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Global regulators will question Facebook on Monday about its <a href="https://www.wionews.com/world/facebooks-libra-has-to-build-anti-money-laundering-anti-terror-financing-design-us-treasury-248861">Libra cryptocurrency</a>, amid concerns from European Union governments over the threat the <a href="https://www.wionews.com/world/facebook-needs-very-high-standard-for-libra-coin-us-treasury-steven-mnuchin-236268">digital currency</a>&nbsp;poses to financial stability, the Financial Times reported on Sunday.

Officials from 26 central banks, including the <a href="https://www.wionews.com/world/us-lawmakers-question-facebook-over-plans-on-libra-cryptocurrency-236514">US</a>&nbsp;Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials.

Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said.

Facebook did not immediately respond to Reuters' request for comment outside regular business hours.

Countries including France and Germany have publicly criticised the social media giant's Libra project, saying it posed risks to EU states' sovereignty.

Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday.

Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, the Financial Times reported on Sunday. Officials from 26 central banks, including the US Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday, the FT said, citing officials. Libra's founders have also been invited to answer key questions about the currency's scope and design, FT said. Facebook did not immediately respond to Reuters' request for comment outside regular business hours. Countries including France and Germany have publicly criticised the social media giant's Libra project, saying it posed risks to EU states' sovereignty.

Global regulators to question Facebook's Libra amid EU concerns: Report

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">Saudi Arabia</a> has yet to comment on the extent of damage on its <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil production</a> but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent&nbsp;of global supply has been affected.

Saudi Arabia, the <a href="https://www.wionews.com/business-economy/opec-cuts-2020-oil-demand-forecast-urges-effort-to-avert-a-new-glut-249037">Organization of the Petroleum Exporting Countries</a>' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity.

Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage.

Industry sources have said Saudi Arabia will be able to restore supply within days.

A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US&nbsp;shale production.

The <a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182">United States has briefly overtaken Saudi Arabia</a> as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer.

Analysts have repeatedly underestimated US&nbsp;output growth gains with the country now producing around 15 per cent&nbsp;of global supply.

Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela.

Both are subject to US&nbsp;sanctions and have seen their exports reduced to a trickle over the past year as US&nbsp;President Donald Trump has tightened sanctions.

Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too.

While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further.

Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019.

WILDCARDS

OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem.

Nigerian exports have also suffered big from disruptions.

Meanwhile, US&nbsp;crude oil production is expected to rise to new records.

However, large US&nbsp;crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide.

The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions.

"We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average.

"Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers.

An attack on Saudi oil facilities on Saturday is believed to have disrupted half the country's production capacity, making the United States the only real holder of the global supply cushion via its ability to raise own output or to soften sanctions against other major oil producers. Saudi Arabia has yet to comment on the extent of damage on its oil production but industry sources have said some 5-6 million barrels per day (bpd) or 5-6 per cent of global supply has been affected. Saudi Arabia, the Organization of the Petroleum Exporting Countries' de-facto leader and largest producer, has been long seen as the custodian of the world's spare oil capacity. Spare capacity is the extra oil a producing country can bring onstream and sustain at short notice, providing global markets with a cushion in the event of natural disaster, conflict or any other cause of an unplanned supply outage. Industry sources have said Saudi Arabia will be able to restore supply within days. A prolonged supply outage will have a major bullish impact on oil prices, which in turn will spur further gains in the US shale production. The United States has briefly overtaken Saudi Arabia as the world largest crude exporter this year, only a few years after removing a ban on oil exports because of large needs at home as the world's largest oil consumer. Analysts have repeatedly underestimated US output growth gains with the country now producing around 15 per cent of global supply. Besides the United States, the only countries which have significant spare capacity are Iran and Venezuela. Both are subject to US sanctions and have seen their exports reduced to a trickle over the past year as US President Donald Trump has tightened sanctions. Iran has seen its exports falling by over 2 million bpd since the sanctions have been imposed and Venezuela have seen its exports plummeting too. While analysts expect Venezuelan production to more or less stabilising at current levels of around 700,000-800,000 bpd for the rest of the year, Iranian oil production is forecast to fall further. Energy Aspects has said it expects OPEC spare capacity to fall to below 1 million bpd in the fourth quarter from two million bpd in the second quarter of 2019. WILDCARDS OPEC member Libya is in the middle of a civil war, which threatens its ability to continue pumping oil. Another big Libyan disruption would add to the shocks and highlight the spare capacity problem. Nigerian exports have also suffered big from disruptions. Meanwhile, US crude oil production is expected to rise to new records. However, large US crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide. The International Energy Agency, which coordinates energy policies of industrialised nations, said on Saturday the markets were still well supplies despite the Saudi disruptions. "We are massively oversupplied," said Christyan Malek, head of oil and gas research for Europe, Middle East and Africa at J.P. Morgan, adding it would take five months of a 5 million-bpd outage to take global crude supply levels back to a 40-year normal average. "Having said that, this attack introduces a new, irreversible risk premium into the market," he added.

Global spare oil capacity in United States hands after Saudi outage

Finance Minister Nirmala Sitharaman on Saturday said that inflation is under control and there is a clear sign of revival of industrial production.

Addressing a press conference here, Sitharaman said inflation in the range of 2.5 to 4 per cent is considered safe and it has been held under four per cent.

Referring to industrial production, she said there was clear sign of revival in the first quarter of 2019-20.

"Revival of fixed investment is also showing a positive picture," she added.

The minister said there was also a clear sign of revival of Foreign Direct Investment. She said that reserves have gone up in August-end and one of the best-level of reserves was being maintained.

Finance Minister Nirmala Sitharaman on Saturday said that inflation is under control and there is a clear sign of revival of industrial production. Addressing a press conference here, Sitharaman said inflation in the range of 2.

Finance Minister Nirmala Sitharaman on Saturday said that inflation is under control and there is a clear sign of revival of industrial production. Addressing a press conference here, Sitharaman said inflation in the range of 2.5 to 4 per cent is considered safe and it has been held under four per cent. Referring to industrial production, she said there was clear sign of revival in the first quarter of 2019-20. "Revival of fixed investment is also showing a positive picture," she added. The minister said there was also a clear sign of revival of Foreign Direct Investment. She said that reserves have gone up in August-end and one of the best-level of reserves was being maintained.

Inflation under control, clear sign of revival of industrial production: Sitharaman

Experts expressed optimism towards China's capital market as the country opens the market to global investors more and more in recent years.

China has been accelerating in opening up its financial market to overseas investment, with B-share, systems of Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII), Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Shanghai-London Stock Connect came into being.

The State Administration of Foreign Exchange (SAFE) Tuesday announced it would abolish the investment quota restrictions for QFII and RQFII to boost financial reforms and opening-up.

Ted Niggli, head of the Morgan Stanley Capital International (MSCI) Index Business in Asia Pacific, has been in China for seven years. MSCI set up its office in China as early as 2004.

He said there are three reasons for China to become an attractive investment destination for global investors.

"The investors being interested, the regulatory framework enhancing at a fast pace and the companies themselves changing, these are three important catalysts for us to believe that over time, China will be a strong destination of investments from investors around the world," said Niggli.

With MSCI, FTSE Russell, Standard and Poor's and Dow Jones entering the Chinese market and increasing the weight of the yuan-denominated A-shares in their indexes, the Chinese capital market is connecting closely with the global market.

Qian Jun, dean of Fanhai International School of Finance with Fudan University, said overseas investors will boost the healthy development of the stock market.

"Overseas institutional investors, particularly long-term institutional investors, follow the so-called rational value investment most. Their acts will promote the stock market to develop more healthily," said Qian.

The China Securities Regulatory Commission published 12 important goals of deepening the reform of the capital market on Tuesday, showing that China is speeding up in reforming its capital market in the future.

Zhang Wangjun, deputy director of the Marketing Department of the Commission, said they will take concrete actions to push forward the reform.

"We will pay attention to the general goal of forging a normative, transparent, open, vigorous and resilient capital market and take concrete actions to implement financial supply-side structural reform to better serve the overall situation of high-quality development of the economy," said Zhang.

Experts expressed optimism towards China's capital market as the country opens the market to global investors more and more in recent years. China has been accelerating in opening up its financial market to overseas investment, with B-share, systems of Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII), Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Shanghai-London Stock Connect came into being.

Experts expressed optimism towards China's capital market as the country opens the market to global investors more and more in recent years. China has been accelerating in opening up its financial market to overseas investment, with B-share, systems of Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII), Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, and Shanghai-London Stock Connect came into being. The State Administration of Foreign Exchange (SAFE) Tuesday announced it would abolish the investment quota restrictions for QFII and RQFII to boost financial reforms and opening-up. Ted Niggli, head of the Morgan Stanley Capital International (MSCI) Index Business in Asia Pacific, has been in China for seven years. MSCI set up its office in China as early as 2004. He said there are three reasons for China to become an attractive investment destination for global investors. "The investors being interested, the regulatory framework enhancing at a fast pace and the companies themselves changing, these are three important catalysts for us to believe that over time, China will be a strong destination of investments from investors around the world," said Niggli. With MSCI, FTSE Russell, Standard and Poor's and Dow Jones entering the Chinese market and increasing the weight of the yuan-denominated A-shares in their indexes, the Chinese capital market is connecting closely with the global market. Qian Jun, dean of Fanhai International School of Finance with Fudan University, said overseas investors will boost the healthy development of the stock market. "Overseas institutional investors, particularly long-term institutional investors, follow the so-called rational value investment most. Their acts will promote the stock market to develop more healthily," said Qian. The China Securities Regulatory Commission published 12 important goals of deepening the reform of the capital market on Tuesday, showing that China is speeding up in reforming its capital market in the future. Zhang Wangjun, deputy director of the Marketing Department of the Commission, said they will take concrete actions to push forward the reform. "We will pay attention to the general goal of forging a normative, transparent, open, vigorous and resilient capital market and take concrete actions to implement financial supply-side structural reform to better serve the overall situation of high-quality development of the economy," said Zhang.

Experts optimistic about China's capital market

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce.

Brilliant said this on Wednesday during an interview on the sidelines of the <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US-China</a> CEO's Dialogue running from Tuesday to Wednesday in Beijing.

"The two business communities understand there are no winners when you have a trade war, there are only losers.

China will lose, the United States will lose, and the global economy will lose. So we want to encourage our governments to work closely. I'm hopeful that the two countries and the two leaders understand what's at stake, and now it's a question about getting it done. There has to be a sense of urgency," Brilliant said.

"What we need is for truth, a trade truth between the two sides, calmer waters with the long-term goal of having a high standard comprehensive trade agreement. And we need to see compromise, and we need to see the negotiations on the basis of mutual respect on both sides," he said.

The US-China CEO's Dialogue, which was organized by the China Center for International Economic Exchanges and the US Chamber of Commerce, brought 20 business leaders from both countries together to share their views on the on-going trade dispute between the world's two largest economies. 
&nbsp;

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce.

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce. Brilliant said this on Wednesday during an interview on the sidelines of the US-China CEO's Dialogue running from Tuesday to Wednesday in Beijing. "The two business communities understand there are no winners when you have a trade war, there are only losers. China will lose, the United States will lose, and the global economy will lose. So we want to encourage our governments to work closely. I'm hopeful that the two countries and the two leaders understand what's at stake, and now it's a question about getting it done. There has to be a sense of urgency," Brilliant said. "What we need is for truth, a trade truth between the two sides, calmer waters with the long-term goal of having a high standard comprehensive trade agreement. And we need to see compromise, and we need to see the negotiations on the basis of mutual respect on both sides," he said. The US-China CEO's Dialogue, which was organized by the China Center for International Economic Exchanges and the US Chamber of Commerce, brought 20 business leaders from both countries together to share their views on the on-going trade dispute between the world's two largest economies.

American business community wants trade deal between US, China

With US-China trade tensions roiling markets, investors are counting on support for stocks coming from a Federal Reserve willing to keep cutting interest rates to help the US economy avoid a severe downturn.

A quarter-point rate reduction is widely expected when the Fed issues its next policy statement on Wednesday, which would be the central bank's second such cut after lowering rates in July for the first time since 2008. That puts the greater focus on clues about how much further the Fed will go.

“If the Fed gives forward guidance that suggests less than what the market is thinking, then you will probably see markets sell-off," said Jamie Cox, managing partner of Harris Financial Group in Richmond, Virginia. "So long as the Fed plays along with what markets are pricing in think markets will be very stable.”

The Fed's 180-degree pivot from tightening monetary policy last year to easing it has helped drive the stock market's overall strong performance in 2019. The benchmark S&amp;P 500 has climbed 20 per cent this year and is near all-time highs.

The central bank in July cited signs of a global slowdown, simmering US-China trade tensions and a desire to boost too-low inflation as it lowered borrowing costs.

Markets are pricing in a near 90 per cent probability that the Fed will shave another quarter-point from its current overnight lending rate of 2.00 per cent to 2.25 per cent, according to the CME Group's FedWatch tool. There is a roughly 65 per cent probability that the Fed makes at least one more quarter-point cut by the end of the year, according to FedWatch.

"The market is going to want to see a focus that we have a cut and there is likely more coming," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. "They want to know that the Fed is vigilant and will act aggressively if needed."

That raises the importance of the newest set of policymakers' rate-path projections - the so-called dot plot - that will be released along with the rate decision. UBS economists said in a note they expect that will shift lower overall for 2019, but project only two cuts total for the year, which could irk both investors and a <a href="https://www.wionews.com/world/turkeys-erdogan-to-discuss-with-trump-buying-us-patriot-missiles-249560">US president</a> eager for a more aggressive posture.

President Donald Trump has frequently criticized the Fed for not cutting rates more swiftly and significantly, with the Fed chair he appointed, Jerome Powell, the primary target of his ire.

The European Central Bank's decision on Thursday to cut interest rates and restart a larger stimulus program could further pressure the Fed to cut rates, as the ECB's move stands to weaken the euro against the dollar and thereby drive up the price of US exports - an issue that especially vexes Trump.

Powell, who will give a news conference after the central bank issues its statement, has made comments in the past that have shaken the market, including in July, when he said the bank's rate cut might not be the start of a lengthy easing campaign to shore up the economy.

"Every meeting has the ability for Jay Powell to say something that upsets markets a little bit,” said Arthur Hogan, chief market strategist at National Securities Corp.

Powell "has had enough practice to know that he does not want to move markets or make news,” he added.

Of the past eight easing cycles since 1981, four have been "insurance" cycles, when economic problems loom but the economy is not in a recession, while four were pre-recession cycles, according to research from Allianz Global Investors.

One year into an easing cycle, the S&amp;P 500 rose an average of 20.4 per cent during insurance cycles, while the index fell an average of 10.2 per cent during pre-recession cycles, according to Allianz.

"Historically, what they’re doing now, which is cutting rates in an economy that is not in a recession and not really in any imminent risk of a recession, has been positive for the stock market," said Mona Mahajan, US investment strategist at Allianz.

The stock market overall has typically responded well to a second rate cut, which Wednesday's would be, with the Dow Jones Industrial Average rising an average of 20.3 per cent one year later, according to Ned Davis Research. The weakest performance has come when the Fed tried and failed to prevent a recession.

The probability of a recession in the next 12 months is nearly 38 per cent, its highest in about a decade, according to the New York Fed's recession indicator, which is based on the US Treasury yield curve. Last month, yields on two-year US bonds exceeded those on 10-year notes, an inversion of the yield curve that is seen as an omen of recession.

An escalation in the US-China tariff war is contributing to economic uncertainty and is top among concerns for stock investors. Late last month, a key speech from Powell was upstaged when Trump issued tweets that heightened trade tensions.

“I do think it’s important that the Fed helps ease financial conditions and helps reduce the probability of recession," SunTrust's Lerner said. "If the tariff fight ratchets up more, then what the Fed does, the effect will be less.

With US-China trade tensions roiling markets, investors are counting on support for stocks coming from a Federal Reserve willing to keep cutting interest rates to help the US economy avoid a severe downturn.

With US-China trade tensions roiling markets, investors are counting on support for stocks coming from a Federal Reserve willing to keep cutting interest rates to help the US economy avoid a severe downturn. A quarter-point rate reduction is widely expected when the Fed issues its next policy statement on Wednesday, which would be the central bank's second such cut after lowering rates in July for the first time since 2008. That puts the greater focus on clues about how much further the Fed will go. “If the Fed gives forward guidance that suggests less than what the market is thinking, then you will probably see markets sell-off," said Jamie Cox, managing partner of Harris Financial Group in Richmond, Virginia. "So long as the Fed plays along with what markets are pricing in think markets will be very stable.” The Fed's 180-degree pivot from tightening monetary policy last year to easing it has helped drive the stock market's overall strong performance in 2019. The benchmark S&P 500 has climbed 20 per cent this year and is near all-time highs. The central bank in July cited signs of a global slowdown, simmering US-China trade tensions and a desire to boost too-low inflation as it lowered borrowing costs. Markets are pricing in a near 90 per cent probability that the Fed will shave another quarter-point from its current overnight lending rate of 2.00 per cent to 2.25 per cent, according to the CME Group's FedWatch tool. There is a roughly 65 per cent probability that the Fed makes at least one more quarter-point cut by the end of the year, according to FedWatch. "The market is going to want to see a focus that we have a cut and there is likely more coming," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. "They want to know that the Fed is vigilant and will act aggressively if needed." That raises the importance of the newest set of policymakers' rate-path projections - the so-called dot plot - that will be released along with the rate decision. UBS economists said in a note they expect that will shift lower overall for 2019, but project only two cuts total for the year, which could irk both investors and a US president eager for a more aggressive posture. President Donald Trump has frequently criticized the Fed for not cutting rates more swiftly and significantly, with the Fed chair he appointed, Jerome Powell, the primary target of his ire. The European Central Bank's decision on Thursday to cut interest rates and restart a larger stimulus program could further pressure the Fed to cut rates, as the ECB's move stands to weaken the euro against the dollar and thereby drive up the price of US exports - an issue that especially vexes Trump. Powell, who will give a news conference after the central bank issues its statement, has made comments in the past that have shaken the market, including in July, when he said the bank's rate cut might not be the start of a lengthy easing campaign to shore up the economy. "Every meeting has the ability for Jay Powell to say something that upsets markets a little bit,” said Arthur Hogan, chief market strategist at National Securities Corp. Powell "has had enough practice to know that he does not want to move markets or make news,” he added. Of the past eight easing cycles since 1981, four have been "insurance" cycles, when economic problems loom but the economy is not in a recession, while four were pre-recession cycles, according to research from Allianz Global Investors. One year into an easing cycle, the S&P 500 rose an average of 20.4 per cent during insurance cycles, while the index fell an average of 10.2 per cent during pre-recession cycles, according to Allianz. "Historically, what they’re doing now, which is cutting rates in an economy that is not in a recession and not really in any imminent risk of a recession, has been positive for the stock market," said Mona Mahajan, US investment strategist at Allianz. The stock market overall has typically responded well to a second rate cut, which Wednesday's would be, with the Dow Jones Industrial Average rising an average of 20.3 per cent one year later, according to Ned Davis Research. The weakest performance has come when the Fed tried and failed to prevent a recession. The probability of a recession in the next 12 months is nearly 38 per cent, its highest in about a decade, according to the New York Fed's recession indicator, which is based on the US Treasury yield curve. Last month, yields on two-year US bonds exceeded those on 10-year notes, an inversion of the yield curve that is seen as an omen of recession. An escalation in the US-China tariff war is contributing to economic uncertainty and is top among concerns for stock investors. Late last month, a key speech from Powell was upstaged when Trump issued tweets that heightened trade tensions. “I do think it’s important that the Fed helps ease financial conditions and helps reduce the probability of recession," SunTrust's Lerner said. "If the tariff fight ratchets up more, then what the Fed does, the effect will be less.

Wall Street Week Ahead: With rate cut likely, market wonders how low Fed will go

Hong Kong's exchange refused to give up on its bid to take over the <a href="https://www.wionews.com/world/london-stock-exchange-rejects-hong-kong-takeover-bid-249493">London Stock Exchange</a> after the British bourse emphatically rejected its $39 billion takeover offer on Friday.

The Hong Kong exchange said it would now hold more talks with LSE investors as it considers its next step, aiming to keep alive its hopes of becoming a more global player to rival US giants ICE and CME.

"HKEX believes that shareholders in LSEG should have the opportunity to analyse in detail both transactions and will continue to engage with them," it said in a statement.

The LSE said earlier on Friday, as it rebuffed the Hong Kong approach, that it was sticking with its $27 billion acquisition of data and analytics company Refinitiv - a deal that the HKEX offer had required the London exchange to abandon.

It told HKEX in a letter that it had fundamental concerns about key aspects of its takeover proposal which it said had no strategic merit, and that HKEX's relationship with the Hong Kong government would "complicate matters".

HKEX's valuation of the LSE falls "substantially short" and the "ongoing situation in Hong Kong" adds to uncertainty for shareholders, the London bourse added, a reference to weeks of pro-democracy street protests in the former British colony.

"Accordingly, the board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE said in a statement.

HKEX, Hong Kong Exchanges and Clearing, said it was disappointed the LSE has refused to "properly engage" in a compelling proposal.

A source close to HKEX added the quick dismissal of the surprise offer, announced on Wednesday, meant the Hong Kong bourse had very little time to discuss their proposal with investors, a sentiment echoed by some shareholders.

"As shareholders in LSE, it's difficult to evaluate the merits of a combination with HKEX as we have been given no information on potential synergies," said James Bevan, chief investment officer at CCLA, which holds a small stake.

LSE shares, however, rose on the news of the offer rejection and closed up 2.73 per cent at 7,450 pence.

LSE's blunt rejection letter said the Hong Kong offer did not meet its strategic objectives. It said it was sticking with its core strategy of expanding into data with the Refinitiv deal, rather than taking a "significant backward step" by bulking up on market transactions in the HKEX proposal.

The LSE also said a Hong Kong takeover could well be rejected by regulators or governments in Britain, the United States, and Italy. HKEX's assertion that implementing the deal would be swift and certain "is simply not credible", it added.

The LSE also owns the Milan exchange and has a significant American presence through its FTSE Russell index subsidiary and LCH, its derivatives clearing house which dominates the US dollar swap market.

HKEX added on Friday that it had held initial constructive discussions with regulators and policymakers. But a regulatory source in Britain said no substantive discussions had been held on the proposed deal so far.

Higher or Hostile?

The flat rejection indicates HKEX boss Charles Li is unlikely to win the LSE board round with an improved financial offer, meaning he may have to go hostile if he wants to persist. He would need to launch a major charm offensive with investors to convince them the LSE board is wrong.

However, a source close to the LSE said even if the cash component of HKEX's cash-and shares offer was raised, it would increase the risk for a combined group by piling on more leverage.

The source said a higher bid by the Hong Kong exchange or going hostile was unlikely to succeed because its proposal was "just too weak on every fundamental point".

A deal will be also challenging given the troubled history of big exchange mergers, combined with Hong Kong's current unrest.

The industry has been littered with attempts at cross-border tie-ups for over a decade as profits from the traditional business of running stock markets and clearing houses have fallen. But proposed deals have collapsed in the face of regulatory and political opposition to core parts of a country's financial system falling into foreign hands.

This has pushed exchanges to look for related businesses for growth, with the likes of LSE and New York Stock Exchange owner ICE driving into more profitable and less politically sensitive areas like data and analytics, where revenue is rising.

"This (rejection) certainly makes it clear that even if the HK exchange were to reconsider the terms of the transaction, it shows fundamentally the LSE board would prefer to go down the Refinitiv route," said Michael Werner, an analyst at UBS.

HKEX made its offer just two days after its officials travelled to London to present it to LSE Chief Executive David Schwimmer for the first time. It has been coolly received by shareholders on both sides so far.

Protests and Politics

Analysts said a perception that Beijing is exerting growing influence over Hong Kong was a key sticking point for an LSE takeover, given the Hong Kong government's close links with the HKEX. The Hong Kong government is the biggest shareholder in HKEX, with a 6 per cent stake and approves six of the 13 board members.

Hong Kong is entering a fourth month of sometimes violent protests sparked by legislation that would have drawn the former British colony closer to the Chinese legal system.

Fitch Ratings said, before the LSE's rejection of the offer, that "increasing control by Chinese authorities over Hong Kong" could raise regulatory concerns in Britain and the United States about data and information security.

HKEX, for its part, had touted the deal as providing London with a major gateway to the Chinese economy, but the LSE said HKEX did not provide the best long-term option.

"We value our mutually beneficial partnership with the Shanghai Stock Exchange which is our preferred and direct channel to access the many opportunities with China," the LSE said.

The LSE and Shanghai have recently launched a share trading link.

Earlier on Friday, ahead of the rejection, HKEX boss Li told Reuters that his proposal was one about boosting the long-term fortunes of both exchanges.

"Whoever can come up with a system that either allows money to go into China or allow the Chinese money to come out is going to really, really transform global financial markets."

Hong Kong's exchange refused to give up on its bid to take over the London Stock Exchange after the British bourse emphatically rejected its $39 billion takeover offer on Friday.

Hong Kong's exchange refused to give up on its bid to take over the London Stock Exchange after the British bourse emphatically rejected its $39 billion takeover offer on Friday. The Hong Kong exchange said it would now hold more talks with LSE investors as it considers its next step, aiming to keep alive its hopes of becoming a more global player to rival US giants ICE and CME. "HKEX believes that shareholders in LSEG should have the opportunity to analyse in detail both transactions and will continue to engage with them," it said in a statement. The LSE said earlier on Friday, as it rebuffed the Hong Kong approach, that it was sticking with its $27 billion acquisition of data and analytics company Refinitiv - a deal that the HKEX offer had required the London exchange to abandon. It told HKEX in a letter that it had fundamental concerns about key aspects of its takeover proposal which it said had no strategic merit, and that HKEX's relationship with the Hong Kong government would "complicate matters". HKEX's valuation of the LSE falls "substantially short" and the "ongoing situation in Hong Kong" adds to uncertainty for shareholders, the London bourse added, a reference to weeks of pro-democracy street protests in the former British colony. "Accordingly, the board unanimously rejects the conditional proposal and, given its fundamental flaws, sees no merit in further engagement," the LSE said in a statement. HKEX, Hong Kong Exchanges and Clearing, said it was disappointed the LSE has refused to "properly engage" in a compelling proposal. A source close to HKEX added the quick dismissal of the surprise offer, announced on Wednesday, meant the Hong Kong bourse had very little time to discuss their proposal with investors, a sentiment echoed by some shareholders. "As shareholders in LSE, it's difficult to evaluate the merits of a combination with HKEX as we have been given no information on potential synergies," said James Bevan, chief investment officer at CCLA, which holds a small stake. LSE shares, however, rose on the news of the offer rejection and closed up 2.73 per cent at 7,450 pence. LSE's blunt rejection letter said the Hong Kong offer did not meet its strategic objectives. It said it was sticking with its core strategy of expanding into data with the Refinitiv deal, rather than taking a "significant backward step" by bulking up on market transactions in the HKEX proposal. The LSE also said a Hong Kong takeover could well be rejected by regulators or governments in Britain, the United States, and Italy. HKEX's assertion that implementing the deal would be swift and certain "is simply not credible", it added. The LSE also owns the Milan exchange and has a significant American presence through its FTSE Russell index subsidiary and LCH, its derivatives clearing house which dominates the US dollar swap market. HKEX added on Friday that it had held initial constructive discussions with regulators and policymakers. But a regulatory source in Britain said no substantive discussions had been held on the proposed deal so far. Higher or Hostile? The flat rejection indicates HKEX boss Charles Li is unlikely to win the LSE board round with an improved financial offer, meaning he may have to go hostile if he wants to persist. He would need to launch a major charm offensive with investors to convince them the LSE board is wrong. However, a source close to the LSE said even if the cash component of HKEX's cash-and shares offer was raised, it would increase the risk for a combined group by piling on more leverage. The source said a higher bid by the Hong Kong exchange or going hostile was unlikely to succeed because its proposal was "just too weak on every fundamental point". A deal will be also challenging given the troubled history of big exchange mergers, combined with Hong Kong's current unrest. The industry has been littered with attempts at cross-border tie-ups for over a decade as profits from the traditional business of running stock markets and clearing houses have fallen. But proposed deals have collapsed in the face of regulatory and political opposition to core parts of a country's financial system falling into foreign hands. This has pushed exchanges to look for related businesses for growth, with the likes of LSE and New York Stock Exchange owner ICE driving into more profitable and less politically sensitive areas like data and analytics, where revenue is rising. "This (rejection) certainly makes it clear that even if the HK exchange were to reconsider the terms of the transaction, it shows fundamentally the LSE board would prefer to go down the Refinitiv route," said Michael Werner, an analyst at UBS. HKEX made its offer just two days after its officials travelled to London to present it to LSE Chief Executive David Schwimmer for the first time. It has been coolly received by shareholders on both sides so far. Protests and Politics Analysts said a perception that Beijing is exerting growing influence over Hong Kong was a key sticking point for an LSE takeover, given the Hong Kong government's close links with the HKEX. The Hong Kong government is the biggest shareholder in HKEX, with a 6 per cent stake and approves six of the 13 board members. Hong Kong is entering a fourth month of sometimes violent protests sparked by legislation that would have drawn the former British colony closer to the Chinese legal system. Fitch Ratings said, before the LSE's rejection of the offer, that "increasing control by Chinese authorities over Hong Kong" could raise regulatory concerns in Britain and the United States about data and information security. HKEX, for its part, had touted the deal as providing London with a major gateway to the Chinese economy, but the LSE said HKEX did not provide the best long-term option. "We value our mutually beneficial partnership with the Shanghai Stock Exchange which is our preferred and direct channel to access the many opportunities with China," the LSE said. The LSE and Shanghai have recently launched a share trading link. Earlier on Friday, ahead of the rejection, HKEX boss Li told Reuters that his proposal was one about boosting the long-term fortunes of both exchanges. "Whoever can come up with a system that either allows money to go into China or allow the Chinese money to come out is going to really, really transform global financial markets."

Hong Kong exchange vows to press on with $39 billion London Stock Exchange bid after rebuff

The government on Saturday announced Rs 10,000 crore funds to boost affordable and middle income housing. The government will make funding available for housing projects that are not in a bankruptcy process or classified as non-performing assets, Nirmala Sitharaman said during a press conference in New Delhi.

The government on Saturday announced Rs 10,000 crore funds to boost affordable and middle income housing. The government will make funding available for housing projects that are not in a bankruptcy process or classified as non-performing assets, Nirmala Sitharaman said during a press conference in New Delhi. Sitharaman also announced various measures designed to aid India's slowing economy. She said the government would also relax external commercial borrowing guidelines for projects in the country's affordable housing scheme. Measures to boost exports The government will relax rules for lending to priority sectors, Sitharaman said, forecasting the move could lead to banks providing up to an extra Rs 50,000 crore of export credit to help revive a slowing economy. During a press conference in New Delhi, Sitharaman also detailed other steps, including improved insurance cover to banks that lend to exporters and the digitalization of certain services that she said would further bolster exports. (With inputs from Reuters)

Government to provide Rs 10,000 crore funds to boost affordable, mid-income housing

Finance Minister Nirmala Sitharaman at National Media Centre today addresses media on the Indian economy's state. Let's Listen in...

Finance Minister Nirmala Sitharaman addresses media on the Indian economy's state

Indian shares ticked up on Friday led by auto stocks, while gains in broader Asia on improving Sino-US trade relations and a rate cut from the European Central Bank eased fears of a global economic slowdown, boosting investor confidence.

The broader NSE Nifty was up 0.29 per cent&nbsp;at 11,015.35 as of 0400 GMT, while the benchmark BSE Sensex was 0.29 per cent&nbsp;higher at 37,213.93.

Asian shares inched higher after the European Central Bank delivered bigger-than-expected stimulus on Thursday and US President Donald Trump did not rule out the possibility of an interim pact with China ahead of talks between senior trade negotiators in early October.

MSCI`s broadest index of Asia-Pacific shares outside Japan ticked up 0.3 per cent though mainland China and South Korea were closed for public holidays.

"Internationally, there is good news. Central banks are doing whatever they need to do to revive growth," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"People are hoping against hopes that government will take steps to help revive demand."

In domestic markets, the NSE auto index rose as much as 1.06 per cent.

The automobile sector is seeking a Goods and Services Tax (GST) cut to help revive demand for products. Markets await the outcome the GST council`s Sept 20 meeting where it is expected to decide on the matter.

The NSE IT index was up as much as 0.49 per cent, with shares of Wipro Ltd adding about 1.17 per cent.

Meanwhile, core inflation, which excludes food and fuel, moderated to 4.2 per cent&nbsp;in August 2019 from 4.25 per cent&nbsp;in July, suggesting that demand conditions remain sluggish, data showed on Thursday.

A slowdown in Asia`s third-largest economy has dampened demand for everything from cars to underwear, with the crucial automobile manufacturing sector hit particularly hard.

The India volatility index was down 1.2 per cent&nbsp;at 0401 GMT.

Among the losers, the NSE public sector bank index, which tracks state-owned lenders, shed about 0.59 per cent, with State Bank of India falling as much as 1.06 per cent.

Indian shares ticked up on Friday led by auto stocks, while gains in broader Asia on improving Sino-US trade relations and a rate cut from the European Central Bank eased fears of a global economic slowdown, boosting investor confidence.

Indian shares ticked up on Friday led by auto stocks, while gains in broader Asia on improving Sino-US trade relations and a rate cut from the European Central Bank eased fears of a global economic slowdown, boosting investor confidence. The broader NSE Nifty was up 0.29 per cent at 11,015.35 as of 0400 GMT, while the benchmark BSE Sensex was 0.29 per cent higher at 37,213.93. Asian shares inched higher after the European Central Bank delivered bigger-than-expected stimulus on Thursday and US President Donald Trump did not rule out the possibility of an interim pact with China ahead of talks between senior trade negotiators in early October. MSCI`s broadest index of Asia-Pacific shares outside Japan ticked up 0.3 per cent though mainland China and South Korea were closed for public holidays. "Internationally, there is good news. Central banks are doing whatever they need to do to revive growth," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "People are hoping against hopes that government will take steps to help revive demand." In domestic markets, the NSE auto index rose as much as 1.06 per cent. The automobile sector is seeking a Goods and Services Tax (GST) cut to help revive demand for products. Markets await the outcome the GST council`s Sept 20 meeting where it is expected to decide on the matter. The NSE IT index was up as much as 0.49 per cent, with shares of Wipro Ltd adding about 1.17 per cent. Meanwhile, core inflation, which excludes food and fuel, moderated to 4.2 per cent in August 2019 from 4.25 per cent in July, suggesting that demand conditions remain sluggish, data showed on Thursday. A slowdown in Asia`s third-largest economy has dampened demand for everything from cars to underwear, with the crucial automobile manufacturing sector hit particularly hard. The India volatility index was down 1.2 per cent at 0401 GMT. Among the losers, the NSE public sector bank index, which tracks state-owned lenders, shed about 0.59 per cent, with State Bank of India falling as much as 1.06 per cent.

Nifty, Sensex track broader Asia higher; auto stocks lead gains

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March.

"In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank.

"The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price."

Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while<a href="https://www.wionews.com/business-economy/us-briefly-overtakes-saudi-arabia-as-top-oil-exporter-international-energy-agency-249182"> US</a> West Texas Intermediate fell 27 cents to $54.82.

Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors.

"Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term."

Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks.

Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day.

The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year.

An OPEC+ monitoring committee met this week and secured pledges from<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741"> OPEC </a>members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs.

Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute.

Oil slipped to around $60 a barrel on Friday as concern about a slowdown in the global economy and oil demand outweighed hints of progress in the US-China trade dispute. OPEC and the International Energy Agency (IEA) both issued reports this week pointing to an oil surplus next year, despite a pact by OPEC and its allies, a producer alliance known as OPEC+, to limit supplies. The deal runs until March. "In order to avoid a price slide and a massive inventory build, OPEC+ would need to implement further voluntary production cuts," said Eugen Weinberg, analyst at Commerzbank. "The challenge facing OPEC+ is thus likely to become even bigger next year, maintaining the pressure on the oil price." Benchmark Brent crude was down 20 cents at $60.18 a barrel by 0955 GMT, while US West Texas Intermediate fell 27 cents to $54.82. Hopes of progress in the US-China trade dispute lent support. The world's two largest economies are preparing for a new round of talks aimed at curbing the spat and have been making conciliatory gestures, cheering investors. "Both sides have made further displays of goodwill," said Stephen Brennock of broker PVM. "The upshot is that no further deterioration in the economic environment is expected, hence the downside for oil prices should be limited in the near term." Brent has traded in a range of nearly $5 this week and is heading for its first weekly loss in five weeks. The US benchmark, similarly volatile, was on track for the first weekly drop in three weeks. Brent is up 12 per cent in 2019, helped by the deal between the Organization of the Petroleum Exporting Countries and allies including Russia to cut output by 1.2 million barrels per day. The producers are trying to stop inventories from building up and, in a sign, the plan is bearing fruit, US crude oil stocks fell last week to the lowest in nearly a year. An OPEC+ monitoring committee met this week and secured pledges from OPEC members Nigeria and Iraq to deliver their share of the cut, something they have failed to do so far, but made no progress on possibly deepening the supply curbs. Some OPEC delegates say the idea of a larger cut for next year is gaining support. But Saudi Arabia's new energy minister said talks on that issue would be left until the next OPEC+ meeting in December.

Oil slips towards $60 on demand worries, despite trade hopes

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies.

"Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference.

The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.

The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.

The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.

The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.&nbsp;

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies.

International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies. "Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference. The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data. The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand. The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report. The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement. The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.

India's economic growth is 'much weaker' than expected: International Monetary Fund

The British pound hit a seven-week high against the dollar Friday on easing fears of a no-deal Brexit.

Stock markets meanwhile won support after <a href="https://www.wionews.com/world/asian-markets-extend-gains-as-optimism-slowly-returns-249012">China</a> said some US agricultural products including pork and soybeans would be exempt from added tariffs, ahead of trade talks between Beijing and Washington scheduled for October.

The announcement is the latest in a series of appeasement measures between the world's two biggest economies, who for the past year have been locked in a bitter trade war resulting in tit-for-tat tariffs on hundreds of billions of dollars in bilateral trade.

In foreign exchange, the pound was in focus after the UK currency jumped one per cent to $1.2476, the highest level since late July.

Sterling won strong ground also versus the euro, which had been gaining on European Central Bank plans to stimulate the struggling eurozone economy.

The pound "has rallied as traders are less fearful about the possibility of a no-deal Brexit", noted David Madden, an analyst at CMC Markets UK.

It comes after Britain's parliamentary speaker warned Prime Minister <a href="https://www.wionews.com/world/cautiously-optimistic-on-brexit-deal-says-pm-boris-johnson-ahead-of-eu-meeting-249472">Boris Johnson</a> not to disobey the law by refusing to ask for a Brexit delay and vowed to thwart any attempt to circumvent legislation.

'Most terrible example'

Parliament passed a law earlier this month aimed at preventing a no-deal Brexit, but Johnson is adamant Britain will still leave the EU on schedule on October 31 with or without a withdrawal agreement.

The speaker of Britain's House of Commons John Bercow said disobeying the law "would be the most terrible example to set to the rest of society", according to Britain's Press Association news agency.

In a speech in London on Thursday, Bercow warned if the government comes close to doing so, parliament "would want to cut off such a possibility and do so forcefully".

The pound's rally in reaction to Bercow hit London's benchmark FTSE 100 stocks index that features a number of multinationals earning in dollars.

"The FTSE 100 is slightly lower as the strength of sterling is causing the British index to underperform against its continental counterparts," Madden added.

"Internationally focused firms are lower."

No big bazooka

Earlier, equities rose in Asia after the ECB on Thursday unveiled a fresh round of economic stimulus and another interest rate cut.

Global markets had been buoyed this week by a growing sense that central banks globally were set on easing monetary policy to support growth, and the ECB did not disappoint.

It said it would restart its bond-buying quantitative easing programme to boost liquidity, provide support for struggling banks and reduce borrowing costs deeper into negative territory in a bid to kickstart lending.

The announcement, while slightly short of expectations, was broadly cheered by markets, sending equities in Europe and New York higher Thursday.

"In the end, it wasn't a big bazooka, but ECB President Mario Draghi did his level best trying to convince investors that monetary policy will remain extremely accommodative for some considerable time to come," said Gavin Friend, a senior market strategist at National Australia Bank.

The news also provided further hope that the Federal Reserve would cut rates at its meeting next week, even though data showed a jump in US inflation last month.

The British pound hit a seven-week high against the dollar Friday on easing fears of a no-deal Brexit. Stock markets meanwhile won support after China said some US agricultural products including pork and soybeans would be exempt from added tariffs, ahead of trade talks between Beijing and Washington scheduled for October.

The British pound hit a seven-week high against the dollar Friday on easing fears of a no-deal Brexit. Stock markets meanwhile won support after China said some US agricultural products including pork and soybeans would be exempt from added tariffs, ahead of trade talks between Beijing and Washington scheduled for October. The announcement is the latest in a series of appeasement measures between the world's two biggest economies, who for the past year have been locked in a bitter trade war resulting in tit-for-tat tariffs on hundreds of billions of dollars in bilateral trade. In foreign exchange, the pound was in focus after the UK currency jumped one per cent to $1.2476, the highest level since late July. Sterling won strong ground also versus the euro, which had been gaining on European Central Bank plans to stimulate the struggling eurozone economy. The pound "has rallied as traders are less fearful about the possibility of a no-deal Brexit", noted David Madden, an analyst at CMC Markets UK. It comes after Britain's parliamentary speaker warned Prime Minister Boris Johnson not to disobey the law by refusing to ask for a Brexit delay and vowed to thwart any attempt to circumvent legislation. 'Most terrible example' Parliament passed a law earlier this month aimed at preventing a no-deal Brexit, but Johnson is adamant Britain will still leave the EU on schedule on October 31 with or without a withdrawal agreement. The speaker of Britain's House of Commons John Bercow said disobeying the law "would be the most terrible example to set to the rest of society", according to Britain's Press Association news agency. In a speech in London on Thursday, Bercow warned if the government comes close to doing so, parliament "would want to cut off such a possibility and do so forcefully". The pound's rally in reaction to Bercow hit London's benchmark FTSE 100 stocks index that features a number of multinationals earning in dollars. "The FTSE 100 is slightly lower as the strength of sterling is causing the British index to underperform against its continental counterparts," Madden added. "Internationally focused firms are lower." No big bazooka Earlier, equities rose in Asia after the ECB on Thursday unveiled a fresh round of economic stimulus and another interest rate cut. Global markets had been buoyed this week by a growing sense that central banks globally were set on easing monetary policy to support growth, and the ECB did not disappoint. It said it would restart its bond-buying quantitative easing programme to boost liquidity, provide support for struggling banks and reduce borrowing costs deeper into negative territory in a bid to kickstart lending. The announcement, while slightly short of expectations, was broadly cheered by markets, sending equities in Europe and New York higher Thursday. "In the end, it wasn't a big bazooka, but ECB President Mario Draghi did his level best trying to convince investors that monetary policy will remain extremely accommodative for some considerable time to come," said Gavin Friend, a senior market strategist at National Australia Bank. The news also provided further hope that the Federal Reserve would cut rates at its meeting next week, even though data showed a jump in US inflation last month.

Pound jumps on Brexit hopes as global stocks firmer

London Stock Exchange Group on Friday formally rejected a takeover bid by its Hong Kong rival, citing "fundamental" flaws and concerns over its ties to the Hong Kong government.

In a statement, LSEG said management "unanimously rejects the conditional proposal" from Hong Kong Stock Exchange (HKEX) and "given its fundamental flaws, sees no merit in further engagement" regarding the offer worth almost £32 billion ($40 billion, 36 billion euros).

"There is no doubt that your unusual board structure and your relationship with the Hong Kong government will complicate matters," LSEG told HKEX bosses in a letter published alongside the rejection statement.

LSEG, which runs the London and Milan stock exchanges, added that it "remains committed to and continues to make good progress on its proposed acquisition" of US financial data provider Refinitiv.

The HKEX on Wednesday said its cash and shares offer for LSEG was conditional on terminating the Refinitiv deal.

LSEG on Friday said that the offer "falls substantially short of an appropriate valuation for a takeover".

The letter added that a tie-up with HKEX "would represent a significant backward step for LSEG strategically", while the British group expects to create "significant value" from its purchase of Refinitiv.

The HKSE Wednesday argued that a deal would create a combined group "ideally positioned to benefit from the evolving global macroeconomic landscape, connecting the established financial markets in the West with the emerging financial markets in the East, particularly in China".

In response, LSEG said Friday that it recognized "the scale of the opportunity in China and value greatly our relationships there. &nbsp;

"However, we do not believe HKEX provides us with the best long-term positioning in Asia or the best listing/trading platform for China. &nbsp;

"We value our mutually beneficial partnership with the Shanghai Stock Exchange which is our preferred and direct channel to access the many opportunities with China," the letter said.

The takeover bid came one month after the LSEG embarked on a huge deal to acquire Refinitiv, a move that would create a market information giant to rival US titan Bloomberg.

The Refinitiv deal comes two years after LSEG's failed £21-billion merger with Germany's Deutsche Boerse.

That proposal the third failed attempt at a tie-up between the British and German stock exchange operators was blocked by the European Commission on fears it would undercut the competition.

London Stock Exchange Group on Friday formally rejected a takeover bid by its Hong Kong rival, citing "fundamental" flaws and concerns over its ties to the Hong Kong government.

London Stock Exchange Group on Friday formally rejected a takeover bid by its Hong Kong rival, citing "fundamental" flaws and concerns over its ties to the Hong Kong government. In a statement, LSEG said management "unanimously rejects the conditional proposal" from Hong Kong Stock Exchange (HKEX) and "given its fundamental flaws, sees no merit in further engagement" regarding the offer worth almost £32 billion ($40 billion, 36 billion euros). "There is no doubt that your unusual board structure and your relationship with the Hong Kong government will complicate matters," LSEG told HKEX bosses in a letter published alongside the rejection statement. LSEG, which runs the London and Milan stock exchanges, added that it "remains committed to and continues to make good progress on its proposed acquisition" of US financial data provider Refinitiv. The HKEX on Wednesday said its cash and shares offer for LSEG was conditional on terminating the Refinitiv deal. LSEG on Friday said that the offer "falls substantially short of an appropriate valuation for a takeover". The letter added that a tie-up with HKEX "would represent a significant backward step for LSEG strategically", while the British group expects to create "significant value" from its purchase of Refinitiv. The HKSE Wednesday argued that a deal would create a combined group "ideally positioned to benefit from the evolving global macroeconomic landscape, connecting the established financial markets in the West with the emerging financial markets in the East, particularly in China". In response, LSEG said Friday that it recognized "the scale of the opportunity in China and value greatly our relationships there. "However, we do not believe HKEX provides us with the best long-term positioning in Asia or the best listing/trading platform for China. "We value our mutually beneficial partnership with the Shanghai Stock Exchange which is our preferred and direct channel to access the many opportunities with China," the letter said. The takeover bid came one month after the LSEG embarked on a huge deal to acquire Refinitiv, a move that would create a market information giant to rival US titan Bloomberg. The Refinitiv deal comes two years after LSEG's failed £21-billion merger with Germany's Deutsche Boerse. That proposal the third failed attempt at a tie-up between the British and German stock exchange operators was blocked by the European Commission on fears it would undercut the competition.

London Stock Exchange rejects Hong Kong takeover bid

The US government posted a $200 billion budget deficit in August, bringing the fiscal year-to-date deficit past $1 trillion, according to data released on Thursday by the <a href="https://www.wionews.com/world/us-treasury-is-nothing-more-than-a-jail-warden-tweets-irans-javad-zarif-247763">Treasury Department</a>.

Analysts polled by Reuters had expected a $195 billion deficit for the month.

The Treasury said federal spending in August was $428 billion, down 1% from the same month in 2018, while receipts were $228 billion, an increase of 4% compared with August 2018.

The deficit for the fiscal year to date was $1.067 trillion, compared with $898 billion in the comparable period the year earlier.

When adjusted for calendar effects, the deficit for August was $141 billion compared with an adjusted deficit of $146 billion in August 2018.

The adjusted fiscal year to date deficit was $1.017 trillion versus an adjusted $878 billion the prior period.

The US government posted a $200 billion budget deficit in August, bringing the fiscal year-to-date deficit past $1 trillion, according to data released on Thursday by the Treasury Department.

The US government posted a $200 billion budget deficit in August, bringing the fiscal year-to-date deficit past $1 trillion, according to data released on Thursday by the Treasury Department. Analysts polled by Reuters had expected a $195 billion deficit for the month. The Treasury said federal spending in August was $428 billion, down 1% from the same month in 2018, while receipts were $228 billion, an increase of 4% compared with August 2018. The deficit for the fiscal year to date was $1.067 trillion, compared with $898 billion in the comparable period the year earlier. When adjusted for calendar effects, the deficit for August was $141 billion compared with an adjusted deficit of $146 billion in August 2018. The adjusted fiscal year to date deficit was $1.017 trillion versus an adjusted $878 billion the prior period.

US budget deficit passes $1 trillion mark for fiscal 2019

The Sensex and the Nifty closed higher on Friday, led by a rally in banks and auto stocks, and notched up gains for the week as investors cheered signs of progress in the trade dispute between the United States and China.

The Nifty closed 0.85% up at 11,075.90, while the Sensex ended 0.76% higher at 37,384.99.&nbsp;

For the week, the Nifty and the Sensex posted gains of 1.18% and 1.09%, respectively.

US President Donald Trump said on Thursday he preferred a comprehensive trade deal with China, but did not rule out the possibility of an interim pact, even as he said an "easy" agreement would not be possible.

In the domestic market, the auto index was up 1.05% at close, while the banking index ended 1.01% higher.

Oil marketing companies led gains on the blue-chip index, with Bharat Petroleum Corp closing up 6.34% and Indian Oil Corp ending 4.58% higher, as oil prices slipped to around $60 a barrel on Friday.

Indiabulls Housing Finance was the top loser and closed 1.59% lower.

The Sensex and the Nifty closed higher on Friday, led by a rally in banks and auto stocks, and notched up gains for the week as investors cheered signs of progress in the trade dispute between the United States and China.

The Sensex and the Nifty closed higher on Friday, led by a rally in banks and auto stocks, and notched up gains for the week as investors cheered signs of progress in the trade dispute between the United States and China. The Nifty closed 0.85% up at 11,075.90, while the Sensex ended 0.76% higher at 37,384.99. For the week, the Nifty and the Sensex posted gains of 1.18% and 1.09%, respectively. US President Donald Trump said on Thursday he preferred a comprehensive trade deal with China, but did not rule out the possibility of an interim pact, even as he said an "easy" agreement would not be possible. In the domestic market, the auto index was up 1.05% at close, while the banking index ended 1.01% higher. Oil marketing companies led gains on the blue-chip index, with Bharat Petroleum Corp closing up 6.34% and Indian Oil Corp ending 4.58% higher, as oil prices slipped to around $60 a barrel on Friday. Indiabulls Housing Finance was the top loser and closed 1.59% lower.

Sensex, Nifty end higher on rally in banks, autos

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday.

The budget also predicts Argentina's economy, Latin America's third-largest, will contract by an average of 2.6 per cent in 2019 but will return to growth of 1 per cent in 2020.

The treasury officials, who shared the figures but asked not to be identified, said the budget would be sent to Congress on September 16.

The much anticipated fiscal plans will figure prominently into Argentina's efforts to stem an economic crisis that has plunged a third of its citizens into poverty and ratcheted up inflation.

Tight monetary policy had helped tame inflation in the months before the August 11 primary election. But the peso crashed along with the country's bonds after Peronist Alberto Fernandez trounced market-friendly president Mauricio Macri, sending consumer prices spiralling again.

The shock result spooked investors, who worry especially about Fernandez's running-mate, ex-President Cristina Fernandez de Kirchner, recalling the interventionist policies she imposed during her two terms between 2007 and 2015.

The peso lost a quarter of its value against the dollar in August and the central bank burned up reserves to stem the decline. Macri ultimately imposed currency controls, and the peso has steadied over the last week.

The 2020 budget predicts the average exchange rate will weaken to 67 pesos per dollar in 2020, from 48 pesos to the dollar in 2019, the treasury officials said.

The current account deficit is expected to hit 0.9 per cent of GDP in 2019, then revert to a surplus of 0.4 per cent of GDP in 2020.

The budget also forecasts a trade surplus of $16.1 bln in 2019, increasing slightly to $17.5 bln in 2020, the officials said.

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday.

Argentina's inflation rate is expected at 53 per cent in December 2019, but will fall back to 34 per cent the following year, according to projections in the forthcoming 2020 budget, treasury officials said on Wednesday. The budget also predicts Argentina's economy, Latin America's third-largest, will contract by an average of 2.6 per cent in 2019 but will return to growth of 1 per cent in 2020. The treasury officials, who shared the figures but asked not to be identified, said the budget would be sent to Congress on September 16. The much anticipated fiscal plans will figure prominently into Argentina's efforts to stem an economic crisis that has plunged a third of its citizens into poverty and ratcheted up inflation. Tight monetary policy had helped tame inflation in the months before the August 11 primary election. But the peso crashed along with the country's bonds after Peronist Alberto Fernandez trounced market-friendly president Mauricio Macri, sending consumer prices spiralling again. The shock result spooked investors, who worry especially about Fernandez's running-mate, ex-President Cristina Fernandez de Kirchner, recalling the interventionist policies she imposed during her two terms between 2007 and 2015. The peso lost a quarter of its value against the dollar in August and the central bank burned up reserves to stem the decline. Macri ultimately imposed currency controls, and the peso has steadied over the last week. The 2020 budget predicts the average exchange rate will weaken to 67 pesos per dollar in 2020, from 48 pesos to the dollar in 2019, the treasury officials said. The current account deficit is expected to hit 0.9 per cent of GDP in 2019, then revert to a surplus of 0.4 per cent of GDP in 2020. The budget also forecasts a trade surplus of $16.1 bln in 2019, increasing slightly to $17.5 bln in 2020, the officials said.

Argentina inflation expected at 53 per cent in December 2019: treasury officials

Equity benchmark gauges ruled firm during early hours on Thursday after ending higher for five consecutive sessions, largely due to upbeat sentiment supported by positive global developments.

At 10:15 am, the BSE S&amp;P Sensex was up by 129 points at 37,400 while the Nifty 50 edged higher by 32 points to 11,068.

At the National Stock Exchange, all sectoral indices except for auto and IT were in the positive zone.

Nifty metal gained by 1.3 per cent, private bank by 0.9 per cent and financial service by 0.8 per cent.

Among stocks, Indiabulls Housing Finance was up by 3 per cent to Rs 444.70 per share and HDFC by 1 per cent to Rs 2,094 apiece.

Tata Steel moved up by 2.9 per cent. ICICI Bank edged higher by 2.9 per cent and IndusInd Bank by 2.3 per cent.

Oil marketing firms like Indian Oil and Bharat Petroleum gained by 1.7 per cent each.

However, auto and IT stocks were in the red. Bajaj Auto, Maruti, Eicher Motors and Hero MotoCorp lost between 0.7 to 0.9 per cent.

Tech Mahindra was down by 0.8 per cent. Private lenders Yes Bank and Axis Bank also lost by 0.8 per cent each.

Meanwhile, Asian stocks hit a six-week high with somewhat easing of US-China trade frictions and expectations that the European Central Bank will begin another wave of monetary easing by global central banks.

MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.4 per cent and Japan's Nikkei stock index rose by 0.88 per cent.Chinese stocks rose after US President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks at the request of China's Vice Premier Liu He as a gesture of goodwill.

 
&nbsp;

Equity benchmark gauges ruled firm during early hours on Thursday after ending higher for five consecutive sessions, largely due to upbeat sentiment supported by positive global developments.

Equity benchmark gauges ruled firm during early hours on Thursday after ending higher for five consecutive sessions, largely due to upbeat sentiment supported by positive global developments. At 10:15 am, the BSE S&P Sensex was up by 129 points at 37,400 while the Nifty 50 edged higher by 32 points to 11,068. At the National Stock Exchange, all sectoral indices except for auto and IT were in the positive zone. Nifty metal gained by 1.3 per cent, private bank by 0.9 per cent and financial service by 0.8 per cent. Among stocks, Indiabulls Housing Finance was up by 3 per cent to Rs 444.70 per share and HDFC by 1 per cent to Rs 2,094 apiece. Tata Steel moved up by 2.9 per cent. ICICI Bank edged higher by 2.9 per cent and IndusInd Bank by 2.3 per cent. Oil marketing firms like Indian Oil and Bharat Petroleum gained by 1.7 per cent each. However, auto and IT stocks were in the red. Bajaj Auto, Maruti, Eicher Motors and Hero MotoCorp lost between 0.7 to 0.9 per cent. Tech Mahindra was down by 0.8 per cent. Private lenders Yes Bank and Axis Bank also lost by 0.8 per cent each. Meanwhile, Asian stocks hit a six-week high with somewhat easing of US-China trade frictions and expectations that the European Central Bank will begin another wave of monetary easing by global central banks. MSCI's broadest index of Asia Pacific shares outside Japan was up by 0.4 per cent and Japan's Nikkei stock index rose by 0.88 per cent.Chinese stocks rose after US President Donald Trump agreed to delay an additional increase in tariffs on Chinese goods by two weeks at the request of China's Vice Premier Liu He as a gesture of goodwill.

Stocks markets extend gains on positive global cues, metals rise further

India will protect its national interest while signing the Regional Comprehensive Economic Partnership (RCEP) agreement, Commerce and Industry Minister Piyush Goyal said on Wednesday.

The RCEP is an economic cooperation agreement that is being negotiated by 16 countries including the ten countries of ASEAN.

India has some issues of interest both in trade in goods and trade in service.

"Not every industrial sector is opposed to RCEP Free Trade Agreement (FTA). Pharmaceutical and textiles sector have supported RCEP FTA. We will take care of concerns of certain sectors related to China in RCEP FTA," he told reporters&nbsp;after meeting with trade representatives.

"Prime Minister Narendra Modi has asked me to participate in the RCEP talks and also directed me to keep national interest in mind to protect the domestic industry. I can assure you that the Prime Minister has always kept the national interest at the centre of every negotiation," Goyal underlined.

The minister said that the Industrial Policy is close to finalisation and the Foreign Trade Policy is still being discussed with the stakeholders.

"We will certainly balance those industries which feel there could be an unfair advantage to Chinese companies and ensure that all agreements are a win-win for India," said Goyal while urging Indian industries to take the benefits of FDI.

"We can also use the FDIs extensively well for which the government is looking at measures we need to do domestically so that our Indian industry can be competitive," he said.

Goyal informed that the National Logistics Policy 2019 and Multimodal Transportation of Goods Bill 2019 are finalised and will be sent to the Cabinet soon for its approval in order to reduce logistics cost for domestic industry.

The minister said that the India-ASEAN FTA, which was signed in 2009, will be reviewed in order to give a thrust in economic ties.

"It has been decided after the 1st ASEAN Economic Ministers'&nbsp;meeting in Bangkok that India-ASEAN FTA will be reviewed. We have also requested Japan and South Korea to review FTAs with India," Goyal said.

An invitation has been extended to the RCEP FTA nations to New Delhi for a dialogue on September 14 and 15 on the proposed trade deal, the minister remarked.&nbsp; 
&nbsp;

India will protect its national interest while signing the Regional Comprehensive Economic Partnership (RCEP) agreement, Commerce and Industry Minister Piyush Goyal said on Wednesday.

India will protect its national interest while signing the Regional Comprehensive Economic Partnership (RCEP) agreement, Commerce and Industry Minister Piyush Goyal said on Wednesday. The RCEP is an economic cooperation agreement that is being negotiated by 16 countries including the ten countries of ASEAN. India has some issues of interest both in trade in goods and trade in service. "Not every industrial sector is opposed to RCEP Free Trade Agreement (FTA). Pharmaceutical and textiles sector have supported RCEP FTA. We will take care of concerns of certain sectors related to China in RCEP FTA," he told reporters after meeting with trade representatives. "Prime Minister Narendra Modi has asked me to participate in the RCEP talks and also directed me to keep national interest in mind to protect the domestic industry. I can assure you that the Prime Minister has always kept the national interest at the centre of every negotiation," Goyal underlined. The minister said that the Industrial Policy is close to finalisation and the Foreign Trade Policy is still being discussed with the stakeholders. "We will certainly balance those industries which feel there could be an unfair advantage to Chinese companies and ensure that all agreements are a win-win for India," said Goyal while urging Indian industries to take the benefits of FDI. "We can also use the FDIs extensively well for which the government is looking at measures we need to do domestically so that our Indian industry can be competitive," he said. Goyal informed that the National Logistics Policy 2019 and Multimodal Transportation of Goods Bill 2019 are finalised and will be sent to the Cabinet soon for its approval in order to reduce logistics cost for domestic industry. The minister said that the India-ASEAN FTA, which was signed in 2009, will be reviewed in order to give a thrust in economic ties. "It has been decided after the 1st ASEAN Economic Ministers' meeting in Bangkok that India-ASEAN FTA will be reviewed. We have also requested Japan and South Korea to review FTAs with India," Goyal said. An invitation has been extended to the RCEP FTA nations to New Delhi for a dialogue on September 14 and 15 on the proposed trade deal, the minister remarked.

India will sign RCEP deal keeping national interest in mind: Piyush Goyal

Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the ongoing trade disputes between the United States and China offer a window of opportunity for Indian manufacturers to make a mark in export markets.

"We have a trade surplus of 17 billion dollars with the United States and a trade deficit of 53 billion dollars with China. India needs to work on its strengths by exploring market access for agriculture and pharma products in different regions," he said while addressing the second meeting of the Board of Trade.

Goyal said there has not been much growth in exports this year and this is not satisfactory. There is a need for transforming each district of India into an export hub, he said while urging policymakers from states to identify and take adequate measures.

Total exports out of India crossed the half-trillion-dollar mark at 537 billion dollars in 2018-19 with goods exports at an all-time high of 331 billion dollars and services exports at 205 billion dollars.

"India will have to achieve one trillion dollars of exports in the next five years. For this, we need to increase domestic production and improve our competitiveness," said Goyal.

Simultaneously, both the Centre and the state governments will have to take measures for further improving ease of doing business, decrease logistics cost and simplify regulatory procedures, he said.

The government will soon come up with a credit scheme for exporters with enhanced insurance cover up to 90 per cent instead of the present 60 per cent, said the minister.

Goyal said the proposed merger of 10 public sector banks (PSBs) will enable them to disburse enhanced credit, increase their risk appetite and raise resources from the market.

He said about Rs 70,000 crore will be released to PSBs upfront and additional lending and liquidity to the tune of Rs 5 lakh crore that will benefit corporate, retail borrowers, MSMEs, small traders, and exporters.

Goyal was accompanied by junior ministers Hardeep Singh Puri and Som Parkash at the meeting in which the Board of Trade and the Council for Trade Development and Promotion were merged.

Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the ongoing trade disputes between the United States and China offer a window of opportunity for Indian manufacturers to make a mark in export markets.

Union Minister of Commerce and Industry Piyush Goyal said on Thursday that the ongoing trade disputes between the United States and China offer a window of opportunity for Indian manufacturers to make a mark in export markets. "We have a trade surplus of 17 billion dollars with the United States and a trade deficit of 53 billion dollars with China. India needs to work on its strengths by exploring market access for agriculture and pharma products in different regions," he said while addressing the second meeting of the Board of Trade. Goyal said there has not been much growth in exports this year and this is not satisfactory. There is a need for transforming each district of India into an export hub, he said while urging policymakers from states to identify and take adequate measures. Total exports out of India crossed the half-trillion-dollar mark at 537 billion dollars in 2018-19 with goods exports at an all-time high of 331 billion dollars and services exports at 205 billion dollars. "India will have to achieve one trillion dollars of exports in the next five years. For this, we need to increase domestic production and improve our competitiveness," said Goyal. Simultaneously, both the Centre and the state governments will have to take measures for further improving ease of doing business, decrease logistics cost and simplify regulatory procedures, he said. The government will soon come up with a credit scheme for exporters with enhanced insurance cover up to 90 per cent instead of the present 60 per cent, said the minister. Goyal said the proposed merger of 10 public sector banks (PSBs) will enable them to disburse enhanced credit, increase their risk appetite and raise resources from the market. He said about Rs 70,000 crore will be released to PSBs upfront and additional lending and liquidity to the tune of Rs 5 lakh crore that will benefit corporate, retail borrowers, MSMEs, small traders, and exporters. Goyal was accompanied by junior ministers Hardeep Singh Puri and Som Parkash at the meeting in which the Board of Trade and the Council for Trade Development and Promotion were merged.

US-China trade war offers opportunity for Indian manufacturers in export markets: Piyush Goyal

Huawei Technologies' device business, comprising mainly smartphones, made $1.55 billion profit in the first half of this year - as much as it earned in all of 2018 - a rare regulatory filing showed.

The <a href="https://www.wionews.com/world/uk-says-to-decide-on-huawei-soon-but-china-must-play-by-rules-249046">Chinese tech giant was put on a trade blacklist</a> by the United States in May, which <a href="https://www.wionews.com/world/huawei-denies-us-allegations-of-technology-theft-247310">cut off its access to essential US components</a> and technology. The ban stops US&nbsp;companies such as Alphabet's Google from doing business with Huawei.

Analysts have said that the consumer business is the most vulnerable to Washington's sanctions, with the main impact likely to be felt in the second half of the year.

Huawei said last month that, while the impact of the curbs was weaker than previously expected, it would still push the smartphone unit's revenue lower by about $10 billion this year.

The company had so far disclosed annual profit figures for the entire company and the filing provide a rare window into the growing profit contribution from Huawei's consumer business.

Huawei previously said smartphone shipments in the first half of the year jumped 24 per cent jump to 118 million units, as demand surged from patriotic Chinese buyers amid rising rhetoric in local media that Huawei was being treated unfairly by the United States.

Its market share rose more than 10 percentage points to 38 per cent&nbsp;in the June quarter in China, the world's biggest smartphone market, according to market research firm Canalys showed.

The new profit numbers were disclosed in a bonds prospectus published on September 11 from Huawei's parent Huawei Investment &amp; Holding Co Ltd, looking to raise up to 20 billion yuan in its first attempt to tap the onshore yuan bond market.

Profit at Huawei Device (Shenzhen) Ltd, a wholly-owned unit of the parent and a proxy for the behemoth's smartphone business, was 11.2 billion yuan in the first half of 2019, while revenue was 211 billion yuan.

The unit earned the same amount of money in all of 2018 on revenue of 329 billion yuan, according to the prospectus that did not provide numbers for just the first half.

The filing also showed Huawei Technologies Limited, Huawei's main business entity, made a net profit of 30.27 billion yuan and revenue of 353 billion yuan in the first half of 2019.

The group recorded increases in gross margins across all three businesses of carrier network, consumer and enterprise business in the period. Revenue contribution from China rose to 58.12% in the first half, up from 52.02% for the full year of 2018.

Huawei Technologies' device business, comprising mainly smartphones, made $1.55 billion profit in the first half of this year - as much as it earned in all of 2018 - a rare regulatory filing showed.

Huawei Technologies' device business, comprising mainly smartphones, made $1.55 billion profit in the first half of this year - as much as it earned in all of 2018 - a rare regulatory filing showed. The Chinese tech giant was put on a trade blacklist by the United States in May, which cut off its access to essential US components and technology. The ban stops US companies such as Alphabet's Google from doing business with Huawei. Analysts have said that the consumer business is the most vulnerable to Washington's sanctions, with the main impact likely to be felt in the second half of the year. Huawei said last month that, while the impact of the curbs was weaker than previously expected, it would still push the smartphone unit's revenue lower by about $10 billion this year. The company had so far disclosed annual profit figures for the entire company and the filing provide a rare window into the growing profit contribution from Huawei's consumer business. Huawei previously said smartphone shipments in the first half of the year jumped 24 per cent jump to 118 million units, as demand surged from patriotic Chinese buyers amid rising rhetoric in local media that Huawei was being treated unfairly by the United States. Its market share rose more than 10 percentage points to 38 per cent in the June quarter in China, the world's biggest smartphone market, according to market research firm Canalys showed. The new profit numbers were disclosed in a bonds prospectus published on September 11 from Huawei's parent Huawei Investment & Holding Co Ltd, looking to raise up to 20 billion yuan in its first attempt to tap the onshore yuan bond market. Profit at Huawei Device (Shenzhen) Ltd, a wholly-owned unit of the parent and a proxy for the behemoth's smartphone business, was 11.2 billion yuan in the first half of 2019, while revenue was 211 billion yuan. The unit earned the same amount of money in all of 2018 on revenue of 329 billion yuan, according to the prospectus that did not provide numbers for just the first half. The filing also showed Huawei Technologies Limited, Huawei's main business entity, made a net profit of 30.27 billion yuan and revenue of 353 billion yuan in the first half of 2019. The group recorded increases in gross margins across all three businesses of carrier network, consumer and enterprise business in the period. Revenue contribution from China rose to 58.12% in the first half, up from 52.02% for the full year of 2018.

Despite US blacklist, Huawei smartphones made $1.55 billion profit in first half of 2019, records show

Indian shares gave up gains in the last hour of trade to end lower on Thursday, with the blue-chip NSE index snapping five consecutive sessions of gains, as auto and financial stocks weighed.

The broader NSE Nifty closed down 0.48% at 10,982.80, while the benchmark BSE Sensex ended 0.45% lower at 37,104.28. The BSE Sensex snapped three sessions of gains.

The Nifty auto index ended 1.88% lower, with Tata Motors Ltd and Maruti Suzuki Ltd shedding 4.76% and 3.11%, respectively.

Shares of Yes Bank Ltd and Axis Bank Ltd were among the top percentage losers on the NSE Nifty, closing down 5.1% and 2.76%, respectively.

Airline stocks bucked the trend, with Interglobe Aviation Ltd rising 3.55% to a record high, while smaller rival SpiceJet Ltd rose as much as 5.51% — its best intraday spike ever.

Indian shares gave up gains in the last hour of trade to end lower on Thursday, with the blue-chip NSE index snapping five consecutive sessions of gains, as auto and financial stocks weighed.

Indian shares gave up gains in the last hour of trade to end lower on Thursday, with the blue-chip NSE index snapping five consecutive sessions of gains, as auto and financial stocks weighed. The broader NSE Nifty closed down 0.48% at 10,982.80, while the benchmark BSE Sensex ended 0.45% lower at 37,104.28. The BSE Sensex snapped three sessions of gains. The Nifty auto index ended 1.88% lower, with Tata Motors Ltd and Maruti Suzuki Ltd shedding 4.76% and 3.11%, respectively. Shares of Yes Bank Ltd and Axis Bank Ltd were among the top percentage losers on the NSE Nifty, closing down 5.1% and 2.76%, respectively. Airline stocks bucked the trend, with Interglobe Aviation Ltd rising 3.55% to a record high, while smaller rival SpiceJet Ltd rose as much as 5.51% — its best intraday spike ever.

Nifty, Sensex snap multi-day rally to end lower

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world's top exporter.

"With oil prices currently about 20 per cent&nbsp;lower than a year ago, there will be support for consumers," the IEA said in its monthly report.

"Booming shale production has allowed the US&nbsp;to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter ... in June, after crude exports surged above 3 million barrels per day (bpd)."

The Paris-based agency maintained its estimate for growth in global oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in US-China trade talks and citing an easing of tensions around Iran.

A rebound in US&nbsp;production following Hurricane Dorian along with steep output growth from Brazil and the North Sea were set to drive production from outside the Organization of the Petroleum Exporting Countries (OPEC) up sharply, it added.

Non-OPEC production growth is seen rising to 2.3 million bpd in 2020, up 400,000 from this year. Meanwhile, demand for OPEC crude is set to reach 28.3 million bpd in the first half of 2020, 1.4 million bpd less than the group produced in August.

The discrepancy may prompt OPEC and its allies including Russia to revisit their production-curbing pact.

"The implied market balance (will be) returning to a significant surplus and placing pressure on prices," the IEA said. "The challenge of market management remains a daunting one well into 2020."&nbsp;

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world's top exporter.

Global oil demand is weathering economic headwinds, the International Energy Agency (IEA) said on Thursday, buoyed by lower prices brought on by abundant supply as the United States briefly dethroned Saudi Arabia as the world's top exporter. "With oil prices currently about 20 per cent lower than a year ago, there will be support for consumers," the IEA said in its monthly report. "Booming shale production has allowed the US to close in on, and briefly overtake, Saudi Arabia as the world's top oil exporter ... in June, after crude exports surged above 3 million barrels per day (bpd)." The Paris-based agency maintained its estimate for growth in global oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in US-China trade talks and citing an easing of tensions around Iran. A rebound in US production following Hurricane Dorian along with steep output growth from Brazil and the North Sea were set to drive production from outside the Organization of the Petroleum Exporting Countries (OPEC) up sharply, it added. Non-OPEC production growth is seen rising to 2.3 million bpd in 2020, up 400,000 from this year. Meanwhile, demand for OPEC crude is set to reach 28.3 million bpd in the first half of 2020, 1.4 million bpd less than the group produced in August. The discrepancy may prompt OPEC and its allies including Russia to revisit their production-curbing pact. "The implied market balance (will be) returning to a significant surplus and placing pressure on prices," the IEA said. "The challenge of market management remains a daunting one well into 2020."

US briefly overtakes Saudi Arabia as top oil exporter: International Energy Agency

Equity benchmark indices gained marginally during early hours on Wednesday as value buying saw metal and auto stocks lead the gainers.

At 10:15 am, the BSE S&amp;P Sensex was up by 135 points at 37,281 while the Nifty 50 edged up by 31 points to 11,034.

At the National Stock Exchange, all sectoral indices except for IT were in the positive zone.&nbsp;

Nifty metal gained by 1.8 per cent, auto by 1.7 per cent and PSU bank by 1.2 per cent.

Among stocks, metal stocks shone bright with JSW Steel gaining by 3.4 per cent, Tata Steel by 2.8 per cent, Vedanta by 2.7 per cent and Hindalco by 1.6 per cent.

Auto majors too added gains with Tata Motors moving up by 5.1 per cent after its retail sales in China continued to recover following the local turnaround plan gathering momentum.&nbsp;

Bajaj Auto was up by 2.6 per cent, Maruti by 2.1 per cent and Hero MotoCorp by 1.8 per cent.

Yes Bank edged higher by 7 per cent to Rs 67.55 per share following reports that the private lender`s shareholding structure may witness a major churn by the year-end and it has been talking to large private equity firms for capital infusion.

However, IT stocks were in the negative territory with HCL Technologies dipping by 1.9 per cent, Wipro by 1.5 per cent, Tech Mahindra by 1.1 per cent, Infosys by 0.9 per cent and Tata Consultancy Services by 0.7 per cent.

Meanwhile, Asian stock markets held firm as hopes of diminishing US-China tensions and reduced risk of no-deal Brexit prompted investors to take profit ahead of key central bank policy meetings around the globe.

In early trade, MSCI`s broadest index of Asia Pacific shares outside Japan was up by 0.10 per cent while Japan`s Nikkei rose 0.32 per cent though Chinese stocks were little changed.

Equity benchmark indices gained marginally during early hours on Wednesday as value buying saw metal and auto stocks lead the gainers. At 10:15 am, the BSE S&P Sensex was up by 135 points at 37,281 while the Nifty 50 edged up by 31 points to 11,034.

Equity benchmark indices gained marginally during early hours on Wednesday as value buying saw metal and auto stocks lead the gainers. At 10:15 am, the BSE S&P Sensex was up by 135 points at 37,281 while the Nifty 50 edged up by 31 points to 11,034. At the National Stock Exchange, all sectoral indices except for IT were in the positive zone. Nifty metal gained by 1.8 per cent, auto by 1.7 per cent and PSU bank by 1.2 per cent. Among stocks, metal stocks shone bright with JSW Steel gaining by 3.4 per cent, Tata Steel by 2.8 per cent, Vedanta by 2.7 per cent and Hindalco by 1.6 per cent. Auto majors too added gains with Tata Motors moving up by 5.1 per cent after its retail sales in China continued to recover following the local turnaround plan gathering momentum. Bajaj Auto was up by 2.6 per cent, Maruti by 2.1 per cent and Hero MotoCorp by 1.8 per cent. Yes Bank edged higher by 7 per cent to Rs 67.55 per share following reports that the private lender`s shareholding structure may witness a major churn by the year-end and it has been talking to large private equity firms for capital infusion. However, IT stocks were in the negative territory with HCL Technologies dipping by 1.9 per cent, Wipro by 1.5 per cent, Tech Mahindra by 1.1 per cent, Infosys by 0.9 per cent and Tata Consultancy Services by 0.7 per cent. Meanwhile, Asian stock markets held firm as hopes of diminishing US-China tensions and reduced risk of no-deal Brexit prompted investors to take profit ahead of key central bank policy meetings around the globe. In early trade, MSCI`s broadest index of Asia Pacific shares outside Japan was up by 0.10 per cent while Japan`s Nikkei rose 0.32 per cent though Chinese stocks were little changed.

Equity indices in the green, Yes Bank and Tata Motors in focus

<a href="https://www.wionews.com/business-economy/indias-fuel-demand-to-grow-at-over-4-through-2030-report-248794">India's fuel demand</a> rose 2.8 per cent&nbsp;in August compared with the same month last year but was at their lowest level in nine months.

Consumption of fuel, a proxy for oil demand, totalled 17.04 million tonnes, its lowest since last November, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Wednesday.

Sales of gasoline, or petrol, were 8.9 per cent&nbsp;higher from a year earlier at 2.57 million tonnes.

Diesel sales fell 1.1 per cent&nbsp;to 6.12 million tonnes, its first year-on-year percentage decline in nine months.

Cooking gas or liquefied petroleum gas (LPG) sales surged 13 per cent&nbsp;to 2.40 million tonnes, while naphtha sales increased by 3.7 per cent&nbsp;to 1.15 million tonnes.

Sales of bitumen, used for making roads, were up 23.8 per cent, while fuel oil use edged lower 15.9 per cent&nbsp;in August.

India revised down its fuel consumption for July to 17.68 million tonnes, an increase of 3.9 per cent&nbsp;from the previous year, its biggest year-on-year percentage gain since January.

India's fuel demand rose 2.8 per cent in August compared with the same month last year but was at their lowest level in nine months. Consumption of fuel, a proxy for oil demand, totalled 17.

India's fuel demand rose 2.8 per cent in August compared with the same month last year but was at their lowest level in nine months. Consumption of fuel, a proxy for oil demand, totalled 17.04 million tonnes, its lowest since last November, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Wednesday. Sales of gasoline, or petrol, were 8.9 per cent higher from a year earlier at 2.57 million tonnes. Diesel sales fell 1.1 per cent to 6.12 million tonnes, its first year-on-year percentage decline in nine months. Cooking gas or liquefied petroleum gas (LPG) sales surged 13 per cent to 2.40 million tonnes, while naphtha sales increased by 3.7 per cent to 1.15 million tonnes. Sales of bitumen, used for making roads, were up 23.8 per cent, while fuel oil use edged lower 15.9 per cent in August. India revised down its fuel consumption for July to 17.68 million tonnes, an increase of 3.9 per cent from the previous year, its biggest year-on-year percentage gain since January.

India's fuel demand rises 2.8% in August, at nine-month low

Indian shares settled higher on Wednesday, ahead of key inflation data, with shares of Yes Bank Ltd witnessing its best session in over six months.

The broader NSE Nifty ended 0.3 per cent&nbsp;higher at 11,035.70, while the benchmark BSE Sensex closed up 0.34 per cent&nbsp;at 37,270.82.

Investors await consumer price index data due on Thursday.

The country's retail inflation likely rose to a 10-month high in August, while staying below the Reserve Bank of India's medium-term target of 4 per cent, a Reuters poll of economists showed.

The Nifty banking index, which tracks both state-owned and private-sector lenders, closed nearly 1 per cent&nbsp;higher with Yes Bank shares gaining as much as 19.57 per cent, it is&nbsp;biggest intraday spike since February&nbsp;14.

Automakers were among the top gainers on the blue-chip index, with Tata Motors Ltd finishing the session 10.6 per cent&nbsp;higher and Eicher Motors Ltd closing nearly 5 per cent&nbsp;up.

Real estate stocks gained too, with the Nifty real estate index adding 4.14 per cent, its biggest intraday rise since May.

Indian shares settled higher on Wednesday, ahead of key inflation data, with shares of Yes Bank Ltd witnessing its best session in over six months. The broader NSE Nifty ended 0.

Indian shares settled higher on Wednesday, ahead of key inflation data, with shares of Yes Bank Ltd witnessing its best session in over six months. The broader NSE Nifty ended 0.3 per cent higher at 11,035.70, while the benchmark BSE Sensex closed up 0.34 per cent at 37,270.82. Investors await consumer price index data due on Thursday. The country's retail inflation likely rose to a 10-month high in August, while staying below the Reserve Bank of India's medium-term target of 4 per cent, a Reuters poll of economists showed. The Nifty banking index, which tracks both state-owned and private-sector lenders, closed nearly 1 per cent higher with Yes Bank shares gaining as much as 19.57 per cent, it is biggest intraday spike since February 14. Automakers were among the top gainers on the blue-chip index, with Tata Motors Ltd finishing the session 10.6 per cent higher and Eicher Motors Ltd closing nearly 5 per cent up. Real estate stocks gained too, with the Nifty real estate index adding 4.14 per cent, its biggest intraday rise since May.

Nifty, Sensex end higher; auto stocks among top gainers