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European stocks fell on Wednesday as <a href="https://www.wionews.com/business-economy/germanys-metro-says-66-billion-bid-undervalues-company-229824">Germany's economy </a>went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports.

Europe's biggest economy shrank 0.1 per cent in the second quarter as the trade war and weak demand dragged on German manufacturers.

&nbsp;The eurozone as a whole reported gross domestic product grew just 0.2 per cent in the same quarter.

<a href="https://www.wionews.com/business-economy?page=12">The Euro STOXX 600 fell 0.4 per cent</a>. Markets in London, Frankfurt, and Paris lost from 0.2per cent to 0.6per cent.&nbsp;

Wall Street futures gauges were also lower.

Bond markets were also flashing warning signals of recession.&nbsp;

The gap between US two-year and 10-year Treasury yields, a closely watched metric for signs of a slowdown, fell to less than a basis point after shrinking on Tuesday to its narrowest since June 2007.

The German figures, along with data showing the slowest growth for Chinese industrial output in 17 years stoking recession worries, knocked the wind out the sails for stocks.

Equity investors on Wall Street and Asia had cheered earlier when US&nbsp;President Donald Trump pushed back a Sept. 1 deadline for new tariffs on remaining Chinese imports.

The S&amp;P 500, which had fallen 1per cent on Monday, rose 1.5per cent overnight, sending Asian stocks outside Japan up 0.6per cent.&nbsp;

Benchmarks in Shanghai, Hong Kong and Tokyo all mirrored the surge in US stocks.

But the momentum ebbed in Europe, as optimism faded that Trump's move meant tensions were easing and Germany's slowdown showed the damage already done by the trade war.

"The trade war and the dispute between US and China have already had an impact, especially when you look at countries most sensitive to global trade like Germany and even Italy," said Christophe Barraud, chief economist and strategist at Market Securities in Paris.

The MSCI world equity index, which tracks shares in 47 countries, was flat.

In another sign the trade dispute is dragging on economic growth, China's industrial output slowed more than expected in July.&nbsp;

Its 4.8per cent growth was the lowest in 17 years.

The Japanese yen, considered a safe haven, gained 0.3per cent to 106.42 per dollar as the Chinese data signalled that any resolution to the trade war was a long way off.

Mirroring that view, the offshore Chinese yuan fell 0.4per cent against the dollar to 7.0337, erasing gains made the day before and remaining weaker than the 7 to the dollar it reached last week.

In commodity markets, oil prices fell after the Chinese data from China and a rise in US crude inventories, erasing some of the gains made after Trump's tariff delay.

Brent crude was down 54 cents, or 0.9per cent, at $60.76 a barrel at 0744 GMT, after rising 4.7per cent on Tuesday, its biggest percentage gain since December.

European stocks fell on Wednesday as Germany's economy went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports.

European stocks fell on Wednesday as Germany's economy went into reverse, reviving fears of global recession and tempering a rally for equities after Washington delayed tariffs on some Chinese imports. Europe's biggest economy shrank 0.1 per cent in the second quarter as the trade war and weak demand dragged on German manufacturers. The eurozone as a whole reported gross domestic product grew just 0.2 per cent in the same quarter. The Euro STOXX 600 fell 0.4 per cent. Markets in London, Frankfurt, and Paris lost from 0.2per cent to 0.6per cent. Wall Street futures gauges were also lower. Bond markets were also flashing warning signals of recession. The gap between US two-year and 10-year Treasury yields, a closely watched metric for signs of a slowdown, fell to less than a basis point after shrinking on Tuesday to its narrowest since June 2007. The German figures, along with data showing the slowest growth for Chinese industrial output in 17 years stoking recession worries, knocked the wind out the sails for stocks. Equity investors on Wall Street and Asia had cheered earlier when US President Donald Trump pushed back a Sept. 1 deadline for new tariffs on remaining Chinese imports. The S&P 500, which had fallen 1per cent on Monday, rose 1.5per cent overnight, sending Asian stocks outside Japan up 0.6per cent. Benchmarks in Shanghai, Hong Kong and Tokyo all mirrored the surge in US stocks. But the momentum ebbed in Europe, as optimism faded that Trump's move meant tensions were easing and Germany's slowdown showed the damage already done by the trade war. "The trade war and the dispute between US and China have already had an impact, especially when you look at countries most sensitive to global trade like Germany and even Italy," said Christophe Barraud, chief economist and strategist at Market Securities in Paris. The MSCI world equity index, which tracks shares in 47 countries, was flat. In another sign the trade dispute is dragging on economic growth, China's industrial output slowed more than expected in July. Its 4.8per cent growth was the lowest in 17 years. The Japanese yen, considered a safe haven, gained 0.3per cent to 106.42 per dollar as the Chinese data signalled that any resolution to the trade war was a long way off. Mirroring that view, the offshore Chinese yuan fell 0.4per cent against the dollar to 7.0337, erasing gains made the day before and remaining weaker than the 7 to the dollar it reached last week. In commodity markets, oil prices fell after the Chinese data from China and a rise in US crude inventories, erasing some of the gains made after Trump's tariff delay. Brent crude was down 54 cents, or 0.9per cent, at $60.76 a barrel at 0744 GMT, after rising 4.7per cent on Tuesday, its biggest percentage gain since December.

Stocks take fright as recession warnings grow

Equity benchmark indices were in the negative territory during early hours on Tuesday with IT, pharma and auto gauges showing most losses.

At 10:15 am, the BSE S&amp;P Sensex was down 181 points at 37,400 while the Nifty 50 edged lower by 48 points to 11,062. At the National Stock Exchange, all sectoral indices were in the red except for realty and metal.

Among stocks, power utility major NTPC slipped by 4.4 per cent to trade at Rs 116.10 per share while Bharti Airtel was down by 4.2 per cent.

The other prominent losers were Britannia, Mahindra &amp; Mahindra, Tech Mahindra, Maruti, HDFC, Infosys, Cipla and ITC.

However, Mukesh Ambani-led Reliance Industries surged 9.2 per cent to trade at Rs 1,269.65 per share, a day after the company said at its AGM that it will sell 20 per cent stake in its oils to chemicals (O2C) business to Saudi Aramco for 75 billion dollars.

Indiabulls Housing Finance gained by over 11 per cent to trade at Rs 561.70 per share. Bharat Petroleum Corporation was up by 2.3 per cent, Sun Pharma and Tata Motors by 2 per cent each.

Meanwhile, Asian shares slumped as fears about a drawn out US-China war and protests in Hong Kong drove investors to safe harbours like bonds and.&nbsp;

MSCI`s broadest index of Asia Pacific shares outside Japan was down by 1 per cent and Chinese stocks fell by 0.8 per cent.

Hong Kong`s main market index tumbled by more than 1 per cent to a seven-month low. Japan`s Nikkei also took a hit of 1.5 per cent while stocks in Singapore shed 1.1 per cent after the government slashed its full-year economic growth forecasts. 
&nbsp;

Equity benchmark indices were in the negative territory during early hours on Tuesday with IT, pharma and auto gauges showing most losses. At 10:15 am, the BSE S&P Sensex was down 181 points at 37,400 while the Nifty 50 edged lower by 48 points to 11,062.

Equity benchmark indices were in the negative territory during early hours on Tuesday with IT, pharma and auto gauges showing most losses. At 10:15 am, the BSE S&P Sensex was down 181 points at 37,400 while the Nifty 50 edged lower by 48 points to 11,062. At the National Stock Exchange, all sectoral indices were in the red except for realty and metal. Among stocks, power utility major NTPC slipped by 4.4 per cent to trade at Rs 116.10 per share while Bharti Airtel was down by 4.2 per cent. The other prominent losers were Britannia, Mahindra & Mahindra, Tech Mahindra, Maruti, HDFC, Infosys, Cipla and ITC. However, Mukesh Ambani-led Reliance Industries surged 9.2 per cent to trade at Rs 1,269.65 per share, a day after the company said at its AGM that it will sell 20 per cent stake in its oils to chemicals (O2C) business to Saudi Aramco for 75 billion dollars. Indiabulls Housing Finance gained by over 11 per cent to trade at Rs 561.70 per share. Bharat Petroleum Corporation was up by 2.3 per cent, Sun Pharma and Tata Motors by 2 per cent each. Meanwhile, Asian shares slumped as fears about a drawn out US-China war and protests in Hong Kong drove investors to safe harbours like bonds and. MSCI`s broadest index of Asia Pacific shares outside Japan was down by 1 per cent and Chinese stocks fell by 0.8 per cent. Hong Kong`s main market index tumbled by more than 1 per cent to a seven-month low. Japan`s Nikkei also took a hit of 1.5 per cent while stocks in Singapore shed 1.1 per cent after the government slashed its full-year economic growth forecasts.

Equity indices in negative zone, Reliance gains over 9% post AGM

Wall Street stocks bounced early Tuesday after the US government announced it was<a href="https://www.wionews.com/world/us-to-delay-china-tariff-increase-trump-199444"> delaying tariffs</a> on key consumer electronic goods imported from China.

Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14.&nbsp;

The broad-based S&amp;P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81.

Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1.

Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election.&nbsp;

US stocks lost more than one per cent on Monday amid worries over slowing global growth, the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155">US-China trade war </a>and turbulence in a number of international hot spots, including Hong Kong.

On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border.

US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems.

Wall Street stocks bounced early Tuesday after the US government announced it was delaying tariffs on key consumer electronic goods imported from China. Major indices rallied more than one per cent after Washington pushed back the imposition of the 10 per cent tariffs until December 15 for products that included cell phones, laptops and video game systems. About 25 minutes into trading, the Dow Jones Industrial Average was up 1.6 per cent at 26,305.14. The broad-based S&P 500 also climbed 1.6 per cent to 2,928.68, while the tech-rich Nasdaq Composite Index jumped 2.1 per cent to 8,030.81. Stocks have been pressured since US President Donald Trump earlier this month announced plans to impose tariffs on $300 billion in Chinese imports on September 1. Beijing retaliated by halting purchases of US agricultural goods, spawning talk the economic powers may not resolve the longstanding conflict until after the 2020 US presidential election. US stocks lost more than one per cent on Monday amid worries over slowing global growth, the US-China trade war and turbulence in a number of international hot spots, including Hong Kong. On Tuesday, protests at the Hong Kong airport forced the cancellation or suspension of hundreds of flights at the busy hub for a second day, while state-run media broadcast videos of security forces gathering across the border. US economic data showed a jump in inflation in July, while a German investor confidence index sunk to its lowest level in almost eight years in August, bolstering expectations the European Central Bank will soon enact measures to provide more stimulus.

US stocks jump as Trump delays some key China tariffs

India's domestic passenger vehicle sales in July dived at the steepest pace in nearly two decades, an auto industry body said on Tuesday, as a financing crunch deepened a crisis in the country's autos sector and triggered large-scale job losses.

Sales of passenger vehicles to car dealers plunged 30.9% to 200,790 in July, the ninth straight month of declines, data released by the Society of Indian Automobile Manufacturers (SIAM) showed.

The drop in sales is the worst since December 2000, when the industry sold a fifth of the vehicles it sells currently.

The crisis in the autos sector presents a major problem for Prime Minister Narendra Modi's government, just as he begins his second term in office, as the sector accounts for nearly half of India's manufacturing output.&nbsp;

The auto industry employs over 35 million people directly and indirectly.

"If this industry goes down, then everything gets hurt. Manufacturing, jobs and revenue to the government," Vishnu Mathur, director general, SIAM, told reporters on Tuesday, adding that car and motorcycle manufacturers have already slashed about 15,000 jobs.

The pace of decline has accelerated in recent months, as a liquidity crunch in India's shadow banking sector has dried up lines of credit to both auto dealers and potential car buyers.

Reuters reported last week that companies in the sector - which includes manufacturers, auto parts makers and dealerships - have so far cut as many as 350,000 jobs.

The Indian unit of German auto parts maker Bosch Ltd told Indian exchanges on Tuesday it would restructure its operations and adjust workforce in the light of a sector slowdown.

India's jobless rate climbed to 7.51% in July from 5.66% a year earlier, according to private data group CMIE.

The latest auto sales figures imply that India's GDP growth that has already slid to a near five-year low, is likely to show signs of further erosion for April-June when fresh data will be released later this month.

The downturn - regarded by industry executives as the worst ever suffered by the Indian auto industry - has already sent the S&amp;P BSE auto sector index tumbling more than 23% this year, while shares of the country's top carmaker Maruti Suzuki have slumped more than 20% since the beginning of 2019.

The domestic autos industry asked for tax breaks and easier access to finance for dealers and buyers at a meet with Indian government officials last week.

"The data shows an urgent need for a revival package from the government. The industry is doing everything possible to increase sales, but it needs government support to prevent the crisis from worsening," Mathur told reporters in New Delhi.

Motorcycle and scooters sales fell 16.8% to about 1.51 million units, while passenger car sales dived 36% to 122,956 units, the data showed.&nbsp;

Commercial vehicles sales plunged 25.7% to 56,866 units, SIAM said.

The data also showed that domestic passenger vehicle production was down nearly 17% in the month.

"We are hopeful of a revival package soon," Mathur said.

India's domestic passenger vehicle sales in July dived at the steepest pace in nearly two decades, an auto industry body said on Tuesday, as a financing crunch deepened a crisis in the country's autos sector and triggered large-scale job losses.

India's domestic passenger vehicle sales in July dived at the steepest pace in nearly two decades, an auto industry body said on Tuesday, as a financing crunch deepened a crisis in the country's autos sector and triggered large-scale job losses. Sales of passenger vehicles to car dealers plunged 30.9% to 200,790 in July, the ninth straight month of declines, data released by the Society of Indian Automobile Manufacturers (SIAM) showed. The drop in sales is the worst since December 2000, when the industry sold a fifth of the vehicles it sells currently. The crisis in the autos sector presents a major problem for Prime Minister Narendra Modi's government, just as he begins his second term in office, as the sector accounts for nearly half of India's manufacturing output. The auto industry employs over 35 million people directly and indirectly. "If this industry goes down, then everything gets hurt. Manufacturing, jobs and revenue to the government," Vishnu Mathur, director general, SIAM, told reporters on Tuesday, adding that car and motorcycle manufacturers have already slashed about 15,000 jobs. The pace of decline has accelerated in recent months, as a liquidity crunch in India's shadow banking sector has dried up lines of credit to both auto dealers and potential car buyers. Reuters reported last week that companies in the sector - which includes manufacturers, auto parts makers and dealerships - have so far cut as many as 350,000 jobs. The Indian unit of German auto parts maker Bosch Ltd told Indian exchanges on Tuesday it would restructure its operations and adjust workforce in the light of a sector slowdown. India's jobless rate climbed to 7.51% in July from 5.66% a year earlier, according to private data group CMIE. The latest auto sales figures imply that India's GDP growth that has already slid to a near five-year low, is likely to show signs of further erosion for April-June when fresh data will be released later this month. The downturn - regarded by industry executives as the worst ever suffered by the Indian auto industry - has already sent the S&P BSE auto sector index tumbling more than 23% this year, while shares of the country's top carmaker Maruti Suzuki have slumped more than 20% since the beginning of 2019. The domestic autos industry asked for tax breaks and easier access to finance for dealers and buyers at a meet with Indian government officials last week. "The data shows an urgent need for a revival package from the government. The industry is doing everything possible to increase sales, but it needs government support to prevent the crisis from worsening," Mathur told reporters in New Delhi. Motorcycle and scooters sales fell 16.8% to about 1.51 million units, while passenger car sales dived 36% to 122,956 units, the data showed. Commercial vehicles sales plunged 25.7% to 56,866 units, SIAM said. The data also showed that domestic passenger vehicle production was down nearly 17% in the month. "We are hopeful of a revival package soon," Mathur said.

India's passenger vehicle sales drop at steepest pace in nearly two decades

Indian&nbsp;shares&nbsp;ended&nbsp;sharply&nbsp;lower&nbsp;on Tuesday, led by a drop in&nbsp;automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE Nifty&nbsp;ended 1.65 per cent&nbsp;lower&nbsp;at 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16.

The Nifty&nbsp;autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July.

Shares&nbsp;of <a href="https://www.wionews.com/business-economy/indias-biggest-carmaker-maruti-suzuki-cuts-temporary-jobs-as-sales-plunge-240343">top&nbsp;Indian&nbsp;automaker Maruti Suzuki Ltd fell 5 per cent.</a>

Shares&nbsp;of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco.

The Nifty energy index was the only&nbsp;sector&nbsp;to&nbsp;end&nbsp;higher out of 14 sub-indexes, powered largely by Reliance.

Private-sector&nbsp;lender Yes Bank Ltd fell 10.9 per cent.

The company named a new chief financial officer on Tuesday.

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown. The broader NSE Nifty ended 1.65 per cent lower at 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16. The Nifty autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July. Shares of top Indian automaker Maruti Suzuki Ltd fell 5 per cent. Shares of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco. The Nifty energy index was the only sector to end higher out of 14 sub-indexes, powered largely by Reliance. Private-sector lender Yes Bank Ltd fell 10.9 per cent. The company named a new chief financial officer on Tuesday.

Indian shares end sharply lower as the auto sector takes beating

Britain's labour&nbsp;market&nbsp;showed unexpected strength in the second quarter, in sharp contrast with figures last week that showed the economy contracted over the same period as the country gears up for Brexit.

Total earnings growth including bonuses rose by an annual 3.7 per cent in the three months to June - the highest rate since June 2008 and up from 3.5 per cent in May, and line with forecasts in a Reuters poll of economists.

The<a href="https://www.wionews.com/world/brexit-is-a-massive-economic-opportunity-uk-prime-minister-johnson-238855">&nbsp;jobs&nbsp;market&nbsp;has been a silver lining</a> for the economy since the Brexit vote in June 2016, something many economists have attributed to employers preferring to hire workers they can later lay off rather than making longer-term commitments to investment.

Tuesday's figures showed Britain created 115,000&nbsp;jobs&nbsp;in the second quarter, bringing the level of employment to a record 32.811 million, the Office for National Statistics (ONS) said.

"The&nbsp;jobs&nbsp;market&nbsp;remains a source of strength for the&nbsp;UK&nbsp;economy, though it may now be reaching its peak," said Tej Parikh, chief economist at the Institute of Directors.

Sterling showed little reaction to the data, which tends to lag broader trends in the economy and had also appeared healthy in the lead-up to the financial crisis.

Excluding bonuses, annual pay growth picked up to 3.9 per cent from 3.6 per cent, the ONS said, compared with the poll forecast for growth of 3.8 per cent.

A little of the strength in the pay data reflected the unusual timing of annual pay rises for public health workers in 2018 when a larger-than-normal increase was deferred until July.

Some details pointed to tougher times ahead after data last week showed the economy unexpectedly shrank by 0.2 per cent in the three months to June.

The unemployment rate rose to 3.9 per cent, against expectations for it to hold steady 3.8 per cent, and while employment growth far exceeded forecasts, part-time rather than full-time&nbsp;jobs accounted entirely for the increase.

Output per hour, the headline measure of productivity, fell 0.6 per cent in annual terms - the fourth quarter of decline in a row and the longest such run since mid-2013.

Poor productivity is one of Britain's biggest economic challenges and, until recently, had contributed to a decade of weak pay growth.

The number of job vacancies, an indicator of future employment, fell to 820,000 in the three months to July from 824,000 in the period to June, the lowest level in more than a year.

Some recent surveys of companies have suggested employers are turning more cautious about hiring as new Prime Minister Boris Johnson has pledged to take Britain out of the European Union on October 31, with or without a deal.

The Bank of England said this month it saw signs of a softening in labour&nbsp;market&nbsp;indicators.

Britain's labour market showed unexpected strength in the second quarter, in sharp contrast with figures last week that showed the economy contracted over the same period as the country gears up for Brexit.

Britain's labour market showed unexpected strength in the second quarter, in sharp contrast with figures last week that showed the economy contracted over the same period as the country gears up for Brexit. Total earnings growth including bonuses rose by an annual 3.7 per cent in the three months to June - the highest rate since June 2008 and up from 3.5 per cent in May, and line with forecasts in a Reuters poll of economists. The jobs market has been a silver lining for the economy since the Brexit vote in June 2016, something many economists have attributed to employers preferring to hire workers they can later lay off rather than making longer-term commitments to investment. Tuesday's figures showed Britain created 115,000 jobs in the second quarter, bringing the level of employment to a record 32.811 million, the Office for National Statistics (ONS) said. "The jobs market remains a source of strength for the UK economy, though it may now be reaching its peak," said Tej Parikh, chief economist at the Institute of Directors. Sterling showed little reaction to the data, which tends to lag broader trends in the economy and had also appeared healthy in the lead-up to the financial crisis. Excluding bonuses, annual pay growth picked up to 3.9 per cent from 3.6 per cent, the ONS said, compared with the poll forecast for growth of 3.8 per cent. A little of the strength in the pay data reflected the unusual timing of annual pay rises for public health workers in 2018 when a larger-than-normal increase was deferred until July. Some details pointed to tougher times ahead after data last week showed the economy unexpectedly shrank by 0.2 per cent in the three months to June. The unemployment rate rose to 3.9 per cent, against expectations for it to hold steady 3.8 per cent, and while employment growth far exceeded forecasts, part-time rather than full-time jobs accounted entirely for the increase. Output per hour, the headline measure of productivity, fell 0.6 per cent in annual terms - the fourth quarter of decline in a row and the longest such run since mid-2013. Poor productivity is one of Britain's biggest economic challenges and, until recently, had contributed to a decade of weak pay growth. The number of job vacancies, an indicator of future employment, fell to 820,000 in the three months to July from 824,000 in the period to June, the lowest level in more than a year. Some recent surveys of companies have suggested employers are turning more cautious about hiring as new Prime Minister Boris Johnson has pledged to take Britain out of the European Union on October 31, with or without a deal. The Bank of England said this month it saw signs of a softening in labour market indicators.

UK jobs market shines, but clouds on the horizon

Gold&nbsp;prices scaled their highest in more than&nbsp;six&nbsp;years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from&nbsp;riskier assets.

Spot&nbsp;gold&nbsp;rose 0.7 per cent to $1,521.98 per ounce as of 0715 GMT, its highest since April 2013.

US&nbsp;gold&nbsp;futures rose 1 per cent to $1,533 an ounce.

"It is a pretty straight forward case of&nbsp;risk&nbsp;aversion. Crisis in Argentina and <a href="https://www.wionews.com/opinions/hong-kong-protestors-have-made-their-point-to-china-241289">political deterioration in Hong Kong</a>; underlying all of this, global growth is slowing," said Ilya Spivak, senior currency strategist with DailyFx.

"Central banks can only do so much because a lot of them are at near record-low interest rates. There is not a lot of ammunition to deploy as countermeasures to the slowdown in global growth."

Protesters managed to shut down Hong Kong's airport, the world's busiest cargo airport, on Monday.&nbsp;

The protests, which started as an opposition to an extradition bill to mainland China, have expanded into wider calls for democracy.

On the other side of the globe, fears of a possible return to interventionist policies gripped the Argentine market after market-friendly President Mauricio Macri lost by a much bigger-than-expected margin in presidential primaries.

These uncertainties alongside fears of a drawn-out Sino-US trade war rattled financial markets, spurring investors to safe-haven assets.

Bullion, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty.&nbsp;

The yen stood near a seven-month high against the dollar.

Investors are focused on the Federal Reserve's annual symposium next week.&nbsp;

Traders see a 74 per cent chance of a 25 basis-point rate cut by the Fed this September.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making&nbsp;gold&nbsp;cheaper for investors holding other currencies.

"Heightened geopolitical&nbsp;risks from Hong Kong protests along with global growth concerns remain largely supportive towards safe-haven flows," brokerage Phillip Futures said in a note.

"Gold&nbsp;prices must hold above $1,500 for an extension of the bullish wave in the current term."

Reflecting increased investor interest in&nbsp;gold, holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, jumped 0.9 per cent to 847.77 tonnes on Monday from Friday.

Spot&nbsp;gold&nbsp;may test a resistance at $1,524 per ounce, a break above which could lead to a gain to $1,546, said Reuters technical analyst Wang Tao.

Among other precious metals, silver climbed 1.8 per cent to $17.36 per ounce. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3 per cent to $863.83 and palladium gained 0.7 per cent to $1,437.98 an ounce.

Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets.

Gold prices scaled their highest in more than six years on Tuesday, as concerns around protests in Hong Kong and an Argentine currency crash amid fears of global economic slowdown, prompted investors to move away from riskier assets. Spot gold rose 0.7 per cent to $1,521.98 per ounce as of 0715 GMT, its highest since April 2013. US gold futures rose 1 per cent to $1,533 an ounce. "It is a pretty straight forward case of risk aversion. Crisis in Argentina and political deterioration in Hong Kong; underlying all of this, global growth is slowing," said Ilya Spivak, senior currency strategist with DailyFx. "Central banks can only do so much because a lot of them are at near record-low interest rates. There is not a lot of ammunition to deploy as countermeasures to the slowdown in global growth." Protesters managed to shut down Hong Kong's airport, the world's busiest cargo airport, on Monday. The protests, which started as an opposition to an extradition bill to mainland China, have expanded into wider calls for democracy. On the other side of the globe, fears of a possible return to interventionist policies gripped the Argentine market after market-friendly President Mauricio Macri lost by a much bigger-than-expected margin in presidential primaries. These uncertainties alongside fears of a drawn-out Sino-US trade war rattled financial markets, spurring investors to safe-haven assets. Bullion, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty. The yen stood near a seven-month high against the dollar. Investors are focused on the Federal Reserve's annual symposium next week. Traders see a 74 per cent chance of a 25 basis-point rate cut by the Fed this September. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. "Heightened geopolitical risks from Hong Kong protests along with global growth concerns remain largely supportive towards safe-haven flows," brokerage Phillip Futures said in a note. "Gold prices must hold above $1,500 for an extension of the bullish wave in the current term." Reflecting increased investor interest in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, jumped 0.9 per cent to 847.77 tonnes on Monday from Friday. Spot gold may test a resistance at $1,524 per ounce, a break above which could lead to a gain to $1,546, said Reuters technical analyst Wang Tao. Among other precious metals, silver climbed 1.8 per cent to $17.36 per ounce. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3 per cent to $863.83 and palladium gained 0.7 per cent to $1,437.98 an ounce.

Gold hits over the six-year peak on risk-off sentiment

Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support.

Oil prices fell on Tuesday on lingering concerns over global demand and rising US production, though expectations for major producers to further curtail output offered support. Brent crude futures were down 20 cents or 0.3 per cent from the previous settlement at $58.29 a barrel by 0643 GMT. The international benchmark has lost over 20 per cent since hitting its 2019 high in April. US West Texas Intermediate (WTI) futures were at $54.69 per barrel, down 24 cents or 0.4 per cent. A deepening trade war between the United States and China, the world's two largest economies and energy consumers, has weighed heavily on oil prices in recent months. China's central bank lowered its official yuan midpoint for the ninth straight day to a fresh 11-year low on Tuesday. A weaker yuan raises the cost of dollar-denominated oil imports into China, the world's biggest crude oil importer. Saudi Arabia, the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said last week it plans to keep its crude exports below 7 million barrels a day in August and September to help drain global oil inventories. The kingdom's plans to float its national oil company Saudi Aramco in what could be the world's largest initial public offering (IPO) give it further impetus to boost prices. "With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its output accordingly," Vienna-based consultancy JBC Energy said. OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million barrels per day (BPD) of production since January 1. But booming US shale oil output continues to chip away at efforts to limit the global supply overhang, weighing on prices. US oil output from seven major shale formations is expected to rise by 85,000 barrels per day (BPD) in September to a record 8.77 million BPD, the Energy Information Administration forecast in a report. The start-up of a major pipeline between the Permian shale basin and the Gulf Coast means that more crude can be exported, adding to global supplies. "The swift reaction from Saudi Arabia will likely stabilise oil prices, but the oil price probably won't move much above $60 per barrel until there is evidence of progress in US-China trade negotiations," Stephen Innes, managing partner at VM Markets Pte Ltd, said in a note.

Oil prices fall on demand concerns, rising US output

Share markets fell for a third straight day on Tuesday as fears about a drawn-out global trade war, protests in Hong Kong and a crash in Argentina's peso currency kept investors huddled in bonds, gold, and the Japanese yen for safety.

Share markets fell for a third straight day on Tuesday as fears about a drawn-out global trade war, protests in Hong Kong and a crash in Argentina's peso currency kept investors huddled in bonds, gold, and the Japanese yen for safety. Early 0.3 per cent - 0.6 per cent drops from Europe's main indexes after some heavy falls in China, Hong Kong, Japan and other parts of Asia left MSCI's main 47-country world index down nearly 4 per cent for August so far. Hong Kong's airport, the world's busiest cargo hub, had reopened after protests closed it the previous day, but the mood remained febrile after weeks of increasingly violent demonstrations in the Chinese-ruled territory. Investors were also still assessing the wider damage caused by Monday's crash in Argentina after its President Mauricio Macri became the latest pro-free market, pro-reform leader to be given a beating at the polls by a populist rival. The response was brutal. The peso collapsed 15 per cent, equities crumbled 48 per cent in dollar terms the second-biggest one-day slump anywhere since 1950 and the bond market crashed, with a 100-year bond that investors had recently gobbled up tumbling 20 per cent as fears of yet another government default spiked. "Yes, Argentina is a small economy. However, the last thing global markets want to see is another market-friendly government fall to populism and/or geopolitics," said Rabobank strategist Michael Every. He added the 'wall of worry' also now includes the trade war, Brexit, China, Hong Kong, Iran, Italy, Kashmir, North Korea, South China Sea, Turkey, and Venezuela. "Did I miss anything with tired eyes?" With so much uncertainty around, Europe's traditional safety play, the 10-year German government bond, saw yields hit a new record low. Equivalent US Treasury yields were straining for their lowest in almost three years, gold was pinned close to six-year highs and the yen was within a whisker of a seven-month peak versus the dollar. ING analysts said the yen was benefiting 'from the best of both worlds', pointing to general risk aversion and a rush to the price in more interest rate cuts by the Federal Reserve. They think the yen, at 105.32 in Europe, will rally to 102 or 103 per dollar later this year. There was also the danger that moves could be amplified as many traders and investors are off for European and US summer holidays. Yet, there was no shortage of gloomy news for investors looking to catch their breath from several months of market ructions. Panic and chaos The weeks-long protests in Hong Kong began in opposition to a bill allowing extraditions to mainland China but have quickly morphed into the biggest challenge to China's authority over the city since it took Hong Kong back from Britain in 1997. A state of 'panic and chaos' now exists, the city's embattled leader Carrie Lam said on Tuesday, defying fresh calls to quit. As she spoke, the benchmark Hang Seng index hit a seven-month low. By the close, it had dropped 2.1 per cent, dragging down markets across Asia and taking its losses past 6 per cent since the protests began in June. MSCI's broadest index of Asia-Pacific shares skidded 1.2 per cent as Chinese stocks and the Nikkei in Tokyo both fell around 1 per cent too. The dive for safety pushed gold up another 0.5 per cent to $1.523 per ounce and its latest six-year high. Oil prices meanwhile held their ground as expectations that major producers will continue to reduce supplies balanced out worries about sluggish economic growth. Brent crude inched up to $58.74 while US West Texas Intermediate futures were flat at $54.81 a barrel. It comes too with Saudi Arabia pushing plans to float its national oil company Saudi Aramco in what could be the world's largest initial public offering (IPO). "With Saudi Aramco reportedly eyeing an IPO once again, there is some support to the idea that Saudi Arabia has a heightened interest in strong crude prices and will cut its output accordingly," Vienna-based consultancy JBC Energy said.

Shares shunted after Argentina crash, safe-havens shine

Verizon Communications Inc said on Monday it would sell its<a href="https://www.wionews.com/world/twitter-blocks-accounts-of-iranian-state-media-outlets-237349"> blogging website Tumblr to Automattic Inc</a>, the owner of popular online-publishing tool WordPress.com.

The company did not disclose the terms of the deal.

Verizon Media Group, formerly called Oath, is the digital media umbrella that owns more than 50 brands, including HuffPost, TechCrunch and Tumblr.

Tumblr was acquired by Yahoo for more than $1 billion in 2013 and Verizon acquired it as part of its deal for Yahoo in 2015. 
&nbsp;

Verizon Communications Inc said on Monday it would sell its blogging website Tumblr to Automattic Inc, the owner of popular online-publishing tool WordPress.com.

Verizon Communications Inc said on Monday it would sell its blogging website Tumblr to Automattic Inc, the owner of popular online-publishing tool WordPress.com. The company did not disclose the terms of the deal. Verizon Media Group, formerly called Oath, is the digital media umbrella that owns more than 50 brands, including HuffPost, TechCrunch and Tumblr. Tumblr was acquired by Yahoo for more than $1 billion in 2013 and Verizon acquired it as part of its deal for Yahoo in 2015.

Verizon to sell Tumblr to WordPress owner

<a href="https://www.wionews.com/business-economy/sensex-nifty-reverse-course-to-close-lower-reliance-industries-banks-drag-239500">Reliance Industries</a> shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans.

The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009.&nbsp;

The spike has put the company within touching distance of becoming the highest-valued Indian company again.

&nbsp;Currently, it trails Tata Consultancy Services by slightly more than $1 billion.

But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene.

<a href="https://www.wionews.com/business-economy/reliance-mobile-operator-jio-to-focus-on-subscriber-numbers-not-tariffs-report-237503">Jio, with cheap data plans and freebies</a>, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years.

Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres".

Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday.

Shares in Dish TV India were also down.

As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly.

Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues.

Reliance Industries shares saw their biggest intraday rise in a more than a decade on Tuesday after it set a target to reach zero net debt within 18 months and vowed to reward shareholders with higher dividends and periodic bonus issues. The group's billionaire chairman, Mukesh Ambani, also unveiled plans to launch cut-price home internet services across India next month, threatening to disrupt the telco market with offers of free voice calls for life, television and movie streaming, and even TV sets to go with some subscription plans. The announcements drove Reliance shares up as much as 12 per cent its biggest such move since January 14, 2009. The spike has put the company within touching distance of becoming the highest-valued Indian company again. Currently, it trails Tata Consultancy Services by slightly more than $1 billion. But shares of telecom majors Bharti Airtel fell 4per cent and Vodafone Idea slid almost 5per cent as the announcements spurred worries of a repeat of what happened just three years ago when Reliance's Jio burst on to the scene. Jio, with cheap data plans and freebies, has managed to become India's top mobile operator by subscribers and the second-biggest globally over the three years. Ambani said, at Reliance's annual general meeting (AGM) on Monday, that customers of Reliance's Premium Jiofiber broadband services "will be able to watch movies in their living rooms the same day these movies are released in theatres". Shares of multiplex chain operators PVR and Inox Leisure fell as much as 8per cent and 10per cent, respectively, on the news, after trading resumed following a holiday on Monday. Shares in Dish TV India were also down. As of 0606 GMT, Reliance shares were up about 10per cent, while the broader market was down slightly. Reliance shares were also buoyed by the news that Saudi Aramco plans to invest roughly $15 billion for a 20per cent stake in its oil-to-chemicals business.

Reliance shares see biggest intraday rise in decade; rivals hit by disruption worries

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the business at $75 billion including debt, he said.

Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude.

Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said.

Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

India's Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. "(This is) the biggest foreign investment in the history of Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai. "It is also amongst the largest foreign investments ever in India." The deal valued the business at $75 billion including debt, he said. Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance on the stake sale as it plans to secure new markets for its crude. Saudi Aramco will also supply 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery, Ambani said. "This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added. The partnership will cover all of Reliance's refining and petrochemical assets, including its 51% stake in the petroleum retail joint venture, he said. Last week, Reliance announced that it was forming a fuel retailing joint venture with global oil major BP in which Reliance would own a 51% stake.

Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

India's&nbsp;rice&nbsp;exports&nbsp;in&nbsp;April-June&nbsp;dived&nbsp;28.2%&nbsp;from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati&nbsp;rice&nbsp;was subdued from African buyers.

The country's non-basmati&nbsp;rice&nbsp;exports&nbsp;plunged 43% during the period to 1.2 million tonnes, the Agricultural and Processed Food Products Export Development Authority (APEDA) said in a statement.

India's&nbsp;rice&nbsp;exports&nbsp;in 2019/20 are likely to fall to their lowest level in seven years, industry officials said last month, as <a href="https://www.wionews.com/south-asia/india-rice-rates-dip-as-demand-slows-bangladesh-to-review-export-ban-211739">weak demand from African countries</a> weighs and shippers absorb the absence of government incentives that supported previous sales.

New Delhi is the world's biggest exporter of&nbsp;rice, buffalo meat and guar gum.

The country's buffalo meat&nbsp;exports&nbsp;during the period eased to 275,398 tonnes from 276,450 tonnes a year ago, it said.

India's&nbsp;guar gum&nbsp;exports&nbsp;dropped 5.5% to 127,700 tonnes on lower demand from the United States, while pulses&nbsp;exports&nbsp;more than halved to 45,344 tonnes, the APEDA said.

India's rice exports in April-June dived 28.2% from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati rice was subdued from African buyers.

India's rice exports in April-June dived 28.2% from a year ago to 2.35 million tonnes, a government body said on Monday, as demand for non-basmati rice was subdued from African buyers. The country's non-basmati rice exports plunged 43% during the period to 1.2 million tonnes, the Agricultural and Processed Food Products Export Development Authority (APEDA) said in a statement. India's rice exports in 2019/20 are likely to fall to their lowest level in seven years, industry officials said last month, as weak demand from African countries weighs and shippers absorb the absence of government incentives that supported previous sales. New Delhi is the world's biggest exporter of rice, buffalo meat and guar gum. The country's buffalo meat exports during the period eased to 275,398 tonnes from 276,450 tonnes a year ago, it said. India's guar gum exports dropped 5.5% to 127,700 tonnes on lower demand from the United States, while pulses exports more than halved to 45,344 tonnes, the APEDA said.

India's April-June rice exports dive 28.2%

&nbsp;Oil prices fell on Monday amid worries about an economic slowdown and the <a href="https://www.wionews.com/photos/us-china-trade-war-in-10-dates-241155#march-22-china-ripostes-241133">US-China&nbsp;trade&nbsp;war</a>, which have led to a cut in the outlook for global oil demand.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous&nbsp;settlement.

US&nbsp;West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the&nbsp;trade&nbsp;dispute&nbsp;between the United States and&nbsp;China&nbsp;has weakened demand and reduced crude prices.

US&nbsp;President Donald Trump said on Friday he was not ready to make a deal with&nbsp;China&nbsp;and even called a September round of&nbsp;trade&nbsp;talks into question.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Goldman Sachs Group Inc said on Sunday it no longer expects a&nbsp;trade&nbsp;deal between the world's two largest economies before the 2020 US presidential election.

The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008.

OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year.

"If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday.&nbsp;

"We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel."

In a sign of lower production in the United States, the weekly US&nbsp;oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions.

India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.

Oil prices fell on Monday amid worries about an economic slowdown and the US-China trade war, which have led to a cut in the outlook for global oil demand. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. Although the third quarter is fundamentally the strongest season for oil demand because of driving in summer holidays, the trade dispute between the United States and China has weakened demand and reduced crude prices. US President Donald Trump said on Friday he was not ready to make a deal with China and even called a September round of trade talks into question. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Goldman Sachs Group Inc said on Sunday it no longer expects a trade deal between the world's two largest economies before the 2020 US presidential election. The International Energy Agency (IEA) said on Friday mounting signs of an economic slowdown had caused global oil demand to grow at its slowest pace since the financial crisis of 2008. OPEC members continue to cut production to drain global oil inventories, with the Saudis cutting more than their agreed quota, but analysts said more cuts were needed to support prices due to a fall in demand and non-OPEC supply growth next year. "If OPEC cuts are merely extended through 2020, prices are going to fall further from current levels," Bernstein Energy said in a note on Monday. "We believe that OPEC needs to cut by a further one million barrels per day in 2020 if they are to defend oil prices at $60 a barrel." In a sign of lower production in the United States, the weekly US oil rig count, an early indicator of future output, fell for a sixth straight week as producers cut spending on new drilling and completions. India's imports of crude oil have also stalled in recent months, a fall that tallies with weaker economic growth in the country.

Oil edges down on lower demand outlook, US-China trade dispute

Yen&nbsp;and&nbsp;bond&nbsp;bulls&nbsp;charged on Monday while stocks struggled again, amid ongoing worries that a prolonged <a href="https://www.wionews.com/opinions/us-china-trade-war-points-to-the-real-crisis-that-global-leaders-must-confront-at-g20-summit-231112">US-China trade war </a>and damaging Brexit could tip-top economies into recession.

Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight.

That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday.

Safety remained the name of the game.

FX harbour, the Japanese&nbsp;yen, hit its highest in nearly a year and a half at 105.32&nbsp;yen&nbsp;against the dollar and gained against the euro and Brexit-bruised British pound too.

"Risk indicators and&nbsp;global&nbsp;markets&nbsp;have become shakier and the&nbsp;yen&nbsp;is reflecting those concerns, and safe-haven shelters like the&nbsp;yen&nbsp;and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt.

In&nbsp;bond&nbsp;markets, the demand for guaranteed income was also unrelenting.

A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming.

There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed.

"Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields.

Economists are also watching for a batch of&nbsp;global&nbsp;data this week.

Goldman Sachs became the latest to cut its US&nbsp;growth forecast at the weekend, warning that a US&nbsp;China trade deal now looked unlikely before the 2020 US&nbsp;presidential election.

One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions.

The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals.

Mixed messages

On Friday, Wall Street snapped a three-day winning streak after US&nbsp;President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now.

Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&amp;P 500 lost 0.66% and the Nasdaq Composite dropped 1%.

White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators.

Wall Street futures were down 0.5%.

In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries.

International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement.

US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close.

Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%.

"The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital&nbsp;Markets, noting the low level of investors' long positions betting on higher prices.

"Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low."

Argentina's&nbsp;markets&nbsp;were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October.

Argentina's 2028-maturing, euro-denominated government&nbsp;bond&nbsp;was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession.

Yen and bond bulls charged on Monday while stocks struggled again, amid ongoing worries that a prolonged US-China trade war and damaging Brexit could tip-top economies into recession. Early gains for Europe's main bourses had quickly disappeared and Wall Street futures were already in the red after Asia-Pacific had also finished lower overnight. That was despite a more than 1% rally for Chinese stocks after the yuan had avoided further drama and financial regulators there had relaxed margin financing rules late on Friday. Safety remained the name of the game. FX harbour, the Japanese yen, hit its highest in nearly a year and a half at 105.32 yen against the dollar and gained against the euro and Brexit-bruised British pound too. "Risk indicators and global markets have become shakier and the yen is reflecting those concerns, and safe-haven shelters like the yen and the Swiss franc should continue to benefit," said Commerzbank currency strategist Esther Reichelt. In bond markets, the demand for guaranteed income was also unrelenting. A rally in Italy's debt gave it an extra boost after Fitch kept country's rating steady despite the prospect of snap elections in the euro zone's third-biggest economy now looming. There were signs that League leader Matteo Salvini's call for those snap elections was facing mounting resistance from other parties whose support will be needed for the plan to succeed. "Fitch kept Italy's rating unchanged and some market participants may be betting that a snap election could be delayed," said DZ Bank rates strategist Sebastian Fellechner, referring to the fall in yields. Economists are also watching for a batch of global data this week. Goldman Sachs became the latest to cut its US growth forecast at the weekend, warning that a US China trade deal now looked unlikely before the 2020 US presidential election. One week ago, China allowed the yuan to break through the key 7-per-dollar level for the first time since 2008, prompting Washington to label Beijing a currency manipulator and sparking market ructions. The International Monetary Fund said on Friday that it stood by its assessment that the value of China's yuan was largely in line with economic fundamentals. Mixed messages On Friday, Wall Street snapped a three-day winning streak after US President Donald Trump said Washington was continuing trade talks with Beijing, but that the U.S. was not going to make a deal for now. Those comments helped to drive a late sell-off in a volatile session that saw the Dow Jones Industrial Average fall 0.34%, the S&P 500 lost 0.66% and the Nasdaq Composite dropped 1%. White House trade adviser Peter Navarro subsequently said that the United States was still planning to hold another round of trade talks with Chinese negotiators. Wall Street futures were down 0.5%. In commodities, oil prices dipped on growth and trade worries, having risen sharply on Friday on a drop-in European inventories and production cuts by the Organization of the Petroleum Exporting Countries. International benchmark Brent crude futures were at $58.16 a barrel by 0829 GMT, down 37 cents from their previous settlement. US West Texas Intermediate (WTI) CLc1 futures were at $53.89 per barrel, down 61 cents from their last close. Both benchmarks fell last week, with Brent losing more than 5% and WTI falling about 2%. "The market is facing a buyers' strike," said Michael Tran, commodity strategist at RBC Capital Markets, noting the low level of investors' long positions betting on higher prices. "Despite the laundry list of disruptions and additional barrels at risk, investor length is currently near a multi-year low." Argentina's markets were ready for a slump too after voters soundly rejected President Mauricio Macri's austere economic policies in primary elections at the weekend, raising serious questions about his chances of re-election in October. Argentina's 2028-maturing, euro-denominated government bond was down more than 11 cents in European trading, Tradeweb data showed.

Yen and bond bulls charge on as share markets falter

&nbsp;India's&nbsp;Reliance&nbsp;Industries Ltd is set to&nbsp;sell&nbsp;a&nbsp;20%&nbsp;stake&nbsp;in its&nbsp;oil&nbsp;to&nbsp;chemicals&nbsp;business&nbsp;to&nbsp;Saudi&nbsp;Aramco&nbsp;in one of the largest foreign investments in the country, Reliance&nbsp;Chairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history of&nbsp;Reliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the&nbsp;business&nbsp;at $75 billion including debt, he said.

Saudi&nbsp;Aramco, the world's biggest&nbsp;oil&nbsp;producer, has been in talks with&nbsp;Reliance&nbsp;on the&nbsp;stake&nbsp;sale as it plans to secure new markets for its crude.

Saudi&nbsp;Aramco&nbsp;will also supply 500,000 barrels a day of crude&nbsp;oil&nbsp;on a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largest&nbsp;oil&nbsp;producer and the world's largest integrated refinery and petrochemicals&nbsp;complex," he added.

The partnership will cover all of&nbsp;Reliance's refining and petrochemical assets, including its 51%&nbsp;stake&nbsp;in the petroleum retail joint venture, he said.

Last week,&nbsp;Reliance&nbsp;announced that it was forming a fuel retailing joint venture with global&nbsp;oil&nbsp;major BP in which&nbsp;Reliance&nbsp;would own a 51%&nbsp;stake.

Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless.

Agarwal, Chairman of Vedanta Group, submitted the EoI through his family investment arm Volcan Investments before the close of the bidding process on Saturday afternoon.

The other entities who submitted EoIs are Panama-based Avantulo Group and Russian Fund Treasury RA Creator.

&nbsp;Reports said Volcan Investments' EoI is in no way linked to Vedanta.

Etihad Airways, which was expected to bid for Jet Airways, eventually backed out. And so did the Hinduja Group.<iframe frameborder="0" height="1" width="1"></iframe>

The three EoIs will be reviewed by resolution professional Ashish Chhawchharia to ascertain their eligibility. Late last month, the resolution professional had floated EoIs for selling stake in the airline.

In a statement to the exchanges, the resolution professional said the provisional list of prospective resolution applicants will be issued on August 13.

The estimated date of submitting a resolution plan before the National Company Law Tribunal is September 27.

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless.

Mining baron Anil Agarwal has submitted an expression of interest (EoI) to revive Jet Airways which has been grounded since April 17 due to a severe liquidity crunch, leaving thousands of employees jobless. Agarwal, Chairman of Vedanta Group, submitted the EoI through his family investment arm Volcan Investments before the close of the bidding process on Saturday afternoon. The other entities who submitted EoIs are Panama-based Avantulo Group and Russian Fund Treasury RA Creator. Reports said Volcan Investments' EoI is in no way linked to Vedanta. Etihad Airways, which was expected to bid for Jet Airways, eventually backed out. And so did the Hinduja Group. The three EoIs will be reviewed by resolution professional Ashish Chhawchharia to ascertain their eligibility. Late last month, the resolution professional had floated EoIs for selling stake in the airline. In a statement to the exchanges, the resolution professional said the provisional list of prospective resolution applicants will be issued on August 13. The estimated date of submitting a resolution plan before the National Company Law Tribunal is September 27.

Jet Airways receives EoIs from Anil Agarwal’s family trust, two other companies

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to <a href="https://www.wionews.com/business-economy/rating-agencies-knew-of-stress-at-ilfs-but-gave-good-ratings-report-237295">India Ratings and Research (Ind-Ra).</a>

In her Budget speech on July 5, Finance Minister Nirmala Sitharaman announced the intention of going for foreign currency borrowing to bridge the government deficit that has ballooned over the years due to huge spending on infrastructure and welfare schemes.

Against the backdrop of moderating household savings and easy global liquidity, sovereign borrowing in foreign currency appears to be an attractive option for meeting the government's funding requirement.

However, Ind-Ra believes one way of doing it could be to make it part of the Fiscal Responsibility and Budget Management Act where the annual limit, as well as the total quantum of sovereign borrowings in foreign currency, is defined.

India's balance of payment position is highly susceptible to any adverse domestic or global macro development.

The fickle nature of foreign portfolio investors (FPIs) can be quite destabilizing for the economy and the same has been witnessed multiple times.&nbsp;

The most recent instance was over April to October 2018 when FPIs pulled out over 16 billion dollars from the Indian market.

Until now, the government has been more comfortable with foreign portfolio investment into the Indian debt market instead of the foreign currency-denominated debt market.

Within that, the government has followed a fairly cautious approach by capping the FPI limit in government securities (G-Secs).

FPIs who were first allowed to invest in G-Secs in the financial year 2001-01 can still invest only up to six per cent of the outstanding G-Secs stock in FY 2019-20.

There are four main reasons provided by the government for this shift in stance in favor of foreign currency sovereign borrowings.&nbsp;

One: India's sovereign external debt-to-GDP level at sub-five per cent is among the lowest globally, Two: the borrowings will help government diversify resource mobilisation.

Three: the cost of borrowing is very attractive due to ample global liquidity.

And four: more funds will be available in the domestic market for the private sector to borrow.

In the existing framework, allowing FPIs in the onshore market does not carry the currency or refinance risk which is present in foreign currency-denominated debt.

In a scenario of depreciating currency, interest and debt obligations of foreign currency-denominated debts balloon and quite often make it unsustainable.&nbsp;

Hedging currency risks carry significant costs and if opted may make foreign currency-denominated debt less attractive compared with domestic debt.

Ind-Ra said that with the development of offshore foreign-currency-denominated bonds, the feedback process will get further entrenched in the Indian debt market.

This may weaken monetary policy transmission, especially during adverse conditions in global financial markets.&nbsp;

Overseas issuances will facilitate the development of the overseas credit default swap market.

While this will help in efficient price discovery, overseas issuances have been seen to hurt the domestic market.

This is because, in the overseas markets, many hedge funds and investment companies write credit default swap contracts without owning the underlying security and resort to pure speculation.

The reasons provided for foreign currency sovereign borrowing are undoubtedly cogent, but the associated risks are equally formidable, said Ind-Ra. 
&nbsp;

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to India Ratings and Research (Ind-Ra).

If India opts for sovereign borrowing in foreign currency, the move should be accompanied by a well-crafted policy and special safeguard as the foreign exchange reserve is an accumulation of capital account surplus rather than a current account, according to India Ratings and Research (Ind-Ra). In her Budget speech on July 5, Finance Minister Nirmala Sitharaman announced the intention of going for foreign currency borrowing to bridge the government deficit that has ballooned over the years due to huge spending on infrastructure and welfare schemes. Against the backdrop of moderating household savings and easy global liquidity, sovereign borrowing in foreign currency appears to be an attractive option for meeting the government's funding requirement. However, Ind-Ra believes one way of doing it could be to make it part of the Fiscal Responsibility and Budget Management Act where the annual limit, as well as the total quantum of sovereign borrowings in foreign currency, is defined. India's balance of payment position is highly susceptible to any adverse domestic or global macro development. The fickle nature of foreign portfolio investors (FPIs) can be quite destabilizing for the economy and the same has been witnessed multiple times. The most recent instance was over April to October 2018 when FPIs pulled out over 16 billion dollars from the Indian market. Until now, the government has been more comfortable with foreign portfolio investment into the Indian debt market instead of the foreign currency-denominated debt market. Within that, the government has followed a fairly cautious approach by capping the FPI limit in government securities (G-Secs). FPIs who were first allowed to invest in G-Secs in the financial year 2001-01 can still invest only up to six per cent of the outstanding G-Secs stock in FY 2019-20. There are four main reasons provided by the government for this shift in stance in favor of foreign currency sovereign borrowings. One: India's sovereign external debt-to-GDP level at sub-five per cent is among the lowest globally, Two: the borrowings will help government diversify resource mobilisation. Three: the cost of borrowing is very attractive due to ample global liquidity. And four: more funds will be available in the domestic market for the private sector to borrow. In the existing framework, allowing FPIs in the onshore market does not carry the currency or refinance risk which is present in foreign currency-denominated debt. In a scenario of depreciating currency, interest and debt obligations of foreign currency-denominated debts balloon and quite often make it unsustainable. Hedging currency risks carry significant costs and if opted may make foreign currency-denominated debt less attractive compared with domestic debt. Ind-Ra said that with the development of offshore foreign-currency-denominated bonds, the feedback process will get further entrenched in the Indian debt market. This may weaken monetary policy transmission, especially during adverse conditions in global financial markets. Overseas issuances will facilitate the development of the overseas credit default swap market. While this will help in efficient price discovery, overseas issuances have been seen to hurt the domestic market. This is because, in the overseas markets, many hedge funds and investment companies write credit default swap contracts without owning the underlying security and resort to pure speculation. The reasons provided for foreign currency sovereign borrowing are undoubtedly cogent, but the associated risks are equally formidable, said Ind-Ra.

Sovereign borrowing in foreign currency should be accompanied by well-crafted policy: Ind-Ra

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">Volatility in China's yuan </a>since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said.

Zhu Jun, director-general of the People's Bank of China's international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang.

The <a href="https://www.wionews.com/world/us-to-renew-sanctions-waivers-for-five-iran-nuclear-programs-report-239595">US&nbsp;Treasury Department </a>on Monday labelled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade. The moves jolted financial markets, fueling fears of a global currency war.

Days earlier, US President Donald Trump had vowed to impose a 10per cent tariff on $300 billion of Chinese imports from Sept. 1, ending a temporary truce and sharply escalating the trade dispute.

Zhu said that the yuan's move was a normal reaction to Trump's tariff threat.

"The labeling violates basic, common economic sense and international consensus, and is unconvincing," Zhu said, adding that the Chinese economy was resilient and capable of coping with various situations.

The year-long trade war between the world's two largest economies has already spread beyond tit-for-tat tariffs on goods to other areas such as technology, and analysts caution retaliation could widen in scope and severity, weighing further on business confidence and global economic growth.

The yuan lost 1.6per cent against the dollar last week, but there were signs in the last few sessions that authorities were trying to stabilise it.

Volatility in China's yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said.

Volatility in China's yuan since August is a normal market reaction to escalating trade frictions stoked by the United States and was caused, to some extent, by Washington's decision to raise tariffs, a senior Chinese central bank official said. Zhu Jun, director-general of the People's Bank of China's international department, made the comments on Saturday to a forum held in the northern Chinese province of Heilongjiang. The US Treasury Department on Monday labelled China a currency manipulator, hours after China let the yuan drop through a key support level to its lowest point in more than a decade. The moves jolted financial markets, fueling fears of a global currency war. Days earlier, US President Donald Trump had vowed to impose a 10per cent tariff on $300 billion of Chinese imports from Sept. 1, ending a temporary truce and sharply escalating the trade dispute. Zhu said that the yuan's move was a normal reaction to Trump's tariff threat. "The labeling violates basic, common economic sense and international consensus, and is unconvincing," Zhu said, adding that the Chinese economy was resilient and capable of coping with various situations. The year-long trade war between the world's two largest economies has already spread beyond tit-for-tat tariffs on goods to other areas such as technology, and analysts caution retaliation could widen in scope and severity, weighing further on business confidence and global economic growth. The yuan lost 1.6per cent against the dollar last week, but there were signs in the last few sessions that authorities were trying to stabilise it.

Volatility in China's yuan due to escalating US trade friction: Chinese central bank official

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS).

A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally.

The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey.

The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement.

"The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA.

Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note.

China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018.

Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong.

Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies.&nbsp;

But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US.

Chinese factory price inflation fell below zero for the first time in three years, official data showed Friday, the latest sign of weakening demand amid mounting trade tensions with the US. The producer price index (PPI) -- an important barometer of the industrial sector that measures the cost of goods at the factory gate -- dropped 0.3 per cent year-on-year in July, down from zero per cent in June, according to the National Bureau of Statistics (NBS). A slowdown in factory gate inflation reflects sluggish demand, while a turn to deflation could dent corporate profits and drag on the world's number two economy, which in turn could lead to a drop in prices globally. The reading marks the first deflation since August 2016, and fell short of the -0.1 per cent forecast in a Bloomberg News survey. The petroleum and natural gas mining sector led the drop, while a contraction in petroleum, coal and other fuel processing also widened, NBS official Dong Yaxiu said in a statement. "The profitability for industrial firms will take a hit and the broader outlook will continue to slump," said Edward Moya, analyst at OANDA. Additional monetary loosening is expected as the central People's Bank of China will put more weight on tackling factory-gate deflation, Julian Evans-Pritchard of Capital Economics wrote in a research note. China's consumer price index (CPI) -- a gauge of retail inflation -- rose 2.8 per cent, up from 2.7 per cent in May, marking the fastest pace since February 2018. Pork prices rose as supply was "slightly shortened" by the African swine fever epidemic while hot summer weather has led to decreased production in eggs, thus driving prices higher, according to Dong. Chinese and US negotiators met in Shanghai in July in a bid to patch up the trade rift hurting the world's top two economies. But tensions have mounted rapidly since then, as US President Donald Trump vowed to impose fresh tariffs on $300 billion in Chinese goods from September 1.

China factory price deflates as demand weakens

The&nbsp;majority&nbsp;of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a&nbsp;draft&nbsp;law&nbsp;seen by Reuters.

The government, comprising Chancellor Angela Merkel's conservatives and Finance Minister Olaf Scholz's centre-left Social Democrats, in their 2018 coalition agreement laid down plans to help citizens on small and medium incomes.

The&nbsp;draft&nbsp;law&nbsp;says that around 90 per cent&nbsp;of taxpayers should no longer pay the tax, which adds 5.5 per cent&nbsp;to income taxes,&nbsp;from&nbsp;2021, calling it the most comprehensive tax reduction in over 10 years.

Others who would still have to pay some&nbsp;solidarity tax&nbsp;would see lower tax increases overall through a cushioning mechanism applied to personal allowances, resulting in 96.5 per cent&nbsp;of all taxpayers benefitting&nbsp;from&nbsp;reductions.

Changing the tax, that was first levied in 1995, in this way would imply around 10 billion euros ($11.20 billion) less income for the general budget&nbsp;from&nbsp;2021&nbsp;through the tax, with this sum rising to 12 billion by 2024.

Chancellor Angela Merkel's government has managed to raise public spending without incurring new debt since 2014 thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan.

But as Germany's borrowing costs sink to new lows almost daily and its economy cools in light of weaker foreign demand and bruising trade disputes, domestic and international calls to provide extra fiscal stimulus by running a small deficit again are becoming louder.

The majority of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a draft law seen by Reuters.

The majority of German taxpayers will no longer have to pay a "solidarity tax" introduced after the reunification of the country almost quarter of a century ago to support poorer eastern states, according to a draft law seen by Reuters. The government, comprising Chancellor Angela Merkel's conservatives and Finance Minister Olaf Scholz's centre-left Social Democrats, in their 2018 coalition agreement laid down plans to help citizens on small and medium incomes. The draft law says that around 90 per cent of taxpayers should no longer pay the tax, which adds 5.5 per cent to income taxes, from 2021, calling it the most comprehensive tax reduction in over 10 years. Others who would still have to pay some solidarity tax would see lower tax increases overall through a cushioning mechanism applied to personal allowances, resulting in 96.5 per cent of all taxpayers benefitting from reductions. Changing the tax, that was first levied in 1995, in this way would imply around 10 billion euros ($11.20 billion) less income for the general budget from 2021 through the tax, with this sum rising to 12 billion by 2024. Chancellor Angela Merkel's government has managed to raise public spending without incurring new debt since 2014 thanks to an unusually long growth cycle, record-high employment, buoyant tax revenues and the European Central Bank's bond-buying plan. But as Germany's borrowing costs sink to new lows almost daily and its economy cools in light of weaker foreign demand and bruising trade disputes, domestic and international calls to provide extra fiscal stimulus by running a small deficit again are becoming louder.

Majority of Germans to stop paying 'solidarity tax' from 2021: Draft law

Royal Bank of Scotland will name&nbsp;Alison&nbsp;Rose&nbsp;as chief executive in&nbsp;coming&nbsp;weeks, succeeding Ross McEwan,&nbsp;Sky&nbsp;News&nbsp;reported on Saturday.

Rose, who runs&nbsp;RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

RBS&nbsp;did not immediately respond to a request for comment.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates.

Royal Bank of Scotland will name Alison Rose as chief executive in coming weeks, succeeding Ross McEwan, Sky News reported on Saturday. Rose, who runs RBS's commercial arm, is considered the preferred candidate to succeed Ross McEwan, though chairman Howard Davies said in April the bank would also consider external candidates. RBS did not immediately respond to a request for comment.

RBS to appoint Alison Rose as CEO in coming weeks: Report

Trade tariffs imposed by the <a href="https://www.wionews.com/business-economy/oil-prices-rise-escalating-us-china-trade-war-caps-gains-240974">United States against China</a> will moderately slow the country's <a href="https://www.wionews.com/world/us-president-trump-says-us-not-ready-to-make-trade-deal-with-china-241860">economic growth</a> this year, the International Monetary Fund (IMF) said on Friday.

"Growth is projected to moderate to 6.2 per cent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on USD 200 billion of Chinese exports," the IMF said in its report.

The global monetary body called on Beijing to resolve tensions with Washington "through a comprehensive agreement that avoids undermining the international system".

The IMF said that the Chinese economy is facing external headwinds and an uncertain environment. It added that rising food prices led to inflation, which is expected to remain at 2.5 per cent.

Meanwhile, the IMF found progress in China's reforms in key economic areas.

"The strengthening of financial regulations and control over off-budget local government investment has reduced the pace of debt accumulation, helping contain the build-up of risks in the financial sector," the report said.

"Opening up continued, with decreases in tariffs, the passage of new foreign investment law, and revisions to the negative list for foreign investment entry," it added.&nbsp;

Moreover, the IMF urged China to implement further structural fiscal reforms. This policy can enhance medium-term growth.

Trade tariffs imposed by the United States against China will moderately slow the country's economic growth this year, the International Monetary Fund (IMF) said on Friday.

Trade tariffs imposed by the United States against China will moderately slow the country's economic growth this year, the International Monetary Fund (IMF) said on Friday. "Growth is projected to moderate to 6.2 per cent in 2019 as the planned policy stimulus partially offsets the negative impact from the US tariff hike on USD 200 billion of Chinese exports," the IMF said in its report. The global monetary body called on Beijing to resolve tensions with Washington "through a comprehensive agreement that avoids undermining the international system". The IMF said that the Chinese economy is facing external headwinds and an uncertain environment. It added that rising food prices led to inflation, which is expected to remain at 2.5 per cent. Meanwhile, the IMF found progress in China's reforms in key economic areas. "The strengthening of financial regulations and control over off-budget local government investment has reduced the pace of debt accumulation, helping contain the build-up of risks in the financial sector," the report said. "Opening up continued, with decreases in tariffs, the passage of new foreign investment law, and revisions to the negative list for foreign investment entry," it added. Moreover, the IMF urged China to implement further structural fiscal reforms. This policy can enhance medium-term growth.

Trade war with the US to moderately slow down China's economic growth in 2019: International Monetary Fund

<a href="https://www.wionews.com/business-economy/indias-diesel-demand-set-for-detour-as-drivers-switch-to-gasoline-235246">India's&nbsp;fuel&nbsp;demand&nbsp;rose</a>&nbsp;3.3 per cent in&nbsp;July&nbsp;compared with the same month last year.

Consumption of&nbsp;fuel, a proxy for oil&nbsp;demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes.

Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes.

Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

India's fuel demand rose 3.3 per cent in July compared with the same month last year. Consumption of fuel, a proxy for oil demand, totalled 17.58 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. Sales of gasoline, or petrol, were 8.8 per cent higher than a year earlier at 2.52 million tonnes. Cooking gas or liquefied petroleum gas (LPG) sales increased by 9.0 per cent to 2.22 million tonnes, while naphtha sales fell 5.2 per cent to 1.22 million tonnes. Sales of bitumen, used for making roads, were 36.4 per cent up, while fuel oil use edged up 8.3 per cent in July.

India's fuel demand rose 3.3% in July

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention.

James Daniel, director of the IMF's China department, said that an assessment of China's economic policies found the yuan exchange rate in 2018 to be "not significantly over-valued or under-valued."

The IMF's views on the yuan are at odds with those of its largest shareholder, the United States, which this week declared China a, currency manipulator&nbsp;after it allowed the yuan to slip below 7 to the dollar to 11-year lows.

<a href="https://www.wionews.com/world/us-government-to-soon-run-out-cash-treasury-secretary-steven-mnuchin-235422">US Treasury Secretary Steven Mnuchin </a>is seeking to engage the IMF to help correct&nbsp;an unfair trade advantage from Beijing's currency actions, but Daniel declined to say how the IMF was responding to the request.

"Our discussions with the US treasury are ongoing on a range of issues," Daniel told reporters on a conference call, echoing an earlier statement from an IMF spokesperson.

The IMF said in the report that a worsening of trade tensions with the United States could put <a href="https://www.wionews.com/opinions/belt-and-road-projects-china-expands-its-anti-corruption-campaign-238093">China's economic and financial stability at risk</a>, making new fiscal stimulus measures from the government warranted.

The IMF stated, if the United States were to impose 25per cent tariffs on a remaining $300 billion list of Chinese imports, this would reduce China's growth by around 0.8per cent points over the following 12 months, driven by a sharp fall in demand and a tightening of financial conditions. Negative global spillovers could be significant, it added.

Daniel said that a 10per cent tariff on this category of goods as US President Donald Trump intends to impose on Sept. 1 &nbsp;could result in a 0.3per cent point cut to growth.

Weighed down by weak demand at home and abroad, China's growth slowed to 6.2per cent in the second quarter, a near 30-year low.

More exchange rate flexibility could help China deal with these external pressures, freeing up monetary policy to deal with domestic demand conditions, Daniel said.

He also said the IMF was pressing China for structural reforms to its economy, including opening more sectors to foreign competition and reducing the role of the state in the certain industry goals also broadly sought by the Trump administration.

"We see continued rebalancing and opening up by China and increased exchange rate flexibility as being in China's interests and also benefiting the global economy."

IMF directors in a statement agreed with staff assessments that China's external position in 2018 was broadly in line with fundamentals.

But they also called for more transparency in China's exchange rate policies, the IMF said, with some seeking disclosures of China's foreign exchange market interventions.

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention.

The International Monetary Fund on Friday stood by its assessment that the value of China's yuan was largely in line with economic fundamentals, but an IMF official said the fund was encouraging China to pursue a more flexible exchange rate with less intervention. James Daniel, director of the IMF's China department, said that an assessment of China's economic policies found the yuan exchange rate in 2018 to be "not significantly over-valued or under-valued." The IMF's views on the yuan are at odds with those of its largest shareholder, the United States, which this week declared China a, currency manipulator after it allowed the yuan to slip below 7 to the dollar to 11-year lows. US Treasury Secretary Steven Mnuchin is seeking to engage the IMF to help correct an unfair trade advantage from Beijing's currency actions, but Daniel declined to say how the IMF was responding to the request. "Our discussions with the US treasury are ongoing on a range of issues," Daniel told reporters on a conference call, echoing an earlier statement from an IMF spokesperson. The IMF said in the report that a worsening of trade tensions with the United States could put China's economic and financial stability at risk, making new fiscal stimulus measures from the government warranted. The IMF stated, if the United States were to impose 25per cent tariffs on a remaining $300 billion list of Chinese imports, this would reduce China's growth by around 0.8per cent points over the following 12 months, driven by a sharp fall in demand and a tightening of financial conditions. Negative global spillovers could be significant, it added. Daniel said that a 10per cent tariff on this category of goods as US President Donald Trump intends to impose on Sept. 1 could result in a 0.3per cent point cut to growth. Weighed down by weak demand at home and abroad, China's growth slowed to 6.2per cent in the second quarter, a near 30-year low. More exchange rate flexibility could help China deal with these external pressures, freeing up monetary policy to deal with domestic demand conditions, Daniel said. He also said the IMF was pressing China for structural reforms to its economy, including opening more sectors to foreign competition and reducing the role of the state in the certain industry goals also broadly sought by the Trump administration. "We see continued rebalancing and opening up by China and increased exchange rate flexibility as being in China's interests and also benefiting the global economy." IMF directors in a statement agreed with staff assessments that China's external position in 2018 was broadly in line with fundamentals. But they also called for more transparency in China's exchange rate policies, the IMF said, with some seeking disclosures of China's foreign exchange market interventions.

IMF stands by yuan view; says China could need stimulus if trade war worsens

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products.

"Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added.

Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said.

Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate.

Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly.

Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15.

The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May.

More government-owned banks have announced linking their lending and deposit rates to the Reserve Bank of India's (RBI's) repo for facilitating faster transmission after the State Bank of India did so in May. While Syndicate Bank has made several changes to its offerings on loans and deposit products, Bank of India, Union Bank and Allahabad Bank also said they are working on the modalities to launch similar products. "Housing, vehicle and consumer loans will now be offered at the basis of a repo-linked rate. With the change, the housing loans will start from repo plus 2.9 per cent at 8.3 per cent," Syndicate Bank said in a statement. The saving bank deposits of over Rs 25 lakh will also be based on the repo rate, it added. Bank of India said another dimension of rate transmission process is by way of offering repo linked lending rate to select customer segments, including personal loans. "We are working out the necessary modalities in this regard so as to launch such products during the current month," it said. Union Bank said to provide better interest rate transmission, it will soon link its housing and vehicle loan portfolio to repo rate from the current marginal cost of funds based lending rate. Allahabad Bank's Managing Director S S Mallikarjuna said the bank will explore the option to develop products of both assets and liabilities linked with an external benchmark to transmit the benefits of rate cut to our customers shortly. Indian Bank too said its home and vehicle loans will be linked to the repo rate from August 15. The move to link the deposit and lending rates by these four lenders come even as the RBI has not mandated them to do so. On August 7, the RBI cut repo rate for the fourth consecutive time this calendar year by 35 basis points to 5.4 per cent. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.

After State Bank of India, more PSU banks link deposit and loan rates to repo