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The Central Board of the Reserve Bank of India (RBI) on Monday approved the transfer of Rs 1,76,051 crore to the Government of India.

The top bank's decision is in line with the recommendations of the Bimal Jalan Committee.

A press note from the RBI said that it has decided "to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today."

It may be recalled that the RBI in consultation with the Government of India had constituted an Expert Committee to Review the Extant Economic Capital Framework of the Reserve Bank of India under the chairmanship of Dr Bimal Jalan.

"The Committee's recommendations were based on the consideration of the role of central banks'&nbsp;financial resilience, cross-country practices, statutory provisions and the impact of the RBI's public policy mandate and operating environment on its balance sheet and the risks involved," the note said.

The note further said, "The Committee`s recommendations were guided by the fact that the RBI forms the primary bulwark for monetary, financial and external stability."

"Hence, the resilience of the RBI needs to be commensurate with its public policy objectives and must be maintained above the level of peer central banks as would be expected of a central bank of one of the fastest-growing large economies of the world," added the note.

The Central Board of the Reserve Bank of India (RBI) on Monday approved the transfer of Rs 1,76,051 crore to the Government of India. The top bank's decision is in line with the recommendations of the Bimal Jalan Committee.

The Central Board of the Reserve Bank of India (RBI) on Monday approved the transfer of Rs 1,76,051 crore to the Government of India. The top bank's decision is in line with the recommendations of the Bimal Jalan Committee. A press note from the RBI said that it has decided "to transfer a sum of Rs 1,76,051 crore to the Government of India comprising Rs 1,23,414 crore of surplus for the year 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework (ECF) adopted at the meeting of the Central Board today." It may be recalled that the RBI in consultation with the Government of India had constituted an Expert Committee to Review the Extant Economic Capital Framework of the Reserve Bank of India under the chairmanship of Dr Bimal Jalan. "The Committee's recommendations were based on the consideration of the role of central banks' financial resilience, cross-country practices, statutory provisions and the impact of the RBI's public policy mandate and operating environment on its balance sheet and the risks involved," the note said. The note further said, "The Committee`s recommendations were guided by the fact that the RBI forms the primary bulwark for monetary, financial and external stability." "Hence, the resilience of the RBI needs to be commensurate with its public policy objectives and must be maintained above the level of peer central banks as would be expected of a central bank of one of the fastest-growing large economies of the world," added the note.

Reserve Bank of India to transfer Rs 1,76,051 crore to Government

Indian shares settled higher for a third straight session on Tuesday, led by auto and banking stocks, as ebbing global trade war worries and expectations of further stimulus supported by a huge dividend from the central bank boosted investor sentiment.

The broader NSE Nifty closed up 0.43 per cent at 11,105.35, while the benchmark BSE Sensex ended 0.39 per cent higher at 37,641.27. 
The Nifty auto index ended up 1.85 per cent, with Tata Motors Ltd settling nearly 9 per cent higher.

The Nifty PSU bank index, which tracks state-owned banks, settled up 2.5 per cent, with 11 out of 12 constituents in the green.

Telecom company Bharti Airtel was the top loser on the NSE index with a drop of 3.42 per cent. Earlier in the day, television channel reported that Kenya suspended a deal between the firm and Telekom Kenya.

Indian shares settled higher for a third straight session on Tuesday, led by auto and banking stocks, as ebbing global trade war worries and expectations of further stimulus supported by a huge dividend from the central bank boosted investor sentiment.

Indian shares settled higher for a third straight session on Tuesday, led by auto and banking stocks, as ebbing global trade war worries and expectations of further stimulus supported by a huge dividend from the central bank boosted investor sentiment. The broader NSE Nifty closed up 0.43 per cent at 11,105.35, while the benchmark BSE Sensex ended 0.39 per cent higher at 37,641.27. The Nifty auto index ended up 1.85 per cent, with Tata Motors Ltd settling nearly 9 per cent higher. The Nifty PSU bank index, which tracks state-owned banks, settled up 2.5 per cent, with 11 out of 12 constituents in the green. Telecom company Bharti Airtel was the top loser on the NSE index with a drop of 3.42 per cent. Earlier in the day, television channel reported that Kenya suspended a deal between the firm and Telekom Kenya.

Nifty, Sensex rise on receding trade worries, additional stimulus hopes

Maruti Suzuki India Ltd Chairman RC&nbsp;Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand.

Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting.

With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, Reuters reported on Saturday.

The company is on track to meet the country's new emission norms, adding that the company will move towards manufacturing compressed natural gas (CNG) and hybrid cars.

Maruti plans to increase CNG vehicles by 50% this year, Bhargava said.

Maruti Suzuki India Ltd Chairman RC Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand.

Maruti Suzuki India Ltd Chairman RC Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand. Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting. With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, Reuters reported on Saturday. The company is on track to meet the country's new emission norms, adding that the company will move towards manufacturing compressed natural gas (CNG) and hybrid cars. Maruti plans to increase CNG vehicles by 50% this year, Bhargava said.

Maruti Suzuki cuts 3,000 contract jobs

Asian shares sank on Monday as the latest salvos in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbour of sovereign bonds and gold, while slugging emerging market currencies.

Asian shares sank on Monday as the latest salvos in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbour of sovereign bonds and gold, while slugging emerging market currencies. Global stocks looked set to follow Asia's slide, with E-Mini futures for the S&P 500 falling 0.7%, and EUROSTOXX 50 futures down 1.1%. Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned. On Friday, US President Donald Trump announced an additional duty on some $550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US goods. China's onshore yuan fell 0.6% to new 11-year lows. But there was some relief that the central bank fixed the official midpoint at a relatively steady 7.0570 per dollar when it had been trading as weak as 7.1850 offshore, countering concerns Beijing would let the currency slide to keep exports competitive amid mounting US tariffs. MSCI's broadest index of Asia-Pacific shares outside Japan shed 2.0%, and Australia 1.5%. Japan's Nikkei lost 2.1%, while Shanghai blue chips fell 1.2%. "Downside risks are increasing for both the global economy and markets," said Mark Haefele, global chief investment officer at UBS. "As a result, we are reducing risk in our portfolios by moving to an underweight in equities to lower our exposure to political uncertainty." "We continue to favour carry strategies in credit and foreign exchange markets, which benefit from central bank easing in a low-growth environment." Trump's new tariff measures were announced after US markets closed on Friday. But Wall Street had nose-dived earlier in the session after Trump said US companies should "immediately start looking for an alternative to China", in response to Beijing's latest retaliation. At the G7 meeting in France over the weekend, Trump caused some confusion by indicating he may have had second thoughts on the tariffs. But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signalled he did not plan to follow through with a demand that US firms close operations in China. Trump is now set to hold a joint news conference with French President Emmanuel Macron later on Monday. The latest trade escalation overshadowed a pledge by Federal Reserve Chair Jerome Powell to "act as appropriate" to keep the US economy healthy, although he stopped short of committing to rapid-fire rate cuts. The markets clearly believe the Fed will have to act more aggressively and are fully priced for at least a quarter-point cut in September and more than 120 basis points of easing by the end of 2020. "Trump shows no signs of moderating his destructive trade policies," said JPMorgan analyst Adam Crisafulli. "Central banks can't fully ameliorate the downside of a global trade war," he added. "Companies will enter lockdown mode in terms of spending, and eventually hiring, until at least the November 2020 election amid all the uncertainty."

Global Markets: Shares skid as trade war deepens, fuels bond rush

The Indian rupee opened the week lower and slipped by 32 paise at 71.98 per dollar in early trade on Monday against its previous close 71.66.

The Indian currency rose on Friday on hopes of revival measures from Finance Minister Nirmala Sitharaman who announced the first stimulus package for India Inc amid the domestic and global economic slowdown.

Market experts said the rupee's lower opening was largely due to weak global cues.&nbsp;

Both Asian and US markets crashed after the US-China trade war intensified.

Meanwhile, China`s yuan slumped to a fresh 11-year low against the dollar.&nbsp;

The offshore yuan fell to a record low of 7.1850, before regaining some ground to around 7.1595.

On Friday, US President Donald Trump announced an additional duty on 550 billion dollars of targeted Chinese goods after China unveiled retaliatory tariffs on 75 billion dollars worth of American goods.

The Indian rupee opened the week lower and slipped by 32 paise at 71.98 per dollar in early trade on Monday against its previous close 71.66. The Indian currency rose on Friday on hopes of revival measures from Finance Minister Nirmala Sitharaman who announced the first stimulus package for India Inc amid the domestic and global economic slowdown.

The Indian rupee opened the week lower and slipped by 32 paise at 71.98 per dollar in early trade on Monday against its previous close 71.66. The Indian currency rose on Friday on hopes of revival measures from Finance Minister Nirmala Sitharaman who announced the first stimulus package for India Inc amid the domestic and global economic slowdown. Market experts said the rupee's lower opening was largely due to weak global cues. Both Asian and US markets crashed after the US-China trade war intensified. Meanwhile, China`s yuan slumped to a fresh 11-year low against the dollar. The offshore yuan fell to a record low of 7.1850, before regaining some ground to around 7.1595. On Friday, US President Donald Trump announced an additional duty on 550 billion dollars of targeted Chinese goods after China unveiled retaliatory tariffs on 75 billion dollars worth of American goods.

Rupee starts the week lower at 71.98 for a US dollar

Domestic equity benchmark BSE Sensex up by 150 points in early trade on Monday.

The 30-share index was trading 36,885.92 at 9:30am.

Similarly, the broader NSE Nifty above 10,000.

On Friday,&nbsp;Finance minister Nirmala Sitharaman announced a big rollback on taxation asserting&nbsp;that there would be no surcharge on long and short term capital gain.

Addressing a press conference, the finance minister said GST returns will be simplified even further. Sitharaman added that there would be no&nbsp;surcharge for FPI and domestic investors in the market.

"Friday's announcement is a turning point for domestic market. It could have been better if the global factors were also accommodating," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

Shares of Yes Bank Ltd and Indiabulls Housing Finance Ltd were among the top gainers on the NSE Nifty, rising over 3% each.

Domestic equity benchmark BSE Sensex up by 150 points in early trade on Monday. The 30-share index was trading 36,885.92 at 9:30am. Similarly, the broader NSE Nifty above 10,000.

Domestic equity benchmark BSE Sensex up by 150 points in early trade on Monday. The 30-share index was trading 36,885.92 at 9:30am. Similarly, the broader NSE Nifty above 10,000. On Friday, Finance minister Nirmala Sitharaman announced a big rollback on taxation asserting that there would be no surcharge on long and short term capital gain. Addressing a press conference, the finance minister said GST returns will be simplified even further. Sitharaman added that there would be no surcharge for FPI and domestic investors in the market. "Friday's announcement is a turning point for domestic market. It could have been better if the global factors were also accommodating," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. Shares of Yes Bank Ltd and Indiabulls Housing Finance Ltd were among the top gainers on the NSE Nifty, rising over 3% each.

Sensex up by 150 points in early trade; Nifty over 10,000

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.

Local gold futures hit an all-time high of 39,196 rupees&nbsp;per 10 grams in early trade, taking their gains to nearly 25% in 2019.

The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook.

Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since October&nbsp;3, 2016.

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.

Gold prices in India jumped 1% on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said. Local gold futures hit an all-time high of 39,196 rupees per 10 grams in early trade, taking their gains to nearly 25% in 2019. The rupee plunged to its lowest level in 2019 on Monday after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook. Local silver futures were 1% higher at 45,058 rupees per kg, after rising to 45,148 rupees earlier in the day, the highest since October 3, 2016.

India gold futures jump to record, silver at three-year high

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15.

US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9.

Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China.

China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft.

In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

"The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening."

US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track."

The remarks gave few clues about whether the central bank will cut interest rates at its next meeting.

But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade.

The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves.

Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said.

US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy.

Oil prices fell on Monday, pushing US crude to its lowest in more than two weeks, as an intensifying US-China trade war knocked confidence in the global economy. Brent crude was down 63 cents, or 1.1%, at $58.71 a barrel by 0232 GMT, having earlier touched $58.24, the lowest since August 15. US oil was down 68 cents, or 1.3%, to $53.49 a barrel, having earlier fallen to $52.96, the lowest since Aug. 9. Concerns about an economic slowdown are being fanned by a ratcheting up of trade tensions between the United States and China. China's commerce ministry said late last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products such as soybeans, and small aircraft. In retaliation, President Donald Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States. "The only thing that will lift the storm clouds over oil markets this week will be if both China and the US talk and decide to mutually take a step back," said Jeffrey Halley, market analyst at Oanda. "I can't see that happening." US Federal Reserve chair Jerome Powell told an annual economic symposium in Jackson Hole, Wyoming that the US economy is in a "favourable place" and the Federal Reserve will "act as appropriate" to keep the current economic expansion on track." The remarks gave few clues about whether the central bank will cut interest rates at its next meeting. But exacerbating concern over the possibility of recession, US manufacturing industries registered their first month of contraction in almost a decade. The Brent/WTI spread was at minus $5.24, after widening 60 cents to settle at minus $5.17 on Friday. The spread blew out after China included US oil for the first time in its tariff moves. Hedge funds and other money managers raised their bullish wagers on US crude to a three-month high in the latest week, the US Commodity Futures Trading Commission (CFTC) said. US energy companies cut the most oil rigs in about four months last week, with the rig count falling to the lowest since January 2018, as producers cut spending on new drilling and completions.

Oil prices fall as trade war raises recession fears

Asian shares sank on Monday as the latest salvo in the Sino-US&nbsp;trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds and gold, while slugging emerging market currencies.

Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned.

There was some relief that China fixed the yuan's midpoint at a relatively steady 7.0570 per dollar when it had been trading as weak as 7.1850 offshore, countering concerns Beijing would let the currency slide to keep exports competitive.

MSCI's broadest index of Asia-Pacific shares outside Japan still shed 2.0%, and Australia 1.5%.

Japan's Nikkei lost 2.3%, while Shanghai blue chips fell 1.2%. E-Mini futures for the S&amp;P 500 eased 0.8%, and EUROSTOXX 50 futures 1.1%.

Wall Street nose-dived on Friday when President Donald Trump announced a 5% additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US products.

At the G7 meeting in France over the weekend, Trump caused some confusion by indicating he may have had second thoughts on the tariffs.

But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signalled he did not plan to follow through with a demand that US&nbsp;firms close operations in China.

Trump is now set to hold a joint news conference with French President Emmanuel Macron later on Monday.

"There is an uneasy feeling that the very fragile negotiations are spiralling out of control," wrote analysts at ANZ in a note.

"The escalation suggests uncertainty will continue to weigh on global trade, industrial production and investment, with no sign of a resolution."

The latest broadside overshadowed a pledge by Federal Reserve Chair Jerome Powell to "act as appropriate" to keep the US economy healthy, although he stopped short of committing to rapid-fire rate cuts.

The markets clearly believe, however, the Fed will have to act aggressively and are fully priced for at least a quarter-point cut in September and more than 110 basis points of easing by the end of 2020.

"Trump shows no signs of moderating his destructive trade policies," said JPMorgan analyst Adam Crisafulli.

"Central banks can't fully ameliorate the downside of a global trade war," he added. "Companies will enter lockdown mode in terms of spending, and eventually hiring, until at least the November 2020 election amid all the uncertainty."

Yields race lower

Yields on 10-year Treasury notes were down at 1.48%, having dived from a top of 1.66% on Friday, leaving them almost matching two-year yields.

"We continue to remain long 10's, targeting 1.3% due to a combination of weakness in the global economy and trade war uncertainty filtering through into a weaker US economy," said Priya Misra, head of global rates strategy at TD Securities.

"This will force the Fed to ease beyond a 'mid-cycle adjustment to policy'," he added. "We believe that the market is underpricing the risks of additional rate cuts in 2020."

The drop in yields initially swept the legs out from under the dollar, which slid 0.5% on Friday against a basket of currencies and was last trading at 97.654.

It took an early hit on the yen to touch 104.47, but pared the losses as the session wore on and was last at 105.21. The next major chart point is a low around 104.10 briefly touched during the "flash crash" of early January.

The euro was firm at $1.1143, having climbed 0.6% on Friday, although restrained somewhat by speculation the European Central Bank will also have to ease aggressively next month.

The dollar fared better elsewhere, making inroads on most emerging market currencies. The Turkish lira briefly tumbled as far as 6.4700 per dollar at one stage.

Spot gold got a boost from the slide in yields, rising 1.1% to $1,544.23 per ounce and touching its highest since April 2013.

Oil prices went the other way on worries the tariffs dispute would crimp world demand.

Brent crude futures slid 68 cents to $58.66, while US crude lost 79 cents to $53.38 a barrel.

Asian shares sank on Monday as the latest salvo in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds and gold, while slugging emerging market currencies.

Asian shares sank on Monday as the latest salvo in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds and gold, while slugging emerging market currencies. Yields on benchmark 10-year Treasury debt dropped to their lowest since mid-2016, while gold hit its highest since April 2013 as risk was shunned. There was some relief that China fixed the yuan's midpoint at a relatively steady 7.0570 per dollar when it had been trading as weak as 7.1850 offshore, countering concerns Beijing would let the currency slide to keep exports competitive. MSCI's broadest index of Asia-Pacific shares outside Japan still shed 2.0%, and Australia 1.5%. Japan's Nikkei lost 2.3%, while Shanghai blue chips fell 1.2%. E-Mini futures for the S&P 500 eased 0.8%, and EUROSTOXX 50 futures 1.1%. Wall Street nose-dived on Friday when President Donald Trump announced a 5% additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of US products. At the G7 meeting in France over the weekend, Trump caused some confusion by indicating he may have had second thoughts on the tariffs. But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signalled he did not plan to follow through with a demand that US firms close operations in China. Trump is now set to hold a joint news conference with French President Emmanuel Macron later on Monday. "There is an uneasy feeling that the very fragile negotiations are spiralling out of control," wrote analysts at ANZ in a note. "The escalation suggests uncertainty will continue to weigh on global trade, industrial production and investment, with no sign of a resolution." The latest broadside overshadowed a pledge by Federal Reserve Chair Jerome Powell to "act as appropriate" to keep the US economy healthy, although he stopped short of committing to rapid-fire rate cuts. The markets clearly believe, however, the Fed will have to act aggressively and are fully priced for at least a quarter-point cut in September and more than 110 basis points of easing by the end of 2020. "Trump shows no signs of moderating his destructive trade policies," said JPMorgan analyst Adam Crisafulli. "Central banks can't fully ameliorate the downside of a global trade war," he added. "Companies will enter lockdown mode in terms of spending, and eventually hiring, until at least the November 2020 election amid all the uncertainty." Yields race lower Yields on 10-year Treasury notes were down at 1.48%, having dived from a top of 1.66% on Friday, leaving them almost matching two-year yields. "We continue to remain long 10's, targeting 1.3% due to a combination of weakness in the global economy and trade war uncertainty filtering through into a weaker US economy," said Priya Misra, head of global rates strategy at TD Securities. "This will force the Fed to ease beyond a 'mid-cycle adjustment to policy'," he added. "We believe that the market is underpricing the risks of additional rate cuts in 2020." The drop in yields initially swept the legs out from under the dollar, which slid 0.5% on Friday against a basket of currencies and was last trading at 97.654. It took an early hit on the yen to touch 104.47, but pared the losses as the session wore on and was last at 105.21. The next major chart point is a low around 104.10 briefly touched during the "flash crash" of early January. The euro was firm at $1.1143, having climbed 0.6% on Friday, although restrained somewhat by speculation the European Central Bank will also have to ease aggressively next month. The dollar fared better elsewhere, making inroads on most emerging market currencies. The Turkish lira briefly tumbled as far as 6.4700 per dollar at one stage. Spot gold got a boost from the slide in yields, rising 1.1% to $1,544.23 per ounce and touching its highest since April 2013. Oil prices went the other way on worries the tariffs dispute would crimp world demand. Brent crude futures slid 68 cents to $58.66, while US crude lost 79 cents to $53.38 a barrel.

Asian shares slugged, bonds bought amid trade gloom

China's currency on Monday slid to its lowest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets.

The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading.

Global economic tensions have intensified in recent days with the US and China raising tariffs on each other's imports, and President Donald Trump calling on US businesses to pull out of China.

The yuan is not freely convertible and the Chinese government limits its movement against the dollar to a two per cent range on either side of a figure that the central bank sets each day to reflect market trends and control volatility.

The People's Bank of China has set that rate steadily weaker in recent weeks and set it on Monday at 7.057 to the dollar.

Allowing the yuan to depreciate makes Chinese exports cheaper and offsets some of the burden of punitive US tariffs.

The yuan breached the key 7.0 threshold against the dollar earlier in August, days after the US announced plans to impose fresh tariffs on Chinese imports from September 1.

The plunge past 7.0 prompted Washington to officially brand Beijing a "currency manipulator".

China's central bank has "resolutely opposed" the label.

China's currency on Monday slid to its lowest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets.

China's currency on Monday slid to its lowest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets. The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading. Global economic tensions have intensified in recent days with the US and China raising tariffs on each other's imports, and President Donald Trump calling on US businesses to pull out of China. The yuan is not freely convertible and the Chinese government limits its movement against the dollar to a two per cent range on either side of a figure that the central bank sets each day to reflect market trends and control volatility. The People's Bank of China has set that rate steadily weaker in recent weeks and set it on Monday at 7.057 to the dollar. Allowing the yuan to depreciate makes Chinese exports cheaper and offsets some of the burden of punitive US tariffs. The yuan breached the key 7.0 threshold against the dollar earlier in August, days after the US announced plans to impose fresh tariffs on Chinese imports from September 1. The plunge past 7.0 prompted Washington to officially brand Beijing a "currency manipulator". China's central bank has "resolutely opposed" the label.

China's yuan sinks to lowest in 11 years amid trade tension with US

The Directorate General of Civil Aviation (DGCA) on Monday asked passengers to not to fly with older generation 15-inch MacBook Pro units which have been recalled by Apple, as they may pose a safety risk.

"After the recall of a number of older generation 15-inch Apple MacBook Pro laptops due to fears that their batteries may overheat and pose a safety risk, DGCA requests passengers not to fly with affected models either as hand-baggage or checked-in baggage until the battery has been certified as safe or replaced by the manufacturer," the statement by DGCA read.

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Earlier on June 20, Apple had announced a voluntary recall of the older generation 15-inch MacBook Pro units which contained a battery that may overheat and pose a fire safety risk.

The Federal Aviation Administration (FAA) which has the power to regulate all civil aviation matters in the United States of America had banned all passengers from carrying the model on flights.

The Directorate General of Civil Aviation (DGCA) on Monday asked passengers to not to fly with older generation 15-inch MacBook Pro units which have been recalled by Apple, as they may pose a safety risk.

The Directorate General of Civil Aviation (DGCA) on Monday asked passengers to not to fly with older generation 15-inch MacBook Pro units which have been recalled by Apple, as they may pose a safety risk. "After the recall of a number of older generation 15-inch Apple MacBook Pro laptops due to fears that their batteries may overheat and pose a safety risk, DGCA requests passengers not to fly with affected models either as hand-baggage or checked-in baggage until the battery has been certified as safe or replaced by the manufacturer," the statement by DGCA read. pic.twitter.com/b5OEcAQZ46 — DGCA (@DGCAIndia) August 26, 2019 × Earlier on June 20, Apple had announced a voluntary recall of the older generation 15-inch MacBook Pro units which contained a battery that may overheat and pose a fire safety risk. The Federal Aviation Administration (FAA) which has the power to regulate all civil aviation matters in the United States of America had banned all passengers from carrying the model on flights.

Don't fly with Apple’s old MacBook Pro laptops: DGCA requests passengers

Erasing early losses, Sensex surged over 700 points in the afternoon and closed at 793 points after US President Donald Trump said China had contacted US trade officials overnight to say they wanted to return to the negotiating table.

Erasing early losses, Sensex surged over 700 points in the afternoon and closed at 793 points after US President Donald Trump said China had contacted US trade officials overnight to say they wanted to return to the negotiating table. Besides Trump's announcement, the withdrawal of surcharge proposed in the Budget on foreign portfolio investors by Finance Minister Nirmala Sitharaman and the measures she announced last week to prop-up the economy cheered the investors further. At closing the BSE S&P Sensex was up by 793 points at 37,494 while the Nifty 50 edged higher by 228 points to 11,057. At the National Stock Exchange, all sectoral indices except for Nifty metal were in the green. Nifty financial services gained by 3.8 per cent, PSU banks by 3.6 per cent and realty by 3.1 per cent. But metals slipped by 1.3 per cent. Among the prominent gainers were Yes Bank, Adani Ports, Indiabulls Housing Finance, HDFC and HDFC Bank. However, steel majors were down with JSW Steel showing a loss of 3 per cent, Vedanta by 1.82 per cent and Tata Steel by 1.81 per cent. Sun Pharma and Hero MotoCorp also lost by about 1.9 per cent each.

Sensex ends 793 points higher on stimulus, US-China trade talks; Nifty above 11,000 mark

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street</a>'s record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism.

Energy has been the worst-performing of the 11 S&amp;P 500 sectors this year, the worst performer since US President Donald Trump's 2016 election and the worst performer since the US bull stock market began more than a decade ago.

As a result, the S&amp;P 500 energy sector has its lowest weight in the overall S&amp;P 500 since at least 1995, according to Refinitiv Datastream data.&nbsp;

It represents under 5 per cent of the benchmark index, down from over 15 per cent in mid-2008, when oil prices reached historic highs at over $140 a barrel, nearly three times current levels.

But this year, the energy sector has even failed to keep pace with oil prices, despite their traditional tendency to move in the same direction.

The poor returns raised some hope that the sector will soon find a floor that would allow it to rebound, especially those stocks with appealing dividends, but that remains to be seen.&nbsp;

“The view of the sector, in general, has gotten to a point where it's a very difficult space for institutional investors to embrace because it`s been such a chronic underperformer,” said Walter Todd, chief investment officer at Greenwood Capital in South Carolina.

Since the current bull run began in March 2009, the S&amp;P 500, which many investors view as a proxy for the stock market, has soared well over 300 per cent, while the energy sector has climbed 32 per cent.&nbsp;

Oil prices are up relatively little throughout the bull market, which has largely overlapped with a US economic expansion characterized by modest growth and with a boom in shale exploration that helped make the country the world`s top oil producer.

This year, however, US crude prices have climbed over 18 per cent to about $54 a barrel against a 3 per cent drop for the energy sector, although there is a wide disparity in performance among the 28 S&amp;P 500 energy stocks.&nbsp;

“If you look over the last 18 to 24 months, the reason why this space is so frustrating is that when oil rallies, they rally but not nearly to the degree you think that they should," Todd said. "But then when oil comes in, they get crushed.”

Investors have become wary of energy companies in the past out-spending their cash flows and of drilling wells without adequate returns, said Pearce Hammond, managing director at Simmons Energy in Houston.

"Basically, they were destroying capital," Hammond said. "It seems like this year has been the year when investors said, 'Stop.' "

Trump has sought to cut regulations involving energy and other natural resources companies, but the sector has still struggled during his administration.

“If you remove regulation, you are inviting more drilling which then adds supply which means lower prices," said Christian Ledoux, chief investment officer at South Texas Money Management in San Antonio.

Trump's tariff battle against China is raising concerns about the economy.&nbsp;

Indeed, falling long-dated yields in the US Treasury market have inverted the yield curve, a warning sign that a recession could be looming.

This could particularly hit energy stocks.

“It’s an economically sensitive space and they are probably one of the largest victims of any trade war concerns,” said Burns McKinney, portfolio manager with Allianz Global Investors in Dallas.

Energy shares underperformed on Friday as trade tensions escalated and China threatened to impose tariffs on US crude oil imports for the first time.

Some investors avoid the fossil fuel industry as they worry about the companies impact on climate change.&nbsp;

"The oil and gas companies, for a lot of investors, have become a bit of a pariah," Hammond said.

To be sure, the energy stocks have lagged so much that some strategists and investors say they are becoming appealing.

Citigroup equity strategist Tobias Levkovich rates the sector "overweight," noting it is at its most attractive valuation relative to the S&amp;P 500 since 2002.&nbsp;

But in a recent report, Levkovich conceded, "We along with others struggle to perceive which catalysts encourage the Street to step back into the sector, short of a major supply disruption."

Some investors say energy shares could benefit simply from a catch-up trade with oil.&nbsp;

Another factor, High dividend payout rates among some companies as US Treasury yields have tumbled.&nbsp;

Exxon Mobil Corp's dividend yields 5 per cent, while Occidental Petroleum Corp yields 7per cent, compared to just a 1.54 per cent yield on the 10-year US Treasury note.

“If you stick to investment-grade rated companies, there’s a pretty small list of energy companies to invest in, and if you did that you’d probably be OK,” said Ledoux, whose firm's holdings include Chevron Corp.

However, Robert Pavlik, chief investment strategist at SlateStone Wealth, who is slightly underweight the sector, said he could sell energy holdings should the stocks rise to lock in profits.

"I don’t think that there is that much upside," Pavlik said. "Where is oil going to go if the whole industry continues to shift (to alternative energy) as it is and we are looking at a slowdown in the economy?"

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during Wall Street's record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism.

There may be little relief on the horizon for investors in US energy companies, whose shares moved from darlings to dismal performers during Wall Street's record bull run and now face a shaky global economy, doubts about fossil fuel investments and general market scepticism. Energy has been the worst-performing of the 11 S&P 500 sectors this year, the worst performer since US President Donald Trump's 2016 election and the worst performer since the US bull stock market began more than a decade ago. As a result, the S&P 500 energy sector has its lowest weight in the overall S&P 500 since at least 1995, according to Refinitiv Datastream data. It represents under 5 per cent of the benchmark index, down from over 15 per cent in mid-2008, when oil prices reached historic highs at over $140 a barrel, nearly three times current levels. But this year, the energy sector has even failed to keep pace with oil prices, despite their traditional tendency to move in the same direction. The poor returns raised some hope that the sector will soon find a floor that would allow it to rebound, especially those stocks with appealing dividends, but that remains to be seen. “The view of the sector, in general, has gotten to a point where it's a very difficult space for institutional investors to embrace because it`s been such a chronic underperformer,” said Walter Todd, chief investment officer at Greenwood Capital in South Carolina. Since the current bull run began in March 2009, the S&P 500, which many investors view as a proxy for the stock market, has soared well over 300 per cent, while the energy sector has climbed 32 per cent. Oil prices are up relatively little throughout the bull market, which has largely overlapped with a US economic expansion characterized by modest growth and with a boom in shale exploration that helped make the country the world`s top oil producer. This year, however, US crude prices have climbed over 18 per cent to about $54 a barrel against a 3 per cent drop for the energy sector, although there is a wide disparity in performance among the 28 S&P 500 energy stocks. “If you look over the last 18 to 24 months, the reason why this space is so frustrating is that when oil rallies, they rally but not nearly to the degree you think that they should," Todd said. "But then when oil comes in, they get crushed.” Investors have become wary of energy companies in the past out-spending their cash flows and of drilling wells without adequate returns, said Pearce Hammond, managing director at Simmons Energy in Houston. "Basically, they were destroying capital," Hammond said. "It seems like this year has been the year when investors said, 'Stop.' " Trump has sought to cut regulations involving energy and other natural resources companies, but the sector has still struggled during his administration. “If you remove regulation, you are inviting more drilling which then adds supply which means lower prices," said Christian Ledoux, chief investment officer at South Texas Money Management in San Antonio. Trump's tariff battle against China is raising concerns about the economy. Indeed, falling long-dated yields in the US Treasury market have inverted the yield curve, a warning sign that a recession could be looming. This could particularly hit energy stocks. “It’s an economically sensitive space and they are probably one of the largest victims of any trade war concerns,” said Burns McKinney, portfolio manager with Allianz Global Investors in Dallas. Energy shares underperformed on Friday as trade tensions escalated and China threatened to impose tariffs on US crude oil imports for the first time. Some investors avoid the fossil fuel industry as they worry about the companies impact on climate change. "The oil and gas companies, for a lot of investors, have become a bit of a pariah," Hammond said. To be sure, the energy stocks have lagged so much that some strategists and investors say they are becoming appealing. Citigroup equity strategist Tobias Levkovich rates the sector "overweight," noting it is at its most attractive valuation relative to the S&P 500 since 2002. But in a recent report, Levkovich conceded, "We along with others struggle to perceive which catalysts encourage the Street to step back into the sector, short of a major supply disruption." Some investors say energy shares could benefit simply from a catch-up trade with oil. Another factor, High dividend payout rates among some companies as US Treasury yields have tumbled. Exxon Mobil Corp's dividend yields 5 per cent, while Occidental Petroleum Corp yields 7per cent, compared to just a 1.54 per cent yield on the 10-year US Treasury note. “If you stick to investment-grade rated companies, there’s a pretty small list of energy companies to invest in, and if you did that you’d probably be OK,” said Ledoux, whose firm's holdings include Chevron Corp. However, Robert Pavlik, chief investment strategist at SlateStone Wealth, who is slightly underweight the sector, said he could sell energy holdings should the stocks rise to lock in profits. "I don’t think that there is that much upside," Pavlik said. "Where is oil going to go if the whole industry continues to shift (to alternative energy) as it is and we are looking at a slowdown in the economy?"

No ready spark is seen for lagging US energy shares

<a href="https://www.wionews.com/world/china-raises-tariffs-on-us-goods-amid-esclating-tensions-223347">China will fight back against the latest US&nbsp;step to increase tariffs on Chinese goods,</a> the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

"China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary.

US politicians, seeking to hamper<a href="https://www.wionews.com/world/china-desperate-to-reach-trade-deal-with-us-totally-misleading-foreign-ministry-236382"> China's economic development</a>, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said.

The United States will not win the trade war because of the plight faced by its farmers and businesses, it said.

China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions".

US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US&nbsp;goods in the latest tit-for-tat moves in their bilateral trade dispute.

The intensifying US-China trade war stoked worries about a global economic recession.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies.

China will fight back against the latest US step to increase tariffs on Chinese goods, the ruling Communist Party's People's Daily said on Sunday amid an escalating trade war between the world's two largest economies. "China is confident that it will follow its own path and do its own things well, and will never waiver in its stand on countering any provocations by the US side," the newspaper said in a commentary. US politicians, seeking to hamper China's economic development, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said. The United States will not win the trade war because of the plight faced by its farmers and businesses, it said. China said on Saturday it strongly opposes Washington's decision to levy additional tariffs on $550 billion worth of Chinese goods and warned the United States of consequences if it does not end its "wrong actions". US President Donald Trump announced on Friday that Washington will impose an additional 5 per cent duty on the Chinese goods, hours after Beijing announced its latest retaliatory tariffs on about $75 billion worth of US goods in the latest tit-for-tat moves in their bilateral trade dispute. The intensifying US-China trade war stoked worries about a global economic recession.

China to fight back against US tariff move: Report

UBS Group AG and <a href="https://www.wionews.com/world/us-department-of-justice-investigates-deutsche-bank-over-1mdb-connection-report-234843">Deutsche Bank</a> AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.&nbsp;

A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks.

Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity.

Deutsche Bank declined to comment on the WSJ report.&nbsp;

UBS did not respond to a request for immediate comment on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday.

UBS Group AG and Deutsche Bank AG held talks about combining their businesses earlier this year, including discussions in mid-June about an investment banking alliance, the Wall Street Journal reported on Sunday. A deal could not be reached as the two lenders were not able to sort out issues including structuring and allocating capital, the newspaper reported, citing people familiar with the talks. Reuters reported in May that discussions stalled between the two banks on a tie-up of their asset management businesses due to differences over who would control the combined entity. Deutsche Bank declined to comment on the WSJ report. UBS did not respond to a request for immediate comment on Sunday.

UBS, Deutsche held talks on investment banking alliance: Report

Onion prices have doubled to Rs 30 per kilograms in parts of Karnataka due to a shortage in supply caused by heavy rains and floods in North Karnataka and adjacent parts of Maharashtra, according to traders.

"Before floods, 1 kilograms onion used to cost around Rs 15, now it touches Rs 30 in the wholesale market and Rs 40 in retail shops and street vendors. We import onions from Maharashtra and also use the onions that are grown here but recent floods have damaged the roads in North Karnataka affecting the supply," said a trader, Subramani.

"Even trucks from Pune are stuck in major cities. We are waiting for fresh goods. Big trade agencies like Mourya Export in Pune, BLS Murthy and Nagappa Chetty in Bengaluru are also in a panic," he further added.

Ranchita, a housewife said,&nbsp;"It is hard to run a house if the prices of onion will keep rising like this. People can not afford such costly onions. The prices of onion have now gone up to Rs 40, and if this continues, it will not be easy for a very large section of society to manage their house."

The traders fear that the onion prices may rise further up to Rs 60 due to the festival season. 
&nbsp;

Onion prices have doubled to Rs 30 per kilograms in parts of Karnataka due to a shortage in supply caused by heavy rains and floods in North Karnataka and adjacent parts of Maharashtra, according to traders.

Onion prices have doubled to Rs 30 per kilograms in parts of Karnataka due to a shortage in supply caused by heavy rains and floods in North Karnataka and adjacent parts of Maharashtra, according to traders. "Before floods, 1 kilograms onion used to cost around Rs 15, now it touches Rs 30 in the wholesale market and Rs 40 in retail shops and street vendors. We import onions from Maharashtra and also use the onions that are grown here but recent floods have damaged the roads in North Karnataka affecting the supply," said a trader, Subramani. "Even trucks from Pune are stuck in major cities. We are waiting for fresh goods. Big trade agencies like Mourya Export in Pune, BLS Murthy and Nagappa Chetty in Bengaluru are also in a panic," he further added. Ranchita, a housewife said, "It is hard to run a house if the prices of onion will keep rising like this. People can not afford such costly onions. The prices of onion have now gone up to Rs 40, and if this continues, it will not be easy for a very large section of society to manage their house." The traders fear that the onion prices may rise further up to Rs 60 due to the festival season.

Monsoon fury: Onion prices double in parts of Karnataka

The Chairman and Managing Director of Air India, Ashwani Lohani on Sunday said that <a href="https://www.wionews.com/india-news/fuel-supply-to-air-india-stopped-at-six-domestic-airports-report-244881">stoppage of fuel supplies at six airports</a> from Oil Marketing Companies (OMCs) is because of an overall shortage of funds.

"It is because of an overall shortage of funds but doesn't reflect on the operational performance and recent efforts of the airline," Lohani said.

Earlier, on Friday state-owned oil marketing companies (OMCs) led by Indian Oil stopped jet fuel supply to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults.

"Oil marketing companies (OMCs) led by Indian Oil have stopped jet fuel supply at six airports," Air India Spokesperson Dhananjay Kumar had earlier said in a statement.

Kumar said Air India cannot handle huge debt service liabilities in the absence of equity support.

"This fiscal our financial performance is very good and we are moving towards healthy operating profit. Airline despite legacy issues is performing very well," he had maintained.

The Chairman and Managing Director of Air India, Ashwani Lohani on Sunday said that stoppage of fuel supplies at six airports from Oil Marketing Companies (OMCs) is because of an overall shortage of funds.

The Chairman and Managing Director of Air India, Ashwani Lohani on Sunday said that stoppage of fuel supplies at six airports from Oil Marketing Companies (OMCs) is because of an overall shortage of funds. "It is because of an overall shortage of funds but doesn't reflect on the operational performance and recent efforts of the airline," Lohani said. Earlier, on Friday state-owned oil marketing companies (OMCs) led by Indian Oil stopped jet fuel supply to Air India at six airports - Kochi, Pune, Patna, Ranchi, Vizag and Mohali - over payment defaults. "Oil marketing companies (OMCs) led by Indian Oil have stopped jet fuel supply at six airports," Air India Spokesperson Dhananjay Kumar had earlier said in a statement. Kumar said Air India cannot handle huge debt service liabilities in the absence of equity support. "This fiscal our financial performance is very good and we are moving towards healthy operating profit. Airline despite legacy issues is performing very well," he had maintained.

Stoppage of fuel supply due to shortage of funds: Air India chairman

<a href="https://www.wionews.com/world/trump-meeting-advisers-on-afghan-peace-plan-243511">US&nbsp;President Donald Trump </a>sharply criticized Federal Reserve Chairman Jerome&nbsp;Powell&nbsp;on Friday and said he wouldn't try to stop the chief US central banker if he offered to&nbsp;resign.

Trump, departing the White House to travel to the G7 summit in France, told reporters, "I'm not happy with Jay&nbsp;Powell."

His comments continued a war of words against&nbsp;Powell&nbsp;that, along with retaliatory tariffs imposed on <a href="https://www.wionews.com/world/have-begun-purchasing-farm-goods-says-china-after-resuming-trade-talks-with-us-239902">US goods by China,</a> helped trigger a sharp drop on Friday in the US stock market.

"I don't think he's doing a good job at all," Trump told reporters as he left the White House shortly before midnight on Friday.

"I don't think he's much of a chess player, but I've got him so, you know, that's what I have," added the president, who earlier questioned on Twitter who was "our bigger enemy,"&nbsp;Powellor Chinese leader Xi Jinping.

Asked if he wanted&nbsp;Powell&nbsp;to&nbsp;resign, Trump replied: "Do I want him to&nbsp;resign? Let me put it this way if he did I wouldn't stop him."

Powell&nbsp;was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers.&nbsp;

He said the Fed would "act as appropriate" to keep the US economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.

US President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn't try to stop the chief US central banker if he offered to resign.

US President Donald Trump sharply criticized Federal Reserve Chairman Jerome Powell on Friday and said he wouldn't try to stop the chief US central banker if he offered to resign. Trump, departing the White House to travel to the G7 summit in France, told reporters, "I'm not happy with Jay Powell." His comments continued a war of words against Powell that, along with retaliatory tariffs imposed on US goods by China, helped trigger a sharp drop on Friday in the US stock market. "I don't think he's doing a good job at all," Trump told reporters as he left the White House shortly before midnight on Friday. "I don't think he's much of a chess player, but I've got him so, you know, that's what I have," added the president, who earlier questioned on Twitter who was "our bigger enemy," Powellor Chinese leader Xi Jinping. Asked if he wanted Powell to resign, Trump replied: "Do I want him to resign? Let me put it this way if he did I wouldn't stop him." Powell was in Jackson Hole, Wyoming, on Friday for a meeting with other central bankers. He said the Fed would "act as appropriate" to keep the US economy healthy in a deteriorating global economy but stopped short of committing to a series of rate cuts sought by Trump.

Donald Trump says he wouldn't stop Federal Chair Powell if he offered to resign

Gold&nbsp;surged&nbsp;2 per cent on&nbsp;Friday as investors interpreted <a href="https://www.wionews.com/business-economy/oil-prices-eke-out-small-gains-ahead-of-federal-reserve-chair-jerome-powell-speech-244921">US Federal Reserve Chair Jerome&nbsp;Powell</a>'s&nbsp;speech&nbsp;as leaning toward a dovish monetary policy stance and President Donald&nbsp;Trump's latest comments exacerbated trade tensions with China.

Spot&nbsp;gold&nbsp;rose 1.9per cent at $1,526.60 an ounce by 14:08 pm EDT (1801 GMT), shaking off slight headwinds ahead of the Fed Chair's&nbsp;speech.

Prices earlier rose to $1,528.79, the highest since August&nbsp;13, when spot&nbsp;gold&nbsp;had scaled a six-year peak of $1,534.31.

US&nbsp;gold&nbsp;futures settled up 1.9per cent to $1,537.60.

"The fact that he (Powell) said that they (the Fed) will act appropriately to sustain expansion is pretty bullish for&nbsp;gold. The two primary tools they have are quantitative easing (QE) or lower rates - both those tools will cause&nbsp;gold&nbsp;to go higher," said Bob Haberkorn, senior market strategist at RJO Futures.

"The move this morning is just more people buying&nbsp;gold&nbsp;simply with the expectations that interest rates will be lower by year-end."

Powell&nbsp;said the US economy is in a "favourable place," but gave few clues about interest rate cuts at its next meeting.

However, he listed a series of economic and geopolitical risks the Fed is monitoring, noting these were linked to the trade spat.

"We shouldn't be surprised if we see the <a href="https://www.wionews.com/business-economy/fedex-offers-cautious-2020-outlook-as-ceo-slams-united-states-china-on-trade-230487">Fed deliver a full percentage point</a> in rate cuts over the next 12 months and a new QE program as we may only need a couple of the following macro events to blow up: trade uncertainties, weakness in China and Germany, Brexit, Hong Kong, and the dissolution of the Italian government," Edward Moya, a senior market analyst at OANDA, said in a note.

Powell's&nbsp;speech&nbsp;prompted a backlash from&nbsp;Trump&nbsp;on Twitter, asking whether the Fed chair was a greater "enemy" than China's leader Xi Jinping.

Trump&nbsp;also ratcheted up the rhetoric on China, ordering US companies to look at ways to close operations in the country, which sent equities tumbling and drove further inflows into safe-haven&nbsp;gold.

This came&nbsp;after&nbsp;China unveiled retaliatory tariffs against about $75 billion worth of US&nbsp;goods.

"This means there is no resolution, the escalation continues. Investors are selling the risk and buying&nbsp;gold," said SP Angel analyst Sergey Raevskiy.

Gold&nbsp;has risen nearly 8 per cent so far this month and about 19per cent this year and was set for a fourth straight week of gains.

Elsewhere, silver gained 2.3per cent to $17.39 an ounce, while platinum was up 0.1per cent at $858.11.

Palladium fell 1.7per cent to $1,461.83 an ounce, but the autocatalyst metal remained on track for a third straight weekly gain of about 0.9

Gold surged 2 per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and President Donald Trump's latest comments exacerbated trade tensions with China.

Gold surged 2 per cent on Friday as investors interpreted US Federal Reserve Chair Jerome Powell's speech as leaning toward a dovish monetary policy stance and President Donald Trump's latest comments exacerbated trade tensions with China. Spot gold rose 1.9per cent at $1,526.60 an ounce by 14:08 pm EDT (1801 GMT), shaking off slight headwinds ahead of the Fed Chair's speech. Prices earlier rose to $1,528.79, the highest since August 13, when spot gold had scaled a six-year peak of $1,534.31. US gold futures settled up 1.9per cent to $1,537.60. "The fact that he (Powell) said that they (the Fed) will act appropriately to sustain expansion is pretty bullish for gold. The two primary tools they have are quantitative easing (QE) or lower rates - both those tools will cause gold to go higher," said Bob Haberkorn, senior market strategist at RJO Futures. "The move this morning is just more people buying gold simply with the expectations that interest rates will be lower by year-end." Powell said the US economy is in a "favourable place," but gave few clues about interest rate cuts at its next meeting. However, he listed a series of economic and geopolitical risks the Fed is monitoring, noting these were linked to the trade spat. "We shouldn't be surprised if we see the Fed deliver a full percentage point in rate cuts over the next 12 months and a new QE program as we may only need a couple of the following macro events to blow up: trade uncertainties, weakness in China and Germany, Brexit, Hong Kong, and the dissolution of the Italian government," Edward Moya, a senior market analyst at OANDA, said in a note. Powell's speech prompted a backlash from Trump on Twitter, asking whether the Fed chair was a greater "enemy" than China's leader Xi Jinping. Trump also ratcheted up the rhetoric on China, ordering US companies to look at ways to close operations in the country, which sent equities tumbling and drove further inflows into safe-haven gold. This came after China unveiled retaliatory tariffs against about $75 billion worth of US goods. "This means there is no resolution, the escalation continues. Investors are selling the risk and buying gold," said SP Angel analyst Sergey Raevskiy. Gold has risen nearly 8 per cent so far this month and about 19per cent this year and was set for a fourth straight week of gains. Elsewhere, silver gained 2.3per cent to $17.39 an ounce, while platinum was up 0.1per cent at $858.11. Palladium fell 1.7per cent to $1,461.83 an ounce, but the autocatalyst metal remained on track for a third straight weekly gain of about 0.9

Gold soars 2% after US Federal Reserve Chair Jerome Powell speech, Trump tweets

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers.

Fund managers and analysts say that they are looking for signs of a so-called "trade-down-trade", in which consumers forgo shopping at higher-end department stores or supermarkets in favour of the more limited selection but lower prices at deep discounters.&nbsp;

Between December 2008 and December 2011, for instance, shares of Dollar Tree soared nearly 200per cent as consumers pinched pennies during the Great Recession, while the benchmark S&amp;P 500 gained just 39per cent over the same time.

For the year to date, shares of Dollar Tree are up 7.3 per cent as it integrates its purchase of former competitor Family Dollar, while shares of Dollar General are up 28.4 per cent.&nbsp;

Both companies are scheduled to report earnings on Aug 29.

"The good news is consumers often shop more at the dollar stores during periods of economic weakness.&nbsp;We wouldn't expect a sharp increase in sales, but we suspect sales will remain stable at the dollar stores while other companies may feel greater pain," said Mark DeVaul, a portfolio manager at the Hennessy Equity and Income fund, who has a position in Dollar Tree.

"We believe the treasure hunt shopping atmosphere will continue to drive traffic and somewhat insulate them from competition from Amazon."

There are no indications that the United States is currently in a recession, though investors are becoming increasingly worried that the longest economic expansion in US history is nearing its end.

Earlier this month, Goldman Sachs said that the likelihood that the trade war between the US and China leads to a recession is increasing and that it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election.

Morgan Stanley, meanwhile, forecast that if the United States increases tariffs on all imports from China to 25 per cent for 4-6 months, and China takes countermeasures, a US recession would follow in three quarters.

The spread between the yields of shorter- and longer-duration Treasury bonds slipped below zero earlier this year, a so-called yield curve inversion which has presaged recessions in the past.&nbsp;

The yield of 30-year Treasuries hit record lows last week, a sign that investors are betting on slower economic growth and low inflation.

A trade-down trade in the face of economic weakness could also benefit deep discount retailers such as Five Below Inc, National Vision Holdings Inc, and Ollie's Bargain Outlet Holdings Inc that have solid balance sheets, noted Anthony Chukumba, managing director at Loop Capital Markets.&nbsp;

Higher-end retailers like Best Buy Co Inc, meanwhile, would likely underperform, he said.

"With the likelihood of a recession creeping up, we believe investors should start paying more attention to speciality hardlines retailers’ capital structures," he said.

Dollar General, in particular, may continue to outperform due to its strong management team and inventory control, said Charles Grom, an analyst at Gordon Haskett Research Advisors.

"This is one of our best ideas and we think there's an above-average chance that they will be raising their guidance" when the company reports its results and "mirror what Target did", he said.

Shares of Target Corp jumped over 19per cent and hit record highs after the company posted better-than-expected sales growth on Tuesday.

Yet deep discounters like Dollar Tree and Dollar General are not immune from the economic impacts of the trade war between the US and China.

Dollar Tree, for example, imports an estimated 60 per cent of its inventory from China and could be forced into raising prices if it is no longer able to get concessions from its vendors, said DeVaul, the Hennessy fund manager.

"They may have to 'break the buck' and raise prices, but the risk there is that by doing so they could piss off a lot of people and not get them back," he said.

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers.

More investors are watching the shares of discount retailers like Dollar General Corp and Dollar Tree Inc, which perform better during economic downturns, in the hopes of gauging changes in consumer behaviour, though higher tariffs may erode the companies' ability to act as economic bellwethers. Fund managers and analysts say that they are looking for signs of a so-called "trade-down-trade", in which consumers forgo shopping at higher-end department stores or supermarkets in favour of the more limited selection but lower prices at deep discounters. Between December 2008 and December 2011, for instance, shares of Dollar Tree soared nearly 200per cent as consumers pinched pennies during the Great Recession, while the benchmark S&P 500 gained just 39per cent over the same time. For the year to date, shares of Dollar Tree are up 7.3 per cent as it integrates its purchase of former competitor Family Dollar, while shares of Dollar General are up 28.4 per cent. Both companies are scheduled to report earnings on Aug 29. "The good news is consumers often shop more at the dollar stores during periods of economic weakness. We wouldn't expect a sharp increase in sales, but we suspect sales will remain stable at the dollar stores while other companies may feel greater pain," said Mark DeVaul, a portfolio manager at the Hennessy Equity and Income fund, who has a position in Dollar Tree. "We believe the treasure hunt shopping atmosphere will continue to drive traffic and somewhat insulate them from competition from Amazon." There are no indications that the United States is currently in a recession, though investors are becoming increasingly worried that the longest economic expansion in US history is nearing its end. Earlier this month, Goldman Sachs said that the likelihood that the trade war between the US and China leads to a recession is increasing and that it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election. Morgan Stanley, meanwhile, forecast that if the United States increases tariffs on all imports from China to 25 per cent for 4-6 months, and China takes countermeasures, a US recession would follow in three quarters. The spread between the yields of shorter- and longer-duration Treasury bonds slipped below zero earlier this year, a so-called yield curve inversion which has presaged recessions in the past. The yield of 30-year Treasuries hit record lows last week, a sign that investors are betting on slower economic growth and low inflation. A trade-down trade in the face of economic weakness could also benefit deep discount retailers such as Five Below Inc, National Vision Holdings Inc, and Ollie's Bargain Outlet Holdings Inc that have solid balance sheets, noted Anthony Chukumba, managing director at Loop Capital Markets. Higher-end retailers like Best Buy Co Inc, meanwhile, would likely underperform, he said. "With the likelihood of a recession creeping up, we believe investors should start paying more attention to speciality hardlines retailers’ capital structures," he said. Dollar General, in particular, may continue to outperform due to its strong management team and inventory control, said Charles Grom, an analyst at Gordon Haskett Research Advisors. "This is one of our best ideas and we think there's an above-average chance that they will be raising their guidance" when the company reports its results and "mirror what Target did", he said. Shares of Target Corp jumped over 19per cent and hit record highs after the company posted better-than-expected sales growth on Tuesday. Yet deep discounters like Dollar Tree and Dollar General are not immune from the economic impacts of the trade war between the US and China. Dollar Tree, for example, imports an estimated 60 per cent of its inventory from China and could be forced into raising prices if it is no longer able to get concessions from its vendors, said DeVaul, the Hennessy fund manager. "They may have to 'break the buck' and raise prices, but the risk there is that by doing so they could piss off a lot of people and not get them back," he said.

Investors look at dollar stores as US recession fears increase

<a href="https://www.wionews.com/world/us-federal-trade-commission-probes-facebooks-acquisition-practices-report-240072">The Federal Trade Commission (FTC)</a> and AT&amp;T Inc reached a settlement agreement on a 2014 case that accused the company of slowing down data sent to wireless devices, a federal court ruling showed on Friday.

<a href="https://www.wionews.com/world/san-francisco-sues-trump-administration-over-rule-to-limit-legal-immigration-242914">US District Court in San Francisco</a> said the parties requested a 90-day stay for the FTC to review and vote on the proposed settlement.&nbsp;

The value of the settlement was not disclosed.

FTC and AT&amp;T reached the agreement on August&nbsp; 2.

The FTC in 2014 sued AT&amp;T because the No. 2 US wireless carrier failed to inform consumers it would slow the speeds of heavy data users on unlimited plans.

The intense back-and-forth battle between the FTC and the company included dismissal of the case in 2017 on grounds that AT&amp;T was a common carrier and because of this was not subject to FTC jurisdiction.

The case is Federal Trade Commission v AT&amp;T Mobility Llc, US district court for the Northern District of California, San Francisco division, Case No. 14-cv-04785-EMC

The Federal Trade Commission (FTC) and AT&T Inc reached a settlement agreement on a 2014 case that accused the company of slowing down data sent to wireless devices, a federal court ruling showed on Friday.

The Federal Trade Commission (FTC) and AT&T Inc reached a settlement agreement on a 2014 case that accused the company of slowing down data sent to wireless devices, a federal court ruling showed on Friday. US District Court in San Francisco said the parties requested a 90-day stay for the FTC to review and vote on the proposed settlement. The value of the settlement was not disclosed. FTC and AT&T reached the agreement on August 2. The FTC in 2014 sued AT&T because the No. 2 US wireless carrier failed to inform consumers it would slow the speeds of heavy data users on unlimited plans. The intense back-and-forth battle between the FTC and the company included dismissal of the case in 2017 on grounds that AT&T was a common carrier and because of this was not subject to FTC jurisdiction. The case is Federal Trade Commission v AT&T Mobility Llc, US district court for the Northern District of California, San Francisco division, Case No. 14-cv-04785-EMC

FTC, AT&T settle 2014 lawsuit over data slowdowns: court

<div class="content" itemprop="articleBody">
Vice Chairman of NITI Aayog Rajiv Kumar has termed the ongoing situation in financial sector as unprecedented and called for extraordinary steps to tackle it.

"This is an unprecedented situation for the government. In the last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in a churn, and nobody is trusting anybody else," Kumar said.

"Within the private sector, nobody wants to lend to anybody else. Everyone is sitting on cash," he said while speaking on Thursday at the Mindmine Summit 2019, the flagship event of the Hero Group.

Kumar said the government must do whatever it can to remove apprehensions of the private sector.

"The whole nature of the game has changed in the past four years after demonetisation, GST and IBC. In the earlier period, you had 10, 20, 30, 35 per cent of cash sloshing around which used to help people. That has become much less now," he said.&nbsp;
</div>

Vice Chairman of NITI Aayog Rajiv Kumar has termed the ongoing situation in financial sector as unprecedented and called for extraordinary steps to tackle it. "This is an unprecedented situation for the government.

Vice Chairman of NITI Aayog Rajiv Kumar has termed the ongoing situation in financial sector as unprecedented and called for extraordinary steps to tackle it. "This is an unprecedented situation for the government. In the last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in a churn, and nobody is trusting anybody else," Kumar said. "Within the private sector, nobody wants to lend to anybody else. Everyone is sitting on cash," he said while speaking on Thursday at the Mindmine Summit 2019, the flagship event of the Hero Group. Kumar said the government must do whatever it can to remove apprehensions of the private sector. "The whole nature of the game has changed in the past four years after demonetisation, GST and IBC. In the earlier period, you had 10, 20, 30, 35 per cent of cash sloshing around which used to help people. That has become much less now," he said.

NITI Aayog VC calls for 'extraordinary' steps to tackle 'unprecedented' situation in financial sector

<div class="content" itemprop="articleBody">
Equity benchmark indices touched a five-month low during early hours on Friday amid sagging investor sentiment.

At 10:15 am, the BSE S&amp;P Sensex was down by 68 points at 36,405 while the Nifty 50 edged lower by 20 points to 10,721.

At the National Stock Exchange, sectoral indices were mixed with Nifty private banks down by 1.2 per cent and financial services by 0.9 per cent.

Among stocks, IndusInd Bank was down by 2.3 per cent, ICICI Bank by 2 per cent, Kotak Mahindra Bank by 1.4 per cent and HFDC Bank by 1.1 per cent. However, Yes Bank reversed its downward slide and moved up 7.2 per cent to Rs 60.40 per share.

The other prominent losers were pharma major Cipla, FMCG firm ITC, auto leaders Maruti and Eicher Motors, Bharti Infratel and Hindalco.

But UPL, Vedanta, Indiabulls Housing Finance and Coal India showed gains of over 2 per cent. Tata Motors, Tata Consultancy Services, Hero MotoCorp and HCL Tech too were in the positive zone.

Meanwhile, Asian shares struggled to make headway as uncertainty continued over how much the US Federal Reserve will cut interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher. Japan's benchmark Nikkei added 0.3 per cent while Shanghai Composite Hong Kong's Hang Seng gained 0.5 per cent each.&nbsp;
</div>

Equity benchmark indices touched a five-month low during early hours on Friday amid sagging investor sentiment. At 10:15 am, the BSE S&P Sensex was down by 68 points at 36,405 while the Nifty 50 edged lower by 20 points to 10,721.

Equity benchmark indices touched a five-month low during early hours on Friday amid sagging investor sentiment. At 10:15 am, the BSE S&P Sensex was down by 68 points at 36,405 while the Nifty 50 edged lower by 20 points to 10,721. At the National Stock Exchange, sectoral indices were mixed with Nifty private banks down by 1.2 per cent and financial services by 0.9 per cent. Among stocks, IndusInd Bank was down by 2.3 per cent, ICICI Bank by 2 per cent, Kotak Mahindra Bank by 1.4 per cent and HFDC Bank by 1.1 per cent. However, Yes Bank reversed its downward slide and moved up 7.2 per cent to Rs 60.40 per share. The other prominent losers were pharma major Cipla, FMCG firm ITC, auto leaders Maruti and Eicher Motors, Bharti Infratel and Hindalco. But UPL, Vedanta, Indiabulls Housing Finance and Coal India showed gains of over 2 per cent. Tata Motors, Tata Consultancy Services, Hero MotoCorp and HCL Tech too were in the positive zone. Meanwhile, Asian shares struggled to make headway as uncertainty continued over how much the US Federal Reserve will cut interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher. Japan's benchmark Nikkei added 0.3 per cent while Shanghai Composite Hong Kong's Hang Seng gained 0.5 per cent each.

Equity indices open in red; Sensex, Nifty edge lower amid low investment

The rupee fell to its lowest in more than eight months on Friday morning tracking weakness in other regional currencies, while concerns over flagging domestic growth also weighed on sentiment.

Foreign portfolio outflows from the equity markets are also hurting the rupee.&nbsp;

By 0352 GMT, the partially convertible rupee was trading at 72.04/05 per dollar, its weakest level since December&nbsp;14.

Almost all Asian currencies were trading weaker against the dollar.&nbsp;

The rupee fell to its lowest in more than eight months on Friday morning tracking weakness in other regional currencies, while concerns over flagging domestic growth also weighed on sentiment.

The rupee fell to its lowest in more than eight months on Friday morning tracking weakness in other regional currencies, while concerns over flagging domestic growth also weighed on sentiment. Foreign portfolio outflows from the equity markets are also hurting the rupee. By 0352 GMT, the partially convertible rupee was trading at 72.04/05 per dollar, its weakest level since December 14. Almost all Asian currencies were trading weaker against the dollar.

Rupee hits 72 per dollar, weakest level since mid-December

The bulls staged a comeback during the second half of the equity trading session on Friday amid expectations that the government may soon announce steps to revive economic growth.

The BSE S&amp;P Sensex closed 228 points or 0.6 per cent higher at 36,701, while the Nifty 50 was up by 88 points or 0.8 per cent to 10,829.

Except for FMCG and private banks, all sectoral indices were in the green at the <a href="https://www.wionews.com/business-economy/equity-indices-open-in-green-sensex-nifty-edge-up-241658">National Stock Exchange.</a>&nbsp;

Nifty media gained by 4.1 per cent, metal by 3.4 per cent, PSU banks by 2 per cent and pharma by 1.4 per cent.

Among stocks, Zee Entertainment was up by 6.5 per cent to close at Rs 350.50 per share.&nbsp;

UPL gained by 6.1 per cent, Vedanta by 5.7 per cent, Yes Bank by 5.6 per cent and Bharat Petroleum Corporation by 5.2 per cent.

Heavyweight Reliance Industries gained by 2.36 per cent to close at Rs 1,275.95 per share.

The other prominent gainers were ONGC, Mahindra &amp; Mahindra, Grasim, Indian Oil Corporation and Coal India.

However, private lenders like IndusInd Bank, ICICI Bank, HDFC Bank, and Kotak Mahindra were among the losers.

ITC, Eicher Motors, Power Grid, and Hindustan Lever also shed gains marginally.

Meanwhile, Asian shares struggled to make headway as uncertainty continued over how much the US Federal Reserve will cut interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher.

Japan's benchmark Nikkei added 0.4 per cent while Shanghai Composite Hong Kong's Hang Seng gained 0.5 per cent each

The bulls staged a comeback during the second half of the equity trading session on Friday amid expectations that the government may soon announce steps to revive economic growth.

The bulls staged a comeback during the second half of the equity trading session on Friday amid expectations that the government may soon announce steps to revive economic growth. The BSE S&P Sensex closed 228 points or 0.6 per cent higher at 36,701, while the Nifty 50 was up by 88 points or 0.8 per cent to 10,829. Except for FMCG and private banks, all sectoral indices were in the green at the National Stock Exchange. Nifty media gained by 4.1 per cent, metal by 3.4 per cent, PSU banks by 2 per cent and pharma by 1.4 per cent. Among stocks, Zee Entertainment was up by 6.5 per cent to close at Rs 350.50 per share. UPL gained by 6.1 per cent, Vedanta by 5.7 per cent, Yes Bank by 5.6 per cent and Bharat Petroleum Corporation by 5.2 per cent. Heavyweight Reliance Industries gained by 2.36 per cent to close at Rs 1,275.95 per share. The other prominent gainers were ONGC, Mahindra & Mahindra, Grasim, Indian Oil Corporation and Coal India. However, private lenders like IndusInd Bank, ICICI Bank, HDFC Bank, and Kotak Mahindra were among the losers. ITC, Eicher Motors, Power Grid, and Hindustan Lever also shed gains marginally. Meanwhile, Asian shares struggled to make headway as uncertainty continued over how much the US Federal Reserve will cut interest rates. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1 per cent higher. Japan's benchmark Nikkei added 0.4 per cent while Shanghai Composite Hong Kong's Hang Seng gained 0.5 per cent each

Sensex surges by 228 points on hopes on the stimulus package, metal stocks shine

<a href="https://www.wionews.com/world/oil-steadies-as-demand-concern-counters-middle-east-tensions-234074">Oil prices steadied on Friday</a>, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy.

Brent crude futures, the international benchmark for oil prices, fell 8 cents to $59.84 a barrel by 0952 GMT but was up about 2.1 per cent on the week.

US West Texas Intermediate (WTI) crude futures slipped by 3 cents to $55.32, up 0.8per cent this week.

"For now, it all comes down to Powell’s projected bias on Friday. Does he insist on the robustness of the US economy or does he highlight the growing downside risks? Investors’ interpretation of Powell’s policy bias is set to sway markets," said FXTM market analyst Han Tan.

Traders will comb through Powell's speech later on Friday at a meeting of global central bankers at Jackson Hole, Wyoming, looking for clues on US rates as economic headwinds strengthen and the US-China trade conflict shows no sign of abating.

"Some have blamed the hesitant tone [for oil prices] on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy," said Stephen Brennock of oil broker PVM.

Exacerbating concern over the possibility of a recession, US manufacturing industries registered their first month of contraction in almost a decade.

However, oil production cuts from OPEC members and Russia, as well as reduced exports from Iran and Venezuela because of US sanctions, have continued to support crude prices.

Harry Tchilinguirian, of BNP Paribas, said the market had some bearish data, with a rise in <a href="https://www.wionews.com/world/under-pressure-from-donald-trump-organization-of-the-petroleum-exporting-countries-embraces-vladimir-putin-232769">Saudi Arabian oil exports while Russia’s crude</a> output moved above its quota under an OPEC+ agreement and Russian state oil major Rosneft helped to ship Venezuelan oil to China and India.

OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million barrels per day. The alliance, known as OPEC+, renewed the pact in July, extending the curbs to March 2020 to avoid a build-up of inventories that could hit prices.

French President Emmanuel Macron will meet Iranian Foreign Minister Mohammad Javad Zarif on Friday as world powers seek to salvage a 2015 international nuclear deal signed with Tehran.

Iran has said it will scale back compliance with the pact unless the Europeans find a solution enabling Tehran to sell its oil despite U.S. sanctions.

Oil prices steadied on Friday, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy.

Oil prices steadied on Friday, on track for a weekly gain, with attention focused on a speech by US Federal Reserve chief Jerome Powell for news on whether it will cut interest rates for a second time this year to boost the world's largest economy. Brent crude futures, the international benchmark for oil prices, fell 8 cents to $59.84 a barrel by 0952 GMT but was up about 2.1 per cent on the week. US West Texas Intermediate (WTI) crude futures slipped by 3 cents to $55.32, up 0.8per cent this week. "For now, it all comes down to Powell’s projected bias on Friday. Does he insist on the robustness of the US economy or does he highlight the growing downside risks? Investors’ interpretation of Powell’s policy bias is set to sway markets," said FXTM market analyst Han Tan. Traders will comb through Powell's speech later on Friday at a meeting of global central bankers at Jackson Hole, Wyoming, looking for clues on US rates as economic headwinds strengthen and the US-China trade conflict shows no sign of abating. "Some have blamed the hesitant tone [for oil prices] on an end-of-summer lull. Yet, in truth, the sense of unease stems from ongoing worries about the global economy," said Stephen Brennock of oil broker PVM. Exacerbating concern over the possibility of a recession, US manufacturing industries registered their first month of contraction in almost a decade. However, oil production cuts from OPEC members and Russia, as well as reduced exports from Iran and Venezuela because of US sanctions, have continued to support crude prices. Harry Tchilinguirian, of BNP Paribas, said the market had some bearish data, with a rise in Saudi Arabian oil exports while Russia’s crude output moved above its quota under an OPEC+ agreement and Russian state oil major Rosneft helped to ship Venezuelan oil to China and India. OPEC, Russia and other producers have, since Jan. 1, implemented a deal to cut output by 1.2 million barrels per day. The alliance, known as OPEC+, renewed the pact in July, extending the curbs to March 2020 to avoid a build-up of inventories that could hit prices. French President Emmanuel Macron will meet Iranian Foreign Minister Mohammad Javad Zarif on Friday as world powers seek to salvage a 2015 international nuclear deal signed with Tehran. Iran has said it will scale back compliance with the pact unless the Europeans find a solution enabling Tehran to sell its oil despite U.S. sanctions.

Oil price steadies as markets await Fed steer