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

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

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

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

The Directorate General of Civil Aviation (DGCA) on Monday asked passengers to not to fly with older generation 15-inch MacBook Pro units which have been recalled by Apple, as they may pose a safety risk.

"After the recall of a number of older generation 15-inch Apple MacBook Pro laptops due to fears that their batteries may overheat and pose a safety risk, DGCA requests passengers not to fly with affected models either as hand-baggage or checked-in baggage until the battery has been certified as safe or replaced by the manufacturer," the statement by DGCA read.

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<a href="https://t.co/b5OEcAQZ46">pic.twitter.com/b5OEcAQZ46</a>
— DGCA (@DGCAIndia) <a href="https://twitter.com/DGCAIndia/status/1165933389179801600?ref_src=twsrc%5Etfw">August 26, 2019</a></blockquote>
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Earlier on June 20, Apple had announced a voluntary recall of the older generation 15-inch MacBook Pro units which contained a battery that may overheat and pose a fire safety risk.

The Federal Aviation Administration (FAA) which has the power to regulate all civil aviation matters in the United States of America had banned all passengers from carrying the model on flights.

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

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

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

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

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

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

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

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

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

No ready spark is seen for lagging US energy shares

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

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

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

China to fight back against US tariff move: Report

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

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

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

UBS, Deutsche held talks on investment banking alliance: Report

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

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

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

Monsoon fury: Onion prices double in parts of Karnataka

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investors look at dollar stores as US recession fears increase

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Oil price steadies as markets await Fed steer

Oil prices clawed back the previous day's losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on US monetary policy.

Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while US crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain.

"Oil is set to trade quietly today as it's all about the Jackson Hole (meeting) tonight," Jeffrey Halley, a Singapore-based senior market analyst at brokerage Oanda.

"What we're seeing is some profit-taking in Asia in very light volumes."

A speech by Federal Reserve Chair Jerome Powell later on Friday t a meeting of central bankers in Jackson Hole is expected to provide some clues on whether the Fed will cut interest rates for a second time this year to boost the US economy.

Traders' expectations of further U monetary easing were clouded by comments from two Fed officials who said on Wednesday that they do not see a case for a rate cut now.

A reduction in interest rates could strengthen the US dollar against other currencies and make dollar-denominated oil more costly for investors.

Oil prices are down for nearly two straight months after the International Energy Agency and the Organization of Petroleum Exporting Countries cut demand growth forecasts as a simmering US-China trade war hit global economic growth.

However, oil prices remained supported by production cuts from OPEC members and Russia while US sanctions have sharply reduced exports from Iran and Venezuela.

Oil prices clawed back the previous day's losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on US monetary policy.

Oil prices clawed back the previous day's losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth while investors await clues from the Federal Reserve on US monetary policy. Brent crude rose 10 cents to $60.02 a barrel by 0118 GMT, while US crude futures were at $55.38 a barrel, up 3 cents. Both contracts were on track for a second weekly gain. "Oil is set to trade quietly today as it's all about the Jackson Hole (meeting) tonight," Jeffrey Halley, a Singapore-based senior market analyst at brokerage Oanda. "What we're seeing is some profit-taking in Asia in very light volumes." A speech by Federal Reserve Chair Jerome Powell later on Friday t a meeting of central bankers in Jackson Hole is expected to provide some clues on whether the Fed will cut interest rates for a second time this year to boost the US economy. Traders' expectations of further U monetary easing were clouded by comments from two Fed officials who said on Wednesday that they do not see a case for a rate cut now. A reduction in interest rates could strengthen the US dollar against other currencies and make dollar-denominated oil more costly for investors. Oil prices are down for nearly two straight months after the International Energy Agency and the Organization of Petroleum Exporting Countries cut demand growth forecasts as a simmering US-China trade war hit global economic growth. However, oil prices remained supported by production cuts from OPEC members and Russia while US sanctions have sharply reduced exports from Iran and Venezuela.

Oil prices eke out small gains ahead of Federal Reserve Chair Jerome Powell speech

Asian shares struggled to make any headway on Friday as weak US &nbsp;manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears.

With political tumult in Hong Kong, Italy and Britain adding to the tense backdrop, investors were keenly waiting on a speech by Fed Chairman Jerome Powell later in the day at a gathering of central bankers in Jackson Hole.

MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.1% lower, though it was up 0.6% for the week and on track to break a four-week losing streak.

Japan's benchmark Nikkei added 0.2% and Australian stocks eased 0.1%, while South Korean shares shed 0.3% after Seoul said it will scrap an intelligence-sharing agreement with Japan.

"It's going to be another wait-and-see day for traders ahead of Powell's Jackson Hole speech. Investors are hoping for some soothing words from him," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.

Wall Street stocks were mixed on Thursday, with the S&amp;P 500 closing little changed, while the Dow was up 0.2% and the Nasdaq falling 0.4%.

In the US bond market, the closely watched two-year, 10-year Treasury yield curve briefly moved back into inversion overnight, a shift that also occurred last week and sent financial markets into a tailspin amid worries of a sharp global downturn. An inversion in the US yield curve has presaged several past US recessions, raising fears the decade-long expansion in the world's biggest economy might be nearing its end.

Overnight, there were more signs of easing momentum as a survey showed US manufacturing activity contracted for the first time since September 2009, though better jobless claims data indicated a resilient labour market.

All of that has made Powell's speech in Jackson Hole pivotal for markets as they look for any clues on future policy easing, after the Fed last month cut rates for the first time since the financial crisis. Any indications of hawkishness in the Fed chief's comments might hurt riskier assets, though the dollar stands to benefit.

The greenback slipped on Thursday, but moved within narrow ranges.

In early Asian trading, the dollar was up 0.1% against a basket of major currencies to 98.249.

The euro also was little changed against US currency at $1.1078. A survey showing a surprise uptick in eurozone business growth for August was offset somewhat by trade war fears knocking future expectations to their weakest in over six years.

The pound jumped to a three-week high of $1.2273 overnight after traders interpreted comments from German Chancellor Angela Merkel to mean that a solution to the Irish border problem could be found before Britain leaves the European Union on October 31.

Merkel on Wednesday challenged Britain to come up with alternatives to the Irish border backstop within 30 days, but French President Emmanuel Macron cautioned there would be no renegotiation of the Brexit deal. Sterling last quoted at $1.2244, almost flat on the day.

China's yuan, which slid to fresh 11-1/2-year lows on Thursday despite support from major state-owned banks in both the spot and forwards markets, maintained its weak tone against the dollar amid worries about the deepening Sino-US trade war.

Onshore spot yuan ended the domestic session down 0.3% at 7.0875 per dollar, its weakest such close since March 14, 2008.

In early trade, the offshore yuan stood at 7.0924 to the dollar, little changed on the day.

Oil prices weakened overnight, with both Brent crude and US West Texas Intermediate down 0.6% each, on worries about the global economy.

Brent crude was last up 0.2% at $60.02 per barrel and WTI crude added 0.1% to $55.38.

Gold prices dipped on Thursday but held near the pivotal level of $1,500 per ounce, underpinned by continued demand for the precious metal amid uncertainties around monetary policy, trade and geopolitical tensions.

Spot gold was last down 0.2% at $1,496.00 an ounce.

Asian shares struggled to make any headway on Friday as weak US manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears.

Asian shares struggled to make any headway on Friday as weak US manufacturing activity and uncertainty over how much further the Federal Reserve would cut rates added to the general air of caution in markets buffeted by global growth fears. With political tumult in Hong Kong, Italy and Britain adding to the tense backdrop, investors were keenly waiting on a speech by Fed Chairman Jerome Powell later in the day at a gathering of central bankers in Jackson Hole. MSCI's broadest index of Asia-Pacific shares outside Japan edged 0.1% lower, though it was up 0.6% for the week and on track to break a four-week losing streak. Japan's benchmark Nikkei added 0.2% and Australian stocks eased 0.1%, while South Korean shares shed 0.3% after Seoul said it will scrap an intelligence-sharing agreement with Japan. "It's going to be another wait-and-see day for traders ahead of Powell's Jackson Hole speech. Investors are hoping for some soothing words from him," said Hirokazu Kabeya, chief global strategist at Daiwa Securities. Wall Street stocks were mixed on Thursday, with the S&P 500 closing little changed, while the Dow was up 0.2% and the Nasdaq falling 0.4%. In the US bond market, the closely watched two-year, 10-year Treasury yield curve briefly moved back into inversion overnight, a shift that also occurred last week and sent financial markets into a tailspin amid worries of a sharp global downturn. An inversion in the US yield curve has presaged several past US recessions, raising fears the decade-long expansion in the world's biggest economy might be nearing its end. Overnight, there were more signs of easing momentum as a survey showed US manufacturing activity contracted for the first time since September 2009, though better jobless claims data indicated a resilient labour market. All of that has made Powell's speech in Jackson Hole pivotal for markets as they look for any clues on future policy easing, after the Fed last month cut rates for the first time since the financial crisis. Any indications of hawkishness in the Fed chief's comments might hurt riskier assets, though the dollar stands to benefit. The greenback slipped on Thursday, but moved within narrow ranges. In early Asian trading, the dollar was up 0.1% against a basket of major currencies to 98.249. The euro also was little changed against US currency at $1.1078. A survey showing a surprise uptick in eurozone business growth for August was offset somewhat by trade war fears knocking future expectations to their weakest in over six years. The pound jumped to a three-week high of $1.2273 overnight after traders interpreted comments from German Chancellor Angela Merkel to mean that a solution to the Irish border problem could be found before Britain leaves the European Union on October 31. Merkel on Wednesday challenged Britain to come up with alternatives to the Irish border backstop within 30 days, but French President Emmanuel Macron cautioned there would be no renegotiation of the Brexit deal. Sterling last quoted at $1.2244, almost flat on the day. China's yuan, which slid to fresh 11-1/2-year lows on Thursday despite support from major state-owned banks in both the spot and forwards markets, maintained its weak tone against the dollar amid worries about the deepening Sino-US trade war. Onshore spot yuan ended the domestic session down 0.3% at 7.0875 per dollar, its weakest such close since March 14, 2008. In early trade, the offshore yuan stood at 7.0924 to the dollar, little changed on the day. Oil prices weakened overnight, with both Brent crude and US West Texas Intermediate down 0.6% each, on worries about the global economy. Brent crude was last up 0.2% at $60.02 per barrel and WTI crude added 0.1% to $55.38. Gold prices dipped on Thursday but held near the pivotal level of $1,500 per ounce, underpinned by continued demand for the precious metal amid uncertainties around monetary policy, trade and geopolitical tensions. Spot gold was last down 0.2% at $1,496.00 an ounce.

Asian stocks shaky before Fed Chairman Jerome Powell's speech as growth woes weigh

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.&nbsp;"All pending GST refunds due to MSMEs till now shall be paid within 30 days from today," the finance minister informed.

The minister said that Angel&nbsp;tax provisions for startups will be removed.

"Tax assessment will become faceless and random." "It is wrong to say the government is harassing taxpayers," she said. The minister said 1400 prosecutions were withdrawn and sixteen offences have been moved to "monetary penalty".

"BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration," the finance minister added.

"Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles and other retail loans, by directly linking repo rates to the interest rates," the finance minister.

"CSR violation is not a criminal offence," the finance minister said.&nbsp;

I-T notices will be through a centralised system,&nbsp;Sitharaman added.

India's finance minister said the global growth rate is forecast at 3.2 per cent, asserting that global demand is weak at the present.

"Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards," the finance minister said.

Sitharaman said that surcharge on capital gains has been withdrawn.

"India is in a better position," Sitharaman said.

Sitharaman said the situation global trade was volatile while emphasising that reforms was&nbsp;a continues endeavour of the government.

"I had consultation with industry representatives, India's position is in a comfortable zone," she added. The government is responsive to the situation the ground, the finance minister assured the nation.

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.

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. "All pending GST refunds due to MSMEs till now shall be paid within 30 days from today," the finance minister informed. The minister said that Angel tax provisions for startups will be removed. "Tax assessment will become faceless and random." "It is wrong to say the government is harassing taxpayers," she said. The minister said 1400 prosecutions were withdrawn and sixteen offences have been moved to "monetary penalty". "BS4 vehicles purchased up to March 2020 will all remain operational for their entire period of registration," the finance minister added. "Banks have now decided to pass on any rate cut through MCLR reduction to benefit all borrowers. This will result in reduced EMIs for housing loans, vehicles and other retail loans, by directly linking repo rates to the interest rates," the finance minister. "CSR violation is not a criminal offence," the finance minister said. I-T notices will be through a centralised system, Sitharaman added. India's finance minister said the global growth rate is forecast at 3.2 per cent, asserting that global demand is weak at the present. "Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards," the finance minister said. Sitharaman said that surcharge on capital gains has been withdrawn. "India is in a better position," Sitharaman said. Sitharaman said the situation global trade was volatile while emphasising that reforms was a continues endeavour of the government. "I had consultation with industry representatives, India's position is in a comfortable zone," she added. The government is responsive to the situation the ground, the finance minister assured the nation.

Angel tax provisions for startups and investors withdrawn: Nirmala Sitharaman

Sri Lanka's central bank cut its main lending rate Friday for the second time in three months hoping to lift the economy as its struggles in the wake of the devastating Easter attacks that hit the key tourism sector.

The Central Bank of Sri Lanka (CBSL) said the rate at which it lent to commercial banks was reduced by 50 basis points to 8.0 per cent.

It added that the 50-basis-point cut in May had not translated into cheaper credit for consumers and expected the latest move to reflect in market lending rates.

"It is essential that market lending rates are lowered by bank and non-bank financial institutions in response to their reduced cost of funds, thereby boosting credit flows to productive sectors, and in turn help the revival of the economy," the bank said in its monthly economic review.

Sri Lanka's economic growth slowed to 3.2 per cent last year from 3.4 per cent in 2018, but had been expected to pick up in 2019 until the devastating attacks by a homegrown jihadist group that killed hundreds and hammered tourism and consumer spending.

"Although economic growth is expected to recover gradually towards its potential in the medium term, domestic and global headwinds are likely to delay this recovery," the bank said.

Finance Minister Mangala Samaraweera expected revenues from tourism -- one of the country's biggest income earners -- to plunge $1.5 billion this year because of cancellations by foreign tourists after the bombings, but the industry expects a faster recovery.

The government allowed a state of emergency to lapse on Thursday as authorities announced they had arrested or killed those directly responsible for the attacks.

The International Monetary Fund released a delayed loan instalment to Sri Lanka following the bombings, helping government efforts to stabilise the economy.

The global lender released $164 million under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister.&nbsp;

Sri Lanka's central bank cut its main lending rate Friday for the second time in three months hoping to lift the economy as its struggles in the wake of the devastating Easter attacks that hit the key tourism sector.

Sri Lanka's central bank cut its main lending rate Friday for the second time in three months hoping to lift the economy as its struggles in the wake of the devastating Easter attacks that hit the key tourism sector. The Central Bank of Sri Lanka (CBSL) said the rate at which it lent to commercial banks was reduced by 50 basis points to 8.0 per cent. It added that the 50-basis-point cut in May had not translated into cheaper credit for consumers and expected the latest move to reflect in market lending rates. "It is essential that market lending rates are lowered by bank and non-bank financial institutions in response to their reduced cost of funds, thereby boosting credit flows to productive sectors, and in turn help the revival of the economy," the bank said in its monthly economic review. Sri Lanka's economic growth slowed to 3.2 per cent last year from 3.4 per cent in 2018, but had been expected to pick up in 2019 until the devastating attacks by a homegrown jihadist group that killed hundreds and hammered tourism and consumer spending. "Although economic growth is expected to recover gradually towards its potential in the medium term, domestic and global headwinds are likely to delay this recovery," the bank said. Finance Minister Mangala Samaraweera expected revenues from tourism -- one of the country's biggest income earners -- to plunge $1.5 billion this year because of cancellations by foreign tourists after the bombings, but the industry expects a faster recovery. The government allowed a state of emergency to lapse on Thursday as authorities announced they had arrested or killed those directly responsible for the attacks. The International Monetary Fund released a delayed loan instalment to Sri Lanka following the bombings, helping government efforts to stabilise the economy. The global lender released $164 million under a three-year $1.5 billion bailout that was suspended in October during a power struggle between the president and the prime minister.

Sri Lanka cuts rates as economy struggles after Easter attacks

<a href="https://www.wionews.com/world/singapore-to-raise-retirement-age-to-65-years-prime-minister-243941">Singapore</a>'s core inflation eased to its slowest pace in more than three years in July, data showed on Friday, prompting authorities to downgrade their full-year forecast amid firming bets for monetary policy easing.

The core inflation gauge rose 0.8 per cent from a year earlier, the slowest rate since April 2016, weighed down by declines in utilities and retail prices.

That was lower than a 1.0 per cent forecast in a Reuters poll and a 1.2 per cent&nbsp;increase in the previous month.

Authorities said they expected core inflation - the preferred price gauge of the central bank which is due to meet in October - to be in the lower half of their 1 per cent-2 per cent&nbsp;forecast for 2019, having previously said it would come in the middle.

The 1 per cent-2 per cent&nbsp;forecast range remains in place.

"This is further evidence of the weakened condition of the economy," said Steve Cochrane, chief APAC economist at Moody's Analytics.

"This will likely raise expectations of monetary policy easing... Particularly as many central banks in the region have already begun to ease monetary policy."

The Monetary Authority of Singapore (MAS) said last week, after the city-state slashed its full-year growth forecast, that it was not considering an out-of-cycle policy move.

The Singapore dollar weakened after the data release and was down around 0.2 per cent&nbsp;against the US dollar on the day.

The headline consumer price index in July rose 0.4 per cent&nbsp;year-on-year, matching January's figures, the lowest so far in 2019. The poll had called for a 0.55 per cent&nbsp;rise, compared with a 0.6 per cent&nbsp;increase a month earlier.

Singapore's headline rate is expected to average 0.5 per cent-1.5 per cent&nbsp;for the full year, MAS and Singapore's trade ministry said in a joint statement on Friday.

"An acceleration in inflationary pressures is unlikely against the backdrop of slower GDP growth, uncertainties in the global economy, as well as the continuing restraining effects of MAS' monetary policy tightening in 2018," the authorities said.

Singapore's core inflation eased to its slowest pace in more than three years in July, data showed on Friday, prompting authorities to downgrade their full-year forecast amid firming bets for monetary policy easing.

Singapore's core inflation eased to its slowest pace in more than three years in July, data showed on Friday, prompting authorities to downgrade their full-year forecast amid firming bets for monetary policy easing. The core inflation gauge rose 0.8 per cent from a year earlier, the slowest rate since April 2016, weighed down by declines in utilities and retail prices. That was lower than a 1.0 per cent forecast in a Reuters poll and a 1.2 per cent increase in the previous month. Authorities said they expected core inflation - the preferred price gauge of the central bank which is due to meet in October - to be in the lower half of their 1 per cent-2 per cent forecast for 2019, having previously said it would come in the middle. The 1 per cent-2 per cent forecast range remains in place. "This is further evidence of the weakened condition of the economy," said Steve Cochrane, chief APAC economist at Moody's Analytics. "This will likely raise expectations of monetary policy easing... Particularly as many central banks in the region have already begun to ease monetary policy." The Monetary Authority of Singapore (MAS) said last week, after the city-state slashed its full-year growth forecast, that it was not considering an out-of-cycle policy move. The Singapore dollar weakened after the data release and was down around 0.2 per cent against the US dollar on the day. The headline consumer price index in July rose 0.4 per cent year-on-year, matching January's figures, the lowest so far in 2019. The poll had called for a 0.55 per cent rise, compared with a 0.6 per cent increase a month earlier. Singapore's headline rate is expected to average 0.5 per cent-1.5 per cent for the full year, MAS and Singapore's trade ministry said in a joint statement on Friday. "An acceleration in inflationary pressures is unlikely against the backdrop of slower GDP growth, uncertainties in the global economy, as well as the continuing restraining effects of MAS' monetary policy tightening in 2018," the authorities said.

Singapore cuts 2019 core inflation forecast as prices hit a 3-year low

Equity benchmark indices were in the negative zone during early hours on Thursday in line with global cues as uncertainty continued over the chance of global fiscal stimulus.

At 10:15 am, the BSE S &amp; P Sensex was down by 129 points at 36,932 while the Nifty 50 edged lower by 46 points to 10,873.

At the National Stock Exchange, all sectoral indices were in the red except for FMCG. Nifty realty plunged by 6.3 per cent.

Among auto stocks, realty major DLF plummeted 17.5 per cent to Rs 141.35 per share. Oberoi Realty was down 4.3 per cent while Indiabulls Housing Finance suffered a bruising fall of 7.8 per cent to Rs 445.80 per share and Yes Bank lost by 4.2 per cent.

The other prominent losers were Bajaj Finserv, Vedanta, Adani Ports and JSW Steel which lost over 2 per cent each. Hindalco, Zee Entertainment, IndusInd Bank and Bajaj Finance too were in the red.

But FMCG major Britannia gained by 2.6 per cent. Dr Reddy's, ITC, Bharti Infratel and Hindustan Lever showed marginal gains.

Meanwhile, Asian shares went flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.2 per cent in very light volumes. Japan's Nikkei was down by 0.05 per cent and the Shanghai Composite Index slipped 0.18 per cent. Hong Kong's Hang Seng too lost by 0.8 per cent.

Equity benchmark indices were in the negative zone during early hours on Thursday in line with global cues as uncertainty continued over the chance of global fiscal stimulus.

Equity benchmark indices were in the negative zone during early hours on Thursday in line with global cues as uncertainty continued over the chance of global fiscal stimulus. At 10:15 am, the BSE S & P Sensex was down by 129 points at 36,932 while the Nifty 50 edged lower by 46 points to 10,873. At the National Stock Exchange, all sectoral indices were in the red except for FMCG. Nifty realty plunged by 6.3 per cent. Among auto stocks, realty major DLF plummeted 17.5 per cent to Rs 141.35 per share. Oberoi Realty was down 4.3 per cent while Indiabulls Housing Finance suffered a bruising fall of 7.8 per cent to Rs 445.80 per share and Yes Bank lost by 4.2 per cent. The other prominent losers were Bajaj Finserv, Vedanta, Adani Ports and JSW Steel which lost over 2 per cent each. Hindalco, Zee Entertainment, IndusInd Bank and Bajaj Finance too were in the red. But FMCG major Britannia gained by 2.6 per cent. Dr Reddy's, ITC, Bharti Infratel and Hindustan Lever showed marginal gains. Meanwhile, Asian shares went flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.2 per cent in very light volumes. Japan's Nikkei was down by 0.05 per cent and the Shanghai Composite Index slipped 0.18 per cent. Hong Kong's Hang Seng too lost by 0.8 per cent.

Sensex continues downward slide, Nifty realty dips 6.2 per cent as DLF cracks 17 per cent

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government.

The BSE S&amp;P Sensex closed 587 points or 1.6 per cent lower at 36,473 while the Nifty 50 was down by 181 points or 1.7 per cent to 10,738.

Except for IT, all sectoral indices were in the red at the National Stock Exchange.

Nifty realty slipped by 6.2 per cent, PSU banks by 3.6 per cent, metal by 3.5 per cent and auto by 1.8 per cent. Among stocks, realty major DLF plummeted 15.9 per cent to Rs 144.30 per share.

Oberoi Realty slipped by 5.6 per cent to wind up at Rs 483.80 apiece.

Shares of Reliance Capital plunged over 19 per cent to hit a multi-year low of Rs 33.30 per share with reports saying that it is exiting the mutual funds business.&nbsp;

With the closure of open offer, Nippon Life Insurance's stake in Reliance Nippon Life Asset Management (RNAM) has risen to 54 per cent.

Yes, Bank fell over 12 per cent intra-day at Rs 57.45 per share with worries over the valuation of its stake in Gautam Thapar's CG Power and Industrial Solutions Ltd, which has been hit by allegations of financial irregularities.&nbsp;

The lender has 12.79 per cent stake in the company.

CG Power plummeted by another 9.75 per cent to Rs 10.65 per share.&nbsp;

LIC Housing Finance was down by nearly 11 per cent, Vedanta by 7.8 per cent, Indiabulls Housing Finance by 5.7 per cent, Bajaj Finserv by 5.5 per cent and Bajaj Finance by 4.9 per cent. However, the gainers included Britannia, Tech Mahindra, Dr. Reddy's, Hindustan Lever and Tata Consultancy Services.

Meanwhile, Asian shares were flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent in light volumes while Japan's Nikkei ended a few notches higher.

Shanghai blue chips climbed 0.3 per cent but Hong Kong's Hang Seng index was among the biggest losers, down more than 1 per cent as unrest in the Chinese-ruled territory continued to disrupt business and investment environment

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government.

Bearish trends gripped the stock market on Thursday as investors awaited clarification on tax proposals for foreign portfolio investors made in the Budget and remained unsure of the stimulus package despite assurances by the government. The BSE S&P Sensex closed 587 points or 1.6 per cent lower at 36,473 while the Nifty 50 was down by 181 points or 1.7 per cent to 10,738. Except for IT, all sectoral indices were in the red at the National Stock Exchange. Nifty realty slipped by 6.2 per cent, PSU banks by 3.6 per cent, metal by 3.5 per cent and auto by 1.8 per cent. Among stocks, realty major DLF plummeted 15.9 per cent to Rs 144.30 per share. Oberoi Realty slipped by 5.6 per cent to wind up at Rs 483.80 apiece. Shares of Reliance Capital plunged over 19 per cent to hit a multi-year low of Rs 33.30 per share with reports saying that it is exiting the mutual funds business. With the closure of open offer, Nippon Life Insurance's stake in Reliance Nippon Life Asset Management (RNAM) has risen to 54 per cent. Yes, Bank fell over 12 per cent intra-day at Rs 57.45 per share with worries over the valuation of its stake in Gautam Thapar's CG Power and Industrial Solutions Ltd, which has been hit by allegations of financial irregularities. The lender has 12.79 per cent stake in the company. CG Power plummeted by another 9.75 per cent to Rs 10.65 per share. LIC Housing Finance was down by nearly 11 per cent, Vedanta by 7.8 per cent, Indiabulls Housing Finance by 5.7 per cent, Bajaj Finserv by 5.5 per cent and Bajaj Finance by 4.9 per cent. However, the gainers included Britannia, Tech Mahindra, Dr. Reddy's, Hindustan Lever and Tata Consultancy Services. Meanwhile, Asian shares were flat as uncertainty continued over the outlook for US interest rates and the global fiscal stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent in light volumes while Japan's Nikkei ended a few notches higher. Shanghai blue chips climbed 0.3 per cent but Hong Kong's Hang Seng index was among the biggest losers, down more than 1 per cent as unrest in the Chinese-ruled territory continued to disrupt business and investment environment

Sensex crashes by 587 points amid heavy selling pressure, DLF plunges by 16%

&nbsp;Oil&nbsp;rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.

<a href="https://www.wionews.com/business-%26-economy/oil-prices-rise-after-us-crude-inventories-fall-154520">US crude inventories</a> fell by 2.7 million barrels last week, more than analysts expected.&nbsp;

Still, the US Energy Information Administration also said gasoline and distillate inventories rose.

Brent crude rose 46 cents to $60.76 a barrel by 1017 GMT. US West Texas Intermediate crude added 40 cents to $56.08.

Traders across the board are awaiting a speech from<a href="https://www.wionews.com/business-economy/dow-ends-above-27000-points-for-first-time-sp-500-hits-record-on-federal-reserve-rate-cut-optimism-235154"> Federal Reserve Chairman Jerome Powell </a>on Friday in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates.

"Oil&nbsp;looks in limbo at the moment," said Craig Erlam, an analyst at OANDA.&nbsp;

"It's been steadily rising over the last couple of weeks but not in any convincing way."

"A risk rally at the end of the week may get it moving again but that hangs on Powell."

The price of Brent is up by about 13 per cent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries, and export cuts in Iran and Venezuela which are under the US 
sanctions.

Iran on Wednesday said if its&nbsp;oil&nbsp;exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against raising pressure on Tehran.

But a slowdown in economic growth amid the US-China trade dispute and Brexit has been pressuring prices and forecasters such as the International Energy Agency have been lowering forecasts for world&nbsp;oil&nbsp;demand.

US President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned his tariffs would reduce US economic output by 0.3per cent in 2020.

The Jackson Hole speech is important for&nbsp;oil&nbsp;as signals from the Fed on monetary easing affect the US dollar. A weaker US currency tends to support&nbsp;oil&nbsp;prices, and the dollar eased on Thursday against a basket of currencies.

"The focus now is going to be on Jackson Hole, I think, to the end of the week," said Olivier Jakob,&nbsp;oil&nbsp;analyst at Petromatrix.

Oil rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed.

Oil rose further above $60 a barrel on Thursday, supported by a drop in US crude inventories and OPEC-led supply cuts, although worries about the global economy weighed. US crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the US Energy Information Administration also said gasoline and distillate inventories rose. Brent crude rose 46 cents to $60.76 a barrel by 1017 GMT. US West Texas Intermediate crude added 40 cents to $56.08. Traders across the board are awaiting a speech from Federal Reserve Chairman Jerome Powell on Friday in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates. "Oil looks in limbo at the moment," said Craig Erlam, an analyst at OANDA. "It's been steadily rising over the last couple of weeks but not in any convincing way." "A risk rally at the end of the week may get it moving again but that hangs on Powell." The price of Brent is up by about 13 per cent this year, supported by supply cuts led by the Organization of the Petroleum Exporting Countries, and export cuts in Iran and Venezuela which are under the US sanctions. Iran on Wednesday said if its oil exports are cut to zero, international waterways would not have the same security as before, cautioning Washington against raising pressure on Tehran. But a slowdown in economic growth amid the US-China trade dispute and Brexit has been pressuring prices and forecasters such as the International Energy Agency have been lowering forecasts for world oil demand. US President Donald Trump on Wednesday said he was "the chosen one" to address trade imbalances with China, even as congressional researchers warned his tariffs would reduce US economic output by 0.3per cent in 2020. The Jackson Hole speech is important for oil as signals from the Fed on monetary easing affect the US dollar. A weaker US currency tends to support oil prices, and the dollar eased on Thursday against a basket of currencies. "The focus now is going to be on Jackson Hole, I think, to the end of the week," said Olivier Jakob, oil analyst at Petromatrix.

Oil steadies above $60 over OPEC supply cuts, global slowdown worries

<a href="https://www.wionews.com/india-news/home-minister-amit-shah-conducts-aerial-survey-of-flood-hit-belagavi-district-in-karnataka-242245">Union Home Minister Amit Shah</a> arrived here on Thursday to chair the 24th meeting of Western Zonal Council.

The two-day meeting will be held at hotel Cidade De Goa in Dona Paula.

Maharashtra Chief Minister Devendra Fadanavis, his Gujarat counterpart Vijay Rupani, Goa Chief Minister Pramod Sawant and administrators from Daman and Diu and Dadra and Nagar Haveli will attend the conclave.

Union Home Minister Amit Shah arrived here on Thursday to chair the 24th meeting of Western Zonal Council. The two-day meeting will be held at hotel Cidade De Goa in Dona Paula.

Union Home Minister Amit Shah arrived here on Thursday to chair the 24th meeting of Western Zonal Council. The two-day meeting will be held at hotel Cidade De Goa in Dona Paula. Maharashtra Chief Minister Devendra Fadanavis, his Gujarat counterpart Vijay Rupani, Goa Chief Minister Pramod Sawant and administrators from Daman and Diu and Dadra and Nagar Haveli will attend the conclave.

Amit Shah arrives in Goa for two-day Western Zonal Council meet