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US stocks have been under pressure in August as optimism over a Federal Reserve interest rate cut has been replaced by unease at US President Donald Trump's latest tariffs on China and China's response, which has included halting US agricultural purchases.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

Wall Street stocks finished little changed on Wednesday following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy.

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

US stocks recover from early swoon amid global growth angst

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

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

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

Sensex jumps 637 points while Nifty regains 11,000 mark

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

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

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

Sensex rises by 600 points, reaches 37,000

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

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

Adidas promises revival after sluggish quarter

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

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

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

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

Weaponising Yuan: Beijing's double-edged sword

The Reserve Bank of India (RBI) cut repo rate by 35 basis points to 5.40 per cent on Wednesday.

Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans.&nbsp;

The current cut in rates would mean loans would get cheaper.

India's central bank adjusted the country's GDP projection to 6.9 per cent for the current fiscal year from the earlier projection of 7 per cent.

The RBI said in a statement that the cut would help "address growth concerns by boosting aggregate demand" and target private investment as a "priority".

In June, the RBI had cut the repo rate by 0.25 per cent while also cutting down&nbsp;India's GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

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

The Reserve Bank of India (RBI) cut repo rate by 35 basis points to 5.40 per cent on Wednesday. Repo rate is the rate at which the RBI lends money to commercial banks. A repo rate cut allows banks to reduce interest rates for consumers on loans, and lowers equal monthly instalments on home loans, car loans and personal loans. The current cut in rates would mean loans would get cheaper. India's central bank adjusted the country's GDP projection to 6.9 per cent for the current fiscal year from the earlier projection of 7 per cent. The RBI said in a statement that the cut would help "address growth concerns by boosting aggregate demand" and target private investment as a "priority". In June, the RBI had cut the repo rate by 0.25 per cent while also cutting down India's GDP growth forecast for FY20 from 7.2 per cent to 7 per cent.

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

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

Indian shares were little changed on a volatile Wednesday as investors awaited the central bank's monetary policy decision, where it is expected to cut interest rates by 25 basis points.

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

Nifty, Sensex little changed ahead of RBI policy decision

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Stock losses steepen as US puts yuan in crosshairs

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

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

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

Apple, Goldman Sachs start issuing Apple Cards to consumers

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

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

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

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

Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is <a href="https://www.wionews.com/south-asia/us-pushes-for-conditionality-in-imf-bailout-package-to-pakistan-228542">a risk to the recently approved International Monetary Fund (IMF) loan</a> worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country.

'Failure to exit from the FATF grey list is a risk to the recently approved $6 billion IMF deal...The IMF is responsible for the financial system stability and the FATF-related issues hamper taxation and undermine the banking system,' The Express Tribune quoted Sanchez as saying.

<a href="https://www.wionews.com/south-asia/pakistan-is-facing-economic-woes-due-to-fiscal-mismanagement-general-bajwa-231287">Pakistan is currently grappling with a debt-ridden economy</a>, having secured bailouts (including that from the IMF) to stay afloat. It has been warned by the FATF with repercussions which may include blacklisting if it fails to stop terror financing, amongst other things.

Sanchez further said that an exit from the FATF list is crucial for securing private sector credit to meet external financing needs.

She also added that the FATF greylisting 'undermines capital inflows in addition to affecting the private sector'.

'A potential blacklisting by FATF can result in a freeze of capital inflows to Pakistan, jeopardising the financing assurances under the programme', the Resident Representative stated.

The IMF official highlighted the need for Pakistan to exit from the FATF grey list ahead of the final review of the 27-point implementation plan by the FATF Plenary and the review of Pakistan's Mutual Evaluation by the Asia Pacific Group on Money Laundering.

'The IMF has an obligation to make sure that countries have legal, regulatory and financial frameworks that are compliant with the FATF`s AML/CFT regulations and this decision had been taken by the IMF`s Executive Board a few years ago' Sanchez said.

She also added that Pakistan had shared full details of the China-Pakistan Economic Corridor (CPEC) loans with IMF.

Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is a risk to the recently approved International Monetary Fund (IMF) loan worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country.

Pakistan's failure to exit from Financial Action Task Force's (FATF) grey list is a risk to the recently approved International Monetary Fund (IMF) loan worth USD six billion, said Teresa Daban Sanchez, IMF's Resident Representative for the country. 'Failure to exit from the FATF grey list is a risk to the recently approved $6 billion IMF deal...The IMF is responsible for the financial system stability and the FATF-related issues hamper taxation and undermine the banking system,' The Express Tribune quoted Sanchez as saying. Pakistan is currently grappling with a debt-ridden economy, having secured bailouts (including that from the IMF) to stay afloat. It has been warned by the FATF with repercussions which may include blacklisting if it fails to stop terror financing, amongst other things. Sanchez further said that an exit from the FATF list is crucial for securing private sector credit to meet external financing needs. She also added that the FATF greylisting 'undermines capital inflows in addition to affecting the private sector'. 'A potential blacklisting by FATF can result in a freeze of capital inflows to Pakistan, jeopardising the financing assurances under the programme', the Resident Representative stated. The IMF official highlighted the need for Pakistan to exit from the FATF grey list ahead of the final review of the 27-point implementation plan by the FATF Plenary and the review of Pakistan's Mutual Evaluation by the Asia Pacific Group on Money Laundering. 'The IMF has an obligation to make sure that countries have legal, regulatory and financial frameworks that are compliant with the FATF`s AML/CFT regulations and this decision had been taken by the IMF`s Executive Board a few years ago' Sanchez said. She also added that Pakistan had shared full details of the China-Pakistan Economic Corridor (CPEC) loans with IMF.

Pakistan's failure to exit from FATF grey list poses risk to IMF loan: Official

<a href="https://www.wionews.com/business-economy/chinas-debt-tops-300-of-gdp-now-15-of-global-total-institute-of-international-finance-237113">The Chinese yuan</a> fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs.

The offshore currency weakened to 7.1085 to the dollar, days after US President Donald Trump announced a plan to impose fresh tariffs on another $300 billion <a href="https://www.wionews.com/world/us-to-hit-300-billion-worth-of-chinese-goods-with-10-tariff-donald-trump-240021">in Chinese goods</a>, sharpening trade war tensions between the world's two biggest economies.

The onshore yuan also tumbled, hitting 7.0307 in Monday morning trade to reach its lowest level since 2008.

Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value.

Trump has frequently accused China of artificially devaluing its currency to support its exports charges long denied by Beijing.

The US president jolted global stock markets last week when he issued the threat of more tariffs just a day after US and Chinese trade negotiators revived talks aimed at ending the year-long dispute.

The extra 10 per cent duties Trump threatened to implement from September 1 would mean he has now targeted virtually all of the $500 billion in goods America buys from China every year.

Currency instability

China on Friday threatened to retaliate to any new US tariffs it has already imposed its duties on $110 billion in American goods, almost all of the products it imports from the country.

A report from Bloomberg News said China has also asked its state-owned enterprises to stop buying US farm goods, in a further sign of escalating tensions.

The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect the market trends and control volatility.

The daily central rate was at 6.9225 per dollar on Monday, 0.33 per cent weaker from Friday.

"It appears that the tariffs hike suggests the return of tit for tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News.

In a statement Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China".

The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations".

It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate stable at a reasonable and balanced level".

Julian Evans-Pritchard, a senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war.

"Given that their goal is presumably to offset some of the impacts from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs.

The Chinese yuan fell to its lowest level against the dollar since August 2010 in morning trade on Monday, fuelling speculation that Beijing is allowing currency depreciation to counter threatened US tariffs. The offshore currency weakened to 7.1085 to the dollar, days after US President Donald Trump announced a plan to impose fresh tariffs on another $300 billion in Chinese goods, sharpening trade war tensions between the world's two biggest economies. The onshore yuan also tumbled, hitting 7.0307 in Monday morning trade to reach its lowest level since 2008. Both the onshore and offshore yuan breached the 7.0 level against the dollar, which investors see as a key threshold in currency value. Trump has frequently accused China of artificially devaluing its currency to support its exports charges long denied by Beijing. The US president jolted global stock markets last week when he issued the threat of more tariffs just a day after US and Chinese trade negotiators revived talks aimed at ending the year-long dispute. The extra 10 per cent duties Trump threatened to implement from September 1 would mean he has now targeted virtually all of the $500 billion in goods America buys from China every year. Currency instability China on Friday threatened to retaliate to any new US tariffs it has already imposed its duties on $110 billion in American goods, almost all of the products it imports from the country. A report from Bloomberg News said China has also asked its state-owned enterprises to stop buying US farm goods, in a further sign of escalating tensions. The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect the market trends and control volatility. The daily central rate was at 6.9225 per dollar on Monday, 0.33 per cent weaker from Friday. "It appears that the tariffs hike suggests the return of tit for tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News. In a statement Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China". The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations". It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate stable at a reasonable and balanced level". Julian Evans-Pritchard, a senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war. "Given that their goal is presumably to offset some of the impacts from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

Chinese yuan falls to weakest level against the dollar since 2010

Domestic equity benchmark BSE Sensex lost over 600&nbsp;points in early trade on Monday.

The 30-share index was trading 36,612.90 at 9:30am.&nbsp;

Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.60.

Among stocks, Yes Bank took a massive 8 per cent drop to trade at Rs 81.30 per share.&nbsp;

Tata Motors was down by 5.6 per cent, JSW Steel by 5.3 per cent, State Bank of India by 4.9 per cent and Vedanta by 4.6 per cent.

Last week on Friday, shares reversed course and ended higher led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets.

India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Domestic equity benchmark BSE Sensex lost over 600 points in early trade on Monday. The 30-share index was trading 36,612.90 at 9:30am. Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.

Domestic equity benchmark BSE Sensex lost over 600 points in early trade on Monday. The 30-share index was trading 36,612.90 at 9:30am. Similarly, the broader NSE Nifty slumped over 160 points, to 10,832.60. Among stocks, Yes Bank took a massive 8 per cent drop to trade at Rs 81.30 per share. Tata Motors was down by 5.6 per cent, JSW Steel by 5.3 per cent, State Bank of India by 4.9 per cent and Vedanta by 4.6 per cent. Last week on Friday, shares reversed course and ended higher led by gains in IT and auto stocks, after a media report said the government was discussing the tax surcharge on foreign portfolio investors (FPI) and its impact on markets. India had proposed to increase taxes on those with annual incomes of more than 20 million rupees ($287,387.29) in its annual budget last month, which rattled many FPIs. Foreign investors took out $1.8 billion from Indian equities in July.

Sensex down over 600 points in early trade

Trade war whiplash and other market themes for the week ahead

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold.

US President Donald Trump abruptly decided on Thursday to slap 10% tariffs on $300 billion in Chinese imports, stunning markets and ending a month-long trade truce. China vowed on Friday to fight back.

In response, China's yuan weakened beyond the key 7-per-dollar threshold in a move that threatens to lead to massive capital outflows.

"We could see a more prolonged period of risk aversion," analysts at Singapore-based TD Securities wrote in a note.

"We think the latest development reiterates our view that trade will remain a lingering headwind for the economy and business investment in particular."

Asian shares sold off broadly with every single market posting steep losses.

Japan's Nikkei tumbled almost 2% to the lowest since early June, while Australian shares slipped about 1% to spend their fourth straight session in the red. South Korea's Kospi tumbled 1.2% to hit the lowest since December 2016.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 1.7% to 495.68, a level not seen since late January and marking the longest stretch of losses since October 2018.

In China, shares opened lower, with the blue-chip index skidding 1% while Hong Kong's Hang Seng index declined 2.2%.

E-Mini futures for the S&amp;P500 fell 1% in Asian trading.

Oil prices were also pulled down again on demand worries.

The grim mood followed declines on Wall Street on Friday with MSCI's gauge of world stocks posting its largest weekly loss of the year.

The trade war between the world's two largest economies has already disrupted global supply chains and slowed economic growth.

The abrupt escalation capped a critical week for global markets after the US&nbsp;Federal Reserve delivered a widely anticipated interest rate cut and played down expectations of further easing.

However, investors were not buying Fed Chair Jerome Powell's claim that the 25-basis-point rate reduction was a mere "mid-cycle adjustment to policy".

Futures are now pricing in deeper cuts than before last week's Fed meeting. The terminal US rate is now seen at 1.22%, 93 basis points below the current effective rate.

TD is forecasting five more cuts from the Fed, amounting to 125 basis points of easing, over next year.

Expectations of further monetary policy easing sent the dollar skidding. It slipped to a seven-month trough of 105.78 against the Japanese yen while the dollar index against a basket of six major rivals inched lower to 97.91 after two straight days of losses.

The Australian dollar, a liquid proxy for emerging market assets, slipped to a fresh seven-month trough at $0.6748 after losing 1.6% last week.

The yen and the Swiss franc were boosted by safe-haven demand from the escalating trade tensions. Trump is also eyeing tariffs on the European Union but is yet to make any formal announcements.

The euro held firm after two days of gains against the dollar at $1.1119.

Sterling hovered near 2017 lows at $1.2159, pressured by concerns about Britain exiting the European Union without a deal in place. The pound has been whiplashed since late last month when Boris Johnson, a figurehead for the "leave" campaign in the 2016 Brexit referendum, became the country's prime minister.

Safe-haven assets have been in vogue with yields on benchmark 10-year Treasury notes at 1.7890%, their lowest since Trump's election in November 2016, from 1.8550% on Friday.

German 10-year government bond yields on Friday dropped to an all-time low of -0.502% and the country's entire government bond yield curve turning negative for the first time ever.

Spot gold firmed to $1,451.61, within striking distance of a recent high of $1,452.60.

Oil extended losses with US crude off 26 cents at 55.40 and Brent down 35 cents at $61.54.

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold.

Asian shares slid to 6-1/2-month lows on Monday and the yuan plunged as a rapid escalation in the Sino-US trade war drove nervous investors to safe-havens such as the yen, bonds and gold. US President Donald Trump abruptly decided on Thursday to slap 10% tariffs on $300 billion in Chinese imports, stunning markets and ending a month-long trade truce. China vowed on Friday to fight back. In response, China's yuan weakened beyond the key 7-per-dollar threshold in a move that threatens to lead to massive capital outflows. "We could see a more prolonged period of risk aversion," analysts at Singapore-based TD Securities wrote in a note. "We think the latest development reiterates our view that trade will remain a lingering headwind for the economy and business investment in particular." Asian shares sold off broadly with every single market posting steep losses. Japan's Nikkei tumbled almost 2% to the lowest since early June, while Australian shares slipped about 1% to spend their fourth straight session in the red. South Korea's Kospi tumbled 1.2% to hit the lowest since December 2016. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 1.7% to 495.68, a level not seen since late January and marking the longest stretch of losses since October 2018. In China, shares opened lower, with the blue-chip index skidding 1% while Hong Kong's Hang Seng index declined 2.2%. E-Mini futures for the S&P500 fell 1% in Asian trading. Oil prices were also pulled down again on demand worries. The grim mood followed declines on Wall Street on Friday with MSCI's gauge of world stocks posting its largest weekly loss of the year. The trade war between the world's two largest economies has already disrupted global supply chains and slowed economic growth. The abrupt escalation capped a critical week for global markets after the US Federal Reserve delivered a widely anticipated interest rate cut and played down expectations of further easing. However, investors were not buying Fed Chair Jerome Powell's claim that the 25-basis-point rate reduction was a mere "mid-cycle adjustment to policy". Futures are now pricing in deeper cuts than before last week's Fed meeting. The terminal US rate is now seen at 1.22%, 93 basis points below the current effective rate. TD is forecasting five more cuts from the Fed, amounting to 125 basis points of easing, over next year. Expectations of further monetary policy easing sent the dollar skidding. It slipped to a seven-month trough of 105.78 against the Japanese yen while the dollar index against a basket of six major rivals inched lower to 97.91 after two straight days of losses. The Australian dollar, a liquid proxy for emerging market assets, slipped to a fresh seven-month trough at $0.6748 after losing 1.6% last week. The yen and the Swiss franc were boosted by safe-haven demand from the escalating trade tensions. Trump is also eyeing tariffs on the European Union but is yet to make any formal announcements. The euro held firm after two days of gains against the dollar at $1.1119. Sterling hovered near 2017 lows at $1.2159, pressured by concerns about Britain exiting the European Union without a deal in place. The pound has been whiplashed since late last month when Boris Johnson, a figurehead for the "leave" campaign in the 2016 Brexit referendum, became the country's prime minister. Safe-haven assets have been in vogue with yields on benchmark 10-year Treasury notes at 1.7890%, their lowest since Trump's election in November 2016, from 1.8550% on Friday. German 10-year government bond yields on Friday dropped to an all-time low of -0.502% and the country's entire government bond yield curve turning negative for the first time ever. Spot gold firmed to $1,451.61, within striking distance of a recent high of $1,452.60. Oil extended losses with US crude off 26 cents at 55.40 and Brent down 35 cents at $61.54.

Asian stocks skid to 6-1/2-month lows as US-China trade row shakes markets

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year.

Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union.

HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead.&nbsp;

"In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said.

Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank."

HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime.

"Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement.&nbsp;

The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business.

Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter.&nbsp;

The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange.

But there are headwinds on the horizon.&nbsp;

In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". 
Brexit was also weighing on the bank's future.&nbsp;

"The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said.&nbsp;

"In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added.

"We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics.

HSBC on Monday announced its Group Chief Executive John Flint had stepped down after less than two years on the job, as the banking giant revealed decent first-half profits but warned it faced "challenging" geopolitics. The surprise announcement came shortly before an earlier than expected results release in which the London-headquartered behemoth reported pre-tax profit was up 15.8 per cent at $12.4 billion for the first half of the year. Flint, who has spent three decades at HSBC, was keen to lower costs with the Asia-focused bank facing the double uncertainties caused by both the US-China trade war and Britain's impending departure from the European Union. HSBC gave no specific reason for Flint's sudden departure, but said it needed a change at the top as it warned investors of difficult times ahead. "In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us," Group Chairman Mark Tucker said. Flint, 51, said: "I have agreed with the board that today's good interim results indicate that this is the right time for change, both for me and the bank." HSBC said it would look both internally and externally for a new leader and that Noel Quinn, head of the commercial banking division, will be interim CEO in the meantime. "Although not carrying out his day-to-day duties after today, he (Flint) remains available to assist HSBC with the transition," the bank said in a statement. The move comes just weeks after its US chief Patrick Burke retired following a reorganisation of its North American business. Flint's departure came despite the good results announced on Tuesday with pre-tax profit of $6.2 billion for the second quarter. The bank also said it would soon begin a buyback of up to $1 billion, according to a statement on the Hong Kong Stock Exchange. But there are headwinds on the horizon. In Asia -- which is acutely vulnerable to the ongoing trade war between Washington and Beijing -- the bank said the outlook "is less certain". Brexit was also weighing on the bank's future. "The outlook has changed. Interest rates in the US dollar bloc are now expected to fall rather than rise, and geopolitical issues could impact a significant number of our major markets," the bank said. "In the near term, the nature and impact of the UK's departure from the European Union remain highly uncertain," it added. "We are managing operating expenses and investment spending in line with the increased risks to revenue," the Asia-focused firm said.

HSBC CEO John Flint resigns as bank faces 'challenging' geopolitics

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US&nbsp;trade war.

The Chinese yuan broke below the psychological 7-per-dollar threshold after US&nbsp;President Donald Trump abruptly decided on Thursday to slap 10 per cent tariffs on the remaining $300 billion in Chinese imports.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent.

The rupee hit its weakest level since mid-May at 70.49 rupees per dollar.

Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors'&nbsp;tax concerns, returned to being bearish due to the escalating trade war.

The broader NSE Nifty was down 1.11 per cent at 10,868.25 as of 0801 GMT, while the benchmark BSE Sensex was 1.11 per cent&nbsp;lower at 36,670.62.

"The economy is in doldrums and steps taken won't give a boost in the short-term. The global economy is also doing much better than the domestic economy," said Madhumita Ghosh, Associate Dean at Tasmac Global Solutions.

"We don't see any trigger for markets to go up in the short term." Most sectors were trading in the red.

The Nifty public sector bank index plummeted as much as 5.12 per cent, while the metals index sank as much as 3.9 per cent, their lowest in over three years. The Nifty autos index slithered down about 1.9 per cent.

Nifty IT was the only index trading higher, boosted by the weak rupee.

The India volatility index shot up as much as 16.16 per cent, its highest in over two months.

Yes Bank was the top loser among the Nifty stocks and fell about 6.7 per cent, while Tata Motors was down 4.7 per cent.

Among the few gainers were Tata Consultancy Services, up 1.4 per cent, and Infosys Ltd, which rose 0.5 per cent. 
&nbsp;

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US trade war.

Indian shares plunged to fresh five-month lows, led by losses in metals and public sector bank stocks, in a global selloff due to the escalating Sino-US trade war. The Chinese yuan broke below the psychological 7-per-dollar threshold after US President Donald Trump abruptly decided on Thursday to slap 10 per cent tariffs on the remaining $300 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7 per cent. The rupee hit its weakest level since mid-May at 70.49 rupees per dollar. Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors' tax concerns, returned to being bearish due to the escalating trade war. The broader NSE Nifty was down 1.11 per cent at 10,868.25 as of 0801 GMT, while the benchmark BSE Sensex was 1.11 per cent lower at 36,670.62. "The economy is in doldrums and steps taken won't give a boost in the short-term. The global economy is also doing much better than the domestic economy," said Madhumita Ghosh, Associate Dean at Tasmac Global Solutions. "We don't see any trigger for markets to go up in the short term." Most sectors were trading in the red. The Nifty public sector bank index plummeted as much as 5.12 per cent, while the metals index sank as much as 3.9 per cent, their lowest in over three years. The Nifty autos index slithered down about 1.9 per cent. Nifty IT was the only index trading higher, boosted by the weak rupee. The India volatility index shot up as much as 16.16 per cent, its highest in over two months. Yes Bank was the top loser among the Nifty stocks and fell about 6.7 per cent, while Tata Motors was down 4.7 per cent. Among the few gainers were Tata Consultancy Services, up 1.4 per cent, and Infosys Ltd, which rose 0.5 per cent.

Nifty, Sensex plumb fresh five-month lows in global selloff

Gold&nbsp;prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. 
&nbsp; 
Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT,&nbsp;after hitting its highest since May 2013 at $1,459.47 earlier in the session. 
&nbsp; 
US gold&nbsp;futures rose 0.8 per cent to $1,468.50 an ounce. 
&nbsp; 
"Gold&nbsp;is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like&nbsp;gold&nbsp;are in demand," said Michael McCarthy, chief market strategist, CMC Markets. 
&nbsp; 
"<a href="https://www.wionews.com/business-economy/hong-kong-stocks-fall-amid-us-china-trade-tensions-protests-in-city-239117">Trade tensions between the US and China</a> are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." 
&nbsp; 
On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. 
&nbsp; 
The tariffs may force<a href="https://www.wionews.com/business-economy/nasdaq-ends-at-record-high-dollar-falls-as-us-fed-signals-possible-rate-cut-234814"> the Federal Reserve </a>to cut interest rates more than it had hoped was necessary to protect the US&nbsp;economy from trade policy risks. 
&nbsp; 
Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. 
&nbsp; 
Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. 
&nbsp; 
Helping the bullion's appeal, the dollar index touched a one week low, making&nbsp;gold&nbsp;cheaper for investors holding other currencies. 
&nbsp; 
Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. 
&nbsp; 
"Near-term outlook for&nbsp;gold&nbsp;looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. 
&nbsp; 
Further helping&nbsp;gold's allure, Asian shares slid to 6 1/2 month lows on Monday. 
&nbsp; 
On the technical front, spot&nbsp;gold&nbsp;may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. 
&nbsp; 
Holdings of SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. 
&nbsp; 
Hedge funds and money managers raised their bullish stance in COMEX&nbsp;gold&nbsp;and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. 
&nbsp; 
Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. 
&nbsp; 
Palladium rose 1per cent to $1,420.60 an ounce.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets.

Gold prices jumped more than 1per cent to their highest in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe haven assets. Spot gold was up 1.1per cent at $1,456.51 per ounce as of 0725 GMT, after hitting its highest since May 2013 at $1,459.47 earlier in the session. US gold futures rose 0.8 per cent to $1,468.50 an ounce. "Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe havens like gold are in demand," said Michael McCarthy, chief market strategist, CMC Markets. "Trade tensions between the US and China are an important factor, the potential for escalation is very high ... we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets." On Friday, China said it will fight back against US President Donald Trump's decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. The tariffs may force the Federal Reserve to cut interest rates more than it had hoped was necessary to protect the US economy from trade policy risks. Meanwhile, recent economic readings from the US cemented expectations that the Fed will cut interest rates again in September after it delivered its first rate reduction in more than a decade last month. Lower interest rates decrease the opportunity cost of holding on yielding bullion and weigh on the dollar. Helping the bullion's appeal, the dollar index touched a one week low, making gold cheaper for investors holding other currencies. Adding to the global economic gloom, China's services sector expanded at the slowest pace in five months in July despite a sharp upturn of new export orders, a private survey showed on Monday. "Near-term outlook for gold looks positive. All this volatility, growth fears, persistent weakness in economic data will be good enough for risk off environment," said Benjamin Lu, an analyst at Phillip Futures. Further helping gold's allure, Asian shares slid to 6 1/2 month lows on Monday. On the technical front, spot gold may climb to a range of $1,461 $1,474 per ounce, said Reuters technical analyst Wang Tao. Holdings of SPDR Gold Trust, the world's largest gold backed exchange traded fund, rose 0.36per cent to 830.76 tonnes on Friday from Thursday. Hedge funds and money managers raised their bullish stance in COMEX gold and silver contracts in the week to July 30, the U.S. Commodity Futures Trading Commission said on Friday. Elsewhere, silver gained 1.9 per cent to $16.51 per ounce and platinum climbed 1.4per cent to $854.33. Palladium rose 1per cent to $1,420.60 an ounce.

Gold  hits six year high as trade, growth concerns boost demand

Japan&nbsp;and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday.

As part of a drive to rectify what he claims are unfair global trade imbalances, US&nbsp;President Donald Trump has been urging Tokyo to accelerate <a href="https://www.wionews.com/.../us-japan-trade-agreement-will-be-model-for- indo-pacific-pence-177013">trade talks</a> that would open up Japan's politically sensitive agriculture sector, as well as curbing&nbsp;Japan's US-bound auto exports.

The agreement to target a deal by September was reached during a meeting between&nbsp;Japanese Economy Minister Toshimitsu Motegi and US&nbsp;Trade Representative Robert Lighthizer in Washington DC, the Nikkei said, citing unidentified negotiating sources.

The paper said both sides hope to have a broad trade deal in place by the time&nbsp;Japanese Prime Minister Shinzo Abe meets US&nbsp;President Donald Trump on the sidelines of United Nations' general assembly scheduled for later in September in New York.

On Friday, Motegi told reporters after meeting Lighthizer that the two sides made "significant progress" in narrowing their differences on trade and agreed to hold another ministerial-level meeting later this month.

Washington seeks the early opening of&nbsp;Japan's agriculture sector including reductions in 38.5% tariffs on US&nbsp;beef imports, while&nbsp;Japan&nbsp;calls for the abolition of US&nbsp;tariffs on&nbsp;Japan's industrial goods such as car parts.

Trump and Abe could also look at producing some kind of trade accord later this month when they may meet on the sidelines of Group of Seven leaders' summit, the Nikkei added.

Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday.

Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector, the Nikkei business daily reported on Sunday. As part of a drive to rectify what he claims are unfair global trade imbalances, US President Donald Trump has been urging Tokyo to accelerate trade talks that would open up Japan's politically sensitive agriculture sector, as well as curbing Japan's US-bound auto exports. The agreement to target a deal by September was reached during a meeting between Japanese Economy Minister Toshimitsu Motegi and US Trade Representative Robert Lighthizer in Washington DC, the Nikkei said, citing unidentified negotiating sources. The paper said both sides hope to have a broad trade deal in place by the time Japanese Prime Minister Shinzo Abe meets US President Donald Trump on the sidelines of United Nations' general assembly scheduled for later in September in New York. On Friday, Motegi told reporters after meeting Lighthizer that the two sides made "significant progress" in narrowing their differences on trade and agreed to hold another ministerial-level meeting later this month. Washington seeks the early opening of Japan's agriculture sector including reductions in 38.5% tariffs on US beef imports, while Japan calls for the abolition of US tariffs on Japan's industrial goods such as car parts. Trump and Abe could also look at producing some kind of trade accord later this month when they may meet on the sidelines of Group of Seven leaders' summit, the Nikkei added.

Japan, US target broad bilateral trade deal by September: Report