National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Prime Minister <a href="https://www.wionews.com/world/will-be-out-of-eu-by-october-31-come-what-may-says-british-pm-johnson-253298">Boris Johnson has promised to take Britain out </a>of the European Union by October&nbsp;31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow.

September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction.

It was also the worst reading for service PMIs among major advanced economies in September.

Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009.

IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September.

"Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said.

British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown.

Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter.

"Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients.

Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe.

On Wednesday, Johnson sent <a href="https://www.wionews.com/videos/lets-get-brexit-done-uk-pm-johnson-tells-conservative-party-253358">new Brexit proposals </a>to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels.

Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports.

Britain's economy is also slowing due to <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">global trade tensions</a>. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies.

The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum.

But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers.

"September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said.

Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March.

Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure.

Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month.

Britain's economy appears to have slipped into recession as firms brace for the risk of a disruptive Brexit in just a few weeks' time, according to a survey which showed the dominant services sector took an unexpectedly sharp downturn last month. Prime Minister Boris Johnson has promised to take Britain out of the European Union by October 31 come what may, despite parliament passing a law ordering him to seek a delay if he cannot secure a new transition deal to soften the economic blow. September's IHS Markit/CIPS services Purchasing Managers' Index (PMI) fell by more than any economist predicted in a Reuters poll, tumbling to a six-month low of 49.5, below the 50 level that divides growth from contraction. It was also the worst reading for service PMIs among major advanced economies in September. Combined with even weaker manufacturing and construction surveys this week, September's all-sector PMI sank to 48.8 from 49.7, its lowest since the month after the referendum decision to leave the EU in June 2016, and before that 2009. IHS Markit said the figures suggested Britain's economy shrank by 0.1% in the three months to September. "Coming on the heels of a decline in the second quarter, (this) would mean the UK is facing a heightened risk of recession," IHS Markit economist Chris Williamson said. British government bond yields fell slightly on the news, which added to speculation that the Bank of England might cut interest rates. But sterling was little changed, and several economists said they believed the PMIs overstated the slowdown. Ruth Gregory at Capital Economics said the PMI surveys did not cover Britain's relatively resilient retail sector nor a recent increase in spending on public services. She stuck to her forecast for 0.3% growth in the third quarter. "Nonetheless, the surveys are probably giving us a reasonable steer on the underlying strength of economic activity, and the risks to our Q4/Q1 GDP growth forecasts appear to be firmly to the downside," she said in an email to clients. Britain's economy shrank by 0.2% in the three months to June - the first decline since 2012 - and a second quarterly contraction would meet the recession definition used in Europe. On Wednesday, Johnson sent new Brexit proposals to the EU and said that unless the bloc compromised, Britain would leave without a deal at the end of this month. The proposals received a cold reception in Brussels. Leaving the EU without a deal risks causing major disruption to trade, at least in the short term, due to the immediate imposition of new tariffs and regulatory checks at ports. Britain's economy is also slowing due to global trade tensions. On Wednesday the United States imposed 10% tariffs on Airbus planes partly made in Britain and 25% duties on whisky and cheese as punishment for EU aircraft subsidies. The PMI data are not a fail-safe guide to the outlook for the economy. They overstated economic weakness just before Britain was originally due to leave the EU in March and immediately after the 2016 Brexit referendum. But longer-term trends in the all-sector PMI generally match up well with official quarterly growth numbers. "September's decline is all the more ominous, being the result of an insidious weakening of demand over the past year rather than a sudden shock," Williamson said. Firms said foreign customers were switching business away from Britain due to fears of a no-deal Brexit and new export orders fell at the sharpest rate since March. Solid consumer demand has so far cushioned Britain's economy from some of the impact of Brexit uncertainty. But the latest survey added to signs from consumer sentiment surveys that jobs could be becoming less secure. Taken as a whole, this week's PMIs pointed to the sharpest fall in employment since December 2009.

UK economy flirting with recession after services shrink unexpectedly

Equity markets traded with a negative bias throughout the trading session on Thursday and closed in the red as profit booking weighed in.

The BSE S&amp;P Sensex closed 199 points or 0.5 per cent lower at 38,107 while the Nifty 50 slid by 47 points to 11,313.

At the National Stock Exchange (NSE), most sectoral indices were in the red except for auto, media, PSU bank, and realty.

The nifty metal was down by 3 per cent, financial service by 1.1 per cent and private bank by 1.02 per cent.

But among stocks, <a href="https://www.wionews.com/business-economy/sensex-nifty-slip-as-united-states-widens-trade-war-to-europe-yes-bank-recovers-253385">Yes Bank</a>&nbsp;rose by 33.59 per cent to Rs 42.75 per share after Managing Director and CEO Ravneet Gill had a conference call with investors and analysts to assure them about the bank's strong fundamentals and operating metrics.

He said that Senior Group President and Chief Financial Officer Rajat Monga has decided to quit.

The other prominent gains were Bharat Petroleum Corporation, Zee Entertainment, Tata Motors, and Indian Oil Corporation.

However, metal stocks suffered badly with Vedanta down by 4.6 per cent, Hindalco by 4 per cent and Tata Steel by 3.4 per cent.

Private banks also remained on slippery ground with the IndusInd Bank sliding by 3 per cent, Kotak Mahindra Bank by 2.1 per cent, HDFC Bank by 2 per cent and Axis Bank by 1.7 per cent.

The other prominent losers were Coal India, Grasim and UltraTech Cements.

Meanwhile, Asian stocks skidded to a one-month low after President Donald Trump's administration announced a day earlier that the United States will <a href="https://www.wionews.com/world/us-widens-trade-war-with-tariffs-on-european-planes-cheese-whisky-to-punish-subsidies-253360">impose tariffs</a> on 7.5 billion dollars of goods from the European Union.

Japanese Nikkei traded down by over 2 per cent, South Korean Kospi by 1.9 per cent and Shanghai composite index by 0.9 per cent.

Global slowdown coupled with the chaos in Hong Kong pulled down other Asian indices as well.

Equity markets traded with a negative bias throughout the trading session on Thursday and closed in the red as profit booking weighed in. The BSE S&P Sensex closed 199 points or 0.

Equity markets traded with a negative bias throughout the trading session on Thursday and closed in the red as profit booking weighed in. The BSE S&P Sensex closed 199 points or 0.5 per cent lower at 38,107 while the Nifty 50 slid by 47 points to 11,313. At the National Stock Exchange (NSE), most sectoral indices were in the red except for auto, media, PSU bank, and realty. The nifty metal was down by 3 per cent, financial service by 1.1 per cent and private bank by 1.02 per cent. But among stocks, Yes Bank rose by 33.59 per cent to Rs 42.75 per share after Managing Director and CEO Ravneet Gill had a conference call with investors and analysts to assure them about the bank's strong fundamentals and operating metrics. He said that Senior Group President and Chief Financial Officer Rajat Monga has decided to quit. The other prominent gains were Bharat Petroleum Corporation, Zee Entertainment, Tata Motors, and Indian Oil Corporation. However, metal stocks suffered badly with Vedanta down by 4.6 per cent, Hindalco by 4 per cent and Tata Steel by 3.4 per cent. Private banks also remained on slippery ground with the IndusInd Bank sliding by 3 per cent, Kotak Mahindra Bank by 2.1 per cent, HDFC Bank by 2 per cent and Axis Bank by 1.7 per cent. The other prominent losers were Coal India, Grasim and UltraTech Cements. Meanwhile, Asian stocks skidded to a one-month low after President Donald Trump's administration announced a day earlier that the United States will impose tariffs on 7.5 billion dollars of goods from the European Union. Japanese Nikkei traded down by over 2 per cent, South Korean Kospi by 1.9 per cent and Shanghai composite index by 0.9 per cent. Global slowdown coupled with the chaos in Hong Kong pulled down other Asian indices as well.

Sensex closes 199 points lower but Yes Bank jumps over 33%

India is among the world's most protectionist countries but the United States is trying to negotiate a limited trade deal with the South Asian nation to resolve their differences, US Secretary of Commerce Wilbur Ross said on Thursday.

India is among the world's most protectionist countries but the United States is trying to negotiate a limited trade deal with the South Asian nation to resolve their differences, US Secretary of Commerce Wilbur Ross said on Thursday. The United States and India have been locked in trade disputes for months that have led to tit-for-tat tariffs. Washington has been concerned about Indian policies that mandate foreign firms to store more data locally, restrict the way US e-commerce giants operate and impose price caps on medical devices. "All that we are looking for is to level the playing field," Ross said in an interview on the sidelines of the India Economic Summit in New Delhi. "The U.S. is the least protectionist country of the major powers. India is, if not the most protectionist, certainly one of the most protectionist." Citing lack of reciprocal market access, the United States removed India earlier this year from the Generalized System of Preferences (GSP) programme that allowed duty-free entry for up to $5.6 billion worth of its annual exports to America. New Delhi responded with higher retaliatory tariffs on 28 US products, including almonds, apples and walnuts. Ross said that the United States does not believe India is eligible for the GSP, but the terms were being renegotiated and a resolution would be "a very good step towards free trade". "GSP (reinstatement) could be called a limited trade deal," Ross said. The two countries were expected to resolve their disputes and announce a deal during Prime Minister Narendra Modi's trip to the United States last month. Modi and US President Donald Trump have enjoyed a warm personal rapport - the two leaders walked hand-in-hand at a recent event in Houston - but no trade deal was sealed as negotiators were trying to tie loose ends. A deal between the world's most populous democracies would be a welcome victory for Trump, whose administration has made little headway negotiating an end to its prolonged trade war with China. Ross will hold a one-on-one meeting with his Indian counterpart Piyush Goyal later on Thursday. E-commerce debate The US administration and companies say some of India's regulatory changes in recent years favour domestic firms over foreign ones, and have soured investment plans of American companies. Ross expressed some of the US government's trade concerns, especially in the e-commerce sector, during a panel discussion where he shared the stage with Goyal. In February, India's new investment rules for the e-commerce sector jolted Amazon.com Inc and Walmart's Flipkart as the companies were forced to change their business structures to continue to operate in the country. The rules were aimed at protecting India's brick-and-mortar retailers by deterring big online retailers from giving steep discounts to lure shoppers. Goyal defended India's decision, reiterating the government cannot let "small traders die" and that he had urged e-commerce companies to follow all the rules. Ross said the rules had slowed the expansion of Amazon and Walmart in India, calling it an "unfortunate consequence". He defended the e-commerce companies after Goyal's remarks. "Amazon and the other e-commerce companies didn't get to be the world's biggest by any evil mechanism. They got there because they are extremely efficient," Ross said.

India protectionist, but US negotiating limited trade deal: US Secretary of Commerce 

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv.

Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.

A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher.

As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month.

Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September.

"Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday.

MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent&nbsp;during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78.

China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv.

Regional shares still trade at a slight discount to their global peers, the data showed.

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks. A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher. As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month. Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September. "Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday. MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78. China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv. Regional shares still trade at a slight discount to their global peers, the data showed.

India, Malaysia priciest share markets in Asia: Report

H&amp;M, the world's second-biggest fashion retailer, reported on Thursday its first quarterly rise in pretax profit in over two years and said efforts to meet rapid changes in its industry were on track.

<a href="https://www.wionews.com/world/hm-suspends-brazil-leather-purchases-over-amazon-fires-247906">H&amp;M</a> has been spending heavily on reviving its business in the face of years of falling profits and growing inventories due to slowing sales at its core brand's stores amid tougher competition and changing shopping habits.

Its shares have spiked 46 per cent this year, and 58 per cent from the 13-year low seen in 2018, on hopes it is getting back on track.

But they are still at just half of their 2015 record level.

Pretax profit in the June through August period beat expectations, growing to 5.0 billion crowns from a year-ago 4.01 billion.

Analysts had on average forecast a rise to 4.93 billion crowns, according to Refinitiv data.

The increase was the Swedish group's first since the second quarter of 2017.

Profit growth was helped by accelerating sales growth on the back of strong demand for summer collections and market share gains.

"The continued development of more full-price sales and reduced markdowns contributed to a 26 per cent increase in operating profit in the third quarter, all while maintaining a high level of activity in our transformation work," CEO Karl-Johan Persson said in a statement.

The operating profit margin rose to 8.0 per cent from 7.1 per cent.

Inventories increased 9 per cent to 42.0 billion crowns at the end of the third quarter, equivalent to 18.5 per cent of sales.

However, H&amp;M said that measured in local currencies, they shrank by 1 per cent while the composition of the stock had kept improving.

Markdowns decreased for a fourth straight quarter, by 2 percentage point in relation to sales.

H&amp;M had in June predicted a 1.5 percentage point decrease.

The company broke the habit by not providing an outlook for markdowns in the current quarter.

H&amp;M said sales in September, the first month of its fourth quarter, grew 8 per cent in local currencies.

H&M, the world's second-biggest fashion retailer, reported on Thursday its first quarterly rise in pretax profit in over two years and said efforts to meet rapid changes in its industry were on track.

H&M, the world's second-biggest fashion retailer, reported on Thursday its first quarterly rise in pretax profit in over two years and said efforts to meet rapid changes in its industry were on track. H&M has been spending heavily on reviving its business in the face of years of falling profits and growing inventories due to slowing sales at its core brand's stores amid tougher competition and changing shopping habits. Its shares have spiked 46 per cent this year, and 58 per cent from the 13-year low seen in 2018, on hopes it is getting back on track. But they are still at just half of their 2015 record level. Pretax profit in the June through August period beat expectations, growing to 5.0 billion crowns from a year-ago 4.01 billion. Analysts had on average forecast a rise to 4.93 billion crowns, according to Refinitiv data. The increase was the Swedish group's first since the second quarter of 2017. Profit growth was helped by accelerating sales growth on the back of strong demand for summer collections and market share gains. "The continued development of more full-price sales and reduced markdowns contributed to a 26 per cent increase in operating profit in the third quarter, all while maintaining a high level of activity in our transformation work," CEO Karl-Johan Persson said in a statement. The operating profit margin rose to 8.0 per cent from 7.1 per cent. Inventories increased 9 per cent to 42.0 billion crowns at the end of the third quarter, equivalent to 18.5 per cent of sales. However, H&M said that measured in local currencies, they shrank by 1 per cent while the composition of the stock had kept improving. Markdowns decreased for a fourth straight quarter, by 2 percentage point in relation to sales. H&M had in June predicted a 1.5 percentage point decrease. The company broke the habit by not providing an outlook for markdowns in the current quarter. H&M said sales in September, the first month of its fourth quarter, grew 8 per cent in local currencies.

H&M posts first quarterly profit rise in over two years

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere.

The greenback steadied or fell against most major currencies, after dropping from a two-year high overnight when data showed the US&nbsp;manufacturing activity contracted at the fastest pace in more than a decade in September.

The weak data "was a very big miss", said Westpac currency strategist Sean Callow in Sydney, adding that the market "went into it seemingly not ready for bad news."

"It's probably going to reverberate for a little bit longer," he said, and then investors would shift to jobs data due on Friday to seek a broader read on the health of the world's biggest economy.

The dollar eased slightly against the euro to $1.0933 per euro and gave ground to the Australian and New Zealand dollars, retracing a bit of the large gains it made against them on Tuesday.

The pound sank 0.2% against the dollar to $1.2280. It was headed back toward an almost one-month low plumbed overnight as traders are increasingly nervous about Britain crashing out of the European Union at the end of the month.

Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what.

The dollar also rose marginally against the yen, to 108.84 yen, but steadied against a basket of currencies at 99.159 while the manufacturing shock echoed through other markets, dragging bond yields and Asian stock markets lower.

The Institute for Supply Management had said its index of US factory activity fell to 47.8, the lowest reading since June 2009.

A figure below 50 signals the domestic factory sector is contracting. The reading is a bad omen for September U.S. labour figures due on Friday, BNY Mellon analysts said in a note, since moves are often correlated.

"This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. ..it will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said.

The Australian dollar, which hit its lowest in a decade on Tuesday after the Reserve Bank of Australia (RBA) cut interest rates, bounced a little to $0.6716.

But few are expecting a sustained rise after the statement accompanying the rate cut left room for further easing.

"There are sufficient global risks to rattle AUD... sub-0.66 remains on the table," analysts at Mizuho Bank said in a note.

In offshore trade, the Chinese yuan was steady at 7.1466 per dollar, with trade subdued as Chinese markets are closed until Monday for public holidays.

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere.

Worries about a slowing US economy and the possibility of further interest rate cuts in the wake of weak US manufacturing data kept the dollar pinned down on Wednesday, as investors sought shelter elsewhere. The greenback steadied or fell against most major currencies, after dropping from a two-year high overnight when data showed the US manufacturing activity contracted at the fastest pace in more than a decade in September. The weak data "was a very big miss", said Westpac currency strategist Sean Callow in Sydney, adding that the market "went into it seemingly not ready for bad news." "It's probably going to reverberate for a little bit longer," he said, and then investors would shift to jobs data due on Friday to seek a broader read on the health of the world's biggest economy. The dollar eased slightly against the euro to $1.0933 per euro and gave ground to the Australian and New Zealand dollars, retracing a bit of the large gains it made against them on Tuesday. The pound sank 0.2% against the dollar to $1.2280. It was headed back toward an almost one-month low plumbed overnight as traders are increasingly nervous about Britain crashing out of the European Union at the end of the month. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what. The dollar also rose marginally against the yen, to 108.84 yen, but steadied against a basket of currencies at 99.159 while the manufacturing shock echoed through other markets, dragging bond yields and Asian stock markets lower. The Institute for Supply Management had said its index of US factory activity fell to 47.8, the lowest reading since June 2009. A figure below 50 signals the domestic factory sector is contracting. The reading is a bad omen for September U.S. labour figures due on Friday, BNY Mellon analysts said in a note, since moves are often correlated. "This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. ..it will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said. The Australian dollar, which hit its lowest in a decade on Tuesday after the Reserve Bank of Australia (RBA) cut interest rates, bounced a little to $0.6716. But few are expecting a sustained rise after the statement accompanying the rate cut left room for further easing. "There are sufficient global risks to rattle AUD... sub-0.66 remains on the table," analysts at Mizuho Bank said in a note. In offshore trade, the Chinese yuan was steady at 7.1466 per dollar, with trade subdued as Chinese markets are closed until Monday for public holidays.

Dollar pinned down after poor US manufacturing data; pound slips

Japan has increased their national sales tax by 2% to overcome slowdown. Watch this video to know more.

WION Wallet: Japan increases sales tax to overcome slowdown

The Reserve Bank of India is expected to cut benchmark interest rates for the fifth time this year on Friday as recent fiscal measures to boost ailing growth seem largely inadequate and benign inflation offers room for more easing.

The RBI is predicted to lower its key lending rate or the repo rate&nbsp;by 25 basis points (bps) to 5.15%, which would take cumulative cuts so far this year to 135 bps.

Most analysts forecast one more cut of 15 bps in December.

Some RBI watchers expect a larger cut this week, after it cut the repo rate but an unconventional 35 bps in August.

"With current inflation remaining benign, we expect RBI to opt for a 40 bps rate cut at its policy review later this week in a bid to continue its support towards growth revival," said Yuvika Oberoi, an economist with Yes Bank in Mumbai.

Asia's third-largest economy expanded by just 5% in the June quarter, its slowest pace since 2013. That has raised expectations the RBI will be forced to further downgrade its growth projection of 6.9% for the current fiscal year.

However, not all economists were as aggressive with their rate cut bets, saying the central bank will likely reserve some firepower and wait to see how inflation pans out.

In a bid to revive business activity, the government in September announced a sharp cut in the corporate tax rate - to 22% from 30%.

But while the tax cut brings the cost of doing business in India into line with its main Asian rivals, the government's move will do little to fix a lack of spending power, economists say.

"The recent volatility in crude oil prices and the fiscal measures announced by the government will have an impact on inflation in the medium-term and the fiscal deficit," said Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank.

"Hence, expect the MPC to be more measured in its response with a rate cut of 20-25 bps," she added.

Inflation in August accelerated to a 10-month high but remained well below the central bank's medium-term target of 4% for a 13th straight month.

If the RBI delivers a 25 bps cut as expected, traders will focus on the wording and tone of the monetary policy statement for clues on further easing.

Economists also said the policy transmission process could improve after the RBI mandated banks to link all fresh loans to an external benchmark like the repo rate or the rate on short-term treasury bills since the start of this month.

India's banks have passed only a small portion of the RBI's cuts this year to their customers.

The Reserve Bank of India is expected to cut benchmark interest rates for the fifth time this year on Friday as recent fiscal measures to boost ailing growth seem largely inadequate and benign inflation offers room for more easing.

The Reserve Bank of India is expected to cut benchmark interest rates for the fifth time this year on Friday as recent fiscal measures to boost ailing growth seem largely inadequate and benign inflation offers room for more easing. The RBI is predicted to lower its key lending rate or the repo rate by 25 basis points (bps) to 5.15%, which would take cumulative cuts so far this year to 135 bps. Most analysts forecast one more cut of 15 bps in December. Some RBI watchers expect a larger cut this week, after it cut the repo rate but an unconventional 35 bps in August. "With current inflation remaining benign, we expect RBI to opt for a 40 bps rate cut at its policy review later this week in a bid to continue its support towards growth revival," said Yuvika Oberoi, an economist with Yes Bank in Mumbai. Asia's third-largest economy expanded by just 5% in the June quarter, its slowest pace since 2013. That has raised expectations the RBI will be forced to further downgrade its growth projection of 6.9% for the current fiscal year. However, not all economists were as aggressive with their rate cut bets, saying the central bank will likely reserve some firepower and wait to see how inflation pans out. In a bid to revive business activity, the government in September announced a sharp cut in the corporate tax rate - to 22% from 30%. But while the tax cut brings the cost of doing business in India into line with its main Asian rivals, the government's move will do little to fix a lack of spending power, economists say. "The recent volatility in crude oil prices and the fiscal measures announced by the government will have an impact on inflation in the medium-term and the fiscal deficit," said Shanti Ekambaram, president of consumer banking at Kotak Mahindra Bank. "Hence, expect the MPC to be more measured in its response with a rate cut of 20-25 bps," she added. Inflation in August accelerated to a 10-month high but remained well below the central bank's medium-term target of 4% for a 13th straight month. If the RBI delivers a 25 bps cut as expected, traders will focus on the wording and tone of the monetary policy statement for clues on further easing. Economists also said the policy transmission process could improve after the RBI mandated banks to link all fresh loans to an external benchmark like the repo rate or the rate on short-term treasury bills since the start of this month. India's banks have passed only a small portion of the RBI's cuts this year to their customers.

RBI set to cut rates again as fiscal measures fail to cheer

Strife torn <a href="https://www.wionews.com/world/hong-kong-flash-mob-rallies-erupt-as-anger-mounts-over-shot-protester-253229">Hong Kong</a> has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax.

But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout.

New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before.

Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better.

Tuesday witnessed the worst clashes of the summer as China celebrated <a href="https://www.wionews.com/photos/peoples-republic-of-china-celebrates-70th-anniversary-in-beijing-253128">70 years of Communist Party</a> rule with a massive military parade in Beijing.

The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party.

Usually, the first week of October is a bumper time for retailers.

Hong Kong Protest: Video shows police shooting protester

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-protest-video-shows-police-shooting-protester-253158/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday.

But tourist arrivals from the mainland have tumbled as <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a> takes a hardline with protesters and police fight near-weekly battles against demonstrators.

On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half.

Luxury goods are thought to have been hit particularly hard.

Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers.

Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer.

The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests. The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax. But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout. New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before. Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better. Tuesday witnessed the worst clashes of the summer as China celebrated 70 years of Communist Party rule with a massive military parade in Beijing. The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party. Usually, the first week of October is a bumper time for retailers. Hong Kong Protest: Video shows police shooting protester Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday. But tourist arrivals from the mainland have tumbled as Beijing takes a hardline with protesters and police fight near-weekly battles against demonstrators. On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half. Luxury goods are thought to have been hit particularly hard. Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers. Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer. The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Hong Kong's August retail sales hammered by summer of rage

Freight rates for US crude tankers bound for Asia were bid up to a more than three-year peak this week as US sanctions on a Chinese transport giant cut vessel availability, traders and shipbrokers said.

The United States last week imposed sanctions on two units of China's COSCO for alleged involvement in ferrying crude out of Iran. That action prompted US Gulf Coast exporters to hold back chartering COSCO-linked vessels, traders and shipbrokers said.&nbsp;

One of the units - COSCO Shipping Tanker (Dalian) - owns and manages at least 36 tankers for crude and refined products, including 18 huge crude carriers (VLCCs), according to shipping sources and Refinitiv data.

This week, suggested rates for VLCCs from the US Gulf Coast to China vaulted to $9.8 million, up from $6.2 million in early September, according to shipbroker McQuilling Services. VLCCs carry around 2<a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220"> million</a> barrels each.

To attract a ship into the Atlantic <a href="https://www.wionews.com/world/dollar">market</a>, it's going to cost about $10 million for US Gulf Coast shipments bound for China or South Korea, said another US shipbroker who brokers about 20 vessels per month.

Friday's highest quote was at $9.5 million for charterer Atlantic Trading &amp; Marketing, a unit of Total SA to book a VLCC from the US Gulf Coast to China, shipbrokers said. The deal did not go through, the brokers said, and Atlantic Trading declined to comment.

No transactions for supertankers from the US Gulf Coast to Asia have been executed this week, shipbrokers said.

Occidental Petroleum Corp last week replaced a COSCO-operated supertanker, Coswish Lake, following the US sanctions, by chartering smaller vessels from Texas to destinations in Asia, shipbrokers said.

The Coswish Lake had anchored off Corpus Christi, Texas, since September 23 and departed on Sunday without loading crude, according to Refinitiv Eikon data.

Occidental did not respond to requests for comment.

The surge in freight costs has narrowed the window to profitably export US crude to Asia and left some US crude exporters reluctant to book vessels at the higher rates. That could limit November loadings and exports unless more vessels become available in the coming weeks, traders said.

"People are nervous about locking freight in at these high levels, which is why the last week has been so quiet," one US crude oil trader said.

Similarly, freight rates for supertankers loading West African crude in October for Asia have also risen more than 20 per cent to nearly 90 Worldscale points.&nbsp; 
The rise in freight rates is driving up crude costs for Asian refiners and threatening to make shipping oil to Asia unviable, traders said.

"Currently, West African and Latin American crude is too expensive," a source with a North Asian refiner said. Economics of US crude is good, but freight has become an issue, the source said.

Buyers may turn to more crude from the Asia Pacific and Middle East, which have shorter shipping distances, or spot premiums for long-distance cargoes will have to fall to displace the higher freight costs, a Singapore-based trader said.

Freight rates for US crude tankers bound for Asia were bid up to a more than three-year peak this week as US sanctions on a Chinese transport giant cut vessel availability, traders and shipbrokers said.

Freight rates for US crude tankers bound for Asia were bid up to a more than three-year peak this week as US sanctions on a Chinese transport giant cut vessel availability, traders and shipbrokers said. The United States last week imposed sanctions on two units of China's COSCO for alleged involvement in ferrying crude out of Iran. That action prompted US Gulf Coast exporters to hold back chartering COSCO-linked vessels, traders and shipbrokers said. One of the units - COSCO Shipping Tanker (Dalian) - owns and manages at least 36 tankers for crude and refined products, including 18 huge crude carriers (VLCCs), according to shipping sources and Refinitiv data. This week, suggested rates for VLCCs from the US Gulf Coast to China vaulted to $9.8 million, up from $6.2 million in early September, according to shipbroker McQuilling Services. VLCCs carry around 2 million barrels each. To attract a ship into the Atlantic market, it's going to cost about $10 million for US Gulf Coast shipments bound for China or South Korea, said another US shipbroker who brokers about 20 vessels per month. Friday's highest quote was at $9.5 million for charterer Atlantic Trading & Marketing, a unit of Total SA to book a VLCC from the US Gulf Coast to China, shipbrokers said. The deal did not go through, the brokers said, and Atlantic Trading declined to comment. No transactions for supertankers from the US Gulf Coast to Asia have been executed this week, shipbrokers said. Occidental Petroleum Corp last week replaced a COSCO-operated supertanker, Coswish Lake, following the US sanctions, by chartering smaller vessels from Texas to destinations in Asia, shipbrokers said. The Coswish Lake had anchored off Corpus Christi, Texas, since September 23 and departed on Sunday without loading crude, according to Refinitiv Eikon data. Occidental did not respond to requests for comment. The surge in freight costs has narrowed the window to profitably export US crude to Asia and left some US crude exporters reluctant to book vessels at the higher rates. That could limit November loadings and exports unless more vessels become available in the coming weeks, traders said. "People are nervous about locking freight in at these high levels, which is why the last week has been so quiet," one US crude oil trader said. Similarly, freight rates for supertankers loading West African crude in October for Asia have also risen more than 20 per cent to nearly 90 Worldscale points. The rise in freight rates is driving up crude costs for Asian refiners and threatening to make shipping oil to Asia unviable, traders said. "Currently, West African and Latin American crude is too expensive," a source with a North Asian refiner said. Economics of US crude is good, but freight has become an issue, the source said. Buyers may turn to more crude from the Asia Pacific and Middle East, which have shorter shipping distances, or spot premiums for long-distance cargoes will have to fall to displace the higher freight costs, a Singapore-based trader said.

Oil shipping rates from US to Asia hit 3-year high, quieting November trade - Sources

Swiss food giant Nestle said Wednesday it has finalized the sale of its skincare business to a group led by Swedish private equity firm EQT and the Abu Dhabi Investment Authority.&nbsp;

The purchase price for Nestle Skin Health was&nbsp;$10.2 billion, the group said in a statement.&nbsp;

Nestle had announced in May that it was in talks to divest the business, which is based in Lausanne, employs a workforce of more than 5,000 worldwide and generates annual sales of 2.8 billion francs.&nbsp;

Analysts said the purchase price for a division widely regarded as non-core was higher than expected.&nbsp;

The activities include Galderma, which it acquired fully in 2014 by buying out former joint venture partner, French group L'Oreal.&nbsp;

Nestle chief executive Mark Schneider has embarked on a massive shake-up of the group's portfolio of some 2,000 brands worldwide.&nbsp;

Swiss food giant Nestle said Wednesday it has finalized the sale of its skincare business to a group led by Swedish private equity firm EQT and the Abu Dhabi Investment Authority.

Swiss food giant Nestle said Wednesday it has finalized the sale of its skincare business to a group led by Swedish private equity firm EQT and the Abu Dhabi Investment Authority. The purchase price for Nestle Skin Health was $10.2 billion, the group said in a statement. Nestle had announced in May that it was in talks to divest the business, which is based in Lausanne, employs a workforce of more than 5,000 worldwide and generates annual sales of 2.8 billion francs. Analysts said the purchase price for a division widely regarded as non-core was higher than expected. The activities include Galderma, which it acquired fully in 2014 by buying out former joint venture partner, French group L'Oreal. Nestle chief executive Mark Schneider has embarked on a massive shake-up of the group's portfolio of some 2,000 brands worldwide.

Nestle sheds skincare brands

<a href="https://www.wionews.com/videos/wion-wallet-samsung-relaunches-folding-smartphone-after-screen-problems-248049">Samsung</a>&nbsp;Electronics&nbsp;Co Ltd&nbsp;has ended&nbsp;mobile&nbsp;telephone&nbsp;production&nbsp;in&nbsp;China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone&nbsp;market.

The shutdown of&nbsp;Samsung's last&nbsp;China&nbsp;phone&nbsp;factory comes months after it cut&nbsp;production&nbsp;at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country.

The South Korean firm's share of the Chinese market shrunk to 1 per cent&nbsp;in the first quarter from around 15 per cent&nbsp;in mid-2013, as it lost out to fast-growing homegrown brands such as <a href="https://www.wionews.com/world/huaweis-new-phone-lacks-google-access-after-us-ban-250639">Huawei</a> Technologies and Xiaomi Corp, according to market research firm Counterpoint.

Samsung, the world's top smartphone&nbsp;maker, said it made a difficult decision in a bid to boost efficiency.

"The&nbsp;production&nbsp;equipment will be re-allocated to other global manufacturing sites, depending on our global&nbsp;production&nbsp;strategy based on market needs," it said in a statement, without elaborating.

Samsung&nbsp;declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone&nbsp;production&nbsp;in lower-cost countries, such as India and <a href="https://www.wionews.com/india-news/china-intrudes-into-vietnams-exclusive-economic-zone-for-the-third-time-this-year-250047">Vietnam</a>, in recent years.

&nbsp;

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market.

Samsung Electronics Co Ltd has ended mobile telephone production in China, it said on Wednesday, hurt by intensifying competition from domestic rivals in the world's biggest smartphone market. The shutdown of Samsung's last China phone factory comes months after it cut production at the plant in the southern city of Huizhou in June and suspended another factory late last year, underscoring gruelling competition in the country. The South Korean firm's share of the Chinese market shrunk to 1 per cent in the first quarter from around 15 per cent in mid-2013, as it lost out to fast-growing homegrown brands such as Huawei Technologies and Xiaomi Corp, according to market research firm Counterpoint. Samsung, the world's top smartphone maker, said it made a difficult decision in a bid to boost efficiency. "The production equipment will be re-allocated to other global manufacturing sites, depending on our global production strategy based on market needs," it said in a statement, without elaborating. Samsung declined to specify the plant's capacity and numbers of staff. The company has been expanding smartphone production in lower-cost countries, such as India and Vietnam, in recent years.

Samsung Electronics ends mobile phone production in China

The <a href="https://www.wionews.com/business-economy/dollar-pinned-down-after-poor-us-manufacturing-data-pound-slips-253220">US&nbsp;dollar</a> edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year&nbsp;highs, while the euro clung to levels above $1.09.

The US&nbsp;manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a>.

Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US&nbsp;economy,&nbsp;non-farm payrolls data due on Friday should give some more insight into the health of the US&nbsp;economy.

"Yes US&nbsp;manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week.

Hewson said weakness in US&nbsp;manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar.

Others differed. The manufacturing reading was a bad omen for September US&nbsp;labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated.

"This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said.

Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers.

The dollar index inched 0.1 per cent&nbsp;higher to 99.242&nbsp;in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released.

The euro fell 0.1 per cent&nbsp;to $1.0921&nbsp;but was above its two-year low of $1.0879 touched on Tuesday.

The Japanese yen strengthened 0.2 per cent&nbsp;to 107.57, reflecting investor demand for safer assets after the US&nbsp;data heightened concerns about the health of the global economy.

The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent&nbsp;against the euro&nbsp;and 0.4 per cent&nbsp;against the dollar.

Elsewhere, the Australian dollar struggled around the $0.67&nbsp;mark but remained above its decade-low of $0.6672 hit on Tuesday after the <a href="https://www.wionews.com/world/australias-central-bank-cuts-rates-to-new-record-low-252964">Reserve Bank of Australia</a> cut rates to an all-time low.

The pound sank 0.3 per cent&nbsp;against the dollar to $1.2271&nbsp; and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final <a href="https://www.wionews.com/world/united-kingdom-prime-minister-boris-johnson-to-unveil-final-brexit-offer-to-european-union-253189">Brexit </a>offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October&nbsp;31, no matter what.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.

The US dollar edged higher on Wednesday after disappointing manufacturing data had whacked the greenback off two-year highs, while the euro clung to levels above $1.09. The US manufacturing contracted at the fastest pace in more than a decade in September, making the United States the latest country to suffer a manufacturing downturn amid a trade war between Washington and Beijing. Many analysts, however, say the setback for the dollar will likely prove temporary given its higher yield versus peers and the relative strength of the US economy, non-farm payrolls data due on Friday should give some more insight into the health of the US economy. "Yes US manufacturing is disappointing but it's no more disappointing than the eurozone PMIs (Purchasing Managers' Index surveys) we saw," said Michael Hewson, an analyst at CMC Markets, referring to weak surveys in the euro area released this week. Hewson said weakness in US manufacturing would have to spill over into the services sector before it had a significant impact on monetary policy and the outlook for the dollar. Others differed. The manufacturing reading was a bad omen for September US labour figures due on Friday, BNY Mellon analysts said in a note since moves are often correlated. "This reinforces our view that while the Fed is still stubbornly clinging to its view that rates are currently appropriate. It will ultimately have to accept that the pillars of support - the labour market and the consumer - are weakening," the bank said. Even with more rate cuts, the dollar is still the highest-yielding currency among its developed market peers. The dollar index inched 0.1 per cent higher to 99.242 in early trade after hitting as high as 99.667 on Tuesday, a 29-month peak, before the manufacturing data was released. The euro fell 0.1 per cent to $1.0921 but was above its two-year low of $1.0879 touched on Tuesday. The Japanese yen strengthened 0.2 per cent to 107.57, reflecting investor demand for safer assets after the US data heightened concerns about the health of the global economy. The Swiss franc, another safe-haven currency, fell, however, by 0.3 per cent against the euro and 0.4 per cent against the dollar. Elsewhere, the Australian dollar struggled around the $0.67 mark but remained above its decade-low of $0.6672 hit on Tuesday after the Reserve Bank of Australia cut rates to an all-time low. The pound sank 0.3 per cent against the dollar to $1.2271 and was headed back toward an almost one-month low plumbed overnight. Prime Minister Boris Johnson will unveil his final Brexit offer to the European Union on Wednesday and make clear that Britain intends to leave the EU on October 31, no matter what.

Dollar steadies after data knocks it off two-year highs

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy.

That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled. And dedicated buyers across the region, like Nepalese housewife Seema Pokharel, are flummoxed.

"This is a terrible increase," said Pokharel, out shopping for vegetables in Kathmandu. "Onion prices have more than doubled in the last month alone."

Whether it's Pakistani chicken curry, Bangladeshi biryani or Indian sambar, Asian consumers have developed a serious dependence on Indian onion supplies for go-to dishes. Shorter shipment times than from rival exporters like China or Egypt play a crucial role in preserving the taste of the perishable commodity.

But last Sunday New Delhi banned all exports from India after local prices jumped to 4,500 rupees ($63.30) per 100 kg, their highest in nearly six years, due to the delay in summer-sown crop arrivals triggered by longer, heavier rains than usual.

Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid bring prices down, government officials and traders said.

But the hefty volumes lost will be hard to replace.

India exported 2.2 million tonnes of fresh onions in the 2018/19 fiscal year ended March 31, according to data from India's Agricultural and Processed Food Products Export Development Authority. That's more than half of all imports by Asian countries, traders estimate.

'Taking advantage'

Rising prices of alternative supplies will add to the headache for importers trying to get the vegetable from elsewhere, said Mohammad Idris, a trader based in Dhaka. In the Bangladesh capital, consumers are now being asked to pay 120 taka ($1.42) per kilogramme for their prized onions - twice the price a fortnight ago and the highest since December 2013.

"Prices are going up elsewhere in Asia and Europe," said Idris. "Other exporting countries are taking advantage of the Indian ban" to raise their asking price.

In response to the crisis, the government of Bangladesh has initiated sales of subsidised onions through the state-run Trading Corporation of Bangladesh (TCB).

"We are looking for all possible options to import onions. Our target is to import in the shortest possible time," said TCB spokesman Humayun Kabir.

But the shipments from elsewhere - Iran and Turkey are also potential suppliers - that authorities in countries across the region are investigating will all take time.

"It takes one month when it comes from Egypt and about 25 days from China, while it takes only a few days from India," said Dhaka trader Idris.

The need for alternative imports is so severe, though, that countries like Sri Lanka have already placed orders with Egypt and China, said G Rajendran, president of the Essential Food Commodities, Importers and Traders Association.

Onion prices in Sri Lanka have risen by 50% in a week, to 280-300 Sri Lankan rupees ($1.7) per kilogramme.

'Double the price'

For other countries, there may be little option but to sit tight and hope for the best.

Malaysia, the second-biggest buyer of Indian onions, expects the ban to be temporary and sees no reason to panic, said Sim Tze Tzin, deputy minister of agriculture.

But even India has been importing onions from Egypt in an effort to calm prices. And there won't be any meaningful drop in prices before summer-sown crops start to hit the market, said Ajit Shah, president of the Mumbai-based Onion Exporters' Association.

That's not expected until mid-November, meaning the export ban isn't going away in the near term.

"India could resume exports once prices drop, but it will take time," said Shah. "Until India resumes exports, supplies will remain limited in Asia."

For now, consumers like Kathmandu shopper Pokharel are having to change habits across Asia.

"I went to buy 5 kilogrammes of onions for our five-member family but ended up buying only 3 kilogrammes due to higher prices," said Afroza Mimi, a Dhaka housewife on a shopping expedition the day after India imposed the export ban.

"They (traders) are selling old stock nearly at double the price. This is crazy."

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy. That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled.

From Kathmandu to Colombo, it's a kitchen nightmare: Onion prices have gone crazy. That's because India, the world's biggest seller of the Asian diet staple, has banned exports after extended Monsoon downpours delayed harvests and supplies shrivelled. And dedicated buyers across the region, like Nepalese housewife Seema Pokharel, are flummoxed. "This is a terrible increase," said Pokharel, out shopping for vegetables in Kathmandu. "Onion prices have more than doubled in the last month alone." Whether it's Pakistani chicken curry, Bangladeshi biryani or Indian sambar, Asian consumers have developed a serious dependence on Indian onion supplies for go-to dishes. Shorter shipment times than from rival exporters like China or Egypt play a crucial role in preserving the taste of the perishable commodity. But last Sunday New Delhi banned all exports from India after local prices jumped to 4,500 rupees ($63.30) per 100 kg, their highest in nearly six years, due to the delay in summer-sown crop arrivals triggered by longer, heavier rains than usual. Since the ban, countries such as Bangladesh have turned to the likes of Myanmar, Egypt, Turkey and China to increase supplies in a bid bring prices down, government officials and traders said. But the hefty volumes lost will be hard to replace. India exported 2.2 million tonnes of fresh onions in the 2018/19 fiscal year ended March 31, according to data from India's Agricultural and Processed Food Products Export Development Authority. That's more than half of all imports by Asian countries, traders estimate. 'Taking advantage' Rising prices of alternative supplies will add to the headache for importers trying to get the vegetable from elsewhere, said Mohammad Idris, a trader based in Dhaka. In the Bangladesh capital, consumers are now being asked to pay 120 taka ($1.42) per kilogramme for their prized onions - twice the price a fortnight ago and the highest since December 2013. "Prices are going up elsewhere in Asia and Europe," said Idris. "Other exporting countries are taking advantage of the Indian ban" to raise their asking price. In response to the crisis, the government of Bangladesh has initiated sales of subsidised onions through the state-run Trading Corporation of Bangladesh (TCB). "We are looking for all possible options to import onions. Our target is to import in the shortest possible time," said TCB spokesman Humayun Kabir. But the shipments from elsewhere - Iran and Turkey are also potential suppliers - that authorities in countries across the region are investigating will all take time. "It takes one month when it comes from Egypt and about 25 days from China, while it takes only a few days from India," said Dhaka trader Idris. The need for alternative imports is so severe, though, that countries like Sri Lanka have already placed orders with Egypt and China, said G Rajendran, president of the Essential Food Commodities, Importers and Traders Association. Onion prices in Sri Lanka have risen by 50% in a week, to 280-300 Sri Lankan rupees ($1.7) per kilogramme. 'Double the price' For other countries, there may be little option but to sit tight and hope for the best. Malaysia, the second-biggest buyer of Indian onions, expects the ban to be temporary and sees no reason to panic, said Sim Tze Tzin, deputy minister of agriculture. But even India has been importing onions from Egypt in an effort to calm prices. And there won't be any meaningful drop in prices before summer-sown crops start to hit the market, said Ajit Shah, president of the Mumbai-based Onion Exporters' Association. That's not expected until mid-November, meaning the export ban isn't going away in the near term. "India could resume exports once prices drop, but it will take time," said Shah. "Until India resumes exports, supplies will remain limited in Asia." For now, consumers like Kathmandu shopper Pokharel are having to change habits across Asia. "I went to buy 5 kilogrammes of onions for our five-member family but ended up buying only 3 kilogrammes due to higher prices," said Afroza Mimi, a Dhaka housewife on a shopping expedition the day after India imposed the export ban. "They (traders) are selling old stock nearly at double the price. This is crazy."

India bans onion exports, now Asia has eye-watering prices

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues.&nbsp;

At 10:15 am, the BSE S&amp;P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438.&nbsp;

However, at the National Stock Exchange, sectoral indices were mixed with the bank, auto, financial service and pharma in the green. Among stocks, the prominent losers were IndusInd Bank, Coal India, Tata Steel, HCL Technologies, Tata Consultancy Services, Grasim, Cipla and Dr Reddy's.&nbsp;

However, Yes Bank gained by 2.6 per cent at Rs 42.50 per share while ICICI Bank was up by 1.1 per cent and Axis Bank by 0.8 per cent. Oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation also gained by 5.8 per cent and 3.09 per cent respectively.&nbsp;

Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war.&nbsp;

White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges.&nbsp;

Japan's Nikkei rose by 0.74 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent.&nbsp;

The rest of the region also saw gains as with exchange-traded fund inflows.&nbsp;

Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues. At 10:15 am, the BSE S&P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438.

Equity markets slipped into red during early hours on Tuesday amid lack of fresh triggers at home and mixed global cues. At 10:15 am, the BSE S&P Sensex was down by 137 points at 38,530 while the Nifty 50 slipped by 36 points to 11,438. However, at the National Stock Exchange, sectoral indices were mixed with the bank, auto, financial service and pharma in the green. Among stocks, the prominent losers were IndusInd Bank, Coal India, Tata Steel, HCL Technologies, Tata Consultancy Services, Grasim, Cipla and Dr Reddy's. However, Yes Bank gained by 2.6 per cent at Rs 42.50 per share while ICICI Bank was up by 1.1 per cent and Axis Bank by 0.8 per cent. Oil marketing firms Bharat Petroleum Corporation and IndianOil Corporation also gained by 5.8 per cent and 3.09 per cent respectively. Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges. Japan's Nikkei rose by 0.74 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows. Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity indices in negative zone but banking stocks gain

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling.

Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said.

"<a href="Global Markets: Asian shares, Yuan off to calm start; focus on China">US stocks rebounded and the dollar topped 108 yen</a>" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP.

Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat.

Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial.

The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said.

Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub.

Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists.

Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure.

The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks.

He told a "60 minutes" war would be catastrophic for global growth.

"Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said.

On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic.

Asian markets mostly rose Tuesday after Wall Street finished a volatile quarter on a positive note, while China began a week-long break to celebrate the 70th birthday of the People's Republic. Following Wall Street's lead, Tokyo climbed 0.7 per cent, helped by a drop in the yen and as investors shrugged off a Japanese survey that showed business confidence continued falling. Buyer sentiment got a boost from comments from the Trump administration denying the likelihood of potential new US restrictions on Chinese investment, analysts said. "US stocks rebounded and the dollar topped 108 yen" in a positive development for Japanese exporters, Seiichi Suzuki, senior market analyst at Tokai Tokyo Research Institute, told AFP. Taipei and Singapore both jumped 1.0 per cent and gains were also seen in Wellington and Seoul. Manila and Bangkok were both down by around half a per cent while Jakarta was flat. Investors are looking ahead to the resumption of talks between Beijing and Washington this month, said Quincy Krosby, chief market strategist of Prudential Financial. The talks are "clearly a positive for the markets because the effect it has on the world economy is paramount going into the last quarter", Krosby said. Markets in China and Hong Kong were closed for a public holiday as anniversary celebrations were underway in Beijing but with mass protests planned in the southern financial hub. Sydney rose 0.3 per cent ahead of a central bank meeting, with a rate cut predicted by a Bloomberg survey of economists. Oil prices had fallen sharply Monday following reports that Saudi Arabia restored oil production more quickly than expected following attacks on infrastructure. The retreat in prices also came after remarks by Saudi leader Mohammed bin Salman endorsing a non-military solution for a longstanding conflict with Iran, which Saudi Arabia has blamed for the recent oilfield attacks. He told a "60 minutes" war would be catastrophic for global growth. "Oil supplies will be disrupted and oil prices will jump to unimaginably high numbers that we haven't seen in our lifetimes," the prince said. On Tuesday Brent crude was still down but West Texas Intermediate rose 0.5 per cent.

Tokyo leads Asian market gains in holiday trade

<a href="https://www.wionews.com/world/exclusive-wework-to-press-on-with-ipo-launch-despite-valuation-concerns-sources-248290">WeWork</a>, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong."

But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future."

The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down.

The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter.

S&amp;P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans."

The <a href="https://www.wionews.com/world/wework-ipo-valuation-likely-below-20-billion-clouding-softbanks-vision-248837">company's IPO setback</a> is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein &amp; Co, which laid out a belt-tightening plan for the company.

The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries.

However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year.

Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use.

Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive."

Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter.

Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture.

Belt-tightening

Although <a href="https://www.wionews.com/business-economy/weworks-neumann-surrenders-control-and-ceo-role-following-investor-revolt-251890">Neumann will still be on the board</a>, his voting influence over the company has been significantly reduced, limiting his influence over decisions.

Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned.

The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position.

"The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said.&nbsp;

The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode.

WeWork, which replaced its controversial chief executive last week, announced Monday that it will withdraw a plan to go public for now as it shifts into austerity mode. The company's co-CEOs Artie Minson and Sebastian Gunningham said in a statement they decided to "postpone our IPO to focus on our core business, the fundamentals of which remain strong." But they signalled they still intend to take the company public down the road, saying "We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future." The announcement comes six days after a shakeup atop the office sharing business that led to Minson's and Gunningham's appointments after controversial co-founder Adam Neumann stepped down. The company, under pressure from Wall Street to rein in costs, plans to cut thousands of jobs and to rid itself of a corporate jet obtained during Neumann's tenure, according to a person familiar with the matter. S&P last week downgraded the company and placed it on "negative" watch for possible additional downgrades, saying the outlook "captures the pivot in corporate leadership and related uncertainty around the company's future direction with respect to its operating strategies and growth plans." The company's IPO setback is a "rare win for the public markets over shoddy governance practices," said a note from Sanford C. Bernstein & Co, which laid out a belt-tightening plan for the company. The charismatic Neumann was credited with growing the office-sharing company, founded in 2010, into a real estate giant with operations in 111 cities in 29 countries. However, the company faced questions over its prospects for achieving profitability after reporting $1.9 billion in losses last year. Neumann came under scrutiny for perceived self-dealing between his personal assets and WeWork and over unconventional personal conduct, including drug use. Neumann stepped down last week, saying "the scrutiny directed toward me has become a significant distraction, and I have decided that it is in the best interest of the company to step down as chief executive." Neumann's wife, Rebekah, also left WeWork, according to a person familiar with the matter. Rebekah Neumann had been "chief brand and impact officer," as well as the founder and chief executive of WeGrow, an elementary school venture. Belt-tightening Although Neumann will still be on the board, his voting influence over the company has been significantly reduced, limiting his influence over decisions. Before last week's executive shakeup, WeWork's bankers were eyeing a much smaller IPO than initially envisioned. The Bernstein note emphasized the need for WeWork to curtail spending given an estimated cash-burn rate of $2.8 billion a year, adding that the company will need between $6 billion and $8 billion to stabilize the cash position. "The key question is whether the removal of Adam from daily operations and the reduction of his voting control will be sufficient to raise the money," Bernstein said. The new CEOs will need to show that things have changed the company has "produced a new plan," it continued, saying that overhead spending could be cut by almost half to $380 million per year.

WeWork to withdraw IPO as it enters austerity mode

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank.

The divergence between the headline and core figures underlines the split of opinion over the state of the eurozone economy among the governors of the ECB. It wants to keep inflation below, but close to 2 per cent over the medium term but has so far failed to boost price growth despite years of unconventional steps.

Eurostat said on Tuesday that consumer prices in the 19 countries sharing the euro rose 0.2 per cent month-on-month in September for a 0.9 per cent year-on-year gain. Economists polled by Reuters had expected an unchanged reading of 1.0 per cent.

The weaker than expected September number, the lowest year-on-year figure since November 2016, was mainly due to a 1.8 per cent year-on-year fall in energy prices.

Excluding energy and equally volatile unprocessed food, price growth accelerated to 1.2 per cent in September from 1.1 per cent in August. This number is called core inflation by the ECB which it monitors for monetary policy decisions,

An even more narrowly defined core inflation measure, which excludes energy, food, alcohol, and tobacco and looked at by many market economists, also accelerated to 1.0 per cent from 0.9 per cent year-on-year.

"It should continue to rise slightly in the coming months. However, the strong increase in underlying inflation hoped for by the ECB is still not in sight," said Christoph Weil, economist at Commerzbank.

The ECB decided on September 12 to resume asset purchases to inject more money into the slowing economy and in this way make prices grow more quickly.

But the decision was opposed by a third of ECB policymakers, including Germany's Sabine Lautenschlaeger who resigned before the end of her term last week.

ECB chief economist Philip Lane said last week the division was due to "ambiguity" over the state of the eurozone economy among ECB governors.

"We expect the central bank to take time to assess the impact of last month's easing package before taking further action," a team of Morgan Stanley economists said in a note.

They saw only a minimal boost to the economy even once quantitative easing restarted in November, with inflation remaining subdued. There were also a variety of downside risks to growth.

"With fiscal policy remaining reactive for now, we expect the ECB to take further action. Our base case is for another 10 bp cut in March, though the timing remains rather uncertain at this stage," the Morgan Stanley note said.

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank.

Eurozone inflation slowed in September to near a three-year low because of cheaper energy although core inflation edged higher, highlighting the challenges facing the European Central Bank. The divergence between the headline and core figures underlines the split of opinion over the state of the eurozone economy among the governors of the ECB. It wants to keep inflation below, but close to 2 per cent over the medium term but has so far failed to boost price growth despite years of unconventional steps. Eurostat said on Tuesday that consumer prices in the 19 countries sharing the euro rose 0.2 per cent month-on-month in September for a 0.9 per cent year-on-year gain. Economists polled by Reuters had expected an unchanged reading of 1.0 per cent. The weaker than expected September number, the lowest year-on-year figure since November 2016, was mainly due to a 1.8 per cent year-on-year fall in energy prices. Excluding energy and equally volatile unprocessed food, price growth accelerated to 1.2 per cent in September from 1.1 per cent in August. This number is called core inflation by the ECB which it monitors for monetary policy decisions, An even more narrowly defined core inflation measure, which excludes energy, food, alcohol, and tobacco and looked at by many market economists, also accelerated to 1.0 per cent from 0.9 per cent year-on-year. "It should continue to rise slightly in the coming months. However, the strong increase in underlying inflation hoped for by the ECB is still not in sight," said Christoph Weil, economist at Commerzbank. The ECB decided on September 12 to resume asset purchases to inject more money into the slowing economy and in this way make prices grow more quickly. But the decision was opposed by a third of ECB policymakers, including Germany's Sabine Lautenschlaeger who resigned before the end of her term last week. ECB chief economist Philip Lane said last week the division was due to "ambiguity" over the state of the eurozone economy among ECB governors. "We expect the central bank to take time to assess the impact of last month's easing package before taking further action," a team of Morgan Stanley economists said in a note. They saw only a minimal boost to the economy even once quantitative easing restarted in November, with inflation remaining subdued. There were also a variety of downside risks to growth. "With fiscal policy remaining reactive for now, we expect the ECB to take further action. Our base case is for another 10 bp cut in March, though the timing remains rather uncertain at this stage," the Morgan Stanley note said.

Euro zone inflation slows to three-year low on cheaper energy

<a href="https://www.wionews.com/business-economy/equity-indices-in-negative-zone-but-banking-stocks-gain-252974">Equity benchmark indices</a> closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly.

Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults.

Deepening crises at Punjab and Maharashtra Cooperative (PMC) Bank and Lakshmi Vilas Bank too dented the market mood.

The BSE S&amp;P Sensex closed 362 points or 0.9 per cent lower at 38,305 while the Nifty 50 slid by 115 points to 11,360.

At the National Stock Exchange (NSE), all sectoral indices were in the red. Nifty realty was down by 4.2 per cent, PSU bank by 3.7 per cent, private bank by 1.1 per cent, IT by 1.5 per cent and pharma by 1.05 per cent.

Among stocks, Yes Bank plunged by over 22 per cent intraday to touch an all-time low of Rs 32.20 amid concerns over its exposure to some troubled non-banking finance companies including Indiabulls Housing Finance.

Managing Director and CEO Ravneet Gill refuted market speculation about the capital and liquidity position of the bank calling such talk speculative, unsubstantiated and irresponsible. But the scrip has been falling even as the private lender has got the from the Reserve Bank of India approval to raise more capital.

Shares of RBL Bank also dipped by 7.8 per cent to touch a fresh low of Rs 303 on the BSE over concerns of its exposure to Indiabulls Housing Finance.

IndusInd Bank slipped by 5.6 per cent while State Bank of India was down by 5.4 per cent.

Another prominent loser was Zee Entertainment which lost by 10.8 per cent to close the day at Rs 236.75. The media house is engaged with financial investors who are reportedly willing to pick its 10 per cent stake.

Indiabulls Real Estate closed 4.9 per cent lower at Rs 43.65. Grasim, Bharti Airtel, Cipla, JSW Steel, and UltraTech Cement too closed in the red.

However, the gainers included Bharat Petroleum, IndianOil, Mahindra &amp; Mahindra, Maruti, and HDFC Bank.

Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges.

Japan's Nikkei rose by 0.59 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows.

Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Equity benchmark indices closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly. Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults.

Equity benchmark indices closed substantially lower on Tuesday after an extremely volatile session that witnessed banking and financial stocks losing badly. Market sentiment took a hit after Moody's warned that banks in India risk seeing their capital severely depleted if there is a rise in corporate defaults. Deepening crises at Punjab and Maharashtra Cooperative (PMC) Bank and Lakshmi Vilas Bank too dented the market mood. The BSE S&P Sensex closed 362 points or 0.9 per cent lower at 38,305 while the Nifty 50 slid by 115 points to 11,360. At the National Stock Exchange (NSE), all sectoral indices were in the red. Nifty realty was down by 4.2 per cent, PSU bank by 3.7 per cent, private bank by 1.1 per cent, IT by 1.5 per cent and pharma by 1.05 per cent. Among stocks, Yes Bank plunged by over 22 per cent intraday to touch an all-time low of Rs 32.20 amid concerns over its exposure to some troubled non-banking finance companies including Indiabulls Housing Finance. Managing Director and CEO Ravneet Gill refuted market speculation about the capital and liquidity position of the bank calling such talk speculative, unsubstantiated and irresponsible. But the scrip has been falling even as the private lender has got the from the Reserve Bank of India approval to raise more capital. Shares of RBL Bank also dipped by 7.8 per cent to touch a fresh low of Rs 303 on the BSE over concerns of its exposure to Indiabulls Housing Finance. IndusInd Bank slipped by 5.6 per cent while State Bank of India was down by 5.4 per cent. Another prominent loser was Zee Entertainment which lost by 10.8 per cent to close the day at Rs 236.75. The media house is engaged with financial investors who are reportedly willing to pick its 10 per cent stake. Indiabulls Real Estate closed 4.9 per cent lower at Rs 43.65. Grasim, Bharti Airtel, Cipla, JSW Steel, and UltraTech Cement too closed in the red. However, the gainers included Bharat Petroleum, IndianOil, Mahindra & Mahindra, Maruti, and HDFC Bank. Meanwhile, Asian share prices ticked up as some investors hoped that the fourth quarter of the current calendar will bring progress in resolving the US-China trade war. White House Trade Adviser Peter Navarro dismissed reports that the Trump administration is considering delisting Chinese companies from US stock exchanges. Japan's Nikkei rose by 0.59 per cent while MSCI's broadest index of Asia Pacific shares outside Japan inched up by 0.24 per cent. The rest of the region also saw gains as with exchange-traded fund inflows. Chinese markets will be shut for a week to mark 70 years since the founding of the People's Republic of China.

Sensex closes 362 points lower, Yes Bank plunges by 22%

<a href="https://www.wionews.com/india-news/saudi-arabia-looking-at-100-billion-investment-in-indian-petrochemicals-infrastructure-and-mining-252735">Indian</a>&nbsp;shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts.

The NSE Nifty fell by 0.68 per cent&nbsp;to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent&nbsp;last week after the <a href="https://www.wionews.com/india-news/india-can-become-a-major-tourism-destination-by-2022-pm-modi-252678">government slashed</a> corporate taxes in a bid to boost slowing economic growth.

The benchmark BSE Sensex declined by&nbsp;0.71 per cent&nbsp;to 38,547.03.

Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent&nbsp;to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender.

The bank's directors are also being investigated by&nbsp;police after a customer accused them of misappropriating funds.

Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped&nbsp;21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index.

The wider Nifty private banks index lost 1.9 per cent.

Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds.

The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said.

Earnings announcements for the quarter ended September are scheduled to begin from next week.

The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent&nbsp;each, while JSW Steel was down by 4 per cent.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.

Indian shares fell sharply on Monday after a two-week rally, dragged down by declines across banking and metals shares, and amid a lack of further catalysts. The NSE Nifty fell by 0.68 per cent to 11,434.40 by 0437 GMT. The index firmed more than 2 per cent last week after the government slashed corporate taxes in a bid to boost slowing economic growth. The benchmark BSE Sensex declined by 0.71 per cent to 38,547.03. Shares in Lakshmi Vilas Bank Ltd fell by 4.9 per cent to their lowest since April 2009 on news that the Reserve Bank of India had initiated a so-called prompt corrective action on the lender. The bank's directors are also being investigated by police after a customer accused them of misappropriating funds. Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, slumped 21 per cent, its biggest one-day drop in over one year. Monday is the stock's second day of trading after it was removed from the NSE index. The wider Nifty private banks index lost 1.9 per cent. Shares in private-sector lender Yes Bank fell 9.7 per cent. The bank said it had received approval from the Reserve Bank of India (RBI) to increase its authorised share capital in order to raise funds. The market was being indecisive due to a lack of significant catalysts or drivers, said Kunj Bansal, chief investment officer at Acepro Advisors in Mumbai. "One of the factors which will help the market break out of its current range will be the earnings season", he said. Earnings announcements for the quarter ended September are scheduled to begin from next week. The Nifty metals index fell by 2.5 per cent. Tata Steel Ltd and Vedanta Ltd lost 3 per cent each, while JSW Steel was down by 4 per cent.

Nifty, Sensex fall as banks slide; Indiabulls down by 21%

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

<a href="https://www.wionews.com/entertainment/ariana-grande-sues-forever-21-for-10-million-over-look-alike-ad-campaign-247429">The company</a> said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America.

The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA&nbsp;as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds.

It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US&nbsp;Bankruptcy Court for the District of Delaware.

Since the start of 2017, more than 20 US&nbsp;retailers, including Sears Holdings Corp&nbsp;and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition.

Fashion retailer Forever 21 Inc said on Sunday that it has filed for Chapter 11 bankruptcy protection to restructure its business, joining a growing list of brick-and-mortar players who have taken a hit from fierce e-commerce competition. The company said it plans to exit most of its international locations in Asia and Europe, but will continue operations in Mexico and Latin America. The retailer said it received $275 million in financing from its existing lenders with JPMorgan Chase Bank, NA as an agent, and $75 million in new capital from TPG Sixth Street Partners, and certain of its affiliated funds. It lists both assets and liabilities in the range of $1 billion to $10 billion, according to the court filing in the US Bankruptcy Court for the District of Delaware. Since the start of 2017, more than 20 US retailers, including Sears Holdings Corp and Toys 'R' Us, have filed for bankruptcy, succumbing to the onslaught of fierce e-commerce competition from Amazon Inc.

Forever 21 files for bankruptcy; to pull out of Asian markets

Boeing&nbsp;Co engineers working on the&nbsp;<a href="https://www.wionews.com/business-economy/aviation-watchdog-may-ask-boeing-to-set-up-737-max-simulators-in-india-250645">737&nbsp;MAX</a>&nbsp;passenger plane's flight-control system&nbsp;omitted&nbsp;safeguards&nbsp;included in an earlier version of the system&nbsp;used&nbsp;on a&nbsp;military&nbsp;tanker&nbsp;jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

The engineers who created the Maneuvering Characteristics Augmentation System (MCAS) flight-control system more than a decade ago for the&nbsp;military&nbsp;refuelling plane designed the system to rely on inputs from multiple sensors and with limited power to move aircraft's nose, the Journal said.

The newspaper cited one person familiar with the design saying this approach was taken in order to guard against the system acting erroneously or causing a pilot to lose control.

In contrast, the version of MCAS on the&nbsp;<a href="https://www.wionews.com/world/phased-ungrounding-of-boeing-737-max-possible-ceo-muilenburg-249083">737&nbsp;MAX</a>&nbsp;passenger plane relied on input from just one of two sensors which measure the angle at which the plane's nose is flying, the newspaper said.

Boeing's expected software fix for its&nbsp;737&nbsp;MAX&nbsp;planes will make its MCAS more like the one&nbsp;used&nbsp;on the tanker&nbsp;jet, the Journal said.

Boeing&nbsp;did not immediately respond to Reuters' request for comment outside regular business hours.

Boeing&nbsp;has previously said that erroneous sensor data fed to the MCAS system was a common link in a chain of events leading to the fatal crashes of a Lion Air&nbsp;737&nbsp;MAX&nbsp;airliner in Indonesia on October 2018 and an Ethiopian Airlines&nbsp;737&nbsp;MAX&nbsp;in March 2019 which killed all 346 people aboard the two aircraft.

Boeing Co engineers working on the 737 MAX passenger plane's flight-control system omitted safeguards included in an earlier version of the system used on a military tanker jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

Boeing Co engineers working on the 737 MAX passenger plane's flight-control system omitted safeguards included in an earlier version of the system used on a military tanker jet, The Wall Street Journal reported on Sunday, citing people familiar with the matter. The engineers who created the Maneuvering Characteristics Augmentation System (MCAS) flight-control system more than a decade ago for the military refuelling plane designed the system to rely on inputs from multiple sensors and with limited power to move aircraft's nose, the Journal said. The newspaper cited one person familiar with the design saying this approach was taken in order to guard against the system acting erroneously or causing a pilot to lose control. In contrast, the version of MCAS on the 737 MAX passenger plane relied on input from just one of two sensors which measure the angle at which the plane's nose is flying, the newspaper said. Boeing's expected software fix for its 737 MAX planes will make its MCAS more like the one used on the tanker jet, the Journal said. Boeing did not immediately respond to Reuters' request for comment outside regular business hours. Boeing has previously said that erroneous sensor data fed to the MCAS system was a common link in a chain of events leading to the fatal crashes of a Lion Air 737 MAX airliner in Indonesia on October 2018 and an Ethiopian Airlines 737 MAX in March 2019 which killed all 346 people aboard the two aircraft.

Boeing omitted safeguards on 737 MAX that were used on military jet: WSJ

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September&nbsp;18 at $1,486.60.

US&nbsp;gold futures were 0.2 per cent&nbsp;lower at $1,503.3 per ounce.

China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides.

President Donald Trump's administration is considering delisting Chinese companies from US&nbsp;stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions.

The United States does not currently plan to stop Chinese companies from listing on US&nbsp;exchanges, Bloomberg reported on Saturday, citing a US&nbsp;Treasury official.

US&nbsp;consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter.

Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates.

Boris Johnson said on Sunday <a href="https://www.wionews.com/world/british-pm-boris-johnson-vows-to-stay-put-to-hit-october-31-brexit-deadline-252702">he would not quit as Britain's Prime Minister</a> even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31.

Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent&nbsp;to 922.88 tonnes on Friday.

Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September&nbsp;24, the US&nbsp;Commodity Futures Trading Commission (CFTC) said on Friday.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.

Spot gold was down 0.2 per cent at $1,494.30 per ounce, as of 0104 GMT. In the previous session, prices fell to their lowest since September 18 at $1,486.60. US gold futures were 0.2 per cent lower at $1,503.3 per ounce. China hopes Beijing and Washington will resolve their trade dispute "with a calm and rational attitude", Vice Commerce Minister Wang Shouwen said on Sunday, ahead of talks in two weeks between the two sides. President Donald Trump's administration is considering delisting Chinese companies from US stock exchanges, three sources briefed on the matter said on Friday, in what would be a radical escalation of US-China trade tensions. The United States does not currently plan to stop Chinese companies from listing on US exchanges, Bloomberg reported on Saturday, citing a US Treasury official. US consumer spending barely rose in August and business investment remained subdued amid lingering trade tensions, prompting economists to slash their economic growth estimates for the third quarter. Philadelphia Federal Reserve Bank President Patrick Harker said in New York on Friday he opposed the central bank's September rate cut and thinks the Fed should "hold firm" on interest rates. Boris Johnson said on Sunday he would not quit as Britain's Prime Minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.22 per cent to 922.88 tonnes on Friday. Hedge funds and money managers raised their bullish positions in COMEX gold and reduced bullish bets on silver contracts in the week to September 24, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Gold prices dip as fears of widening trade war ease

<a href="https://www.wionews.com/business-economy/asian-markets-fall-as-trump-impeachment-saga-continues-252311">Asian shares and the Chinese yuan were off to a cautious start</a> on Monday as investors looked to how Chinese financial markets will react to the news the US&nbsp;administration is considering delisting Chinese companies from US&nbsp;stock exchanges.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent&nbsp;while Japan's Nikkei shed 0.61 per cent. US&nbsp;stock futures gained 0.24 per cent&nbsp;in early trade, paring back almost a half of Friday's 0.53 per cent&nbsp;fall in the index.

The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar.

Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October&nbsp;7.

Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

The report knocked Chinese shares listed on US&nbsp;exchanges, with Alibaba Group Holding falling 5.15 per cent&nbsp;and JD.com 5.95 per cent&nbsp;on Friday.

The delisting of Chinese companies from US&nbsp;stock exchanges was part of a broader effort to limit US&nbsp;investment in Chinese companies, two sources briefed on the matter told Reuters.

"While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting.

"Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said.

Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided.

"At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale.

Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China.

US&nbsp;data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on.

Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war.

Investors are also keeping a wary eye on US&nbsp;politics.

US&nbsp;House Speaker Nancy Pelosi said that public opinion is now on the side of an <a href="https://www.wionews.com/world/like-every-american-i-deserve-to-meet-my-accuser-donald-trump-252710">impeachment inquiry against Trump</a> following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy.

Major currencies were little changed in early trade.

The yen traded flat at 107.94 yen.

The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency.

Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9.

Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October&nbsp;31.

Oil prices slightly bounced off a tad after last week's slide.

Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran.

But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September&nbsp;14 attacks on the kingdom's oil facilities were an act of war by Iran.

Brent crude futures rose 0.34 per cent&nbsp;to $62.12 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 0.32 per cent&nbsp;to $56.09 per barrel.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges.

Asian shares and the Chinese yuan were off to a cautious start on Monday as investors looked to how Chinese financial markets will react to the news the US administration is considering delisting Chinese companies from US stock exchanges. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.11 per cent while Japan's Nikkei shed 0.61 per cent. US stock futures gained 0.24 per cent in early trade, paring back almost a half of Friday's 0.53 per cent fall in the index. The offshore Chinese yuan was little moved at 7.1339 yuan per dollar, off Friday's three-week low of 7.1520 to the dollar. Chinese share markets will trade only on Monday this week ahead of China's National Day holiday, which runs until October 7. Risk assets took a hit in US trade on Friday following the news that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. The report knocked Chinese shares listed on US exchanges, with Alibaba Group Holding falling 5.15 per cent and JD.com 5.95 per cent on Friday. The delisting of Chinese companies from US stock exchanges was part of a broader effort to limit US investment in Chinese companies, two sources briefed on the matter told Reuters. "While China runs a current account surplus and is a net creditor nation, Chinese companies are net debtors and rely on foreign capital," Koji Fukaya, president of Office Fukaya Consulting. "Washington seems to be trying to limit Chinese companies' activities by putting pressure on their funding," he said. Still, with trade talks between the United States and China expected to be held October 10-11, many market players are sticking to hopes such drastic measures on capital markets could be avoided. "At this point, markets will have to wait and see. Of course we need to be guarded against more crazy headlines, but this week could be a bit calmer given holidays in China. Economic data will likely be the main driver for markets," said Kyosuke Suzuki, director of forex at Societe Generale. Surveys on Chinese companies are due on Monday while in the United States, key business sentiment data and an employment report will be closely scrutinised on clues on how the economy is faring in the face of the ongoing tussle with China. US data on Friday showed consumer spending barely rose in August and business investment remained weak, suggesting the American economy was losing momentum as the trade dispute drags on. Industrial output in Japan and South Korea, released Monday morning, dropped more than expected, underscoring the headwinds from the trade war. Investors are also keeping a wary eye on US politics. US House Speaker Nancy Pelosi said that public opinion is now on the side of an impeachment inquiry against Trump following the release of new information about his conversations with Ukrainian President Volodymyr Zelenskiy. Major currencies were little changed in early trade. The yen traded flat at 107.94 yen. The euro hovered at $1.0945, having sunk to a 28-month low of $1.0904 on Friday as concerns about tepid growth in Europe weighed on the common currency. Sterling traded at $1.2294, not far from Friday's low of $1.2270, its lowest since Sept. 9. Boris Johnson said on Sunday he would not quit as Britain's prime minister even if he fails to secure a deal to leave the European Union, insisting only his Conservative government can deliver Brexit on October 31. Oil prices slightly bounced off a tad after last week's slide. Saudi Arabia's crown prince warned in an interview with CBS program "60 Minutes." aired on Sunday that crude prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran. But crown prince Mohammed bin Salman said he would prefer a political solution to a military one, adding the September 14 attacks on the kingdom's oil facilities were an act of war by Iran. Brent crude futures rose 0.34 per cent to $62.12 a barrel while US West Texas Intermediate (WTI) crude gained 0.32 per cent to $56.09 per barrel.

Global Markets: Asian shares, Yuan off to calm start; focus on China

Car behemoth <a href="https://www.wionews.com/business-economy/volkswagen-porsche-to-recall-around-227000-cars-over-airbag-seatbelt-issues-report-250623">Volkswagen will face a German court Monday</a>, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted.

The first hearing in what is likely to be a grinding, years-long trial opens at 0800 GMT&nbsp;in Brunswick, around 30 kilometres from VW headquarters in the northern city of Wolfsburg.

Around 450,000 people have joined a first-of-its-kind grouped proceeding, introduced by lawmakers after the "dieselgate" emissions cheating scandal broke in 2015.

Consumer rights group VZBV, representing the plaintiffs, says the German carmaker deliberately harmed buyers by installing motor control software that allowed vehicles to pollute far more on the road than under lab conditions.

The trial is Germany's largest so far in the tentacular diesel scandal, which last week saw VW chief executive Herbert Diess charged with market manipulation over his role.

50 questions for judges

In the mass lawsuit, the most important of around 50 questions for judges is whether Volkswagen "caused harm" by acting "dishonestly".

Klaus Mueller of VZBV said he is "convinced" the car firm did, while VW says "clients did not suffer harm".

"Hundreds of thousands of cars are used" on the roads without a problem, VW lawyer Martine de Lind van Wijngaarden said.

Even if judges find in favour of plaintiffs, there will not be an immediate compensation payment.

Rather, every owner registered in the trial will have to claim individually.

<a href="https://www.wionews.com/world/seoul-to-fine-volkswagen-over-illicit-emissions-devices-244423">VW thinks a final judgement could arrive in 2023</a> at the earliest, if the case is appealed all the way to the Federal Court of Justice.

Individual proceedings could then take at least another year -- in the court of the first instance.

By then, the cars' market value could have eroded to a negligible amount, making a buyback cheaper for the firm.

To avoid such delays, the VZBV says it is "open" to an out-of-court settlement but "in that case, VW would have to pay a significant sum after all," Mueller told AFP.

Given the wide variety of cases under the group action umbrella, VW finds a mass settlement "hard to imagine".

In early July, judges noted in a preliminary opinion that some owners listed among the plaintiffs were living abroad.

That could mean German law does not apply to them.

Volkswagen said two per cent of those listed live abroad and 10 per cent are duplicate entries.

Alongside the grouped proceeding, 61,000 individual lawsuits have been filed in Germany, and some have already led to out-of-court settlements.

30 billion euros

Since 2015, when <a href="https://www.wionews.com/india-news/ngt-panel-orders-volkswagen-to-pay-rs-100-crore-fine-in-emissions-case-190884">Volkswagen admitted to manipulating 11 million vehicles</a> worldwide to fool emissions tests, the scandal has cost the group over 30 billion euros&nbsp;in fines, compensation and legal costs.

Most of that sum - $22 billion - has gone to the US, while in Germany VW has so far paid just 2.3 billion dollars spread across three fines.

Alongside car owners, investors are claiming damages for losses they suffered when the group's share price plummeted after it came clean.

And earlier this week, Chief Executive Herbert Diess and supervisory board chief Hans Dieter Poetsch were charged with market manipulation.

Former chief executive Martin Winterkorn, who stepped down over the scandal, has been also charged with fraud.

Away from the legal battlegrounds, "dieselgate" has sped up the fuel's decline from its status as lower-carbon alternative to petrol, favoured with government subsidies.

In Germany, its market share among new registrations has fallen from 46 to 33 per cent, and the level of nitrogen oxides (NOx) emitted by the cars risks earning them bans from some city centres.

The diesel scandal is "part of the group's history" just like the famous Beetle and Golf models, says VW brand chief Ralf Brandstaetter.

But he adds the company has "profoundly changed", investing 30 billion euros in a new electric range to "regain society's respect."

"The diesel crisis was a catalyst for our transformation," Brandstaetter told AFP in a recent interview.

Car behemoth Volkswagen will face a German court Monday, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted.

Car behemoth Volkswagen will face a German court Monday, as hundreds of thousands of owners of manipulated diesel cars demand compensation four years after the country's largest post-war industrial scandal erupted. The first hearing in what is likely to be a grinding, years-long trial opens at 0800 GMT in Brunswick, around 30 kilometres from VW headquarters in the northern city of Wolfsburg. Around 450,000 people have joined a first-of-its-kind grouped proceeding, introduced by lawmakers after the "dieselgate" emissions cheating scandal broke in 2015. Consumer rights group VZBV, representing the plaintiffs, says the German carmaker deliberately harmed buyers by installing motor control software that allowed vehicles to pollute far more on the road than under lab conditions. The trial is Germany's largest so far in the tentacular diesel scandal, which last week saw VW chief executive Herbert Diess charged with market manipulation over his role. 50 questions for judges In the mass lawsuit, the most important of around 50 questions for judges is whether Volkswagen "caused harm" by acting "dishonestly". Klaus Mueller of VZBV said he is "convinced" the car firm did, while VW says "clients did not suffer harm". "Hundreds of thousands of cars are used" on the roads without a problem, VW lawyer Martine de Lind van Wijngaarden said. Even if judges find in favour of plaintiffs, there will not be an immediate compensation payment. Rather, every owner registered in the trial will have to claim individually. VW thinks a final judgement could arrive in 2023 at the earliest, if the case is appealed all the way to the Federal Court of Justice. Individual proceedings could then take at least another year -- in the court of the first instance. By then, the cars' market value could have eroded to a negligible amount, making a buyback cheaper for the firm. To avoid such delays, the VZBV says it is "open" to an out-of-court settlement but "in that case, VW would have to pay a significant sum after all," Mueller told AFP. Given the wide variety of cases under the group action umbrella, VW finds a mass settlement "hard to imagine". In early July, judges noted in a preliminary opinion that some owners listed among the plaintiffs were living abroad. That could mean German law does not apply to them. Volkswagen said two per cent of those listed live abroad and 10 per cent are duplicate entries. Alongside the grouped proceeding, 61,000 individual lawsuits have been filed in Germany, and some have already led to out-of-court settlements. 30 billion euros Since 2015, when Volkswagen admitted to manipulating 11 million vehicles worldwide to fool emissions tests, the scandal has cost the group over 30 billion euros in fines, compensation and legal costs. Most of that sum - $22 billion - has gone to the US, while in Germany VW has so far paid just 2.3 billion dollars spread across three fines. Alongside car owners, investors are claiming damages for losses they suffered when the group's share price plummeted after it came clean. And earlier this week, Chief Executive Herbert Diess and supervisory board chief Hans Dieter Poetsch were charged with market manipulation. Former chief executive Martin Winterkorn, who stepped down over the scandal, has been also charged with fraud. Away from the legal battlegrounds, "dieselgate" has sped up the fuel's decline from its status as lower-carbon alternative to petrol, favoured with government subsidies. In Germany, its market share among new registrations has fallen from 46 to 33 per cent, and the level of nitrogen oxides (NOx) emitted by the cars risks earning them bans from some city centres. The diesel scandal is "part of the group's history" just like the famous Beetle and Golf models, says VW brand chief Ralf Brandstaetter. But he adds the company has "profoundly changed", investing 30 billion euros in a new electric range to "regain society's respect." "The diesel crisis was a catalyst for our transformation," Brandstaetter told AFP in a recent interview.

Volkswagen faces first mammoth diesel lawsuit on home turf

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues.

The BSE S&amp;P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477.

At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent.

Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share.

Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising.

Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business.

Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT).

The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red.

However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone.

Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges.

In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.

Bearish tendencies prevailed at the Dalal Street on Monday, dragging equity benchmark indices lower amid subdued global cues. The BSE S&P Sensex closed 155 points or 0.4 per cent lower at 38,667 while the Nifty 50 slipped by 35 point to 11,477. At the National Stock Exchange, most sectoral indices were in the red except for IT and FMCG. Nifty PSU bank was down by 3.4 per cent, private bank by 2.7 per cent, pharma by 1.9 per cent, realty by 1.2 per cent and auto by 1 per cent. Among stocks, Indiabulls Housing Finance slumped by 34.4 per cent after the Delhi High Court agreed on Friday to hear public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. It closed the day at Rs 255.50 per share. Private lender Yes Bank tumbled by 14.3 per cent to Rs 41.75 per share despite gets a nod from the Reserve Bank of India for further capital raising. Reliance Capital fell by 12.3 per cent after its Chairman Anil Ambani told shareholders during the annual general meeting that the company will exit the lending business. Troubled renewable energy solutions provider Suzlon dropped by 10.2 per cent despite denying reports that it has filed for bankruptcy and will soon be approaching the National Company Law Tribunal (NCLT). The other major losers were IndusInd Bank which slipped by 6.1 per cent, State Bank of India by 3.6 per cent, ICICI Bank by 3.4 per cent, Zee Entertainment by 3.3 per cent and Cipla by 3.2 per cent. HDFC, Sun Pharma, Axis Bank and Britannia too closed in the red. However, HCL Technologies gained by 3.6 per cent, Infosys by 2.8 per cent, Tata Consultancy Services by 2 per cent and Tech Mahindra by 1.6 per cent. UPL, ITC, Reliance Industries, Adani Ports and Nestle India too were in the positive zone. Meanwhile, Asian stock markets were little changed following reports the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from US stock exchanges. In Japan, the Nikkei 225 slipped by 0.56 per cent as shares of index heavyweight and conglomerate Softbank Group plunged more than 2.5 per cent. The Shanghai composite shed 0.92 per cent but Kospi was up by 0.64 per cent.

Sensex closes 155 points lower, Indiabulls Housing Finance slumps over 34%