading, as Monday is the last day of a long China holiday for its national day.

The media report also pushed up safe-haven assets such as gold and the yen.

Crude oil futures extended declines in a sign that investors remain cautious about a resolution to the trade dispute.

Sentiment toward the US economy deteriorated sharply much of last week after disappointing data on manufacturing and services suggested the trade war was taking a toll, and more rate cuts would be needed to avert a potential recession in the world's biggest economy.

But a modest September increase in US jobs, announced on Friday, eased some of these concerns and lifted US markets that day. The US unemployment rate fell to 3.5% in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected.

"Moderate job growth and subdued inflation in the United States is a positive for stocks," said Shusuke Yamada, head of FX and Japan equity strategy at Merrill Lynch Japan Securities in Tokyo.

This week, the main focus will be the high-level US-China trade negotiations expected in Washington on October 10-11 to see if the two sides can end a bruising year-long trade war that has hurt global growth and raised the risk of recession.

"The dollar is a little soft heading into US-China trade talks," said Yamada. "I see some scope for yen gains, but it is not likely to be a big move higher."

The United States and China have slapped tariffs on each other's goods as part of a long-running dispute over Beijing's trading practices, which Washington says are unfair.

Central banks around the world have been easing policy to try to offset the impact of the trade war.

The Federal Reserve has lowered interest rates twice this year. Before the jobs report, traders saw a 85.2% chance the Fed will cut rates by 25 basis points to 1.75%-2.00% this month, but that chance has now fallen to 81.1%, according to CME Group's FedWatch tool.

The yield on benchmark 10-year Treasury notes rose to 1.5238% on Monday compared with its US close of 1.5140% on Friday.

Spot gold, an asset often bought during times of uncertainty, rose 0.15% to $1,506.93 per ounce.

The yen, also considered a safe-haven asset, edged slightly higher to 106.83 versus the US dollar and gained to 72.17 per Australian dollar.

US crude dipped 0.21% to $52.7 a barrel. Brent crude fell 0.39% to $58.13 per barrel. In addition to worries about the global economy, signs of oversupply in the oil market are weighing on futures prices.

Political instability in Hong Kong could hurt market sentiment after China's army took the unusual step of issuing warnings to anti-government protesters in Hong Kong over the weekend.

Hong Kong's stock market is closed on Monday for a public holiday. Trading will resume on Tuesday.

Four months of often violent protests against Chinese rule has pushed the former British colony to the brink of recession and posed a serious challenge to Beijing's control of the city.

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.

Asian shares edged higher on Monday after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.18%. Australian shares were up 0.5%. Japan's Nikkei stock index opened higher but reversed course and fell 0.3%. US stock futures, fell 0.44% in Asia on Monday after the S&P 500 surged 1.4% on Friday. The offshore yuan fell 0.3% to 7.1352 to the dollar after Bloomberg reported that Chinese officials are signalling they are increasingly reluctant to agree to a broad trade deal pursued by US President Donald Trump. There was no onshore yuan trading, as Monday is the last day of a long China holiday for its national day. The media report also pushed up safe-haven assets such as gold and the yen. Crude oil futures extended declines in a sign that investors remain cautious about a resolution to the trade dispute. Sentiment toward the US economy deteriorated sharply much of last week after disappointing data on manufacturing and services suggested the trade war was taking a toll, and more rate cuts would be needed to avert a potential recession in the world's biggest economy. But a modest September increase in US jobs, announced on Friday, eased some of these concerns and lifted US markets that day. The US unemployment rate fell to 3.5% in September to reach the lowest since December 1969. Non-farm payrolls also grew in September, but slightly less than expected. "Moderate job growth and subdued inflation in the United States is a positive for stocks," said Shusuke Yamada, head of FX and Japan equity strategy at Merrill Lynch Japan Securities in Tokyo. This week, the main focus will be the high-level US-China trade negotiations expected in Washington on October 10-11 to see if the two sides can end a bruising year-long trade war that has hurt global growth and raised the risk of recession. "The dollar is a little soft heading into US-China trade talks," said Yamada. "I see some scope for yen gains, but it is not likely to be a big move higher." The United States and China have slapped tariffs on each other's goods as part of a long-running dispute over Beijing's trading practices, which Washington says are unfair. Central banks around the world have been easing policy to try to offset the impact of the trade war. The Federal Reserve has lowered interest rates twice this year. Before the jobs report, traders saw a 85.2% chance the Fed will cut rates by 25 basis points to 1.75%-2.00% this month, but that chance has now fallen to 81.1%, according to CME Group's FedWatch tool. The yield on benchmark 10-year Treasury notes rose to 1.5238% on Monday compared with its US close of 1.5140% on Friday. Spot gold, an asset often bought during times of uncertainty, rose 0.15% to $1,506.93 per ounce. The yen, also considered a safe-haven asset, edged slightly higher to 106.83 versus the US dollar and gained to 72.17 per Australian dollar. US crude dipped 0.21% to $52.7 a barrel. Brent crude fell 0.39% to $58.13 per barrel. In addition to worries about the global economy, signs of oversupply in the oil market are weighing on futures prices. Political instability in Hong Kong could hurt market sentiment after China's army took the unusual step of issuing warnings to anti-government protesters in Hong Kong over the weekend. Hong Kong's stock market is closed on Monday for a public holiday. Trading will resume on Tuesday. Four months of often violent protests against Chinese rule has pushed the former British colony to the brink of recession and posed a serious challenge to Beijing's control of the city.

Asian shares up on US jobs report, but caution seen on trade talks

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession.

Contracts for 'Made in Germany' goods fell 0.6 per cent&nbsp;from the previous month, with demand for capital goods down 1.6 per cent&nbsp;the Economy Ministry said. The overall fall compared with a Reuters consensus forecast for a drop of 0.3 per cent.

"The German economy is in the midst of a recession. Today's data make that clear again," said Thomas Gitzel, an economist at VP Bank Group.

The economy shrank by 0.1 per cent&nbsp;in the second quarter, and recent data have pointed to continued weakness in manufacturing in the third quarter. Most economists define a recession as two straight quarters of contraction.

"The German government will probably come under growing pressure to give up its strict budget policy," added Gitzel.

The government has so far stuck to its balanced-budget policy, despite pressure from economists and other governments to spend more to boost flagging demand.

Finance Minister Olaf Scholz said last week that Germany would be able to cope with an economic crisis but added that he did not expect a downturn to be as bad as it was in 2008/2009.

"The weakness in demand in the industry continues," the Economy Ministry said in a statement accompanying Monday's data. "The industrial sector remains subdued for the time being."

Germany's export-reliant manufacturers are suffering from a slowing world economy and business uncertainty linked to a trade dispute between the United States and China as well as Britain's planned but delayed exit from the European Union.

Monday's weaker-than-expected data added to the sense of gloom around the German manufacturing sector.

A survey released last Tuesday showed the manufacturing recession deepened in September, with factories recording their weakest performance since the world financial crisis a decade ago.

Last Wednesday, leading economic institutes slashed their growth forecasts for the economy for this year and next, blaming weaker global demand for manufacturing goods and increased business uncertainty linked to trade disputes.

The institutes also called on Chancellor Angela Merkel's coalition government to ditch its budget policy of incurring no new debt if the growth outlook deteriorates. It has so far refused to do so.

Merkel's government has managed to raise public spending without incurring new debt since 2014, thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan.

But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany's borrowing costs have turned into premiums, which means investors are actually willing to pay the state a bonus for being able to lend it billions of euros.

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession.

German industrial orders fell more than expected in August on weaker domestic demand, data showed on Monday, adding to signs that a manufacturing slump is pushing Europe's largest economy into recession. Contracts for 'Made in Germany' goods fell 0.6 per cent from the previous month, with demand for capital goods down 1.6 per cent the Economy Ministry said. The overall fall compared with a Reuters consensus forecast for a drop of 0.3 per cent. "The German economy is in the midst of a recession. Today's data make that clear again," said Thomas Gitzel, an economist at VP Bank Group. The economy shrank by 0.1 per cent in the second quarter, and recent data have pointed to continued weakness in manufacturing in the third quarter. Most economists define a recession as two straight quarters of contraction. "The German government will probably come under growing pressure to give up its strict budget policy," added Gitzel. The government has so far stuck to its balanced-budget policy, despite pressure from economists and other governments to spend more to boost flagging demand. Finance Minister Olaf Scholz said last week that Germany would be able to cope with an economic crisis but added that he did not expect a downturn to be as bad as it was in 2008/2009. "The weakness in demand in the industry continues," the Economy Ministry said in a statement accompanying Monday's data. "The industrial sector remains subdued for the time being." Germany's export-reliant manufacturers are suffering from a slowing world economy and business uncertainty linked to a trade dispute between the United States and China as well as Britain's planned but delayed exit from the European Union. Monday's weaker-than-expected data added to the sense of gloom around the German manufacturing sector. A survey released last Tuesday showed the manufacturing recession deepened in September, with factories recording their weakest performance since the world financial crisis a decade ago. Last Wednesday, leading economic institutes slashed their growth forecasts for the economy for this year and next, blaming weaker global demand for manufacturing goods and increased business uncertainty linked to trade disputes. The institutes also called on Chancellor Angela Merkel's coalition government to ditch its budget policy of incurring no new debt if the growth outlook deteriorates. It has so far refused to do so. Merkel's government has managed to raise public spending without incurring new debt since 2014, thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan. But with the economy slowing and tax revenues waning, the fiscal room to counter a recession is getting smaller. At the same time, Germany's borrowing costs have turned into premiums, which means investors are actually willing to pay the state a bonus for being able to lend it billions of euros.

German recession looms as industrial orders drop more than expected

Deutsche Bank&nbsp;is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

The German lender's<a href="https://www.wionews.com/world/us-congressional-probe-finds-possible-lapses-in-deutsche-bank-controls-report-247969"> legacy IT systems have been blamed in part for the bank's failure</a> to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry.

Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known.

The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters.

"At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said.

The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion&nbsp;in technology by 2022.

It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan&nbsp;has budgeted $11.4 billion for technology in 2019 alone.

In its note to staff, <a href="https://www.wionews.com/world/deutsche-bank-says-to-slash-18000-jobs-by-2022-233897">Deutsche Bank also said that moving systems to the cloud</a> would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today.

However, it pledged to continue to reduce the number of applications and barriers to technology functions.

"We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.

Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years. The German lender's legacy IT systems have been blamed in part for the bank's failure to control costs and for its slow progress in keeping up with the wave of financial technology innovation across the industry. Technology has long been a problem for Deutsche Bank. Former Chief Executive John Cryan complained in 2015 about "lousy systems" and "very slow processes", and former operations chief Kim Hammonds last year described Deutsche as "vastly complex" and the "most dysfunctional" workplace she has known. The central technology division announced on Monday will be led by Bernd Leukert, overseeing tech security, data and innovation functions among others, the bank said in a note to employees seen by Reuters. "At its heart, our technology strategy empowers our businesses to control 'what' is produced, while technology has control of the 'how'. In the past, the 'how' offered too much optionality and did not consistently follow group-wide architecture and tooling," it said. The lender also established a board-level Technology, Data and Innovation Committee in May and has vowed to invest $14.2 billion in technology by 2022. It will be doing so amid a technology arms race in banking. Research from UBS this year found that JPMorgan has budgeted $11.4 billion for technology in 2019 alone. In its note to staff, Deutsche Bank also said that moving systems to the cloud would not happen overnight, meaning it would continue to invest in legacy infrastructure on which it operates today. However, it pledged to continue to reduce the number of applications and barriers to technology functions. "We have a bank-wide commitment to strengthen engineering expertise in the bank by increasing the share of expert internal technology staff," it said.

Deutsche Bank in strategy shift to address tech woes

SoftBank Group Corp-backed&nbsp;Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement.

The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion.

Agarwal's share in this round will come from the money he raised then, the company said.

Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors. Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement. The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion. Agarwal's share in this round will come from the money he raised then, the company said. Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank-backed Oyo to raise $1.5 billion led by founder, other existing investors

The <a href="https://www.wionews.com/world/us-vaping-related-deaths-rise-to-18-illnesses-surpass-1000-253605">US </a>National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims.

Tesla did not immediately respond to requests for comment.

In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers."

The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed &nbsp;and by reducing the performance in terms of speed."

The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit.

Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said.

The National Transportation Safety Board is investigating several battery fires in Tesla vehicles.

On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature.

Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up.

A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot.

Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May.

The US National Highway Traffic Safety Administration (NHTSA) said on Friday it is reviewing a defect petition that claims Tesla Inc failed to issue a recall when it issued a software upgrade in 2,000 Model S and Model X vehicles in May. The vehicles from 2012 through 2019 model years received a battery management software upgrade in response to a potential defect that could result in non-crash fires, the petition said, adding it believes the update reduces the driving range of the affected vehicles. NHTSA said Friday it had opened a formal review to evaluate the petition's claims. Tesla did not immediately respond to requests for comment. In August, a proposed class-action lawsuit was filed in California claiming Tesla knew batteries of some vehicles were defective and "pushed out software updates despite knowing that the class vehicles would suffer from loss in range and performance." The suit added it believes Tesla's aim is "to avoid providing warranty battery replacements to rightful customers." The suit says Tesla has placed a software-induced limitation on the total number of usable kilo-watt hours and is limiting the ability of owners "to charge the battery cells up to the natural and normal amount of approximately 4.2 volts, by placing battery capacity limitations, by decreasing the charging speed and by reducing the performance in terms of speed." The suit cites over a dozen reports of Tesla's vehicles catching fire over the past six years. Tesla has not yet responded to the lawsuit. Tesla's May 15 software update changed some settings in the cars’ battery management software related to charging and thermal controls, the suit said. The National Transportation Safety Board is investigating several battery fires in Tesla vehicles. On Wednesday, NHTSA said it was looking into parking lot crashes involving Tesla cars driving themselves to their owners using the company’s Smart Summon feature. Several users have posted videos on social media of Tesla vehicles that appear to have been in near accidents. One posted a video of a Tesla striking a garage wall and another of a Tesla being struck by a vehicle backing up. A Tesla software update last week added its Smart Summon feature for some customers. When the car is within 200 feet and in their line of sight, they use a phone app to summon the vehicle in a parking lot. Tesla Chief Executive Elon Musk on Wednesday tweeted that there were more than 550,000 Smart Summon uses in the first few days.

United States NHTSA reviewing claims 2,000 Tesla vehicles should have been recalled

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps.

The <a href="https://www.wionews.com/world/us-supreme-court-agrees-to-hear-case-on-restrictive-abortion-law-253858">US</a> House of Representatives Judiciary Committee reached out to the music streaming service with broad requests for information, according to one source, who added the request to the company was narrowed in follow up telephone calls.

Spotify Technology SA filed an antitrust complaint against Apple in the European Union in March, but the contact with the committee marks its first known participation in congressional inquiries into the iPhone maker, whose Apple Music streaming service is Spotify's biggest rival.

Spotify and other developers have alleged that Apple engages in anticompetitive behavior by imposing rules that hamper distribution via its App Store, the only way for third-party developers to reach more than 900 million iPhone users.

At the same time, Apple sometimes copies the features of their apps for its own offerings, developers have said. Multiple apps in the App Store offered female cycle tracking before Apple added the same feature to its own health tracking app this fall, for example.

Spotify has been pressing for antitrust action against Apple for several years.

Its representatives have met with Justice Department officials, as well as members of the FTC's Technology Task Force, a group of some 17 attorneys that was set up in February to focus on online platforms and other Internet competition issues, according to one source.

App developers also complain that Apple's Siri, which response to verbal commands and can control Apple's own apps, has long had limited functionality with the vast majority of non-Apple apps, including Spotify.

Apple announced an update to its software in June that would allow Siri to access Spotify and other music services.

Beyond Spotify, the congressional probe has tapped many companies for details on the four big tech firms.

In addition to the Judiciary Committee probe, the big tech companies face a plethora of other antitrust investigations.

The Justice Department is probing Alphabet's Google, Facebook, and Apple while the Federal Trade Commission is investigating <a href="https://www.wionews.com/world/paypal-abandons-facebook-backed-libra-cryptocurrency-group-253843">Facebook</a> and Amazon.com. Groups of state attorneys general have also been formed to probe <a href="https://www.wionews.com/world/google-cant-escape-copyright-laws-frances-emmanuel-macron-253863">Google</a> and Facebook.

Spotify has complained also about the 30 per cent fee that Apple charges outside app developers who sell so-called digital goods such as music or e-books on the App Store, using Apple's in-app billing system. Apple bars app makers for collecting payment any other way on the App Store or showing users links or buttons to other ways to pay.

At one point, Apple told Spotify to stop sending emails to users who had just signed up for a free version of its streaming music prompting them to upgrade to the paid service, Spotify has said. Spotify has said the shifting rules, and Apple's threats to block routine app updates, have made it difficult to compete with Apple's own music service on a level playing field.

Asked for comment, Apple referred to its previous responses, published in March, to Spotify's claims. The company says it enforces its App Store rules evenly among all developers and that more than eight out of every 10 apps are free and pay nothing to Apple. Apple has said Spotify pays nothing for users of its free service or for paid Spotify members who signed up outside the App Store.

Apple has said Spotify pays a revenue share on about half a per cent of its 108 million premium users, paying 15 per cent&nbsp;fees on roughly 680,000 customers that Spotify acquired between 2014 and 2016 when it used Apple's payment systems.

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps.

US lawmakers have requested information from Apple critic Spotify as part of an antitrust probe, according to two sources briefed on the investigation into allegations the iPhone maker engages in anti-competitive behavior to support its own apps. The US House of Representatives Judiciary Committee reached out to the music streaming service with broad requests for information, according to one source, who added the request to the company was narrowed in follow up telephone calls. Spotify Technology SA filed an antitrust complaint against Apple in the European Union in March, but the contact with the committee marks its first known participation in congressional inquiries into the iPhone maker, whose Apple Music streaming service is Spotify's biggest rival. Spotify and other developers have alleged that Apple engages in anticompetitive behavior by imposing rules that hamper distribution via its App Store, the only way for third-party developers to reach more than 900 million iPhone users. At the same time, Apple sometimes copies the features of their apps for its own offerings, developers have said. Multiple apps in the App Store offered female cycle tracking before Apple added the same feature to its own health tracking app this fall, for example. Spotify has been pressing for antitrust action against Apple for several years. Its representatives have met with Justice Department officials, as well as members of the FTC's Technology Task Force, a group of some 17 attorneys that was set up in February to focus on online platforms and other Internet competition issues, according to one source. App developers also complain that Apple's Siri, which response to verbal commands and can control Apple's own apps, has long had limited functionality with the vast majority of non-Apple apps, including Spotify. Apple announced an update to its software in June that would allow Siri to access Spotify and other music services. Beyond Spotify, the congressional probe has tapped many companies for details on the four big tech firms. In addition to the Judiciary Committee probe, the big tech companies face a plethora of other antitrust investigations. The Justice Department is probing Alphabet's Google, Facebook, and Apple while the Federal Trade Commission is investigating Facebook and Amazon.com. Groups of state attorneys general have also been formed to probe Google and Facebook. Spotify has complained also about the 30 per cent fee that Apple charges outside app developers who sell so-called digital goods such as music or e-books on the App Store, using Apple's in-app billing system. Apple bars app makers for collecting payment any other way on the App Store or showing users links or buttons to other ways to pay. At one point, Apple told Spotify to stop sending emails to users who had just signed up for a free version of its streaming music prompting them to upgrade to the paid service, Spotify has said. Spotify has said the shifting rules, and Apple's threats to block routine app updates, have made it difficult to compete with Apple's own music service on a level playing field. Asked for comment, Apple referred to its previous responses, published in March, to Spotify's claims. The company says it enforces its App Store rules evenly among all developers and that more than eight out of every 10 apps are free and pay nothing to Apple. Apple has said Spotify pays nothing for users of its free service or for paid Spotify members who signed up outside the App Store. Apple has said Spotify pays a revenue share on about half a per cent of its 108 million premium users, paying 15 per cent fees on roughly 680,000 customers that Spotify acquired between 2014 and 2016 when it used Apple's payment systems.

Antitrust probers in Congress ask Spotify to detail alleged Apple abuses: Sources

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates.

Washington has imposed several rounds of sanctions on Venezuela this year to oust socialist President Nicolas Maduro, whose 2018 re-election has been dismissed by the United States and dozens of other countries as a sham. Some measures have led tanker operators to stop carrying oil for Venezuela's state-run PDVSA oil firm.

The decision by the world's largest publicly-traded oil producer to ban the Venezuela-linked tankers should affect about 250 vessels, two of the people familiar with the matter estimated.

Exxon declined to comment. PDVSA did not immediately respond to requests for comment.

Over 25 foreign vessels reach Venezuelan ports per month, according to PDVSA and Refinitiv Eikon data. Some are known to turn their transponders off to avoid detection amid the tough US sanctions targeting Venezuela's oil industry.

Average freight earnings for supertankers on the closely-watched US-China route jumped over $20,000 on Friday to $87,625 a day, the highest level since rates for the route were first published in March, Baltic Exchange data showed.

"The VLCC pool here (in the Caribbean) has been very thin for some while, and this week rates pushed to levels not seen for many a year - $12 million now to the Far East and it's almost 'name your price,'" E.A. Gibson Shipbrokers Ltd said in a report on Friday.

Another shipbroker who declined to be identified to avoid upsetting clients said Exxon's directive may have a limited impact on freight rates. But he said those rates could go higher "if it spreads to other charterers beyond Exxon."

A lack of vessels willing to carry Venezuelan oil exports is hurting Cuba, the crisis-torn country's main political ally, which imposed fresh austerity measures last month due to power cuts and an acute shortage of fuel.

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates.

Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the US sanctioned country and on global crude freight rates. Washington has imposed several rounds of sanctions on Venezuela this year to oust socialist President Nicolas Maduro, whose 2018 re-election has been dismissed by the United States and dozens of other countries as a sham. Some measures have led tanker operators to stop carrying oil for Venezuela's state-run PDVSA oil firm. The decision by the world's largest publicly-traded oil producer to ban the Venezuela-linked tankers should affect about 250 vessels, two of the people familiar with the matter estimated. Exxon declined to comment. PDVSA did not immediately respond to requests for comment. Over 25 foreign vessels reach Venezuelan ports per month, according to PDVSA and Refinitiv Eikon data. Some are known to turn their transponders off to avoid detection amid the tough US sanctions targeting Venezuela's oil industry. Average freight earnings for supertankers on the closely-watched US-China route jumped over $20,000 on Friday to $87,625 a day, the highest level since rates for the route were first published in March, Baltic Exchange data showed. "The VLCC pool here (in the Caribbean) has been very thin for some while, and this week rates pushed to levels not seen for many a year - $12 million now to the Far East and it's almost 'name your price,'" E.A. Gibson Shipbrokers Ltd said in a report on Friday. Another shipbroker who declined to be identified to avoid upsetting clients said Exxon's directive may have a limited impact on freight rates. But he said those rates could go higher "if it spreads to other charterers beyond Exxon." A lack of vessels willing to carry Venezuelan oil exports is hurting Cuba, the crisis-torn country's main political ally, which imposed fresh austerity measures last month due to power cuts and an acute shortage of fuel.

Exxon Mobil bars use of oil tankers linked to Venezuela: Report

Investors are preparing for more cautious capital investment outlooks from US companies as worries mount heading into earnings season about the possibility of an economic recession.

Capital expenditure increases have been weaker than last year, when corporate tax cuts helped to bolster spending, and some strategists say they may even fall short of Wall Street's expectations given the concerns about the economy and a prolonged trade war between the <a href="https://www.wionews.com/world/us-president-trump-says-he-wont-tie-biden-concerns-to-trade-deal-with-china-253812">United States </a>and China.

Less spending on technology, machinery, and other equipment would suggest corporate executives are less confident in the economy than they had been, another potential negative for the stock market, which has fallen this week amid a series of weak economic reports.

Capital expenditures are expected to have increased just 3.0 per cent in the third quarter from a year ago, which would be the lowest since the second quarter of 2017, when Capex declined slightly, according to data based on analysts' estimates compiled by Refinitiv's research senior manager, David Aurelio.

That estimate drops to 1.1 per cent in the fourth quarter, and year-over-year declines are projected in some quarters of 2020.

"It's very likely that Capex spending is going to be below expectations," said Kristina Hooper, chief global market strategist at Invesco in New York. "We are in a state of heightened economic policy uncertainty. That tamps down business investment."

Strategists said spending plans will be of particular interest as S&amp;P 500 companies discuss their results for the third quarter in the weeks ahead.

The reporting period begins with big banks including JPMorgan Chase and others reporting on October 15.

Results overall are expected to be relatively weak, with analysts forecasting earnings for S&amp;P 500 companies to have declined 2.7 per cent in the third quarter from a year ago, based on Refinitiv's data.

Recent dismal economic indicators have fuelled concerns that the United States was flirting with a recession.

Upbeat jobs data offered some relief for investors on Friday, but it came on the heels of a report this week showing manufacturing activity plunged to a more than 10-year trough in September. Other data showed US services sector activity slowed to a three-year low in September.

"There is a correlation between CEO confidence and Capex. And right now we've seen CEO confidence decrease, so again it's going to be a challenging environment for companies to go ahead and spend," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

While the trade war has eroded business confidence, easing monetary policy is expected to help because it reduces borrowing costs for businesses.

The US central bank cut rates last month after reducing borrowing costs in July for the first time since 2008. Bets the Federal Reserve will cut rates later this month by 25 basis points were at about 77 per cent on Friday, compared to 39.6 per cent on Monday, according to CME Group's FedWatch tool.

"This talk of whether or not we're going into a recession, that enforces prudence" by companies, said Quincy Krosby, chief market strategist at Prudential Financial, based in Newark, New Jersey. "Ultimately what they're worried about is revenue growth."

Investors are preparing for more cautious capital investment outlooks from US companies as worries mount heading into earnings season about the possibility of an economic recession.

Investors are preparing for more cautious capital investment outlooks from US companies as worries mount heading into earnings season about the possibility of an economic recession. Capital expenditure increases have been weaker than last year, when corporate tax cuts helped to bolster spending, and some strategists say they may even fall short of Wall Street's expectations given the concerns about the economy and a prolonged trade war between the United States and China. Less spending on technology, machinery, and other equipment would suggest corporate executives are less confident in the economy than they had been, another potential negative for the stock market, which has fallen this week amid a series of weak economic reports. Capital expenditures are expected to have increased just 3.0 per cent in the third quarter from a year ago, which would be the lowest since the second quarter of 2017, when Capex declined slightly, according to data based on analysts' estimates compiled by Refinitiv's research senior manager, David Aurelio. That estimate drops to 1.1 per cent in the fourth quarter, and year-over-year declines are projected in some quarters of 2020. "It's very likely that Capex spending is going to be below expectations," said Kristina Hooper, chief global market strategist at Invesco in New York. "We are in a state of heightened economic policy uncertainty. That tamps down business investment." Strategists said spending plans will be of particular interest as S&P 500 companies discuss their results for the third quarter in the weeks ahead. The reporting period begins with big banks including JPMorgan Chase and others reporting on October 15. Results overall are expected to be relatively weak, with analysts forecasting earnings for S&P 500 companies to have declined 2.7 per cent in the third quarter from a year ago, based on Refinitiv's data. Recent dismal economic indicators have fuelled concerns that the United States was flirting with a recession. Upbeat jobs data offered some relief for investors on Friday, but it came on the heels of a report this week showing manufacturing activity plunged to a more than 10-year trough in September. Other data showed US services sector activity slowed to a three-year low in September. "There is a correlation between CEO confidence and Capex. And right now we've seen CEO confidence decrease, so again it's going to be a challenging environment for companies to go ahead and spend," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. While the trade war has eroded business confidence, easing monetary policy is expected to help because it reduces borrowing costs for businesses. The US central bank cut rates last month after reducing borrowing costs in July for the first time since 2008. Bets the Federal Reserve will cut rates later this month by 25 basis points were at about 77 per cent on Friday, compared to 39.6 per cent on Monday, according to CME Group's FedWatch tool. "This talk of whether or not we're going into a recession, that enforces prudence" by companies, said Quincy Krosby, chief market strategist at Prudential Financial, based in Newark, New Jersey. "Ultimately what they're worried about is revenue growth."

Capital spending outlook another worry ahead of earnings

Apple Inc has asked suppliers to increase the production of its iPhone 11 models by up to 8 million units, or about 10%, Nikkei Asian Review reported on Friday, citing better than expected demand.

"Previously, Apple was quite conservative about placing orders", which were less than for last year's new iPhone, said the Nikkei quoting a source.

"After the increase, prepared production volume for the iPhone 11 series will be higher compared to last year".

Sources cited by Nikkei said that the recent surge in iPhone orders is concentrated in the cheapest iPhone 11 model and the iPhone 11 Pro model, while Apple has slightly revised down orders for its top range model, the iPhone 11 Pro Max, which has a starting price of $1,099.

The newspaper also reported that suppliers remain cautious and said they were concerned that the higher level of orders would not be sustained.

"Demand is good for now. But we have to be careful not to be too optimistic," an executive-level source said in the report. "I hope that this year's peak season lasts longer than last year."

Apple did not respond to a Reuters request for comment outside regular US business hours.

The company launched its three new iPhone models in September and reduced the starting price of the model upgrade, despite better cameras, to $699, compared to $749 for last year's iPhone XR. 
&nbsp;

Apple Inc has asked suppliers to increase the production of its iPhone 11 models by up to 8 million units, or about 10%, Nikkei Asian Review reported on Friday, citing better than expected demand.

Apple Inc has asked suppliers to increase the production of its iPhone 11 models by up to 8 million units, or about 10%, Nikkei Asian Review reported on Friday, citing better than expected demand. "Previously, Apple was quite conservative about placing orders", which were less than for last year's new iPhone, said the Nikkei quoting a source. "After the increase, prepared production volume for the iPhone 11 series will be higher compared to last year". Sources cited by Nikkei said that the recent surge in iPhone orders is concentrated in the cheapest iPhone 11 model and the iPhone 11 Pro model, while Apple has slightly revised down orders for its top range model, the iPhone 11 Pro Max, which has a starting price of $1,099. The newspaper also reported that suppliers remain cautious and said they were concerned that the higher level of orders would not be sustained. "Demand is good for now. But we have to be careful not to be too optimistic," an executive-level source said in the report. "I hope that this year's peak season lasts longer than last year." Apple did not respond to a Reuters request for comment outside regular US business hours. The company launched its three new iPhone models in September and reduced the starting price of the model upgrade, despite better cameras, to $699, compared to $749 for last year's iPhone XR.

Apple raises iPhone 11 production by about 10%: Nikkei

Indian shares rose on Friday ahead of a likely interest rate cut by the central bank in the backdrop of slowing economic growth, with beaten-down banking stocks leading gains.

The Reserve Bank of India (RBI) is expected to cut benchmark interest rates for the fifth time this year as benign inflation offers room for more easing and fiscal measures to revive growth seem largely inadequate.

The RBI is predicted to lower its key lending rate, or the repo rate, by 25 basis points (bps) to 5.15 per cent, which would take cumulative cuts so far this year to 135 bps.

The broader NSE Nifty was up 0.37 per cent at 11,355.75 by 0408 GMT, while the benchmark BSE Sensex was 0.46&nbsp;per cent&nbsp;higher at 38,280.73. Meanwhile, the rupee was stronger by 0.13 per cent against the dollar at 70.8375.

Asia`s third-largest economy grew by just 5 per cent in the June quarter, its slowest pace in more than five years, prompting the government to take measures aimed at boosting growth.

A sharp cut in the corporate tax rate - to 22&nbsp;per cent&nbsp;from 30&nbsp;per cent&nbsp;- last month brought cheer to markets, but economists say the move will do little to address a lack of spending power.

"The moves in the market largely reflect the optimism that will come from the monetary policy announcement," said Saurabh Jain, assistant vice president at SMC Global Securities in New Delhi.

Leading stock indexes higher on Friday were banks, which have suffered bruising declines over the past fortnight.

The Nifty PSU index, which tracks state-run lenders, was up 0.69 per cent, having fallen about 12 per cent over the past 10 sessions.

With a 2.5 per cent rise, shares in private-sector lender IndusInd Bank Ltd were the top gainers on the NSE and BSE indexes.

Indian shares rose on Friday ahead of a likely interest rate cut by the central bank in the backdrop of slowing economic growth, with beaten-down banking stocks leading gains.

Indian shares rose on Friday ahead of a likely interest rate cut by the central bank in the backdrop of slowing economic growth, with beaten-down banking stocks leading gains. The Reserve Bank of India (RBI) is expected to cut benchmark interest rates for the fifth time this year as benign inflation offers room for more easing and fiscal measures to revive growth seem largely inadequate. The RBI is predicted to lower its key lending rate, or the repo rate, by 25 basis points (bps) to 5.15 per cent, which would take cumulative cuts so far this year to 135 bps. The broader NSE Nifty was up 0.37 per cent at 11,355.75 by 0408 GMT, while the benchmark BSE Sensex was 0.46 per cent higher at 38,280.73. Meanwhile, the rupee was stronger by 0.13 per cent against the dollar at 70.8375. Asia`s third-largest economy grew by just 5 per cent in the June quarter, its slowest pace in more than five years, prompting the government to take measures aimed at boosting growth. A sharp cut in the corporate tax rate - to 22 per cent from 30 per cent - last month brought cheer to markets, but economists say the move will do little to address a lack of spending power. "The moves in the market largely reflect the optimism that will come from the monetary policy announcement," said Saurabh Jain, assistant vice president at SMC Global Securities in New Delhi. Leading stock indexes higher on Friday were banks, which have suffered bruising declines over the past fortnight. The Nifty PSU index, which tracks state-run lenders, was up 0.69 per cent, having fallen about 12 per cent over the past 10 sessions. With a 2.5 per cent rise, shares in private-sector lender IndusInd Bank Ltd were the top gainers on the NSE and BSE indexes.

Nifty, Sensex rise before likely rate cut

The dollar rose on Friday after three straight days of losses, as investors took comfort in a US&nbsp;non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared.

The greenback hit session highs against the yen and euro following the jobs report, after trading lower for most of the session.

Data showed that US&nbsp;nonfarm payrolls increased by 136,000 jobs last month. August data was revised to show 168,000 jobs created instead of the previously reported 130,000 positions. Economists polled by Reuters had forecast payrolls would increase by 145,000 jobs in September.

The unemployment rate dropped to a near 50-year low of 3.5 per cent.

"Going into it and considering what we saw with the two ISM surveys, it could have been a lot worse. It's probably just right for the market and <a href="https://www.wionews.com/world/slower-us-job-growth-expected-but-enough-to-support-economy-247977">not as dire as many people expected</a>," said John Velis, global macro strategist, at BNY Mellon in New York.

"It doesn't mean that the economy and the jobs market are falling off a cliff. On the other hand, it's not strong enough that it's going to take out this additional Fed easing that has been priced into the curve the last few days."

A drop in US&nbsp;unemployment in September pushed traders of US&nbsp;short-term interest rate futures on Friday to pare bets the Federal Reserve will cut rates at both of its two upcoming meetings.

The jobs data was a big relief to dollar bulls after two weak reports that heightened US&nbsp;recession fears.

On Thursday, a survey from the US&nbsp;Institute for Supply Management (ISM) showed its non-manufacturing activity index falling to 52.6 in September, the lowest since August 2016 and down from 56.4 in August.

The <a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220">non-manufacturing data</a> came on the heels of ISM's survey on Tuesday on manufacturing that showed activity plunging to more than 10-year lows.

In morning trading, the dollar index &nbsp;was up 0.1 per cent&nbsp;at 98.933, rising slightly against the yen to 106.98 yen &lt;JPY=&gt;.

The euro was modestly higher though versus the dollar at $1.0973.&nbsp;

Elsewhere, the Australian dollar&nbsp;and the New Zealand dollar were off their highs after the US&nbsp;report.

The dollar rose on Friday after three straight days of losses, as investors took comfort in a US non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared.

The dollar rose on Friday after three straight days of losses, as investors took comfort in a US non-farm payrolls number which, while below the consensus forecast, was not as bad as the market initially feared. The greenback hit session highs against the yen and euro following the jobs report, after trading lower for most of the session. Data showed that US nonfarm payrolls increased by 136,000 jobs last month. August data was revised to show 168,000 jobs created instead of the previously reported 130,000 positions. Economists polled by Reuters had forecast payrolls would increase by 145,000 jobs in September. The unemployment rate dropped to a near 50-year low of 3.5 per cent. "Going into it and considering what we saw with the two ISM surveys, it could have been a lot worse. It's probably just right for the market and not as dire as many people expected," said John Velis, global macro strategist, at BNY Mellon in New York. "It doesn't mean that the economy and the jobs market are falling off a cliff. On the other hand, it's not strong enough that it's going to take out this additional Fed easing that has been priced into the curve the last few days." A drop in US unemployment in September pushed traders of US short-term interest rate futures on Friday to pare bets the Federal Reserve will cut rates at both of its two upcoming meetings. The jobs data was a big relief to dollar bulls after two weak reports that heightened US recession fears. On Thursday, a survey from the US Institute for Supply Management (ISM) showed its non-manufacturing activity index falling to 52.6 in September, the lowest since August 2016 and down from 56.4 in August. The non-manufacturing data came on the heels of ISM's survey on Tuesday on manufacturing that showed activity plunging to more than 10-year lows. In morning trading, the dollar index was up 0.1 per cent at 98.933, rising slightly against the yen to 106.98 yen <JPY=>. The euro was modestly higher though versus the dollar at $1.0973. Elsewhere, the Australian dollar and the New Zealand dollar were off their highs after the US report.

Dollar rises after US jobs come out better than worst expectations

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US&nbsp;jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions.

Benchmark Brent crude rose 94 cents, or 1.6 per cent, to $58.65 a barrel by 1319 GMT. US&nbsp;West Texas Intermediate (WTI) crude rose 68 cents, or 1.3 per cent, to $53.13.

However, Brent was down 5.2 per cent on the week, its lowest since mid-August, and US&nbsp;crude lost 5 per cent&nbsp;on the week, marking its biggest weekly loss since July.

"Both are on track for hefty weekly losses and it will take a brave man to bet against the bearish side," said Stephen Brennock of oil broker PVM.

"As things stand, demand and supply-side developments are anything but supportive and there can be no happy ending for those of a bullish disposition."

US&nbsp;job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5 per cent.

The report, however, came on the heels of a string of weak economic reports, including a plunge in manufacturing activity to more than a 10-year low in September and a sharp slowdown in services industry growth to levels last seen in 2016.

"The crisis in the manufacturing sector now appears to be spilling over to the previously robust services sector. This is not good news for oil demand. After all, this also reduces the demand for transport," said Carsten Fritsch, senior commodity analyst at Commerzbank.

On the supply side, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said on Thursday the world's top crude oil exporter had <a href="https://www.wionews.com/world/saudi-arabia-restores-full-oil-output-after-attacks-focused-on-aramco-ipo-253556">fully restored oil output</a> after attacks on its facilities last month knocked out more than 5 per cent&nbsp;of global oil supply.

"That Saudi restored its production back to original capacity sooner than expected means investors had to price out raised supply risks at a faster clip than would have otherwise been the case," said Fawad Razaqzada, market analyst at futures brokerage Forex.com.

Razaqzada that weak economic data, particularly from the US&nbsp;manufacturing sector, also raised fears for oil demand, "but now that some of these factors have been priced in, oil prices may fall less sharply going forward or at best start to form a base".

France said Iran and the United States have one month to get to the negotiating table, suggesting that Tehran's plan to increase its nuclear activities in November would spark renewed tension in the region.

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions.

Oil prices rose on Friday, although remained on track for a second consecutive weekly loss, as an increase in US jobs eased financial market concerns that the slowing economy was on the brink of a recession amid lingering trade tensions. Benchmark Brent crude rose 94 cents, or 1.6 per cent, to $58.65 a barrel by 1319 GMT. US West Texas Intermediate (WTI) crude rose 68 cents, or 1.3 per cent, to $53.13. However, Brent was down 5.2 per cent on the week, its lowest since mid-August, and US crude lost 5 per cent on the week, marking its biggest weekly loss since July. "Both are on track for hefty weekly losses and it will take a brave man to bet against the bearish side," said Stephen Brennock of oil broker PVM. "As things stand, demand and supply-side developments are anything but supportive and there can be no happy ending for those of a bullish disposition." US job growth increased moderately in September, with the unemployment rate dropping to near a 50-year low of 3.5 per cent. The report, however, came on the heels of a string of weak economic reports, including a plunge in manufacturing activity to more than a 10-year low in September and a sharp slowdown in services industry growth to levels last seen in 2016. "The crisis in the manufacturing sector now appears to be spilling over to the previously robust services sector. This is not good news for oil demand. After all, this also reduces the demand for transport," said Carsten Fritsch, senior commodity analyst at Commerzbank. On the supply side, Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, said on Thursday the world's top crude oil exporter had fully restored oil output after attacks on its facilities last month knocked out more than 5 per cent of global oil supply. "That Saudi restored its production back to original capacity sooner than expected means investors had to price out raised supply risks at a faster clip than would have otherwise been the case," said Fawad Razaqzada, market analyst at futures brokerage Forex.com. Razaqzada that weak economic data, particularly from the US manufacturing sector, also raised fears for oil demand, "but now that some of these factors have been priced in, oil prices may fall less sharply going forward or at best start to form a base". France said Iran and the United States have one month to get to the negotiating table, suggesting that Tehran's plan to increase its nuclear activities in November would spark renewed tension in the region.

Oil rises on fall in US unemployment rate

The interest rate cut by Reserve Bank of India (RBI) failed to boost market sentiment on Friday as equity benchmarks fell after the central bank also lowered its forecast of GDP growth rate to 6.1 per cent for the current financial year.

The BSE S&amp;P Sensex closed 434 points or 1.14 per cent lower at 37,673, while the Nifty 50 was down by 139 points or 1.23 per cent to 11,175.

The RBI cut repo rate by 25 basis points to 5.15 per cent, bringing the cumulative reduction in interest rate of 135 basis points for this calendar year.

However, it also lowered the GDP growth forecast to 6.1 per cent for FY20 from 6.9 per cent earlier.

With the latest central bank move, investors appeared unsure if it is sufficient to support the flagging consumer demand amid slowing economic output, rising unemployment rate and low business confidence.

Except for IT, all sectoral indices at the National Stock Exchange were in the red. Nifty Bank fell by 2.4 per cent, financial service by 1.9 per cent, FMCG by 1.5 per cent and metal by 1.2 per cent.

Among stocks, Grasim tumbled by 4.2 per cent, UltraTech Cements by 4 per cent, JSW Steel by 3.8 per cent and Titan by 3.4 per cent. The other prominent losers included private lenders like Kotak Mahindra Bank, ICICI Bank and HDFC Bank besides Bharat Petroleum Corporation and Tata Motors.

But IT majors like Wipro, Tata Consultancy Services, Infosys, Tech Mahindra and HCL Technologies showed marginal gains. The other gainers were ONGC, GAIL, NTPC, IndusInd Bank and Hero MotoCorp.

Meanwhile, Asian stocks were mixed before a key US job report. MSCI's broadest index of Asia Pacific shares outside Japan rose marginally while Japan's Nikkei stock index was up by 0.32 per cent.

Hong Kong shares were down by 1.11 per cent with fragile sentiment as the territory's government mulls emergency laws to contain months of often violent protest against China's rule of the former British colony.

South Korean Kospi and Shanghai composite too were in the red.

The interest rate cut by Reserve Bank of India (RBI) failed to boost market sentiment on Friday as equity benchmarks fell after the central bank also lowered its forecast of GDP growth rate to 6.

The interest rate cut by Reserve Bank of India (RBI) failed to boost market sentiment on Friday as equity benchmarks fell after the central bank also lowered its forecast of GDP growth rate to 6.1 per cent for the current financial year. The BSE S&P Sensex closed 434 points or 1.14 per cent lower at 37,673, while the Nifty 50 was down by 139 points or 1.23 per cent to 11,175. The RBI cut repo rate by 25 basis points to 5.15 per cent, bringing the cumulative reduction in interest rate of 135 basis points for this calendar year. However, it also lowered the GDP growth forecast to 6.1 per cent for FY20 from 6.9 per cent earlier. With the latest central bank move, investors appeared unsure if it is sufficient to support the flagging consumer demand amid slowing economic output, rising unemployment rate and low business confidence. Except for IT, all sectoral indices at the National Stock Exchange were in the red. Nifty Bank fell by 2.4 per cent, financial service by 1.9 per cent, FMCG by 1.5 per cent and metal by 1.2 per cent. Among stocks, Grasim tumbled by 4.2 per cent, UltraTech Cements by 4 per cent, JSW Steel by 3.8 per cent and Titan by 3.4 per cent. The other prominent losers included private lenders like Kotak Mahindra Bank, ICICI Bank and HDFC Bank besides Bharat Petroleum Corporation and Tata Motors. But IT majors like Wipro, Tata Consultancy Services, Infosys, Tech Mahindra and HCL Technologies showed marginal gains. The other gainers were ONGC, GAIL, NTPC, IndusInd Bank and Hero MotoCorp. Meanwhile, Asian stocks were mixed before a key US job report. MSCI's broadest index of Asia Pacific shares outside Japan rose marginally while Japan's Nikkei stock index was up by 0.32 per cent. Hong Kong shares were down by 1.11 per cent with fragile sentiment as the territory's government mulls emergency laws to contain months of often violent protest against China's rule of the former British colony. South Korean Kospi and Shanghai composite too were in the red.

Sensex drops 434 points after RBI cuts repo rate and GDP forecast

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the <a href="https://www.wionews.com/world/investors-keep-their-faith-in-hong-kong-markets-despite-protests-253372">city's economy</a> has been roiled by pro-democracy protests.

Hong Kong tycoons and property developers have come under pressure from Beijing for not doing enough to alleviate housing problems in the Chinese-ruled city.

Li, in particular, was singled out by China's Central Political and Legal Affairs Commission in September for "harbouring criminality" after he called on authorities to offer young people an olive branch amid the anti-government protests that have roiled the city.

Li has said that he deeply regrets that his comments made regarding the protests were misrepresented and reiterated that any actions that violate the rule of law cannot be tolerated.

The Li Ka-Shing Foundation said it would discuss the support measures with the government and had made the donation as Hong Kong's economy faced "unprecedented challenges."

The move comes as Hong Kong's government is expected to discuss sweeping emergency laws on Friday that would include <a href="https://www.wionews.com/videos/hong-kong-might-ban-face-masks-in-bid-to-curb-violence-253652">banning face masks at protests</a>, two sources told Reuters. Media reported the government was expected to announce the ban effective from midnight.

Li's donation comes after property firm New World Development &lt;0017.HK&gt; said it would donate 3 million square feet of its farmland reserves for social housing.

&nbsp;

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the city's economy has been roiled by pro-democracy protests.

Hong Kong's richest man Li Ka-Shing will donate HK$1 billion ($128 million) to support local small and medium-sized businesses, his foundation said on Friday, a move that comes as the city's economy has been roiled by pro-democracy protests. Hong Kong tycoons and property developers have come under pressure from Beijing for not doing enough to alleviate housing problems in the Chinese-ruled city. Li, in particular, was singled out by China's Central Political and Legal Affairs Commission in September for "harbouring criminality" after he called on authorities to offer young people an olive branch amid the anti-government protests that have roiled the city. Li has said that he deeply regrets that his comments made regarding the protests were misrepresented and reiterated that any actions that violate the rule of law cannot be tolerated. The Li Ka-Shing Foundation said it would discuss the support measures with the government and had made the donation as Hong Kong's economy faced "unprecedented challenges." The move comes as Hong Kong's government is expected to discuss sweeping emergency laws on Friday that would include banning face masks at protests, two sources told Reuters. Media reported the government was expected to announce the ban effective from midnight. Li's donation comes after property firm New World Development <0017.HK> said it would donate 3 million square feet of its farmland reserves for social housing.

Hong Kong tycoon Li Ka-Shing donates $128 million to support local business

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-yuan-off-to-calm-start-focus-on-china-252723">Asian currencies strengthened</a> against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

The market's focus now shifts to a key US&nbsp;jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback.

"Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore).

"With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note.

Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent&nbsp;for the day and was set to close the week 0.5 per cent&nbsp;higher.

The Philippine peso&nbsp;was 0.2 per cent&nbsp;higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years.

Malaysia's ringgit&nbsp;cut earlier gains to trade slightly higher after a surprise fall in August exports.

India's rupee&nbsp;gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations.

The Korean won outperformed Asian peers to notch up a 0.8 per cent&nbsp;gain, after having declined for three out of four sessions this week.

Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though <a href="https://www.wionews.com/world/north-korea-launches-missiles-ahead-of-nuclear-talks-253157">missile launches by the country</a> earlier this week had upped the risk ante in the region and pressured the won.

A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year.

The unit was set to close the week 0.5 per cent&nbsp;stronger.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown. The market's focus now shifts to a key US jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback. "Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore). "With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note. Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent for the day and was set to close the week 0.5 per cent higher. The Philippine peso was 0.2 per cent higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years. Malaysia's ringgit cut earlier gains to trade slightly higher after a surprise fall in August exports. India's rupee gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations. The Korean won outperformed Asian peers to notch up a 0.8 per cent gain, after having declined for three out of four sessions this week. Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though missile launches by the country earlier this week had upped the risk ante in the region and pressured the won. A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year. The unit was set to close the week 0.5 per cent stronger.

Asian currencies rise as markets 'fully loaded' for Federal rate cut

Equity benchmark indices reversed early morning trends and turned red on Friday afternoon after the Reserve Bank of India cut repo rate by 25 basis points to 5.15 per cent but also lowered its GDP growth forecast for the current financial year to 6.1 per cent from 6.9 per cent earlier.

At 1:30 pm, the BSE S&amp;P Sensex was down by 163 points at 37,944 while the Nifty 50 edged lower by 40 points to 11,274.

While the central bank brought the cumulative reduction in interest rate of 135 basis points for this calendar year, investors appeared unsure if it is sufficient to support the flagging consumer demand amid slowing economic output, rising unemployment rate and low business confidence.

Besides, the aggravating non-banking financial company (NBFC) liquidity crisis continues to severely impact the credit availability for industry, especially real estate developers and construction firms.

At the National Stock Exchange, most sectoral indices were in the red except for Nifty auto, IT and pharma.

Nifty bank dropped by 2 per cent, media by 1.9 per cent, FMCG by 1.4 per cent and realty by 0.8 per cent.

Among stocks, the prominent losers were Kotak Mahindra Bank and Grasim which slipped by 3 per cent each, Bharat Petroleum Corporation by 2.6 per cent, JSW Steel by 2.2 per cent and UltraTech Cements by 2 per cent.

However, those which showed gains were Cipla, Mahindra &amp; Mahindra and IT majors like Infosys, Tech Mahindra and Tata Consultancy Services. 
&nbsp;

Equity benchmark indices reversed early morning trends and turned red on Friday afternoon after the Reserve Bank of India cut repo rate by 25 basis points to 5.15 per cent but also lowered its GDP growth forecast for the current financial year to 6.

Equity benchmark indices reversed early morning trends and turned red on Friday afternoon after the Reserve Bank of India cut repo rate by 25 basis points to 5.15 per cent but also lowered its GDP growth forecast for the current financial year to 6.1 per cent from 6.9 per cent earlier. At 1:30 pm, the BSE S&P Sensex was down by 163 points at 37,944 while the Nifty 50 edged lower by 40 points to 11,274. While the central bank brought the cumulative reduction in interest rate of 135 basis points for this calendar year, investors appeared unsure if it is sufficient to support the flagging consumer demand amid slowing economic output, rising unemployment rate and low business confidence. Besides, the aggravating non-banking financial company (NBFC) liquidity crisis continues to severely impact the credit availability for industry, especially real estate developers and construction firms. At the National Stock Exchange, most sectoral indices were in the red except for Nifty auto, IT and pharma. Nifty bank dropped by 2 per cent, media by 1.9 per cent, FMCG by 1.4 per cent and realty by 0.8 per cent. Among stocks, the prominent losers were Kotak Mahindra Bank and Grasim which slipped by 3 per cent each, Bharat Petroleum Corporation by 2.6 per cent, JSW Steel by 2.2 per cent and UltraTech Cements by 2 per cent. However, those which showed gains were Cipla, Mahindra & Mahindra and IT majors like Infosys, Tech Mahindra and Tata Consultancy Services.

Sensex turns red after RBI lowers GDP forecast to 6.1%

The monetary policy committee (MPC) of the <a href="https://www.wionews.com/india-news/reserve-bank-of-india-to-transfer-surplus-of-rs-176-lakh-crore-to-government-key-points-246060">Reserve Bank of India</a> (RBI) on Friday has cut its benchmark repo rate by 25 basis points to 5.15 per cent, in the fifth straight interest rate cut.

The central bank maintained its accommodative policy stance.&nbsp;The&nbsp;GDP growth for 2019-20 has been revised downwards from 6.9 per cent in the August policy to 6.1 per cent.

RBI has said that there is space to cut repo rates further.

Watch: RBI credit policy - central bank cuts rate by 25 bps to 5.15%

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The reverse repo rate has been reduced to 4.9 per cent, and the bank rate stands at 5.40 per cent.&nbsp;

The six-member <a href="https://www.wionews.com/india-news/social-media-rumours-of-banks-shutting-down-false-reserve-bank-of-india-252026">monetary policy committee</a> (MPC) headed by Governor Shaktikanta Das announced the decision after a three-day meeting.&nbsp;

Earlier on February 7, April 4, June 6 and Aug 7, the central bank had reduced the key lending rate to infuse liquidity and push economic growth.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers and lowers equal monthly instalments on home loans, car loans and personal loans.

India's economy grew by only 6.8 per cent in 2018-19, according to government data. GDP growth slumped lower to 5 per cent in the April to June quarter as against an 8 per cent in the year-ago period due to weak household spending, muted corporate investments, and a crippling slowdown in manufacturing and construction activity. Industry leaders say a substantial cut in the repo rate and bank lending rates are needed to boost manufacturing and domestic demand for economic growth.

(With inputs from ANI)

The monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Friday has cut its benchmark repo rate by 25 basis points to 5.15 per cent, in the fifth straight interest rate cut.

The monetary policy committee (MPC) of the Reserve Bank of India (RBI) on Friday has cut its benchmark repo rate by 25 basis points to 5.15 per cent, in the fifth straight interest rate cut. The central bank maintained its accommodative policy stance. The GDP growth for 2019-20 has been revised downwards from 6.9 per cent in the August policy to 6.1 per cent. RBI has said that there is space to cut repo rates further. Watch: RBI credit policy - central bank cuts rate by 25 bps to 5.15% × The reverse repo rate has been reduced to 4.9 per cent, and the bank rate stands at 5.40 per cent. The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das announced the decision after a three-day meeting. Earlier on February 7, April 4, June 6 and Aug 7, the central bank had reduced the key lending rate to infuse liquidity and push economic growth. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers and lowers equal monthly instalments on home loans, car loans and personal loans. India's economy grew by only 6.8 per cent in 2018-19, according to government data. GDP growth slumped lower to 5 per cent in the April to June quarter as against an 8 per cent in the year-ago period due to weak household spending, muted corporate investments, and a crippling slowdown in manufacturing and construction activity. Industry leaders say a substantial cut in the repo rate and bank lending rates are needed to boost manufacturing and domestic demand for economic growth. (With inputs from ANI)

Reserve Bank of India cuts repo rate by 25 bps,  from 5.40 per cent to 5.15 per cent

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy.

Spot gold was steady at $1,498.97 per ounce, as of 0543 GMT, while <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">US </a>gold futures slipped 0.2 per cent to $1,504.90 per ounce.

The precious metal jumped 1.4 per cent on Wednesday after disappointing hiring by US private employers unnerved investors already concerned about slowing growth in the world's largest economy.

"Gold is clearly being used as a hedge against volatility in other markets," said OANDA analyst Jeffrey Halley.

"With negative investor sentiment on global growth and trade and the meltdown in equity markets overnight we saw a flight to safe havens."

The jobs data comes ahead of the more comprehensive US nonfarm payrolls report due on Friday and added to the gloom prompted by a survey that showed manufacturing activity in the United States tumbled to a more than 10-year low in September.

The disappointing readings weighed on the dollar, which hit near one-week lows against the euro and yen.

<a href="https://www.wionews.com/business-economy/tokyo-leads-asian-market-gains-in-holiday-trade-252929">Asian stocks</a> also slipped on Thursday, following a drop on Wall Street, after Washington opened a new trade war front by saying it would impose tariffs on $7.5 billion of goods from the European Union.

"Gold prices have rallied strongly as weak economic data and geopolitical risks have increased the likelihood of further rate cuts by the US Federal Reserve," analysts at ANZ said in a note.

"US jobless data on Friday and consumer confidence early next week will be a key driver of gold in the short term."

Indicative of investor interest, holdings at SPDR Gold Trust the world's largest gold-backed exchange-traded fund, rose 0.32 per cent to 923.76 tonnes on Wednesday.

On the technical front, spot gold may end its bounce in a range of $1,514-$1,524 per ounce, as suggested by a retracement analysis and a falling channel, according to Reuters analyst Wang Tao.

Among other precious metals, platinum was flat at $886.59 per ounce, while silver rose 0.2 per cent to $17.60 an ounce.

Palladium was up 0.1 per cent at $1,689.40 per ounce.

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy.

Gold prices were little changed on Thursday, following an over 1 per cent jump in the previous session, as investors awaited more data to gauge the health of the US economy. Spot gold was steady at $1,498.97 per ounce, as of 0543 GMT, while US gold futures slipped 0.2 per cent to $1,504.90 per ounce. The precious metal jumped 1.4 per cent on Wednesday after disappointing hiring by US private employers unnerved investors already concerned about slowing growth in the world's largest economy. "Gold is clearly being used as a hedge against volatility in other markets," said OANDA analyst Jeffrey Halley. "With negative investor sentiment on global growth and trade and the meltdown in equity markets overnight we saw a flight to safe havens." The jobs data comes ahead of the more comprehensive US nonfarm payrolls report due on Friday and added to the gloom prompted by a survey that showed manufacturing activity in the United States tumbled to a more than 10-year low in September. The disappointing readings weighed on the dollar, which hit near one-week lows against the euro and yen. Asian stocks also slipped on Thursday, following a drop on Wall Street, after Washington opened a new trade war front by saying it would impose tariffs on $7.5 billion of goods from the European Union. "Gold prices have rallied strongly as weak economic data and geopolitical risks have increased the likelihood of further rate cuts by the US Federal Reserve," analysts at ANZ said in a note. "US jobless data on Friday and consumer confidence early next week will be a key driver of gold in the short term." Indicative of investor interest, holdings at SPDR Gold Trust the world's largest gold-backed exchange-traded fund, rose 0.32 per cent to 923.76 tonnes on Wednesday. On the technical front, spot gold may end its bounce in a range of $1,514-$1,524 per ounce, as suggested by a retracement analysis and a falling channel, according to Reuters analyst Wang Tao. Among other precious metals, platinum was flat at $886.59 per ounce, while silver rose 0.2 per cent to $17.60 an ounce. Palladium was up 0.1 per cent at $1,689.40 per ounce.

Gold prices steady as market awaits United States employment report

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday.

The annual report by <a href="https://www.wionews.com/world/google-offers-incognito-mode-for-maps-in-privacy-push-253314">Google</a>, Singapore's state investor Temasek Holdings and global business consultants Bain &amp; Company also lifted its forecast for the region's growth through 2025 to $300 billion, from $240 billion previously.

The region's online industry has more than tripled in the past four years alone as young users turn to their phones to do everything from banking, playing games and purchasing plane tickets.

"This pace of growth has exceeded all expectations," the 64-page report, which was first produced in 2016, said. "Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly."

More than $37 billion has been invested in Southeast Asian online companies over the last four years with the majority going into e-Commerce firms like Zilingo and ride-hailing Unicorns such as Grab and Gojek, the report found.

Ride-hailing alone was worth $13 billion, quadrupling in value since 2015, and expected to reach $40 billion by 2025 when food delivery will be worth as much as transport.

Southeast Asia's average growth rate of 5 per cent per year since 2014 puts it far ahead of the global average and makes it an attractive investment destination as the Chinese economy is hobbled by the Sino-United States trade war.

There are 360 million Internet users across the countries covered in the report - Indonesia, Malaysia, Vietnam, <a href="https://www.wionews.com/world/singapores-fake-news-law-takes-effect-as-critics-sound-alarm-253218">Singapore</a>, and the Philippines - up from 260 million four years earlier.

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday.

Southeast Asia's Internet economy was forecast to grow 39 per cent this year to $100 billion as millions of people in the region went online to shop for the first time and ride-share firms grew in popularity, an industry report showed on Thursday. The annual report by Google, Singapore's state investor Temasek Holdings and global business consultants Bain & Company also lifted its forecast for the region's growth through 2025 to $300 billion, from $240 billion previously. The region's online industry has more than tripled in the past four years alone as young users turn to their phones to do everything from banking, playing games and purchasing plane tickets. "This pace of growth has exceeded all expectations," the 64-page report, which was first produced in 2016, said. "Internet access is now affordable for large segments of the population and consumer trust in digital services has improved significantly." More than $37 billion has been invested in Southeast Asian online companies over the last four years with the majority going into e-Commerce firms like Zilingo and ride-hailing Unicorns such as Grab and Gojek, the report found. Ride-hailing alone was worth $13 billion, quadrupling in value since 2015, and expected to reach $40 billion by 2025 when food delivery will be worth as much as transport. Southeast Asia's average growth rate of 5 per cent per year since 2014 puts it far ahead of the global average and makes it an attractive investment destination as the Chinese economy is hobbled by the Sino-United States trade war. There are 360 million Internet users across the countries covered in the report - Indonesia, Malaysia, Vietnam, Singapore, and the Philippines - up from 260 million four years earlier.

Southeast Asia's internet economy to hit $300 billion by 2025: Report

Indian stocks followed their Asian peers lower on Thursday, as the United States said it would slap tariffs on European goods, adding to slowdown worries at a time when the US-China trade war is already hurting global economic growth.

The United States said on Wednesday it would slap tariffs on Europe-made planes, liquor, and cheese as punishment for illegal EU aircraft subsidies.

The move follows tariffs levied by the United States and China on hundreds of billions of dollars of each other's goods in their more than year-old trade war, which has disrupted supply chains and weighed on global markets.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.63 per cent by 0427 GMT.

<a href="https://www.wionews.com/india-news/india-defends-e-cigarette-ban-in-court-with-attack-on-juul-253200">India</a>'s broader NSE Nifty was down 0.30 per cent at 11,325.60, while the benchmark BSE <a href="https://www.wionews.com/business-economy/sensex-closes-362-points-lower-yes-bank-plunges-by-22-253060">Sensex</a> had fallen by 0.32 per cent to 38,183.36.

While metal stocks led Indian stock indexes lower, shares in lender Yes Bank recovered after a bruising fall to a more than one-decade low earlier this week.

The Nifty metals index fell 2.35 per cent, with Hindalco Industries Ltd declining the most down 4.5 per cent

Yes Bank shares rose 22.5 per cent and were on course for their best one-day gain in six months after Chief Executive Officer Ravneet Gill said before the opening bell that the lender was on a firm financial footing.

Indian stocks followed their Asian peers lower on Thursday, as the United States said it would slap tariffs on European goods, adding to slowdown worries at a time when the US-China trade war is already hurting global economic growth.

Indian stocks followed their Asian peers lower on Thursday, as the United States said it would slap tariffs on European goods, adding to slowdown worries at a time when the US-China trade war is already hurting global economic growth. The United States said on Wednesday it would slap tariffs on Europe-made planes, liquor, and cheese as punishment for illegal EU aircraft subsidies. The move follows tariffs levied by the United States and China on hundreds of billions of dollars of each other's goods in their more than year-old trade war, which has disrupted supply chains and weighed on global markets. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.63 per cent by 0427 GMT. India's broader NSE Nifty was down 0.30 per cent at 11,325.60, while the benchmark BSE Sensex had fallen by 0.32 per cent to 38,183.36. While metal stocks led Indian stock indexes lower, shares in lender Yes Bank recovered after a bruising fall to a more than one-decade low earlier this week. The Nifty metals index fell 2.35 per cent, with Hindalco Industries Ltd declining the most down 4.5 per cent Yes Bank shares rose 22.5 per cent and were on course for their best one-day gain in six months after Chief Executive Officer Ravneet Gill said before the opening bell that the lender was on a firm financial footing.

Sensex, Nifty slip as United States widens trade war to Europe; Yes Bank recovers

As anti-government protesters fought pitched battles with police in <a href="https://www.wionews.com/world/sit-in-at-school-of-hong-kong-protester-shot-by-police-253170">Hong Kong</a> streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year.

Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares.

Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes.

"How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank.

"I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue.

Watch:&nbsp;Hong Kong protesters hit police station with petrol bombs

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Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say.

Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said.

The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began.

"I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big."

Fundraising Needs

What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong.

Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland.

After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said.

"The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis.

As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year.

In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment.

"A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal."

Solid Demand

Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said.

Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range.

E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil.

But such caution has not badly dented the demand for new and listed stocks.

In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up.

Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said.

Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere.

Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient.

"You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer.

As anti-government protesters fought pitched battles with police in Hong Kong streets last week, a group of bankers in another part of the city were busy taking in billions for the public float of the Asia unit of the world's largest brewer. After a freeze during months of sometimes violent protests, Asia's top financial hub looks to be back in business. The stock market is off its lows, Hong Kong's love affair with property is undimmed and companies are forging ahead with listing plans. Budweiser Brewing Company APAC raised about $5 billion in its initial public offering on the Hong Kong Stock Exchange, making it the second-largest IPO in the world this year. Bankers say at least three more major companies are set to list in Hong Kong this month, selling more than $3 billion (£2.44 billion) worth of new shares. Hong Kong's status as a gateway for global capital flowing into and out of China, the world's second-largest economy, has seen many global banks and fund managers make its towering skyscrapers their regional homes. "How does this (unrest) affect you buying exposure to a good asset that has a presence in China, and is growing? None of those things have any correlation with the Hong Kong protests," said a senior banker with a global investment bank. "I don't think I have received even one phone call saying 'we shouldn't be doing this IPO because of what's happening in Hong Kong’," said the banker, declining to be named due to sensitivity of the issue. Watch: Hong Kong protesters hit police station with petrol bombs × Companies raised $15 billion in new listings in Hong Kong in the first nine months of 2019, second only to New York, according to Refinitiv data. While the protests have hurt tourism and retail sectors, threatening to send Hong Kong into its first recession in a decade, its proximity to the massive Chinese market and locally listed firms' presence there are more important, bankers and analysts say. Already, the Hong Kong stock market has shown signs of steadying after initial falls as equity investors look for bargain hunting opportunities, they said. The benchmark Hang Seng stock index rallied about 1.4 per cent last month but is still down 6.1 per cent since mid-June when the unrest began. "I think people are getting used to the weekly events," Steven Leung, executive director for institutional sales at brokerage UOB Kay Hian, said of the protests. "The impact was seen in the initial one to two months in share prices, and mostly in retail, property and tourism," he said. "(But) the index mostly reflects the onshore Chinese market and economy. Hong Kong companies' share is not that big." Fundraising Needs What started as protests over a now-withdrawn extradition bill that would have allowed criminal suspects to be sent to mainland China for trial have evolved into broader calls for greater democracy, among other demands in Hong Kong. Demonstrators are frustrated at what they see as Beijing's tightening grip over the former British colony, which returned to China in 1997 under a "one country, two systems" formula intended to guarantee freedoms not enjoyed on the mainland. After the initial nervousness about the unrest, things are looking up again in the financial markets, partly aided by hopes that Beijing would not take any step that would imperil the prospects of its only offshore financial centre, analysts said. "The question is whether people think there is a replacement. Hong Kong still has quite a big investor pool," said Gary Ng, an economist at Natixis. As many as 40 companies have filed IPO applications with the Hong Kong stock exchange in September, according to information available on its website, the highest pace of filing since March this year. In addition to the Budweiser APAC IPO, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, last week launched a Hong Kong IPO of up to $1.2 billion. Companies expected to launch Hong Kong IPOs within a month include ESR Cayman Ltd, a developer and manager of logistics facilities, planning to raise about $1 billion, and a $1 billion-plus float of Prague-based consumer lender Home Credit. ESR and Home Credit declined to comment. "A deal can always get done if the price is right, no matter what the market conditions are," said James Wang, co-head of equity capital markets in Asia ex-Japan, at Goldman Sachs, referring to the broader IPO market. "An IPO's timetable is driven more by the company's need to raise capital so in most cases, market conditions have to be severe to override that need and delay a deal." Solid Demand Investors including sovereign wealth funds and large global funds that invested in recent offerings are enthused by the lower valuations as well as long term business prospects, bankers said. Budweiser, which relaunched its IPO last month after cancelling plans for a bigger float in July, priced the offering at the low end of the indicative range. E-commerce giant Alibaba Group in August also delayed plans for a $15 billion listing in Hong Kong because of the political turmoil. But such caution has not badly dented the demand for new and listed stocks. In another sign of solid demand, net purchases on southbound stock connect that allows mainland-based investors to buy Hong Kong stocks - reached $8 billion in August, the most since January 2018. Other markets in Hong Kong are also holding up. Demand from homebuyers in the world's most expensive property market has shown little signs of weakening due to the protests. Property firm Wheelock sold 80 per cent of its 816 flats in the development since late August, lower than sales at other launches this year, but "still good" given the current environment, property agents said. Still, other factors including the US-Sino trade war and slowing global growth have been affecting financial markets and asset prices in Hong Kong, as they have elsewhere. Sean Taylor, APAC chief investment officer at fund manager DWS said Hong Kong could benefit more than most if China and the United States reach an agreement on trade. In the meantime, investors needed to be patient. "You've got to accept the situation that tourism levels are down, retail sales are down, property prices may come down a bit – you're going to be in a slow environment for a while," Taylor said.

Investors keep their faith in Hong Kong markets despite protests

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America.

Shares rose 2.2 per cent&nbsp;to $136.83 in premarket trading, as the company said it expects to meet or exceed its fiscal 2019 organic revenue growth target of 4 per cent.

Since taking the helm last October, Chief Executive Officer Ramon Laguarta has carved out a multi-billion dollar strategy that includes partnering with celebrities such as Chrissy Teigen and ramping up manufacturing capacity for smaller cans to boost demand for out-of-favour sugary sodas.

The company has splurged on new ads for its trademark Pepsi colas, as well as Mountain Dew and Gatorade beverages, rounding off with a campaign centring around the National Football League's 100th anniversary.

Advertising and marketing expenditure has increased by 12per cent&nbsp;so far this year, the company said.

Gatorade sales have benefited from new low sugar and organic options, and the company said a sugar-less version of the sports drink surpassed half a billion dollars in retail sales since its launch in May last year.

Overall beverage sales in North America rose 3.4 per cent&nbsp;in the third quarter to $5.64 billion, also supported by new flavours of its bubbly sparkling water brand.

PepsiCo Chief Financial Hugh Johnston told Reuters that he expects bubbly to become its next billion-dollar brand, with sales rising "dramatically" after a Super Bowl ad earlier this year.

The company's major snack brands, Doritos and Cheetos, also got a boost from the marketing push, even as calorie-counting Americans increasingly shift toward healthier options.

On-the-go lifestyles are helping snack sales, Johnston said.

"With busier lifestyles (there) comes a desire to eat more conveniently, which is a strong tailwind for our business".

Net revenue rose 4.3 per cent&nbsp;to $17.19 billion in the three months ended Sept. 7, beating analysts' estimates of $16.93 billion, according to IBES data from Refinitiv.

However, higher investments have been a drag on profit.

The company left its full-year core earnings per share forecast unchanged, which Wells Fargo analyst Bonnie Herzog said was a sign that the cost of achieving top-line growth was rising.

PepsiCo's attributable net income fell to $2.10 billion, or $1.49 per share in the quarter, from $2.50 billion, or $1.75 per share, a year earlier.

Excluding one-time items, the company earned $1.56 per share, beating the average estimate of $1.50.

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America.

PepsiCo Inc beat third-quarter profit estimates and forecast upbeat revenue growth for 2019 on Thursday, as aggressive advertising and a focus on healthier products spurred demand for its beverages and snacks in North America. Shares rose 2.2 per cent to $136.83 in premarket trading, as the company said it expects to meet or exceed its fiscal 2019 organic revenue growth target of 4 per cent. Since taking the helm last October, Chief Executive Officer Ramon Laguarta has carved out a multi-billion dollar strategy that includes partnering with celebrities such as Chrissy Teigen and ramping up manufacturing capacity for smaller cans to boost demand for out-of-favour sugary sodas. The company has splurged on new ads for its trademark Pepsi colas, as well as Mountain Dew and Gatorade beverages, rounding off with a campaign centring around the National Football League's 100th anniversary. Advertising and marketing expenditure has increased by 12per cent so far this year, the company said. Gatorade sales have benefited from new low sugar and organic options, and the company said a sugar-less version of the sports drink surpassed half a billion dollars in retail sales since its launch in May last year. Overall beverage sales in North America rose 3.4 per cent in the third quarter to $5.64 billion, also supported by new flavours of its bubbly sparkling water brand. PepsiCo Chief Financial Hugh Johnston told Reuters that he expects bubbly to become its next billion-dollar brand, with sales rising "dramatically" after a Super Bowl ad earlier this year. The company's major snack brands, Doritos and Cheetos, also got a boost from the marketing push, even as calorie-counting Americans increasingly shift toward healthier options. On-the-go lifestyles are helping snack sales, Johnston said. "With busier lifestyles (there) comes a desire to eat more conveniently, which is a strong tailwind for our business". Net revenue rose 4.3 per cent to $17.19 billion in the three months ended Sept. 7, beating analysts' estimates of $16.93 billion, according to IBES data from Refinitiv. However, higher investments have been a drag on profit. The company left its full-year core earnings per share forecast unchanged, which Wells Fargo analyst Bonnie Herzog said was a sign that the cost of achieving top-line growth was rising. PepsiCo's attributable net income fell to $2.10 billion, or $1.49 per share in the quarter, from $2.50 billion, or $1.75 per share, a year earlier. Excluding one-time items, the company earned $1.56 per share, beating the average estimate of $1.50.

Pepsi Co's advertising blitz drives profit beat, solid forecast