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

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

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

Capital spending outlook another worry ahead of earnings

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

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

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

Apple raises iPhone 11 production by about 10%: Nikkei

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

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

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

Nifty, Sensex rise before likely rate cut

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

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

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

Dollar rises after US jobs come out better than worst expectations

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

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

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

Oil rises on fall in US unemployment rate

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sensex turns red after RBI lowers GDP forecast to 6.1%

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

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

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

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

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

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

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

Gold prices steady as market awaits United States employment report

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

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

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

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

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

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

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

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

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

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

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

Investors keep their faith in Hong Kong markets despite protests

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

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

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

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

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

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

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

UK economy flirting with recession after services shrink unexpectedly

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

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

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

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

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

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

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

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

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

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

India, Malaysia priciest share markets in Asia: Report

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

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

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

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

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

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

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

Dollar pinned down after poor US manufacturing data; pound slips

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

WION Wallet: Japan increases sales tax to overcome slowdown

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nestle sheds skincare brands