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The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday.

The government does not have any plans to infuse funds in privately-held shadow banks, she said in a written reply.

"Government has received a proposal from RBI to strengthen RBI's regulatory and supervisory powers under the Reserve Bank of India Act, 1934, and the same is under consideration," Sitharaman said.

The outlook on the shadow banking sector has been bleak ever since the state-run Infrastructure Leasing &amp; Financial Services defaulted on a series of debt obligation triggering New Delhi to take over the control of the company.

The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday.

The government is considering giving more powers to the central bank to regulate the struggling shadow banking sector, Finance Minister Nirmala Sitharaman informed Parliament on Monday. The government does not have any plans to infuse funds in privately-held shadow banks, she said in a written reply. "Government has received a proposal from RBI to strengthen RBI's regulatory and supervisory powers under the Reserve Bank of India Act, 1934, and the same is under consideration," Sitharaman said. The outlook on the shadow banking sector has been bleak ever since the state-run Infrastructure Leasing & Financial Services defaulted on a series of debt obligation triggering New Delhi to take over the control of the company.

Government considering more powers for RBI to regulate shadow banking sector

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.50 per cylinder.

As domestic LPG prices are subsidized by the government, the effective price after subsidy to the consumers will be Rs 494.35 per cylinder for the month of July 2019, the Indian Oil Corporation said in a statement.&nbsp;

Earlier this month, United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber assured India of <a href="https://www.wionews.com/india-news/uae-assures-supply-of-oil-lpg-despite-tanker-attacks-oil-minister-dharmendra-pradhan-228139">uninterrupted supply of oil and liquefied petroleum gas</a> despite disruptions in the Strait of Hormuz.

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Indian Oil Corporation: As domestic LPG prices are subsidized by the Government, the effective price after subsidy to consumer will be Rs 494.35 per cylinder for the month of July 2019. <a href="https://t.co/2YQs6da0Jw">https://t.co/2YQs6da0Jw</a>
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Oil Minister Dharmendra Pradhan had stated he discussed collaboration between India and the UAE during a telephone conversation with Jaber.

Pradhan had previously said that Tripura is country's number one gas producing point and every poor household in the state will have LPG connection in 2019. &nbsp;

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.

The price of non-subsidised LPG in Delhi has been slashed by Rs 100.50 per cylinder and the same will come into effect from July 1. Upfront cash payment by consumer of domestic LPG will reduce by Rs 100.50 per cylinder. As domestic LPG prices are subsidized by the government, the effective price after subsidy to the consumers will be Rs 494.35 per cylinder for the month of July 2019, the Indian Oil Corporation said in a statement. Earlier this month, United Arab Emirates' (UAE) Minister of State and ADNOC Group CEO Sultan Ahmed Al Jaber assured India of uninterrupted supply of oil and liquefied petroleum gas despite disruptions in the Strait of Hormuz. Indian Oil Corporation: As domestic LPG prices are subsidized by the Government, the effective price after subsidy to consumer will be Rs 494.35 per cylinder for the month of July 2019. https://t.co/2YQs6da0Jw — ANI (@ANI) June 30, 2019 × Oil Minister Dharmendra Pradhan had stated he discussed collaboration between India and the UAE during a telephone conversation with Jaber. Pradhan had previously said that Tripura is country's number one gas producing point and every poor household in the state will have LPG connection in 2019.

LPG cooking gas cylinders to be cheaper by Rs 100.50 from Monday

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent&nbsp;on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

"The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission.&nbsp;

Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said.

BERC last raised natural gas prices by 11 per cent&nbsp;in 2017.

Business leaders said with this price hike the industry will lose its competitiveness in the international market.

"This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.&nbsp;

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said.

The state-run Bangladesh Energy Regulatory Commission (BERC) on Sunday raised natural gas prices by 32.8 per cent on average for all users effective from July 1, the first day of country`s fiscal year, the head of the Commission said. "The price has been hiked only to adjust the huge losses of state-run Petrobangla," said Monwar Islam, the chairman of the Commission. Petrobangla is incurring losses of about $235 million a month as it currently imports liquefied natural gas from the international market and sells it onto the domestic market at a loss, an official said. BERC last raised natural gas prices by 11 per cent in 2017. Business leaders said with this price hike the industry will lose its competitiveness in the international market. "This huge price hike is a stops us boosting our output and also it will give us strong competition in the international market," said Anwarul Alam Chowdhury, the President of the Bangladesh Chambers of Industry.

Bangladesh raises natural gas price by about 33%

Central banks grappling with fast-changing financial technology and companies like <a href="https://www.wionews.com/world/facebook-inc-chief-executive-mark-zuckerberg-says-delay-in-flagging-fake-pelosi-video-was-execution-mistake-230784">Facebook</a> moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking.

Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends.

"The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting.&nbsp;

The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added.

Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking.

Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels.

The <a href="https://www.wionews.com/india-news/money-in-swiss-banks-india-slips-to-74th-place-uk-remains-on-top-231751">Swiss National Bank</a> (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative.

SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology.

"The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements.

Central banks grappling with fast-changing financial technology and companies like Facebook moving into finance will aim to work together more closely through an innovation hub approved on Sunday by the Bank for International Settlements. The BIS said the intention of the hub, which will be based in Basel, Hong Kong and Singapore, is to improve the functioning of the global financial system and it will identify and develop insights into trends in technology affecting central banking. Facebook`s plan to expand into payments and launch its own Libra cryptocurrency was not mentioned in the BIS statement, but the social media giant`s move has helped crystallise opinion among central bankers on the urgency of coordinating regulatory responses to financial technology trends. "The IT revolution knows no borders and therefore has repercussions in multiple locations simultaneously," BIS Chairman Jens Weidmann said in a statement following the decision to create the hub at a BIS board meeting. The hub will focus on helping central banks to "identify relevant trends in technology, supporting these developments where this is consistent with their mandate, and keeping abreast of regulatory requirements with the objective of safeguarding financial stability," he added. Basel-based BIS, a central bank umbrella group, has already called on politicians to closely scrutinise Big Tech`s incursion into finance, a move that raises questions about data privacy, competition, markets and banking. Details about the hub were limited, and the BIS said it was not able to provide details on investment or staffing levels. The Swiss National Bank (SNB), the Hong Kong Monetary Authority and the Monetary Authority of Singapore have all signed up to support the initiative. SNB Chairman Thomas Jordan said the central bank would step up its efforts in scrutinizing new financial technology. "The SNB is already keeping very close track of technological innovations in the financial area, and works actively within the central banking community in identifying and assessing relevant developments at an early stage," Jordan said.

World's central banks tackle technology with innovation hub

Declining fortunes of <a href="https://www.wionews.com/world/amid-us-china-row-huawei-signs-deal-with-russian-telecom-company-mts-to-develop-5g-network-224867">telecom operators </a>and their increasing vulnerability with chances of spillover to the financial sector is a cause of worry, according to a leading think-tank.

A very sizeable portion of the government`s plans for enhancing service delivery, financial inclusion and skill development (such as the Digital India and Skill India initiatives) are hinged on widespread and affordable access to communications and IT services.&nbsp;

"However, there is a view that the sector may have become victim to its own success and that the public attention on it due to high-profile scandals resulted in more onerous policies," said the Indian Council for Research on International Economic Relations (ICRIER).

Recent consolidations following the entry of Reliance Jio has transformed the competitive landscape of the industry. Leverage levels for most firms are high as debt burdens have risen, resulting in decreasing interest coverage ratios.&nbsp;

In November 2018, the <a href="https://www.wionews.com/business-economy/reserve-bank-of-india-to-enhance-monitoring-of-shadow-banking-firms-governor-225678">Reserve Bank of India </a>had reported banks` exposure to the telecom sector was to the tune of Rs 90,600 crore. "While increasing the vulnerability of the sector itself, the spill over to the financial system is also a cause for worry," it said in the working paper titled `A Study of the Financial Health of the Telecom Sector.`&nbsp;

The emergence of disruptive technologies and their potential to impact traditional telecom operations is widely accepted. Under the current framework of regulatory asymmetry, operators must acquire licenses to provide services that over-the-top (OTT) content providers can offer for dramatically lower prices without a license.&nbsp;

The Goods and Services Tax (GST) regime also impacted the sector`s liquidity. The current standard rate of GST on the supply of telecom services and products is 18 per cent. Besides, spectrum acquisition is a huge cost to the industry. Since 2010-11, the total spectrum acquisition charge adds up to Rs 2.55 lakh crore.

"Given these challenges, sectoral growth must be catalysed through policy action to ease existing constraints," said the paper, adding also on the reform anvil is the rationalisation of penalties, the scale and a sheer number of which adds to operational costs.

&nbsp;Given the seriousness and speed with which the government aims to enable digital citizenship and the essential role that private operators must play in this transformation, it is important that policy prioritises between short-term benefits of immediate revenue generation and long-term dividends that a robust connected economy can create.&nbsp;

India has not yet exhausted potential returns from the telecom sector. In fact, the second round of dividends may be around the corner from the data economy and 5G.&nbsp;

The policy must do all it can to maximise this potential. "Effecting most of these changes will hinge on institutional reform especially in the form of greater cooperation between the line ministry and the independent regulator which is a first order priority," said the ICRIER paper authored by Rajat Kathuria, Mansi Kedia and Richa Sekhani.

Declining fortunes of telecom operators and their increasing vulnerability with chances of spillover to the financial sector is a cause of worry, according to a leading think-tank.

Declining fortunes of telecom operators and their increasing vulnerability with chances of spillover to the financial sector is a cause of worry, according to a leading think-tank. A very sizeable portion of the government`s plans for enhancing service delivery, financial inclusion and skill development (such as the Digital India and Skill India initiatives) are hinged on widespread and affordable access to communications and IT services. "However, there is a view that the sector may have become victim to its own success and that the public attention on it due to high-profile scandals resulted in more onerous policies," said the Indian Council for Research on International Economic Relations (ICRIER). Recent consolidations following the entry of Reliance Jio has transformed the competitive landscape of the industry. Leverage levels for most firms are high as debt burdens have risen, resulting in decreasing interest coverage ratios. In November 2018, the Reserve Bank of India had reported banks` exposure to the telecom sector was to the tune of Rs 90,600 crore. "While increasing the vulnerability of the sector itself, the spill over to the financial system is also a cause for worry," it said in the working paper titled `A Study of the Financial Health of the Telecom Sector.` The emergence of disruptive technologies and their potential to impact traditional telecom operations is widely accepted. Under the current framework of regulatory asymmetry, operators must acquire licenses to provide services that over-the-top (OTT) content providers can offer for dramatically lower prices without a license. The Goods and Services Tax (GST) regime also impacted the sector`s liquidity. The current standard rate of GST on the supply of telecom services and products is 18 per cent. Besides, spectrum acquisition is a huge cost to the industry. Since 2010-11, the total spectrum acquisition charge adds up to Rs 2.55 lakh crore. "Given these challenges, sectoral growth must be catalysed through policy action to ease existing constraints," said the paper, adding also on the reform anvil is the rationalisation of penalties, the scale and a sheer number of which adds to operational costs. Given the seriousness and speed with which the government aims to enable digital citizenship and the essential role that private operators must play in this transformation, it is important that policy prioritises between short-term benefits of immediate revenue generation and long-term dividends that a robust connected economy can create. India has not yet exhausted potential returns from the telecom sector. In fact, the second round of dividends may be around the corner from the data economy and 5G. The policy must do all it can to maximise this potential. "Effecting most of these changes will hinge on institutional reform especially in the form of greater cooperation between the line ministry and the independent regulator which is a first order priority," said the ICRIER paper authored by Rajat Kathuria, Mansi Kedia and Richa Sekhani.

Telecom debt woes spilling into finance sector a cause of worry: Indian Council for Research on International Economic Relations

China's factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods.

The Purchasing Managers' Index (PMI) stood at 49.4 in June, China's National Bureau of Statistics said on Sunday, unchanged from the previous month and below the 50-point mark that separates growth from contraction on a monthly basis. Analysts polled by Reuters predicted a reading of 49.5.

The weak manufacturing readings are likely to cast a shadow over the apparent progress US and Chinese leaders made at the G20 summit in Japan over the weekend in restarting their troubled talks over tariffs amid a costly trade war.

They will also spark concerns about stalling growth in China and the risk of a global recession, despite slightly better-than-expected export and industrial profits data in May.

Many economists still expect the economy to face strong headwinds in coming months as domestic demand falters and external risks rise.

"Although the outcome of the G20 summit (in Osaka) might boost confidence for some entities, organic growth in the economy is still insufficient, and counter-cyclical stimulus policies need to be maintained," researchers at Huatai Securities wrote in a research note on Sunday.

"The PMI index continued to fall across the board this month, and only the raw material inventory sub-index was up due to weak demand," the research note read.

In June, China's factory output growth slowed, with the subindex falling to 51.3 from 51.7 in May while the contraction in total new orders accelerated to 49.6 from 49.8.

Export orders extended their decline with the sub-index falling to 46.3 from May's 46.5, suggesting a further weakening in global demand.

Import orders also worsened, reflecting softening demand at home despite a flurry of growth-supporting measures rolled out earlier this year.

Southwest Securities said weak new export orders reflected a fading of the front-loading effect, which had temporarily boosted exports as Chinese companies rushed to place orders before more tariffs took effect.

Presidents Donald Trump and Xi Jinping held ice-breaking talks at the G20 summit on Saturday. However, Chinese state media warned on Sunday Beijing and Washington will likely face a long road before the two countries could reach a deal.

Analysts at Nomura expect any gains achieved on a temporary trade deal between China and the United States would prove fleeting with a renewed escalation likely further down the road.

Trump has already imposed tariffs on $250 billion of Chinese goods and is threatening to extend those to another $300 billion, which would effectively cover all of China's exports to the United States. China has retaliated with tariffs on U.S. imports.

To deal with the economic challenges, policymakers have released a range of measures and are expected to launch more. Premier Li Keqiang last week pledged to cut real interest rates on financing for small and micro firms.

Goldman Sachs said the lack of any substantive progress in Sino-U.S. trade talks at the G20 over the weekend suggested stimulus, including cuts to banks' reserve requirements, was likely to be needed.

"We expect more policy easing (two more reserve requirement ratio cuts in 2H this year, more fiscal measures to support infrastructure investment) to come in the next few months," Goldman Sachs said in a note.

&nbsp; &nbsp; Manufacturers continued to cut jobs in June, with the employment sub-index falling to 46.9, compared with 47.0 in May, when it hit the lowest level seen since March 2009.

An official business survey showed activity in China's services sector held firm in June despite growing pressure on the broader economy from U.S. trade measures, with the official reading at 54.2 in June from 54.3 in May.

Beijing has been counting on a strong services sector to pick up the slack as it tries to shift the economy away from a dependence on heavy industry and manufacturing exports.

China's factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods.

China's factory activity shrank more than expected in June, an official manufacturing survey showed, highlighting the need for more economic stimulus as US tariffs and weaker domestic demand ramped up pressure on new orders for goods. The Purchasing Managers' Index (PMI) stood at 49.4 in June, China's National Bureau of Statistics said on Sunday, unchanged from the previous month and below the 50-point mark that separates growth from contraction on a monthly basis. Analysts polled by Reuters predicted a reading of 49.5. The weak manufacturing readings are likely to cast a shadow over the apparent progress US and Chinese leaders made at the G20 summit in Japan over the weekend in restarting their troubled talks over tariffs amid a costly trade war. They will also spark concerns about stalling growth in China and the risk of a global recession, despite slightly better-than-expected export and industrial profits data in May. Many economists still expect the economy to face strong headwinds in coming months as domestic demand falters and external risks rise. "Although the outcome of the G20 summit (in Osaka) might boost confidence for some entities, organic growth in the economy is still insufficient, and counter-cyclical stimulus policies need to be maintained," researchers at Huatai Securities wrote in a research note on Sunday. "The PMI index continued to fall across the board this month, and only the raw material inventory sub-index was up due to weak demand," the research note read. In June, China's factory output growth slowed, with the subindex falling to 51.3 from 51.7 in May while the contraction in total new orders accelerated to 49.6 from 49.8. Export orders extended their decline with the sub-index falling to 46.3 from May's 46.5, suggesting a further weakening in global demand. Import orders also worsened, reflecting softening demand at home despite a flurry of growth-supporting measures rolled out earlier this year. Southwest Securities said weak new export orders reflected a fading of the front-loading effect, which had temporarily boosted exports as Chinese companies rushed to place orders before more tariffs took effect. Presidents Donald Trump and Xi Jinping held ice-breaking talks at the G20 summit on Saturday. However, Chinese state media warned on Sunday Beijing and Washington will likely face a long road before the two countries could reach a deal. Analysts at Nomura expect any gains achieved on a temporary trade deal between China and the United States would prove fleeting with a renewed escalation likely further down the road. Trump has already imposed tariffs on $250 billion of Chinese goods and is threatening to extend those to another $300 billion, which would effectively cover all of China's exports to the United States. China has retaliated with tariffs on U.S. imports. To deal with the economic challenges, policymakers have released a range of measures and are expected to launch more. Premier Li Keqiang last week pledged to cut real interest rates on financing for small and micro firms. Goldman Sachs said the lack of any substantive progress in Sino-U.S. trade talks at the G20 over the weekend suggested stimulus, including cuts to banks' reserve requirements, was likely to be needed. "We expect more policy easing (two more reserve requirement ratio cuts in 2H this year, more fiscal measures to support infrastructure investment) to come in the next few months," Goldman Sachs said in a note. Manufacturers continued to cut jobs in June, with the employment sub-index falling to 46.9, compared with 47.0 in May, when it hit the lowest level seen since March 2009. An official business survey showed activity in China's services sector held firm in June despite growing pressure on the broader economy from U.S. trade measures, with the official reading at 54.2 in June from 54.3 in May. Beijing has been counting on a strong services sector to pick up the slack as it tries to shift the economy away from a dependence on heavy industry and manufacturing exports.

China's factory activity shrinks as US tariffs, slowdown hit orders

US-based tech giant <a href="https://www.wionews.com/world/apple-explores-moving-15-30-of-production-capacity-from-china-to-southeast-asia-report-228703">Apple</a> will shift production of its Mac Pro computers to China, said a report by The Wall Street Journal on Friday.

That desktop is the only major Apple device produced in the US. It is produced in Texas.

According to the report, Apple has chosen a Taiwanese contractor, Quanta Computer Inc, to manufacture the $6,000 desktop computer near Shanghai.&nbsp;

The shift comes at amid the escalating trade war between the US and China. US President Trump is threatening to slap tariffs on almost all imports from China, which would raise prices for US consumers.

Mac Pro is a niche product for Apple and not a high volume seller. But the shift could still anger Trump, who has been pressing US companies in general and Apple specifically to make things in America.

Meanwhile, news agency Reuters had reported that earlier this month that the company has asked its major suppliers to asses the cost implications of moving 15-30 per cent of their production capacity from China to Southeast Asia.

Key iPhone assemblers Foxconn, Pegatron Corp, Wistron Corp, major MacBook maker Quanta Computer Inc, iPad maker Compal Electronics Inc, and AirPods makers Inventec Corp, Luxshare-ICT and Goertek have been asked to evaluate options outside of China, Reuters had reported citing Nikkei Asian Review report.

The countries being considered to include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favourites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

US-based tech giant Apple will shift production of its Mac Pro computers to China, said a report by The Wall Street Journal on Friday. That desktop is the only major Apple device produced in the US.

US-based tech giant Apple will shift production of its Mac Pro computers to China, said a report by The Wall Street Journal on Friday. That desktop is the only major Apple device produced in the US. It is produced in Texas. According to the report, Apple has chosen a Taiwanese contractor, Quanta Computer Inc, to manufacture the $6,000 desktop computer near Shanghai. The shift comes at amid the escalating trade war between the US and China. US President Trump is threatening to slap tariffs on almost all imports from China, which would raise prices for US consumers. Mac Pro is a niche product for Apple and not a high volume seller. But the shift could still anger Trump, who has been pressing US companies in general and Apple specifically to make things in America. Meanwhile, news agency Reuters had reported that earlier this month that the company has asked its major suppliers to asses the cost implications of moving 15-30 per cent of their production capacity from China to Southeast Asia. Key iPhone assemblers Foxconn, Pegatron Corp, Wistron Corp, major MacBook maker Quanta Computer Inc, iPad maker Compal Electronics Inc, and AirPods makers Inventec Corp, Luxshare-ICT and Goertek have been asked to evaluate options outside of China, Reuters had reported citing Nikkei Asian Review report. The countries being considered to include Mexico, India, Vietnam, Indonesia and Malaysia. India and Vietnam are among the favourites for smartphones, Nikkei said, citing sources who did not want to be identified as the discussions are private.

Apple to move Mac Pro production to China: Report

Wall Street advanced in heavy trading on Friday, with the S&amp;P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan.

All three major US stock indexes gained ground at the close of the week, month, quarter and first half of the year, during which time the US stock market has had a remarkable run.

The S&amp;P 500 had its best June since 1955. The Dow posted its biggest June percentage gain since 1938, the waning days of the Great Depression.

From the start of 2019, after investors fled equities amid fears of a global economic slowdown, which sent stock markets tumbling in December, the benchmark S&amp;P 500 jumped 17.3%, its largest first-half increase since 1997.

"The market came to the realization that the world is not going to end," said John Ham, financial adviser at New England Investment and Retirement Group in North Andover, Massachusetts. "Also, (Federal Reserve chair) Powell did a 180 since (the Fed`s) last (interest) rate hike, which has put wind in our sails in the first half of the year."

Trump expressed hopes that his meeting with Xi at the G20 summit will be productive, but said he had not made any promises about a reprieve from escalating tariffs.

"Everybody is focused on the Trump/Xi meeting, and most investors are hoping for a ceasefire," Ham added. "At this point it`s just a question of how much of a ceasefire we get."&nbsp;

"They`re two strong leaders who want to save face. They both want to walk away from it claiming victory."&nbsp;

Financial stocks led the gains in the S&amp;P 500 and the Dow after the big US&nbsp;banks passed the Federal Reserve`s "stress test," with the central bank giving the companies a clean bill of health. The S&amp;P 500 Bank index gained 2.4%.

Trading volume spiked amid the annual restructuring of the Russell indexes, traditionally one of the largest trading days of the year.

The Dow Jones Industrial Average rose 73.38 points, or 0.28%, to 26,599.96, the S&amp;P 500 gained 16.84 points, or 0.58%, to 2,941.76 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24.

All 11 major sectors in the S&amp;P 500 ended the session in positive territory.

Financials, energy and tariff-vulnerable industrials were the biggest percentage gainers.

Shares of Apple Inc dropped 0.9% following its announcement that design head Jony Ive is leaving the company. Separately, the Wall Street Journal reported that the iPhone maker would move its Mac Pro production to China from the United States.

Constellation Brands Inc reported better-than-expected quarterly results and raised its full-year guidance due to healthy beer demand, sending its shares up 4.6%.

In economic news, consumer spending rose moderately in May and prices edged higher, implying a slowdown in economic growth and benign inflation pressures, providing the Fed rationales for a possible interest rate cut in July.

Advancing issues outnumbered declining ones on the NYSE by a 2.84-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favoured advancers.

The S&amp;P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows.&nbsp;

Volume on U.S. exchanges was 10.26 billion shares, compared with the 7.11 billion-share average for the full session over the last 20 trading days. &nbsp;&nbsp;

Wall Street advanced in heavy trading on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan.

Wall Street advanced in heavy trading on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between US President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan. All three major US stock indexes gained ground at the close of the week, month, quarter and first half of the year, during which time the US stock market has had a remarkable run. The S&P 500 had its best June since 1955. The Dow posted its biggest June percentage gain since 1938, the waning days of the Great Depression. From the start of 2019, after investors fled equities amid fears of a global economic slowdown, which sent stock markets tumbling in December, the benchmark S&P 500 jumped 17.3%, its largest first-half increase since 1997. "The market came to the realization that the world is not going to end," said John Ham, financial adviser at New England Investment and Retirement Group in North Andover, Massachusetts. "Also, (Federal Reserve chair) Powell did a 180 since (the Fed`s) last (interest) rate hike, which has put wind in our sails in the first half of the year." Trump expressed hopes that his meeting with Xi at the G20 summit will be productive, but said he had not made any promises about a reprieve from escalating tariffs. "Everybody is focused on the Trump/Xi meeting, and most investors are hoping for a ceasefire," Ham added. "At this point it`s just a question of how much of a ceasefire we get." "They`re two strong leaders who want to save face. They both want to walk away from it claiming victory." Financial stocks led the gains in the S&P 500 and the Dow after the big US banks passed the Federal Reserve`s "stress test," with the central bank giving the companies a clean bill of health. The S&P 500 Bank index gained 2.4%. Trading volume spiked amid the annual restructuring of the Russell indexes, traditionally one of the largest trading days of the year. The Dow Jones Industrial Average rose 73.38 points, or 0.28%, to 26,599.96, the S&P 500 gained 16.84 points, or 0.58%, to 2,941.76 and the Nasdaq Composite added 38.49 points, or 0.48%, to 8,006.24. All 11 major sectors in the S&P 500 ended the session in positive territory. Financials, energy and tariff-vulnerable industrials were the biggest percentage gainers. Shares of Apple Inc dropped 0.9% following its announcement that design head Jony Ive is leaving the company. Separately, the Wall Street Journal reported that the iPhone maker would move its Mac Pro production to China from the United States. Constellation Brands Inc reported better-than-expected quarterly results and raised its full-year guidance due to healthy beer demand, sending its shares up 4.6%. In economic news, consumer spending rose moderately in May and prices edged higher, implying a slowdown in economic growth and benign inflation pressures, providing the Fed rationales for a possible interest rate cut in July. Advancing issues outnumbered declining ones on the NYSE by a 2.84-to-1 ratio; on Nasdaq, a 2.66-to-1 ratio favoured advancers. The S&P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 84 new highs and 51 new lows. Volume on U.S. exchanges was 10.26 billion shares, compared with the 7.11 billion-share average for the full session over the last 20 trading days.

Wall Street wraps up its best June in decades as G20 convenes

Walmart Inc's Indian unit Flipkart said late Thursday it plans to replace nearly 40% of its current fleet of delivery vans with electric vehicles (EVs) by March 2020, as part of its efforts to cut down on its carbon footprint.

The Bengaluru-based e-commerce company said it will start with deploying 160 vans by 2019-end. Some of these EVs are already plying in New Delhi.

Flipkart has amped up its focus on sustainability since its $16 billion acquisition by Walmart last year. The company has also expanded its operations at a fast pace as it competes with rival Amazon Inc in India's online sales market.

Flipkart's move towards electric vehicles, the first among big online firms in the country, comes as the Indian government is pushing for faster adoption of these to fight pollution.

"These efforts will help us meaningfully contribute towards electric mobility... while bringing cost efficiencies for the business. In this process, we also hope to create an ecosystem for adoption of electric mobility in India," Amitesh Jha, senior vice-president of Ekart and Marketplace at Flipkart, said in a statement.

E-commerce companies in India are also in talks with the government around various policies related to their operations in the country. Earlier this week, Commerce Minister Piyush Goyal met with e-commerce companies, including Flipkart, to talk about compliance with new foreign investment rules, Reuters reported citing sources.

In a statement dated June 27, Flipkart said it is working with local partners to co-design concepts for EVs best suited for the growing e-commerce industry.

"We believe these small but meaningful steps in this direction will go a long way in paving the way for larger adoption of EVs in the country," group Chief Executive Kalyan Krishnamurthy, said.

The electric last-mile delivery vehicles will help cut Flipkart's carbon emissions by over 50%, the company added. 
&nbsp;

Walmart Inc's Indian unit Flipkart said late Thursday it plans to replace nearly 40% of its current fleet of delivery vans with electric vehicles (EVs) by March 2020, as part of its efforts to cut down on its carbon footprint.

Walmart Inc's Indian unit Flipkart said late Thursday it plans to replace nearly 40% of its current fleet of delivery vans with electric vehicles (EVs) by March 2020, as part of its efforts to cut down on its carbon footprint. The Bengaluru-based e-commerce company said it will start with deploying 160 vans by 2019-end. Some of these EVs are already plying in New Delhi. Flipkart has amped up its focus on sustainability since its $16 billion acquisition by Walmart last year. The company has also expanded its operations at a fast pace as it competes with rival Amazon Inc in India's online sales market. Flipkart's move towards electric vehicles, the first among big online firms in the country, comes as the Indian government is pushing for faster adoption of these to fight pollution. "These efforts will help us meaningfully contribute towards electric mobility... while bringing cost efficiencies for the business. In this process, we also hope to create an ecosystem for adoption of electric mobility in India," Amitesh Jha, senior vice-president of Ekart and Marketplace at Flipkart, said in a statement. E-commerce companies in India are also in talks with the government around various policies related to their operations in the country. Earlier this week, Commerce Minister Piyush Goyal met with e-commerce companies, including Flipkart, to talk about compliance with new foreign investment rules, Reuters reported citing sources. In a statement dated June 27, Flipkart said it is working with local partners to co-design concepts for EVs best suited for the growing e-commerce industry. "We believe these small but meaningful steps in this direction will go a long way in paving the way for larger adoption of EVs in the country," group Chief Executive Kalyan Krishnamurthy, said. The electric last-mile delivery vehicles will help cut Flipkart's carbon emissions by over 50%, the company added.

Flipkart to replace 40% of its delivery vans with electric vehicles

The rupee appreciated by 15 paise to 68.92 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee opened strong at 69 at the interbank forex market then gained further ground to touch 68.92 per dollar, displaying gains of 15 paise against the greenback.

Rupee is trading in a narrow range as forex traders took a cautious approach ahead of the G20 Summit, which is taking place amidst ongoing US-China trade tiff and rising tensions in the Middle East, say experts.

On Tuesday, the rupee had settled at 69.07 against the US dollar.

Foreign funds pulled out Rs 0.71 crore from the capital markets on a net&nbsp; 
basis Thursday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 42.13 points, or 0.11 per cent to quote at 39,628.54 while the NSE Nifty was trading at 11 up 17 points, or 0.14 per cent.

Meanwhile, brent crude, the global benchmark, was trading at 66.24 per barrel lower by 0.47 per cent.

The rupee appreciated by 15 paise to 68.92 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and easing crude oil prices.

The rupee appreciated by 15 paise to 68.92 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and easing crude oil prices. The rupee opened strong at 69 at the interbank forex market then gained further ground to touch 68.92 per dollar, displaying gains of 15 paise against the greenback. Rupee is trading in a narrow range as forex traders took a cautious approach ahead of the G20 Summit, which is taking place amidst ongoing US-China trade tiff and rising tensions in the Middle East, say experts. On Tuesday, the rupee had settled at 69.07 against the US dollar. Foreign funds pulled out Rs 0.71 crore from the capital markets on a net basis Thursday, provisional data showed. The benchmark BSE Sensex was trading with gains of 42.13 points, or 0.11 per cent to quote at 39,628.54 while the NSE Nifty was trading at 11 up 17 points, or 0.14 per cent. Meanwhile, brent crude, the global benchmark, was trading at 66.24 per barrel lower by 0.47 per cent.

Rupee rises 15 paise to 68.92 vs US dollar in early trade

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday amid weak cues from global equities as the <a href="https://www.wionews.com/india-news/g20-summit-our-countries-have-never-been-closer-trump-on-us-india-ties-231018">G20 Summit</a> began in Japan.

The 30-share index was trading 39.58 points, or 0.10 per cent, lower at 39,546.83 at 0940 hours. Similarly, the broader NSE Nifty was quoting a mere 2.85 points, or 0.02 per cent, down at 11,838.70.

In the previous session Thursday, the BSE gauge settled 5.67 points, or 0.01 per cent, lower at 39,586.41 and Nifty slipped 6 points, or 0.05 per cent, to end at 11,841.55.

Top losers in the Sensex pack were Bharti Airtel, Yes Bank, IndusInd Bank, ICICI Bank, Tata Motors, Bajaj Auto, M&amp;M, RIL, Axis Bank and HDFC Bank, shedding up to 1.09 per cent.

While, TechM, Sun Pharma, L&amp;T, Maruti, PowerGrid, NTPC, Infosys and ITC rose up to 1.45 per cent.

According to experts, global investors are awaiting progress in US-China trade talks at the G-20 Summit scheduled to be held in Osaka, Japan, on June 28-29.

Domestic investors are also tracking the summit for cues on India-US trade concerns, traders said.

Earlier in the day, Prime Minister Narendra Modi held a "productive" trilateral meeting with US President Donald Trump and Japanese premier Shinzo Abe, and extensively discussed issues of the Indo-Pacific region, connectivity and infrastructure development ahead of the formal opening of the G-20 Summit.

Globally, the Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 71 lakh, while domestic institutional investors bought shares to the tune of Rs 196.57 crore, provisional data available with stock exchanges showed Thursday.

On the currency front, the Indian rupee appreciated 11 paise to 68.96 against the US dollar.

The global oil benchmark Brent crude futures fell 0.38 per cent to 65.42 per barrel.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday amid weak cues from global equities as the G20 Summit began in Japan. The 30-share index was trading 39.

Domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday amid weak cues from global equities as the G20 Summit began in Japan. The 30-share index was trading 39.58 points, or 0.10 per cent, lower at 39,546.83 at 0940 hours. Similarly, the broader NSE Nifty was quoting a mere 2.85 points, or 0.02 per cent, down at 11,838.70. In the previous session Thursday, the BSE gauge settled 5.67 points, or 0.01 per cent, lower at 39,586.41 and Nifty slipped 6 points, or 0.05 per cent, to end at 11,841.55. Top losers in the Sensex pack were Bharti Airtel, Yes Bank, IndusInd Bank, ICICI Bank, Tata Motors, Bajaj Auto, M&M, RIL, Axis Bank and HDFC Bank, shedding up to 1.09 per cent. While, TechM, Sun Pharma, L&T, Maruti, PowerGrid, NTPC, Infosys and ITC rose up to 1.45 per cent. According to experts, global investors are awaiting progress in US-China trade talks at the G-20 Summit scheduled to be held in Osaka, Japan, on June 28-29. Domestic investors are also tracking the summit for cues on India-US trade concerns, traders said. Earlier in the day, Prime Minister Narendra Modi held a "productive" trilateral meeting with US President Donald Trump and Japanese premier Shinzo Abe, and extensively discussed issues of the Indo-Pacific region, connectivity and infrastructure development ahead of the formal opening of the G-20 Summit. Globally, the Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading in the red in their respective early sessions. Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 71 lakh, while domestic institutional investors bought shares to the tune of Rs 196.57 crore, provisional data available with stock exchanges showed Thursday. On the currency front, the Indian rupee appreciated 11 paise to 68.96 against the US dollar. The global oil benchmark Brent crude futures fell 0.38 per cent to 65.42 per barrel.

Market turns cautious amid weak global cues as G20 meet begins

A day after his statement gave an impression that the <a href="https://www.wionews.com/business-economy/centre-to-go-ahead-with-disinvestment-process-of-air-india-ministry-of-civil-aviation-230982">government's plan to privatise Air India</a> was put on hold, Minister of State for Civil Aviation Hardeep Singh Puri on Friday asserted that the Centre was committed to disinvestment of the national carrier.

Seeking to clear the air arising out of his statement in Parliament yesterday, he said on Friday, "There is no confusion. We are committed to disinvestment. There was a long answer to a Parliament question. Somebody read the first half without reading the second half. There is no confusion".

In a written reply to Congress MP Anto Antony's question in the Lok Sabha, Puri on Thursday said that the "present environment" is not conducive to stimulating interest among investors in the disinvestment plan.

"In view of volatile crude prices and adverse fluctuations in exchange rates, the present environment is not conducive to stimulate interest amongst investors for strategic disinvestment of Air India in immediate near future. The issue would be revisited once global economic indicators including oil prices and forex conditions stabilize," he had said.

The government stepped in quickly to clarify matters. An official press release said, "However, continued support from the government had resulted in improvement of financial and operational performance of Air India. As per the recommendations of AISAM, the govt will now go ahead with the process of disinvestment of the company."

In a meeting on 28th June 2017, the Cabinet Committee on Economic Affairs had in-principle approved the consideration for strategic disinvestment of Air India and its five subsidiaries. An Air India Specific Alternative Mechanism (AISAM) was constituted by CCEA to guide the process on of strategic disinvestment.

The AISAM at a meeting in March last year had decided that due to issues like volatile crude oil prices and adverse fluctuations in exchange rates, the atmosphere was not conducive for the disinvestment.

"But this was last year," the government said in the press releases.

The government failed in its attempt to sell a 76 per cent stake in loss-making Air India due to a lack of interest from bidders last year, a report said.

Air India suffered Rs 7,635 crore (provisional) loss in the financial year 2018-19.

It was Rs 5348 crore in 2017-18, while the carrier had to suffer Rs 6452 crore, the highest ever, in the financial year 2016-17.

The government infused Rs 3,975 crore in Air India in the financial year ended March, the government said in Parliament.

A day after his statement gave an impression that the government's plan to privatise Air India was put on hold, Minister of State for Civil Aviation Hardeep Singh Puri on Friday asserted that the Centre was committed to disinvestment of the national carrier.

A day after his statement gave an impression that the government's plan to privatise Air India was put on hold, Minister of State for Civil Aviation Hardeep Singh Puri on Friday asserted that the Centre was committed to disinvestment of the national carrier. Seeking to clear the air arising out of his statement in Parliament yesterday, he said on Friday, "There is no confusion. We are committed to disinvestment. There was a long answer to a Parliament question. Somebody read the first half without reading the second half. There is no confusion". In a written reply to Congress MP Anto Antony's question in the Lok Sabha, Puri on Thursday said that the "present environment" is not conducive to stimulating interest among investors in the disinvestment plan. "In view of volatile crude prices and adverse fluctuations in exchange rates, the present environment is not conducive to stimulate interest amongst investors for strategic disinvestment of Air India in immediate near future. The issue would be revisited once global economic indicators including oil prices and forex conditions stabilize," he had said. The government stepped in quickly to clarify matters. An official press release said, "However, continued support from the government had resulted in improvement of financial and operational performance of Air India. As per the recommendations of AISAM, the govt will now go ahead with the process of disinvestment of the company." In a meeting on 28th June 2017, the Cabinet Committee on Economic Affairs had in-principle approved the consideration for strategic disinvestment of Air India and its five subsidiaries. An Air India Specific Alternative Mechanism (AISAM) was constituted by CCEA to guide the process on of strategic disinvestment. The AISAM at a meeting in March last year had decided that due to issues like volatile crude oil prices and adverse fluctuations in exchange rates, the atmosphere was not conducive for the disinvestment. "But this was last year," the government said in the press releases. The government failed in its attempt to sell a 76 per cent stake in loss-making Air India due to a lack of interest from bidders last year, a report said. Air India suffered Rs 7,635 crore (provisional) loss in the financial year 2018-19. It was Rs 5348 crore in 2017-18, while the carrier had to suffer Rs 6452 crore, the highest ever, in the financial year 2016-17. The government infused Rs 3,975 crore in Air India in the financial year ended March, the government said in Parliament.

Government is committed to disinvestment in Air India: Minister of State for Civil Aviation

The domestic stock market on Friday ended in red with <a href="https://www.wionews.com/india-news/sensex-nifty-end-marginally-lower-on-fo-expiry-230861">BSE Sensex</a> falling 191.77 points to end at 39,394.64. NSE Nifty, on the other hand, dropped 52.70 points to close at 11,788.85.

Amid weak cues from global equities, domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday. &nbsp;

At 10:15 am, the BSE S&amp;P Sensex was down 10 points at 39,576 while the Nifty 50 slipped two points to 11,840.

Meanwhile, the rupee went up by 15 paise to 68.92 against the US dollar in opening trade Friday. Experts attributed the rise driven by positive opening in domestic equities and easing of crude oil prices.

Markets on Thursday ended marginally lower after a highly volatile session.&nbsp;

After swinging over 300 points, BSE Sensex settled 5.67 points lower at 39,586.41. The index hit an intra-day high of 39,817.22 and a low of 39,510.44.

NSE Nifty slipped 6 points to end at 11,841.55. During the day, the index touched a high of 11,911.15 and a low of 11,821.05.

The domestic stock market on Friday ended in red with BSE Sensex falling 191.77 points to end at 39,394.64. NSE Nifty, on the other hand, dropped 52.70 points to close at 11,788.

The domestic stock market on Friday ended in red with BSE Sensex falling 191.77 points to end at 39,394.64. NSE Nifty, on the other hand, dropped 52.70 points to close at 11,788.85. Amid weak cues from global equities, domestic equity benchmarks BSE Sensex and NSE Nifty started on a cautious note Friday. At 10:15 am, the BSE S&P Sensex was down 10 points at 39,576 while the Nifty 50 slipped two points to 11,840. Meanwhile, the rupee went up by 15 paise to 68.92 against the US dollar in opening trade Friday. Experts attributed the rise driven by positive opening in domestic equities and easing of crude oil prices. Markets on Thursday ended marginally lower after a highly volatile session. After swinging over 300 points, BSE Sensex settled 5.67 points lower at 39,586.41. The index hit an intra-day high of 39,817.22 and a low of 39,510.44. NSE Nifty slipped 6 points to end at 11,841.55. During the day, the index touched a high of 11,911.15 and a low of 11,821.05.

Markets end in red; Sensex sheds 191 points, Nifty closes at 11,788

A US jury cleared California semiconductor designer CNEX Labs Inc of stealing trade secrets from Chinese electronics giant Huawei Technologies Co Ltd while awarding CNEX no damages on its own trade theft claims.

Huawei loses trade secrets case against US chip designer CNEX

Volkswagen and Fiat Chrysler could face penalties of up to 1.83 billion euros and 746 million euros respectively, if they fail to meet the European Union's emissions targets set for 2021, according to a study.

Volkswagen, Fiat Chrysler could face 2021 EU emissions fines: Study

Bombardier has given up on commercial aviation, selling its regional jet business to Mitsubishi Heavy Industries for $550 million in cash.

Bombardier sells commercial aviation division to Mitsubishi

Continued support from the government has resulted in an improvement of the financial and operational performances of <a href="https://www.wionews.com/business-economy/jet-collapse-privatisation-not-remedy-says-air-india-employees-union-official-212355">Air India</a> and the Centre has decided to go ahead with the process of its disinvestment, the Ministry of <a href="https://www.wionews.com/world/royal-air-force-scrambled-typhoon-fighter-jet-over-air-india-bomb-threat-uk-defence-ministry-230920">Civil Aviation</a> said today.

"In an AISAM (Air India Specific Alternative Mechanism) meeting held on 28th March 2018, it was decided that due to issues like volatile crude oil prices and adverse fluctuations in exchange rates, the atmosphere was not conducive for the disinvestment. But this was last year," the ministry said in a statement.

The AISAM, which is basically a Group of Ministers (GoM), has to be reconstituted as Arun Jaitley and Suresh Prabhu are no longer ministers in the second innings of the Narendra Modi government.

They will be replaced by Finance Minister Nirmala Sitharaman and Civil Aviation Minister Hardeep Singh Puri. Transport Minister Nitin Gadkari is likely to continue in the panel.

"Continued support from the government has resulted in the improvement of financial and operational performances of Air India. As per the recommendations of the AISAM, the government will now go ahead with the process of disinvestment of the company," the ministry said.

At a meeting on June 28, 2017, the Cabinet Committee on Economic Affairs (CCEA) had in-principle approved the consideration for strategic disinvestment of Air India and its five subsidiaries. The AISAM was constituted by the CCEA for this purpose.

Continued support from the government has resulted in an improvement of the financial and operational performances of Air India and the Centre has decided to go ahead with the process of its disinvestment, the Ministry of Civil Aviation said today.

Continued support from the government has resulted in an improvement of the financial and operational performances of Air India and the Centre has decided to go ahead with the process of its disinvestment, the Ministry of Civil Aviation said today. "In an AISAM (Air India Specific Alternative Mechanism) meeting held on 28th March 2018, it was decided that due to issues like volatile crude oil prices and adverse fluctuations in exchange rates, the atmosphere was not conducive for the disinvestment. But this was last year," the ministry said in a statement. The AISAM, which is basically a Group of Ministers (GoM), has to be reconstituted as Arun Jaitley and Suresh Prabhu are no longer ministers in the second innings of the Narendra Modi government. They will be replaced by Finance Minister Nirmala Sitharaman and Civil Aviation Minister Hardeep Singh Puri. Transport Minister Nitin Gadkari is likely to continue in the panel. "Continued support from the government has resulted in the improvement of financial and operational performances of Air India. As per the recommendations of the AISAM, the government will now go ahead with the process of disinvestment of the company," the ministry said. At a meeting on June 28, 2017, the Cabinet Committee on Economic Affairs (CCEA) had in-principle approved the consideration for strategic disinvestment of Air India and its five subsidiaries. The AISAM was constituted by the CCEA for this purpose.

Centre to go ahead with disinvestment process of Air India: Ministry of Civil Aviation

The rupee depreciated 17 paise to 69.32 against the US dollar in opening trade Thursday as strengthening of the American currency in the overseas market weighed on the local unit.

Forex traders said, rupee is trading in a narrow range as market participants are trading the cautious path amid rising tensions between the US and Iran.

The rupee opened weak at 69.29 at the interbank forex market and then fell further to 69.32, down 17 paise over its last close.

The domestic unit had settled at 69.15 against the US dollar Wednesday.

On the global front, the trade concerns between the US and China, and rising US-Iran tensions are poised to dominate a high-stakes G20 summit from Friday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 96.34.

Meanwhile, foreign fund inflows and positive opening in domestic equities supported the domestic currency.

Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 106.26 crore Wednesday, as per provisional data.

Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 74.26 points higher at 39,666.34 and Nifty up 20.50 points at 11,868.05.

Meanwhile, brent crude futures, the global oil benchmark, eased 0.39 per cent to USD 66.23 per barrel.&nbsp;

The rupee depreciated 17 paise to 69.32 against the US dollar in opening trade Thursday as strengthening of the American currency in the overseas market weighed on the local unit.

The rupee depreciated 17 paise to 69.32 against the US dollar in opening trade Thursday as strengthening of the American currency in the overseas market weighed on the local unit. Forex traders said, rupee is trading in a narrow range as market participants are trading the cautious path amid rising tensions between the US and Iran. The rupee opened weak at 69.29 at the interbank forex market and then fell further to 69.32, down 17 paise over its last close. The domestic unit had settled at 69.15 against the US dollar Wednesday. On the global front, the trade concerns between the US and China, and rising US-Iran tensions are poised to dominate a high-stakes G20 summit from Friday. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.13 per cent to 96.34. Meanwhile, foreign fund inflows and positive opening in domestic equities supported the domestic currency. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 106.26 crore Wednesday, as per provisional data. Domestic bourses opened on a cautious note Thursday with benchmark indices Sensex trading 74.26 points higher at 39,666.34 and Nifty up 20.50 points at 11,868.05. Meanwhile, brent crude futures, the global oil benchmark, eased 0.39 per cent to USD 66.23 per barrel.

Rupee slips 17 paise to 69.32 vs US dollar in early trade

Domestic equity benchmark BSE Sensex rose over 100 points in early trade Thursday tracking positive cues from global markets ahead of the G-20 summit.

The 30-share index was trading 88.07 points, or 0.22 per cent, higher at 39,680.15 at 0930 hours. Similarly, the broader NSE Nifty was quoting 25.20 points, or 0.21 per cent, up at 11,872.75.

In the previous session Wednesday, the BSE gauge finished 157.14 points, or 0.40 per cent, higher at 39,592.08, and the broader NSE Nifty jumped 51.10 points, or 0.43 per cent, to 11,847.55.

Top gainers in the Sensex pack included Tata Motors, IndusInd Bank, ONGC, Axis Bank, M&amp;M, L&amp;T, NTPC, Maruti and HUL, rising up to 1.43 per cent.

While, TechM, Sun Pharma, HCL Tech, PowerGrid, Bajaj Auto, RIL, HDFC Bank and Bharti Airtel fell up to 1.14 per cent.

According to experts, equities are rallying globally as investors hope for progress in US-China trade talks at the G-20 summit scheduled to be held in Osaka, Japan, on June 28-29.

Elsewhere in Asian, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions.

Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 106.26 crore, while domestic institutional investors sold shares to the tune of Rs 51.47 crore, provisional data available with stock exchanges showed Wednesday.

On the currency front, the Indian rupee depreciated 15 paise to 69.30 against the US dollar.

The global oil benchmark Brent crude futures fell 0.35 per cent to 65.46 per barrel.&nbsp;

Domestic equity benchmark BSE Sensex rose over 100 points in early trade Thursday tracking positive cues from global markets ahead of the G-20 summit. The 30-share index was trading 88.

Domestic equity benchmark BSE Sensex rose over 100 points in early trade Thursday tracking positive cues from global markets ahead of the G-20 summit. The 30-share index was trading 88.07 points, or 0.22 per cent, higher at 39,680.15 at 0930 hours. Similarly, the broader NSE Nifty was quoting 25.20 points, or 0.21 per cent, up at 11,872.75. In the previous session Wednesday, the BSE gauge finished 157.14 points, or 0.40 per cent, higher at 39,592.08, and the broader NSE Nifty jumped 51.10 points, or 0.43 per cent, to 11,847.55. Top gainers in the Sensex pack included Tata Motors, IndusInd Bank, ONGC, Axis Bank, M&M, L&T, NTPC, Maruti and HUL, rising up to 1.43 per cent. While, TechM, Sun Pharma, HCL Tech, PowerGrid, Bajaj Auto, RIL, HDFC Bank and Bharti Airtel fell up to 1.14 per cent. According to experts, equities are rallying globally as investors hope for progress in US-China trade talks at the G-20 summit scheduled to be held in Osaka, Japan, on June 28-29. Elsewhere in Asian, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading significantly higher in their respective early sessions. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 106.26 crore, while domestic institutional investors sold shares to the tune of Rs 51.47 crore, provisional data available with stock exchanges showed Wednesday. On the currency front, the Indian rupee depreciated 15 paise to 69.30 against the US dollar. The global oil benchmark Brent crude futures fell 0.35 per cent to 65.46 per barrel.

Sensex rises over 100 points, Nifty above 11,850

Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Brent crude futures were down 19 cents, or 0.3%, at $66.30 by 0256 GMT.

US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $59.19.

Oil prices rose more than 2% on Wednesday to their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles.

However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying.

"I think the length of the speculative positioning might be stretched too tight ahead of G20 and of course OPEC," said Stephen Innes, managing partner at Vanguard Markets in Bangkok, said.

US President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth.

Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China.

"With Trump stirring up trade war dust via "Plan B" there is still that element of the unknown," Innes said.

Almost immediately after the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) meets on Monday to discuss an extension of production cuts to support prices.

The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. The agreement is due to expire on June 30.

Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels.

That was the most since September 2016, according to the statistical arm of the Department of Energy.

Net US crude imports fell last week by 1.2 million barrels per day (bpd). Overall crude exports rose to 3.8 million bpd, beating the previous record of 3.6 million bpd in February.

Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts.

Oil fell on Thursday, erasing some of the previous session's strong gains, as traders await the G20 summit in Japan and a meeting of OPEC and other oil producers to decide on an extension of output cuts. Brent crude futures were down 19 cents, or 0.3%, at $66.30 by 0256 GMT. US West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3%, at $59.19. Oil prices rose more than 2% on Wednesday to their highest in about a month, buoyed by US government data showing a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise drops in refined product stockpiles. However, traders said concerns that a hoped-for breakthrough on trade at the G20 may not eventuate and some nervousness about continued output cuts were crimping follow-through buying. "I think the length of the speculative positioning might be stretched too tight ahead of G20 and of course OPEC," said Stephen Innes, managing partner at Vanguard Markets in Bangkok, said. US President Donald Trump will meet with Chinese President Xi Jinping at the Group of 20 summit that starts on Friday in Osaka, Japan to seek a breakthrough in negotiations to end a trade war that has been hitting global economic growth. Trump said on Wednesday that a deal was possible but also spoke of a Plan B that would involve reducing business ties with China. "With Trump stirring up trade war dust via "Plan B" there is still that element of the unknown," Innes said. Almost immediately after the G20 summit ends on Saturday, the Organization of the Petroleum Exporting Countries (OPEC) meets on Monday to discuss an extension of production cuts to support prices. The day after that OPEC members meet with other producers including Russia in a grouping known as OPEC+, which agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1. The agreement is due to expire on June 30. Crude inventories in the United States, the largest producer and consumer of oil, fell 12.8 million barrels last week, the Energy Information Administration said, far surpassing analyst expectations for a decrease of 2.5 million barrels. That was the most since September 2016, according to the statistical arm of the Department of Energy. Net US crude imports fell last week by 1.2 million barrels per day (bpd). Overall crude exports rose to 3.8 million bpd, beating the previous record of 3.6 million bpd in February.

Oil prices fall, shrugging off US inventory drop, amid G20 uncertainty

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend.

The South China Morning Post (SCMP), citing sources, said in Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports.

On Wednesday, US President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend though he was prepared to impose tariffs on virtually all remaining Chinese imports if talks fail.

"But the truce cake seems to have been baked," the SCMP cited one of its sources as saying.

Hopes the world's two biggest economies would finally reach an agreement were enough to cheer investors, sending MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%.

China led the gains with its blue-chip index up 1.4%. South Korea's KOSPI index was up 0.6% while Hong Kong's Hang Seng and Japan's Nikkei jumped 0.8%.

Relations between Washington and Beijing have spiralled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy.

The ongoing trade war has already rattled investors who have ditched shares for the safety of bonds and gold this year. It has also prompted the U.S. Federal Reserve to pause its rate tightenings and, in fact, signal a cut as soon as next month.

Many traders said they expected the market to remain in a narrow range until after the weekend meeting of G20 leaders in Osaka, Japan where Trump is also holding bilateral talks with other nations.

"The bottom line is the market has been hit by a barrage of noise that gives us less clarity than before," said Chris Weston, market strategist at Pepperstone.

"While the most likely situation is we simply hear a lot of bravadoes that the two sides plan to work closely together and agree to find a solution that is amicable, we still need to consider if the event poses a gaping risk for markets," he added.

"It certainly feels as though the probability is we will see traders manage exposures, refraining from adding too much additional risk just in case."

Wall Street had been circumspect, with the Dow ending Wednesday down 0.04%, while the S&amp;P 500 lost 0.12% and the Nasdaq rose 0.32%.

Less that 50

Trump weighed into US monetary policy on Wednesday, accusing Federal Reserve Chairman Jerome Powell of doing a "bad job" and "out to prove how tough he is" by not cutting interest rates.

Markets are convinced the Fed will indeed ease at its next meeting in July, but had to scale back bets on a half-point cut following cautious comments from various policymakers.

Futures are 100% priced for a cut of 25 basis points, and imply a 22% chance of 50 basis points.

The probability of a less aggressive Fed and expectations of a Sino-China trade truce helped ease the selling pressure on the US dollar, which inched up to 96.276 on a basket of currencies from a three-month trough of 95.843.

The dollar bounced modestly against the yen to 107.97 and away from a low of 106.77. The euro likewise eased back to $1.13615 from a top of $1.1412.

The dollar's gains took a little of the shine off gold, which broke a six-session winning stretch and eased to $1,407.22 per ounce.

Oil prices ran into profit-taking in early Asia, having gained overnight on a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise falls in refined product stockpiles.

Brent crude futures eased 20 cents to $66.29, while US crude lost 22 cents to $59.16 a barrel. 
&nbsp;

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend.

Asian share markets turned higher on Thursday following a media report the United States and China have tentatively agreed to a truce in their trade war, ahead of a closely-watched meeting between the two nations this weekend. The South China Morning Post (SCMP), citing sources, said in Washington and Beijing were laying out an agreement that would help avert the next round of tariffs on an additional $300 billion of Chinese imports. On Wednesday, US President Donald Trump said a trade deal with his Chinese counterpart Xi Jinping was possible this weekend though he was prepared to impose tariffs on virtually all remaining Chinese imports if talks fail. "But the truce cake seems to have been baked," the SCMP cited one of its sources as saying. Hopes the world's two biggest economies would finally reach an agreement were enough to cheer investors, sending MSCI's broadest index of Asia-Pacific shares outside Japan up 0.6%. China led the gains with its blue-chip index up 1.4%. South Korea's KOSPI index was up 0.6% while Hong Kong's Hang Seng and Japan's Nikkei jumped 0.8%. Relations between Washington and Beijing have spiralled downward since talks collapsed in May, when the United States accused China of reneging on pledges to reform its economy. The ongoing trade war has already rattled investors who have ditched shares for the safety of bonds and gold this year. It has also prompted the U.S. Federal Reserve to pause its rate tightenings and, in fact, signal a cut as soon as next month. Many traders said they expected the market to remain in a narrow range until after the weekend meeting of G20 leaders in Osaka, Japan where Trump is also holding bilateral talks with other nations. "The bottom line is the market has been hit by a barrage of noise that gives us less clarity than before," said Chris Weston, market strategist at Pepperstone. "While the most likely situation is we simply hear a lot of bravadoes that the two sides plan to work closely together and agree to find a solution that is amicable, we still need to consider if the event poses a gaping risk for markets," he added. "It certainly feels as though the probability is we will see traders manage exposures, refraining from adding too much additional risk just in case." Wall Street had been circumspect, with the Dow ending Wednesday down 0.04%, while the S&P 500 lost 0.12% and the Nasdaq rose 0.32%. Less that 50 Trump weighed into US monetary policy on Wednesday, accusing Federal Reserve Chairman Jerome Powell of doing a "bad job" and "out to prove how tough he is" by not cutting interest rates. Markets are convinced the Fed will indeed ease at its next meeting in July, but had to scale back bets on a half-point cut following cautious comments from various policymakers. Futures are 100% priced for a cut of 25 basis points, and imply a 22% chance of 50 basis points. The probability of a less aggressive Fed and expectations of a Sino-China trade truce helped ease the selling pressure on the US dollar, which inched up to 96.276 on a basket of currencies from a three-month trough of 95.843. The dollar bounced modestly against the yen to 107.97 and away from a low of 106.77. The euro likewise eased back to $1.13615 from a top of $1.1412. The dollar's gains took a little of the shine off gold, which broke a six-session winning stretch and eased to $1,407.22 per ounce. Oil prices ran into profit-taking in early Asia, having gained overnight on a larger-than-expected drawdown in crude stocks as exports hit a record high and surprise falls in refined product stockpiles. Brent crude futures eased 20 cents to $66.29, while US crude lost 22 cents to $59.16 a barrel.

Asian shares creep higher on hopes of US-China trade truce

<a href="https://www.wionews.com/world/fedex-sues-us-government-over-shipment-restrictions-230266">FedEx</a> warned Tuesday that its fiscal 2020 earnings outlook remains clouded by trade war uncertainty as the company's chief executive criticized the Trump administration's lurch towards protectionism.

Overall the company is projecting 2020 diluted earnings-per-share to be down by a "mid-single-digit" percentage point compared with the 2019 level.

FedEx expects higher operating income in fiscal 2020 from its domestic package and freight shipping services as growing e-commerce activity fuels higher revenues.

But operating income is expected to be dented at FedEx Express, its international shipping division, in part because of trade uncertainty.&nbsp;

"We've been very disappointed over the last few years with the assumptions that we made on the growth of international trade, particularly with the Trump administration," Chief Executive Fred Smith said on a conference call with financial analysts.

"The United States policy since 1934... was to expand international trade and now we have a huge dispute with China where the US has basically become protectionist, defined as 'I'll make everything I need in my own borders.'"

Smith, long an outspoken advocate of free trade, also took issue with China's policy on trade, which he described as "mercantilist."

US President Donald Trump and Chinese leader Xi Jinping are expected to meet at the G20 gathering in Japan later this week, an occasion that investors are hoping will bring the two countries closer to an agreement after months of tariffs, countermeasures and threats.

Smith said the company remained committed to operating in China and "completely dedicated" to comply with Chinese laws. &nbsp;

He said the company has experienced more audits "to some degree" at its Guangzhou hub in the wake of the US-China dispute.

FedEx again apologized over delivery problems involving Chinese telecommunications giant Huawei following a US crackdown on the company that Trump has linked to the <a href="https://www.wionews.com/world/us-hopes-to-re-launch-china-trade-talks-will-not-accept-conditions-on-tariffs-230453">US-China trade war</a>.

Smith said the company's newly-filed lawsuit against the Commerce Department over export restrictions was not directly related to the Huawei case but was due to a broader set of government actions that are "opaque" and put too much onus on delivery companies.

On Monday, FedEx sued the US Commerce Department over export restrictions it said to impose an "impossible burden" on delivery firms and asked a US District Court to block enforcement of the measures.

FedEx says the US rules make shippers liable for packages that could violate the restrictions, even if the shipper has no prior knowledge of the problem.

FedEx reported a net loss of $2 billion for the quarter ending May 31, compared with $1.1 billion in profits in the year-ago period.&nbsp;

The company cited lower international revenues and $316 million in costs associated with a voluntary employee buyout as factors in the loss.

Revenues rose three per cent overall to $17.8 billion.

Shares rose 0.7 per cent to $157.05 in after-hours trading.

FedEx warned Tuesday that its fiscal 2020 earnings outlook remains clouded by trade war uncertainty as the company's chief executive criticized the Trump administration's lurch towards protectionism.

FedEx warned Tuesday that its fiscal 2020 earnings outlook remains clouded by trade war uncertainty as the company's chief executive criticized the Trump administration's lurch towards protectionism. Overall the company is projecting 2020 diluted earnings-per-share to be down by a "mid-single-digit" percentage point compared with the 2019 level. FedEx expects higher operating income in fiscal 2020 from its domestic package and freight shipping services as growing e-commerce activity fuels higher revenues. But operating income is expected to be dented at FedEx Express, its international shipping division, in part because of trade uncertainty. "We've been very disappointed over the last few years with the assumptions that we made on the growth of international trade, particularly with the Trump administration," Chief Executive Fred Smith said on a conference call with financial analysts. "The United States policy since 1934... was to expand international trade and now we have a huge dispute with China where the US has basically become protectionist, defined as 'I'll make everything I need in my own borders.'" Smith, long an outspoken advocate of free trade, also took issue with China's policy on trade, which he described as "mercantilist." US President Donald Trump and Chinese leader Xi Jinping are expected to meet at the G20 gathering in Japan later this week, an occasion that investors are hoping will bring the two countries closer to an agreement after months of tariffs, countermeasures and threats. Smith said the company remained committed to operating in China and "completely dedicated" to comply with Chinese laws. He said the company has experienced more audits "to some degree" at its Guangzhou hub in the wake of the US-China dispute. FedEx again apologized over delivery problems involving Chinese telecommunications giant Huawei following a US crackdown on the company that Trump has linked to the US-China trade war. Smith said the company's newly-filed lawsuit against the Commerce Department over export restrictions was not directly related to the Huawei case but was due to a broader set of government actions that are "opaque" and put too much onus on delivery companies. On Monday, FedEx sued the US Commerce Department over export restrictions it said to impose an "impossible burden" on delivery firms and asked a US District Court to block enforcement of the measures. FedEx says the US rules make shippers liable for packages that could violate the restrictions, even if the shipper has no prior knowledge of the problem. FedEx reported a net loss of $2 billion for the quarter ending May 31, compared with $1.1 billion in profits in the year-ago period. The company cited lower international revenues and $316 million in costs associated with a voluntary employee buyout as factors in the loss. Revenues rose three per cent overall to $17.8 billion. Shares rose 0.7 per cent to $157.05 in after-hours trading.

FedEx offers cautious 2020 outlook as CEO slams United States, China on trade

Asian equities suffered fresh losses, the dollar rose and gold retreated Wednesday after top Federal Reserve officials dented hopes for a big interest rate cut next month, while traders are also fretting over this week's meeting between Donald Trump and Xi Jinping.

Adding to the downward pressure were concerns about worsening tensions between the US and Iran, though a drop in US stockpiles boosted oil prices.

Global markets had been on a healthy rally for more than a week after Trump hailed phone talks with his Chinese counterpart and said they would meet to discuss their trade war on the sidelines of the G20 summit in Osaka.

That coincided with a dovish lean from the US central bank that raised expectations that it would soon announce its first rate reduction for more than a decade.

However, optimism took a hit Tuesday after Fed boss Jerome Powell warned about the outlook for the US economy but said policymakers would not "overreact" to recent data.&nbsp;

Also Tuesday, St Louis Fed president James Bullard, considered a key dove on the board, told Bloomberg a cut of 50 basis points -- which many investors had been hoping for -- would be excessive.

The remarks hit equities with Wall Street's three main indexes sharply lower and the dollar, which has come under heavy pressure of late, bounced back against its major peers and other higher-yielding but riskier currencies.

"Bullard... dashed the hopes of many investors who were expecting the Fed to kick-start this easing cycle with a bang," said Edward Moya, senior market analyst at OANDA. "With the most dovish member taking a 50-basis point cut off the table, the dollar surged as equities tumbled."

Oil prices rally

The weaker dollar put a cap on gold's rally, with the yellow metal's safe-haven status in times of turmoil unable to stop it sinking from six-year highs.

Investors are keeping their focus on the planned meeting between Trump and Xi in Japan, though the US side dampened expectations for a deal between the two, saying the talks would set out a path for an agreement.

However, officials did say they were willing to hold off hiking tariffs on more Chinese goods, Bloomberg News reported.&nbsp;

Still, observers expect the issue to continue for some time.

"The US-China trade war stalemate is likely to continue as political considerations reign supreme," said brokerage T Rowe Price.

"With President Trump facing re-election in 2020, he may want to put off any agreement until next year, while China may want to deny President Trump a trade success to damage his re-election prospects, allowing Beijing to negotiate with his successor."

Crude surged after data showed a 7.55-million-barrel decline in US inventories, with Iran tensions also buoying the market.

"Oil prices went ballistic" after the report from industry group the American Petroleum Institute, said Stephen Innes of Vanguard Markets. "This is a strong signal for the energy market."

Asian equities suffered fresh losses, the dollar rose and gold retreated Wednesday after top Federal Reserve officials dented hopes for a big interest rate cut next month, while traders are also fretting over this week's meeting between Donald Trump and Xi Jinping.

Asian equities suffered fresh losses, the dollar rose and gold retreated Wednesday after top Federal Reserve officials dented hopes for a big interest rate cut next month, while traders are also fretting over this week's meeting between Donald Trump and Xi Jinping. Adding to the downward pressure were concerns about worsening tensions between the US and Iran, though a drop in US stockpiles boosted oil prices. Global markets had been on a healthy rally for more than a week after Trump hailed phone talks with his Chinese counterpart and said they would meet to discuss their trade war on the sidelines of the G20 summit in Osaka. That coincided with a dovish lean from the US central bank that raised expectations that it would soon announce its first rate reduction for more than a decade. However, optimism took a hit Tuesday after Fed boss Jerome Powell warned about the outlook for the US economy but said policymakers would not "overreact" to recent data. Also Tuesday, St Louis Fed president James Bullard, considered a key dove on the board, told Bloomberg a cut of 50 basis points -- which many investors had been hoping for -- would be excessive. The remarks hit equities with Wall Street's three main indexes sharply lower and the dollar, which has come under heavy pressure of late, bounced back against its major peers and other higher-yielding but riskier currencies. "Bullard... dashed the hopes of many investors who were expecting the Fed to kick-start this easing cycle with a bang," said Edward Moya, senior market analyst at OANDA. "With the most dovish member taking a 50-basis point cut off the table, the dollar surged as equities tumbled." Oil prices rally The weaker dollar put a cap on gold's rally, with the yellow metal's safe-haven status in times of turmoil unable to stop it sinking from six-year highs. Investors are keeping their focus on the planned meeting between Trump and Xi in Japan, though the US side dampened expectations for a deal between the two, saying the talks would set out a path for an agreement. However, officials did say they were willing to hold off hiking tariffs on more Chinese goods, Bloomberg News reported. Still, observers expect the issue to continue for some time. "The US-China trade war stalemate is likely to continue as political considerations reign supreme," said brokerage T Rowe Price. "With President Trump facing re-election in 2020, he may want to put off any agreement until next year, while China may want to deny President Trump a trade success to damage his re-election prospects, allowing Beijing to negotiate with his successor." Crude surged after data showed a 7.55-million-barrel decline in US inventories, with Iran tensions also buoying the market. "Oil prices went ballistic" after the report from industry group the American Petroleum Institute, said Stephen Innes of Vanguard Markets. "This is a strong signal for the energy market."

Asian markets and gold drop, dollar boosted on Fed rate worries

Domestic equity benchmark BSE Sensex rose over 150 points in early trade Wednesday tracking gains in index heavyweights ICICI Bank, L&amp;T and RIL, amid heavy foreign fund inflow.

After swinging over 200 points within the first 15 minutes of trade, the 30-share index pared opening losses to trade 111.08 points, or 0.28 per cent, higher at 39,546.02 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.60 points, or 0.28 per cent, up at 11,829.05.

In the previous session on Tuesday, the BSE gauge settled 311.98 points, or 0.80 per cent, higher at 39,434.94; and the Nifty rose 96.80 points, or 0.83 per cent, to 11,796.45.

Top gainers in the Sensex pack included PowerGrid, NTPC, Sun Pharma, L&amp;T, ICICI Bank, Axis Bank, Tata Motors, M&amp;M, Vedanta and ONGC, rising up to 2.26 per cent.

While, Tata Steel, Bajaj Finance, HUL, TCS, HDFC and IndusInd Bank fell up to 0.26 per cent.

According to experts, a positive momentum has been triggered in domestic stock market as monsoon swiftly progressed towards central and north India.

Despite weakness in global markets after US Fed chief Jerome Powell tempered expectations of aggressive rate cuts in the future, domestic investors were upbeat amid heavy foreign fund inflow ahead of the union budget next week as all eyes remain on what measure the current government will undertake to boost growth, traders said.

On a net basis, foreign institutional investors bought equities worth Rs 1,157.87 crore, and domestic institutional investors purchased shares to the tune of Rs 377.22 crore, provisional data available with stock exchanges showed Tuesday.

Meanwhile, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a mixed note in their respective early sessions. 
On Wall Street, S&amp;P500 and Nasdaq ended in the red on Tuesday.

On the currency front, the Indian rupee depreciated 10 paise to 69.46 against the US dollar.

The global oil benchmark Brent crude futures rose 1.31 per cent to 65.12 per barrel.&nbsp;

Domestic equity benchmark BSE Sensex rose over 150 points in early trade Wednesday tracking gains in index heavyweights ICICI Bank, L&T and RIL, amid heavy foreign fund inflow.

Domestic equity benchmark BSE Sensex rose over 150 points in early trade Wednesday tracking gains in index heavyweights ICICI Bank, L&T and RIL, amid heavy foreign fund inflow. After swinging over 200 points within the first 15 minutes of trade, the 30-share index pared opening losses to trade 111.08 points, or 0.28 per cent, higher at 39,546.02 at 0930 hours. Similarly, the broader NSE Nifty was quoting 32.60 points, or 0.28 per cent, up at 11,829.05. In the previous session on Tuesday, the BSE gauge settled 311.98 points, or 0.80 per cent, higher at 39,434.94; and the Nifty rose 96.80 points, or 0.83 per cent, to 11,796.45. Top gainers in the Sensex pack included PowerGrid, NTPC, Sun Pharma, L&T, ICICI Bank, Axis Bank, Tata Motors, M&M, Vedanta and ONGC, rising up to 2.26 per cent. While, Tata Steel, Bajaj Finance, HUL, TCS, HDFC and IndusInd Bank fell up to 0.26 per cent. According to experts, a positive momentum has been triggered in domestic stock market as monsoon swiftly progressed towards central and north India. Despite weakness in global markets after US Fed chief Jerome Powell tempered expectations of aggressive rate cuts in the future, domestic investors were upbeat amid heavy foreign fund inflow ahead of the union budget next week as all eyes remain on what measure the current government will undertake to boost growth, traders said. On a net basis, foreign institutional investors bought equities worth Rs 1,157.87 crore, and domestic institutional investors purchased shares to the tune of Rs 377.22 crore, provisional data available with stock exchanges showed Tuesday. Meanwhile, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a mixed note in their respective early sessions. On Wall Street, S&P500 and Nasdaq ended in the red on Tuesday. On the currency front, the Indian rupee depreciated 10 paise to 69.46 against the US dollar. The global oil benchmark Brent crude futures rose 1.31 per cent to 65.12 per barrel.

Sensex rises over 150 points; Nifty above 11,800

Pakistan's rupee dropped to another record low on Wednesday, sliding more than 3 per cent in a day, the central bank said.

The rupee closed at 161.94 against the dollar in the interbank market, continuing a slide since Pakistan signed an agreement with the International Monetary Fund last month for a $6 billion loan.

The rupee on Tuesday closed at 156.97 against dollar in the interbank market. In the open market it was selling at 162.50 on Wednesday, money exchange dealers said.

The rupee has lost more than 50 per cent of its value since December 2017, stoking inflation and putting pressure on the government as voter anger at higher prices grows.

The IMF accord, which has yet to be approved, foresees a "market-determined" rate for the rupee, which previously has been managed by the central bank in a de facto controlled float.

The State Bank of Pakistan, which raised interest rates by 150 basis points last month to 12.25 per cent, said it was watching the foreign exchange market closely and would act in the case of "unwarranted" volatility.

It said the recent slide "reflects the continuing resolution of accumulated imbalances of the past and some role of supply and demand factors".

The newly appointed governor of the central bank, Reza Baqir, dismissed the idea of a free-floating rupee in his first news conference, on June 17, as he outlined reforms aimed at ending instability in the economy.

Pakistan has ballooning current and fiscal account deficits and has seen repeated devaluations of the rupee. Pakistan's exchange-rate policy is a "market-based" system that follows supply and demand, but that will not be left completely to the market, Baqir said.

Pakistan's rupee dropped to another record low on Wednesday, sliding more than 3 per cent in a day, the central bank said. The rupee closed at 161.94 against the dollar in the interbank market, continuing a slide since Pakistan signed an agreement with the International Monetary Fund last month for a $6 billion loan.

Pakistan's rupee dropped to another record low on Wednesday, sliding more than 3 per cent in a day, the central bank said. The rupee closed at 161.94 against the dollar in the interbank market, continuing a slide since Pakistan signed an agreement with the International Monetary Fund last month for a $6 billion loan. The rupee on Tuesday closed at 156.97 against dollar in the interbank market. In the open market it was selling at 162.50 on Wednesday, money exchange dealers said. The rupee has lost more than 50 per cent of its value since December 2017, stoking inflation and putting pressure on the government as voter anger at higher prices grows. The IMF accord, which has yet to be approved, foresees a "market-determined" rate for the rupee, which previously has been managed by the central bank in a de facto controlled float. The State Bank of Pakistan, which raised interest rates by 150 basis points last month to 12.25 per cent, said it was watching the foreign exchange market closely and would act in the case of "unwarranted" volatility. It said the recent slide "reflects the continuing resolution of accumulated imbalances of the past and some role of supply and demand factors". The newly appointed governor of the central bank, Reza Baqir, dismissed the idea of a free-floating rupee in his first news conference, on June 17, as he outlined reforms aimed at ending instability in the economy. Pakistan has ballooning current and fiscal account deficits and has seen repeated devaluations of the rupee. Pakistan's exchange-rate policy is a "market-based" system that follows supply and demand, but that will not be left completely to the market, Baqir said.

Post-IMF agreement, Pakistani rupee continues to slide; down 3% in a day

<a href="https://www.wionews.com/business-economy/asian-stocks-fail-to-catch-wall-streets-fed-rally-as-trade-angst-persists-229074">Asian equities</a> were mixed Tuesday as investors sat on their hands days before this week's crucial meeting between <a href="https://www.wionews.com/world/leaked-documents-show-red-flags-of-donald-trump-officials-230036">Donald Trump</a> and <a href="https://www.wionews.com/world/kim-jong-un-xi-jinping-agree-to-grow-ties-whatever-external-situation-report-229384">Xi Jinping</a>, while gold hit a fresh six-year high on a weaker dollar and the <a href="https://www.wionews.com/india-news/gulf-crisis-navy-launches-operation-operation-sankalp-to-reassure-indian-vessels-amid-us-iran-row-229020">US-Iran crisis</a>.

While the stand-off between Washington and Tehran is fuelling concerns of a conflict between the old foes, the main focus for investors is the tete-a-tete between the leaders of the world's two biggest economies in Osaka.

World markets have rallied since the US president last week flagged positive phone talks with Xi and said they would discuss their trade spat on the sidelines of the G20 summit.

On Tuesday Chinese state media said top-level negotiators for both sides had held discussions ahead of the meeting, and "exchanged opinions on economic and trade issues". The call took place "at the request of the US side" and they agreed to maintain contact, the Xinhua news agency said.

"The G20 will not get going until midweek, but the anticipation of a meeting between the leaders of China and the US is keeping markets guessing," said OANDA senior market analyst Alfonso Esparza.

"The prolonged trade war between the two largest economies has downgraded global growth as more barriers to trade means higher prices. Optimism remains high, but more details need to emerge before the market can fully price in how far apart the two sides really are from a deal."

In early trade Hong Kong and Shanghai each dropped 0.7 per cent after a recent healthy run-up, while Tokyo finished the morning 0.2 per cent lower. Taipei was also down.

However, Sydney and Singapore were both 0.1 per cent higher while Seoul and Wellington added 0.2 per cent apiece. Manila and Jakarta were also up.

Bitcoin holds gains

It is "a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G20 and OPEC)," Matt Maley, equity strategist at Miller Tabak &amp; Co, said. "The results of those meetings should be quite important to the stock market’s next move."

Gold prices continue to rise -- sitting at highs not seen since September 2013 -- as investors seek out the safe haven to hedge against a possible US-Iran conflagration, while the softening dollar is also providing support.

The White House ramped up sanctions on Tehran, imposing strict measures against supreme leader Ayatollah Ali Khamenei and military top brass following the downing of a US drone.

The move raised tensions between the two, though NAB's Tapas Strickland said the measures "appear to be more gloss than substance given US sanctions are already very harsh".

Oil prices were unable to sustain the surge started last week by the drone incident, with both main contracts dipping Tuesday.

Iran and the US have said they do not want a war, with the US content with trying to cripple Iran economically.

Oil traders are also keenly awaiting a meeting of OPEC and other major producers this weekend, hoping for clarity on their output reduction programme, which has supported prices.

The greenback was down against most other currencies, weighed by expectations the Federal Reserve will cut interest rates as soon as July, while bitcoin held above $11,000 after breaking the marker for the first time in 16 months.

Asian equities were mixed Tuesday as investors sat on their hands days before this week's crucial meeting between Donald Trump and Xi Jinping, while gold hit a fresh six-year high on a weaker dollar and the US-Iran crisis.

Asian equities were mixed Tuesday as investors sat on their hands days before this week's crucial meeting between Donald Trump and Xi Jinping, while gold hit a fresh six-year high on a weaker dollar and the US-Iran crisis. While the stand-off between Washington and Tehran is fuelling concerns of a conflict between the old foes, the main focus for investors is the tete-a-tete between the leaders of the world's two biggest economies in Osaka. World markets have rallied since the US president last week flagged positive phone talks with Xi and said they would discuss their trade spat on the sidelines of the G20 summit. On Tuesday Chinese state media said top-level negotiators for both sides had held discussions ahead of the meeting, and "exchanged opinions on economic and trade issues". The call took place "at the request of the US side" and they agreed to maintain contact, the Xinhua news agency said. "The G20 will not get going until midweek, but the anticipation of a meeting between the leaders of China and the US is keeping markets guessing," said OANDA senior market analyst Alfonso Esparza. "The prolonged trade war between the two largest economies has downgraded global growth as more barriers to trade means higher prices. Optimism remains high, but more details need to emerge before the market can fully price in how far apart the two sides really are from a deal." In early trade Hong Kong and Shanghai each dropped 0.7 per cent after a recent healthy run-up, while Tokyo finished the morning 0.2 per cent lower. Taipei was also down. However, Sydney and Singapore were both 0.1 per cent higher while Seoul and Wellington added 0.2 per cent apiece. Manila and Jakarta were also up. Bitcoin holds gains It is "a pretty good guess that we won’t see a whole lot of movement in front of the big upcoming meetings (G20 and OPEC)," Matt Maley, equity strategist at Miller Tabak & Co, said. "The results of those meetings should be quite important to the stock market’s next move." Gold prices continue to rise -- sitting at highs not seen since September 2013 -- as investors seek out the safe haven to hedge against a possible US-Iran conflagration, while the softening dollar is also providing support. The White House ramped up sanctions on Tehran, imposing strict measures against supreme leader Ayatollah Ali Khamenei and military top brass following the downing of a US drone. The move raised tensions between the two, though NAB's Tapas Strickland said the measures "appear to be more gloss than substance given US sanctions are already very harsh". Oil prices were unable to sustain the surge started last week by the drone incident, with both main contracts dipping Tuesday. Iran and the US have said they do not want a war, with the US content with trying to cripple Iran economically. Oil traders are also keenly awaiting a meeting of OPEC and other major producers this weekend, hoping for clarity on their output reduction programme, which has supported prices. The greenback was down against most other currencies, weighed by expectations the Federal Reserve will cut interest rates as soon as July, while bitcoin held above $11,000 after breaking the marker for the first time in 16 months.

Stocks mixed ahead of G20, Iran and weak dollar lift gold