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Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks.

At 10:15 am, the BSE S&amp;P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.7 per cent, media by 1.3 per cent and IT by 1.1 per cent.

Among stocks, Indiabulls Housing Finance plunged by 8.3 per cent to Rs 505.60 per share while Hindalco slipped by 3 per cent, Vedanta by 2.5 per cent, JSW Steel by 1.7 per cent and Tata Motors by 1.5 per cent. IT major Wipro was down by 1.4 per cent at Rs 247.50 per share.

But Yes Bank was up by 1.6 per cent and UPL by 1.5 per cent. FMCG major ITC, ONGC and Bajaj Finance witnessed marginal gains.

Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent though it was still down 1 per cent for the week.

Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.
</div>

Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks. At 10:15 am, the BSE S&P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966.

Equity benchmark indices were in the negative zone during early hours on Friday led by a drop in IT and metal stocks. At 10:15 am, the BSE S&P Sensex was down 206 points at 37,105 while the Nifty 50 edged lower by 64 points to 10,966. At the National Stock Exchange, all sectoral indices were in the red with Nifty metal down by 1.7 per cent, media by 1.3 per cent and IT by 1.1 per cent. Among stocks, Indiabulls Housing Finance plunged by 8.3 per cent to Rs 505.60 per share while Hindalco slipped by 3 per cent, Vedanta by 2.5 per cent, JSW Steel by 1.7 per cent and Tata Motors by 1.5 per cent. IT major Wipro was down by 1.4 per cent at Rs 247.50 per share. But Yes Bank was up by 1.6 per cent and UPL by 1.5 per cent. FMCG major ITC, ONGC and Bajaj Finance witnessed marginal gains. Meanwhile, Asian shares gained some ground after a turbulent week as China hinted at more fiscal support for its economy. MSCI's broadest index of Asia Pacific shares outside Japan edging up by 0.2 per cent though it was still down 1 per cent for the week. Japan's Nikkei was firmer by 0.09 per cent Shanghai blue chips rose 0.7 per cent. The US-China trade dispute remained a drag after Beijing vowed a day earlier to counter the latest tariffs on 300 billion dollars of Chinese goods.

Equity indices in negative zone, Indiabulls Housing Finance falls by 8.3%

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets.

Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign.

The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team.

Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers.

Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine.

Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn.

"I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said.&nbsp;

"He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank.

"I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful.

"We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York."

The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected.

The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing.

"It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said.

"The team is in a better place today than ever before and I know that Joe will build on that success."

The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving.

While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday.

Joseph Tsai, the co-founder of Chinese e-commerce giant Alibaba, has made a deal to purchase full control of the NBA's Brooklyn Nets from Russian businessman Mikhail Prokhorov, the club announced Friday. The Nets said Prokhorov has made an agreement with the Taiwanese-Canadian businessman to sell the Barclays Center arena and his 51 per cent controlling interest in the Nets. Tsai bought 49 per cent of the Nets last year for $1 billion, with the chance to purchase more shares before the start of the 2021-22 campaign. The deal, according to multiple reports, will cost Tsai $2.35 billion, the highest price ever paid for a US sports team. Tilman Fertitta paid a record $2.2 billion for the NBA's Houston Rockets in 2017, the same price hedge fund owner David Tepper paid last year to buy the NFL's Carolina Panthers. Tsai has an estimated net worth of $9.4 billion, according to Forbes magazine. Prokhorov bought the Nets in 2010 and guided their move from New Jersey to Brooklyn. "I've had the opportunity to witness up close the Brooklyn Nets rebuild that Mikhail started a few years ago," Tsai said. "He hired a front office and coaching staff focused on player development, he supported the organisation with all his resources and he refused to tank. "I will be the beneficiary of Mikhail's vision, which put the Nets in a great position to compete, and for which I am incredibly grateful. "We are committed to maintaining Barclays Center's iconic status by bringing together culture, community, and entertainment for our fans and everyone in New York." The Nets deal, expected to close by the end of September and thus ahead of the mid-October start of the 2019-20 NBA campaign, will make Tsai the arena board of directors chairman and the team owner, provided the NBA board of governors gives its approval as expected. The current management will run the team and venue, with Nets chief executive Brett Yormark overseeing the ownership transition before departing. "It has been an honour and a joy to open Barclays Center, bring the Nets to Brooklyn, and watch them grow strong roots in the community while cultivating global appeal," Prokhorov said. "The team is in a better place today than ever before and I know that Joe will build on that success." The Nets made two huge free agency signings in the early minutes of the transfer period, landing two-time NBA Finals Most Valuable Player Kevin Durant and star guard Kyrie Irving. While Durant is likely to miss all of the 2019-20 campaigns with a torn Achilles tendon, the Nets are likely to improve on last season's 42-40 mark and could become a serious Eastern Conference contender upon his return to form.

Alibaba co-founder Tsai will buy full control of NBA Nets

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the <a href="https://www.wionews.com/business-economy/oil-prices-rise-escalating-us-china-trade-war-caps-gains-240974">escalating US-China trade war</a> and growing political unrest are sparking fears the financial centre could soon tip into recession.

The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace.

Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package.

Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter.

Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997.

Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession.

Hong Kong's economy grew 0.5 per cent in the second quarter from a year earlier, the government said on Friday, marginally less than a preliminary estimate, but the escalating US-China trade war and growing political unrest are sparking fears the financial centre could soon tip into recession. The revised figure marked the city's slowest expansion since the global financial crisis a decade ago and was down slightly from both an initial reading of 0.6 per cent and the first quarter's 0.6 per cent pace. Amid growing internal and external pressures, the government also confirmed it was slashing its full-year 2019 growth forecast to a range of 0 per cent-1 per cent from the previous 2 per cent-3 per cent, which it had flagged on Thursday when it announced a modest economic support package. Every quarter, the economy shrank by a seasonally adjusted 0.4 per cent, slightly more than an initial estimate of -0.3 per cent, and decelerating from a 1.3 per cent expansion in the first quarter. Months of increasingly violent confrontations between police and protesters have plunged the international business hub into its worst crisis since it reverted from British to Chinese rule in 1997. Tourists are cancelling bookings, retailers are forecasting a sharp drop in sales and the stock market is tumbling, adding to pressure the city is feeling from China's economic slowdown.

Hong Kong second-quarter GDP grows 0.5%, but trade war protests stoke recession risk

<a href="https://www.wionews.com/world/oil-rises-after-iran-says-it-seized-foreign-tanker-in-gulf-236913">Crude oil prices rose</a> more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy.

Brent crude was up 2 per cent at $59.48 a barrel at 0924 GMT, after falling 2.1 per cent on Thursday and 3 per cent the previous day.&nbsp;

US crude was also 2 per cent higher at $55.60 a barrel, having dropped 1.4 per cent in the previous session and 3.3 per cent on Wednesday.

US retail sales rose 0.7 per cent in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, Thursday's data showed.

That came a day after a sell-off in world markets that followed the US Treasury yield curve's first inversion since June 2007 - a development usually seen as a reliable predictor of a looming recession.

"The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley, senior market analyst at OANDA.&nbsp;

"Overall, US data continues to be a bright spot in a dark economic universe."

World stocks also rose on Friday as expectations grew for further stimulus by central banks, offsetting worries about slowing economic growth.

Gains are likely to be capped after a week of data releases included a surprise drop in industrial output growth in China to a more than 17-year low and a fall in exports that sent Germany's economy into reverse in the second quarter.

"The broader story around global economic growth has been a weak one, or a weakening one, and expectations (are for) further weakening," said Phin Ziebell, senior economist at National Australia Bank.

The price of Brent is still up nearly 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+.

In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.

"At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?" Ziebell said.

A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to doing "whatever it takes" to keep the market balanced next year.

OPEC's efforts have been undermined by worries about a slowing global economy amid a trade dispute between the United States and China, as well as rising US stockpiles of crude and higher output of US shale oil.

Crude oil prices rose more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy.

Crude oil prices rose more than 2 per cent on Friday, recovering from two days of declines after data showing a rise in US retail sales helped to ease concerns about a recession in the world's biggest economy. Brent crude was up 2 per cent at $59.48 a barrel at 0924 GMT, after falling 2.1 per cent on Thursday and 3 per cent the previous day. US crude was also 2 per cent higher at $55.60 a barrel, having dropped 1.4 per cent in the previous session and 3.3 per cent on Wednesday. US retail sales rose 0.7 per cent in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, Thursday's data showed. That came a day after a sell-off in world markets that followed the US Treasury yield curve's first inversion since June 2007 - a development usually seen as a reliable predictor of a looming recession. "The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley, senior market analyst at OANDA. "Overall, US data continues to be a bright spot in a dark economic universe." World stocks also rose on Friday as expectations grew for further stimulus by central banks, offsetting worries about slowing economic growth. Gains are likely to be capped after a week of data releases included a surprise drop in industrial output growth in China to a more than 17-year low and a fall in exports that sent Germany's economy into reverse in the second quarter. "The broader story around global economic growth has been a weak one, or a weakening one, and expectations (are for) further weakening," said Phin Ziebell, senior economist at National Australia Bank. The price of Brent is still up nearly 10 per cent this year thanks to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices. "At what point will further output cuts be needed at the back end of this year from OPEC and Russia to keep things going the way they are?" Ziebell said. A Saudi official indicated this month that more steps may be coming, saying Saudi Arabia was committed to doing "whatever it takes" to keep the market balanced next year. OPEC's efforts have been undermined by worries about a slowing global economy amid a trade dispute between the United States and China, as well as rising US stockpiles of crude and higher output of US shale oil.

Oil rises 2% as recession fears recede

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years.

<a href="https://www.wionews.com/business-economy/london-stock-exchange-in-talks-to-buy-refinitiv-for-27-billion-238782">The London Stock Exchange</a> suffered a "technical software issue", which postponed the opening of trading until 0840 GMT, a spokeswoman said in an email. The markets normally open at 0700 GMT.

In a statement on its website, it said it was still investigating the issue.

The fault affected hundreds of shares in some of the UK's largest companies, including Shell, Unilever and HSBC, and BHP Group, worth a total of $2.8 trillion.

Traders were frustrated by the latest outage coming during a hectic week on global financial markets, hit by worries about a US recession and the US-China trade spat.

"Investors would have been yearning for a quiet Friday after a week of turmoil for the markets driven by recession fears," said AJ Bell investment director Russ Mould.

"It looked like just such a peaceful interlude was on the cards until (the LSE's) technical issues."

A large number of market participants were also away on holiday, which may have limited the impact of the failure.

Paul Mumford, a fund manager at Cavendish Asset Management said it would be a "major embarrassment" for the LSE amid stiffening competition, rising costs and greater regulation among exchange operators.

LSE shares listed on the FTSE 100 were up 0.9 per cent in early deals, in line with the broader FTSE 100.

This is the second outage at the LSE, which handles about 5 billion pounds ($6.1 billion) worth of volume each day, in just over a year.

In June 2018, the opening auction was delayed due to a technical fault, but trading resumed after an hour.

Before that, the market was shut until lunchtime one day in February 2011.

Reuters News' parent Thomson Reuters holds a 45 per cent stake in financial data and news provider Refinitiv.&nbsp;

Thomson Reuters will own 15 per cent in LSE after the proposed deal closes.

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years.

A technical glitch delayed the start of trading on Friday on the UK blue-chip FTSE 100 and midcap stock indexes for almost two hours in what was the longest outage at one of the world's top bourses in eight years. The London Stock Exchange suffered a "technical software issue", which postponed the opening of trading until 0840 GMT, a spokeswoman said in an email. The markets normally open at 0700 GMT. In a statement on its website, it said it was still investigating the issue. The fault affected hundreds of shares in some of the UK's largest companies, including Shell, Unilever and HSBC, and BHP Group, worth a total of $2.8 trillion. Traders were frustrated by the latest outage coming during a hectic week on global financial markets, hit by worries about a US recession and the US-China trade spat. "Investors would have been yearning for a quiet Friday after a week of turmoil for the markets driven by recession fears," said AJ Bell investment director Russ Mould. "It looked like just such a peaceful interlude was on the cards until (the LSE's) technical issues." A large number of market participants were also away on holiday, which may have limited the impact of the failure. Paul Mumford, a fund manager at Cavendish Asset Management said it would be a "major embarrassment" for the LSE amid stiffening competition, rising costs and greater regulation among exchange operators. LSE shares listed on the FTSE 100 were up 0.9 per cent in early deals, in line with the broader FTSE 100. This is the second outage at the LSE, which handles about 5 billion pounds ($6.1 billion) worth of volume each day, in just over a year. In June 2018, the opening auction was delayed due to a technical fault, but trading resumed after an hour. Before that, the market was shut until lunchtime one day in February 2011. Reuters News' parent Thomson Reuters holds a 45 per cent stake in financial data and news provider Refinitiv. Thomson Reuters will own 15 per cent in LSE after the proposed deal closes.

London Stock Exchange, FTSE 100 suffers the longest outage in years

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.S. trade conflict and fears of an imminent global recession.

The Nifty ended 0.17 per cent&nbsp;higher at 11,047.80, while the Sensex closed 0.10 per cent firmer at 37,350.33.

The Nifty and the Sensex shed 0.55 per cent and 0.61 per cent respectively during the three-day week, which had two market holidays.

The Nifty bank index ended 0.71 per cent higher, led by a roughly 4 per cent gain each in Punjab National Bank and Yes Bank Ltd.

Meanwhile, shares in oil-to-telecom conglomerate Reliance Industries Ltd climbed 10 per cent during the week, their best weekly performance since July 2018. Reliance unveiled the sale of a portion of its oil-to-chemicals business to Saudi Aramco and introduced new high-speed internet services.

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.

Indian shares ended a tick higher on Friday, powered by gains in banking stocks, but finished lower for the week with trading dominated by headlines about the Sino-U.S. trade conflict and fears of an imminent global recession. The Nifty ended 0.17 per cent higher at 11,047.80, while the Sensex closed 0.10 per cent firmer at 37,350.33. The Nifty and the Sensex shed 0.55 per cent and 0.61 per cent respectively during the three-day week, which had two market holidays. The Nifty bank index ended 0.71 per cent higher, led by a roughly 4 per cent gain each in Punjab National Bank and Yes Bank Ltd. Meanwhile, shares in oil-to-telecom conglomerate Reliance Industries Ltd climbed 10 per cent during the week, their best weekly performance since July 2018. Reliance unveiled the sale of a portion of its oil-to-chemicals business to Saudi Aramco and introduced new high-speed internet services.

Sensex, Nifty eke out gains, end week lower

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent.

The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year.

It will fund the president's programmes in the first year of his second five-year term, which officially begins in October.

"The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament.

To fund his budget, <a href="https://www.wionews.com/world/as-indonesias-widodo-seeks-a-second-term-rural-voters-have-some-doubts-210297">Widodo proposed to set a target of 2,221.5 trillion rupiahs </a>of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties.

Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable.

"I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians.

He gave a 5 per cent growth outlook for 2019 and 2020.

Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana.

While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges".

Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age.

The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said.

It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista.

The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said.

Parliament typically takes until October to approve the government's budget proposals.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign.

Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.56 billion) budget to parliament for 2020, focusing spending on human resources, which was central in his re-election campaign. The 2020 budget proposals set a target of 5.3 per cent growth in the gross domestic product (GDP), the same as this year's, although officials have often said 2019 growth would probably range from 5.1 per cent to 5.2 per cent. The proposed budget is 3 per cent bigger than 2019's plans, but about 8 per cent larger than the latest government estimate of what Jakarta will spend this year. It will fund the president's programmes in the first year of his second five-year term, which officially begins in October. "The 2020 state budget policy is designed to be expansive, but to remain targeted and measured," Widodo told parliament. To fund his budget, Widodo proposed to set a target of 2,221.5 trillion rupiahs of state revenue. That brings the fiscal deficit in his budget proposals to 1.76 per cent of GDP, which he said gave room to anticipate global uncertainties. Juniman, the chief economist of Maybank Indonesia, said Widodo's GDP growth assumption, which is used as the basis of the government's tax revenue target, is unattainable. "I'm pessimistic the 5.3 per cent growth can be achieved. Given the gloomy global condition and its slowdown trend this year and next, it will be hard for any emerging market to grow faster than this year," said Juniman, who uses one name, like many Indonesians. He gave a 5 per cent growth outlook for 2019 and 2020. Though the president's GDP growth target was "slightly optimistic", the tax target was "cautiously realistic", said Bank Danamon economist Wisnu Wardana. While Widodo promised to keep building infrastructure in 2020, the budget's main theme was improving human resources, with the president pledging to "answer to our demographic challenges". Earlier on Friday, Widodo told parliament raising the quality of the labour market in his second term was key to reaping the benefit of a demographic dividend - a time when the number of people of working age exceeds those of non-working-age. The government proposed to spend 505.8 trillion rupiah ($35.51 billion) for education in 2020, up 30 per cent from this year, to improve basic education as well as provide financing for 818,000 students to go to universities, Widodo said. It would also use the budget to provide training for what Widodo called "emerging skills", such as coding, data analytics, graphic design and even training to become a coffee barista. The budget proposals also assumed an inflation rate of 3.1 per cent, a yearly average rupiah exchange rate of 14,400 to the dollar, a 5.4 per cent average rate for 3-month Treasury bills and an average crude oil price of $65 a barrel, Widodo said. Parliament typically takes until October to approve the government's budget proposals.

Indonesia president proposes $178 billion budget for 2020 with focus on education

China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if US tariffs increase, sending its shares tumbling 6.5 per cent to two-month lows.

China's Lenovo Group, the world's largest PC maker, warned it will have to raise product prices if US tariffs increase, sending its shares tumbling 6.5 per cent to two-month lows. Lenovo's warning amid mounting business uncertainty due to the US-China trade war cast doubt on its sales outlook and took the shine off forecast-beating quarterly results where robust PC sales helped the company more than double its profit. US President Donald Trump said this week that he would postpone imposing an additional 10 per cent tariff on Chinese-made products including tablets and laptop computers until December, but would still impose the tariffs on desktops from September. "Retail prices for products like PC and smartphones will increase if (US) tariffs increase," Lenovo Chairman Yang Yuanqing told an earnings call on Thursday. He also said shifting manufacturing from China to avoid US tariffs would also lead to product price increases, although Lenovo's global production footprint gives it flexibility in making adjustments, and it remains committed to China. The global PC market grew 1.5 per cent in the June quarter after falling for two consecutive quarters, as threats of increased US tariffs on Chinese goods prompted some manufacturers to frontload shipments, industry analysts said. Lenovo emerged as the biggest winner of the global PC market's surprise rebound in the second quarter. Citing industry data, the company said it had a record 25.1 per cent market share in the quarter. Lenovo said it was the fastest-growing PC maker among the top five manufacturers and its improved product mix also helped the business' pre-tax profit margin rose to 5.4 per cent, the highest margin ever attained in a fiscal first quarter. Revenue from Lenovo's personal computer and smart devices group grew 12 per cent, while its mobile business group recorded a 9 per cent fall in sales. Its PC and smart devices business generate more than three-quarters of the group's total revenue, which rose 5 per cent. Net profit rose to $162 million in the quarter ended June, compared with an average estimate of $154 million by nine analysts, according to Refinitiv data. Revenue rose to $12.51 billion, in line with expectations.

Lenovo warns of price hikes to absorb US tariffs, shares slide

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession.

China's threat to impose countermeasures in retaliation for the latest US tariffs knocked stocks sprawling on Thursday, checking earlier attempts to recover from a rout sparked by fears of a world recession. Wall Street futures signalled another weak open for US stocks, which fell 3 per cent on Wednesday after long-dated bond yields dropped, raising fears the US economy was hurtling towards recession and dragging world stocks with it. Expectations that the US Federal Reserve and other central banks would respond robustly to the recession warning helped world stocks to steady earlier. But that recovery was cut short by the latest rhetoric from Beijing "The only game in town is the central banks, hence the bond markets are rallying," said Peter Schaffrik, global macro strategist at RBC Capital Markets. "We have regional bonfires in Hong Kong, Argentina, Japan against South Korea, and none of these is going away easily; everyone is not necessarily strong enough to cause trouble." Recession fears grew on Wednesday after yields on 10-year Treasury bonds dropped to less than two-year rates for the first time in 12 years when the same yield curve inversion presaged the 2008 recession. The curve has inverted before every recession in the past 50 years and sent a false signal just once. The latest inversion has since reversed, albeit marginally, and yields on 30-year Treasuries rose off the record 1.965 per cent low reached in Asian trade. But they are still down 60 basis points in just 12 sessions. Markets appear to be pinning their hopes, yet again, on central banks, betting that scale of the scare would alarm policymakers, especially at the Fed. Money markets price in a growing chance the Fed will cut rates by half a point at its September meeting. "We have seen stocks trading very poorly as a result of the yield curve inversion, so that will be flashing some additional warning lights for the Fed that they have to do more," said Andrea Iannelli, investment director at Fidelity International. "The only question is, can the Fed out-dove the market? At the very least they will have to match market expectations in the short term." The Chinese comments sent a pan-European equity index down half a per cent and markets in London and Frankfurt lost over 1 per cent. Earlier, Asian shares fell 0.5 per cent. Japan's Nikkei shed 1.2 per cent as the recent yen surge hit the export-heavy market. German 30-year yields are below minus 0.2 per cent for the first time. Ten-year yields touched a record low of minus 0.67 per cent. The growth worries come amid economic stress in Argentina and some other emerging markets, fears of Chinese military intervention in Hong Kong and trade tensions that show no sign of abating. "Hoping for the best on the policy front but positioning for the worst on the economic backdrop seems to be the flavour of the day," said Stephen Innes, a managing partner at Valour Markets. "The Fed, now out of necessity alone, will need to adjust policy much more profoundly than they expected." Not everyone buys the argument that recession is inevitable bond markets have been distorted by a decade of multi-trillion-dollar central bank stimulus. Mark Haefele, chief investment officer at UBS Global Wealth Management, said how long the curve remained inverted, and to what extent, was crucial. "If Fed rate cuts successfully steepen the curve comfortably into positive territory, this brief curve inversion may be a premature recession signal. Neither does a yield curve inversion indicate it is time to sell equities," Haefele said. He noted that since 1975, every curve inversion had been followed by an S&P 500 rally that lasted almost two years and delivered average gains around 40 per cent. Safety plays As the Sino-US trade war escalates, long-dated bond yields have fallen across the developed world, flattening yield curves in what is considered a clear signal of a worsening growth outlook. What sent the US curve over the brink into inversion was German data on Wednesday that showed the economy had contracted in the quarter to June. That came on the heels of dire Chinese data for July. The British yield curve also inverted. The German curve is at its flattest since 2008. Oil prices plunged with Brent crude losing another 2 per cent to $58.4 a barrel, after shedding 3 per cent overnight. Safe-haven gold was up 0.3 per cent at $1,520 per ounce, just off recent six-year highs. The yen was flat at 105.8 to the dollar, having earlier traded at 106.74. The currency has gained against the dollar for eight of the past 10 sessions. Excluding a mini-crash episode in January, it recently hit 17-month highs.

Global Markets: China's trade threats deal a fresh blow to world stock

<a href="https://www.wionews.com/business-economy/alibaba-ceo-rules-out-layoffs-this-year-198882">China's Alibaba Group Holding Ltd</a> reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell.

Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China.

Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating.

JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business.

Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier.

Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv.

Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan.

Net income attributable to ordinary shareholders was 21.25 billion yuan.

Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv. 
&nbsp;

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses.

China's Alibaba Group Holding Ltd reported better-than-expected quarterly revenue and profit on Thursday, aided by growth in its e-commerce and cloud computing businesses. US-listed shares in the company, which makes money primarily by selling advertising and promotional services to third-party merchants on its Taobao and Tmall sites, rose 3 per cent to $166.72 in trading before the bell. Two of the world's biggest e-commerce sites, Taobao and Tmall are booming in tandem with internet adoption and mobile phone penetration in China. Both Alibaba and smaller rival JD.com, however, are seeking to diversify amid slowing e-commerce revenue growth at home - due in part to markets in China's biggest cities saturating. JD also reported better-than-expected second-quarter revenue on Tuesday, boosted by stronger sales in its online retail business. Alibaba's revenue rose 42 per cent to 114.92 billion yuan ($16.32 billion) in its first quarter ended June 30 from 80.92 billion yuan, a year earlier. Analysts had expected revenue of 111.73 billion yuan, according to IBES data from Refinitiv. Revenue at its cloud computing business rose 66 per cent to 7.79 billion yuan, while revenue from its core commerce business rose 44 per cent to 99.54 billion yuan. Net income attributable to ordinary shareholders was 21.25 billion yuan. Excluding items, the company earned 12.55 yuan per American Depository Share. Analysts were expecting 10.25 yuan per ADS, according to IBES data from Refinitiv.

Alibaba results beat estimates on the cloud, E-commerce growth

India's annual wholesale price inflation in July eased to 1.08% from a year ago period, government data showed on Wednesday, boosted by a fall in prices of fuel products.

India's annual wholesale price inflation in July eased to 1.08% from a year ago period, government data showed on Wednesday, boosted by a fall in prices of fuel products. Last month, the wholesale price inflation was below the forecast of 1.93% by economists in a Reuters poll and provisional 2.02% in June. Wholesale food prices in July rose 4.54% year-on-year, compared with a 5.04% jump a month earlier, the data showed.

India's July wholesale price inflation inflation eases to 1.08%

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict.

Indian shares followed their Asian peers higher on Wednesday after Washington delayed tariffs on some Chinese imports, bringing some relief to global markets rattled by a bruising trade conflict. The broader NSE Nifty rose 0.36% to 10,964.20 as of 0439 GMT, while the benchmark BSE Sensex gained 0.37% to 37,095.80. US President Donald Trump delayed his September 1 deadline for 10% tariffs on some Chinese imports, delaying duties on a range of consumer goods and sending Wall Street stocks soaring on Tuesday. The trade conflict has disrupted global supply chains and slowed economic growth, dampening sentiment across markets. The Nifty metal index gained 1%, led by a 4% increase in manufacturer Tata Steel Ltd, which rose in tandem with commodity prices and was the top gainer on the NSE Nifty. Data showed on Tuesday that India's retail inflation rate had eased slightly in July, although economists said the numbers also indicated subdued demand conditions. Meanwhile, the rupee strengthened slightly on Wednesday to a high of 70.85 against the dollar, after hitting a near six-month low on Tuesday. The positive market reaction after Trump's move followed several sessions dominated by negative headlines, said Dhananjay Sinha, head of institutional research at Emkay Global Financial Services in Mumbai. "There has been a fair amount of pessimism in the last 15 days or so," Sinha said. "Sentiment in the manufacturing sector has been weak since the trade war began. So any positive news on that front is seen as positive for the market." The NSE index has slipped some 9% since its highest level this year amid worries of slowing economic growth and a proposal to raise taxes for foreign portfolio investors. Earlier this week, fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency also drove investors to safe harbours. Meanwhile, drugmakers Dr Reddy's Laboratories Ltd and Sun Pharmaceutical Industries Ltd fell some 5% each and were the top decliners on the NSE index on Wednesday. Dr Reddy's said US regulators did not approve its female contraceptive, while Sun Pharmaceutical dropped even as it reported a double-digit rise in June-quarter profits.

Nifty, Sensex rises as US President Trump delays China tariffs

<a href="https://www.wionews.com/world/in-blow-to-mexican-president-finance-minister-quits-over-economic-extremism-234645">Wall&nbsp;Street&nbsp;main indexes slid 1.5 per cent</a> on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal.

The interest-rate sensitive bank index slipped 2.50 per cent and the broader financial sector fell 1.95 per cent in response.

Slumping exports sent Germany's economy into reverse in the second quarter, while Chinese industrial output growth cooled to a more than 17-year low in July, putting the focus back on a bruising <a href="https://www.wionews.com/opinions/us-china-trade-war-is-making-china-stronger-234526">US-China trade war</a> and its impact on global growth.

The downbeat mood followed a rally in&nbsp;Wall&nbsp;Street's main indexes on Tuesday thanks to the Trump administration's decision to delay tariffs on some Chinese imports.

"It's almost as if global investors either don't buy the tariff delay as a sign of real progress in the US-China trade war or have been too consumed by further evidence of global economic weakness to care," BMO Capital Markets strategist Stephen Gallo said.

At 9:52 a.m. ET, the Dow Jones Industrial Average was down 406.73 points, or 1.55 per cent, at 25,873.18, the S&amp;P 500 was down 44.61 points, or 1.52 per cent, at 2,881.71. The Nasdaq Composite was down 140.86 points, or 1.76per cent, at 7,875.50.

The high-growth technology sector was the hardest hit. Shares of Apple Inc were down 1.74per cent after boosting markets a day earlier with a 4per cent rise.

Chipmakers were also down, with the Philadelphia chip index slumping 2.09per cent.

The biggest decliner on the S&amp;P 500 index was Macy's Inc, down 17.2per cent, after the department store operator cut its full-year profit forecast as it discounted heavily to clear excess spring season inventory.

Rivals Target Corp and Nordstrom Inc slipped 3.4per cent and 9.8per cent, respectively.

Declining issues outnumbered advancers for a 5.40-to-1 ratio on the NYSE and a 5.99-to-1 ratio on the Nasdaq.

The S&amp;P index recorded eight new 52-week highs and 35 new lows, while the Nasdaq recorded eight new highs and 126 new lows

Wall Street main indexes slid 1.5 per cent on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China.

Wall Street main indexes slid 1.5 per cent on Wednesday, as a closely watched US bond market indicator pointed to a renewed risk of recession following poor economic data from Germany and China. Yields on the two-year Treasury notes rose above the 10-year yield for the first time since 2007, a metric widely viewed as a classic recession signal. The interest-rate sensitive bank index slipped 2.50 per cent and the broader financial sector fell 1.95 per cent in response. Slumping exports sent Germany's economy into reverse in the second quarter, while Chinese industrial output growth cooled to a more than 17-year low in July, putting the focus back on a bruising US-China trade war and its impact on global growth. The downbeat mood followed a rally in Wall Street's main indexes on Tuesday thanks to the Trump administration's decision to delay tariffs on some Chinese imports. "It's almost as if global investors either don't buy the tariff delay as a sign of real progress in the US-China trade war or have been too consumed by further evidence of global economic weakness to care," BMO Capital Markets strategist Stephen Gallo said. At 9:52 a.m. ET, the Dow Jones Industrial Average was down 406.73 points, or 1.55 per cent, at 25,873.18, the S&P 500 was down 44.61 points, or 1.52 per cent, at 2,881.71. The Nasdaq Composite was down 140.86 points, or 1.76per cent, at 7,875.50. The high-growth technology sector was the hardest hit. Shares of Apple Inc were down 1.74per cent after boosting markets a day earlier with a 4per cent rise. Chipmakers were also down, with the Philadelphia chip index slumping 2.09per cent. The biggest decliner on the S&P 500 index was Macy's Inc, down 17.2per cent, after the department store operator cut its full-year profit forecast as it discounted heavily to clear excess spring season inventory. Rivals Target Corp and Nordstrom Inc slipped 3.4per cent and 9.8per cent, respectively. Declining issues outnumbered advancers for a 5.40-to-1 ratio on the NYSE and a 5.99-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and 35 new lows, while the Nasdaq recorded eight new highs and 126 new lows

Wall Street slides over 600 points as recession fears grow

<a href="https://www.wionews.com/world/facebook-begins-adding-its-name-to-some-screens-on-instagram-240369">Facebook Inc </a>has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter.

The company confirmed that it had been transcribing users' audio and said it was no longer doing so, Bloomberg reported.

<a href="https://www.wionews.com/business-economy/companies-using-facebook-like-button-liable-for-data-european-union-court-239226">Facebook</a> did not immediately respond to a Reuters request for comment.

Bloomberg, citing the company, reported that the users who were affected chose the option in the Messenger app to have their voice chats transcribed. The contractors were checking whether <a href="https://www.wionews.com/videos/gravitas-facebook-fined-but-does-it-make-a-dent-238501">Facebook</a>'s artificial intelligence correctly interpreted the messages.

Shares of Facebook pared gains after the report and were up 1.66% at $188.44.

The social media company has been facing broad criticism from lawmakers and regulators over its privacy practices.

Last week, a federal appeals court rejected Facebook's effort to undo a class action lawsuit claiming that it illegally collected and stored biometric data for millions of users without their consent. The company also agreed to pay a record $5 billion fine last month to settle a US Federal Trade Commission data privacy probe.

Earlier this month, Apple Inc and Alphabet Inc's Google globally suspended reviewing recordings from users interacting with their voice assistants, as concerns over data privacy mount.

Facebook Inc has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter.

Facebook Inc has been paying outside contractors to transcribe audio clips from users of its services, Bloomberg reported on Tuesday, citing people familiar with the matter. The company confirmed that it had been transcribing users' audio and said it was no longer doing so, Bloomberg reported. Facebook did not immediately respond to a Reuters request for comment. Bloomberg, citing the company, reported that the users who were affected chose the option in the Messenger app to have their voice chats transcribed. The contractors were checking whether Facebook's artificial intelligence correctly interpreted the messages. Shares of Facebook pared gains after the report and were up 1.66% at $188.44. The social media company has been facing broad criticism from lawmakers and regulators over its privacy practices. Last week, a federal appeals court rejected Facebook's effort to undo a class action lawsuit claiming that it illegally collected and stored biometric data for millions of users without their consent. The company also agreed to pay a record $5 billion fine last month to settle a US Federal Trade Commission data privacy probe. Earlier this month, Apple Inc and Alphabet Inc's Google globally suspended reviewing recordings from users interacting with their voice assistants, as concerns over data privacy mount.

Facebook paid contractors to transcribe users' audio: Report

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia.

The benchmark NSE Nifty ended 0.95% higher at 11,029.40, while the benchmark BSE Sensex closed down 0.96% at 37,311.53.

Shares in Tata Steel Ltd, Jindal Steel and Power Ltd and Vedanta Ltd were among the top gainers on the NSE index, gaining amid a rise in commodity prices.

The Nifty metal index, which has slid nearly 24% since the beginning of the year, rose 2.3%.

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia. The benchmark NSE Nifty ended 0.

Indian stock indexes ended almost 1% higher on Wednesday, after Washington delayed tariffs on some Chinese imports, bringing relief to markets across Asia. The benchmark NSE Nifty ended 0.95% higher at 11,029.40, while the benchmark BSE Sensex closed down 0.96% at 37,311.53. Shares in Tata Steel Ltd, Jindal Steel and Power Ltd and Vedanta Ltd were among the top gainers on the NSE index, gaining amid a rise in commodity prices. The Nifty metal index, which has slid nearly 24% since the beginning of the year, rose 2.3%.

Nifty, Sensex end higher after Trump delays China tariffs

A slump in exports sent Germany's economy into reverse in the second quarter, data showed, as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit.

A slump in exports sent Germany's economy into reverse in the second quarter, data showed, as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit. Gross domestic product (GDP) fell 0.1per cent quarter-on-quarter, in line with a Reuters poll of analysts, as several observers raised prospects of another contraction in the third quarter, and the industrial sector suggested the government should ditch its balanced budget and kick-start growth via fiscal stimulus. On a calendar-adjusted basis, the annual growth rate in Europe's largest economy slowed to 0.4per cent in the second quarter from 0.9per cent in the first, Wednesday's Federal Statistics Office data showed. For 2019 overall, Berlin expects growth of just 0.5per cent. "The bottom line is that the German economy is teetering on the edge of recession," Andrew Kenningham from Capital Economics said, noting that exporters were facing an even bigger potential hit if a threatened no-deal exit from the EU by Britain materialised on Oct. 31. Many economists define a recession as two consecutive quarterly contractions. Despite Wednesday's headline quarterly figure matching expectations, markets also took fright, with the yield on Germany's benchmark 10-year government bond hitting a record low of -0.624per cent. The global slowdown has impacted growth across western Europe, but Germany's traditionally export-reliant economy has been particularly vulnerable. The statistics office said that net trade slowed economic activity as exports recorded a stronger quarter-on-quarter decrease than imports. Construction was also a drag after the sector pushed up overall growth in the first three months due to an unusually mild winter. "Today's GDP report marks the end of a golden decade for the German economy," Cars ten Brzeski from ING said. "It was a decade of strong growth on the back of earlier structural reforms, fiscal stimulus, localisation at its peak and steroids provided by the ECB in the form of low-interest rates and a relatively weak euro." Domestic safety net? Domestic demand has become an important growth driver for Germany in recent years as consumers benefit from record-high employment, inflation-busting pay hikes and low borrowing costs. Positive contributions came from that source in the second quarter, as household consumption, government expenditure and gross fixed capital formation increased in the quarter, the statistics office said. But analysts suggested the positive impact of those factors was waning. "For a year now, the German economy has been only crawling forward," UniCredit analyst Andreas Rees said, with the many uncertainties facing German exporters presaging more pain in the rest of the year. "Besides Brexit, this is above all the US-Sino trade dispute and possible US tariffs on European cars," Rees said. ING's Brzeski said that, with trade conflicts, global uncertainty and the struggling automotive sector having "finally brought the German economy to its knees," a national debate about fiscal stimulus would get more heated. In a usual move, the powerful BDI industry association joined the growing chorus of voices demanding that the German government ditch its balanced budget rule. "In contrast to the debt brake, which is enshrined in the constitution, the black zero (balanced budget) should be called into question in an economically fragile situation," its managing director Joachim Lang wrote in a guest article in Wednesday's edition of business daily Handelsblatt. His comments came after a government official told Reuters last week that Berlin was considering issuing new debt to finance a costly climate protection package. Chancellor Angela Merkel had on Tuesday poured cold water on domestic and international calls for more fiscal stimulus, saying there was no need 'right now' for such a move. Merkel also pointed to already agreed fiscal steps such as the abolishment of the Soli income tax surcharge for most employees from 2021, a relief worth some 11 billion euros per year that is likely to support domestic demand and with its overall growth.

Shrinking German economy 'on edge of recession' as exports stutter

<a href="https://www.wionews.com/world/oil-prices-slip-for-second-day-on-global-growth-fears-228302">Oil prices fell on Wednesday on disappointing </a>economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions.

<a href="https://www.wionews.com/business-economy/oil-inches-down-as-inventory-data-counters-trade-deal-hopes-228693">Brent crude was down 46 cents</a>, or 0.8 per cents, at $60.84 a barrel at 0639 GMT, after rising 4.7 per cents on Tuesday, the biggest percentage gain since December.

US oil was down 62 cents, or 1.1per cents, at $56.48 a barrel, having risen 4per cents the previous session, the most in just over a month.

China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies.

"Deteriorating China industrial output and consumer spending suggest the fundamental picture isn't great and the demand for energy may be under the pressure," said Margaret Yang, market analyst at CMC Markets.

Profit-taking after Tuesday's sharp gains also weighed on crude prices on Wednesday, analysts said.

"The moves in oil were so outsized overnight, that some profit-taking in Asia was logical," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA.

Benchmark crude prices surged on Tuesday after US&nbsp;President Donald Trump backed off his Sept. 1 deadline for 10per cents tariffs on some products affecting about half of the $300 billion target list of Chinese goods.

But with about $110 billion worth of Chinese imports still subject to the tariffs increase next month, the delay will not solve the core issues between the US and China, said Yang.

"Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency," Yang said.

Markets have been pummelled in recent weeks amid tough talk from Trump on trade.

China's commerce ministry said in a statement on Tuesday that US and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

Data from industry group the American Petroleum Institute (API) showed US crude stocks unexpectedly rose last week.

Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.

Oil prices fell on Wednesday on disappointing economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions.

Oil prices fell on Wednesday on disappointing economic data from China and a rise in US crude inventories, erasing some of the sharp gains in the previous session after the US said it would delay tariffs on some Chinese products, easing trade tensions. Brent crude was down 46 cents, or 0.8 per cents, at $60.84 a barrel at 0639 GMT, after rising 4.7 per cents on Tuesday, the biggest percentage gain since December. US oil was down 62 cents, or 1.1per cents, at $56.48 a barrel, having risen 4per cents the previous session, the most in just over a month. China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies. "Deteriorating China industrial output and consumer spending suggest the fundamental picture isn't great and the demand for energy may be under the pressure," said Margaret Yang, market analyst at CMC Markets. Profit-taking after Tuesday's sharp gains also weighed on crude prices on Wednesday, analysts said. "The moves in oil were so outsized overnight, that some profit-taking in Asia was logical," said Jeffrey Halley, senior market analyst, Asia Pacific at OANDA. Benchmark crude prices surged on Tuesday after US President Donald Trump backed off his Sept. 1 deadline for 10per cents tariffs on some products affecting about half of the $300 billion target list of Chinese goods. But with about $110 billion worth of Chinese imports still subject to the tariffs increase next month, the delay will not solve the core issues between the US and China, said Yang. "Markets will perhaps soon come down to earth and face the reality of a world of elevated trade tariffs, slower growth and policy inconsistency," Yang said. Markets have been pummelled in recent weeks amid tough talk from Trump on trade. China's commerce ministry said in a statement on Tuesday that US and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. Data from industry group the American Petroleum Institute (API) showed US crude stocks unexpectedly rose last week. Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.

Oil prices fall as China economic data disappoints, US inventories gain

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

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

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

Stocks take fright as recession warnings grow

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

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

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

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

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

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

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

US stocks jump as Trump delays some key China tariffs

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

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

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

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

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

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

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

Indian shares end sharply lower as the auto sector takes beating

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

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

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

UK jobs market shines, but clouds on the horizon

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

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

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

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

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

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

Oil prices fall on demand concerns, rising US output

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

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

Shares shunted after Argentina crash, safe-havens shine