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

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

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

India names 27 sites in Arunachal Pradesh

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

How many soldiers operate one S-400 battery?

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

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

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

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

Technology transfer deal boosts India's defence manufacturing ambitions

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

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

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

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

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

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

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

RSS says Gen Z protests reflect genuine distress

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

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

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

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

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

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

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

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

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

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

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

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

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

<a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> on Wednesday cut its forecast for growth in world <a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428">oil demand</a> in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

In a monthly report, the Organization of the Petroleum Exporting Countries said <a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">oil</a> demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD&nbsp;less than previously estimated, and indicated the market would be in surplus.

The weaker outlook amid a <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-8-2018-tax-on-steel-aluminium-241132">US-China trade war</a>&nbsp;and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output.

Iraq said ministers would on Thursday discuss whether deeper cuts were needed.

OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent&nbsp;from 3.2 per cent&nbsp;and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said.

OPEC, Russia and other producers have since January&nbsp;1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday.

Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel.

Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown.

The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut.

Even so, stocks in July exceeded the five-year average,&nbsp;a yardstick OPEC watches closely&nbsp;by 36 million barrels.

OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices.

The policy has given a sustained boost to US&nbsp;shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year.

OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources.

It was the first increase this year. <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>, Iraq and Nigeria boosted supply.

Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD.

Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction.

August's increase, however, puts OPEC output further above the 2020 demand forecast.

The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude. In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 BPD less than previously estimated, and indicated the market would be in surplus. The weaker outlook amid a US-China trade war and Brexit could press the case for OPEC and its allies to maintain or adjust their policy of cutting output. Iraq said ministers would on Thursday discuss whether deeper cuts were needed. OPEC, in the report, lowered its forecast for world economic growth in 2020 to 3.1 per cent from 3.2 per cent and said next year's increase in oil demand would be outpaced by "strong growth" in supply from rival producers such as the United States. "This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance," the report said. OPEC, Russia and other producers have since January 1 implemented a deal to cut output by 1.2 million BPD. The alliance, known as OPEC+, in July renewed the pact until March 2020 and a committee reviewing the pact meets on Thursday. Oil prices pared an earlier gain after the report was released to sit just below $63 a barrel. Despite the OPEC-led cut, oil has tumbled from April's 2019 peak above $75, pressured by trade concerns and an economic slowdown. The report said oil inventories in industrialised economies fell in July, a development that could ease OPEC concern over a possible glut. Even so, stocks in July exceeded the five-year average, a yardstick OPEC watches closely by 36 million barrels. OPEC and its partners have been limiting supply since 2017, helping to clear a glut that built up in 2014-2016 when producers pumped at will, and revive prices. The policy has given a sustained boost to US shale and other rival supply, and the report suggests the world will need less OPEC crude next year. Demand for OPEC crude will average 29.40 million BPD in 2020, OPEC said, down 1.2 million BPD from this year. OPEC said its oil output in August rose, however, by 136,000 bpd to 29.74 million BPD according to figures the group collects from secondary sources. It was the first increase this year. Saudi Arabia, Iraq and Nigeria boosted supply. Top exporter Saudi Arabia told OPEC that the kingdom raised August output by just over 200,000 BPD to 9.789 million BPD. Saudi Arabia continues to pump far less than its quota of 10.311 BPD. Thanks in part to Saudi restraint, producers are still over-complying with the supply-cutting deal. Losses in Iran and Venezuela, two OPEC members facing US sanctions, have widened the supply reduction. August's increase, however, puts OPEC output further above the 2020 demand forecast. The report suggests there will be a 2020 supply surplus of 340,000 BPD if OPEC keeps pumping at August's rate and other things remain equal, more than the surplus forecast in last month's report.

OPEC cuts 2020 oil demand forecast, urges effort to avert a new glut

Oil prices rose on Wednesday after a reported sharp drop in US&nbsp;crude stocks and <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a>&nbsp;member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US&nbsp;West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel.

Oil prices have risen more than 7 per cent this&nbsp;month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.

Prices rose this week after <a href="https://www.wionews.com/world/new-saudi-energy-minister-a-royal-with-decades-of-experience-in-opec-cuts-248719">Prince Abdulaziz bin Salman</a>, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained.

Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday.

He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year.

Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes.

<a href="https://www.wionews.com/business-economy/oil-hits-six-week-high-on-hopes-of-extended-opec-output-cuts-248741">OPEC cut</a> its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown.

It indicated the market would be in surplus.

The US Energy Information Administration (EIA) also slashed its demand forecasts this week.

Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week.

OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US&nbsp;crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast.

"The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said.

The EIA's official numbers for US&nbsp;inventories will be released at 1430 GMT on Wednesday.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns.

Oil prices rose on Wednesday after a reported sharp drop in US crude stocks and OPEC member Iraq said the producer group would discuss deepening output cuts amid ongoing demand concerns. Brent crude gained 52 cents, or 0.8 per cent, to $62.90 a barrel by 1027 GMT, while US West Texas Intermediate rose 60 cents, or 1.1 per cent, to $58 a barrel. Oil prices have risen more than 7 per cent this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers. Prices rose this week after Prince Abdulaziz bin Salman, Saudi Arabia's new energy minister, said oil policy would not change and said an OPEC deal with Russia and other producers to cut output by 1.2 million barrels per day (BPD) would be maintained. Iraqi Oil Minister Thamer Ghadhban said the Organization of the Petroleum Exporting Countries would discuss whether to deepen cuts when ministers meet on Thursday. He said OPEC had discussed cuts of 1.6 million to 1.8 million BPD when considering output curbs last year. Russia's Energy Minister Alexander Novak said an alliance of OPEC and other producers, known as OPEC+, would discuss global oil demand, but added that there were no fresh proposals to change production cut volumes. OPEC cut its forecast on Wednesday for growth in world oil demand in 2020 by 60,000 BPD to 1.08 million BPD, due to an economic slowdown. It indicated the market would be in surplus. The US Energy Information Administration (EIA) also slashed its demand forecasts this week. Growing signs of a slowdown were flagged by oil traders and executives attending industry gatherings in Singapore and Abu Dhabi this week. OPEC has pointed to rising global production next year, particularly in US shale fields, while data from the American Petroleum Institute (API) showed US crude stocks fell last week by 7.2 million barrels, more than twice the amount analysts in a Reuters poll had forecast. "The API report is quite constructive for the oil market as it points to a tightening domestic oil market in the face of flat production and stronger demand," Dutch bank ING said. The EIA's official numbers for US inventories will be released at 1430 GMT on Wednesday.

International oil prices gain after fall in US stocks

Along with its new iPhones, Apple is stepping up on content and services for its devices for its big media event Tuesday.

Apple was expected to introduce three upgraded iPhones and a successor to its more affordable iPhone XR as it looks to hold its share of the premium smartphone market where prices are hovering around $1,000.

But services, subscriptions and online content will likely share the stage with the company's glitzy hardware as Apple seeks to shift its focus away from a smartphone market which is showing little growth.

"I think it is going to be the first year the event is going to also be about services," Creative Strategies analyst Carolina Milanesi said.

"We might get to see what Apple looks like as a company when they are talking about services and hardware as one product."

Richard Windsor of research firm Radio Free Mobile said Apple is coasting on the iPhone because of its strong quality but is not likely to see strong growth from either hardware or services.

"There is not much upside because services revenue will take years to reach a scale where it can really move the needle company-wide," Windsor said.

"Unfortunately, the market wants fireworks from Apple on cue every year meaning that no growth will dampen share price performance."

TV+ turned on?

Apple recently released a smartphone-generation credit card in the US and is keen to launch its TV+ streaming service before Disney goes live with a rival service in November.

They unveiled streaming video plans along with news and game subscription offerings as part of an effort to shift its focus to digital content and services to break free of its reliance on iPhone sales.

The company also plans to launch a new game subscription service called Apple Arcade by the end of this year.

Apple managed to grow its overall revenues, albeit by a modest one percent, to $53.8 billion, even as iPhone revenues plunged nearly 12 percent in the April-June period.

The company delivered strong growth from digital content and services that include its Apple Pay and Apple Music, along with wearables and accessories like the Apple Watch and Air Pods.

Some of those accessories could also get upgrades on Tuesday.

China wild card

Analysts warn that Apple still faces challenges as rivals chip away at the smartphone market, in which the iPhone's share is less than 12 percent.

As the iPhone maker refines its handsets, other makers are pushing into new areas such as 5G devices and folding smartphones.

Wedbush Securities analyst Dan Ives said in a note to investors that he expected a "trifecta of iPhone 11s" that will help the company "put a fence around" its user base.

About a third of the 900 million iPhone users around the world are in an upgrade "window," meaning a strong potential for handset sales, according to Ives.

"While China remains a wild card, we are bullish into Apple's future" in the coming year, Ives said.

International Data Corporation (IDC) forecast that this will remain a challenging year for iPhone sales, mostly due to a mature market and lack of handsets tailored for budding 5G telecom networks.

IDC expected Apple to hit the market with 5G iPhones next year, and have an edge due to a better understanding of the market.

China accounts for about 17 percent of Apple sales overall, and has tremendous room for growth, according to Techsponential analyst Avi Greengart.

The trade war between the US and China has complicated Apple's effort to gain ground in that market, where gains by local titan Huawei have come partly at the California-based company's expense.

"Apple needs Chinese consumers to treat the iPhone as a preferred premium brand at a tricky geopolitical moment," Greengart said.

Along with its new iPhones, Apple is stepping up on content and services for its devices for its big media event Tuesday. Apple was expected to introduce three upgraded iPhones and a successor to its more affordable iPhone XR as it looks to hold its share of the premium smartphone market where prices are hovering around $1,000.

Along with its new iPhones, Apple is stepping up on content and services for its devices for its big media event Tuesday. Apple was expected to introduce three upgraded iPhones and a successor to its more affordable iPhone XR as it looks to hold its share of the premium smartphone market where prices are hovering around $1,000. But services, subscriptions and online content will likely share the stage with the company's glitzy hardware as Apple seeks to shift its focus away from a smartphone market which is showing little growth. "I think it is going to be the first year the event is going to also be about services," Creative Strategies analyst Carolina Milanesi said. "We might get to see what Apple looks like as a company when they are talking about services and hardware as one product." Richard Windsor of research firm Radio Free Mobile said Apple is coasting on the iPhone because of its strong quality but is not likely to see strong growth from either hardware or services. "There is not much upside because services revenue will take years to reach a scale where it can really move the needle company-wide," Windsor said. "Unfortunately, the market wants fireworks from Apple on cue every year meaning that no growth will dampen share price performance." TV+ turned on? Apple recently released a smartphone-generation credit card in the US and is keen to launch its TV+ streaming service before Disney goes live with a rival service in November. They unveiled streaming video plans along with news and game subscription offerings as part of an effort to shift its focus to digital content and services to break free of its reliance on iPhone sales. The company also plans to launch a new game subscription service called Apple Arcade by the end of this year. Apple managed to grow its overall revenues, albeit by a modest one percent, to $53.8 billion, even as iPhone revenues plunged nearly 12 percent in the April-June period. The company delivered strong growth from digital content and services that include its Apple Pay and Apple Music, along with wearables and accessories like the Apple Watch and Air Pods. Some of those accessories could also get upgrades on Tuesday. China wild card Analysts warn that Apple still faces challenges as rivals chip away at the smartphone market, in which the iPhone's share is less than 12 percent. As the iPhone maker refines its handsets, other makers are pushing into new areas such as 5G devices and folding smartphones. Wedbush Securities analyst Dan Ives said in a note to investors that he expected a "trifecta of iPhone 11s" that will help the company "put a fence around" its user base. About a third of the 900 million iPhone users around the world are in an upgrade "window," meaning a strong potential for handset sales, according to Ives. "While China remains a wild card, we are bullish into Apple's future" in the coming year, Ives said. International Data Corporation (IDC) forecast that this will remain a challenging year for iPhone sales, mostly due to a mature market and lack of handsets tailored for budding 5G telecom networks. IDC expected Apple to hit the market with 5G iPhones next year, and have an edge due to a better understanding of the market. China accounts for about 17 percent of Apple sales overall, and has tremendous room for growth, according to Techsponential analyst Avi Greengart. The trade war between the US and China has complicated Apple's effort to gain ground in that market, where gains by local titan Huawei have come partly at the California-based company's expense. "Apple needs Chinese consumers to treat the iPhone as a preferred premium brand at a tricky geopolitical moment," Greengart said.

New iPhones to share limelight as Apple revs up services

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading <a href="https://www.wionews.com/business-%26-economy/yahoo-japan-buys-back-2-billion-of-shares-in-three-way-deal-with-softbank-altaba-150347">shareholder SoftBank Group</a> whose key group portfolio firms have tumbled in value.

The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that.

SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment.

But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said.

WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank.

While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups.

Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured.

SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year,&nbsp;a number widely treated with scepticism by analysts.

While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said.

Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive.

SoftBank "has got an important voice, but more importantly, they have money&nbsp;(WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion.

The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments.

SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers.

At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third.

SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations.

If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value. The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that. SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment. But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said. WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank. While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups. Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured. SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year, a number widely treated with scepticism by analysts. While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said. Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive. SoftBank "has got an important voice, but more importantly, they have money (WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion. The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments. SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers. At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third. SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations. If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork IPO valuation likely below $20 billion: Sources

India's monthly passenger vehicle and car sales recorded their steepest fall ever in August, according to data released by an industry body on Monday, highlighting the continued slowdown in the sector amid assurances by the government for revival.

Passenger vehicle sales plunged 31.57% year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales fell 41.09% to 115,957 units.

This is the worst-ever fall for both the categories since SIAM started recording the data in 1997-98.

Watch: Auto Sales Slowdown - Impact On Economy

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-auto-sales-slowdown-impact-on-economy-248696/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Auto companies' heads urged New Delhi to revive the sector, crippled by sluggish demand resulting in hundreds of thousands of job cuts, at a conference last week.

Road and Transport Minister Nitin Gadkari assured them that the government was working to help the sector and said he had asked the finance ministry to consider cutting taxes on petrol and diesel, as well as hybrid vehicles.

India's monthly passenger vehicle and car sales recorded their steepest fall ever in August, according to data released by an industry body on Monday, highlighting the continued slowdown in the sector amid assurances by the government for revival.

India's monthly passenger vehicle and car sales recorded their steepest fall ever in August, according to data released by an industry body on Monday, highlighting the continued slowdown in the sector amid assurances by the government for revival. Passenger vehicle sales plunged 31.57% year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) data showed, while passenger car sales fell 41.09% to 115,957 units. This is the worst-ever fall for both the categories since SIAM started recording the data in 1997-98. Watch: Auto Sales Slowdown - Impact On Economy × Auto companies' heads urged New Delhi to revive the sector, crippled by sluggish demand resulting in hundreds of thousands of job cuts, at a conference last week. Road and Transport Minister Nitin Gadkari assured them that the government was working to help the sector and said he had asked the finance ministry to consider cutting taxes on petrol and diesel, as well as hybrid vehicles.

India's monthly car sales log records steepest drop in August, worst since 1998

India's car sales fell to a historic low last month in what the automobile body said was <a href="https://www.wionews.com/business-economy/indias-monthly-car-sales-log-records-steepest-drop-in-august-worst-since-1998-248569">worst ever since 1997-98</a> when the association began keeping auto records.

Passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) said.

The automobile association said passenger car sales fell 41.09 per cent.

Companies had sold 417, 736 cars in 1997, according to auto data. The sale of passenger cars had picked up dramatically in the late 80s and especially after liberalisation in 1991 when car sales zoomed to 193, 601 going up to 605, 628 in 2000-2001.

Watch: Auto Sales Slowdown - Impact On Economy

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-auto-sales-slowdown-impact-on-economy-248696/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

However, in the past&nbsp;five years, car sales have been largely stagnant. In 2013, 2.5 million cars were sold in the country which went up to 3.3 million last year. Passenger cars dominated the list of cars sold annually selling over 25 lakh units&nbsp;which peaked to over 33 lakh in 2018-19. It was followed by commercial vehicles, three-wheelers and two-wheelers.

In all, over 1,84,23,223 vehicles were sold in India in 2013-14 which peaked to 2,62,67,783 in 2018-19. The automobile associated said today that passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August 2019 as auto companies urged the government to revive the sector.

Interestingly, electric cars are way down the scale with just over a thousand sold in 2016, peaking to 2,000 in 2017 and then it fell last year to 1,200 last year.

The situation is grim not just in India, China too has experienced a dip in sales. In April, car sales fell 14.6 per cent in the world's largest automotive market. Last year in China, car sales fell for the first time since the 1990s.

Sales had dipped 2.8 per cent in 2018 to 28.1 million units, according to China Association of Automobile Manufacturers (CAAM). The constant decline has pushed Chinese carmakers to push for new designs and resort to price cuts in order to revive sales while the government has taken measures to revive the sector.

India's car sales fell to a historic low last month in what the automobile body said was worst ever since 1997-98 when the association began keeping auto records.

India's car sales fell to a historic low last month in what the automobile body said was worst ever since 1997-98 when the association began keeping auto records. Passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August, falling for the 10th straight month, the Society of Indian Automobile Manufacturers (SIAM) said. The automobile association said passenger car sales fell 41.09 per cent. Companies had sold 417, 736 cars in 1997, according to auto data. The sale of passenger cars had picked up dramatically in the late 80s and especially after liberalisation in 1991 when car sales zoomed to 193, 601 going up to 605, 628 in 2000-2001. Watch: Auto Sales Slowdown - Impact On Economy × However, in the past five years, car sales have been largely stagnant. In 2013, 2.5 million cars were sold in the country which went up to 3.3 million last year. Passenger cars dominated the list of cars sold annually selling over 25 lakh units which peaked to over 33 lakh in 2018-19. It was followed by commercial vehicles, three-wheelers and two-wheelers. In all, over 1,84,23,223 vehicles were sold in India in 2013-14 which peaked to 2,62,67,783 in 2018-19. The automobile associated said today that passenger vehicle sales plunged 31.57 per cent year-on-year to 196,524 units in August 2019 as auto companies urged the government to revive the sector. Interestingly, electric cars are way down the scale with just over a thousand sold in 2016, peaking to 2,000 in 2017 and then it fell last year to 1,200 last year. The situation is grim not just in India, China too has experienced a dip in sales. In April, car sales fell 14.6 per cent in the world's largest automotive market. Last year in China, car sales fell for the first time since the 1990s. Sales had dipped 2.8 per cent in 2018 to 28.1 million units, according to China Association of Automobile Manufacturers (CAAM). The constant decline has pushed Chinese carmakers to push for new designs and resort to price cuts in order to revive sales while the government has taken measures to revive the sector.

Car sales at historic low in India; auto companies urge government to revive sector

Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday addressed a press conference in Chennai to highlight the achievements of the Modi 2.0 government and talked about the abrogation of Article 370, 35A and rolling out of GST and Income tax reforms. Sitharaman also responded to a plethora of questions ranging from the slump in the economy to the slowdown in the automobile sector, among other political issues.

Being in the automobile capital, Chennai, the Minister when peppered with questions on the slowdown in the sector, which is said to be the worst in nearly two decades said, “it is true that the automobile sector in India had a good time till two years ago, there was definitely a good upward trajectory for automobile sector. The automobile sector is affected by a range of issues such as the rollout of Bharat Stage VI emission standard, higher registration fee, the mindset of millennials who prefer to use ride-hailing services such as Ola and Uber over committing to an EMI for purchasing a vehicle, besides the use of public transport such as metro.”

There is a demand to consider the reduction of GST rates, what will be considered I can’t say, as it has to be decided by the GST Council, she said when asked if the GST on automobiles will be cut ahead of the festive season.

On the merger of banks, she said, The government has announced the merger of 10 public sector banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth said the minister.

"The banks will benefit from each other's strength. A growing economy needs good banks. That was the reason behind merging banks. The effective date of mergers will be decided by the respective board of directors," said Sitharaman.

Speaking on the GDP that is hovering around five per cent and the scenario that led to this she said, the concerns which industries have, we are speaking to them. The GDP growth rate is at five per cent in one quarter, we won’t compare it with earlier times. &nbsp;Dips and rise in GDP growth do happen, but we are not sitting without responding to boost it. Our full focus now is on how it will rise.

Emphasizing on the closer ties between India and Russia, she said the East Russia- Chennai sea route is a big step. She recollected that during the 2016-17 Russia talks, business representatives from the East of Ural mountains states had come to Chennai and representatives from Chennai had reciprocated the visit. She added that there was 40 per cent higher trade from India’s southern states within a single year. Henceforth, goods from Vladivostok will reach Chennai port and spread across India.&nbsp;

Responding to concerns about the rising Gold prices and whether the government would move to control the rise, the Minister said, “we don't have the yellow metal in our country, we depend on importing it. So its price depends on demand in the market, Dollar rate, crude rate etc. As a lot of people invest in gold, a lot of factors determine the gold price and the government can’t easily step in to control it.&nbsp;

“Congress leadership should look at what is happening in the country and speak in one voice on issues of national security, some of Rahul Gandhi’s statements have helped Pakistan’s cause”, she said to a question on Wayanad MP Rahul Gandhi’s statements being quoted by Pakistan.

Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday addressed a press conference in Chennai to highlight the achievements of the Modi 2.0 government and talked about the abrogation of Article 370, 35A and rolling out of GST and Income tax reforms.

Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday addressed a press conference in Chennai to highlight the achievements of the Modi 2.0 government and talked about the abrogation of Article 370, 35A and rolling out of GST and Income tax reforms. Sitharaman also responded to a plethora of questions ranging from the slump in the economy to the slowdown in the automobile sector, among other political issues. Being in the automobile capital, Chennai, the Minister when peppered with questions on the slowdown in the sector, which is said to be the worst in nearly two decades said, “it is true that the automobile sector in India had a good time till two years ago, there was definitely a good upward trajectory for automobile sector. The automobile sector is affected by a range of issues such as the rollout of Bharat Stage VI emission standard, higher registration fee, the mindset of millennials who prefer to use ride-hailing services such as Ola and Uber over committing to an EMI for purchasing a vehicle, besides the use of public transport such as metro.” There is a demand to consider the reduction of GST rates, what will be considered I can’t say, as it has to be decided by the GST Council, she said when asked if the GST on automobiles will be cut ahead of the festive season. On the merger of banks, she said, The government has announced the merger of 10 public sector banks (PSBs) into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth said the minister. "The banks will benefit from each other's strength. A growing economy needs good banks. That was the reason behind merging banks. The effective date of mergers will be decided by the respective board of directors," said Sitharaman. Speaking on the GDP that is hovering around five per cent and the scenario that led to this she said, the concerns which industries have, we are speaking to them. The GDP growth rate is at five per cent in one quarter, we won’t compare it with earlier times. Dips and rise in GDP growth do happen, but we are not sitting without responding to boost it. Our full focus now is on how it will rise. Emphasizing on the closer ties between India and Russia, she said the East Russia- Chennai sea route is a big step. She recollected that during the 2016-17 Russia talks, business representatives from the East of Ural mountains states had come to Chennai and representatives from Chennai had reciprocated the visit. She added that there was 40 per cent higher trade from India’s southern states within a single year. Henceforth, goods from Vladivostok will reach Chennai port and spread across India. Responding to concerns about the rising Gold prices and whether the government would move to control the rise, the Minister said, “we don't have the yellow metal in our country, we depend on importing it. So its price depends on demand in the market, Dollar rate, crude rate etc. As a lot of people invest in gold, a lot of factors determine the gold price and the government can’t easily step in to control it. “Congress leadership should look at what is happening in the country and speak in one voice on issues of national security, some of Rahul Gandhi’s statements have helped Pakistan’s cause”, she said to a question on Wayanad MP Rahul Gandhi’s statements being quoted by Pakistan.

Finance Minister Nirmala Sitharaman blames Uber, Ola, metro trains and BS VI for auto slowdown

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday.

Chief executive B&nbsp;Anand said he expects India's fuel demand to grow 4.7% a year to 5.5 million barrels per day (bpd) through fiscal year 2025, and then 4% per year to 6.6 million bpd through 2030.

Demand for gas oil will rise by an average 5.3% per year through the 2025 fiscal year and by an average 4.5% through 2030, he told the Asia Pacific Petroleum Conference in Singapore.

India would continue to rely mainly on road transport to move freight around the country, while the number of passenger cars would steadily increase in coming years with rising vehicle ownership, Anand said.

Gasoline and gas oil will continue to benefit from rising car sales and stronger manufacturing industry, but faster than expected penetration of electric vehicles could pose a risk to demand growth, he added.

While the share of renewables, including solar, wind and natural gas, was likely to increase in the next 10 years, absolute oil demand would still rise strongly over the next decade, he said.

Nayara, which operates a 400,000-bpd refinery in western India, is capable of producing new low-sulphur specifications for marine fuels starting in 2020, Anand said.

The refiner, which procures 85% of its crude requirement from international markets, usually looks for so-called heavy crude oil grades from Europe, West Africa, Latin America and also Canada.

Nayara, however, hasn't yet sourced any of its crude oil from the United States, Anand said, "For us, it has to be the economics that has to be right."

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday.

India's overall fuel demand will rise by more than 4% a year to 2030 as the country's improved road transport network stokes demand for gas oil, the head of oil and gas group Nayara Energy said on Tuesday. Chief executive B Anand said he expects India's fuel demand to grow 4.7% a year to 5.5 million barrels per day (bpd) through fiscal year 2025, and then 4% per year to 6.6 million bpd through 2030. Demand for gas oil will rise by an average 5.3% per year through the 2025 fiscal year and by an average 4.5% through 2030, he told the Asia Pacific Petroleum Conference in Singapore. India would continue to rely mainly on road transport to move freight around the country, while the number of passenger cars would steadily increase in coming years with rising vehicle ownership, Anand said. Gasoline and gas oil will continue to benefit from rising car sales and stronger manufacturing industry, but faster than expected penetration of electric vehicles could pose a risk to demand growth, he added. While the share of renewables, including solar, wind and natural gas, was likely to increase in the next 10 years, absolute oil demand would still rise strongly over the next decade, he said. Nayara, which operates a 400,000-bpd refinery in western India, is capable of producing new low-sulphur specifications for marine fuels starting in 2020, Anand said. The refiner, which procures 85% of its crude requirement from international markets, usually looks for so-called heavy crude oil grades from Europe, West Africa, Latin America and also Canada. Nayara, however, hasn't yet sourced any of its crude oil from the United States, Anand said, "For us, it has to be the economics that has to be right."

India's fuel demand to grow at over 4% through 2030: Report

Amazon.com Inc said it will launch its Prime subscription service in Brazil on Tuesday as it seeks to broaden its footprint in Latin America's largest economy, where it has struggled against tough local competition.

In a bid to dislodge established local e-commerce rivals including Magazine Luiza and Mercado Livre, Amazon is offering Prime subscribers unlimited nationwide free shipping and maximum 48-hour delivery time in over 90 municipalities for goods ranging from clothes to electronics.

Subscribers will also have access to movies, music, and digital books and magazines on the Prime platform, as Amazon looks to compete with online streaming services like Netflix.

The Prime launch represents Amazon's boldest move in Brazil, where it launched in 2012 as a bookseller before adding other products to the platform.

It has struggled to make inroads against the incumbents, with analysts flagging logistical, tax issues among the challenges the US giant has had to overcome before launching more products and services.

"We went as fast as possible and as slowly as necessary," Jamil Ghani, Amazon Prime International Vice President, told Reuters.

The Brazilian Prime package will cost 9.90 reais ($2.42) a month, or 89.00 reais a year.

Amazon.com Inc said it will launch its Prime subscription service in Brazil on Tuesday as it seeks to broaden its footprint in Latin America's largest economy, where it has struggled against tough local competition.

Amazon.com Inc said it will launch its Prime subscription service in Brazil on Tuesday as it seeks to broaden its footprint in Latin America's largest economy, where it has struggled against tough local competition. In a bid to dislodge established local e-commerce rivals including Magazine Luiza and Mercado Livre, Amazon is offering Prime subscribers unlimited nationwide free shipping and maximum 48-hour delivery time in over 90 municipalities for goods ranging from clothes to electronics. Subscribers will also have access to movies, music, and digital books and magazines on the Prime platform, as Amazon looks to compete with online streaming services like Netflix. The Prime launch represents Amazon's boldest move in Brazil, where it launched in 2012 as a bookseller before adding other products to the platform. It has struggled to make inroads against the incumbents, with analysts flagging logistical, tax issues among the challenges the US giant has had to overcome before launching more products and services. "We went as fast as possible and as slowly as necessary," Jamil Ghani, Amazon Prime International Vice President, told Reuters. The Brazilian Prime package will cost 9.90 reais ($2.42) a month, or 89.00 reais a year.

Amazon launches Prime service in challenging Brazil market

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that <a href="https://www.wionews.com/world/oil-rises-as-saudi-signals-opec-cuts-to-continue-under-new-minister-248572">OPEC</a> and other countries may agree to extend production cuts in a bid to support prices.

Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US&nbsp;crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31.

US oil gained more than 2 per cent&nbsp;on Monday, while Brent finished the day 1.7 per cent&nbsp;higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday.

Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of <a href="https://www.wionews.com/business-economy/saudi-arabia-replaces-aramco-chairman-ahead-of-potential-ipo-247313">Saudi Arabia</a>'s policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained.

He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term.

A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader.&nbsp;

Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements.

"Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA.

Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on.

Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies.

In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. 
Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices.

Oil futures hit a six-week high on Tuesday, rising for a fifth day on optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 26 cents, or 0.4 per cent, at $62.85 a barrel by 0349 GMT, while US crude was 27 cents, or 0.5 per cent, higher at $58.12 a barrel. Brent touched its highest since August 1, while US crude rose to the highest since July 31. US oil gained more than 2 per cent on Monday, while Brent finished the day 1.7 per cent higher as the market reacted to the appointment by Saudi Arabia's king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday. Prince Abdulaziz, a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), said the pillars of Saudi Arabia's policy would not change and a global deal to cut oil production by 1.2 million barrels per day would be maintained. He added that the so-called OPEC+ alliance, made up of OPEC and non-OPEC countries including Russia, would be in place for the long term. A meeting of OPEC and OPEC+ countries in Abu Dhabi this week "is stirring up hopes for additional supply cuts," said Stephen Innes, Asia Pacific market strategist at AxiTrader. Still, Russia's oil output in August exceeded its quota under the OPEC+ agreements. "Markets will need to see concrete progress on the production front, even as the world's economy slows, to sustain gains," said Jeffrey Halley, senior market analyst at OANDA. Should oil end Tuesday higher it will be the longest run of gains since late July but headwinds remain as the US-China trade war rumbles on. Executives at the annual Asia Pacific Petroleum Conference said on Monday they expect oil prices this year to be pressured by uncertainties surrounding the global economy, the US-China trade war and increasing US supplies. In the United States, crude stockpiles are likely to have fallen for a fourth consecutive week last week, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.6 million barrels in the week to Sept 6.

Oil hits six-week high on hopes of extended OPEC output cuts

The country's largest lender State Bank of India (SBI) on Monday announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors.

The one-year MCLR will come down to 8.15 per cent per annum from 8.25 per cent per annum from Tuesday. This is the fifth consecutive cut in MCLR in during the current financial year 2019-20.

"In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits from September 10," it said in a statement.

"The bank will slash retail term deposit rates by 20 to 25 basis points and bulk term deposit rates by 10 to 20 basis points across tenors."

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country.

As on June 30, the bank has a deposit base of over Rs 28 lakh crore with current account savings account (CASA) ratio of 45.1 per cent and advances of over Rs 19 lakh crore. SBI has about 35 per cent and 36 per cent of market share in home loans and auto loans respectively.

The bank has the largest network of 22,088 branches in India and an ATM/CDM network of over 58,495.

The number of customers using internet banking facility is more than 66 million and mobile banking services stand at 14.8 million. Downloads for YONO -- an integrated digital and lifestyle platform by SBI -- are over 23 million with more than 16 million logins per day.

On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The bank tops the list of followers on Facebook and YouTube across all banks worldwide, according to the statement.

The country's largest lender State Bank of India (SBI) on Monday announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors.

The country's largest lender State Bank of India (SBI) on Monday announced a reduction in its marginal cost of funds-based lending rate (MCLR) by 10 basis points across all tenors. The one-year MCLR will come down to 8.15 per cent per annum from 8.25 per cent per annum from Tuesday. This is the fifth consecutive cut in MCLR in during the current financial year 2019-20. "In view of the falling interest rate scenario and surplus liquidity, SBI also realigns its interest rate on term deposits from September 10," it said in a statement. "The bank will slash retail term deposit rates by 20 to 25 basis points and bulk term deposit rates by 10 to 20 basis points across tenors." SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on June 30, the bank has a deposit base of over Rs 28 lakh crore with current account savings account (CASA) ratio of 45.1 per cent and advances of over Rs 19 lakh crore. SBI has about 35 per cent and 36 per cent of market share in home loans and auto loans respectively. The bank has the largest network of 22,088 branches in India and an ATM/CDM network of over 58,495. The number of customers using internet banking facility is more than 66 million and mobile banking services stand at 14.8 million. Downloads for YONO -- an integrated digital and lifestyle platform by SBI -- are over 23 million with more than 16 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The bank tops the list of followers on Facebook and YouTube across all banks worldwide, according to the statement.

SBI reduces MCLR and interest rates on time deposits across all maturities

Equity benchmark indices were in the negative territory during early hours on Monday, dragged by a substantial fall in auto and metal stocks, despite their Asian peers showing gains.

At 10 am, the BSE S&amp;P Sensex was down by 53 points at 36,928 while the Nifty 50 lowered by 13 points to 10,933.

At the National Stock Exchange, all sectoral indices were in the red except for Nifty FMCG and pharma which showed marginal gains. Nifty auto and metal both were down by 1.16 per cent.

Among stocks, auto major were the worst sufferers.

Tata Motors skidded by 2.5 per cent, Eicher Motors by 1.7 per cent, Maruti by 1.3 per cent and Bajaj Auto by 1 per cent.

Reports said a bleak revenue position has prompted the Goods and Services Tax (GST) fitment committee to hold back from approving any cut on the GST on cars from 28 to 18 per cent, as was demanded by the auto industry.

Metal stocks too took a hit.

JSW Steel and Tata Steel declined by 1.7 per cent each while Hindalco was down by 1.4 per cent and Vedanta by 1.3 per cent. Besides, IT major HCL Technologies and private lender IndusInd Bank were in the red.

However, UPL, Sun Pharma, Hindustan Lever, Indiabulls Housing Finance and Wipro were in the positive zone.

Meanwhile, Asian stocks moved up amid a cautious mood as investors hoped for stimulus to support growth in the world's major economies.

The MSCI's broadest index of Asia Pacific shares outside Japan added 0.1 per cent.

The Shanghai Composite Index was up by 0.4 per cent, South Korea's KOSPI rose by 0.7 per cent and Japan's Nikkei was up by 0.4 per cent. 
&nbsp;

Equity benchmark indices were in the negative territory during early hours on Monday, dragged by a substantial fall in auto and metal stocks, despite their Asian peers showing gains.

Equity benchmark indices were in the negative territory during early hours on Monday, dragged by a substantial fall in auto and metal stocks, despite their Asian peers showing gains. At 10 am, the BSE S&P Sensex was down by 53 points at 36,928 while the Nifty 50 lowered by 13 points to 10,933. At the National Stock Exchange, all sectoral indices were in the red except for Nifty FMCG and pharma which showed marginal gains. Nifty auto and metal both were down by 1.16 per cent. Among stocks, auto major were the worst sufferers. Tata Motors skidded by 2.5 per cent, Eicher Motors by 1.7 per cent, Maruti by 1.3 per cent and Bajaj Auto by 1 per cent. Reports said a bleak revenue position has prompted the Goods and Services Tax (GST) fitment committee to hold back from approving any cut on the GST on cars from 28 to 18 per cent, as was demanded by the auto industry. Metal stocks too took a hit. JSW Steel and Tata Steel declined by 1.7 per cent each while Hindalco was down by 1.4 per cent and Vedanta by 1.3 per cent. Besides, IT major HCL Technologies and private lender IndusInd Bank were in the red. However, UPL, Sun Pharma, Hindustan Lever, Indiabulls Housing Finance and Wipro were in the positive zone. Meanwhile, Asian stocks moved up amid a cautious mood as investors hoped for stimulus to support growth in the world's major economies. The MSCI's broadest index of Asia Pacific shares outside Japan added 0.1 per cent. The Shanghai Composite Index was up by 0.4 per cent, South Korea's KOSPI rose by 0.7 per cent and Japan's Nikkei was up by 0.4 per cent.

Equity indices in negative zone, auto and metal stocks falter

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies.

The drop comes after a surprise 3.3 per cent rebound in July despite the yearlong battle with Washington and weakening global demand.&nbsp;

But economists cited by Bloomberg had forecast a 2.2 percent rise ahead of the release of Sunday's figures by the customs administration.&nbsp;

China's trade surplus also dropped sharply in August to $34.83 billion, from $44.58 billion the previous month, while imports continued a four-month decline at 5.6 percent on-year, matching the July figure.&nbsp;

Washington imposed new tariffs on September 1 as it stepped up its high-pressure campaign to coerce Beijing into a new trade deal.&nbsp;

The additional levies come on top of the 25 per cent tariffs on $250 billion in imports already in place.

China said Thursday that new talks with the US would be held in Washington in early October.&nbsp;

In a sign of continued pressure on the Chinese economy, Beijing's central bank announced Friday it would cut deposit reserve requirements for banks.

The measure would allow an estimated $126 billion in additional loans to businesses facing an economic slowdown.&nbsp;

China's GDP growth was 6.2 per cent on-year in the second quarter, the lowest rate in nearly three decades.

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies.

China's exports fell by 1.0 per cent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world's top two economies. The drop comes after a surprise 3.3 per cent rebound in July despite the yearlong battle with Washington and weakening global demand. But economists cited by Bloomberg had forecast a 2.2 percent rise ahead of the release of Sunday's figures by the customs administration. China's trade surplus also dropped sharply in August to $34.83 billion, from $44.58 billion the previous month, while imports continued a four-month decline at 5.6 percent on-year, matching the July figure. Washington imposed new tariffs on September 1 as it stepped up its high-pressure campaign to coerce Beijing into a new trade deal. The additional levies come on top of the 25 per cent tariffs on $250 billion in imports already in place. China said Thursday that new talks with the US would be held in Washington in early October. In a sign of continued pressure on the Chinese economy, Beijing's central bank announced Friday it would cut deposit reserve requirements for banks. The measure would allow an estimated $126 billion in additional loans to businesses facing an economic slowdown. China's GDP growth was 6.2 per cent on-year in the second quarter, the lowest rate in nearly three decades.

China's exports fall in August as US trade war rumbles

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music.

The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies.

Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers.

Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya.

"Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng.

Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter.

NetEase does not break down sales from Kaola.

Playing defence

The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home.

Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows.

The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo.

In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service.

It also launched Taobao Xinxuan, a line of private-label, house-brand goods.

"Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr.

The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival,&nbsp;Tencent Holdings.

Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric.

It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers.

Alibaba Group has agreed to buy e-commerce business Kaola from Chinese gaming company NetEase for $2 billion, adding a platform that specializes in supplying curated luxury goods from abroad to domestic consumers. Alibaba, which is looking for new revenue drivers as the e-commerce market at home matures, will also invest $700 million for a minority stake in Netease's music streaming arm as it takes on Chinese market leader Tencent Music. The long-rumoured Kaola deal and the music investment highlight at once a defensive move to keep niche growth players out of the hands of e-commerce rivals such as Pinduoduo and Alibaba's flexibility in adopting new strategies. Kaola, launched by NetEase in 2015, aggressively targets shoppers in China by offering products from top brands such as Gucci, Shisheido and Burberry, primarily sourcing goods directly from suppliers to resell to consumers. Its more curated product line up based on popularity ensures it a loyal consumer base of shoppers, whereas Alibaba's Tmall allows a larger range of overseas brands to launch and manage virtual storefronts on its platform, said Ker Zheng, who tracks China's online retail sector at consultancy Azoya. "Kaola does not have to share user time or basket space with cheaper, non-imported products," said Zheng. Kaola and Yanxuan, another NetEase-run line of private-label, company-branded goods, accounted for nearly half the gaming company's revenue in the June quarter. NetEase does not break down sales from Kaola. Playing defence The Kaola deal will boost Alibaba's access to wealthy Chinese buyers, who account for more than a third of the luxury goods sector's worldwide revenues, as online sales slow at home. Online retail sales in China grew 17.8 per cent in the first half of 2019, versus 32.4 per cent a year earlier, government data shows. The acquisition will also help the tech giant face rising competition from rivals such as Pinduoduo. In response to competition from Pinduoduo, which offers group-buying deals on household goods, Alibaba has already revamped Juhuasuan, its group-buying service. It also launched Taobao Xinxuan, a line of private-label, house-brand goods. "Pinduoduo has a will to move towards international brands or cross-border e-commerce, so in the future, they would definitely want Kaola. For Alibaba, they'd want to prevent this," said Liu Yiming, who tracks China's e-commerce sector at the research division of 36kr. The investment in NetEase Cloud Music, along with private-equity firm Yunfeng, which is backed by the tech giant's founder Jack Ma, is also a way for Alibaba and NetEase to ally against a common rival, Tencent Holdings. Tencent Music dominates the Chinese music streaming market with an 83.8% share through three streaming services, according to Quest Mobile and Macquarie Research, but it recently reported the slowest increase in a key growth metric. It is under investigation by China's antitrust authority in a review that could end exclusive licensing deals it forged with the world's biggest record labels, Bloomberg has reported.

Alibaba dials up luxury push with $2 billion buys of Netease e-commerce arm

Asian stocks gained on Friday, joining a global trend as investors took heart from firm US economic data plans hopes a meeting between US and Chinese negotiators next month signals an easing in trade tensions.

The improvement in investors' appetite for risk reduced demand for safe havens such as government bonds and the yen, however.

In early European trade, the pan-region Euro Stoxx 50 futures and German DAX futures were little changed, while Britain's FTSE futures inched down 0.1 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 per cent, putting it on track for a 2.2 per cent weekly gain - which would make it the best week since mid-June.

The Shanghai Composite Index edged up 0.1 per cent. Hong Kong's Hang Seng was up 0.2 per cent, with some earlier gains trimmed after rating agency Fitch downgraded the city's credit rating following months of unrest.

Australian stocks gained 0.5 per cent, South Korea's KOSPI climbed 0.1 per cent and Japan's Nikkei advanced 0.4 per cent.

Global equity markets welcomed news that the United States and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating their long, bitter trade conflict.

Upbeat US data on Thursday also helped sentiment.

US private payrolls increased in August at their fastest pace in four months, according to ADP National Employment Report. Separately the US services industry rebounded last month to its fastest expansion since February, according to the Institute for Supply Management's non-manufacturing purchasing managers index (PMI).

"The strong US data are the main part of the latest turn in markets as they are key factors impacting equities and US yields, therefore determining how long this 'risk on' phase will last," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

On Thursday, the Dow added 1.4 per cent, the S&amp;P 500 climbed 1.3 per cent and Nasdaq rose 1.75 per cent.

Ishikawa at IG Securities said a US August jobs report ou later in the global day "will get more attention than usual as it could further fuel the risk-on phase, which in turn would boost the dollar."

The non-farm payroll report is expected to show an increase of 158,000 and the unemployment rate holding steady at 3.7 per cent.

The dollar stood at 107.000 yen after climbing to a one-month high of 107.235 overnight. The greenback has gained about 0.7 per cent against the safe-haven yen.

The pound hovered near a six-week peak of $1.2353 scaled the previous day on hopes that Britain could avoid exiting the European Union without a deal.

Sterling had fallen to a three-year low of $1.1959 midweek after British Prime Minister Boris Johnson stoked fears of a no-deal Brexit.

The euro was steady at $1.1039 after rising 0.5 per cent overnight, when it was lifted by sterling's bounce.

The dollar index against a basket of six major currencies was little changed at 98.369 after pulling back from a one-week low of 98.085 the previous day, thanks to a rise in US Treasury yields.

US Treasuries fell in price and their yields rebounded from multi-year lows as investors moved out of safety assets into equities.

The 10-year Treasury yield was at 1.536 per cent, having risen from a three-year trough of 1.428 per cent plumbed midweek as soft economic data and Sino-US trade worries stoked global recession concerns.

"The recent panic in markets was excessive. And if a sustained reversal of fragile sentiment gets under way, US equities will test fresh record highs and a corresponding drop in bond prices will present an good bargain hunting opportunity," said Eiichiro Tani, chief strategist at Daiwa Securities.

Japan's 10-year government bond yield climbed 2.5 basis points to minus 0.250 per cent, putting some distance between a three-year low of minus 0.295% set earlier this week.

The Australian dollar traded close to a one-month peak of $0.6830. It has gained more than 1 per cent this week amid the thaw in US-China trade tensions and tempered prospects for an immediate interest rate cut by the Reserve Bank of Australia.

Brent crude oil futures were little changed at $60.97 per barrel, losing some steam after posting strong gains over the past two sessions.

Brent had climbed to a one-month peak of $62.40 per barrel on Thursday on a decline in US crude inventories and eased trade war worries.

Asian stocks gained on Friday, joining a global trend as investors took heart from firm US economic data plans hopes a meeting between US and Chinese negotiators next month signals an easing in trade tensions.

Asian stocks gained on Friday, joining a global trend as investors took heart from firm US economic data plans hopes a meeting between US and Chinese negotiators next month signals an easing in trade tensions. The improvement in investors' appetite for risk reduced demand for safe havens such as government bonds and the yen, however. In early European trade, the pan-region Euro Stoxx 50 futures and German DAX futures were little changed, while Britain's FTSE futures inched down 0.1 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 per cent, putting it on track for a 2.2 per cent weekly gain - which would make it the best week since mid-June. The Shanghai Composite Index edged up 0.1 per cent. Hong Kong's Hang Seng was up 0.2 per cent, with some earlier gains trimmed after rating agency Fitch downgraded the city's credit rating following months of unrest. Australian stocks gained 0.5 per cent, South Korea's KOSPI climbed 0.1 per cent and Japan's Nikkei advanced 0.4 per cent. Global equity markets welcomed news that the United States and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating their long, bitter trade conflict. Upbeat US data on Thursday also helped sentiment. US private payrolls increased in August at their fastest pace in four months, according to ADP National Employment Report. Separately the US services industry rebounded last month to its fastest expansion since February, according to the Institute for Supply Management's non-manufacturing purchasing managers index (PMI). "The strong US data are the main part of the latest turn in markets as they are key factors impacting equities and US yields, therefore determining how long this 'risk on' phase will last," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. On Thursday, the Dow added 1.4 per cent, the S&P 500 climbed 1.3 per cent and Nasdaq rose 1.75 per cent. Ishikawa at IG Securities said a US August jobs report ou later in the global day "will get more attention than usual as it could further fuel the risk-on phase, which in turn would boost the dollar." The non-farm payroll report is expected to show an increase of 158,000 and the unemployment rate holding steady at 3.7 per cent. The dollar stood at 107.000 yen after climbing to a one-month high of 107.235 overnight. The greenback has gained about 0.7 per cent against the safe-haven yen. The pound hovered near a six-week peak of $1.2353 scaled the previous day on hopes that Britain could avoid exiting the European Union without a deal. Sterling had fallen to a three-year low of $1.1959 midweek after British Prime Minister Boris Johnson stoked fears of a no-deal Brexit. The euro was steady at $1.1039 after rising 0.5 per cent overnight, when it was lifted by sterling's bounce. The dollar index against a basket of six major currencies was little changed at 98.369 after pulling back from a one-week low of 98.085 the previous day, thanks to a rise in US Treasury yields. US Treasuries fell in price and their yields rebounded from multi-year lows as investors moved out of safety assets into equities. The 10-year Treasury yield was at 1.536 per cent, having risen from a three-year trough of 1.428 per cent plumbed midweek as soft economic data and Sino-US trade worries stoked global recession concerns. "The recent panic in markets was excessive. And if a sustained reversal of fragile sentiment gets under way, US equities will test fresh record highs and a corresponding drop in bond prices will present an good bargain hunting opportunity," said Eiichiro Tani, chief strategist at Daiwa Securities. Japan's 10-year government bond yield climbed 2.5 basis points to minus 0.250 per cent, putting some distance between a three-year low of minus 0.295% set earlier this week. The Australian dollar traded close to a one-month peak of $0.6830. It has gained more than 1 per cent this week amid the thaw in US-China trade tensions and tempered prospects for an immediate interest rate cut by the Reserve Bank of Australia. Brent crude oil futures were little changed at $60.97 per barrel, losing some steam after posting strong gains over the past two sessions. Brent had climbed to a one-month peak of $62.40 per barrel on Thursday on a decline in US crude inventories and eased trade war worries.

Asia shares rise on trade talks hope, firm US data; safe havens sold

Bank of Japan Governor Haruhiko Kuroda said cutting interest rates further into negative territory is among the bank's policy options, according to an interview with the Nikkei newspaper published on Friday.

Cutting rates "further into the negative zone is always an option," the newspaper quoted him as saying in the interview, held on Thursday.

Kuroda said while Japan's economy was sustaining momentum to achieve the BOJ's 2 per cent&nbsp;inflation target, risks surrounding the overseas economy were heightening.

"There are various things we can do, such as combining various tools or enhancing them," Kuroda was quoted as saying on what the BOJ could do if it were to ease again.

But Kuroda also stressed that the BOJ must take into account the impact any policy change could have on Japan's banking system and financial market functions.

Life insurers and pension funds have seen the return on their investments decline significantly due to falling long-term yields, which could hurt consumer sentiment, he said.

Kuroda also said yields on super-long Japanese government bonds with maturities of 20 or 30 years have "fallen a bit too far."

Markets are rife with speculation the BOJ could ease policy as early as this month to fend off an unwelcome yen spike that could be caused by expected monetary easing steps by the US Federal Reserve and the European Central Bank.

But some BOJ policymakers are wary of ramping up stimulus due to the rising cost of prolonged easings, such as the strain years of ultra-low interest rates are inflicting on financial institutions

Bank of Japan Governor Haruhiko Kuroda said cutting interest rates further into negative territory is among the bank's policy options, according to an interview with the Nikkei newspaper published on Friday.

Bank of Japan Governor Haruhiko Kuroda said cutting interest rates further into negative territory is among the bank's policy options, according to an interview with the Nikkei newspaper published on Friday. Cutting rates "further into the negative zone is always an option," the newspaper quoted him as saying in the interview, held on Thursday. Kuroda said while Japan's economy was sustaining momentum to achieve the BOJ's 2 per cent inflation target, risks surrounding the overseas economy were heightening. "There are various things we can do, such as combining various tools or enhancing them," Kuroda was quoted as saying on what the BOJ could do if it were to ease again. But Kuroda also stressed that the BOJ must take into account the impact any policy change could have on Japan's banking system and financial market functions. Life insurers and pension funds have seen the return on their investments decline significantly due to falling long-term yields, which could hurt consumer sentiment, he said. Kuroda also said yields on super-long Japanese government bonds with maturities of 20 or 30 years have "fallen a bit too far." Markets are rife with speculation the BOJ could ease policy as early as this month to fend off an unwelcome yen spike that could be caused by expected monetary easing steps by the US Federal Reserve and the European Central Bank. But some BOJ policymakers are wary of ramping up stimulus due to the rising cost of prolonged easings, such as the strain years of ultra-low interest rates are inflicting on financial institutions

Bank of Japan's Kuroda says deepening negative rates is among options: Nikkei

Indian shares rose for a third straight session on Friday, in line with gains in broader Asia, as US-China trade tensions eased, with IT firm Tech Mahindra Ltd leading gains after scoring a deal with US&nbsp;telecoms firm AT&amp;T Inc.

The broader NSE Nifty was up 0.49 per cent at 10,900.8 as of 0432 GMT, while the benchmark BSE Sensex was 0.53 per cent higher at 36,834.88.

Both indexes were, however, set to finish the week over 1 per cent lower, after seeing heavy sell off earlier in the week on worries of slowing economic growth.

"Foreign investors are still net sellers in the market due to the slowdown," said Anita Gandhi, whole-time director at Arihant Capital Markets, adding that markets are still awaiting measures from the government to stimulate the economy.

"There is intent on the government`s part, but we are yet to see an announcement to boost the economy, after which we may see a let up in the stock market."

Meanwhile, foreign investors pulled out 5.61 billion rupees ($78.21 million) from capital markets on Thursday, according to NSE data.

Asian stocks edged higher on Friday after the United States and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating their trade conflict.

In the local markets, Tech Mahindra climbed as much as 5.3 per cent to over 10-week high, after it said it would expand its collaboration with AT&amp;T to accelerate the US&nbsp;telecom company`s IT network application, shared systems modernisation and movement to the cloud.

The stock was the top percentage gainer on both indexes.

Private-sector lender Axis Bank Ltd climbed 2.3 per cent to a one-week high.

However, mortgage lender Indiabulls Housing Finance Ltd capped gains on the index as it fell nearly 10 per cent on reports that a public interest litigation had been filed against the company and its promoters.

The stock, which had already lost around 48 per cent this year up to last close, touched an over four-and-a-half year low on Friday.

Drugmaker Sun Pharmaceutical Industries Ltd fell as much as 4 per cent after it confirmed that India`s market regulator was conducting a forensic audit of the company`s financial statements for the years ended March 2016 to March 2018.

Indian shares rose for a third straight session on Friday, in line with gains in broader Asia, as US-China trade tensions eased, with IT firm Tech Mahindra Ltd leading gains after scoring a deal with US telecoms firm AT&T Inc.

Indian shares rose for a third straight session on Friday, in line with gains in broader Asia, as US-China trade tensions eased, with IT firm Tech Mahindra Ltd leading gains after scoring a deal with US telecoms firm AT&T Inc. The broader NSE Nifty was up 0.49 per cent at 10,900.8 as of 0432 GMT, while the benchmark BSE Sensex was 0.53 per cent higher at 36,834.88. Both indexes were, however, set to finish the week over 1 per cent lower, after seeing heavy sell off earlier in the week on worries of slowing economic growth. "Foreign investors are still net sellers in the market due to the slowdown," said Anita Gandhi, whole-time director at Arihant Capital Markets, adding that markets are still awaiting measures from the government to stimulate the economy. "There is intent on the government`s part, but we are yet to see an announcement to boost the economy, after which we may see a let up in the stock market." Meanwhile, foreign investors pulled out 5.61 billion rupees ($78.21 million) from capital markets on Thursday, according to NSE data. Asian stocks edged higher on Friday after the United States and China agreed on Thursday to hold high-level talks early in October, raising hopes for substantial progress in de-escalating their trade conflict. In the local markets, Tech Mahindra climbed as much as 5.3 per cent to over 10-week high, after it said it would expand its collaboration with AT&T to accelerate the US telecom company`s IT network application, shared systems modernisation and movement to the cloud. The stock was the top percentage gainer on both indexes. Private-sector lender Axis Bank Ltd climbed 2.3 per cent to a one-week high. However, mortgage lender Indiabulls Housing Finance Ltd capped gains on the index as it fell nearly 10 per cent on reports that a public interest litigation had been filed against the company and its promoters. The stock, which had already lost around 48 per cent this year up to last close, touched an over four-and-a-half year low on Friday. Drugmaker Sun Pharmaceutical Industries Ltd fell as much as 4 per cent after it confirmed that India`s market regulator was conducting a forensic audit of the company`s financial statements for the years ended March 2016 to March 2018.

Nifty, Sensex extend gains; Tech Mahindra leads gains on AT&T deal

China's central bank said on Friday it was cutting the amount of <a href="https://www.wionews.com/world/us-china-trade-war-to-knock-05-points-off-global-growth-french-finance-minister-247859">cash that banks must</a> hold as reserves for the third time this year, releasing $126.35 billion&nbsp;in liquidity to shore up the flagging economy.

Analysts had expected China to announce more policy easing measures soon as the world's second-largest economy comes under growing pressure from escalating US&nbsp;tariffs and sluggish domestic demand.

The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) by 50 basis points (bps) for all banks, with an additional 100 bps cut for qualified city commercial banks. The RRR for large banks will be lowered to 13.0 per cent.

The PBOC has now slashed the ratio seven times since early 2018. The size of the latest move was at the upper end of market expectations, and the number of funds released will be the largest so far in the current easing cycle.

The broad-based cut, which will release 800 billion yuan in liquidity, is effective September&nbsp;16. The additional targeted cut will release 100 billion yuan, in two phases effective October 15 and November 15.

"The move shows policymakers are increasingly worried but it’s far from enough to stabilise the economy," said Larry Hu, head of Greater China economics at Macquarie Group in Hong Kong.

"The key constraint is that everything is slowing down corporates are not willing to invest because of the trade war, a global slowdown, and weak infrastructure and property sector growth."

The latest move to spur bank lending followed a cabinet meeting on September 4 that pledged to implement both broad and targeted cuts in the RRR "in a timely manner".

The PBOC said it will maintain a prudent monetary policy and avoid a flood-like stimulus while increasing counter-cyclical adjustments and maintaining reasonable and abundant liquidity.

Analysts say China's economic growth has likely cooled further this quarter from a near 30-year low of 6.2 per cent in April-June. Morgan Stanley says it is now tracking the lower end of the government's full-year target range of around 6-6.5 per cent. 
&nbsp; 
With Washington imposing new tariffs from September 1 and threatening more measures from October 1 and December 15, some economists have recently cut their China growth estimates for next year to below 6 per cent, which would breach Beijing's longer-term development goal.

The central bank is also widely expected to cut one or more of its key policy interest rates in mid-September for the first time in four years as it works to reduce corporate funding costs.

"I think it's very likely they will cut the LPR (loan prime rate) by about 5-10 bps later this month. I also expect another RRR cut of 50 bps by the end of this year,” Macquarie's Hu said.

Despite a slew of support measures and policy easing since last year, China's economy is still struggling to get back on a firm footing.

July's data showed growth stumbled more sharply than expected as the intensifying trade war with the United States took a heavier toll, and August factory surveys pointed to continued weakness.

Prior to the latest RRR cut, the central bank had pumped out 3.63 trillion yuan in net liquidity through reserve cuts since early 2018, according to Reuters calculations based on PBOC data and analyst estimates.

The PBOC's hefty injections have helped bring down companies' borrowing costs, which had jumped early last year as regulators clamped down on riskier types of financing and debt.

But analysts have cautioned that some companies may be merely refinancing existing debt at better rates, rather than borrowing to fund fresh investments.

Analysts say the problem is not a lack of credit the PBOC has injected generous amounts of liquidity but weakening business and consumer confidence as the trade war drag on. That has weighed on activity from manufacturing and investment to retail sales.

In the latest escalation in the protracted trade dispute, the United States began imposing 15 per cent&nbsp;tariffs on a variety of Chinese goods on September&nbsp;1&nbsp;including footwear, smartwatches, and flat-panel televisions and China began imposing new duties on US crude.

The next high-level trade talks are slated for early October, but a lasting peace seems more elusive than ever.

The government has repeatedly said it will not resort to "flood-like" stimulus as it did in past economic downturns, which left a mountain of debt and sparked fears of property market bubbles.

Instead, Beijing has relied more on fiscal stimuli such as increased infrastructure spending and tax cuts, though the boost has been milder than expected so far.

The cabinet said on Wednesday China will allow local governments to issue special-purpose bonds earlier than normal next year to help steady growth, and specified for the first time that about 20 per cent&nbsp;of all special purpose bonds issued by every province could be used as project capital.

Many local governments are facing increasing fiscal strains as tax cuts and the broader economic slowdown reduce revenues, hampering their ability to implement infrastructure projects.

The OECD has estimated that China's fiscal stimulus was equivalent to 4.25 per cent of gross domestic product (GDP) in 2019, up from 2.94 per cent last year.

China's central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing $126.35 billion in liquidity to shore up the flagging economy.

China's central bank said on Friday it was cutting the amount of cash that banks must hold as reserves for the third time this year, releasing $126.35 billion in liquidity to shore up the flagging economy. Analysts had expected China to announce more policy easing measures soon as the world's second-largest economy comes under growing pressure from escalating US tariffs and sluggish domestic demand. The People's Bank of China (PBOC) said it would cut the reserve requirement ratio (RRR) by 50 basis points (bps) for all banks, with an additional 100 bps cut for qualified city commercial banks. The RRR for large banks will be lowered to 13.0 per cent. The PBOC has now slashed the ratio seven times since early 2018. The size of the latest move was at the upper end of market expectations, and the number of funds released will be the largest so far in the current easing cycle. The broad-based cut, which will release 800 billion yuan in liquidity, is effective September 16. The additional targeted cut will release 100 billion yuan, in two phases effective October 15 and November 15. "The move shows policymakers are increasingly worried but it’s far from enough to stabilise the economy," said Larry Hu, head of Greater China economics at Macquarie Group in Hong Kong. "The key constraint is that everything is slowing down corporates are not willing to invest because of the trade war, a global slowdown, and weak infrastructure and property sector growth." The latest move to spur bank lending followed a cabinet meeting on September 4 that pledged to implement both broad and targeted cuts in the RRR "in a timely manner". The PBOC said it will maintain a prudent monetary policy and avoid a flood-like stimulus while increasing counter-cyclical adjustments and maintaining reasonable and abundant liquidity. Analysts say China's economic growth has likely cooled further this quarter from a near 30-year low of 6.2 per cent in April-June. Morgan Stanley says it is now tracking the lower end of the government's full-year target range of around 6-6.5 per cent. With Washington imposing new tariffs from September 1 and threatening more measures from October 1 and December 15, some economists have recently cut their China growth estimates for next year to below 6 per cent, which would breach Beijing's longer-term development goal. The central bank is also widely expected to cut one or more of its key policy interest rates in mid-September for the first time in four years as it works to reduce corporate funding costs. "I think it's very likely they will cut the LPR (loan prime rate) by about 5-10 bps later this month. I also expect another RRR cut of 50 bps by the end of this year,” Macquarie's Hu said. Despite a slew of support measures and policy easing since last year, China's economy is still struggling to get back on a firm footing. July's data showed growth stumbled more sharply than expected as the intensifying trade war with the United States took a heavier toll, and August factory surveys pointed to continued weakness. Prior to the latest RRR cut, the central bank had pumped out 3.63 trillion yuan in net liquidity through reserve cuts since early 2018, according to Reuters calculations based on PBOC data and analyst estimates. The PBOC's hefty injections have helped bring down companies' borrowing costs, which had jumped early last year as regulators clamped down on riskier types of financing and debt. But analysts have cautioned that some companies may be merely refinancing existing debt at better rates, rather than borrowing to fund fresh investments. Analysts say the problem is not a lack of credit the PBOC has injected generous amounts of liquidity but weakening business and consumer confidence as the trade war drag on. That has weighed on activity from manufacturing and investment to retail sales. In the latest escalation in the protracted trade dispute, the United States began imposing 15 per cent tariffs on a variety of Chinese goods on September 1 including footwear, smartwatches, and flat-panel televisions and China began imposing new duties on US crude. The next high-level trade talks are slated for early October, but a lasting peace seems more elusive than ever. The government has repeatedly said it will not resort to "flood-like" stimulus as it did in past economic downturns, which left a mountain of debt and sparked fears of property market bubbles. Instead, Beijing has relied more on fiscal stimuli such as increased infrastructure spending and tax cuts, though the boost has been milder than expected so far. The cabinet said on Wednesday China will allow local governments to issue special-purpose bonds earlier than normal next year to help steady growth, and specified for the first time that about 20 per cent of all special purpose bonds issued by every province could be used as project capital. Many local governments are facing increasing fiscal strains as tax cuts and the broader economic slowdown reduce revenues, hampering their ability to implement infrastructure projects. The OECD has estimated that China's fiscal stimulus was equivalent to 4.25 per cent of gross domestic product (GDP) in 2019, up from 2.94 per cent last year.

China cuts banks' reserve ratios, frees up $126 billion for loans as economy slows

Indian shares closed higher on Friday as investors cheered the government`s assurance for the ailing domestic auto sector, amid easing US-China trade tensions.&nbsp;

The broader NSE Nifty ended 0.91% higher at 10,946.20, while the benchmark BSE Sensex closed up 0.92% at 36,981.77.

However, weak economic data left both indexes in the red for the week, with the NSE Nifty and BSE Sensex finishing down 0.75% and 0.94%, respectively.

Autos led gains on Friday for the second straight session, and the index closed up 2.61%.

India`s junior finance minister Anurag Thakur said the government was open to taking car-makers` requests for lower taxes to the tax council, a day after industry bosses urged New Delhi to revive the sector plagued by plunging sales and job losses.

Eicher Motors was the top gainer on the NSE Nifty, ending 4.15% higher, while Indiabulls Housing Finance, down 4.97%, was the top loser.

Indian shares closed higher on Friday as investors cheered the government`s assurance for the ailing domestic auto sector, amid easing US-China trade tensions. The broader NSE Nifty ended 0.

Indian shares closed higher on Friday as investors cheered the government`s assurance for the ailing domestic auto sector, amid easing US-China trade tensions. The broader NSE Nifty ended 0.91% higher at 10,946.20, while the benchmark BSE Sensex closed up 0.92% at 36,981.77. However, weak economic data left both indexes in the red for the week, with the NSE Nifty and BSE Sensex finishing down 0.75% and 0.94%, respectively. Autos led gains on Friday for the second straight session, and the index closed up 2.61%. India`s junior finance minister Anurag Thakur said the government was open to taking car-makers` requests for lower taxes to the tax council, a day after industry bosses urged New Delhi to revive the sector plagued by plunging sales and job losses. Eicher Motors was the top gainer on the NSE Nifty, ending 4.15% higher, while Indiabulls Housing Finance, down 4.97%, was the top loser.

Nifty, Sensex end higher; autos lead gains

Trade policy uncertainty driven by the Trump administration's escalating dispute with China means hundreds of billions of dollars in lost US output and as much as $850 billion lost globally through early next year, research published this week by the Federal Reserve suggests.

The Fed researchers analysed newspaper articles and corporate earnings calls to estimate trade policy uncertainty, finding it has recently "shot up to levels not seen since the 1970s."

Other economists, notably Stanford University professor Nicholas Bloom and his colleagues, have documented a similar rise in uncertainty

The Fed researchers then estimated the blow such uncertainty delivers to economic activity, as businesses pull back on investment and production. They concluded that globally and in the United States, its impact is around 1 per cent to GDP.

With US GDP estimated at about $20 trillion, and world GDP at about $85 trillion, a 1 per cent impact would put the drag from trade uncertainty at about $200 billion to US GDP, and $850 billion to global GDP, according to Reuters calculations.

The estimates, the researchers said, are uncertain.

But they are notable in that they are among the first to quantify the large impact of President Donald Trump's approach to trade deals, which he says put the US economy at a global disadvantage.

In an effort to win better trade terms, the Trump administration has jacked up tariffs on hundreds of billions of dollars of Chinese imports and imposed or threatened to impose duties on imports from other trading partners, including Mexico and the European Union. China and other countries in turn have threatened or imposed their own tariffs on US goods.

Trump has called on the Fed to slash US interest rates to support the economy and offset the effects of the trade war.

Fed policymakers for their part have said they will not let politics dictate interest-rate policy. But they have consistently called out the tariffs as detrimental to US growth. Fed Chair Jerome Powell last month cited trade policy uncertainty as an important reason for the global economic slowdown and weak US manufacturing.

Chicago Fed President Charles Evans on Wednesday argued that increased trade tensions could slow US potential growth to 1.5 per cent a year, half what Trump said his administration would deliver.

Trade policy uncertainty driven by the Trump administration's escalating dispute with China means hundreds of billions of dollars in lost US output and as much as $850 billion lost globally through early next year, research published this week by the Federal Reserve suggests.

Trade policy uncertainty driven by the Trump administration's escalating dispute with China means hundreds of billions of dollars in lost US output and as much as $850 billion lost globally through early next year, research published this week by the Federal Reserve suggests. The Fed researchers analysed newspaper articles and corporate earnings calls to estimate trade policy uncertainty, finding it has recently "shot up to levels not seen since the 1970s." Other economists, notably Stanford University professor Nicholas Bloom and his colleagues, have documented a similar rise in uncertainty The Fed researchers then estimated the blow such uncertainty delivers to economic activity, as businesses pull back on investment and production. They concluded that globally and in the United States, its impact is around 1 per cent to GDP. With US GDP estimated at about $20 trillion, and world GDP at about $85 trillion, a 1 per cent impact would put the drag from trade uncertainty at about $200 billion to US GDP, and $850 billion to global GDP, according to Reuters calculations. The estimates, the researchers said, are uncertain. But they are notable in that they are among the first to quantify the large impact of President Donald Trump's approach to trade deals, which he says put the US economy at a global disadvantage. In an effort to win better trade terms, the Trump administration has jacked up tariffs on hundreds of billions of dollars of Chinese imports and imposed or threatened to impose duties on imports from other trading partners, including Mexico and the European Union. China and other countries in turn have threatened or imposed their own tariffs on US goods. Trump has called on the Fed to slash US interest rates to support the economy and offset the effects of the trade war. Fed policymakers for their part have said they will not let politics dictate interest-rate policy. But they have consistently called out the tariffs as detrimental to US growth. Fed Chair Jerome Powell last month cited trade policy uncertainty as an important reason for the global economic slowdown and weak US manufacturing. Chicago Fed President Charles Evans on Wednesday argued that increased trade tensions could slow US potential growth to 1.5 per cent a year, half what Trump said his administration would deliver.

Trade uncertainty to trim $850 billion global output

&nbsp;US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China.

Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers.

The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world.

The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008.

"The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point."

Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population.

The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month.

August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength.

Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray &amp; Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August.

Bullish consumers

But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month.

Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018.

The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February.

The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation.

"Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions."

The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July.

"While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&amp;P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow."

Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016.

Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July.

Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession.

US job growth likely slowed further in August, but the pace of gains probably remains sufficient to keep the economy expanding moderately amid rising threats from trade tensions and weakness overseas that have left financial markets fearing a recession. The Labor Department's closely watched monthly employment report on Friday will come in the wake of a survey on Tuesday that showed manufacturing contracting for the first time in three years in August. The economy's waning fortunes, underscored by an inversion of the US Treasury yield curve, have been largely blamed on the White House's year-long trade war with China. Washington and Beijing slapped fresh tariffs on each other on Sunday. While the two economic giants on Thursday agreed to hold high-level talks in early October in Washington, the uncertainty, which has eroded business confidence, lingers. The economy is also facing headwinds from Britain's potentially disorderly exit from the European Union, and softening growth in China and the rest of the world. The Federal Reserve is expected to cut interest rates again this month to keep the longest economic expansion in history, now in its 11th year, on track. The US central bank lowered borrowing costs in July for the first time since 2008. "The general message from the labour market is that businesses are cutting back on hiring, but they are not laying off workers and that is important," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania. "Consumers are what's keeping the economy moving at this point." Nonfarm payrolls probably increased by 158,000 jobs last month after advancing 164,000 in July, according to a Reuters survey of economists. The anticipated job gains would be below the monthly average of 165,000 over the last seven months, but still above the roughly 100,000 per month needed to keep up with growth in the working-age population. The unemployment rate is forecast unchanged at 3.7 per cent for a third straight month. August job growth could, however, fall short of expectations because of a seasonal quirk related to students leaving their summer jobs and returning to school. Over the past several years, the initial August job count has tended to exhibit a weak bias, with revisions subsequently showing strength. Other factors favouring slower job growth include declines in both the Institute for Supply Management's manufacturing and services industries employment measures in August. In addition, global outplacement firm Challenger, Gray & Christmas reported a 37.7 per cent jump in planned job cuts by U.S-based employers in August. Bullish consumers But first-time applications for unemployment benefits, a more timely indicator of labour market health, have been hovering near historically low levels. Consumers were very bullish about the labour market in August and the government likely started recruiting for the 2020 Census last month. Though the trade impasse does not appear to be spilling over to the labour market, job growth has been slowing since mid-2018. The government last month estimated that the economy created 501,000 fewer jobs in the 12 months through March 2019 than previously reported, the biggest downward revision in the level of employment in a decade. That suggests job growth over that period averaged around 170,000 per month instead of 210,000. The revised payrolls data will be published next February. The government has also trimmed economic growth for the second quarter. The employment report is expected to show average hourly earnings gaining 0.3 per cent last month, matching July's rise. But the annual increase in wages is seen dipping to 3.1 per cent from 3.2 per cent in July as last year's surge falls out of the calculation. "Recent downward revisions to estimates of economic growth, corporate profits, and employment growth all suggest that the economy is displaying classic late-cycle symptoms," said Michael Feroli, an economist at JP Morgan in New York. "Moreover, these symptoms are unlikely to go away entirely even if a truce is reached in the current trade tensions." The length of the workweek will also be watched for clues on how soon companies might start laying off workers. The average workweek fell to its lowest level in nearly two years in July as manufacturers and other industries cut hours for workers. It is forecast rising to 34.4 hours in August from 34.3 hours in July. "While one month does not make a trend, hours worked is a leading indicator worth noting," said Beth Ann Bovino, US chief economist at S&P Global Ratings in New York. "A prolonged drop in hours worked signals that businesses may reduce hiring, with layoffs and cutbacks in private spending to likely follow." Manufacturing employment is expected to have risen by 8,000 jobs last month after increasing 16,000 in July. But factory payrolls could surprise on the downside after the ISM reported on Tuesday that its gauge of factory employment dropped in August to its lowest level since March 2016. Manufacturing has ironically borne the brunt of the Trump administration's trade war, which the White House has argued is intended to boost the sector. Factories cut overtime for workers in July. Government employment could get a lift from hiring for the 2020 decennial census, which could create roughly 40,000 temporary jobs.

Slower US job growth expected, but enough to support economy

Equity benchmark indices were in the positive territory during early hours on Thursday tracking positive developments on the global horizon.At 10:15 am, the BSE S&amp;P Sensex was up by 128 points at 36,852 while the Nifty 50 edged higher by 59 points to 10,904.

At the National Stock Exchange, sectoral indices were mixed. Nifty metal gained by 2.4 per cent. Nifty auto, FMCG, IT and pharma too were in the green but financial services, PSU bank and realty witnessed marginal losses.

Among stocks, ONGC gained by 6.1 per cent, Coal India by 5.1 per cent, NTPC by 4.6 per cent, and Indian Oil Corporation by 4.5 per cent.Metal stocks were up with Vedanta gaining 2.8 per cent, Tata Steel by 2.6 per cent and JSW Steel by 2.1 per cent.

However, HDFC slipped by 2.1 per cent to Rs 2,054.35 per share while ICICI Bank was down by 1.5 per cent, State Bank of India and Kotak Mahindra Bank lost by 0.6 per cent each.

Meanwhile, Asian stocks shot up after China announced another round of trade talks with the United States next month.

The development came amid fears of an escalating trade war that could trigger a global economic recession.

The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on 250 billion dollars worth of Chinese imports from October 1.

Equity benchmark indices were in the positive territory during early hours on Thursday tracking positive developments on the global horizon.At 10:15 am, the BSE S&P Sensex was up by 128 points at 36,852 while the Nifty 50 edged higher by 59 points to 10,904.

Equity benchmark indices were in the positive territory during early hours on Thursday tracking positive developments on the global horizon.At 10:15 am, the BSE S&P Sensex was up by 128 points at 36,852 while the Nifty 50 edged higher by 59 points to 10,904. At the National Stock Exchange, sectoral indices were mixed. Nifty metal gained by 2.4 per cent. Nifty auto, FMCG, IT and pharma too were in the green but financial services, PSU bank and realty witnessed marginal losses. Among stocks, ONGC gained by 6.1 per cent, Coal India by 5.1 per cent, NTPC by 4.6 per cent, and Indian Oil Corporation by 4.5 per cent.Metal stocks were up with Vedanta gaining 2.8 per cent, Tata Steel by 2.6 per cent and JSW Steel by 2.1 per cent. However, HDFC slipped by 2.1 per cent to Rs 2,054.35 per share while ICICI Bank was down by 1.5 per cent, State Bank of India and Kotak Mahindra Bank lost by 0.6 per cent each. Meanwhile, Asian stocks shot up after China announced another round of trade talks with the United States next month. The development came amid fears of an escalating trade war that could trigger a global economic recession. The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on 250 billion dollars worth of Chinese imports from October 1.

Equity indices in green on positive global cues, metal stocks shine

Weaker demand from abroad drove a bigger-than-expected drop in German industrial orders in July, suggesting that struggling manufacturers could tip Europe's biggest economy <a href="https://www.wionews.com/business-economy/uk-business-activity-contracts-over-brexit-turmoil-raises-recession-risk-247628">into a recession in the third quarter</a>.

Germany's export-reliant economy is suffering from slower global growth and business uncertainty caused by US&nbsp;President Donald Trump's 'America First' trade policies and Britain's planned, but delayed, exit from the European Union.

Contracts for 'Made in Germany' goods fell 2.7 per cent from the previous month in July, data showed on Thursday, driven by a big drop in bookings from non-euro zone countries, the economy ministry said. That undershot a Reuters consensus forecast for a 1.5 per cent&nbsp;drop.

"The misery in manufacturing continues. The decline in new orders significantly increases the risk of a recession for the German economy," VP Bank analyst Thomas Gitzel said.

Germany's gross domestic product contracted by 0.1 per cent&nbsp;quarter-on-quarter in the second quarter on weaker exports, with the decrease in foreign sales mainly driven by Britain and below average demand from China.

"The danger is great that negative growth will also be recorded in the third quarter," Gitzel added.

The economy ministry said new orders in manufacturing had a weak start to the third quarter and that the outlook for the sector was also looking grim.

"In light of still unresolved international trade conflicts and muted business expectations in manufacturing, there are still no signs of a fundamental improvement in the industrial sector in the coming months," the ministry added.

Orders from non-euro zone countries plunged nearly 7 per cent&nbsp;on the month while demand from other euro zone countries and domestic bookings rose slightly, the data showed.

Without the distorting effects of bulk orders, industrial orders rose 0.5 per cent&nbsp;on the month in July, the ministry added.

The overall reading for June was revised up to an increase of 2.7 from a previously reported 2.5 per cent&nbsp;increase.

The VDMA business association said engineering orders in July fell by 3 per cent&nbsp;in real terms from the previous year, driven by weaker demand from both domestic and foreign clients.

"The business and export outlook is still gloomy for the second half of the year given the economic and political risks," VDMA chief economist Ralph Wiechers said.

Germany's DIHK business association said that companies around the globe were reluctant to invest due to slowing world trade and growing business uncertainty.

"So there is little light on the horizon for German industry which is characterized by its large share of capital goods producers," DIHK economist Kevin Heidenreich.

Carsten Brzeski from ING noted that the downward trend in manufacturing was not only driven by weaker foreign demand and trade conflicts.

"Since the start of the year, domestic orders have actually dropped more than foreign orders, suggesting that global woes have reached the domestic economy," Brzeski added.

Labour market data showed last week that seasonally adjusted unemployment rose in August, eroding a pillar of growth that has helped support Germany's traditionally export-driven economy.

With its sales abroad hit by a worsening trade climate, a global economic slowdown and the increasingly chaotic run-up to Brexit, the bulk of Germany's growth momentum is now being generated domestically - a dependency that leaves it exposed to any weakening of the jobs market.

Goldman Sachs Chief Financial Officer Stephen Scherr said on Thursday that the German economy is in the "early days of a slowdown".

The government expects economic growth to slow to 0.5 per cent&nbsp;this year from 1.5 per cent&nbsp;in the previous year. This would be the weakest expansion since 2013 when the euro zone struggled amid a sovereign debt crisis.

Weaker demand from abroad drove a bigger-than-expected drop in German industrial orders in July, suggesting that struggling manufacturers could tip Europe's biggest economy into a recession in the third quarter.

Weaker demand from abroad drove a bigger-than-expected drop in German industrial orders in July, suggesting that struggling manufacturers could tip Europe's biggest economy into a recession in the third quarter. Germany's export-reliant economy is suffering from slower global growth and business uncertainty caused by US President Donald Trump's 'America First' trade policies and Britain's planned, but delayed, exit from the European Union. Contracts for 'Made in Germany' goods fell 2.7 per cent from the previous month in July, data showed on Thursday, driven by a big drop in bookings from non-euro zone countries, the economy ministry said. That undershot a Reuters consensus forecast for a 1.5 per cent drop. "The misery in manufacturing continues. The decline in new orders significantly increases the risk of a recession for the German economy," VP Bank analyst Thomas Gitzel said. Germany's gross domestic product contracted by 0.1 per cent quarter-on-quarter in the second quarter on weaker exports, with the decrease in foreign sales mainly driven by Britain and below average demand from China. "The danger is great that negative growth will also be recorded in the third quarter," Gitzel added. The economy ministry said new orders in manufacturing had a weak start to the third quarter and that the outlook for the sector was also looking grim. "In light of still unresolved international trade conflicts and muted business expectations in manufacturing, there are still no signs of a fundamental improvement in the industrial sector in the coming months," the ministry added. Orders from non-euro zone countries plunged nearly 7 per cent on the month while demand from other euro zone countries and domestic bookings rose slightly, the data showed. Without the distorting effects of bulk orders, industrial orders rose 0.5 per cent on the month in July, the ministry added. The overall reading for June was revised up to an increase of 2.7 from a previously reported 2.5 per cent increase. The VDMA business association said engineering orders in July fell by 3 per cent in real terms from the previous year, driven by weaker demand from both domestic and foreign clients. "The business and export outlook is still gloomy for the second half of the year given the economic and political risks," VDMA chief economist Ralph Wiechers said. Germany's DIHK business association said that companies around the globe were reluctant to invest due to slowing world trade and growing business uncertainty. "So there is little light on the horizon for German industry which is characterized by its large share of capital goods producers," DIHK economist Kevin Heidenreich. Carsten Brzeski from ING noted that the downward trend in manufacturing was not only driven by weaker foreign demand and trade conflicts. "Since the start of the year, domestic orders have actually dropped more than foreign orders, suggesting that global woes have reached the domestic economy," Brzeski added. Labour market data showed last week that seasonally adjusted unemployment rose in August, eroding a pillar of growth that has helped support Germany's traditionally export-driven economy. With its sales abroad hit by a worsening trade climate, a global economic slowdown and the increasingly chaotic run-up to Brexit, the bulk of Germany's growth momentum is now being generated domestically - a dependency that leaves it exposed to any weakening of the jobs market. Goldman Sachs Chief Financial Officer Stephen Scherr said on Thursday that the German economy is in the "early days of a slowdown". The government expects economic growth to slow to 0.5 per cent this year from 1.5 per cent in the previous year. This would be the weakest expansion since 2013 when the euro zone struggled amid a sovereign debt crisis.

Germany risks recession risk as industrial orders plunge

India's benchmark BSE Sensex reversed early gains and closed slightly lower on Thursday as sluggish economic growth kept investors cautious and the government's assurance to the ailing auto sector failed to bring much cheer.

India's benchmark BSE Sensex reversed early gains and closed slightly lower on Thursday as sluggish economic growth kept investors cautious and the government's assurance to the ailing auto sector failed to bring much cheer. The Sensex closed down 0.22% at 36,644.42, while the broader NSE Nifty ended 0.03% higher at 10,847.90. Road and transport minister Nitin Gadkari said the government would cut taxes on hybrid cars and not ban petrol and diesel vehicles at a time when the industry is fretting about plans to switch to electric vehicles. The news helped the Nifty auto index close about 2.3% higher. Tata Motors was the top gainer with a jump of 7.81%. Financial and banking stocks were among the top losers. Shadow bank Housing Development Finance Corp was the top loser on the NSE index with a drop of 2.66%.

Sensex, Nifty erase gains on slowdown worries

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%.

US stock futures reversed early losses and rose 1%.

The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell.

China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing.

China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September&nbsp;in preparation for negotiations in early October, hinting at progress in reducing trade friction.

Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details.

"Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo.

"It's the same about Brexit, which means less downside risk."

Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub.

In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31.

But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour.

Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan.

US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets.

The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%.

The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug&nbsp;21 on Wednesday but narrowed slightly in Asian trade.

The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession.

US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%. US stock futures reversed early losses and rose 1%. The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell. China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing. China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September in preparation for negotiations in early October, hinting at progress in reducing trade friction. Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details. "Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo. "It's the same about Brexit, which means less downside risk." Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub. In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31. But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour. Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan. US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets. The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%. The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug 21 on Wednesday but narrowed slightly in Asian trade. The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession. US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Confirmation of US: China trade talks buoys global shares, investor spirit

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day.

The departure of John Slosar was announced less than three weeks after mounting Chinese regulatory scrutiny led to the shock exit of its chief executive, Rupert Hogg.

Cathay shares had closed 7.2% higher on Wednesday as the Hong Kong market was lifted by reports of the withdrawal of a controversial extradition bill, which was officially announced after the market closed.

Long-serving Swire Pacific Ltd executive Patrick Healy was appointed as Cathay's new chairman on Wednesday following the resignation of Slosar, who had served in the role since 2014.

"As John would have retired soon anyway it's not really a huge setback as a business," an analyst said of Slosar's departure. "However it's always awful to see when politics dictate like this."

The analyst, who was not authorised to speak publicly about personnel changes, said he believed if the political situation in Hong Kong stabilised, the situation at Cathay should as well.

Daiwa Capital Markets analyst Kelvin Lau said the extradition bill's withdrawal was positive for Cathay, even though protests were not expected to end immediately.

"We expect this to be a turning point where the situation would at least not worsen," he said in a note to clients, adding that recent personnel changes at the airline should satisfy the requirements of the Chinese regulator and were likely to instil confidence among customers.

China's aviation regulator last month said crew who engaged in the anti-government protests in Hong Kong posed a threat to the safety and should be suspended from staffing flights to the mainland and over its airspace.

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day.

Shares in Cathay Pacific Airways Ltd fell nearly 4% in early trade on Thursday following the resignation of its chairman after the market closed on the previous day. The departure of John Slosar was announced less than three weeks after mounting Chinese regulatory scrutiny led to the shock exit of its chief executive, Rupert Hogg. Cathay shares had closed 7.2% higher on Wednesday as the Hong Kong market was lifted by reports of the withdrawal of a controversial extradition bill, which was officially announced after the market closed. Long-serving Swire Pacific Ltd executive Patrick Healy was appointed as Cathay's new chairman on Wednesday following the resignation of Slosar, who had served in the role since 2014. "As John would have retired soon anyway it's not really a huge setback as a business," an analyst said of Slosar's departure. "However it's always awful to see when politics dictate like this." The analyst, who was not authorised to speak publicly about personnel changes, said he believed if the political situation in Hong Kong stabilised, the situation at Cathay should as well. Daiwa Capital Markets analyst Kelvin Lau said the extradition bill's withdrawal was positive for Cathay, even though protests were not expected to end immediately. "We expect this to be a turning point where the situation would at least not worsen," he said in a note to clients, adding that recent personnel changes at the airline should satisfy the requirements of the Chinese regulator and were likely to instil confidence among customers. China's aviation regulator last month said crew who engaged in the anti-government protests in Hong Kong posed a threat to the safety and should be suspended from staffing flights to the mainland and over its airspace.

Cathay shares fall nearly 4% after chairman resigns