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Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment.

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economy.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from September 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in postive territory.

Meanwhile, sugar producers like EID-Parry (India) Ltd gained as much as 2.45% and Rana Sugars Ltd surged 6.98% after India's cabinet approved incentives of 62.68 billion rupees to help cash-strapped mills to export 6 million tonnes of sugar in the 2019/20 marketing year starting from October 1.

Shares of Sun Pharmaceutical Industries Ltd was the top gainer on the NSE index, rising as much as 4.49%. Media reports https://www.business-standard.com/article/markets/sebi-inquiry-clears-sun-pharma-finds-no-merit-in-allegations-of-fraud-119082801436_1.html on Thursday said an enquiry by the Securities and Exchange Board of India (SEBI) had found no merit in allegation of violation of securities laws by the firm.

On Wednesday late evening, India's federal cabinet approved further liberalizing of foreign direct investment (FDI) rules in digital media, coal mining, associated infrastructure and sales of fuels in an attempt to get economic growth back on track.

Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment.

Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-US trade relations marred investor sentiment. The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80. Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat. Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday. "Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai. "The outcome of the trade war is also uncertain." The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits. Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economy. Indian markets are likely to see some volatility ahead of August derivative contracts' expiry. Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from September 27. The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red. Only 10 of the 50 stocks on the NSE blue-chip index were trading in postive territory. Meanwhile, sugar producers like EID-Parry (India) Ltd gained as much as 2.45% and Rana Sugars Ltd surged 6.98% after India's cabinet approved incentives of 62.68 billion rupees to help cash-strapped mills to export 6 million tonnes of sugar in the 2019/20 marketing year starting from October 1. Shares of Sun Pharmaceutical Industries Ltd was the top gainer on the NSE index, rising as much as 4.49%. Media reports https://www.business-standard.com/article/markets/sebi-inquiry-clears-sun-pharma-finds-no-merit-in-allegations-of-fraud-119082801436_1.html on Thursday said an enquiry by the Securities and Exchange Board of India (SEBI) had found no merit in allegation of violation of securities laws by the firm. On Wednesday late evening, India's federal cabinet approved further liberalizing of foreign direct investment (FDI) rules in digital media, coal mining, associated infrastructure and sales of fuels in an attempt to get economic growth back on track.

Sensex and Nifty fall on recession worries; financials, metals drag

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.38%, Singapore shares hit eight-month lows, while Japan's Nikkei shed 0.44%.

On Wall Street, the S&amp;P 500 gained 0.65% on Wednesday due in part to gains in the energy sector following a rebound in oil prices. But U.S. stock futures lost 0.4% in Asia.

Bond markets around the world painted a gloomier picture, with yields on 30-year US Treasuries and 10-year German bunds yield both hitting record lows - 1.905 per cent and minus 0.716 per cent on Wednesday.

Inversion remains a prominent feature across the US&nbsp;yield curve, where long-dated yields are below short-dated ones, an unsettling sign as yield curve inversions have been a reliable leading indicator of future US recessions.

Italy's 10-year bond yield briefly fell below 1% for the first time ever.&nbsp;

The rush to buy Italian debt, which carries higher yields than the 'core' eurozone countries, was in part prompted by growing hopes that a new government will soon be formed in Rome and a new election averted.

In Asia, the 10-year Japanese government bond yield dipped 1 basis point to minus 0.285%, just above its record low of minus 0.300% touched in 2016.

"Falls in global bond yields reflect growing concerns that long-term global growth is slowing down on U.S.-China tensions and worries over subsequent global supply chain disruptions," said Tomoo Kinoshita, global market strategist at Invesco Asset Management in Tokyo.

"Stock markets, on the other hand, are supported in the near-term by hopes of more stimulus, notably from the Federal Reserve and the European Central Bank," he said.

The two major central banks are expected to cut rates next month, while many investors believe the Bank of Japan could join the fray if market sentiment weakens further.

The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and December 15.

That means products such as smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear will be levied from next month, raising worries about US consumption, one of the few remaining bright spots in the world economy.

The precious metal markets highlighted investors' quest to buy safer assets.

Gold rose 0.17% to $1,541.3 per ounce, near six-year highs of $1,556.1 set earlier in the week while silver extended its bull run and rose 0.85% to fetch $18.32 per ounce, edging near its 2017 peak.

Sharp falls in bond yields, however, have some investors worried that the recent rally in bond prices may have gone too far.

The 30-year U.S. bond yield, now at 1.921%, has fallen 60 basis points so far this month, to slip below dividend yield of U.S. shares, which stood at 2.04%.

"Yields may have fallen to unjustifiable levels even if one bets on a long-term stagnation in the global economy. And when we had a major bond correction in Europe four years ago, the adjustment was quite sharp," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo.

In the currency market, the yen gained 0.2% to 105.90 per dollar while the New Zealand dollar slipped 0.4% to four-year lows on grim domestic business sentiment data.

The euro was steady at $1.1084.

The MSCI emerging market currency index is at its lowest levels since mid-November, having fallen 0.9% so far this week and on course to mark its biggest monthly fall in more than seven years driven by worries about a global slowdown.

The British pound licked its wounds at $1.2200, having slumped 0.61% the previous day as the most serious UK political crisis in decades deepened after Prime Minister Boris Johnson decided to suspend Britain's parliament for more than a month before Brexit.

The move will limit the time opponents have to derail a disorderly Brexit but also increases the chance that Johnson could face a vote of no-confidence in his government, and possibly an election.

"From an economic point of view, actively pursuing a no-deal Brexit through suspending parliament is tantamount to actively pursuing a recession," said Seema Shah, Chief Strategist, Principal Global Investors in London.

Concerns about Brexit are already taking a toll on Europe, with the recent export slump in Germany driven mainly by weaker sales to Britain rather than the broader trade war.

Oil prices held firm after a gain of nearly 2% in the previous session as a larger-than-expected decline in U.S. crude stockpiles helped ease worries about weakening oil demand.

In Asia Brent crude futures fell 0.1% to $60.43 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.18% to $55.88 per barrel.

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.

Global bond yields flirted with record lows while stocks struggled to recover on Thursday, as global recession worries from intensifying US-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.38%, Singapore shares hit eight-month lows, while Japan's Nikkei shed 0.44%. On Wall Street, the S&P 500 gained 0.65% on Wednesday due in part to gains in the energy sector following a rebound in oil prices. But U.S. stock futures lost 0.4% in Asia. Bond markets around the world painted a gloomier picture, with yields on 30-year US Treasuries and 10-year German bunds yield both hitting record lows - 1.905 per cent and minus 0.716 per cent on Wednesday. Inversion remains a prominent feature across the US yield curve, where long-dated yields are below short-dated ones, an unsettling sign as yield curve inversions have been a reliable leading indicator of future US recessions. Italy's 10-year bond yield briefly fell below 1% for the first time ever. The rush to buy Italian debt, which carries higher yields than the 'core' eurozone countries, was in part prompted by growing hopes that a new government will soon be formed in Rome and a new election averted. In Asia, the 10-year Japanese government bond yield dipped 1 basis point to minus 0.285%, just above its record low of minus 0.300% touched in 2016. "Falls in global bond yields reflect growing concerns that long-term global growth is slowing down on U.S.-China tensions and worries over subsequent global supply chain disruptions," said Tomoo Kinoshita, global market strategist at Invesco Asset Management in Tokyo. "Stock markets, on the other hand, are supported in the near-term by hopes of more stimulus, notably from the Federal Reserve and the European Central Bank," he said. The two major central banks are expected to cut rates next month, while many investors believe the Bank of Japan could join the fray if market sentiment weakens further. The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of Sept. 1 and December 15. That means products such as smartwatches, Bluetooth headphones, flat panel televisions and many types of footwear will be levied from next month, raising worries about US consumption, one of the few remaining bright spots in the world economy. The precious metal markets highlighted investors' quest to buy safer assets. Gold rose 0.17% to $1,541.3 per ounce, near six-year highs of $1,556.1 set earlier in the week while silver extended its bull run and rose 0.85% to fetch $18.32 per ounce, edging near its 2017 peak. Sharp falls in bond yields, however, have some investors worried that the recent rally in bond prices may have gone too far. The 30-year U.S. bond yield, now at 1.921%, has fallen 60 basis points so far this month, to slip below dividend yield of U.S. shares, which stood at 2.04%. "Yields may have fallen to unjustifiable levels even if one bets on a long-term stagnation in the global economy. And when we had a major bond correction in Europe four years ago, the adjustment was quite sharp," said Yoshinori Shigemi, global market strategist at JPMorgan Asset Management in Tokyo. In the currency market, the yen gained 0.2% to 105.90 per dollar while the New Zealand dollar slipped 0.4% to four-year lows on grim domestic business sentiment data. The euro was steady at $1.1084. The MSCI emerging market currency index is at its lowest levels since mid-November, having fallen 0.9% so far this week and on course to mark its biggest monthly fall in more than seven years driven by worries about a global slowdown. The British pound licked its wounds at $1.2200, having slumped 0.61% the previous day as the most serious UK political crisis in decades deepened after Prime Minister Boris Johnson decided to suspend Britain's parliament for more than a month before Brexit. The move will limit the time opponents have to derail a disorderly Brexit but also increases the chance that Johnson could face a vote of no-confidence in his government, and possibly an election. "From an economic point of view, actively pursuing a no-deal Brexit through suspending parliament is tantamount to actively pursuing a recession," said Seema Shah, Chief Strategist, Principal Global Investors in London. Concerns about Brexit are already taking a toll on Europe, with the recent export slump in Germany driven mainly by weaker sales to Britain rather than the broader trade war. Oil prices held firm after a gain of nearly 2% in the previous session as a larger-than-expected decline in U.S. crude stockpiles helped ease worries about weakening oil demand. In Asia Brent crude futures fell 0.1% to $60.43 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.18% to $55.88 per barrel.

Global markets: Bonds reign supreme, equities struggle on recession, Brexit fears

India&nbsp;is targeting companies including <a href="https://www.wionews.com/world/apples-data-shows-a-deepening-dependence-on-china-as-trumps-tariffs-loom-246416">Apple</a>, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters.

Several&nbsp;Indian officials met on August&nbsp;14 and discussed a list of "target companies" that also include Taiwan-headquartered contract manufacturer Pegatron Corp, a source with direct knowledge said.

The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs.

Amid suggestions that&nbsp;India&nbsp;is late to capitalise on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest&nbsp;India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted.

The document said the government will meet companies between August&nbsp;26 and September&nbsp;5 to suggest the best investment zones for their operations. State governments will also participate.

A "complete package" detailing market factors and&nbsp;Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the August&nbsp;14 meeting seen by Reuters.

Apple, Wistron, Pegatron and Foxconn did not respond to a request for comment.

It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows&nbsp;India&nbsp;wants to explore opportunities and move swiftly, even as some fear it has missed the bus.

As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say.

Alphabet Inc's Google is shifting its Pixel smartphone production to Vietnam from China starting this year, the Nikkei business daily reported on Wednesday.

"There is one other monster country that has a huge domestic market,&nbsp;India, but they have got to get moving," said Richard Rossow, a US-India&nbsp;specialist at the Center for Strategic and International Studies in Washington.

"There is no time to waste in catching that new wave and in fact the question is: Have they already missed it?"

Benefitting from tariffs war

The Sino-US trade war has also rattled global automotive supply chains and affected big automakers.

Indian officials this week separately met local delegates of automakers including Volkswagen, Hyundai Motor Co and Honda Motor Co to see if they would consider moving some supply chain operations from China to&nbsp;India, according to the source and an industry official who attended the meeting.

"The government is looking at it as a great opportunity," said the industry official.

Honda declined to comment, while Volkswagen and Hyundai did not respond to Reuters' request.

The protracted trade dispute has also jolted Apple, which faces levies of 15% imposed by the US administration on major products made in China such as smartwatches on September&nbsp;1, with a tariff on its iPhone to take effect on December&nbsp;15.

India&nbsp;is the world's second-biggest smartphone market with huge room for growth. But while the likes of Foxconn, which assembles Apple phones in&nbsp;India, have deepened their&nbsp;India&nbsp;presence, executives say nations such as China offer a more skilled workforce and a better-organised components ecosystem.

A senior smartphone industry executive in&nbsp;India&nbsp;said future corporate investment decisions would rely mostly on whether a country can offer policy stability and faster clearances.

"Vietnam at the end of the day is a small country and the potential of growing to super-scale, multi-tier supply chain capability is not possible," said the executive.

The&nbsp;Indian government will also share a list of foreign companies with its consulates which will be tasked to fix meetings with the firms at their headquarters.

"This exercise to start first with Chinese companies based in China and to be completed before 15th of September 2019, including one-on-one meetings," the document said.

India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters.

India is targeting companies including Apple, Foxconn and Wistron Corp with a charm offensive aimed at encouraging them to shift business out of trade war-hit China, according to a source and a document seen by Reuters. Several Indian officials met on August 14 and discussed a list of "target companies" that also include Taiwan-headquartered contract manufacturer Pegatron Corp, a source with direct knowledge said. The dispute between the United States and China, the world's two largest economies, has led to higher tariffs on goods worth billions of dollars and disrupted global supply chains, prompting companies to look at other investment avenues to escape higher tariffs. Amid suggestions that India is late to capitalise on the trade war, government ministries have been asked to submit their policies and incentive structures to Invest India, the country's foreign investment promotion agency. Nine sectors including electronics, autos pharmaceuticals and telecoms will be targeted. The document said the government will meet companies between August 26 and September 5 to suggest the best investment zones for their operations. State governments will also participate. A "complete package" detailing market factors and Indian incentives on offer will then be readied for presenting to potential investors, according to the government record of the August 14 meeting seen by Reuters. Apple, Wistron, Pegatron and Foxconn did not respond to a request for comment. It is not clear whether the government will dole out new incentives or just detail existing ones, but the document shows India wants to explore opportunities and move swiftly, even as some fear it has missed the bus. As companies think about rebuilding supply chains outside of China, a major global manufacturing hub, nations such as Vietnam have emerged as top destinations given the faster clearances and stable policies they offer, industry experts say. Alphabet Inc's Google is shifting its Pixel smartphone production to Vietnam from China starting this year, the Nikkei business daily reported on Wednesday. "There is one other monster country that has a huge domestic market, India, but they have got to get moving," said Richard Rossow, a US-India specialist at the Center for Strategic and International Studies in Washington. "There is no time to waste in catching that new wave and in fact the question is: Have they already missed it?" Benefitting from tariffs war The Sino-US trade war has also rattled global automotive supply chains and affected big automakers. Indian officials this week separately met local delegates of automakers including Volkswagen, Hyundai Motor Co and Honda Motor Co to see if they would consider moving some supply chain operations from China to India, according to the source and an industry official who attended the meeting. "The government is looking at it as a great opportunity," said the industry official. Honda declined to comment, while Volkswagen and Hyundai did not respond to Reuters' request. The protracted trade dispute has also jolted Apple, which faces levies of 15% imposed by the US administration on major products made in China such as smartwatches on September 1, with a tariff on its iPhone to take effect on December 15. India is the world's second-biggest smartphone market with huge room for growth. But while the likes of Foxconn, which assembles Apple phones in India, have deepened their India presence, executives say nations such as China offer a more skilled workforce and a better-organised components ecosystem. A senior smartphone industry executive in India said future corporate investment decisions would rely mostly on whether a country can offer policy stability and faster clearances. "Vietnam at the end of the day is a small country and the potential of growing to super-scale, multi-tier supply chain capability is not possible," said the executive. The Indian government will also share a list of foreign companies with its consulates which will be tasked to fix meetings with the firms at their headquarters. "This exercise to start first with Chinese companies based in China and to be completed before 15th of September 2019, including one-on-one meetings," the document said.

India to woo foreign firms like Apple to capitalise on US-China trade war

The <a href="https://www.wionews.com/business-economy/fixing-weak-growth-is-highest-priority-rbi-policy-minutes-244660">Reserve Bank of India</a> on Thursday released its annual report wherein it stated that the number of frauds reported by banks has shot up by 15 per cent in the financial 2018-19 on a year-on-year basis.&nbsp;

The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years.&nbsp;The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year.

"The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website.&nbsp;

The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks.&nbsp;

"The Reserve Bank would coordinate with various agencies including Ministry of Corporate Affairs to examine the feasibility of interlinking various databases and information systems to improve the system of fraud monitoring and take necessary corrective regulatory and supervisory action," it said.

The RBI, in its report, also enumerated ways to improve the fraud risk management framework for banks.

- It proposed to revise the master directions on frauds to incorporate new instructions in the light of experience gained.

- Conduct workshops on frauds for the bankers based on comprehensive reviews, to sensitise them on fraud prevention, prompt/ accurate reporting and follow up action.

- Create a more user-friendly fraud registry and improve the current system of fraud analytics.

The RBI also proposed to create a mechanism "for sharing of fraud-related information among UCBs on similar lines of CFR that is in place for commercial banks."

It said that the move will "enable the sharing of information on frauds in a timely and uniform manner across the sector".

The Reserve Bank of India on Thursday released its annual report wherein it stated that the number of frauds reported by banks has shot up by 15 per cent in the financial 2018-19 on a year-on-year basis.

The Reserve Bank of India on Thursday released its annual report wherein it stated that the number of frauds reported by banks has shot up by 15 per cent in the financial 2018-19 on a year-on-year basis. The amount involved in such frauds rose by 73.8 per cent, though mostly related to occurrences in earlier years. The banking sector reported 6,801 frauds involving Rs 71,542.93 crore in the financial year 2018-19 as opposed to 5,916 cases involving Rs 41,167.04 crore reported in the previous financial year. "The average lag between the date of occurrence and its detection by banks was 22 months," while the "average lag for large frauds, i.e. Rs 1 billion and above, amounting to Rs 522 billion reported during 2018-19, was 55 months," the top bank stated in its report which was uploaded on its website. The bulk of frauds reported in 2018-19 come from bank groups PSBs that constitute the largest market share in bank lending, followed by private sector banks and foreign banks. "The Reserve Bank would coordinate with various agencies including Ministry of Corporate Affairs to examine the feasibility of interlinking various databases and information systems to improve the system of fraud monitoring and take necessary corrective regulatory and supervisory action," it said. The RBI, in its report, also enumerated ways to improve the fraud risk management framework for banks. - It proposed to revise the master directions on frauds to incorporate new instructions in the light of experience gained. - Conduct workshops on frauds for the bankers based on comprehensive reviews, to sensitise them on fraud prevention, prompt/ accurate reporting and follow up action. - Create a more user-friendly fraud registry and improve the current system of fraud analytics. The RBI also proposed to create a mechanism "for sharing of fraud-related information among UCBs on similar lines of CFR that is in place for commercial banks." It said that the move will "enable the sharing of information on frauds in a timely and uniform manner across the sector".

Bank frauds climb 74% to Rs 71,543 Crore In FY19: RBI annual report

SBI Card &amp; Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said.

"Roughly about an 8 per cent&nbsp;stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public.

This would value the overall business at about 1 trillion rupees ($14 billion).&nbsp;

SBI and SBI Card did not immediately respond to requests for comment.&nbsp;

At the end of March 31, 2019, SBI Card, which is 74 per cent&nbsp;owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees.

India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards.&nbsp;

SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued.&nbsp;

Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base.&nbsp;

SBI's management has been looking at selling its investment in non-core assets to raise capital.&nbsp;

SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO.&nbsp;

It was the biggest IPO after Coal India's in 2010.&nbsp;

&nbsp;

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said.

SBI Card & Payments Services Ltd, the credit card subsidiary of State Bank of India (SBI), plans to raise about 80 billion Indian rupees ($1.12 billion) via an initial public offering this year, a senior SBI executive involved in the process said. SBI has already tapped banks to run the IPO process and a listing is expected to happen in the last quarter of this financial year, bank officials have previously said. "Roughly about an 8 per cent stake will be divested and after seeing the valuations and the inputs we are getting it would translate to 80 billion rupees," said the source directly involved in the process, who asked not to be named as the details are not public. This would value the overall business at about 1 trillion rupees ($14 billion). SBI and SBI Card did not immediately respond to requests for comment. At the end of March 31, 2019, SBI Card, which is 74 per cent owned by SBI and 26 per cent by U.S private equity firm Carlyle Group, had total assets worth 195.93 billion rupees. India's credit card market is still small compared to its debit card market. The latest regulatory data shows that there were 49.6 million credit cards in circulation in the country, compared with 836 million debit cards. SBI Card is the second-largest credit card issuer in the country, with 8.8 million outstanding cards as of June 30. It only trails private lender HDFC Bank in terms of the number of cards issued. Earlier this year, home-grown ride hailing company Ola had partnered with SBI Card to launch a co-branded credit card, allowing the company to expand its customer base. SBI's management has been looking at selling its investment in non-core assets to raise capital. SBI Card will be SBI's second subsidiary to be listed. In 2017, the bank's life insurance business SBI Life Insurance was listed in a 84 billion rupees IPO. It was the biggest IPO after Coal India's in 2010.

SBI's credit card business aims to raise $1.1 billion via IPO: Report

Benchmark indices extended early losses and lurched lower at the closing bell on Thursday as a gloomy outlook for the domestic economy and US-China trade war kept investors away from riskier equities.

The government has announced a string of measures to boost the economy and relaxed rules for foreign direct investment in digital media, coal mining and retail.

But these macroeconomic policy moves have failed to uplift market sentiment.

The BSE S&amp;P Sensex closed 373 points or 1 per cent lower at 37,069 while the Nifty 50 edged lower by 98 points to 10,948.

At the National Stock Exchange, most sectoral indices were in the red with Nifty PSU bank down by 2.5 per cent, financial services by 1.8 per cent, private bank by 1.5 per cent and auto by 0.4 per cent.

Among stocks, private lender Yes Bank dropped by 3.3 per cent to close at Rs 57.50 per share after Moody's Investors Service downgraded its long-term foreign-currency issuer rating to Ba3 from Ba1.

Kotak Mahindra and Axis Bank slipped by 2.2 per cent each while ICICI Bank edged lower by 1.6 per cent.

Government-owned State Bank of India suffered a 3.3 per cent fall and closed at Rs 275.50 per share.

The other prominent losers were HDFC, ITC, Reliance Industries, Mahindra &amp; Mahindra and Tata Motors.However, Sun Pharma, Bharti Infratel, JSW Steel, Vedanta and Coal India were in the positive zone with gains ranging between 2.5 and 5 per cent.

CG Power and Industrial Solutions gained by 4.74 per cent to close at Rs 9.95 per share after its board of directors resolved to remove Gautam Thapar as the chairman with immediate effect.

Meanwhile, Asian shares edged lower as global recession worries from intensifying US-China frictions and signals of a no-deal Brexit drove investors to safer harbours.

MSCI's broadest index of Asia Pacific shares outside Japan fell 0.38 per cent. South Korea's KOSPI index lowered by 0.4 per cent, Chinese shares dipped by 0.1 per cent while Japan's Nikkei shed 0.09 per cent.&nbsp;

 
&nbsp;

Benchmark indices extended early losses and lurched lower at the closing bell on Thursday as a gloomy outlook for the domestic economy and US-China trade war kept investors away from riskier equities.

Benchmark indices extended early losses and lurched lower at the closing bell on Thursday as a gloomy outlook for the domestic economy and US-China trade war kept investors away from riskier equities. The government has announced a string of measures to boost the economy and relaxed rules for foreign direct investment in digital media, coal mining and retail. But these macroeconomic policy moves have failed to uplift market sentiment. The BSE S&P Sensex closed 373 points or 1 per cent lower at 37,069 while the Nifty 50 edged lower by 98 points to 10,948. At the National Stock Exchange, most sectoral indices were in the red with Nifty PSU bank down by 2.5 per cent, financial services by 1.8 per cent, private bank by 1.5 per cent and auto by 0.4 per cent. Among stocks, private lender Yes Bank dropped by 3.3 per cent to close at Rs 57.50 per share after Moody's Investors Service downgraded its long-term foreign-currency issuer rating to Ba3 from Ba1. Kotak Mahindra and Axis Bank slipped by 2.2 per cent each while ICICI Bank edged lower by 1.6 per cent. Government-owned State Bank of India suffered a 3.3 per cent fall and closed at Rs 275.50 per share. The other prominent losers were HDFC, ITC, Reliance Industries, Mahindra & Mahindra and Tata Motors.However, Sun Pharma, Bharti Infratel, JSW Steel, Vedanta and Coal India were in the positive zone with gains ranging between 2.5 and 5 per cent. CG Power and Industrial Solutions gained by 4.74 per cent to close at Rs 9.95 per share after its board of directors resolved to remove Gautam Thapar as the chairman with immediate effect. Meanwhile, Asian shares edged lower as global recession worries from intensifying US-China frictions and signals of a no-deal Brexit drove investors to safer harbours. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.38 per cent. South Korea's KOSPI index lowered by 0.4 per cent, Chinese shares dipped by 0.1 per cent while Japan's Nikkei shed 0.09 per cent.

Sensex falls by 383 points, Nifty closes at 10,948 as bank stocks underperform

Union Civil Aviation Minister Hardeep Singh Puri on Thursday said that the government is determined to privatise Air India and people are interested in buying it.

"The government's determination to privatise Air India is a given. We have to get the best possible deal and get it in the shortest time available. People are very much interested in acquiring Air India," said Puri.

"Procedure involved in the formation of an alternate mechanism, a Group of Ministers (GoM) headed by Union Home Minister Amit Shah has been formed. A meeting at Cabinet Secretariat level has also taken place," he added.

"Total privatisation will be done in the shortest possible time and with the best deal. People are keen on acquiring Air India because it is a first rate airline. Whoever acquires Air India will be very fortunate and will be able to run it according to strong private sector principles," said Puri.

The Parliament on August 3 passed the Airports Economic Regulatory Authority of India (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable.

The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.&nbsp;

Union Civil Aviation Minister Hardeep Singh Puri on Thursday said that the government is determined to privatise Air India and people are interested in buying it.

Union Civil Aviation Minister Hardeep Singh Puri on Thursday said that the government is determined to privatise Air India and people are interested in buying it. "The government's determination to privatise Air India is a given. We have to get the best possible deal and get it in the shortest time available. People are very much interested in acquiring Air India," said Puri. "Procedure involved in the formation of an alternate mechanism, a Group of Ministers (GoM) headed by Union Home Minister Amit Shah has been formed. A meeting at Cabinet Secretariat level has also taken place," he added. "Total privatisation will be done in the shortest possible time and with the best deal. People are keen on acquiring Air India because it is a first rate airline. Whoever acquires Air India will be very fortunate and will be able to run it according to strong private sector principles," said Puri. The Parliament on August 3 passed the Airports Economic Regulatory Authority of India (Amendment) Bill, 2019, that increases the threshold of annual passenger traffic for major airports to over 35 lakh with Civil Aviation stating that the government was committed to privatisation of Air India as its debt has become totally unsustainable. The Bill, which seeks to amend the Airports Economic Regulatory Authority of India Act, 2008, had earlier been passed by Rajya Sabha.

Government is determined to privatise Air India: Union Civil Aviation Minister

Oil prices rose on Wednesday, with US crude gaining 1.3% after an industry report showed stockpiles in the United States, the world's biggest oil user, fell more than expected, easing worries about economic growth due to the China-US trade war.

Brent crude futures climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures gained 70 cents, or 1.3%, to $55.63 a barrel.

US crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million-barrel draw, data from industry group the American Petroleum Institute (API), showed.

The US government's weekly report is due Wednesday morning and if the official numbers confirm the API data then it will be the biggest weekly decline in nine weeks.

"The mammoth crude inventory draw has, at least for the time being, put to rest those US recessionary doom and gloom fears that have been hanging over oil markets like a dark cloud," said Stephen Innes, managing partner at Valour Markets.

Still, concerns about global growth amid the raging trade war between the United States and China, the world's two biggest crude oil consumers, are likely to cap gains.

US President Donald Trump said on Monday that he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations.

On Tuesday, however, concerns about trade resurfaced after China's foreign ministry said it had not heard of any recent telephone call between the United States and China on trade, and that it hopes Washington can stop its wrong actions and create conditions for talks.

Crude oil prices have fallen about 20% from 2019 highs hit in April, partly because of worries that the US-China trade war is hurting the global economy and could dent oil demand.

"Global recession risks are higher than at any stage since the (global financial crisis) and the US is not immune," Morgan Stanley said.

China's Commerce Ministry last week said it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.

In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

Oil prices rose on Wednesday, with US crude gaining 1.3% after an industry report showed stockpiles in the United States, the world's biggest oil user, fell more than expected, easing worries about economic growth due to the China-US trade war.

Oil prices rose on Wednesday, with US crude gaining 1.3% after an industry report showed stockpiles in the United States, the world's biggest oil user, fell more than expected, easing worries about economic growth due to the China-US trade war. Brent crude futures climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT. West Texas Intermediate (WTI) crude futures gained 70 cents, or 1.3%, to $55.63 a barrel. US crude stockpiles fell sharply last week as imports dropped, plummeting by 11.1 million barrels, compared with expectations for a 2 million-barrel draw, data from industry group the American Petroleum Institute (API), showed. The US government's weekly report is due Wednesday morning and if the official numbers confirm the API data then it will be the biggest weekly decline in nine weeks. "The mammoth crude inventory draw has, at least for the time being, put to rest those US recessionary doom and gloom fears that have been hanging over oil markets like a dark cloud," said Stephen Innes, managing partner at Valour Markets. Still, concerns about global growth amid the raging trade war between the United States and China, the world's two biggest crude oil consumers, are likely to cap gains. US President Donald Trump said on Monday that he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations. On Tuesday, however, concerns about trade resurfaced after China's foreign ministry said it had not heard of any recent telephone call between the United States and China on trade, and that it hopes Washington can stop its wrong actions and create conditions for talks. Crude oil prices have fallen about 20% from 2019 highs hit in April, partly because of worries that the US-China trade war is hurting the global economy and could dent oil demand. "Global recession risks are higher than at any stage since the (global financial crisis) and the US is not immune," Morgan Stanley said. China's Commerce Ministry last week said it would impose additional tariffs of 5% or 10% on 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft. In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

Oil rises after inventory build eases recession worries

OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 <a href="https://www.wionews.com/world/johnson-johnson-ordered-to-pay-572-million-for-opioid-addiction-crisis-245872">opioid lawsuits</a> against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday.

Purdue is among several drugmakers and distributors that have been sued for fueling an opioid addiction crisis in the United States, which claimed 400,000 lives from 1999 to 2017, according to the US Centers for Disease Control and Prevention.

The lawsuits have accused the Stamford, Connecticut-based Purdue Pharma of aggressively marketing prescription opioids while misleading prescribers and consumers about risks from their prolonged use. Purdue and the Sacklers have denied the allegations.

Purdue said it was actively working with state attorneys general and other plaintiffs to reach a resolution, without specifying a settlement amount.

There is currently no agreement and the settlement discussions could collapse, the sources said.

Representatives for Purdue and the Sackler family held discussions with cities, counties and states on the contours of the potential multibillion-dollar settlement last week in Cleveland, said a person familiar with the matter.

During the meeting, Purdue outlined a plan to file for Chapter 11 bankruptcy protection as a mechanism for implementing the settlement, which the company hopes will address the lawsuits, the person said.

The Sacklers would cede control of Purdue under the settlement terms discussed last week, the person said.

All the parties face a Friday deadline to update a federal judge on the status of the negotiations, the person said.

The company has said the US Food and Drug Administration approved labels for OxyContin that warned about risk and abuse associated with treating pain. The Sacklers have argued they were passive board members who approved routine management requests rather than micromanaging the marketing of OxyContin.

Restructuring

The settlement offer was first reported by NBC. Paul Hanly, a lead attorney for the plaintiffs, in an email, replied only "Made up. Ridiculous," when asked to confirm NBC's report. Asked to clarify after Reuters confirmed the report, he did not respond.

Representatives for the Sackler family declined to comment and a representative for the state attorneys general did not immediately respond to a request for comment.

The plan under discussion envisions Purdue restructuring into a for-profit "public benefit trust" that would last for at least a decade, one of the people familiar with the matter said.

Purdue would contribute between $7 billion and $8 billion to the trust, with some of the money coming from the sales of its drugs, including those that combat opioid overdoses, the person said. Additional payments would come from the company's cash and insurance policies, the person said. Three experts would be approved by a bankruptcy judge as trustees who would select board members to run the trust, this person said.

The Sackler family, which has amassed an estimated $13 billion fortune over the years, is also weighing a possible sale of another pharmaceutical firm it owns called Mundipharma, with some of the proceeds potentially going toward the settlement under discussion, the person said. The settlement terms contemplate the Sacklers initially contributing $3 billion.

David Sackler, one of a handful of family members who previously sat on Purdue's board, has taken on a significant role in the recent discussions, which included at least 10 state attorneys general, the person said.

Purdue is set on October 21, along with several other drug manufacturers and distributors, to face the first trial to result from federal court proceedings that have consolidated around 2,000 lawsuits brought largely by local governments accusing the companies of fueling the epidemic.

Other companies set to face trial include drugmakers Teva Pharmaceutical Industries Ltd and Johnson &amp; Johnson and drug distributors McKesson Corp, Cardinal Health Inc and AmerisourceBergen Corp.

US District Judge Dan Polster in Cleveland, Ohio, who oversees the lawsuits, has been pushing for settlements that could "do something meaningful to abate this crisis."

Purdue, the Sacklers and the communities involved face high-stakes negotiations and Purdue has been preparing for filing for bankruptcy protection in case it cannot reach an agreement.

Going into Chapter 11 would give Purdue the exclusive right for several months to propose a reorganization plan, which if approved by a US bankruptcy judge could be forced on any local governments that decide to hold out.

Some state attorneys general have said they will resist any attempt by Purdue to use bankruptcy.

New York Attorney General Letitia James subpoenaed Wall Street banks, Purdue corporate entities and family offices in mid-August for records related to the Sackler family's finances, according to court records.

In a letter to a judge and an earlier lawsuit, her office characterized payouts to the Sacklers from Purdue as fraudulent conveyances, a legal designation for clawing back money during bankruptcy proceedings.

"The opioid epidemic has ravaged American communities for over a decade, while a single family has made billions profiting from death and destruction," James said in a statement. "We won’t let up until we have delivered justice.”

A lawyer representing the Sackler family said in a statement that the New York attorney general's "current claims are without merit and the subpoenas are improper."

OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 opioid lawsuits against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday.

OxyContin maker Purdue Pharma LP and its owners, the Sackler family, are in discussion to settle more than 2,000 opioid lawsuits against the company for $10 billion to $12 billion, two people familiar with the matter said on Tuesday. Purdue is among several drugmakers and distributors that have been sued for fueling an opioid addiction crisis in the United States, which claimed 400,000 lives from 1999 to 2017, according to the US Centers for Disease Control and Prevention. The lawsuits have accused the Stamford, Connecticut-based Purdue Pharma of aggressively marketing prescription opioids while misleading prescribers and consumers about risks from their prolonged use. Purdue and the Sacklers have denied the allegations. Purdue said it was actively working with state attorneys general and other plaintiffs to reach a resolution, without specifying a settlement amount. There is currently no agreement and the settlement discussions could collapse, the sources said. Representatives for Purdue and the Sackler family held discussions with cities, counties and states on the contours of the potential multibillion-dollar settlement last week in Cleveland, said a person familiar with the matter. During the meeting, Purdue outlined a plan to file for Chapter 11 bankruptcy protection as a mechanism for implementing the settlement, which the company hopes will address the lawsuits, the person said. The Sacklers would cede control of Purdue under the settlement terms discussed last week, the person said. All the parties face a Friday deadline to update a federal judge on the status of the negotiations, the person said. The company has said the US Food and Drug Administration approved labels for OxyContin that warned about risk and abuse associated with treating pain. The Sacklers have argued they were passive board members who approved routine management requests rather than micromanaging the marketing of OxyContin. Restructuring The settlement offer was first reported by NBC. Paul Hanly, a lead attorney for the plaintiffs, in an email, replied only "Made up. Ridiculous," when asked to confirm NBC's report. Asked to clarify after Reuters confirmed the report, he did not respond. Representatives for the Sackler family declined to comment and a representative for the state attorneys general did not immediately respond to a request for comment. The plan under discussion envisions Purdue restructuring into a for-profit "public benefit trust" that would last for at least a decade, one of the people familiar with the matter said. Purdue would contribute between $7 billion and $8 billion to the trust, with some of the money coming from the sales of its drugs, including those that combat opioid overdoses, the person said. Additional payments would come from the company's cash and insurance policies, the person said. Three experts would be approved by a bankruptcy judge as trustees who would select board members to run the trust, this person said. The Sackler family, which has amassed an estimated $13 billion fortune over the years, is also weighing a possible sale of another pharmaceutical firm it owns called Mundipharma, with some of the proceeds potentially going toward the settlement under discussion, the person said. The settlement terms contemplate the Sacklers initially contributing $3 billion. David Sackler, one of a handful of family members who previously sat on Purdue's board, has taken on a significant role in the recent discussions, which included at least 10 state attorneys general, the person said. Purdue is set on October 21, along with several other drug manufacturers and distributors, to face the first trial to result from federal court proceedings that have consolidated around 2,000 lawsuits brought largely by local governments accusing the companies of fueling the epidemic. Other companies set to face trial include drugmakers Teva Pharmaceutical Industries Ltd and Johnson & Johnson and drug distributors McKesson Corp, Cardinal Health Inc and AmerisourceBergen Corp. US District Judge Dan Polster in Cleveland, Ohio, who oversees the lawsuits, has been pushing for settlements that could "do something meaningful to abate this crisis." Purdue, the Sacklers and the communities involved face high-stakes negotiations and Purdue has been preparing for filing for bankruptcy protection in case it cannot reach an agreement. Going into Chapter 11 would give Purdue the exclusive right for several months to propose a reorganization plan, which if approved by a US bankruptcy judge could be forced on any local governments that decide to hold out. Some state attorneys general have said they will resist any attempt by Purdue to use bankruptcy. New York Attorney General Letitia James subpoenaed Wall Street banks, Purdue corporate entities and family offices in mid-August for records related to the Sackler family's finances, according to court records. In a letter to a judge and an earlier lawsuit, her office characterized payouts to the Sacklers from Purdue as fraudulent conveyances, a legal designation for clawing back money during bankruptcy proceedings. "The opioid epidemic has ravaged American communities for over a decade, while a single family has made billions profiting from death and destruction," James said in a statement. "We won’t let up until we have delivered justice.” A lawyer representing the Sackler family said in a statement that the New York attorney general's "current claims are without merit and the subpoenas are improper."

Purdue Pharma in discussion on $10-12 billion offer to settle opioid lawsuits: Sources

Indian shares were largely unchanged in volatile trading on Wednesday, in line with broader Asia, as worries about a global recession kept investors away from making fresh bets.

The broader NSE Nifty was up 0.01 per cent at 11,108.15 as of 0403 GMT, while the benchmark BSE Sensex was 0.01 per cent lower at 37,637.63.

Regional markets across Asia eked out minor gains, as higher Wall Street futures provided some relief after an overnight US&nbsp;selloff, though deeper worries about the global economy and trade kept a lid on sentiment.

Meanwhile, domestic investors awaited clarity on what steps the Indian government would take to revive an industry wide slowdown.

"Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues," said Deepak Jasani, senior vice-president at HDFC Securities.

"Currently, we have negative trigger from U, there is no major panic, but domestic markets will wait for fresh major development rather than selling off sharply."

Indian markets have gained on the back of the government's move to scrap a recently announced tax surcharge on foreign and domestic equity investors, speed up capital infusion to state-run banks and on expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India.

Shares of major automaker Tata Motors Ltd gained as much as 3.03 per cent. China on Tuesday said it will ease restrictions on car purchases to help boost consumption.

IDBI Bank Ltd's shares plunged as much as 9.3 per cent. Rating firm S&amp;P Global on Tuesday placed the bank's rating on 'creditwatch negative'&nbsp;for breaching its regulatory capital requirement.

The Nifty metals index fell 1.55 per cent, with shares of Vedanta Ltd declining as much as 1.45 per cent. On Tuesday, Zambia's High Court suspended hearings on the winding up of the miner's local business until the Court of Appeal rules on the lower court's refusal to let the matter go to arbitration.

&nbsp;

Indian shares were largely unchanged in volatile trading on Wednesday, in line with broader Asia, as worries about a global recession kept investors away from making fresh bets.

Indian shares were largely unchanged in volatile trading on Wednesday, in line with broader Asia, as worries about a global recession kept investors away from making fresh bets. The broader NSE Nifty was up 0.01 per cent at 11,108.15 as of 0403 GMT, while the benchmark BSE Sensex was 0.01 per cent lower at 37,637.63. Regional markets across Asia eked out minor gains, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade kept a lid on sentiment. Meanwhile, domestic investors awaited clarity on what steps the Indian government would take to revive an industry wide slowdown. "Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues," said Deepak Jasani, senior vice-president at HDFC Securities. "Currently, we have negative trigger from U, there is no major panic, but domestic markets will wait for fresh major development rather than selling off sharply." Indian markets have gained on the back of the government's move to scrap a recently announced tax surcharge on foreign and domestic equity investors, speed up capital infusion to state-run banks and on expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India. Shares of major automaker Tata Motors Ltd gained as much as 3.03 per cent. China on Tuesday said it will ease restrictions on car purchases to help boost consumption. IDBI Bank Ltd's shares plunged as much as 9.3 per cent. Rating firm S&P Global on Tuesday placed the bank's rating on 'creditwatch negative' for breaching its regulatory capital requirement. The Nifty metals index fell 1.55 per cent, with shares of Vedanta Ltd declining as much as 1.45 per cent. On Tuesday, Zambia's High Court suspended hearings on the winding up of the miner's local business until the Court of Appeal rules on the lower court's refusal to let the matter go to arbitration.

Nifty, Sensex nearly flat in volatile trade, US recession fears hurt

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.

Japan's Nikkei rose 0.15%, Australia's shares climbed 0.13% while Korea's KOSPI was up 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06%, dragged lower by Chinese markets.

Oil prices rose in Asia for the second day of gains after an industry report showed US stockpiles fell more than expected.

Gold prices fell in a tentative sign of easing risk aversion, but a deep inversion in the US Treasury yield curve served as a reminder that some investors are still concerned about economic growth.

A trade dispute between the United States and China is now in its second year and is placing increasing strain on the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth.

"Bonds are rallying and there is a limited upside for stocks right now," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co in Tokyo.

"But I don't want to give up on equities just yet. The US Federal Reserve and officials in other countries simply have to do more to stimulate their economies, which will eventually prevent the bottom from falling out."

US stock futures were 0.27% higher, which helped ease investors' nerves in Asian trading after the S&amp;P 500 fell 0.33% on Tuesday.

US crude rose 1.02% to $55.49 a barrel, supported by a drawdown in US crude inventories.

Spot gold fell 0.5% to $1,538.00 per ounce, pulling back from a six-year high.

South Korea stocks rose 0.5%, on course for their biggest daily increase in a week as investors hunted for bargains after shares were sold due to worries about weighting changes in the MSCI index.

China unveiled measures late on Tuesday to help boost consumption, including the possible removal of restrictions on auto purchases, as growth in the world's second-biggest economy falters

Chinese shares initially opened higher on Wednesday but then reversed course to trade 0.56% lower, showing there are still some concerns about economic growth.

Shares in Hong Kong swung between gains and losses as increasingly violent protests against China's "one country, two system" rule of the former British colony hurt sentiment.

Investors are also focused on September 1, when the first stage of US tariffs on $300 billion worth of Chinese goods is scheduled to go into effect. In response, China has unveiled tariffs on US products set to go into effect the same day.

A bond yield curve inverts when long-term yields trade below short-term yields and is commonly considered a signal of an impending economic recession.

The yield on benchmark 10-year Treasuries stood at 1.4761%, compared with the two-year yield of 1.5159%. The yield curve inversion is the deepest since May 2007, when the U.S. subprime financial crisis started to unfold.

Yields on 30-year Treasuries stood at 1.9441%, below 3-month T-bill yields of 1.9951%, which some traders say is an even more bearish signal.

The dollar was little changed at 105.67 yen after falling 0.3% on Tuesday.

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment.

Asian shares eked out cautious gains on Wednesday, as higher Wall Street futures provided some relief after an overnight US selloff, though deeper worries about the global economy and trade have kept a lid on sentiment. Japan's Nikkei rose 0.15%, Australia's shares climbed 0.13% while Korea's KOSPI was up 0.4%. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.06%, dragged lower by Chinese markets. Oil prices rose in Asia for the second day of gains after an industry report showed US stockpiles fell more than expected. Gold prices fell in a tentative sign of easing risk aversion, but a deep inversion in the US Treasury yield curve served as a reminder that some investors are still concerned about economic growth. A trade dispute between the United States and China is now in its second year and is placing increasing strain on the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth. "Bonds are rallying and there is a limited upside for stocks right now," said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co in Tokyo. "But I don't want to give up on equities just yet. The US Federal Reserve and officials in other countries simply have to do more to stimulate their economies, which will eventually prevent the bottom from falling out." US stock futures were 0.27% higher, which helped ease investors' nerves in Asian trading after the S&P 500 fell 0.33% on Tuesday. US crude rose 1.02% to $55.49 a barrel, supported by a drawdown in US crude inventories. Spot gold fell 0.5% to $1,538.00 per ounce, pulling back from a six-year high. South Korea stocks rose 0.5%, on course for their biggest daily increase in a week as investors hunted for bargains after shares were sold due to worries about weighting changes in the MSCI index. China unveiled measures late on Tuesday to help boost consumption, including the possible removal of restrictions on auto purchases, as growth in the world's second-biggest economy falters Chinese shares initially opened higher on Wednesday but then reversed course to trade 0.56% lower, showing there are still some concerns about economic growth. Shares in Hong Kong swung between gains and losses as increasingly violent protests against China's "one country, two system" rule of the former British colony hurt sentiment. Investors are also focused on September 1, when the first stage of US tariffs on $300 billion worth of Chinese goods is scheduled to go into effect. In response, China has unveiled tariffs on US products set to go into effect the same day. A bond yield curve inverts when long-term yields trade below short-term yields and is commonly considered a signal of an impending economic recession. The yield on benchmark 10-year Treasuries stood at 1.4761%, compared with the two-year yield of 1.5159%. The yield curve inversion is the deepest since May 2007, when the U.S. subprime financial crisis started to unfold. Yields on 30-year Treasuries stood at 1.9441%, below 3-month T-bill yields of 1.9951%, which some traders say is an even more bearish signal. The dollar was little changed at 105.67 yen after falling 0.3% on Tuesday.

Asian stocks post modest gains on Wall Street futures, oil

Boeing's chief executive said on Tuesday that the financial fallout from the grounding of its 737 MAX jetliner would not slow the world's largest planemaker's appetite for deals in the higher-margin aircraft services sector.

"Our ability to do those continues to be strong," Boeing CEO Dennis Muilenburg told Reuters at the company's widebody manufacturing plant north of Seattle, referring to acquisitions it has made to enlarge its two-year-old Global Services division.

"We have the financial capacity to manage the MAX situation and continue to make our investments for the future," he said.

Boeing's fastest-selling, single-aisle jet was grounded in March after two deadly crashes. The company is working on a fix for software at the centre of both crashes and is aiming to get the jet back in the air as soon as October. It has completed around 560 flights with the new software, Muilenburg said on Tuesday.

"We still anticipate getting the return-to-service early in the fourth quarter," Muilenburg said. "We are making progress on that schedule."

Meanwhile, Muilenburg aims to expand the services business that includes aircraft parts, maintenance and analytics to $50 billion in revenue in a decade from its 2018 revenue of about $17 billion.

Boeing bought parts distributor KLX Inc last year for $4.25 billion including debt, in its largest deal since merging with McDonnell Douglas in 1997. Boeing and rival Airbus&nbsp;are pushing into the market for repairs, maintenance and analytics as airlines consider outsourcing more of such services in an effort to keep a lid on costs.

Ramp-up ahead

Boeing has had to divert resources to the 737 MAX from across the company as it works to win approval from aviation regulators for its software upgrade.

In April, Boeing dropped production to the current rate of 42 aircraft per month after halting deliveries of the MAX to airlines, cutting off a key source of cash and hitting margins. The total cost of the 737 MAX crisis has grown to more than $8 billion and counting.

Reuters reported last week that Boeing told suppliers it will ramp back up to pre-crash production rates of 52 aircraft per month in February and reach a record 57 aircraft per month in June. Investors took that as a sign of optimism that the MAX will fly again commercially as early as October.

"We are also working with our supply chain on future rates," Muilenburg said on Tuesday. "This is all consistent with that October return to service date."

However, Muilenburg reiterated the timeline for rate increases and the return to service is in the hands of regulators, which will decide when the MAX can fly again commercially.

Although the MAX issue has diverted engineering resources and attention from other aircraft programs, Muilenburg said development work on a potential new middle-of-the-market aircraft, or NMA, "hasn't been halted."

"We have major risk reduction activities underway that are helping us protect the entry-into-service target date that we talked about," he said, referring to an entry-into-service date of 2025. "We are still on that same macro path. We will make that decision when we are ready."

Boeing's plane must enter the market in 2025, when airlines will be retiring Boeing 757s and 767s, with Airbus poised to scoop up new plane orders.

Muilenburg also said on Tuesday that an aircraft order from China could result from any deal to end a yearlong trade war between the U.S and China, the world's two largest economies.

Boeing's chief executive said on Tuesday that the financial fallout from the grounding of its 737 MAX jetliner would not slow the world's largest planemaker's appetite for deals in the higher-margin aircraft services sector.

Boeing's chief executive said on Tuesday that the financial fallout from the grounding of its 737 MAX jetliner would not slow the world's largest planemaker's appetite for deals in the higher-margin aircraft services sector. "Our ability to do those continues to be strong," Boeing CEO Dennis Muilenburg told Reuters at the company's widebody manufacturing plant north of Seattle, referring to acquisitions it has made to enlarge its two-year-old Global Services division. "We have the financial capacity to manage the MAX situation and continue to make our investments for the future," he said. Boeing's fastest-selling, single-aisle jet was grounded in March after two deadly crashes. The company is working on a fix for software at the centre of both crashes and is aiming to get the jet back in the air as soon as October. It has completed around 560 flights with the new software, Muilenburg said on Tuesday. "We still anticipate getting the return-to-service early in the fourth quarter," Muilenburg said. "We are making progress on that schedule." Meanwhile, Muilenburg aims to expand the services business that includes aircraft parts, maintenance and analytics to $50 billion in revenue in a decade from its 2018 revenue of about $17 billion. Boeing bought parts distributor KLX Inc last year for $4.25 billion including debt, in its largest deal since merging with McDonnell Douglas in 1997. Boeing and rival Airbus are pushing into the market for repairs, maintenance and analytics as airlines consider outsourcing more of such services in an effort to keep a lid on costs. Ramp-up ahead Boeing has had to divert resources to the 737 MAX from across the company as it works to win approval from aviation regulators for its software upgrade. In April, Boeing dropped production to the current rate of 42 aircraft per month after halting deliveries of the MAX to airlines, cutting off a key source of cash and hitting margins. The total cost of the 737 MAX crisis has grown to more than $8 billion and counting. Reuters reported last week that Boeing told suppliers it will ramp back up to pre-crash production rates of 52 aircraft per month in February and reach a record 57 aircraft per month in June. Investors took that as a sign of optimism that the MAX will fly again commercially as early as October. "We are also working with our supply chain on future rates," Muilenburg said on Tuesday. "This is all consistent with that October return to service date." However, Muilenburg reiterated the timeline for rate increases and the return to service is in the hands of regulators, which will decide when the MAX can fly again commercially. Although the MAX issue has diverted engineering resources and attention from other aircraft programs, Muilenburg said development work on a potential new middle-of-the-market aircraft, or NMA, "hasn't been halted." "We have major risk reduction activities underway that are helping us protect the entry-into-service target date that we talked about," he said, referring to an entry-into-service date of 2025. "We are still on that same macro path. We will make that decision when we are ready." Boeing's plane must enter the market in 2025, when airlines will be retiring Boeing 757s and 767s, with Airbus poised to scoop up new plane orders. Muilenburg also said on Tuesday that an aircraft order from China could result from any deal to end a yearlong trade war between the U.S and China, the world's two largest economies.

Financial hit from 737 MAX will not slow appetite for services deals: Boeing CEO Dennis Muilenburg

The pound slumped more than one per cent versus the dollar and euro on Wednesday as <a href="https://www.wionews.com/world/british-pm-confirms-parliament-suspension-until-october-14-246215">Britain's government moved</a> to extend the suspension of parliament, increasing the likelihood of a no-deal Brexit.

Britain's currency slid 1.1 per cent to $1.2157, while the euro bought 91.23 pence. Sterling later recovered to above $1.22 but remained heavily down on late Tuesday.

The pound's plunge boosted <a href="https://www.wionews.com/world/uproar-as-british-pm-johnson-cuts-parliament-time-before-brexit-246245">London's benchmark FTSE</a> 100 index, which features numerous multinationals earnings in dollars.

"The pace of sterling's drop demonstrates yet again the currency’s susceptibility to Brexit fears," said Han Tan, market analyst at FXTM trading group.

British Prime Minister Boris Johnson on Wednesday announced that the annual suspension of parliament would be extended until October 14 -&nbsp;just two weeks before the UK is set to leave the European Union.

"Such an event would curtail attempts to block a no-deal Brexit within the UK parliament," Tan added.

Anti-Brexit MPs said Johnson's move amounted to a coup and a declaration of war, branding the prime minister a dictator.

The extension "certainly caught markets off-guard and came at a time when the pound had been recouping some of its (previous Brexit-fuelled) losses", noted Craig Erlam, senior market analyst at Oanda.&nbsp;

"The FTSE, as ever, is the unintended beneficiary of the plunge in the currency, given that the vast majority of its earnings are generated outside of the UK."

By contrast, eurozone stock markets were down heavily owing to a stronger euro, and uncertainty over China-US trade talks that weighed also on Asian equities.

A poll Wednesday showed German consumer sentiment is stabilising after three months of decline and despite fears of a looming recession in Europe's biggest economy.

Pollsters GfK said their forward-looking consumer barometer stood at 9.7 points, unchanged from August when it had fallen to its April 2017 level.

In commodities trading, oil prices extended Tuesday's surge that came in response to figures showing US stockpiles dived more than 11 million barrels last week, lifting hopes for demand and offsetting worries about the impact of the trade war.

Also providing support was Iranian President Hassan Rouhani's call for the United States to lift all sanctions against before he would meet Trump, after the US leader had said he would be open to talks.

The Islamic republic's foreign minister has said the chances of a face-to-face were "unimaginable", meaning there was little chance of a thawing of tensions that would see the return of Iranian oil onto markets. 
&nbsp;

The pound slumped more than one per cent versus the dollar and euro on Wednesday as Britain's government moved to extend the suspension of parliament, increasing the likelihood of a no-deal Brexit.

The pound slumped more than one per cent versus the dollar and euro on Wednesday as Britain's government moved to extend the suspension of parliament, increasing the likelihood of a no-deal Brexit. Britain's currency slid 1.1 per cent to $1.2157, while the euro bought 91.23 pence. Sterling later recovered to above $1.22 but remained heavily down on late Tuesday. The pound's plunge boosted London's benchmark FTSE 100 index, which features numerous multinationals earnings in dollars. "The pace of sterling's drop demonstrates yet again the currency’s susceptibility to Brexit fears," said Han Tan, market analyst at FXTM trading group. British Prime Minister Boris Johnson on Wednesday announced that the annual suspension of parliament would be extended until October 14 - just two weeks before the UK is set to leave the European Union. "Such an event would curtail attempts to block a no-deal Brexit within the UK parliament," Tan added. Anti-Brexit MPs said Johnson's move amounted to a coup and a declaration of war, branding the prime minister a dictator. The extension "certainly caught markets off-guard and came at a time when the pound had been recouping some of its (previous Brexit-fuelled) losses", noted Craig Erlam, senior market analyst at Oanda. "The FTSE, as ever, is the unintended beneficiary of the plunge in the currency, given that the vast majority of its earnings are generated outside of the UK." By contrast, eurozone stock markets were down heavily owing to a stronger euro, and uncertainty over China-US trade talks that weighed also on Asian equities. A poll Wednesday showed German consumer sentiment is stabilising after three months of decline and despite fears of a looming recession in Europe's biggest economy. Pollsters GfK said their forward-looking consumer barometer stood at 9.7 points, unchanged from August when it had fallen to its April 2017 level. In commodities trading, oil prices extended Tuesday's surge that came in response to figures showing US stockpiles dived more than 11 million barrels last week, lifting hopes for demand and offsetting worries about the impact of the trade war. Also providing support was Iranian President Hassan Rouhani's call for the United States to lift all sanctions against before he would meet Trump, after the US leader had said he would be open to talks. The Islamic republic's foreign minister has said the chances of a face-to-face were "unimaginable", meaning there was little chance of a thawing of tensions that would see the return of Iranian oil onto markets.

After British PM Johnson suspends parliament, Pound slums over no-Brexit fears

Equity benchmark indices traded with a negative bias on Wednesday amid weak domestic and global cues with heavy selling pressure witnessed in metal and automobile stocks.

The BSE S&amp;P Sensex closed 189 points or 0.5 per cent lower at 37,452 while the Nifty 50 edged lower by 59 points to 11,046.At the National Stock Exchange (NSE), most sectoral indices were in the red with Nifty metal down by 3.3 per cent, auto by 1.8 per cent, private banks by 1.4 per cent and pharma by 0.9 per cent.&nbsp;

However, Nifty realty gained by 2.4 per cent and IT by 1.3 per cent.

Among stocks, private lender Yes Bank tumbled by 7.13 per cent to close at Rs 59.90 per share after Moody`s Investors Service downgraded its long-term foreign-currency issuer rating to Ba3 from Ba1.

Kalpataru Power Transmission was down by 5.3 per cent after the company said that the World Bank had issued it a notice over alleged irregularities in its Africa business.

Metal stocks were in the red with Tata Steel down by 4.3 per cent, JSW Steel by 3.8 per cent and Vedanta by 3.7 per cent. Auto majors Tata Motors slipped by 3 per cent, Maruti by 2.6 per cent and Mahindra &amp; Mahindra by 2.4 per cent.

However, HCL Technologies, Infosys, Bharat Petroleum Corporation, Bharti Infratel, and Eicher Motors gained between 1.9 and 2.7 per cent each.

The overall market sentiment was weak as India Ratings cuts FY20 GDP forecast to a six-year low at 6.7 per cent as compared to the earlier estimates of 7.3 per cent.

It said last week`s stimulus package by Finance Minister Nirmala Sitharaman is unlikely to revive growth and may only offer support in the medium term.

Meanwhile, Asian shares witnessed cautious gains as deeper worries about the global economy and trade kept a lid on investor sentiment.Japan`s Nikkei rose by 0.11 per cent and Korea`s KOSPI by 0.86 per cent.&nbsp;

MSCI`s broadest index of Asia Pacific shares outside Japan fell 0.06 per cent due to lower Chinese markets. Hong Kong`s Hang Seng slipped by nearly 0.2 per cent.

Market experts say the trade dispute between the United States and China -- now in its second year -- is straining the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth.&nbsp; 
&nbsp;

Equity benchmark indices traded with a negative bias on Wednesday amid weak domestic and global cues with heavy selling pressure witnessed in metal and automobile stocks.

Equity benchmark indices traded with a negative bias on Wednesday amid weak domestic and global cues with heavy selling pressure witnessed in metal and automobile stocks. The BSE S&P Sensex closed 189 points or 0.5 per cent lower at 37,452 while the Nifty 50 edged lower by 59 points to 11,046.At the National Stock Exchange (NSE), most sectoral indices were in the red with Nifty metal down by 3.3 per cent, auto by 1.8 per cent, private banks by 1.4 per cent and pharma by 0.9 per cent. However, Nifty realty gained by 2.4 per cent and IT by 1.3 per cent. Among stocks, private lender Yes Bank tumbled by 7.13 per cent to close at Rs 59.90 per share after Moody`s Investors Service downgraded its long-term foreign-currency issuer rating to Ba3 from Ba1. Kalpataru Power Transmission was down by 5.3 per cent after the company said that the World Bank had issued it a notice over alleged irregularities in its Africa business. Metal stocks were in the red with Tata Steel down by 4.3 per cent, JSW Steel by 3.8 per cent and Vedanta by 3.7 per cent. Auto majors Tata Motors slipped by 3 per cent, Maruti by 2.6 per cent and Mahindra & Mahindra by 2.4 per cent. However, HCL Technologies, Infosys, Bharat Petroleum Corporation, Bharti Infratel, and Eicher Motors gained between 1.9 and 2.7 per cent each. The overall market sentiment was weak as India Ratings cuts FY20 GDP forecast to a six-year low at 6.7 per cent as compared to the earlier estimates of 7.3 per cent. It said last week`s stimulus package by Finance Minister Nirmala Sitharaman is unlikely to revive growth and may only offer support in the medium term. Meanwhile, Asian shares witnessed cautious gains as deeper worries about the global economy and trade kept a lid on investor sentiment.Japan`s Nikkei rose by 0.11 per cent and Korea`s KOSPI by 0.86 per cent. MSCI`s broadest index of Asia Pacific shares outside Japan fell 0.06 per cent due to lower Chinese markets. Hong Kong`s Hang Seng slipped by nearly 0.2 per cent. Market experts say the trade dispute between the United States and China -- now in its second year -- is straining the global economy, forcing policymakers to respond with interest rate cuts and stimulus measures to bolster growth.

Sensex falls 189 points on weak global cues, Yes Bank plunges 7% on Moody's negative outlook

Indian shares rose for a third straight session on Tuesday, as sentiment was boosted by easing global trade war worries and expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India.

The broader NSE Nifty was up 0.49% at 11,110.20 as of 0409 GMT, while the benchmark BSE Sensex was 0.38% higher at 37,625.

The government is set to receive a much higher-than-expected dividend of 1.76 trillion rupees ($24.62 billion) from the central bank, allowing the administration to provide a wobbling economy additional fiscal stimulus.

"Markets may now consolidate and choose to look at what the government will do with the money," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi.

"It is essential to see where this money will go and which pockets will benefit, given the state of the economy."

Markets have gained on the back of the government's move to roll back a recently announced tax surcharge on foreign and domestic equity investors, speed up capital infusion to state-run banks and support the beleaguered domestic auto industry.

The India volatility index plummeted as much as 13.42% on Tuesday.

Broader Asian shares tracked global stocks higher as signs of easing hostilities between the United States and China restored investor confidence.

The Nifty PSU bank index, tracking state-owned banks, gained as much as 2.13%, with State Bank of India rising about 2.3%.

Tata Motors Ltd was the top gainer among the Nifty stocks, rising as much as 2.89%, while Tata Steel Ltd gained as much as 3.76%.

Among the few losers on the NSE Nifty were IT stocks, weighed down by a decline in the rupee to 71.83 rupees per dollar vs last close of 72.03 rupees.

Tata Consultancy Ltd and Infosys Ltd fell as much as 1.24% and 1.76%, respectively.

Indian shares rose for a third straight session on Tuesday, as sentiment was boosted by easing global trade war worries and expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India.

Indian shares rose for a third straight session on Tuesday, as sentiment was boosted by easing global trade war worries and expectations of additional stimulus supported by a huge dividend from the Reserve Bank of India. The broader NSE Nifty was up 0.49% at 11,110.20 as of 0409 GMT, while the benchmark BSE Sensex was 0.38% higher at 37,625. The government is set to receive a much higher-than-expected dividend of 1.76 trillion rupees ($24.62 billion) from the central bank, allowing the administration to provide a wobbling economy additional fiscal stimulus. "Markets may now consolidate and choose to look at what the government will do with the money," said Saurabh Jain, assistant vice-president of research at SMC Global Securities in New Delhi. "It is essential to see where this money will go and which pockets will benefit, given the state of the economy." Markets have gained on the back of the government's move to roll back a recently announced tax surcharge on foreign and domestic equity investors, speed up capital infusion to state-run banks and support the beleaguered domestic auto industry. The India volatility index plummeted as much as 13.42% on Tuesday. Broader Asian shares tracked global stocks higher as signs of easing hostilities between the United States and China restored investor confidence. The Nifty PSU bank index, tracking state-owned banks, gained as much as 2.13%, with State Bank of India rising about 2.3%. Tata Motors Ltd was the top gainer among the Nifty stocks, rising as much as 2.89%, while Tata Steel Ltd gained as much as 3.76%. Among the few losers on the NSE Nifty were IT stocks, weighed down by a decline in the rupee to 71.83 rupees per dollar vs last close of 72.03 rupees. Tata Consultancy Ltd and Infosys Ltd fell as much as 1.24% and 1.76%, respectively.

Sensex and Nifty rise on trade optimism, hopes of more stimulus

Asian stocks rose in step with their global peers while safe-haven bonds retreated on Tuesday, as signs Sino-US trade hostilities might be easing for now helped restore investor confidence after the previous session's rout.

Supporting the market mood, US President Donald Trump on Monday flagged the possibility of a trade deal with China and said he believed Beijing was sincere in its desire to reach an agreement. Global markets had been roiled at the start of the week by new tariffs from the world's two largest economies.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% after dropping 1.3% the previous day.

The Shanghai Composite Index advanced 1%.

South Korea's KOSPI added 0.8% and Japan's Nikkei rose 1.1%.

Equity markets may have found traction for now but the longer-term outlook for risk assets, buffeted repeatedly by trade concerns, remained shaky.

"There is still a large element of uncertainty regarding the US-China trade dispute. It remains difficult to foresee a resolution, and this will continue to weigh on equity market sentiment," said Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch.

"Apart from the trade war, the equity markets also have to keep an eye on Brexit proceedings, monetary policy of key players such as the European Central Bank and moves in the Chinese yuan."

China's onshore yuan nudged down to a fresh 11-year low of 7.1566 per dollar.

China has allowed the tightly-managed yuan to slide some 3.6% so far this month as trade tensions with the United States worsened. This has triggered fears of a global currency war, in which countries try to weaken their currencies in an attempt to soften the blows of a broader economic slowdown. "It is clear that the trade conflict between the United States and China is getting ever more serious. The two may still opt to negotiate, but prospects for a quick resolution have diminished greatly as neither side can back down," said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.

"The trade conflict only increases the torment on the global economy."

The dollar held gains made the previous day helped by a rebound in US Treasury yields.

The dollar index versus a basket of six major currencies stood at 97.990, having risen about 0.5% overnight.

The benchmark 10-year US Treasury yield was at 1.523%, pulled back from a three-year low of 1.443% reached on Monday on the back of wide-spread risk aversion.

The Japanese 10-year government bond yield was up 2.5 basis points at minus 0.255% after plumbing minus 0.285% on Monday, its lowest since July 2016.

The greenback traded at 105.770 yen following a 0.7% gain on Monday, when it had brushed an eight-month low of 104.460. The euro was effectively flat at $1.1104 after losing 0.4% on Monday.

The Australian dollar, sensitive to developments in China, Australia's largest trading partner, was steady at $0.6773 following a gain of 0.3% the previous day.

Crude oil prices recovered some ground as the broader markets stabilised, trimming some of their significant losses the previous day on the prospect of crude from Iran, currently facing sanctions, hitting the market.

Brent crude futures were up 0.46% at $58.97 per barrel after losing 1% the previous day. US crude rose 0.6% to $53.96 per barrel.

Oil prices fell on Monday after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and President Trump in the coming weeks to find a solution to a nuclear standoff.

Asian stocks rose in step with their global peers while safe-haven bonds retreated on Tuesday, as signs Sino-US trade hostilities might be easing for now helped restore investor confidence after the previous session's rout.

Asian stocks rose in step with their global peers while safe-haven bonds retreated on Tuesday, as signs Sino-US trade hostilities might be easing for now helped restore investor confidence after the previous session's rout. Supporting the market mood, US President Donald Trump on Monday flagged the possibility of a trade deal with China and said he believed Beijing was sincere in its desire to reach an agreement. Global markets had been roiled at the start of the week by new tariffs from the world's two largest economies. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3% after dropping 1.3% the previous day. The Shanghai Composite Index advanced 1%. South Korea's KOSPI added 0.8% and Japan's Nikkei rose 1.1%. Equity markets may have found traction for now but the longer-term outlook for risk assets, buffeted repeatedly by trade concerns, remained shaky. "There is still a large element of uncertainty regarding the US-China trade dispute. It remains difficult to foresee a resolution, and this will continue to weigh on equity market sentiment," said Shusuke Yamada, chief Japan FX and equity strategist at Bank Of America Merrill Lynch. "Apart from the trade war, the equity markets also have to keep an eye on Brexit proceedings, monetary policy of key players such as the European Central Bank and moves in the Chinese yuan." China's onshore yuan nudged down to a fresh 11-year low of 7.1566 per dollar. China has allowed the tightly-managed yuan to slide some 3.6% so far this month as trade tensions with the United States worsened. This has triggered fears of a global currency war, in which countries try to weaken their currencies in an attempt to soften the blows of a broader economic slowdown. "It is clear that the trade conflict between the United States and China is getting ever more serious. The two may still opt to negotiate, but prospects for a quick resolution have diminished greatly as neither side can back down," said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities. "The trade conflict only increases the torment on the global economy." The dollar held gains made the previous day helped by a rebound in US Treasury yields. The dollar index versus a basket of six major currencies stood at 97.990, having risen about 0.5% overnight. The benchmark 10-year US Treasury yield was at 1.523%, pulled back from a three-year low of 1.443% reached on Monday on the back of wide-spread risk aversion. The Japanese 10-year government bond yield was up 2.5 basis points at minus 0.255% after plumbing minus 0.285% on Monday, its lowest since July 2016. The greenback traded at 105.770 yen following a 0.7% gain on Monday, when it had brushed an eight-month low of 104.460. The euro was effectively flat at $1.1104 after losing 0.4% on Monday. The Australian dollar, sensitive to developments in China, Australia's largest trading partner, was steady at $0.6773 following a gain of 0.3% the previous day. Crude oil prices recovered some ground as the broader markets stabilised, trimming some of their significant losses the previous day on the prospect of crude from Iran, currently facing sanctions, hitting the market. Brent crude futures were up 0.46% at $58.97 per barrel after losing 1% the previous day. US crude rose 0.6% to $53.96 per barrel. Oil prices fell on Monday after French President Emmanuel Macron said preparations were underway for a meeting between Iranian President Hassan Rouhani and President Trump in the coming weeks to find a solution to a nuclear standoff.

Asia stocks, bond yields climb as trade war fears ebb

Oil prices rose on Tuesday after US President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.

Brent crude was up by 25 cents, or 0.4%, at $58.95 a barrel by 0214 GMT, after falling 1% in the previous session, dropping for the third day in a row.

US crude was up by 30 cents or 0.6% at $53.94 a barrel, having also dropped 1% on Monday for the fourth day of declines.

Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations, settling global markets.

"For now, the street is in thrall to the President's comments, with financial markets doing abrupt changes of direction on his words that wouldn't look out of place in Fast and the Furious film," said Jeffrey Halley, senior market analyst at OANDA.

Oil prices have fallen around 20% from 2019 high reached in April, in part because of worries that the US-China trade conflict is hurting the global economy, which could dent demand for oil.

China's Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft.

In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States.

"Unless you believe a trade deal will happen the slowdown in the global economy continues ... and earnings all over the globe will be under pressure," said Greg McKenna, strategist at McKenna Macro.

The measures are prompting reactions from Chinese companies, with Sinopec seeking a tariff exemption for importing US oil in the coming months, sources told Reuters.

Meanwhile, US crude oil and gasoline inventories likely fell last week, while distillate stockpiles rose, a preliminary Reuters poll showed on Monday.

Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.1 million barrels in the week to August 23.

Oil prices rose on Tuesday after US President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling.

Oil prices rose on Tuesday after US President Donald Trump predicted a trade deal with China after positive comments by Beijing, calming nerves after a round of tit-for-tat tariff hikes had sent markets reeling. Brent crude was up by 25 cents, or 0.4%, at $58.95 a barrel by 0214 GMT, after falling 1% in the previous session, dropping for the third day in a row. US crude was up by 30 cents or 0.6% at $53.94 a barrel, having also dropped 1% on Monday for the fourth day of declines. Trump on Monday said he believed China was sincere about wanting to reach a deal, while Chinese Vice Premier Liu He said China was willing to resolve the dispute through "calm" negotiations, settling global markets. "For now, the street is in thrall to the President's comments, with financial markets doing abrupt changes of direction on his words that wouldn't look out of place in Fast and the Furious film," said Jeffrey Halley, senior market analyst at OANDA. Oil prices have fallen around 20% from 2019 high reached in April, in part because of worries that the US-China trade conflict is hurting the global economy, which could dent demand for oil. China's Commerce Ministry said last week it would impose additional tariffs of 5% or 10% on a total of 5,078 products originating from the United States, including crude oil, agricultural products and small aircraft. In retaliation, Trump said he was ordering US companies to look at ways to close operations in China and make products in the United States. "Unless you believe a trade deal will happen the slowdown in the global economy continues ... and earnings all over the globe will be under pressure," said Greg McKenna, strategist at McKenna Macro. The measures are prompting reactions from Chinese companies, with Sinopec seeking a tariff exemption for importing US oil in the coming months, sources told Reuters. Meanwhile, US crude oil and gasoline inventories likely fell last week, while distillate stockpiles rose, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated, on average, that crude inventories fell 2.1 million barrels in the week to August 23.

Oil rises as US-China trade comments calm markets

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

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

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

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

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

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

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

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

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

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

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

Maruti Suzuki cuts 3,000 contract jobs

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

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

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

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

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

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

Rupee starts the week lower at 71.98 for a US dollar

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

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

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

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

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

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

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

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

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

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

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

Oil prices fall as trade war raises recession fears

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

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

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

Asian shares slugged, bonds bought amid trade gloom