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State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point.

Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress.

Shares of SBI closed down 2.7 per cent&nbsp;after the results in a Mumbai market that was 0.16 per cent&nbsp;higher.

Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth.

In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent&nbsp;from a year ago, but was 1 bps lower than the previous quarter.

The lender expects its NIM to be around 3.1 per cent&nbsp;in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year.

"What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities.

Meanwhile, net interest income climbed 5.2 per cent&nbsp;to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees.

However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent&nbsp;at June-end, flat over the previous quarter and lower than 10.69 per cent&nbsp;in the same period last year.

Bad loan provisions dived 11 per cent&nbsp;in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans.

SBI expects gross slippage ratio, which stood at 2.83 per cent&nbsp;by June end, to come below 2 per cent&nbsp;before the end of the year.

The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses.

That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

 
&nbsp;

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit.

State Bank of India (SBI) joined its peers in flagging concerns about tough domestic economic conditions and the stress the auto sector is under, as the country's largest lender by assets missed expectations for quarterly profit. Rivals HDFC Bank Ltd and ICICI Bank Ltd too have warned of the negative impact of India's ongoing economic slowdown, with a slump in auto sales cropping up as a major pain point. Mumbai-based SBI has an exposure of 115 billion rupees to auto dealers, Chairman Rajnish Kumar said during a post-earnings conference call on Friday, but clarified that there was no risk of concentration of stress. Shares of SBI closed down 2.7 per cent after the results in a Mumbai market that was 0.16 per cent higher. Kumar also warned that it would be difficult to increase the bank's net interest margins (NIM), a key indicator of the bank's profitability, due to muted credit growth. In the quarter, NIM rose 6 basis points (bps) to 3.01 per cent from a year ago, but was 1 bps lower than the previous quarter. The lender expects its NIM to be around 3.1 per cent in FY20, while its loan book is seen growing by 12 per cent, largely flat over last year. "What was working for the bank was growth in its retail lending book. Now, the slowdown in consumption is surely (going) to depress loan growth in FY20," said Saurabh Jain, assistant vice-president research, SMC Global Securities. Meanwhile, net interest income climbed 5.2 per cent to 229.39 billion rupees, missing analysts' expectations of 234.87 billion rupees. However, asset quality, an issue that has pestered Indian lenders for years as bad loans surged, was stable at SBI. Gross non-performing assets as a percentage of total loans stood at 7.53 per cent at June-end, flat over the previous quarter and lower than 10.69 per cent in the same period last year. Bad loan provisions dived 11 per cent in the quarter, while slippages, or the fresh addition of bad loans, spiked due to loan waivers the government handed out on agricultural loans. SBI expects gross slippage ratio, which stood at 2.83 per cent by June end, to come below 2 per cent before the end of the year. The lender's profit came in at 23.12 billion rupees for the three months ended June 30, versus a loss of 48.76 billion rupees reported last year due to lower trading income and treasury losses. That missed analysts' expectations for a profit of 40.83 billion rupees, according to Refinitiv data, largely due to a tax expense of 17.51 billion rupees. Before taxes, the bank earned 40.63 billion rupees in profits.

State Bank of India warns of muted credit growth, misses quarterly profit estimates

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.

If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50 per cent, and make RBI the most dovish among major Asian central banks.

Almost 80 per cent&nbsp;of 66 economists surveyed by Reuters expected the RBI to cut its benchmark repo rate by 25 bps. Three respondents predicted a 50 bps cut and the remaining 10 forecast the rate would be left unchanged.

Reducing interest rates would please Finance Minister Nirmala Sitharaman, who delivered her first budget last month after being promoted by Prime Minister Narendra Modi following his re-election in May.

"I'll honestly wish (for a) rate cut ... a significant rate cut would do a lot of good for the country," Sitharaman told the Economic Times newspaper in an interview published on Monday.

Her budget had included measures aimed at improving the investment climate but lacked any direct steps to stimulate an economy that grew just 5.8 per cent&nbsp;year-on-year in the January-March quarter, its slowest pace in five years, and well below the double-digit growth levels that Modi wants.

Aside from defending against inflation and protecting the Indian rupee's health, the RBI has oversight of the state-owned banks and a mandate to protect financial stability, which could be undermined if economic growth stays low given the stress prevailing among banks and shadow lenders.

The last time the RBI made so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks were desperate to revive economic growth.

"If the inflation estimate is lower than target and RBI has space they should cut. I expect a 25 bps cut and a dovish tone," said A. Prasanna, chief economist at ICICI Securities Primary Dealership.

Running at 3.18 per cent&nbsp;in June, India's retail inflation has remained below the central bank's medium-term target of 4 per cent&nbsp;for almost a year and is not expected to rise significantly above that until at least 2021, according to a separate Reuters poll.

But, currency and bond dealers noted that external influences could limit India's room for future rate reductions, as the head of the U.S. Federal Reserve warned against expecting a lengthy easing cycle after cutting U.S. interest rates for the first time in over a decade on Wednesday.

But, rate cuts alone cannot help India's economy unless the benefits are passed on to consumers and corporate borrowers. And saddled with bad debt, and scared of losing depositors, banks have been slow to reduce lending and deposit rates despite the RBI's prodding.

State Bank of India cut interest rates on deposits across all maturities on Monday, but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates.

"It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc.," said Shanti Ekambaram, President, Consumer Banking at Kotak Mahindra Bank.

"Suffice it to say that inflation will be the central theme balanced with the need to boost growth".

At least the monsoon rains, after a poor start, appear to becoming kinder, which is good news for around two-thirds of Indians who depend on the farm sector for their livelihoods.

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years.

The Reserve Bank of India (RBI) is likely to cut rates next week for a fourth time in 2019 as benign inflation gives it room to help an economy that is growing at its slowest in nearly five years. If the RBI does cut by 25 basis points on Wednesday, the repo rate would to come down to 5.50 per cent, and make RBI the most dovish among major Asian central banks. Almost 80 per cent of 66 economists surveyed by Reuters expected the RBI to cut its benchmark repo rate by 25 bps. Three respondents predicted a 50 bps cut and the remaining 10 forecast the rate would be left unchanged. Reducing interest rates would please Finance Minister Nirmala Sitharaman, who delivered her first budget last month after being promoted by Prime Minister Narendra Modi following his re-election in May. "I'll honestly wish (for a) rate cut ... a significant rate cut would do a lot of good for the country," Sitharaman told the Economic Times newspaper in an interview published on Monday. Her budget had included measures aimed at improving the investment climate but lacked any direct steps to stimulate an economy that grew just 5.8 per cent year-on-year in the January-March quarter, its slowest pace in five years, and well below the double-digit growth levels that Modi wants. Aside from defending against inflation and protecting the Indian rupee's health, the RBI has oversight of the state-owned banks and a mandate to protect financial stability, which could be undermined if economic growth stays low given the stress prevailing among banks and shadow lenders. The last time the RBI made so many back-to-back cuts was after the global financial crisis over a decade ago, when most major central banks were desperate to revive economic growth. "If the inflation estimate is lower than target and RBI has space they should cut. I expect a 25 bps cut and a dovish tone," said A. Prasanna, chief economist at ICICI Securities Primary Dealership. Running at 3.18 per cent in June, India's retail inflation has remained below the central bank's medium-term target of 4 per cent for almost a year and is not expected to rise significantly above that until at least 2021, according to a separate Reuters poll. But, currency and bond dealers noted that external influences could limit India's room for future rate reductions, as the head of the U.S. Federal Reserve warned against expecting a lengthy easing cycle after cutting U.S. interest rates for the first time in over a decade on Wednesday. But, rate cuts alone cannot help India's economy unless the benefits are passed on to consumers and corporate borrowers. And saddled with bad debt, and scared of losing depositors, banks have been slow to reduce lending and deposit rates despite the RBI's prodding. State Bank of India cut interest rates on deposits across all maturities on Monday, but analysts said it would take time for the country's largest bank to make matching cuts in its lending rates. "It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc.," said Shanti Ekambaram, President, Consumer Banking at Kotak Mahindra Bank. "Suffice it to say that inflation will be the central theme balanced with the need to boost growth". At least the monsoon rains, after a poor start, appear to becoming kinder, which is good news for around two-thirds of Indians who depend on the farm sector for their livelihoods.

India seen set for fourth interest rate cut of 2019

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months.

With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities.

The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks.

Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest&nbsp;rates intact and its outlook on easing came in below market expectations.

The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world.

Investors continued to pump in money into bonds and shunned equities in the past week, Bank of America Merrill Lynch (BAML) said on Friday, amid worries of a corporate earnings recession and trade tensions across the world. BAML said its global earnings per share (EPS) "growth model" suggested an earnings recession. The model forecasts a 7.5% drop in EPS in the next 12 months. With all major central banks coming out with less-dovish guidance, in the week to July 31 investors played it safe by pouring $10.5 billion into bonds while pulling some $1.7 billion money out of equities. The US was the only region to attract investors, who pumped $4.8 billion into equities, while European and Japan stocks had outflows. Money has flowed out of European equities in 70 of the past 73 weeks. Global equities were roiled last week by central bank comments that fell-short of expectations. European markets took a sharp hit after the European Central Bank kept interest rates intact and its outlook on easing came in below market expectations. The US Federal Reserve cut interest rates in line with market expectations on Wednesday but poured cold water on market expectations of a lengthy easing cycle sending global stocks lower.

Fears of earnings recession keep investors away from stocks: Bank of America Merrill Lynch

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled.

"The market was expecting them to raise their guidance for the year," a Milan-based trader said.

Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT.

For&nbsp;2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros.

In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models.

Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year.

Shares in Ferrari went into reverse on Friday as the Italian luxury carmaker failed to lift its guidance for 2019 despite strong results in the first part of the year. Releasing its second quarter results, the company confirmed that it was on track for the higher end of the guidance range for all relevant figures. However, that left some disappointed that there was no upgrade signalled. "The market was expecting them to raise their guidance for the year," a Milan-based trader said. Trading in Milan-listed shares was halted for excessive declines after a 6.9% drop and they were down 3.95% by 1024 GMT. For 2019, Ferrari forecasts its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to rise around 10 per cent to between 1.2-1.25 billion euros. Sales are seen growing by more than 3 per cent to more than 3.5 billion euros. In the second quarter, core earnings rose 8.7% led by robust deliveries of its Portofino and 812 Superfast models. Adjusted EBITDA came at 314 million euros ($348 million) in the April-June period, in line with analyst expectations, according to a Reuters survey.

Ferrari core earnings rise but shares slide after no upgrade to guidance

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Markets, however, ended in the red for the week as weak earnings and comments around the US&nbsp;Federal Reserve's future rate cuts and Washington's tariffs on China clouded investor sentiment.

The broader NSE Nifty ended 0.16 per cent higher at 10,997.35, while the benchmark BSE Sensex closed up 0.27 per cent at 37,118.22. For the week the NSE Nifty was 2.5 per cent&nbsp;lower and the BSE Sensex was down 1.88 per cent, recording their worst weekly fall in three weeks.

Auto stocks led gains for the day with the sector's index closing up 1.26 per cent.&nbsp;Maruti Suzuki closed up 2 per cent, while Tata Motors was up 1.3 per cent.

IT stocks were also the top boosts to markets. The Nifty IT index was up 0.6% led by gains among heavyweights Tata Consultancy Services, which closed 1.24 per cent higher and Infosys Ltd, which was up 1.3 per cent&nbsp;at the closing bell.

Among losers, Indiabulls Housing Finance ended down 7.3 per cent, while Tata Steel closed 2.8 per cent&nbsp;lower.

The volatility index was 4.33 per cent higher at the close.

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

Indian shares reversed course and ended higher on Friday, led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets. India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July. Markets, however, ended in the red for the week as weak earnings and comments around the US Federal Reserve's future rate cuts and Washington's tariffs on China clouded investor sentiment. The broader NSE Nifty ended 0.16 per cent higher at 10,997.35, while the benchmark BSE Sensex closed up 0.27 per cent at 37,118.22. For the week the NSE Nifty was 2.5 per cent lower and the BSE Sensex was down 1.88 per cent, recording their worst weekly fall in three weeks. Auto stocks led gains for the day with the sector's index closing up 1.26 per cent. Maruti Suzuki closed up 2 per cent, while Tata Motors was up 1.3 per cent. IT stocks were also the top boosts to markets. The Nifty IT index was up 0.6% led by gains among heavyweights Tata Consultancy Services, which closed 1.24 per cent higher and Infosys Ltd, which was up 1.3 per cent at the closing bell. Among losers, Indiabulls Housing Finance ended down 7.3 per cent, while Tata Steel closed 2.8 per cent lower. The volatility index was 4.33 per cent higher at the close.

Sensex, Nifty recover after report says government discussing FPI surcharge

The <a href="https://www.wionews.com/world/responsibility-for-what-happens-next-lies-with-japan-south-korea-president-moon-jae-in-on-trade-confrontation-240091">South Korean government</a> has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The website&nbsp;is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past.

"There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website.

The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval.

Businessmen can also sign up for a face-to-face meeting with government officials via the website.

South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production.

The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status.

"I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting.

The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan.

"This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker.

"The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods.

The South Korean government has launched a new learning website for companies puzzled by Japan's recent trade restrictions against the country amid growing confusion over changes of rules about buying Japanese goods. The website is up and running since Thursday, a day before Japan decided to drop South Korea from the so-called "white list" of easy trade countries in midst of a growing dispute between the two countries over their wartime past. "There have been myriads of requests from companies that need a clear picture of what getting removed from the white list means," a South Korean trade ministry official told Reuters on Friday, referring to the reason for the website. The website titled "Know the Japanese restrictions Right" offers a list of sensitive items which can face tightened regulations and guidelines for companies to provide information to Japanese suppliers if they need approval. Businessmen can also sign up for a face-to-face meeting with government officials via the website. South Korea's removal from the favoured trade countries list may require South Korean firms to take extra administrative procedures to obtain import permits, potentially slowing down purchases of a wide range of Japanese goods that can be used for weapons production. The country's President Moon Jae-in on Friday said South Korea would not be "defeated again" by its neighbour, laying bare decades-old animosity at the root of a row over fast-track export status. "I can see challenges won't be small. Our companies and people have the capacity to overcome this ordeal...We can do this," Moon told a cabinet meeting. The South Korean government has been hosting a series of seminars for industry groups from semiconductor sectors to the automobile industry as companies scramble to prepare for new trade environment with Japan. "This is such a confusing time for everyone regardless of which industry you are in," said an official at a South Korean major electric car battery maker. "The rules are so vague and confusing that almost no one knows how to comply and what to do. It's like an unopened black box," the official added, asking not to be named due to the sensitivity of the matter.

South Korea launches 'Let's Learn Japan's Restrictions' website for puzzled businesses

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer.&nbsp;

Amid the shocking developments following the death of founder VG&nbsp;Siddhartha, the board of Coffee Day Enterprises met for more than two hours in Bengaluru.&nbsp;

A statement from the company said an executive committee comprising Ranganath, Bagmane and chief financial officer R. Ram Mohan has been constituted “to exercise the powers previously vested with the Chief Executive Officer of the company and the Administrative Committee constituted by the Board in 2015’’.

The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same.&nbsp;

The company said its board has also taken note of a message from Malavika Hegde, expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders.&nbsp;

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer.

The board of Coffee Day Enterprises on Wednesday said it appointed SV Ranganath as the interim chairman of the board and Nitin Bagmane was named as interim chief operating officer. Amid the shocking developments following the death of founder VG Siddhartha, the board of Coffee Day Enterprises met for more than two hours in Bengaluru. A statement from the company said an executive committee comprising Ranganath, Bagmane and chief financial officer R. Ram Mohan has been constituted “to exercise the powers previously vested with the Chief Executive Officer of the company and the Administrative Committee constituted by the Board in 2015’’. The board will, in due course, prepare a detailed charter of authorities vested in the executive committee and approve the same. The company said its board has also taken note of a message from Malavika Hegde, expressing support and trust in the company's professional team and the common effort to look after the interest of the employees and all other stakeholders.

Coffee Day Enterprises appoints interim chairman, chief operating officer

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve.

At 10:15 am, the BSE S&amp;P Sensex was down 239 points at 37,243 while the Nifty 50 slipped 44 points to 11,042.

At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.5 per cent and pharma by 1.2 per cent.

Among stocks, Coffee Day Enterprises plunged another 10 per cent for the third day in a row and traded at Rs 110.95 per share, a day after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru.

UPL was down by 5.4 per cent, Hindalco by 3.3 per cent, Vedanta by 3.2 per cent, JSW Steel by 2.1 per cent and HDFC by 1.9 per cent.

However, Wipro gained by 3.5 per cent and Bharti Infratel by 2.3 per cent.

Power Grid, IndusInd Bank and GAIL showed marginal gains.

Meanwhile, Asian shares fell to six-week lows as the US Federal Reserve cut interest rates by 25 basis points for the first time in a decade but signalled that this will not be a long chain of cuts.

MSCI`s broadest index of Asia-Pacific shares outside Japan faltered 0.6 per cent.

Japan`s Nikkei reversed early losses and were slightly higher. Losses in Chinese shares accelerated after it opened lower with the blue-chip index down 0.8 per cent.

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve.

Equity benchmark indices were lower again during early hours on Thursday tracking global cues as both US and Asian markets fell on less-than-expected dovish remarks from the US Fed Reserve. At 10:15 am, the BSE S&P Sensex was down 239 points at 37,243 while the Nifty 50 slipped 44 points to 11,042. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.5 per cent and pharma by 1.2 per cent. Among stocks, Coffee Day Enterprises plunged another 10 per cent for the third day in a row and traded at Rs 110.95 per share, a day after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru. UPL was down by 5.4 per cent, Hindalco by 3.3 per cent, Vedanta by 3.2 per cent, JSW Steel by 2.1 per cent and HDFC by 1.9 per cent. However, Wipro gained by 3.5 per cent and Bharti Infratel by 2.3 per cent. Power Grid, IndusInd Bank and GAIL showed marginal gains. Meanwhile, Asian shares fell to six-week lows as the US Federal Reserve cut interest rates by 25 basis points for the first time in a decade but signalled that this will not be a long chain of cuts. MSCI`s broadest index of Asia-Pacific shares outside Japan faltered 0.6 per cent. Japan`s Nikkei reversed early losses and were slightly higher. Losses in Chinese shares accelerated after it opened lower with the blue-chip index down 0.8 per cent.

Equity indices back in negative zone, Wipro and Bharti Infratel gain

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks.

A day after the <a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814">US Federal Reserve</a> reduced rates for the first time since the global financial crisis, the BoE said it still expected to raise borrowing costs gradually though this now hinged on a global pick-up as well as a "smooth" Brexit.&nbsp;

The BoE's Monetary Policy Committee (MPC) voted 9-0 to keep rates unchanged at 0.75 per cent, as expected in a Reuters poll of economists and said rates could move either way, whatever form Brexit takes.

With new Prime Minister Boris Johnson committed to taking Britain out of the <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">European Union</a> on Oct. 31 regardless of whether he can secure a transition deal markets see increased risks of a disorderly, no-deal Brexit.

The BoE said this had led to "a marked depreciation of the sterling exchange rate" which is near a three-year low against a basket of other major currencies and that as of mid-July, business uncertainty about Brexit had become "more entrenched".

"Underlying growth appears to have slowed since 2018 to a rate below potential, reflecting both the impact of intensifying Brexit-related uncertainties on business investment and weaker global growth on net trade," the BoE said.

There was a little immediate market reaction to the statement.

"All eyes will be on the MPC's September meeting. If a disorderly exit from the EU is on the cards, the Bank must not shy away from lowering interest rates in advance to support businesses and households through the turbulence," the Institute of Directors' chief economist, Tej Parikh, said.

The BoE's forecasts assume Britain avoids a Brexit shock, but still foresee a growth of 1.3 per cent for 2019 and 2020, down from 1.5 per cent and 1.6 per cent respectively in its last forecasts in May.

This leaves British economic growth roughly in line with that of the eurozone, which Britain used to regularly outperform before June 2016's referendum decision to leave the EU.

The forecasts also showed a relatively high 30 per cent chance of negative year-on-year growth in the first three months of next year. A recession is typically defined in Europe as two consecutive quarters of negative quarter-on-quarter growth.

Rate cut bets

The weaker growth outlook comes despite the implicit stimulus from the expectations in markets of a rate cut that the BoE mechanically factors into the forecasts.

Before Thursday's announcement, markets were pricing in an almost 90 per cent chance that the BoE will cut rates by 25 basis points before Governor Mark Carney steps down at the end of January.

In large part, this reflects the possibility of a significant loosening of BoE policy if there is a no-deal Brexit, to which economists polled by Reuters on average gave a 30 per cent probability.

The European Central Bank is expected to cut rates in September.

Carney will say more about the BoE's thinking in a news conference at 1130 GMT.

The updated BoE forecasts show the central bank expects inflation currently on target at 2 per cent to exceed its target in two and three years, and by a greater margin than it predicted in May.

The BoE said growth and inflation would both probably be slower in the case of a smooth Brexit than its forecasts show, due to a likely snap-back in sterling and market interest rate expectations.

Taking this into account, inflation in three years would not necessarily exceed the BoE's target, but the BoE still foresaw the domestic economy overheating, requiring higher interest rates.

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks.

The Bank of England cut its growth forecasts on Thursday in the face of increased Brexit worries and a slowing global economy but gave no indication it was considering lowering interest rates like other central banks. A day after the US Federal Reserve reduced rates for the first time since the global financial crisis, the BoE said it still expected to raise borrowing costs gradually though this now hinged on a global pick-up as well as a "smooth" Brexit. The BoE's Monetary Policy Committee (MPC) voted 9-0 to keep rates unchanged at 0.75 per cent, as expected in a Reuters poll of economists and said rates could move either way, whatever form Brexit takes. With new Prime Minister Boris Johnson committed to taking Britain out of the European Union on Oct. 31 regardless of whether he can secure a transition deal markets see increased risks of a disorderly, no-deal Brexit. The BoE said this had led to "a marked depreciation of the sterling exchange rate" which is near a three-year low against a basket of other major currencies and that as of mid-July, business uncertainty about Brexit had become "more entrenched". "Underlying growth appears to have slowed since 2018 to a rate below potential, reflecting both the impact of intensifying Brexit-related uncertainties on business investment and weaker global growth on net trade," the BoE said. There was a little immediate market reaction to the statement. "All eyes will be on the MPC's September meeting. If a disorderly exit from the EU is on the cards, the Bank must not shy away from lowering interest rates in advance to support businesses and households through the turbulence," the Institute of Directors' chief economist, Tej Parikh, said. The BoE's forecasts assume Britain avoids a Brexit shock, but still foresee a growth of 1.3 per cent for 2019 and 2020, down from 1.5 per cent and 1.6 per cent respectively in its last forecasts in May. This leaves British economic growth roughly in line with that of the eurozone, which Britain used to regularly outperform before June 2016's referendum decision to leave the EU. The forecasts also showed a relatively high 30 per cent chance of negative year-on-year growth in the first three months of next year. A recession is typically defined in Europe as two consecutive quarters of negative quarter-on-quarter growth. Rate cut bets The weaker growth outlook comes despite the implicit stimulus from the expectations in markets of a rate cut that the BoE mechanically factors into the forecasts. Before Thursday's announcement, markets were pricing in an almost 90 per cent chance that the BoE will cut rates by 25 basis points before Governor Mark Carney steps down at the end of January. In large part, this reflects the possibility of a significant loosening of BoE policy if there is a no-deal Brexit, to which economists polled by Reuters on average gave a 30 per cent probability. The European Central Bank is expected to cut rates in September. Carney will say more about the BoE's thinking in a news conference at 1130 GMT. The updated BoE forecasts show the central bank expects inflation currently on target at 2 per cent to exceed its target in two and three years, and by a greater margin than it predicted in May. The BoE said growth and inflation would both probably be slower in the case of a smooth Brexit than its forecasts show, due to a likely snap-back in sterling and market interest rate expectations. Taking this into account, inflation in three years would not necessarily exceed the BoE's target, but the BoE still foresaw the domestic economy overheating, requiring higher interest rates.

Bank of England cuts growth forecasts as Brexit and global worries mount

Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets.

Prices of food and non-alcoholic beverages, which make up a third of the overall basket used to calculate inflation, rose 7.9 per cent with big jumps in the prices of staples including onions, pulses and sugar.

There was also a 143 per cent rise in gas prices and a 23 per cent rise in petrol prices from the same month a year earlier.

Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets.

Pakistan's consumer inflation rate accelerated to 10.3 per cent year-on-year in July, from 8.9 per cent a month earlier, driven by higher food and fuel prices, the Bureau of Statistics said on Thursday, underlining the growing squeeze on household budgets. Prices of food and non-alcoholic beverages, which make up a third of the overall basket used to calculate inflation, rose 7.9 per cent with big jumps in the prices of staples including onions, pulses and sugar. There was also a 143 per cent rise in gas prices and a 23 per cent rise in petrol prices from the same month a year earlier.

Pakistan July consumer inflation accelerates to 10.3%

<a href="https://www.wionews.com/business-economy/reliance-jio-overtakes-bharti-airtel-to-become-number-2-operator-237066">Telecom operator Bharti Airtel Ltd</a> reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter.

The company's net loss for the three months ended June 30 was 28.66 billion rupees ($415.00 million), compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent.

Analysts, on average, were expecting the company to report a loss of 10.17 billion rupees, according to Refinitiv data.

New Delhi-based Airtel said its monthly churn rate in mobile services business, a measure of the number of customers it lost, grew to 2.6 per cent for the quarter, compared with 2 per cent&nbsp;a year ago.

Government data showed last month Reliance Industries Ltd's telecom unit Jio pipped Airtel to become India's second-largest operator by subscribers as of May.

Telecom operator Bharti Airtel Ltd reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter.

Telecom operator Bharti Airtel Ltd reported a worse-than-expected quarterly loss on Thursday, as the company lost more customers and spent more to upgrade its 4G network during the quarter. The company's net loss for the three months ended June 30 was 28.66 billion rupees ($415.00 million), compared to a profit of 973 million rupees a year ago. Revenue rose 4.7 per cent. Analysts, on average, were expecting the company to report a loss of 10.17 billion rupees, according to Refinitiv data. New Delhi-based Airtel said its monthly churn rate in mobile services business, a measure of the number of customers it lost, grew to 2.6 per cent for the quarter, compared with 2 per cent a year ago. Government data showed last month Reliance Industries Ltd's telecom unit Jio pipped Airtel to become India's second-largest operator by subscribers as of May.

Bharti Airtel reports worse than expected June-quarter loss

The dollar charged to its highest in more than two years on Thursday after the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/stormy-sterling-sinks-again-stocks-wilt-before-fed-239448&amp;sa=U&amp;ved=2ahUKEwjO-ZbLuOHjAhUBr48KHSApDvgQFjAFegQIBBAC&amp;usg=AOvVaw3Y8jTTDaVY7qnK939Bej7w">Federal Reserve</a> spoiled hopes of a run of US interest rate cuts.

A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts".

The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21.

World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year.

"Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted."

US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%.

WATCH VIDEO

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Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move.

Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation.

Wall Street fell afterwards and E-minis futures for the S&amp;P 500 were pointing 0.15% lower.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month.

Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%.

"We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson.

"In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock."

Trade Talks

Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war.

Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies.

South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years.

South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand.

Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink.

"The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term."

In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions.

Fears of a <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/britain-to-spend-an-extra-26-billion-on-no-deal-brexit-planning-239860&amp;sa=U&amp;ved=2ahUKEwjd24uDu-HjAhUW8XMBHSfID2IQFjAAegQIBhAC&amp;usg=AOvVaw05e85f7pwO51L5lCnpMiS3">no-deal Brexit</a> now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence.

"Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management.

Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash".

The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week.

US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34.

Spot gold also fell, to $1,405.26.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running.

The dollar charged to its highest in more than two years on Thursday after the Federal Reserve spoiled hopes of a run of US interest rate cuts. A blizzard of global data and events was going on, but it was Fed Chair Jerome Powell's remarks on Wednesday that set the markets running. Powell said the first US rate cut in over a decade was "not the beginning of a long series of rate cuts". The dollar’s reaction said it all. The DXY index surged to its highest in more than two years, euro/dollar dropped below $1.11 for the first time since May 2017, and Brexit-hobbled sterling hit 30-month lows just above $1.21. World stocks had recoiled overnight and emerging markets had their longest run of falls in almost a year. "Markets interpreted the Fed’s communication as slightly hawkish and therefore further rate cuts in the immediate future were somewhat priced out," said David Milleker, senior economic advisor at Union Investment. "And the dollar strengthened. All in all, the Fed did not achieve what it presumably wanted." US Treasuries were sold off as investors scaled back their pre-Fed expectations for at least 100 basis points of cuts in the near term. Yields on 10-year notes climbed as high as 2.058% in Europe from a US close of 2.007%. WATCH VIDEO × Core eurozone bond yields were rising, too, although -0.428% German Bund levels were still extraordinary. "I didn’t say it’s just one rate cut," Powell had been careful to emphasise after Wednesday's 25-basis-point move. Instead, he characterised it as "a mid-cycle adjustment to policy", citing signs of a global slowdown, US trade tensions and a desire to boost inflation. Wall Street fell afterwards and E-minis futures for the S&P 500 were pointing 0.15% lower. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8%, extending losses for a fifth day to the lowest since mid-June and posting its biggest one-day percentage drop in a month. Japan's Nikkei rose, reversing early declines. Australian shares declined 0.4%. Losses by Chinese shares ended down 0.8%. "We believe the Fed is trying to thread the needle, balancing market jitters about slowing global growth with robust consumer spending and a strong job market in the US," said Nick Maroutsos, co-head of global bonds at Janus Henderson. "In other words, by cutting just 25 bps, the Fed is trying to bolster market confidence while also keeping some dry powder in reserve in case of an economic shock." Trade Talks Adding to worries, the United States and China on Wednesday ended a brief round of talks without much progress in ending their year-long trade war. Downbeat data and factory surveys on Thursday had also pointed to further weakness for Asia's trade-reliant economies. South Korea's exports fell for an eighth straight month in July amid weak global demand and a dispute with Japan. New export orders shrank the most in about six years. South Korea, the world's sixth-largest exporter, is the first major industrial economy to release trade data each month, providing an early assessment on the health of global demand. Pressure on Chinese factories eased slightly, but manufacturing activity continued to shrink. "The broader global trade dynamic remains a challenge," Morgan Stanley strategist Michael Zezas said. "Trade should continue to drag on corporate confidence, CapEx and global growth in the near term." In Europe's foreign exchange markets, sterling dropped as low as $1.2101 before a Bank of England meeting that's expected to leave its 0.75% interest rate unchanged but result in plenty of interesting discussions. Fears of a no-deal Brexit now that Boris Johnson is prime minister continue to afflict the pound, although it was fractionally higher against a weakening euro at 91.17 pence. "Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead," said Roger Hallam, currency chief investment officer at JP Morgan Asset Management. Elsewhere, the Aussie dollar slipped below key chart support of $0.6832 to as low as $0.6828, a level not seen since an early January "flash crash". The kiwi hit a six-week trough of $0.6535 on expectations the Reserve Bank of New Zealand will cut rates next week. US crude futures fell 76 cents to $57.82 per barrel after comments on the rating outlook. Brent was down 71 cents at $64.34. Spot gold also fell, to $1,405.26.

Mind your backs, dollar coming through!

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy.&nbsp;

The BSE S&amp;P Sensex closed 462.80 points down at 37,018.32 while the Nifty 50 down by 138 points to 10,980.

During the afternoon trade, Sensex fell over 700 points to breach the 37,000 mark for the first time since March this year.&nbsp;The Nifty was also below the 10,900 mark.&nbsp;The rupee also fell to a five-week low against the US dollar, tracking a broad surge in the greenback.&nbsp;

Indian stocks just suffered their worst July in 17 years as the disappointment with the Budget, muted corporate earnings, ongoing credit crunch and consumption remained a drag on sentiment.&nbsp;&nbsp;

Sensex and Nifty have lost 7.04% and 7.09% during the last one month, respectively. Sensex and Nifty have lost 2.53% and 2.90% in last one week.&nbsp;

The gainers were Wipro, Infratel, Power Grid and Maruti Suzuki.

Meanwhile, Cafe Coffee Day shares hit lower circuit for the third day in a row since CCD founder VG Siddhartha mysteriously disappeared and was found dead on Wednesday.

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy. The BSE S&P Sensex closed 462.80 points down at 37,018.

The domestic stock market indices today traded in red led by the metal, pharma, bank, IT, infra, auto, FMCG and energy. The BSE S&P Sensex closed 462.80 points down at 37,018.32 while the Nifty 50 down by 138 points to 10,980. During the afternoon trade, Sensex fell over 700 points to breach the 37,000 mark for the first time since March this year. The Nifty was also below the 10,900 mark. The rupee also fell to a five-week low against the US dollar, tracking a broad surge in the greenback. Indian stocks just suffered their worst July in 17 years as the disappointment with the Budget, muted corporate earnings, ongoing credit crunch and consumption remained a drag on sentiment. Sensex and Nifty have lost 7.04% and 7.09% during the last one month, respectively. Sensex and Nifty have lost 2.53% and 2.90% in last one week. The gainers were Wipro, Infratel, Power Grid and Maruti Suzuki. Meanwhile, Cafe Coffee Day shares hit lower circuit for the third day in a row since CCD founder VG Siddhartha mysteriously disappeared and was found dead on Wednesday.

Sensex closes 463 points down at 37,018.32, Nifty at 10,980

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today.

At 10:15 am, the BSE S&amp;P Sensex was down 120 points at 37,277 while the Nifty 50 slipped 44 points to 11,042.&nbsp;

At the National Stock Exchange, sectoral indices were mixed with Nifty IT and realty dropping by 1.2 per cent while PSU banks gained over 1 per cent.

Among stocks, Coffee Day Enterprises hit 20 per cent lower circuit for the second day to hit a 52-week low and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru.

IT majors too suffered from Tech Mahindra dropping by 3.6 per cent, HCL Tech by 1.1 per cent and Infosys by 1.08 per cent.&nbsp;

Axis Bank edged lower by 3.1 per cent, Britannia by 2 per cent, UltraTech Cement by 1.3 per cent and Titan by 1.1 per cent.However, Yes Bank gained over 4 per cent and IndusInd Bank by 3.7 per cent.&nbsp;

Sun Pharma, Indiabulls Housing Finance and JSW Steel showed gains of 2 to 2.5 per cent each.

Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai.

Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve`s long-awaited interest rate cut.&nbsp;

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today.

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve`s announcement on interest rates later today. At 10:15 am, the BSE S&P Sensex was down 120 points at 37,277 while the Nifty 50 slipped 44 points to 11,042. At the National Stock Exchange, sectoral indices were mixed with Nifty IT and realty dropping by 1.2 per cent while PSU banks gained over 1 per cent. Among stocks, Coffee Day Enterprises hit 20 per cent lower circuit for the second day to hit a 52-week low and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha`s body was found near the Netravathi river in Mangaluru. IT majors too suffered from Tech Mahindra dropping by 3.6 per cent, HCL Tech by 1.1 per cent and Infosys by 1.08 per cent. Axis Bank edged lower by 3.1 per cent, Britannia by 2 per cent, UltraTech Cement by 1.3 per cent and Titan by 1.1 per cent.However, Yes Bank gained over 4 per cent and IndusInd Bank by 3.7 per cent. Sun Pharma, Indiabulls Housing Finance and JSW Steel showed gains of 2 to 2.5 per cent each. Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai. Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve`s long-awaited interest rate cut.

Nifty sinks below 11,100 mark, Coffee Day plunges by another 20 per cent

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

The <a href="s.com/business-economy/huawei-warns-on-us-ban-after-china-smartphone-sales-drive-first-half-revenue-239507">Chinese firm managed</a> to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple.

According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines.

Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and <a href="https://www.wionews.com/business-economy/apple-woos-investors-with-china-gain-market-value-nears-1-trillion-239747">Apple</a> at 11 per cent of the market.

"Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston.

"Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe."

The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter.

"Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics.

A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell.

Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months.

"The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said.

"In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019."

The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets.

According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.&nbsp; 
&nbsp;

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday.

Huawei remained the number two global smartphone vendor in the past quarter despite tough US sanctions imposed on the Chinese technology giant, market trackers said Wednesday. The Chinese firm managed to boost its sales even as the overall market declined, remaining on the heels of sector leader Samsung and ahead of US-based Apple. According to Strategy Analytics, overall global smartphone sales fell 2.6 per cent to 341 million units in the April-June period but showed signs of stabilizing after several quarters of declines. Samsung increased its market share to 22 per cent, helped by a seven per cent rise in handset sales, with growth seen in the mid-range and entry segments. The South Korean giant stayed ahead of Huawei, which was at 17 per cent, and Apple at 11 per cent of the market. "Huawei surprised everyone and grew its global smartphone shipments by eight per cent annually," said Strategy Analytics executive director Neil Mawston. "Huawei surged at home in China during the quarter, as the firm sought to offset regulatory uncertainty in other major regions such as North America and Western Europe." The research firm estimated that Apple, which released its results this week without details on unit shipments, saw an eight per cent drop in iPhone sales in the quarter. "Apple is stabilizing in China due to price adjustments and buoyant trade-ins, but other major markets such as India and Europe remain challenging for the expensive iPhone," said Woody Oh, director at Strategy Analytics. A separate report by Counterpoint Research offered similar findings, showing Samsung, Huawei and Apple in the three top spots as overall sales fell. Analyst Tarun Pathak at Counterpoint said, however, the US ban on technology sales to Huawei will have an impact in the coming months. "The effect of the ban did not translate into falling shipments during this quarter, which will not be the case in the future," Pathak said. "In the coming quarters, Huawei is likely to be aggressive in its home market and register some growth there, but it will not be enough to offset the decline in its overseas shipments. This will further lead to the decline of the overall smartphone market in 2019." The surveys indicated Chinese makers Xiaomi and Oppo holding the fourth and fifth spots, largely due to sales in their home markets. According to Counterpoint, the combined global smartphone market share of Chinese majors Huawei, Oppo, Vivo, Xiaomi, and Realme reached 42 per cent, the highest it has ever been.

Huawei still number two smartphone seller despite US sanctions

<a href="https://www.wionews.com/world/mexico-says-migrant-numbers-at-us-border-down-40-since-may-239609">Mexico</a> narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board.

A preliminary reading by the national statistics agency on Wednesday showed that Mexico's economy, Latin America's second-biggest, grew by 0.1 per cent in the April-June period from the previous quarter when adjusted for seasonal swings.

A Reuters poll of economists had forecast GDP would be flat compared with the first quarter when the economy shrank by 0.2 per cent quarter-on-quarter.

In unadjusted terms, the economy contracted by 0.7 per cent from the same period a year earlier.

Economists generally define two consecutive quarters of negative GDP as a technical recession, though there is no established global definition for the phenomenon.

The government has rejected the suggestion that the country is in a slump, and <a href="https://www.wionews.com/world/trump-adviser-influential-senator-cast-doubt-on-mexico-tariffs-224742">President Andres Manuel Lopez Obrador</a> on Monday was adamant that Mexico is not in a recession.

Investor confidence in Mexico has been shaken by some of the decisions of Lopez Obrador, a leftist exponent of economic nationalism who took office in December vowing to reduce chronic inequality and deliver average annual growth of 4 per cent.

In particular, his decision to cancel a partly built $13 billion new Mexico City airport and his retreat from the prior government's opening of the oil and gas industry to private capital have raised doubts about his economic credentials.

During the past few months, private and public sector analysts have pared back their Mexican growth forecasts, with some now predicting little expansion at all in 2019. Lopez Obrador said he expects growth of 2 per cent this year.

The president has attacked critics of his policies as supporters of what he has characterized as a corrupt "neo-liberal" era that preceded his time in office.

However, he has also had to contend with the risk of economic disruption from the United States the destination for around 80 per cent of Mexico's goods exports due to tensions with US President Donald Trump over illegal immigration.

Mexico narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board.

Mexico narrowly avoided slipping into recession during the first half of 2019 as the gross domestic product grew by a fraction in the second quarter, an initial estimate showed, but weakness persisted across the board. A preliminary reading by the national statistics agency on Wednesday showed that Mexico's economy, Latin America's second-biggest, grew by 0.1 per cent in the April-June period from the previous quarter when adjusted for seasonal swings. A Reuters poll of economists had forecast GDP would be flat compared with the first quarter when the economy shrank by 0.2 per cent quarter-on-quarter. In unadjusted terms, the economy contracted by 0.7 per cent from the same period a year earlier. Economists generally define two consecutive quarters of negative GDP as a technical recession, though there is no established global definition for the phenomenon. The government has rejected the suggestion that the country is in a slump, and President Andres Manuel Lopez Obrador on Monday was adamant that Mexico is not in a recession. Investor confidence in Mexico has been shaken by some of the decisions of Lopez Obrador, a leftist exponent of economic nationalism who took office in December vowing to reduce chronic inequality and deliver average annual growth of 4 per cent. In particular, his decision to cancel a partly built $13 billion new Mexico City airport and his retreat from the prior government's opening of the oil and gas industry to private capital have raised doubts about his economic credentials. During the past few months, private and public sector analysts have pared back their Mexican growth forecasts, with some now predicting little expansion at all in 2019. Lopez Obrador said he expects growth of 2 per cent this year. The president has attacked critics of his policies as supporters of what he has characterized as a corrupt "neo-liberal" era that preceded his time in office. However, he has also had to contend with the risk of economic disruption from the United States the destination for around 80 per cent of Mexico's goods exports due to tensions with US President Donald Trump over illegal immigration.

Mexico narrowly escapes recession with minimal second-quarter growth

Apple CEO Tim Cook on Tuesday said that the desire to keep <a href="https://www.wionews.com/world/apple-will-not-be-given-tariff-wavers-or-relief-for-mac-pro-parts-made-in-china-trump-238701">Mac Pro computer production</a> in United States was behind the company's recent request for tariff exclusions.

"We want to continue to be here," he told analysts on a post-earnings call, adding that the company is investing in capacity to manufacture $6,000 Mac Pros in the United States.

On July 18, Apple had asked the US Trade Representative's office <a href="https://www.wionews.com/world/apple-explores-moving-15-30-of-production-capacity-from-china-to-southeast-asia-report-228703">to waive 25 per cent tariffs </a>on 15 parts, including ones for the Mac Pro desktop computer. The public comment period for those requests closes on August 1.

The Wall Street Journal reported in June that Apple is shifting manufacturing of its new Mac Pro desktop computer to China from Texas.

Last week, US President Donald Trump had said his administration would not grant Apple any relief for tariffs on parts made in China for Mac Pro, later adding that he thought the firm would build a plant in Texas.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

Apple's greater China sales, which had gone into a near free fall earlier this year, dipped only slightly, assuaging concerns that trade tension were undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours.

"We actually grew in mainland China," Cook said, adding,"non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone."

Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Apple CEO Tim Cook on Tuesday said that the desire to keep Mac Pro computer production in United States was behind the company's recent request for tariff exclusions.

Apple CEO Tim Cook on Tuesday said that the desire to keep Mac Pro computer production in United States was behind the company's recent request for tariff exclusions. "We want to continue to be here," he told analysts on a post-earnings call, adding that the company is investing in capacity to manufacture $6,000 Mac Pros in the United States. On July 18, Apple had asked the US Trade Representative's office to waive 25 per cent tariffs on 15 parts, including ones for the Mac Pro desktop computer. The public comment period for those requests closes on August 1. The Wall Street Journal reported in June that Apple is shifting manufacturing of its new Mac Pro desktop computer to China from Texas. Last week, US President Donald Trump had said his administration would not grant Apple any relief for tariffs on parts made in China for Mac Pro, later adding that he thought the firm would build a plant in Texas. Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook described the change as successfully diversifying away from a single product and forecast results above Wall Street targets. Apple's greater China sales, which had gone into a near free fall earlier this year, dipped only slightly, assuaging concerns that trade tension were undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours. "We actually grew in mainland China," Cook said, adding,"non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone." Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones. Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Want to make high end computers in US, need tariff relief: Apple CEO Tim Cook

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed <a href="https://www.wionews.com/world/wall-street-notches-all-time-highs-as-rate-cut-hopes-lift-investor-spirits-235406">Wall Street</a> nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.

If the gains hold, Apple would be within touching distance of again topping $1 trillion in market value, just shy of the world's most valuable company, Microsoft Corp. Apple had 4.53 billion shares outstanding at the end of last quarter.

In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6 per cent to $11.5 billion in the three months to June, offsetting a 12 per cent fall in global iPhone sales to just under $26 billion.

"We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China," <a href="https://www.wionews.com/business-economy/want-to-make-high-end-computers-in-us-need-tariff-relief-apple-ceo-tim-cook-239585">Chief Executive Tim Cook</a> told a conference call after the results.

JP Morgan analyst Samik Chatterjee, who rates the stock 'Overweight', said he believed Apple's transformation of the services business and a strong product cycle are strong reasons to own its shares.

At least seven of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising its price target by $45 to $250. The median of current recommendations is $217.

In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more rise in services sales by the company in the world's second-largest economy.

Concerns about a slowdown in China, where iPhone sales continue to decline, have helped keep Apple's share price below last year's highs. But it is still up 50 per cent in value from lows hit in a market sell-off at the end of last year.

"If there is a China slowdown, clearly no one told Tim about it," Evercore analyst Amit Daryanani wrote in a note.

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019.

Shares of Apple Inc rose 4.2 per cent on Wednesday after the company calmed Wall Street nerves with an improvement in sales in China and as several brokerages predicted a boost from its services business and the launch of new iPhones in the second half of 2019. If the gains hold, Apple would be within touching distance of again topping $1 trillion in market value, just shy of the world's most valuable company, Microsoft Corp. Apple had 4.53 billion shares outstanding at the end of last quarter. In the earnings report after markets closed on Tuesday, Apple said services revenue rose 12.6 per cent to $11.5 billion in the three months to June, offsetting a 12 per cent fall in global iPhone sales to just under $26 billion. "We were especially pleased with the double-digit increase in Services driven by strong growth from the App Store in China," Chief Executive Tim Cook told a conference call after the results. JP Morgan analyst Samik Chatterjee, who rates the stock 'Overweight', said he believed Apple's transformation of the services business and a strong product cycle are strong reasons to own its shares. At least seven of the 43 brokerages who rate Apple shares raised their price targets for the stock, with Citigroup raising its price target by $45 to $250. The median of current recommendations is $217. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, driving a more rise in services sales by the company in the world's second-largest economy. Concerns about a slowdown in China, where iPhone sales continue to decline, have helped keep Apple's share price below last year's highs. But it is still up 50 per cent in value from lows hit in a market sell-off at the end of last year. "If there is a China slowdown, clearly no one told Tim about it," Evercore analyst Amit Daryanani wrote in a note.

Apple woos investors with China gain, market value nears $1 trillion

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday.&nbsp;

The S&amp;P BSE Sensex fell 4.9 per cent this month to end the month at 37,481.12 and the NSE Nifty 50 closed nearly 6 per cent lower at 11,118.

Domestic indices traded lower for the better part of the day but saw a sharp surge during the last trading hour.&nbsp;

Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment.

For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low.

Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday.

India`s top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter.

(With inputs from Reuters)

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday. The S&P BSE Sensex fell 4.

Domestic stock market indices Sensex and Nifty gained nearly 450 points and 146 points respectively from lows to end positive on Wednesday. The S&P BSE Sensex fell 4.9 per cent this month to end the month at 37,481.12 and the NSE Nifty 50 closed nearly 6 per cent lower at 11,118. Domestic indices traded lower for the better part of the day but saw a sharp surge during the last trading hour. Weak corporate earnings, economic slowdown and tax issues continued to weigh down investment sentiment. For July, the NSE Nifty was down 5.7%, its worst since September, while BSE Sensex fell 4.9% to an eight-month low. Public sector banks and metals were top boosts, with their indexes rising 1.73% and 2.42%, respectively on Wednesday. India`s top refiner Indian Oil Corp ended up 3.9% after the company reported a better-than-expected profit for the June quarter. (With inputs from Reuters)

Stock markets end in green but witness worst July in 17 years

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months.&nbsp;

Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.3 per cent in June to 1.1 in July.

This falls even further short of the European Central bank's 2.0 per cent target for a healthy economy and amounts to further evidence of a worrying slowdown.&nbsp;

The seasonally adjusted unemployment rate nevertheless also fell, from a revised 7.6 per cent in May to 7.5 in June, its lowest level in ten years.

The wider 28-member European Union, which includes countries outside the euro, also saw second-quarter growth shrink to 0.2 per cent, down from 0.5 in the previous period.

All these figures were in line with market expectations as estimated by data firm Factset.

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months. Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.

Economic growth in the eurozone slowed to 0.2 per cent in the second quarter of the year, down from 0.4 per cent in the previous three months. Eurostat's figures, published Wednesday, also showed inflation in the 19-nation single currency group dropping from 1.3 per cent in June to 1.1 in July. This falls even further short of the European Central bank's 2.0 per cent target for a healthy economy and amounts to further evidence of a worrying slowdown. The seasonally adjusted unemployment rate nevertheless also fell, from a revised 7.6 per cent in May to 7.5 in June, its lowest level in ten years. The wider 28-member European Union, which includes countries outside the euro, also saw second-quarter growth shrink to 0.2 per cent, down from 0.5 in the previous period. All these figures were in line with market expectations as estimated by data firm Factset.

Eurozone growth slows to 0.2% in second quarter

<a href="https://www.wionews.com/business-&amp;-economy/gold-prices-rise-to-one-week-high-as-softer-us-dollar-supports-buying-148880">Gold prices</a> held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis.

Spot gold was flat at $1,430.69 per ounce as of 0723 GMT.

US gold futures edged 0.1 per cent higher to $1,443.60 an ounce. "Most of the people are staying on the sidelines due to the Fed meeting. If the Fed does reduce rates, gold may come down a little as a 25 basis point cut is already priced-in," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.

"We are also looking at whether there will be further rate cuts. Over the longer term, we are still bullish on gold but in the short-term, we might see a bit of correction before it continues to move higher," Lan added.

Fed funds rate futures are now fully pricing in a 25 basis point rate cut on Wednesday and another 25 basis point reduction by September.

Markets will be watching out for guidance on whether the Federal Open Market Committee`s expected move is a one-time cut or the beginning of a rate-cutting cycle.

Cementing expectations of Fed rate cuts, US consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation.

<a href="https://www.wionews.com/world/donald-trump-tears-into-china-on-twitter-as-trade-talks-resume-239492">US President Donald Trump</a>, meanwhile, reiterated his call for the Fed to make a large interest rate cut, saying he was disappointed in the US&nbsp;

The central bank and that it had put him at a disadvantage by not acting sooner.

"Gold will look for direction in the tone of the Fed Chief`s rhetoric. More dovish could lead to a weaker dollar and a higher price for gold," <a href="https://www.wionews.com/business-economy/crude-oil-prices-fall-1-on-fears-for-global-economy-233148">Alfonso Esparza</a>, a senior market analyst at OANDA, said in a note.

The dollar index was relatively unchanged against a basket of major currencies on Wednesday after hitting a two-month high in the previous session.

In financial markets, fresh trade concerns following threats by Trump to Beijing sent Asian shares to a six-week trough on Wednesday.&nbsp;

Trump warned China against waiting out his presidency before finalising a trade deal, saying if he wins re-election in November 2020, the outcome could be no agreement or a harsher one.

On the technical front, Reuters technical analyst Wang Tao said a bullish target at $1,452 per ounce has been established for spot gold, as it has pierced above resistance at $1,427.

Among other precious metals, silver slipped 0.7 per cent to $16.46 per ounce.

Platinum jumped 1.2 per cent to $876.11 an ounce and palladium rose 1 per cent to $1,529.20.

Gold prices held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis.

Gold prices held steady on Wednesday as investors waited on the outcome of the Federal Reserve`s meeting later in the day when policymakers are expected to cut interest rates for the first time since the financial crisis. Spot gold was flat at $1,430.69 per ounce as of 0723 GMT. US gold futures edged 0.1 per cent higher to $1,443.60 an ounce. "Most of the people are staying on the sidelines due to the Fed meeting. If the Fed does reduce rates, gold may come down a little as a 25 basis point cut is already priced-in," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. "We are also looking at whether there will be further rate cuts. Over the longer term, we are still bullish on gold but in the short-term, we might see a bit of correction before it continues to move higher," Lan added. Fed funds rate futures are now fully pricing in a 25 basis point rate cut on Wednesday and another 25 basis point reduction by September. Markets will be watching out for guidance on whether the Federal Open Market Committee`s expected move is a one-time cut or the beginning of a rate-cutting cycle. Cementing expectations of Fed rate cuts, US consumer spending and prices rose moderately in June, pointing to slower economic growth and benign inflation. US President Donald Trump, meanwhile, reiterated his call for the Fed to make a large interest rate cut, saying he was disappointed in the US The central bank and that it had put him at a disadvantage by not acting sooner. "Gold will look for direction in the tone of the Fed Chief`s rhetoric. More dovish could lead to a weaker dollar and a higher price for gold," Alfonso Esparza, a senior market analyst at OANDA, said in a note. The dollar index was relatively unchanged against a basket of major currencies on Wednesday after hitting a two-month high in the previous session. In financial markets, fresh trade concerns following threats by Trump to Beijing sent Asian shares to a six-week trough on Wednesday. Trump warned China against waiting out his presidency before finalising a trade deal, saying if he wins re-election in November 2020, the outcome could be no agreement or a harsher one. On the technical front, Reuters technical analyst Wang Tao said a bullish target at $1,452 per ounce has been established for spot gold, as it has pierced above resistance at $1,427. Among other precious metals, silver slipped 0.7 per cent to $16.46 per ounce. Platinum jumped 1.2 per cent to $876.11 an ounce and palladium rose 1 per cent to $1,529.20.

Gold prices hold steady ahead of Fed verdict

Prosecutors have filed charges against former <a href="https://www.wionews.com/world/audi-ceo-arrested-volkswagen-145204">Audi Chief Executive Rupert Stadler</a>, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday.

Stadler and three other defendants are being charged with false certification and criminal advertising practices, it said, adding that three defendants are accused of having developed engines used in Audi-, Volkswagen and Porsche-branded cars that used emissions-cheating devices.

"Defendant Stadler is accused of having been aware of the manipulations since the end of September 2015, at the latest, but he did not prevent the sale of affected Audi and VW vehicles thereafter," the prosecutor said in a statement. 
&nbsp;

Prosecutors have filed charges against former Audi Chief Executive Rupert Stadler, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday.

Prosecutors have filed charges against former Audi Chief Executive Rupert Stadler, who is being investigated for his role in Volkswagen`s emissions cheating scandal, the public prosecutor`s office in Munich said on Wednesday. Stadler and three other defendants are being charged with false certification and criminal advertising practices, it said, adding that three defendants are accused of having developed engines used in Audi-, Volkswagen and Porsche-branded cars that used emissions-cheating devices. "Defendant Stadler is accused of having been aware of the manipulations since the end of September 2015, at the latest, but he did not prevent the sale of affected Audi and VW vehicles thereafter," the prosecutor said in a statement.

Prosecutors charge former Audi CEO Rupert Stadler over his role in emissions scandal

<a href="https://www.wionews.com/business-economy/want-to-make-high-end-computers-in-us-need-tariff-relief-apple-ceo-tim-cook-239585">Apple Inc iPhone</a> sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker.

Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours.

Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there.

"We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone."

But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets.&nbsp;

&nbsp;Wearables and other accessories revenue rose nearly 50 per cent, topping expectations.

Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record.

Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion.&nbsp;

At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020.

For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data.

Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter.

"You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product."

Apple did not give the number of active <a href="https://www.wionews.com/business-economy/apples-india-made-top-end-iphones-to-hit-stores-next-month-source-235135">Apple devices</a>, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business.&nbsp;

Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020.

Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service.

"You have to have a bigger installed base and have services that people get value from," Miller said.

Trade tension still looms large

Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones.

Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers.

Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country.

But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further.

"Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits."

Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices.

Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion.

Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets.

Apple Inc iPhone sales dropped to less than half of quarterly revenue for the first time in seven years, but CEO Tim Cook on Tuesday described the change as successfully diversifying away from a single product and forecast results above Wall Street targets. That strategy proved especially useful in China, the world's largest smartphone market. Investors feared a drumbeat of negative shipment data from the Chinese government and analysts meant problems for the iPhone maker. Apple's greater China sales, which had gone into a near free-fall earlier this year, dipped only slightly, assuaging concerns that trade tension was undermining Apple's standing in one of its most important markets. Shares rose 4.25 per cent after hours. Moribund global mobile phone sales have led Apple to focus on accessories like the Apple Watch and growth in music, apps, gaming, video and a credit card coming in August. In mainland China, Cook said the overall number of Apple device users had grown in the fiscal third quarter, helping to increase the market for its services, whose sales were up by more than 10 per cent there. "We grew in mainland China," Cook told Reuters. "Non-iPhone revenue grew 17 per cent. We grew in every category outside of iPhone." But globally, iPhone sales fell 12 per cent to $25.99 billion, after dropping 17 per cent in the previous quarter, and matched Wall Street targets. Wearables and other accessories revenue rose nearly 50 per cent, topping expectations. Services revenue rose 12.6 per cent to $11.46 billion, slowing and slightly missing expectations but setting a new record. Apple said it expects revenue for the current fiscal fourth quarter of between $61 billion and $64 billion, compared with analyst estimates of $61.02 billion. At the high end of Apple's forecasted range, sales would beat the prior year's $62.90 billion in sales, even though analysts expected continued lacklustre iPhone sales until 5G models arrive in 2020. For the fiscal third quarter ended in June, Apple reported a 1 per cent rise in revenue to $53.8 billion and a 7 per cent drop in earnings per share to $2.18, compared with expectations of $53.39 billion and $2.10 per share, according to Refinitiv data. Hal Eddins, a chief economist for Apple shareholder Capital Investment Counsel, said he was pleasantly surprised to see iPhone sales declines slow down versus the prior quarter. "You don’t hear people talk about their phones like they did several years ago," Eddins said. But, "the key is that when people want to splurge on a phone, they do it with an Apple product." Apple did not give the number of active Apple devices, but in January it said it was 1.4 billion, with 900 million of those being iPhones. Investors used the number, called the installed base, as a proxy for how many subscribers it can gain for its services business. Cook told investors on a conference call Tuesday that Apple has 420 million paid subscribers to its services and third-party apps. The company has set a goal of 500 million by 2020. Trip Miller, the managing partner at Apple shareholder Gullane Capital Partners, said he wants to see services growth return to the 20 per cent range and thinks Apple needs to use its billions in cash to buy media properties to fuel its forthcoming television service. "You have to have a bigger installed base and have services that people get value from," Miller said. Trade tension still looms large Apple reported results as US and Chinese trade negotiators resumed off-and-on talks. The US President Donald Trump has suspended new tariffs on a final $300 billion of Chinese imports, which would include iPhones. Trade tension has slowed down economic growth in China, a major market for Apple, which effectively cut iPhone prices in China earlier this year after currency exchange rates had made its phones too expensive for many Chinese consumers. Apple's market share in China declined to 5.8 per cent from 6.4 per cent, according to market research firm Canalys, in part because smartphone rival Huawei Technologies Co Ltd gained market share to become the top handset seller in the country. But Apple experienced a smaller market share less than competitors such as Xiaomi Corp, Oppo and Vivo, according to Canalys data. Cook said that iPhone price adjustments, plus the Chinese government's move to cut phone taxes, helped keep iPhone sales in China from eroding further. "Our trade-in and financing programs are doing extremely well in China," Cook told Reuters. "Because of the active installed base is growing in China, our services business is doing very well, growing double digits." Apple shares have gained more than 20 per cent since early June when shares dropped on news that the US Department of Justice had jurisdiction over the company in a potential probe as part of a broader review of whether technology giants engage in anticompetitive practices. Apple said revenue for its "Wearables, home and accessories" segment that contains devices like the Apple Watch and AirPods was $5.53 billion, compared with analyst estimates of $4.81 billion. Apple said it returned more than $21 billion to shareholders during the fiscal third quarter, including $17 billion in share repurchases. It declared a dividend of 77 cents per share.

Apple's services, wearables shore up results as iPhone drops below half of sales

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve.

The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade.

The broader NSE Nifty was up 0.32 per cent at 11,224.85 as of 0455 GMT, while the benchmark BSE Sensex rose 0.31per cent to 37,803.38.

"The positive open follows mildly positive US markets on Monday and largely positive Asian markets this morning," said Deepak Jasani, senior vice president at HDFC Securities.

"Some beaten-down stocks of Monday are seeing some bounce."

Banks and financials led the gains, with the Nifty Bank index and the Nifty Finance index rising 0.5 per cent each. ICICI Bank was among the top gainers with a rise of 1.2 per cent.

State Bank of India, the country's biggest lender, tightened lending terms for auto dealers as it sought to reduce its exposure to the crisis-ridden sector, Reuters reported on Monday.

The move, however, did not dampen investor sentiment on the sector. The Nifty Auto index was up 0.4 per cent, after it touched an over three-year low on Monday.

Sector heavyweights Maruti Suzuki and Tata Motors were up 0.5 per cent and 0.8 per cent, respectively.

Dr Reddy's Laboratories, which reported better-than-expected earnings on Monday, saw its stock rise slightly over 1 per cent. Cipla Ltd was up nearly 2 per cent.

Among losers, Indiabulls Housing Finance Ltd extended its fall from Monday after a lawmaker alleged embezzlement by the company to the tune of 1 trillion rupees.

Meanwhile, shares of Coffee Day Enterprises Ltd plunged 20 per cent, after the founder and largest shareholder in the company went missing under mysterious circumstances on Monday.

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve. The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points.

Indian shares edged higher on Tuesday, tracking broader Asia ahead of a widely expected rate cut by the US Federal Reserve. The Fed begins its two-day policy meeting later in the day, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank's first rate cut in a decade. The broader NSE Nifty was up 0.32 per cent at 11,224.85 as of 0455 GMT, while the benchmark BSE Sensex rose 0.31per cent to 37,803.38. "The positive open follows mildly positive US markets on Monday and largely positive Asian markets this morning," said Deepak Jasani, senior vice president at HDFC Securities. "Some beaten-down stocks of Monday are seeing some bounce." Banks and financials led the gains, with the Nifty Bank index and the Nifty Finance index rising 0.5 per cent each. ICICI Bank was among the top gainers with a rise of 1.2 per cent. State Bank of India, the country's biggest lender, tightened lending terms for auto dealers as it sought to reduce its exposure to the crisis-ridden sector, Reuters reported on Monday. The move, however, did not dampen investor sentiment on the sector. The Nifty Auto index was up 0.4 per cent, after it touched an over three-year low on Monday. Sector heavyweights Maruti Suzuki and Tata Motors were up 0.5 per cent and 0.8 per cent, respectively. Dr Reddy's Laboratories, which reported better-than-expected earnings on Monday, saw its stock rise slightly over 1 per cent. Cipla Ltd was up nearly 2 per cent. Among losers, Indiabulls Housing Finance Ltd extended its fall from Monday after a lawmaker alleged embezzlement by the company to the tune of 1 trillion rupees. Meanwhile, shares of Coffee Day Enterprises Ltd plunged 20 per cent, after the founder and largest shareholder in the company went missing under mysterious circumstances on Monday.

Nifty, Sensex edge higher tracking broader Asia

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday.

Consumers again say jobs are plentiful, business conditions are good and incomes are likely to rise in the near future, according to Conference Board's monthly report.

The gains in consumer confidence overshot economists' expectations and should support consumption in the coming months while the economy slows.

The Conference Board's consumer confidence index rose more than 10 points to 135.7 in July.&nbsp;

"After a sharp decline in June, driven by an escalation in trade and tariff tensions, Consumer Confidence rebounded in July to its highest level this year," Lynn Franco, the Conference Board's head of economic indicators, said in a statement.

The report coincided with Commerce Department data showing a fifth consecutive monthly increase in personal income, suggesting retail spending should be healthy in the summer.

The Conference Board data showed views about the present and expectations for the near future rose sharply.&nbsp;

Confidence dimmed in June after trade talks with Beijing collapsed in May, prompting Trump to jack up duties on hundreds of billions in Chinese imports. He also threatened Mexico with steep tariffs in a border policy dispute.&nbsp;

But the US leader agreed with Chinese President Xi Jinping late last month to resume negotiations and cease further hostilities.

The share of survey respondents who say business conditions are good rose to the highest level since February while those saying jobs are plentiful hit its highest point since April.

Most survey respondents expected business conditions, employment and incomes to remain about the same over the next six months -- but the share of those expecting improvements in each rose modestly.

RDQ Economics said Tuesday the confidence data weakened the case for cutting interest rates, as the Federal Reserve is widely expected to do on Wednesday.

The survey "points to strength that is inconsistent with the need for an insurance cut and the case for one-and-done for now has grown," RDQ said in a note to clients.

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday.

American consumer optimism rebounded unexpectedly this month among American consumers, recovering from a trade-war fright in June, according to a survey released Tuesday. Consumers again say jobs are plentiful, business conditions are good and incomes are likely to rise in the near future, according to Conference Board's monthly report. The gains in consumer confidence overshot economists' expectations and should support consumption in the coming months while the economy slows. The Conference Board's consumer confidence index rose more than 10 points to 135.7 in July. "After a sharp decline in June, driven by an escalation in trade and tariff tensions, Consumer Confidence rebounded in July to its highest level this year," Lynn Franco, the Conference Board's head of economic indicators, said in a statement. The report coincided with Commerce Department data showing a fifth consecutive monthly increase in personal income, suggesting retail spending should be healthy in the summer. The Conference Board data showed views about the present and expectations for the near future rose sharply. Confidence dimmed in June after trade talks with Beijing collapsed in May, prompting Trump to jack up duties on hundreds of billions in Chinese imports. He also threatened Mexico with steep tariffs in a border policy dispute. But the US leader agreed with Chinese President Xi Jinping late last month to resume negotiations and cease further hostilities. The share of survey respondents who say business conditions are good rose to the highest level since February while those saying jobs are plentiful hit its highest point since April. Most survey respondents expected business conditions, employment and incomes to remain about the same over the next six months -- but the share of those expecting improvements in each rose modestly. RDQ Economics said Tuesday the confidence data weakened the case for cutting interest rates, as the Federal Reserve is widely expected to do on Wednesday. The survey "points to strength that is inconsistent with the need for an insurance cut and the case for one-and-done for now has grown," RDQ said in a note to clients.

US consumer confidence highest of 2019 as tariff shock abates

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team.

As of December&nbsp;31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing&nbsp;

Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price.

The $75 billion platform connects drivers and passengers in 100 European cities.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Hamburg is the sixth German city in which&nbsp;Uber&nbsp;Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45.

Ride-hailing company Uber Technologies Inc said on Monday it laid off 400 people globally from its marketing team. As of December 31, Uber had 22,263 employees, with 1,951 employees in sales and marketing team, according to the company's filing Uber debuted on the New York Stock Exchange on May 10 at an IPO price of $45. The stock is currently trading nearly 2% below the IPO price. The $75 billion platform connects drivers and passengers in 100 European cities. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth. Hamburg is the sixth German city in which Uber Technologies Inc has rolled out its full range of services, following a pledge last year by CEO Dara Khosrowshahi to make a fresh in Europe's largest economy and seek responsible growth.

Uber lays off 400 employees in marketing team