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Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors.

There were also reports that the government is working on a package to streamline non-banking finance companies which have been facing a severe liquidity squeeze.

At 10:15 am, the BSE S&amp;P Sensex was up 258 points at 37,585 while the Nifty 50 edged up 77 points to 11,109. At the National Stock Exchange, all sectoral indices were in the green with Nifty financial services and realty up by 1.2 per cent each.

Among stocks, Indiabulls Housing Finance gained by 8.3 per cent to trade at Rs 481.35 per share. Power Grid Corporation was up by 2.5 per cent, UltraTech Cement by 2.1 per cent, Grasim by 2 per cent and Bharti Infratel by 1.5 per cent.

However, Tata Motors dipped by 1.7 per cent to Rs 121.90 per share while Mahindra &amp; Mahindra lost by 1.2 per cent.

Yes Bank, Hindalco and Coal India were among other prominent losers.

Meanwhile, Asian indices saw a positive start led by the Japanese Nikkei and South Korean Kospi but fresh concerns about US-China trade ties were likely to limit gains.

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei average advanced 0.6 per cent while South Korean stocks gained 1 per cent.&nbsp; 
&nbsp;

Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors.

Equity indices were in the positive zone during early hours on Friday, a day after reports said that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors. There were also reports that the government is working on a package to streamline non-banking finance companies which have been facing a severe liquidity squeeze. At 10:15 am, the BSE S&P Sensex was up 258 points at 37,585 while the Nifty 50 edged up 77 points to 11,109. At the National Stock Exchange, all sectoral indices were in the green with Nifty financial services and realty up by 1.2 per cent each. Among stocks, Indiabulls Housing Finance gained by 8.3 per cent to trade at Rs 481.35 per share. Power Grid Corporation was up by 2.5 per cent, UltraTech Cement by 2.1 per cent, Grasim by 2 per cent and Bharti Infratel by 1.5 per cent. However, Tata Motors dipped by 1.7 per cent to Rs 121.90 per share while Mahindra & Mahindra lost by 1.2 per cent. Yes Bank, Hindalco and Coal India were among other prominent losers. Meanwhile, Asian indices saw a positive start led by the Japanese Nikkei and South Korean Kospi but fresh concerns about US-China trade ties were likely to limit gains. MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2 per cent. Japan's Nikkei average advanced 0.6 per cent while South Korean stocks gained 1 per cent.

Equity indices open in green; Sensex, Nifty edge up

<a href="https://www.wionews.com/business-economy/uber-lays-off-400-employees-in-marketing-team-239370">Uber Technologies Inc</a>&nbsp;reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition.

"Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs."

Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale.

The report caught investors off guard in part because Uber's smaller rival Lyft Inc&nbsp;on Wednesday had raised revenue expectations and described an easing price war.

Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent&nbsp;and Lyft dropped nearly 2%.

Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million.

Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion.

At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent&nbsp;while the amount of Uber kept after paying its drivers increased by just 4 per cent.

Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter.

This year would be the peak for investment and losses would lessen in 2020 and 2021, he said.

Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook.

Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber.

Uber's costs rose 147 per cent&nbsp;to $8.65 billion in the quarter, including a sharp rise in spending for research and development.

"While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement.

The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss.

Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion.

The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services.

Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent.

Uber Technologies Inc reported a record $5.2 billion loss and revenue that fell short of Wall Street targets on Thursday as growth in its core ride-hailing business slowed, sending its shares down 6 per cent. The company said a price war in the United States was easing and that an important measure of profitability topped its target, but slowing revenue growth raised questions about Uber's ability to expand and fend off competition. "Losses are widening and the competition is cut-throat," said Haris Anwar, an analyst at financial markets platform Investing.com. "What's sapping investor confidence and hitting its stock hard after this report is the absence of a clear path to grow revenue and cut costs." Uber's second-quarter net loss, widening from a loss of $878 million a year earlier, included $3.9 billion of stock-based compensation expenses related to its IPO earlier this year and nearly $300 million in "driver appreciation" related to the stock sale. The report caught investors off guard in part because Uber's smaller rival Lyft Inc on Wednesday had raised revenue expectations and described an easing price war. Uber stock had risen more than 8 per cent and Lyft had gained 3 per cent during the day. Following Uber's report, its shares fell 6 per cent and Lyft dropped nearly 2%. Uber reported that revenue growth slowed to 14 per cent to $3.2 billion and fell short of the average analyst estimate of $3.36 billion, according to IBES data from Refinitiv. The company's core business, ride-hailing, grew revenue only 2 per cent to $2.3 billion. Food delivery Uber Eats grew 72 per cent to $595 million. Gross bookings, a measure of the total value of car rides, scooter and bicycle trips, food deliveries and other services before payments to drivers, restaurants and other expenses, rose 31 per cent from a year earlier to $15.76 billion. Analysts on average were expecting $15.80 billion. At the same time, Uber is keeping less money per car ride. The number of passengers spent on trips rose 20 per cent while the amount of Uber kept after paying its drivers increased by just 4 per cent. Chief Executive Officer Dara Khosrowshahi said in a press call the competitive environment was starting to rationalize and had been "progressively improving" since the first quarter. This year would be the peak for investment and losses would lessen in 2020 and 2021, he said. Lyft on Wednesday said pricing had become "more rational", meaning the company should spend less on promotions and incentives to win market share. It raised its revenue outlook. Both the companies have historically relied on subsidization to attract riders and have been spending heavily to expand services into areas such as self-driving technology for Lyft and food delivery for Uber. Uber's costs rose 147 per cent to $8.65 billion in the quarter, including a sharp rise in spending for research and development. "While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction," Chief Financial Officer Nelson Chai said in a statement. The adjusted loss before items including interest, tax, and stock-based compensation more than doubled to $656 million but was better than the company expected, Uber said. It also topped Wall Street targets of a $996 million loss. Gross bookings for the year would be $65 billion to $67 billion, it said, in line with Wall Street's target of $65.9 billion. The company, which has not yet made clear whether it will make a profit, is trying to convince investors that growth will come not only from its ride services but also from other logistics and food delivery services. Uber said its monthly active users rose to 99 million globally, from 93 million at the end of the first quarter and 76 million a year earlier.

Uber loses $5 billion, misses Wall Street targets despite easing price war

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era.

Gross domestic product (GDP) in the world's third-biggest economy grew 0.4 per cent from the previous quarter, the Cabinet Office said, beating analysts' median forecast of 0.1 per cent.

The third straight period of expansion will also bolster Prime Minister Shinzo Abe's determination to push through a controversial sales tax hike in October despite warnings it could weigh on growth.

Shoppers are rushing to make purchases before the rate rises from eight per cent to 10 per cent on October 1 and this boost for consumption also helped push GDP higher, economists said.

An unprecedented 10-day holiday for the enthronement of Emperor Naruhito, which kicked off a new imperial era in Japan, also pepped up the figures, according to analysts.

However, trade frictions between the US and China weighed on exports and corporate spending in some sectors such as machinery, said Yuichiro Nagai, senior economist at Mizuho Securities.

"But investments in software, research and development, and construction were good," he told AFP.

Nagai said a rush by consumers to buy before the sales tax hike will likely become even more pronounced in the July-September quarter, helping Japan log another quarter of growth.

And while the economy would likely contract in October-December due to the higher tax, it should rebound next year and avoid slipping into a recession, Nagai said.

"There is uncertainty over where the trade war will go... With the US presidential election coming next year, however, I believe the main scenario is that they will find a compromise plan" later this year, he said.

'Additional monetary easing'

The last time Japan hiked its sales tax, in 2014, the result was a slump in consumption and the wider economy and some economists have warned that now is not the time to raise the rate amid uncertainty over global trade and Brexit.

But Tokyo has vowed to go through with the plan unless there is a crisis on the level of the 2008 financial meltdown and Abe has promised countermeasures to cushion the blow on the economy.

SMBC Nikko Securities chief market economist Yoshimasa Maruyama said the Japanese economy would likely expand further in the July-September period but warned it could slide into a mild recession in October-December as the global economy slows.

"By the time autumn comes, debates for a supplementary budget will start and calls for additional monetary easing will get louder," he said in a report released ahead of the GDP announcement.

But Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management, was not so gloomy.

"Going forward, central banks are expected to continue easing, and the Chinese government will likely announce fiscal measures, resulting in a global economic recovery, which should help Japan maintain its momentum," Oshikubo said in a report.&nbsp;

Besides the planned tax hike, the impact from trade frictions between Japan and South Korea could be a headwind, he said.

"But both should be limited in their effects," he said as the affected goods make up only a fraction of Japanese exports.

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era.

Japan's economy grew at a faster-than-expected clip in the second quarter, official data showed on Friday, helped by celebrations to usher in a new imperial era. Gross domestic product (GDP) in the world's third-biggest economy grew 0.4 per cent from the previous quarter, the Cabinet Office said, beating analysts' median forecast of 0.1 per cent. The third straight period of expansion will also bolster Prime Minister Shinzo Abe's determination to push through a controversial sales tax hike in October despite warnings it could weigh on growth. Shoppers are rushing to make purchases before the rate rises from eight per cent to 10 per cent on October 1 and this boost for consumption also helped push GDP higher, economists said. An unprecedented 10-day holiday for the enthronement of Emperor Naruhito, which kicked off a new imperial era in Japan, also pepped up the figures, according to analysts. However, trade frictions between the US and China weighed on exports and corporate spending in some sectors such as machinery, said Yuichiro Nagai, senior economist at Mizuho Securities. "But investments in software, research and development, and construction were good," he told AFP. Nagai said a rush by consumers to buy before the sales tax hike will likely become even more pronounced in the July-September quarter, helping Japan log another quarter of growth. And while the economy would likely contract in October-December due to the higher tax, it should rebound next year and avoid slipping into a recession, Nagai said. "There is uncertainty over where the trade war will go... With the US presidential election coming next year, however, I believe the main scenario is that they will find a compromise plan" later this year, he said. 'Additional monetary easing' The last time Japan hiked its sales tax, in 2014, the result was a slump in consumption and the wider economy and some economists have warned that now is not the time to raise the rate amid uncertainty over global trade and Brexit. But Tokyo has vowed to go through with the plan unless there is a crisis on the level of the 2008 financial meltdown and Abe has promised countermeasures to cushion the blow on the economy. SMBC Nikko Securities chief market economist Yoshimasa Maruyama said the Japanese economy would likely expand further in the July-September period but warned it could slide into a mild recession in October-December as the global economy slows. "By the time autumn comes, debates for a supplementary budget will start and calls for additional monetary easing will get louder," he said in a report released ahead of the GDP announcement. But Naoya Oshikubo, senior economist at Sumitomo Mitsui Trust Asset Management, was not so gloomy. "Going forward, central banks are expected to continue easing, and the Chinese government will likely announce fiscal measures, resulting in a global economic recovery, which should help Japan maintain its momentum," Oshikubo said in a report. Besides the planned tax hike, the impact from trade frictions between Japan and South Korea could be a headwind, he said. "But both should be limited in their effects," he said as the affected goods make up only a fraction of Japanese exports.

Japan economy grows faster than expected on new-era holidays

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again.

The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent.

In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October.

"Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

"Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings."

US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency.

At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&amp;P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62.

Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&amp;P sectors this week.

Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets.

DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast.

Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg.

Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq.

The S&amp;P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy.

US stocks edged lower on Friday after rebounding strongly a day earlier, as investors grappled with fresh trade tensions, political turmoil in Italy and a surprise contraction in Britain's economy. Shares of chipmakers and other tariff-sensitive technology companies came under pressure after a report that Washington was delaying a decision about allowing some trade between US firms and China's telecom equipment maker Huawei again. The Philadelphia SE semiconductor index fell 1.16 per cent, while Apple Inc slipped 0.6 per cent. In Europe, Italy's ruling League party Deputy Prime Minister Matteo Salvini called for early elections; while Britain's economy shrank for the first time since 2012, raising concerns as the country gears up to leave the European Union in October. "Political uncertainty in the eurozone is adding an additional variable that the market has to juggle around with. That, coupled with the GDP numbers and the trade war, is giving investors an indigestion," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. "Until we get some sort of tangible answers to what the (Trump) administration is going to do with China, this is going to be a overhang on the market, creating plenty of sharp swings." US stocks roared back on Thursday, recording their best one-day percentage gain in two months in what has been a turbulent week for the markets dominated by a symbolic drop in China's currency. At 9:50 am ET, the Dow Jones Industrial Average was down 82.56 points, or 0.31 per cent, at 26,295.63 and the S&P 500 was down 12.15 points, or 0.41 per cent, at 2,925.94. The Nasdaq Composite was down 54.54 points, or 0.68 per cent, at 7,984.62. Investors seeking safety helped the defensive sectors, including utilities and real estate, outperform the other major S&P sectors this week. Shares of Uber Technologies Inc shed 9.4% after the ride-hailing company reported a record $5.2 billion loss and revenue that fell short of Wall Street targets. DXC Technology tumbled 31.4% after the IT and consulting services provider cut its full-year profit and revenue forecast. Nektar Therapeutics shares plunged 38.2% after the drug developer flagged manufacturing issues with its experimental cancer drug bempeg. Declining issues outnumbered advancers for a 1.73-to-1 ratio on the NYSE and for a 1.44-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and three new lows, while the Nasdaq recorded 35 new highs and 39 new lows.

Wall Street slips as Huawei report adds to trade concerns

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.

Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday. "The situation is becoming even more uncertain, global oil demand growth has been very sluggish in the first half of 2019," the IEA said in its monthly report. The Paris-based agency said that compared with the same month in 2018, global demand fell by 160,000 barrels per day (BPD) in May the second year-on-year fall of 2019. From January to May, oil demand increased by 520,000 BPD, marking the lowest rise for that period since 2008. "The prospects for a political agreement between China and the United States on trade have worsened. This could lead to reduced trade activity and less oil demand growth," the IEA said. Lowering its global demand growth forecasts for 2019 and 2020 to 1.1 million and 1.3 million BPD, respectively, the IEA cited China as the only major source of growth at 500,000 BPD for the first half of this year. Demand growth in the United States and India was just 100,000 BPD from January to June, it said. "The outlook is fragile with a greater likelihood of a downward revision than an upward one," the report said. Supply curbs by the Organization of the Petroleum Exporting Countries and its allies, meanwhile, had tightened the oil market, helped by slower non-OPEC production. But the IEA said that balance would be temporary as it forecast robust non-OPEC production growth in 2020 at 2.2 million BPD, predicting the global oil market would be "well supplied". The IEA said economic concerns were overshadowing geopolitics, but the oil market continued to watch closely the tensions between the United States and Iran in the Gulf. US sanctions drove down Tehran's July exports of crude oil by 130,000 BPD to 400,000 BPD, the lowest since the 1980s.

Oil demand growth at lowest since 2008: International Energy Agency

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91.

For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12.

India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters.

The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell.

Indiabulls Housing Finance closed up 14.8%.

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs).

Indian shares ended higher on Friday led by autos and financial stocks, and recorded their first weekly gain since mid-July, after Reuters reported New Delhi was re-thinking the tax surcharge on foreign portfolio investors (FPIs). The broader NSE Nifty ended 0.7% higher at 11,109.65, while the benchmark BSE Sensex closed up 0.68% at 37,581.91. For the week, the NSE Nifty was up 1%, while the BSE Sensex rose 1.25%, their first positive weekly close since July 12. India may exempt FPIs from the controversial tax on high incomes, as Finance Minister Nirmala Sitharaman faces pressure to roll back the measures introduced during the last month, sources told Reuters. The Nifty auto index ended 1.99% higher and the financials index was up 1.54% at the closing bell. Indiabulls Housing Finance closed up 14.8%.

Nifty, Sensex post first weekly gain in five on FPI surcharge rethink

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways.

Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country's largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes.

Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet.

SpiceJet's shares were up 1.3% at 137.75 rupees, in a Mumbai market that was 0.7% higher as of 0908 GMT.

SpiceJet said passenger fares rose 11% during the three months to June, a quarter in which it cancelled some flights due to the grounding of Boeing 737 MAX after the deadly crash of an Ethiopian Airlines plane in March.

India's No.2 airline by market share said operations remained "stressed" for much of the quarter due to the grounding, causing disruption to passengers' travel plans and an increase in fixed costs related to the narrow-body aircraft.

"The results would have been vastly better but for the painful grounding of the MAX aircraft," Chairman and Managing Director Ajay Singh said in a statement.

SpiceJet had estimated that the grounded planes would resume flying by July or August, but there was still uncertainty around the specific timing, it said, adding that it would induct 5-10 Boeing 737 NG planes and three Bombardier Q400 aircraft in October.

SpiceJet added 32 aircraft between April and June. Jet began grounding its planes at the start of the year and was eventually forced to stop operations in April.

SpiceJet's standalone net profit, excluding earnings of non-core units, was 2.62 billion rupees ($37.1 million) in the three months to June, compared with a loss of 380.6 million rupees a year earlier.

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways.

Indian budget airline SpiceJet Ltd on Friday posted its biggest-ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways. Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country's largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes. Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet. SpiceJet's shares were up 1.3% at 137.75 rupees, in a Mumbai market that was 0.7% higher as of 0908 GMT. SpiceJet said passenger fares rose 11% during the three months to June, a quarter in which it cancelled some flights due to the grounding of Boeing 737 MAX after the deadly crash of an Ethiopian Airlines plane in March. India's No.2 airline by market share said operations remained "stressed" for much of the quarter due to the grounding, causing disruption to passengers' travel plans and an increase in fixed costs related to the narrow-body aircraft. "The results would have been vastly better but for the painful grounding of the MAX aircraft," Chairman and Managing Director Ajay Singh said in a statement. SpiceJet had estimated that the grounded planes would resume flying by July or August, but there was still uncertainty around the specific timing, it said, adding that it would induct 5-10 Boeing 737 NG planes and three Bombardier Q400 aircraft in October. SpiceJet added 32 aircraft between April and June. Jet began grounding its planes at the start of the year and was eventually forced to stop operations in April. SpiceJet's standalone net profit, excluding earnings of non-core units, was 2.62 billion rupees ($37.1 million) in the three months to June, compared with a loss of 380.6 million rupees a year earlier.

SpiceJet posts record profit as Jet Airways downfall provides boost

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday.

"There is a view that we would like to see investments come across various sectors in Jammu and Kashmir," he said at the CII National Council Meeting here which was attended by Finance Minister Nirmala Sitharaman.

The Managing Director and CEO of Kotak Mahindra Bank said the CII has already conveyed its view to the government.

Parliament has revoked Article 370 granting special status to Jammu and Kashmir and passed the J&amp;K Reorganisation Bill, bifurcating the state into two union territories,&nbsp;Jammu and Kashmir and Ladakh.

In his address to the nation on Thursday, Prime Minister Narendra Modi spoke about creating employment in the region through public-private partnerships.

He said Jammu and Kashmir stands on the cusp of a fresh start, one that is marked by peace, democracy, and development. 
&nbsp;

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday.

The Confederation of Indian Industry (CII) will support the government and private initiatives to promote investments in Jammu and Kashmir, its President-Designate Uday Kotak said on Friday. "There is a view that we would like to see investments come across various sectors in Jammu and Kashmir," he said at the CII National Council Meeting here which was attended by Finance Minister Nirmala Sitharaman. The Managing Director and CEO of Kotak Mahindra Bank said the CII has already conveyed its view to the government. Parliament has revoked Article 370 granting special status to Jammu and Kashmir and passed the J&K Reorganisation Bill, bifurcating the state into two union territories, Jammu and Kashmir and Ladakh. In his address to the nation on Thursday, Prime Minister Narendra Modi spoke about creating employment in the region through public-private partnerships. He said Jammu and Kashmir stands on the cusp of a fresh start, one that is marked by peace, democracy, and development.

Confederation of Indian Industry to support initiatives for investment in Jammu and Kashmir: Uday Kotak

Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69.

Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent.

The RBI repo rate cut to 5.4 per cent on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

"The expected rate cut has happened and there are signs that the regulator is clearing the NBFC (non-banking financial company) mess," said Anand James, chief market strategist at Geojit Financial Services.

"We are coming off global challenges and there are signs of things changing." IT and auto stocks led gains among sectors.&nbsp;

The Nifty IT index was up about 1 per cent, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis.

The Nifty auto index was up 0.73 per cent&nbsp;after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7 per cent to the country's GDP.

Hero Motocorp rose as much as 5 per cent&nbsp;to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most.

HCL Technologies shares were also up 3.6 per cent, after the IT services company guided to a constant currency revenue growth of between 14 per cent&nbsp;and 16 per cent for this financial year.

Among losers, Cipla fell 2.8 per cent after the generic drugmaker reported a quarterly profit that missed estimates. 
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Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth. The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69. Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8 per cent. The RBI repo rate cut to 5.4 per cent on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks. "The expected rate cut has happened and there are signs that the regulator is clearing the NBFC (non-banking financial company) mess," said Anand James, chief market strategist at Geojit Financial Services. "We are coming off global challenges and there are signs of things changing." IT and auto stocks led gains among sectors. The Nifty IT index was up about 1 per cent, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis. The Nifty auto index was up 0.73 per cent after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7 per cent to the country's GDP. Hero Motocorp rose as much as 5 per cent to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most. HCL Technologies shares were also up 3.6 per cent, after the IT services company guided to a constant currency revenue growth of between 14 per cent and 16 per cent for this financial year. Among losers, Cipla fell 2.8 per cent after the generic drugmaker reported a quarterly profit that missed estimates.

Sensex, Nifty edge higher after RBI's unconventional rate cut

Wall Street stocks finished little changed on Wednesday following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy.

After a bruising start, US stocks gradually pushed higher throughout the day while Treasury yields recovered from their lows. Two of the three major indices finished in positive territory.

Decisions by Asian central banks to cut interest rates and weak German data "reminded investors that economic growth in several other regions of the world remain at risk as the US and China trade dispute drags on," said CFRA strategist Lindsey Bell in a note.

"While uncertainty is driving upside in defensive asset classes, we don't think stocks should be abandoned at this time. A near-term recession is unlikely."

The Dow Jones Industrial Average finished at 26,007.07, down 0.1 per cent but more than 560 points above its session low.

The broad-based S&amp;P 500 added 0.1 per cent at 2,883.98, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 7,862.83.

US stocks have been under pressure in August as optimism over a Federal Reserve interest rate cut has been replaced by unease at US President Donald Trump's latest tariffs on China and China's response, which has included halting US agricultural purchases.

Banking shares were big losers as the weakening US interest rate outlook crimps the profit outlook. JPMorgan Chase, Wells Fargo and Bank of America all lost around two per cent or more.

Disney also had a bad day, losing 4.9 per cent after missing earnings forecasts.&nbsp;

But CVS Health shot up 7.5 per cent as the pharmacy chain lifted its profit forecasts. The results also lifted rival Walgreens Boots Alliance, which gained 2.0 per cent. 
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Wall Street stocks finished little changed on Wednesday following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy.

Wall Street stocks finished little changed on Wednesday following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy. After a bruising start, US stocks gradually pushed higher throughout the day while Treasury yields recovered from their lows. Two of the three major indices finished in positive territory. Decisions by Asian central banks to cut interest rates and weak German data "reminded investors that economic growth in several other regions of the world remain at risk as the US and China trade dispute drags on," said CFRA strategist Lindsey Bell in a note. "While uncertainty is driving upside in defensive asset classes, we don't think stocks should be abandoned at this time. A near-term recession is unlikely." The Dow Jones Industrial Average finished at 26,007.07, down 0.1 per cent but more than 560 points above its session low. The broad-based S&P 500 added 0.1 per cent at 2,883.98, while the tech-rich Nasdaq Composite Index gained 0.4 per cent to 7,862.83. US stocks have been under pressure in August as optimism over a Federal Reserve interest rate cut has been replaced by unease at US President Donald Trump's latest tariffs on China and China's response, which has included halting US agricultural purchases. Banking shares were big losers as the weakening US interest rate outlook crimps the profit outlook. JPMorgan Chase, Wells Fargo and Bank of America all lost around two per cent or more. Disney also had a bad day, losing 4.9 per cent after missing earnings forecasts. But CVS Health shot up 7.5 per cent as the pharmacy chain lifted its profit forecasts. The results also lifted rival Walgreens Boots Alliance, which gained 2.0 per cent.

US stocks recover from early swoon amid global growth angst

Equity benchmark indices staged a smart recovery during second half of trading on Thursday with the Nifty closing above 11,000 mark.

The market rallied after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs).&nbsp;

The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs.

At the closing bell, the BSE S&amp;P Sensex was up 637 points or 1.74 per cent at 37,327 while the Nifty 50 edged higher by 177 points or 1.63 per cent to 11,032.

All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.03 per cent, realty by 1.86 per cent, IT by 1.83 per cent and PSU banks by 1.73 per cent.

Among stocks, auto companies showed gains at the bourses despite poor sales figures. Tata Motors gained by 5.62 per cent, Bajaj Auto by 3.9 per cent, Mahindra &amp; Mahindra by 3.8 per cent and Hero MotoCorp by 3.3 per cent.

HCL Tech was up by 6.6 per cent, JSW Steel by nearly 5 per cent, heavyweight Reliance Industries by 4.26 per cent, Bharat Petroleum by 3.9 per cent, Yes Bank by 2.9 per cent and Coal India by 2.8 per cent.

However, Tata Steel slipped by over 4 per cent, pharma major Cipla by 2.7 per cent, UltraTech Cements by 2.2 per cent and Indiabulls Housing Finance by nearly 1 per cent.

Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier.&nbsp;

Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war.

MSCI`s broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks.&nbsp;

The Shanghai Composite index was up by 0.93 per cent, Japan`s Nikkei edged up 0.37 per cent while Hang Seng index rose 0.48 per cent.

Equity benchmark indices staged a smart recovery during second half of trading on Thursday with the Nifty closing above 11,000 mark. The market rallied after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs).

Equity benchmark indices staged a smart recovery during second half of trading on Thursday with the Nifty closing above 11,000 mark. The market rallied after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs). The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs. At the closing bell, the BSE S&P Sensex was up 637 points or 1.74 per cent at 37,327 while the Nifty 50 edged higher by 177 points or 1.63 per cent to 11,032. All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.03 per cent, realty by 1.86 per cent, IT by 1.83 per cent and PSU banks by 1.73 per cent. Among stocks, auto companies showed gains at the bourses despite poor sales figures. Tata Motors gained by 5.62 per cent, Bajaj Auto by 3.9 per cent, Mahindra & Mahindra by 3.8 per cent and Hero MotoCorp by 3.3 per cent. HCL Tech was up by 6.6 per cent, JSW Steel by nearly 5 per cent, heavyweight Reliance Industries by 4.26 per cent, Bharat Petroleum by 3.9 per cent, Yes Bank by 2.9 per cent and Coal India by 2.8 per cent. However, Tata Steel slipped by over 4 per cent, pharma major Cipla by 2.7 per cent, UltraTech Cements by 2.2 per cent and Indiabulls Housing Finance by nearly 1 per cent. Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier. Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war. MSCI`s broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks. The Shanghai Composite index was up by 0.93 per cent, Japan`s Nikkei edged up 0.37 per cent while Hang Seng index rose 0.48 per cent.

Sensex jumps 637 points while Nifty regains 11,000 mark

BSE Sensex rose to over 600 points touching 37,326 at around 3:15 pm on Thursday.&nbsp;

While Nifty50 recorded 11,035 by an increase of around 182 points.

The shares rose marginally on Thursday morning, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69.

The market rallied later after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs).&nbsp;

The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs.

All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.03 per cent, realty by 1.86 per cent, IT by 1.83 per cent and PSU banks by 1.73 per cent.

Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier.

Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war.

MSCI`s broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks.

The Shanghai Composite index was up by 0.93 per cent, Japan`s Nikkei edged up 0.37 per cent while Hang Seng index rose 0.48 per cent.

(With inputs from ANI)

BSE Sensex rose to over 600 points touching 37,326 at around 3:15 pm on Thursday. While Nifty50 recorded 11,035 by an increase of around 182 points. The shares rose marginally on Thursday morning, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth.

BSE Sensex rose to over 600 points touching 37,326 at around 3:15 pm on Thursday. While Nifty50 recorded 11,035 by an increase of around 182 points. The shares rose marginally on Thursday morning, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth. The broader Nifty was up 0.1 per cent at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11 per cent at 36,741.69. The market rallied later after reports suggested that the government is likely to roll back the recently-imposed higher tax on foreign portfolio investors (FPIs). The introduction of a surcharge on higher income brackets announced in the Budget by Finance Minister Nirmala Sitharaman has led to a brisk selloff by FPIs. All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.03 per cent, realty by 1.86 per cent, IT by 1.83 per cent and PSU banks by 1.73 per cent. Meanwhile, Asian shares struggled to rally as data showed Chinese exports rose 3.3 per cent in July from a year earlier. Imports also declined by less than expected, suggesting some resilience to the drawn-out US-China tariff war. MSCI`s broadest index of Asia-Pacific shares outside Japan bounced 0.6 per cent even though it was still down more than 7 per cent over the past two weeks. The Shanghai Composite index was up by 0.93 per cent, Japan`s Nikkei edged up 0.37 per cent while Hang Seng index rose 0.48 per cent. (With inputs from ANI)

Sensex rises by 600 points, reaches 37,000

Adidas said supply shortages for North America will be fixed by the end of the year and the European market should return to growth after the German sportswear company reported weaker than expected second-quarter sales and profits.

Adidas said supply shortages for North America will be fixed by the end of the year and the European market should return to growth after the German sportswear company reported weaker than expected second-quarter sales and profits. Chief Executive Kasper Rorsted said he was more worried about the prospects for a currency war between the United States and China than about tariffs on Chinese-made shoes after Washington branded Beijing a currency manipulator on Monday. "There is no winner in a currency war, eventually everybody will lose as it will lead to a slowdown in the world economy," Rorsted told journalists, noting that a fall in currencies of its two top markets would be tough as the firm reports in euros. Adidas shares fell 1.6 per cent by 1000 GMT. The stock had rallied in recent weeks on hopes Adidas might lift its outlook after German rival Puma raised its sales and profit forecasts following a strong second quarter. "Given the recent rerating in the shares since April and narrowing valuation gap versus peers, the lack of a sales or earnings beat is unusual, and brand momentum remains concerning," Credit Suisse analysts wrote of Adidas. Second-quarter sales rose a currency-adjusted 4 per cent to 5.51 billion euros ($6.18 billion), shy of average analyst forecasts for 5.54 billion as the company saw a strong decline in the soccer category a year on from the World Cup. Operating profit rose 9 per cent to 643 million euros, also lagging average analyst forecasts for 651 million. Adidas warned in March that supply chain issues would hit sales growth in the first half, citing particular problems meeting North America demand for mid-market clothing. The shortages should be over by the end of the year, and have no impact in 2020, Rorsted said, noting that Adidas has built up capacity and accelerated the transfer of goods by air freight, but managed to make up for the higher costs elsewhere. He said the supply problems were unrelated to U.S.-China trade tensions, with few Adidas products for the U.S. market still produced in China. Adidas makes about 25 per cent of its sales in China, which accounts for about 20 per cent of manufacturing. EUROPE TO RETURN TO GROWTH Adidas quarterly sales were flat in Europe, recovering from a 3 per cent fall in the first quarter after the firm took steps to reduce its reliance on its Originals fashion line and boost sales of sports performance gear, with new product launches. Rorsted said Europe should return to growth by the end of the year, saying new shoe launches had been well received, such as 1980s-style Nite Jogger sneakers, Pulseboost running shoes and movie collaborations with Marvel and Toy Story. The company is celebrating its 70th anniversary on Friday and opening a new building at a glitzy ceremony in its small German hometown of Herzogenaurach. Athletes and celebrities including Pharrell Williams and rappers Run DMC are due to attend. Adidas has eroded Nike's dominance of the U.S. market in recent years, pushing retro styles and teaming up with singers such as Williams, Kanye West, and Beyonce. Nike has responded by ramping up spending on marketing, with its sales rising a currency-adjusted 10 per cent in the quarter ended May 31, as it grew faster than Adidas in China and Europe. Adidas said it was confident sales would accelerate in the second half, allowing it to confirm a full-year outlook for currency-neutral sales growth of 5-8 per cent and net income from continuing operations of between 1.88 and 1.95 billion euros. Sales of its long-struggling Reebok brand rose 3 per cent, driven by the popularity of retro styles. But Rorsted dismissed interest in the brand from former basketballer Shaquille O'Neal, saying Adidas was not in talks to sell it.

Adidas promises revival after sluggish quarter

India is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticised, a government official said on Thursday.

The budget provided for increased personal income taxes on those with an annual income of more than 20 million rupees ($283,045).

The official, who declined to be named, said the government will either issue a notification or an executive order, which could be later submitted to parliament for approval, to exempt the foreign portfolio investors, mainly registered as trusts, from the increase in surcharge on super-rich taxpayers

India is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticised, a government official said on Thursday.

India is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticised, a government official said on Thursday. The budget provided for increased personal income taxes on those with an annual income of more than 20 million rupees ($283,045). The official, who declined to be named, said the government will either issue a notification or an executive order, which could be later submitted to parliament for approval, to exempt the foreign portfolio investors, mainly registered as trusts, from the increase in surcharge on super-rich taxpayers

India looks to exempt foreign portfolio investors from higher taxes: Government official

Weaponising Yuan: Beijing's double-edged sword

The Reserve Bank of India (RBI) cut repo rate by 35 basis points to 5.40 per cent on Wednesday.

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.&nbsp;

The current cut in rates would mean loans would get cheaper.

India's central bank adjusted the country's GDP projection to 6.9 per cent for the current fiscal year from the earlier projection of 7 per cent.

The RBI said in a statement that the cut would help "address growth concerns by boosting aggregate demand" and target private investment as a "priority".

In June, the RBI had cut the repo rate by 0.25 per cent while also cutting down&nbsp;India's GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

The Reserve Bank of India (RBI) cut repo rate by 35 basis points to 5.40 per cent on Wednesday. Repo rate is the rate at which the RBI lends money to commercial banks.

The Reserve Bank of India (RBI) cut repo rate by 35 basis points to 5.40 per cent on Wednesday. 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. The current cut in rates would mean loans would get cheaper. India's central bank adjusted the country's GDP projection to 6.9 per cent for the current fiscal year from the earlier projection of 7 per cent. The RBI said in a statement that the cut would help "address growth concerns by boosting aggregate demand" and target private investment as a "priority". In June, the RBI had cut the repo rate by 0.25 per cent while also cutting down India's GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

RBI cuts repo rate by 35 basis points to 5.40%; loans to get cheaper

Indian shares were little changed on a volatile Wednesday as investors awaited the central bank's monetary policy decision, where it is expected to cut interest rates by 25 basis points.

The broader NSE Nifty was lower by 0.08 per cent at 10,936.50 as of 0405 GMT and the benchmark BSE Sensex was down 0.01 per cent&nbsp;at 36,966.28. Both indexes swung between marginal gains and losses in early trading.

A Reuters poll last month showed the Reserve Bank of India (RBI) would cut rates, as Asia's third-biggest economy grapples with slowing growth, higher taxes and a credit squeeze.

However, investors were wary as most banks have not passed on the central bank's rate cuts to the consumers and that there were no announcements from the RBI regarding the crisis among India's shadow banks. 
 
"The RBI has already axed rates by 75 bps but that hasn't led to any meaningful transmission in the economy as banks didn't lower rates," said Saurabh Jain, assistant vice-president (research), SMC Global Securities.

"One can sense that nothing meaningful is in the offing in policy announcement and hence may be a dampener for the markets."

The Nifty metals index was the top drag for the day as it fell 1.38 per cent, while the commodities index fell 0.7 per cent.

The public sector bank index, which was up 0.66 per cent, and the IT index that rose 0.56 per cent&nbsp;were among the gaining sectors for the day.

Among stocks, Indiabulls Housing Finance fell 7 per cent after the company reported a fall in June-quarter profit on Tuesday.

Titan Company was also among the top NSE losers, as the stock declined 3.9 per cent.

Central Bank of India rose as much as 10 per cent&nbsp;after the lender reported better-than-expected earnings on Tuesday.

Yes Bank, which rose 2.23 per cent, was the top gainer among NSE stocks. 
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Indian shares were little changed on a volatile Wednesday as investors awaited the central bank's monetary policy decision, where it is expected to cut interest rates by 25 basis points.

Indian shares were little changed on a volatile Wednesday as investors awaited the central bank's monetary policy decision, where it is expected to cut interest rates by 25 basis points. The broader NSE Nifty was lower by 0.08 per cent at 10,936.50 as of 0405 GMT and the benchmark BSE Sensex was down 0.01 per cent at 36,966.28. Both indexes swung between marginal gains and losses in early trading. A Reuters poll last month showed the Reserve Bank of India (RBI) would cut rates, as Asia's third-biggest economy grapples with slowing growth, higher taxes and a credit squeeze. However, investors were wary as most banks have not passed on the central bank's rate cuts to the consumers and that there were no announcements from the RBI regarding the crisis among India's shadow banks. "The RBI has already axed rates by 75 bps but that hasn't led to any meaningful transmission in the economy as banks didn't lower rates," said Saurabh Jain, assistant vice-president (research), SMC Global Securities. "One can sense that nothing meaningful is in the offing in policy announcement and hence may be a dampener for the markets." The Nifty metals index was the top drag for the day as it fell 1.38 per cent, while the commodities index fell 0.7 per cent. The public sector bank index, which was up 0.66 per cent, and the IT index that rose 0.56 per cent were among the gaining sectors for the day. Among stocks, Indiabulls Housing Finance fell 7 per cent after the company reported a fall in June-quarter profit on Tuesday. Titan Company was also among the top NSE losers, as the stock declined 3.9 per cent. Central Bank of India rose as much as 10 per cent after the lender reported better-than-expected earnings on Tuesday. Yes Bank, which rose 2.23 per cent, was the top gainer among NSE stocks.

Nifty, Sensex little changed ahead of RBI policy decision

A&nbsp;cautious&nbsp;calm&nbsp;returned to stock markets on Wednesday as softer&nbsp;rhetoric&nbsp;from Washington on the US-China&nbsp;trade&nbsp;war&nbsp;soothed investors, though demand for safe-haven assets underscored lingering anxiety.

Europe's STOXX 600 climbed 0.7%, recovering from a three-day sell-off as investors fled after an escalation in the&nbsp;trade&nbsp;war. MSCI's world equity index, which tracks shares in 47 countries, rose 0.2%.

But gold, the Japanese yen and government debt remained in high demand as investors remained&nbsp;wary of riskier assets.

US shares gained overnight after President Donald Trump downplayed worries of a lengthy&nbsp;trade&nbsp;war&nbsp;and senior adviser Larry Kudlow said Trump's administration is planning to host a Chinese delegation for talks in September. Wall Street futures gauges also rose.

The US administration's remarks marked a shift in tone from recent days when Beijing&nbsp;warned that Washington's labelling China as a currency manipulator on Monday would have severe consequences for the global financial order.

Still, market players voiced caution. Trump's threat to impose additional tariffs on more Chinese products is set to take effect in less than a month.

"There is some&nbsp;cautious&nbsp;buying creeping back in," said Michael Hewson, chief market strategist at CMC Markets. "But if you want that to be sustained you have to look towards September 1, when the new tariffs kick in, and whether or not Trump presses ahead with them."

MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower.

Also easing the mood were signs that China is intervening to steady the yuan after its recent sharp fall, allaying investor fears of a global currency&nbsp;war.

The US Treasury designated China a currency manipulator on Monday after it allowed the yuan to weaken below 7 per dollar for the first time in over a decade. The US move rattled financial markets and dimmed hopes the&nbsp;trade&nbsp;war&nbsp;was ending.

Since then, China's state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters.

The yuan still dropped 0.2% to 7.0708 in offshore markets despite the support. The People's Bank of China (PBOC) set its official reference rate at an 11-year low, keeping currency markets on edge.

"We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again," said Thu Lan Nguyen, FX strategist at Commerzbank. "It has caused markets to again be in a bit of a risk-off mode."

Safe Havens in Demand

The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens.

Gold reached a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.27, although that was still some way from levels seen on Monday when the&nbsp;trade&nbsp;war's escalation panicked investors.

The US bonds have also retained much of their gains made in the past week. Ten-year Treasury notes yielded 1.66% per cent, their lowest since 2016, as investors bet on another rate cut by the Federal Reserve in September.

Fixed income markets have benefited from fears the US-China&nbsp;trade&nbsp;war&nbsp;would raise the risk of a global recession, strengthening the case for policy easing by central banks.

Germany's 10-year bond yield fell to record lows deep in negative territory as a bigger-than-expected interest rate cut in New Zealand and weak German data gave further impetus to a rally in bond markets.

German industrial output fell more than expected in June, adding to signs that Europe's biggest economy contracted in the second quarter as its exporters were caught up in&nbsp;trade disputes.

In commodity markets, oil prices slipped, with the potential for damage to the global economy and to fuel demand from the Sino-US&nbsp;trade&nbsp;dispute casting a shadow over the market.

International benchmark Brent crude futures were at $58.79 a barrel by 0759 GMT, down 14 cents, or 0.05%, and trading near seven-month lows.

A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the US-China trade war soothed investors, though demand for safe-haven assets underscored lingering anxiety.

A cautious calm returned to stock markets on Wednesday as softer rhetoric from Washington on the US-China trade war soothed investors, though demand for safe-haven assets underscored lingering anxiety. Europe's STOXX 600 climbed 0.7%, recovering from a three-day sell-off as investors fled after an escalation in the trade war. MSCI's world equity index, which tracks shares in 47 countries, rose 0.2%. But gold, the Japanese yen and government debt remained in high demand as investors remained wary of riskier assets. US shares gained overnight after President Donald Trump downplayed worries of a lengthy trade war and senior adviser Larry Kudlow said Trump's administration is planning to host a Chinese delegation for talks in September. Wall Street futures gauges also rose. The US administration's remarks marked a shift in tone from recent days when Beijing warned that Washington's labelling China as a currency manipulator on Monday would have severe consequences for the global financial order. Still, market players voiced caution. Trump's threat to impose additional tariffs on more Chinese products is set to take effect in less than a month. "There is some cautious buying creeping back in," said Michael Hewson, chief market strategist at CMC Markets. "But if you want that to be sustained you have to look towards September 1, when the new tariffs kick in, and whether or not Trump presses ahead with them." MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower. Also easing the mood were signs that China is intervening to steady the yuan after its recent sharp fall, allaying investor fears of a global currency war. The US Treasury designated China a currency manipulator on Monday after it allowed the yuan to weaken below 7 per dollar for the first time in over a decade. The US move rattled financial markets and dimmed hopes the trade war was ending. Since then, China's state banks have been active in the onshore yuan forwards market, tightening dollar supply and supporting the Chinese currency, sources told Reuters. The yuan still dropped 0.2% to 7.0708 in offshore markets despite the support. The People's Bank of China (PBOC) set its official reference rate at an 11-year low, keeping currency markets on edge. "We had a little bit of recovery yesterday, but this morning we are seeing that stalling due to the PBOC fixing the dollar-yen higher again," said Thu Lan Nguyen, FX strategist at Commerzbank. "It has caused markets to again be in a bit of a risk-off mode." Safe Havens in Demand The skittish mood was underlined by continuing demand for currencies and commodities considered safe havens. Gold reached a six-year high of $1,489.76 per ounce. The Japanese yen rose 0.2% to 106.27, although that was still some way from levels seen on Monday when the trade war's escalation panicked investors. The US bonds have also retained much of their gains made in the past week. Ten-year Treasury notes yielded 1.66% per cent, their lowest since 2016, as investors bet on another rate cut by the Federal Reserve in September. Fixed income markets have benefited from fears the US-China trade war would raise the risk of a global recession, strengthening the case for policy easing by central banks. Germany's 10-year bond yield fell to record lows deep in negative territory as a bigger-than-expected interest rate cut in New Zealand and weak German data gave further impetus to a rally in bond markets. German industrial output fell more than expected in June, adding to signs that Europe's biggest economy contracted in the second quarter as its exporters were caught up in trade disputes. In commodity markets, oil prices slipped, with the potential for damage to the global economy and to fuel demand from the Sino-US trade dispute casting a shadow over the market. International benchmark Brent crude futures were at $58.79 a barrel by 0759 GMT, down 14 cents, or 0.05%, and trading near seven-month lows.

Cautious calm returns to stock markets as White House softens trade war rhetoric

The Reserve Bank of India (RBI) plans to make online payment system National Electronic Funds Transfer (NEFT) available round-the-clock in a bid to boost digital transactions.

At present, the transfer of funds via NEFT is dependent on bank working hours.&nbsp;

The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days of the week, except the second and fourth Saturdays in a month.&nbsp;

The NEFT system is used for fund transfers up to Rs two lakh."As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24x7 basis from December 2019.&nbsp;

This is expected to revolutionise the retail payments system of the country," the RBI said in a statement on Wednesday.

Last month, the banking regulator had scrapped the levy on online transactions such as NEFT to make the transfer of funds cheaper.

The RBI also proposed the creation of a central payment fraud registry that will track banking fraud. At present, there is a Central Fraud Monitoring Cell of the central bank.

Payment system companies will be provided access to the registry for near-real-time fraud monitoring and the aggregated fraud data will be published to educate customers on emerging risks.&nbsp;

A detailed framework in this regard will be put in place by the end of October, said the RBI.

"With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring and management by the stakeholders have assumed importance. It has always been the endeavour of the Reserve Bank to improve the confidence of customers in the payment systems," it said.

The Reserve Bank of India (RBI) plans to make online payment system National Electronic Funds Transfer (NEFT) available round-the-clock in a bid to boost digital transactions.

The Reserve Bank of India (RBI) plans to make online payment system National Electronic Funds Transfer (NEFT) available round-the-clock in a bid to boost digital transactions. At present, the transfer of funds via NEFT is dependent on bank working hours. The facility of electronic transfer of funds is available from 8 am to 7 pm on all working days of the week, except the second and fourth Saturdays in a month. The NEFT system is used for fund transfers up to Rs two lakh."As mentioned in the Payment System Vision 2021 document, the Reserve Bank will make available the NEFT system on a 24x7 basis from December 2019. This is expected to revolutionise the retail payments system of the country," the RBI said in a statement on Wednesday. Last month, the banking regulator had scrapped the levy on online transactions such as NEFT to make the transfer of funds cheaper. The RBI also proposed the creation of a central payment fraud registry that will track banking fraud. At present, there is a Central Fraud Monitoring Cell of the central bank. Payment system companies will be provided access to the registry for near-real-time fraud monitoring and the aggregated fraud data will be published to educate customers on emerging risks. A detailed framework in this regard will be put in place by the end of October, said the RBI. "With the digital payment ecosystem making substantial progress in terms of growth of payment infrastructure as well as volume and value of digital payment transactions, fraud risk monitoring and management by the stakeholders have assumed importance. It has always been the endeavour of the Reserve Bank to improve the confidence of customers in the payment systems," it said.

Reserve Bank of India to make NEFT available 24x7 for encouraging digital payments

The domestic stock market indices ended lower today even as the Reserve Bank of India announced a bigger-than-expected 35-bps rate cut.&nbsp;

The six-member monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate to 5.40%, just above a 25 basis-point cut predicted by 80% of the 66 analysts polled by Reuters last month.

The broader NSE Nifty ended 0.85% lower at 10,855.50, while the benchmark BSE Sensex closed 0.77% and 286.35 points down at 36,690.50.

The public sector bank sector was the worst performer for the session, with its index closing down 3.4%, while the metals index ended 2.4% lower.

Indiabulls Housing Finance ended 13.4% in the red, while Zee Entertainment closed 2.9% higher.

(With inputs from Reuters)

The domestic stock market indices ended lower today even as the Reserve Bank of India announced a bigger-than-expected 35-bps rate cut. The six-member monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate to 5.

The domestic stock market indices ended lower today even as the Reserve Bank of India announced a bigger-than-expected 35-bps rate cut. The six-member monetary policy committee (MPC) of the Reserve Bank of India cut the repo rate to 5.40%, just above a 25 basis-point cut predicted by 80% of the 66 analysts polled by Reuters last month. The broader NSE Nifty ended 0.85% lower at 10,855.50, while the benchmark BSE Sensex closed 0.77% and 286.35 points down at 36,690.50. The public sector bank sector was the worst performer for the session, with its index closing down 3.4%, while the metals index ended 2.4% lower. Indiabulls Housing Finance ended 13.4% in the red, while Zee Entertainment closed 2.9% higher. (With inputs from Reuters)

Sensex falls nearly 300 points, Nifty ended at 10,855

Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday.

The broader NSE Nifty rose 0.62% to 10,930.40 as of 0409 GMT, while the benchmark BSE Sensex was up 0.57% at 36,909.50.

India on Monday revoked a constitutional provision giving Kashmir the authority to make its own laws, potentially stoking tension in the Himalayan region, which has been a flashpoint in ties with neighbouring Pakistan.

The move further raised investor uncertainty at a time when they are already grappling with slowing economic growth and a credit squeeze.

Investors were also awaiting the Reserve Bank of India's (RBI) policy decision on Wednesday. A Reuters poll last month showed the central bank was set to cut interest rates further as the country looks to stimulate growth and spending.

Finance minister Nirmala Sitharaman also said her department would hold talks with foreign portfolio investors (FPIs) about the tax surcharge on certain high-value investments, Mint reported.

"Domestically, the negative news flow may be behind us for the time being. There is hope in markets that the government may revive the economy and they are rallying on that hope," said Neeraj Dewan, a director at Quantum Securities.

"People are expecting the RBI to cut rates and the finance minister's statements about FPIs are also giving hope."

Banks and auto indexes led gains. The Nifty public sector banks index rose 1.5%, while the auto index was up 1%.

The IT index was flat in early trade as the rupee firmed after touching a five-month low on Monday.

Indiabulls Housing Finance led the gains among NSE stocks, rising 1.8%, while Yes Bank and IndusInd Bank rose about 1.5% each. Tata Motors rose 1.8%.

Among losers, IT heavyweight Tata Consultancy Services dropped 0.7%, while Zee Entertainment Enterprises was down 1.8%

Meanwhile, Asian peers languished after the Chinese yuan fell to a 11-year low in an escalating trade war between Beijing and Washington.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday.

Indian shares reversed early losses to trade higher on Tuesday, a day after the government scrapped the special status of long-disputed Kashmir, while investors awaited the central bank's monetary policy decision scheduled on Wednesday. The broader NSE Nifty rose 0.62% to 10,930.40 as of 0409 GMT, while the benchmark BSE Sensex was up 0.57% at 36,909.50. India on Monday revoked a constitutional provision giving Kashmir the authority to make its own laws, potentially stoking tension in the Himalayan region, which has been a flashpoint in ties with neighbouring Pakistan. The move further raised investor uncertainty at a time when they are already grappling with slowing economic growth and a credit squeeze. Investors were also awaiting the Reserve Bank of India's (RBI) policy decision on Wednesday. A Reuters poll last month showed the central bank was set to cut interest rates further as the country looks to stimulate growth and spending. Finance minister Nirmala Sitharaman also said her department would hold talks with foreign portfolio investors (FPIs) about the tax surcharge on certain high-value investments, Mint reported. "Domestically, the negative news flow may be behind us for the time being. There is hope in markets that the government may revive the economy and they are rallying on that hope," said Neeraj Dewan, a director at Quantum Securities. "People are expecting the RBI to cut rates and the finance minister's statements about FPIs are also giving hope." Banks and auto indexes led gains. The Nifty public sector banks index rose 1.5%, while the auto index was up 1%. The IT index was flat in early trade as the rupee firmed after touching a five-month low on Monday. Indiabulls Housing Finance led the gains among NSE stocks, rising 1.8%, while Yes Bank and IndusInd Bank rose about 1.5% each. Tata Motors rose 1.8%. Among losers, IT heavyweight Tata Consultancy Services dropped 0.7%, while Zee Entertainment Enterprises was down 1.8% Meanwhile, Asian peers languished after the Chinese yuan fell to a 11-year low in an escalating trade war between Beijing and Washington. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

Nifty, Sensex edge higher ahead of RBI's policy outcome

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US&nbsp;and China.

Brent prices have plunged 7.6% since their close on July 31, the day before US&nbsp;President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day.

Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand.

Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January&nbsp;14.

West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel.

"The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits.

The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer.

"Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US&nbsp;agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York.

Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said.

"Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note.

Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel.

Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions.

Oil prices may find some support later this week with a preliminary Reuters poll showing US&nbsp;crude oil inventories were expected to fall for an eighth consecutive week.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China.

Brent crude rose on Tuesday, after earlier falling to its lowest since January, as traders betting on falling prices bought back contracts to lock in profits from recent declines caused by the escalating trade dispute between the US and China. Brent prices have plunged 7.6% since their close on July 31, the day before US President Donald Trump vowed to impose new tariffs on Chinese imports, causing China to retaliate against agricultural imports from the United States, which responded to a decline in the Chinese yuan on Monday by branding the country a currency manipulator later in the day. Brent fell more than 3% on Monday as traders are concerned the ongoing trade dispute between the world's two biggest oil buyers will dent demand. Brent crude futures climbed 47 cents, or 0.8%, to $60.28 a barrel by 0351 GMT after earlier dipping to $59.07, their lowest since January 14. West Texas Intermediate (WTI) crude futures rose 47 cents, or 0.9%, to $55.16 per barrel. "The market is back short-covering and there's also some amount of profit-booking today," said Sukrit Vijayakar, director of Indian energy consultancy Trifecta, referring to when traders with short positions, or bets on falling prices, buy back futures to lock in profits. The United States accused Beijing of manipulating its currency after China let the yuan drop to its lowest point in more than a decade. The falling yuan would support Chinese exports by making them cheaper but would raise the cost of oil imports that are priced in dollars. China is the world's biggest oil importer. "Oil prices can't shake off falling demand concerns, as China's latest escalation with devaluing the yuan and limiting US agricultural purchases derail hopes for a trade deal to be reached this year," said Edward Moya, senior market analyst at OANDA in New York. Concerns that the trade conflict has entered a phase of retaliatory action was weighing down on the sentiments in the oil market, which at the moment is taking lesser notice of the Middle East tensions, analysts said. "Despite the ongoing threat of supply disruption in the Middle East, it is clear that the US-China trade dispute is of more significant concern at the moment," Stephen Innes, managing partner at VM Markets said in a note. Iran on Monday said it will no longer tolerate "maritime offences" in the Strait of Hormuz, a day after it seized a second oil tanker near the strategic waterway that it accused of smuggling fuel. Iran's seizure of the Iraqi oil tanker had raised some concerns about potential Middle East supply disruptions. Oil prices may find some support later this week with a preliminary Reuters poll showing US crude oil inventories were expected to fall for an eighth consecutive week.

Oil prices rise, escalating US-China trade war caps gains

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">China's tumbling yuan</a> steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US&nbsp;trade tensions.

The <a href="https://www.wionews.com/business-economy/chinese-yuan-falls-to-weakest-level-against-the-dollar-since-2010-240743">currency has slumped 2.3% over the past three days</a> and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war.

On Monday, US&nbsp;Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows.

The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout.

"(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong.

"Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures."

The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar.

The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations.

The PBOC's announcement of a sale of 30 billion yuan&nbsp;worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling.

The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596.

However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession.

The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses.

"Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong

"The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac.

Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week.

"We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients.

"As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions.

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions. The currency has slumped 2.3% over the past three days and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war. On Monday, US Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows. The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout. "(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong. "Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures." The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar. The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations. The PBOC's announcement of a sale of 30 billion yuan worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling. The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596. However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession. The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses. "Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong "The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac. Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week. "We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients. "As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's yuan steadies but stocks plunge as trade tensions grow

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk.

US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing.

"Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank.

"In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China."

The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January.

The Shanghai Composite Index retreated 2%.

Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%.

"Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities.

"The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all."

S&amp;P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war.

MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday.

The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008.

China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945.

The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290.

The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar.

Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum.

The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016.

Japan's 10-year yield fell to a three-year trough of minus 0.215%.

Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war.

Global stocks extended already substantial losses on Tuesday as China's yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the US-China trade war. Safe-haven assets, including bonds and some currencies such as the yen and Swiss franc, benefited as investors scurried to avoid risk. US Treasury Secretary Steven Mnuchin said on Monday the government had determined that China is manipulating its currency, and that Washington would engage the International Monetary Fund to eliminate unfair competition from Beijing. "Given the fragile state of markets, this is likely to be viewed as an escalation of the trade war and exacerbate the market sell-off," wrote Steve Englander, head of global G10 FX research at Standard Chartered Bank. "In market terms, the designation, however meretricious, will likely be seen as a further ramping up of the trade dispute and possibly leading to some reaction by China." The Trump administration's dramatic move against China hastened the risk aversion seen in global markets this week. On Monday, China let the yuan slide in response to the latest US tariffs, which are expected to further aggravate trade tensions between the world's two largest economies. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.5% to its lowest level since January. The Shanghai Composite Index retreated 2%. Japan's Nikkei shed 2.1%, Australian stocks fell 2.3% and South Korea's KOSPI slid 1.6%. "Following the latest development in the US-China trade war, all the economic views and moves in the currency and equity markets are driven by a 'risk off' mentality, which in turn is boosting bonds," said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities. "The fact that US yields are falling sharply even though Federal Reserve Chairman Jerome Powell did not signal further easing explains it all." S&P 500 futures were down 0.5% in Asian trade. Wall Street's major indexes posted their biggest percentage drop of the year on Monday on concerns about the US-China trade war. MSCI's All Country World Index, which tracks shares in 47 countries, extended last week's slide and slumped 2.5% to a two-month low on Monday. The Chinese yuan onshore fell to an 11-year low on Tuesday, brushing 7.0699 per dollar. In a symbolic move, Beijing let the yuan breach 7-per-dollar on Monday for the first time since late 2008. China's offshore yuan stretched the previous day's slide, weakening to 7.1288, the lowest level since international trading in the Chinese currency began in 2010. It last traded at 7.0945. The Japanese yen, a perceived safe-haven in times of market turmoil and political tensions, touched a seven-month high of 105.520 per dollar before slipping back to 106.290. The Swiss franc, another currency sought in times of turmoil, has gained roughly 1% against the dollar this week. It touched a six-week peak of 0.9700 franc per dollar. Investor demand for other safe-havens such government bonds also remained high as risk aversion gathered momentum. The 10-year US Treasury yield extended sharp falls overnight and declined to 1.672%, its lowest since October 2016. Japan's 10-year yield fell to a three-year trough of minus 0.215%. Brent crude oil futures plumbed a seven-month low of $59.07 per barrel as the trade war raised concerns about lower demand for commodities. Brent last traded at $59.89.

Stock losses steepen as US puts yuan in crosshairs

Apple Inc rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs Group Inc on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank's new consumer business.

Apple announced the card in March, aiming to draw in iPhone owners by offering a card with 2% cashback on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy.

For Goldman, the issuing bank, the card builds on a foray into its Marcus consumer banking brand, started in 2015.

Apple said a limited number of consumers who expressed interest in the card will start to receive sign-up invitations on Tuesday.

The card is designed to work with the iPhone, where users sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system.

Apple offers an option for a physical card made of titanium, but the physical card has no visible number. Instead, the card's number is stored in a secure chip inside the iPhone, which generates virtual numbers for online or over-the-phone purchases requiring a number.

Apple has focused on privacy, saying that purchase information is stored on the user's iPhone and that it cannot see the information.&nbsp;

Goldman will not be allowed to use data for marketing purposes, even for selling other Goldman products.

Gene Munster, managing partner with Loup Ventures and a longtime Apple watcher, said Apple Card adoption is likely to be low in the first year, but that Apple Card could generate about $1.4 billion of high-margin revenue by 2023, adding about 1.8% to Apple's overall earnings and complementing the much larger Apple Pay business for total payments revenue of $5.38 billion by 2023. Apple has roughly 50 million US Apple Pay users now.

But at Apple's size - $265.6 billion in sales for fiscal 2018 - the revenue matters less than the effect on keeping Apple customers tied to its brand, analysts said, said Ben Bajarin, an analyst at Creative Strategies. 
"If it works, it's one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along," he said

Apple Inc rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs Group Inc on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank's new consumer business.

Apple Inc rolled out its virtual credit card on Tuesday, working with bank Goldman Sachs Group Inc on the new iPhone add-on that may help Apple diversify from device sales and build out the Wall Street bank's new consumer business. Apple announced the card in March, aiming to draw in iPhone owners by offering a card with 2% cashback on purchases with the Apple Pay service, no fees, an app to manage related finances, and a focus on data privacy. For Goldman, the issuing bank, the card builds on a foray into its Marcus consumer banking brand, started in 2015. Apple said a limited number of consumers who expressed interest in the card will start to receive sign-up invitations on Tuesday. The card is designed to work with the iPhone, where users sign up for the card and can start using it immediately if approved via the Apple Wallet app and Apple Pay system. Apple offers an option for a physical card made of titanium, but the physical card has no visible number. Instead, the card's number is stored in a secure chip inside the iPhone, which generates virtual numbers for online or over-the-phone purchases requiring a number. Apple has focused on privacy, saying that purchase information is stored on the user's iPhone and that it cannot see the information. Goldman will not be allowed to use data for marketing purposes, even for selling other Goldman products. Gene Munster, managing partner with Loup Ventures and a longtime Apple watcher, said Apple Card adoption is likely to be low in the first year, but that Apple Card could generate about $1.4 billion of high-margin revenue by 2023, adding about 1.8% to Apple's overall earnings and complementing the much larger Apple Pay business for total payments revenue of $5.38 billion by 2023. Apple has roughly 50 million US Apple Pay users now. But at Apple's size - $265.6 billion in sales for fiscal 2018 - the revenue matters less than the effect on keeping Apple customers tied to its brand, analysts said, said Ben Bajarin, an analyst at Creative Strategies. "If it works, it's one more thing that causes you to stay deeply loyal and entrenched in the Apple ecosystem, even if something better comes along," he said

Apple, Goldman Sachs start issuing Apple Cards to consumers

China's decision to lower the value of renminbi has angered the United States which has accused Beijing of manipulating its currency. Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade - provoking US President Donald Trump's ire and sending global equities markets diving into the red.

So what exactly is currency manipulation? To put it simply, a country indulges in currency manipulation when it artificially lowers the value of its own currency. In turn, it lowers the cost of its exports to gain a competitive advantage.

The move will help maintain the attractiveness of Chinese goods, and keep its exports at a favourable prices.

The US called it an unfair practice; in fact Washington has threatened to impose more tariffs on Chinese goods from September 1. But Beijing said it lowered the value of its currency to balance out the adverse impact of high US tariffs on Chinese exports.

On the positive side, currency devaluation strengthens the sales and revenue of domestic industry. But on the negative side, due to high import cost, people may choose not to buy imported goods, which could lead to inflation or sometimes monopoly in the local market.

An immediate impact of currency devaluation by China could be felt by Indian exporters. If Chinese exports become more attractive, it will make it that much more difficult for Indian exports.

The Indian rupee is already trading higher, at 70.80 per dollar.

Some Asian countries could follow suit by lowering their own currencies which would potentially affect the global supply chain.

The second major battle between the US and China - amid the trade war - has sapped business confidence and undermined both countries' manufacturing sectors just as the world economy's slowdown worsens.

Activity in the US service sector hit a three-year low last month, survey data showed Monday, confirming a step-down in US economic growth.

China's decision to lower the value of renminbi has angered the United States which has accused Beijing of manipulating its currency. Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade - provoking US President Donald Trump's ire and sending global equities markets diving into the red.

China's decision to lower the value of renminbi has angered the United States which has accused Beijing of manipulating its currency. Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade - provoking US President Donald Trump's ire and sending global equities markets diving into the red. So what exactly is currency manipulation? To put it simply, a country indulges in currency manipulation when it artificially lowers the value of its own currency. In turn, it lowers the cost of its exports to gain a competitive advantage. The move will help maintain the attractiveness of Chinese goods, and keep its exports at a favourable prices. The US called it an unfair practice; in fact Washington has threatened to impose more tariffs on Chinese goods from September 1. But Beijing said it lowered the value of its currency to balance out the adverse impact of high US tariffs on Chinese exports. On the positive side, currency devaluation strengthens the sales and revenue of domestic industry. But on the negative side, due to high import cost, people may choose not to buy imported goods, which could lead to inflation or sometimes monopoly in the local market. An immediate impact of currency devaluation by China could be felt by Indian exporters. If Chinese exports become more attractive, it will make it that much more difficult for Indian exports. The Indian rupee is already trading higher, at 70.80 per dollar. Some Asian countries could follow suit by lowering their own currencies which would potentially affect the global supply chain. The second major battle between the US and China - amid the trade war - has sapped business confidence and undermined both countries' manufacturing sectors just as the world economy's slowdown worsens. Activity in the US service sector hit a three-year low last month, survey data showed Monday, confirming a step-down in US economic growth.

Explained: What is currency manipulation and how China's move can impact India