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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pound jumps on Brexit hopes as global stocks firmer

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

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

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

London Stock Exchange rejects Hong Kong takeover bid

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

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

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

US budget deficit passes $1 trillion mark for fiscal 2019

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

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

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

Sensex, Nifty end higher on rally in banks, autos

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nifty, Sensex snap multi-day rally to end lower

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Nifty, Sensex end higher; auto stocks among top gainers

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

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

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

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

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

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

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

International oil prices gain after fall in US stocks

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

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

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

New iPhones to share limelight as Apple revs up services

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

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

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

WeWork IPO valuation likely below $20 billion: Sources

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Amazon launches Prime service in challenging Brazil market