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India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite the recent contraction in merchandise exports and imports, according to investment information firm ICRA.

This de-growth is likely to persist in the immediate term, given the year-on-year decline in crude oil prices and impact of recent customs duty hike on gold and precious metals.

Such factors in addition to the threat imposed by global trade wars as well as sluggish domestic demand are likely to restrict the overall growth of both merchandise exports and imports to low single digits.&nbsp;

ICRA forecasts India`s CAD to widen to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 while remaining steady at around 2.1 per cent of GDP.

"The widening in the merchandise trade deficit is likely to be absorbed by a mildly higher services trade surplus and remittance flows in Q1 FY20," said ICRA`s Principal Economist Aditi Nayar.

&nbsp;"As a result, the CAD is expected to remain largely steady at 16 to 17 billion dollars or 2.3 per cent of GDP in the just-concluded quarter relative to 15.8 billion dollars in Q1 FY19."

Recently released data indicates that India`s merchandise exports and imports contracted by 1.7 per cent and 0.3 per cent respectively in Q1 FY20."The prevailing year-on-year decline in crude oil prices and a temporary dip in gold imports following the tax changes introduced in the Union Budget may well result in a contraction in aggregate merchandise imports as well as exports in July 2019," said Nayar.

"However, both these factors will contribute to a sizeable reduction in the size of the trade deficit in July 2019 to about 16 to 16.5 billion dollars from 18.6 billion dollars recorded on July 2018, which was the highest monthly print for FY19," she said in a statement.

An anticipated decline in the average price of the Indian basket of crude oil to 65 dollars a barrel in FY20 from 70 dollars a barrel in FY19, the risk related to global trade wars and signs of moderation in domestic consumption and industrial demand will exert a drag on the headline pace of expansion of merchandise exports and imports in the ongoing year.&nbsp;

Moreover, high gold prices may restrict growth in demand for imports of the precious metal.&nbsp;

At present, ICRA anticipates that merchandise exports and imports will grow by a low two to three per cent and four to five per cent respectively in FY20.&nbsp;

Nevertheless, with the pace of growth of inbound shipments likely to exceed that of exports.

ICRA expects the merchandise trade deficit to widen to about 193 billion to 198 billion dollars in FY20 from 180 billion dollars in FY18.&nbsp;

A revival in gold imports closer to the festive season may push up the CAD size to 28 billion to 30 billion dollars in the second half of FY20, relative to the 21.5 billion dollars recorded in the second half of FY19.

Overall, ICRA expects India`s CAD to widen at an absolute level for the third year in a row to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 &nbsp;while remaining steady at around 2.1 per cent of the GDP.

A sustained pick-up in the price of crude oil, which appears to be an unlikely scenario at present, remains a risk to the CAD size.&nbsp;

According to ICRA, every one dollar a barrel increase in the average price of crude oil in FY20 is likely to expand the CAD by about 1.6 billion dollars.

India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite the recent contraction in merchandise exports and imports, according to investment information firm ICRA.

India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite the recent contraction in merchandise exports and imports, according to investment information firm ICRA. This de-growth is likely to persist in the immediate term, given the year-on-year decline in crude oil prices and impact of recent customs duty hike on gold and precious metals. Such factors in addition to the threat imposed by global trade wars as well as sluggish domestic demand are likely to restrict the overall growth of both merchandise exports and imports to low single digits. ICRA forecasts India`s CAD to widen to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 while remaining steady at around 2.1 per cent of GDP. "The widening in the merchandise trade deficit is likely to be absorbed by a mildly higher services trade surplus and remittance flows in Q1 FY20," said ICRA`s Principal Economist Aditi Nayar. "As a result, the CAD is expected to remain largely steady at 16 to 17 billion dollars or 2.3 per cent of GDP in the just-concluded quarter relative to 15.8 billion dollars in Q1 FY19." Recently released data indicates that India`s merchandise exports and imports contracted by 1.7 per cent and 0.3 per cent respectively in Q1 FY20."The prevailing year-on-year decline in crude oil prices and a temporary dip in gold imports following the tax changes introduced in the Union Budget may well result in a contraction in aggregate merchandise imports as well as exports in July 2019," said Nayar. "However, both these factors will contribute to a sizeable reduction in the size of the trade deficit in July 2019 to about 16 to 16.5 billion dollars from 18.6 billion dollars recorded on July 2018, which was the highest monthly print for FY19," she said in a statement. An anticipated decline in the average price of the Indian basket of crude oil to 65 dollars a barrel in FY20 from 70 dollars a barrel in FY19, the risk related to global trade wars and signs of moderation in domestic consumption and industrial demand will exert a drag on the headline pace of expansion of merchandise exports and imports in the ongoing year. Moreover, high gold prices may restrict growth in demand for imports of the precious metal. At present, ICRA anticipates that merchandise exports and imports will grow by a low two to three per cent and four to five per cent respectively in FY20. Nevertheless, with the pace of growth of inbound shipments likely to exceed that of exports. ICRA expects the merchandise trade deficit to widen to about 193 billion to 198 billion dollars in FY20 from 180 billion dollars in FY18. A revival in gold imports closer to the festive season may push up the CAD size to 28 billion to 30 billion dollars in the second half of FY20, relative to the 21.5 billion dollars recorded in the second half of FY19. Overall, ICRA expects India`s CAD to widen at an absolute level for the third year in a row to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 while remaining steady at around 2.1 per cent of the GDP. A sustained pick-up in the price of crude oil, which appears to be an unlikely scenario at present, remains a risk to the CAD size. According to ICRA, every one dollar a barrel increase in the average price of crude oil in FY20 is likely to expand the CAD by about 1.6 billion dollars.

Current account deficit to print at 16-17 billion dollar in Q1 FY20: ICRA

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said.&nbsp;

Its strategy is aimed at prolonging the pressure on rivals such as Bharti Airtel and Vodafone Idea, whose revenue and profits have plunged since the launch of Jio by Reliance boss Mukesh Ambani, country's richest man.&nbsp;

"We have been telling you from the beginning, the priority for us today is customers," Jio's head of strategy, Anshuman Thakur, said in a news briefing late on Friday after quarterly results.&nbsp;

Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls, along with free music, movies and more.

Its arrival has caused upheaval in India's mobile telephony market, forcing some small players out of business while bigger Vodafone and Idea have responded by merging in India.&nbsp;

Competition from Jio has sent the average revenue per user (ARPU) tumbling. Jio's results for the three months to June 30 showed its ARPU - a key metric for telecoms companies - was at 122 rupees ($1.77), down 9.3% from a year ago.

"We are not in this ARPU game," Thakur said, adding that the management`s priority is to ensure that more subscribers latch on to its network and use its services, thereby creating greater "long-term value."

Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea.

Analysts had predicted that Jio would start raising its tariffs as soon as it reached a critical mass of subscribers.&nbsp;

Thakur, however, suggested that Jio is in no mood to relent, noting that it added 24.5 million subscribers in the quarter and that its subscribers consume an average of 11.4 gigabytes of data each month.&nbsp;

"We're quite happy with these key performance indicators," he said.

Reliance also announced on Friday that Jio has sold its tower assets via an investment trust to Canada's Brookfield Asset Management for 250 billion rupees.&nbsp; 
&nbsp;

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said.

Reliance Industries plans to remain focused on subscriber additions rather than chase higher tariffs for its Jio telecoms business, a top company executive said. Its strategy is aimed at prolonging the pressure on rivals such as Bharti Airtel and Vodafone Idea, whose revenue and profits have plunged since the launch of Jio by Reliance boss Mukesh Ambani, country's richest man. "We have been telling you from the beginning, the priority for us today is customers," Jio's head of strategy, Anshuman Thakur, said in a news briefing late on Friday after quarterly results. Since its launch in September 2016 Jio has added 331.3 million subscribers by offering cut-price data plans and free voice calls, along with free music, movies and more. Its arrival has caused upheaval in India's mobile telephony market, forcing some small players out of business while bigger Vodafone and Idea have responded by merging in India. Competition from Jio has sent the average revenue per user (ARPU) tumbling. Jio's results for the three months to June 30 showed its ARPU - a key metric for telecoms companies - was at 122 rupees ($1.77), down 9.3% from a year ago. "We are not in this ARPU game," Thakur said, adding that the management`s priority is to ensure that more subscribers latch on to its network and use its services, thereby creating greater "long-term value." Jio recently topped Bharti Airtel to become India's second-biggest telecoms operator behind Vodafone Idea. Analysts had predicted that Jio would start raising its tariffs as soon as it reached a critical mass of subscribers. Thakur, however, suggested that Jio is in no mood to relent, noting that it added 24.5 million subscribers in the quarter and that its subscribers consume an average of 11.4 gigabytes of data each month. "We're quite happy with these key performance indicators," he said. Reliance also announced on Friday that Jio has sold its tower assets via an investment trust to Canada's Brookfield Asset Management for 250 billion rupees.

Reliance mobile operator Jio to focus on subscriber numbers not tariffs: Report

Air France, Emirates and Etihad Airways are continuing to operate flights to Cairo after British Airways and Lufthansa suspended services to Egypt's capital.

International Airlines Group's British Airways suspended flights on Saturday for seven days "as a security precaution" as it reviews security at Cairo airport.

Germany's Lufthansa later said it cancelled services from Munich and Frankfurt to Cairo and would resume flights on Sunday.

"In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo," a spokesman said in a statement sent to Reuters.

An Emirates spokeswoman said its flights were operating to schedule.

"We are closely assessing the situation and are in contact with the relevant aviation authorities with regards to our flight operations to Egypt," the spokeswoman said.

The website for Abu Dhabi's Etihad showed its services were also operating.

"Etihad Airways is monitoring the security situation in Cairo," an airline spokesman said.

Air France, Emirates and Etihad Airways are continuing to operate flights to Cairo after British Airways and Lufthansa suspended services to Egypt's capital. International Airlines Group's British Airways suspended flights on Saturday for seven days "as a security precaution" as it reviews security at Cairo airport.

Air France, Emirates and Etihad Airways are continuing to operate flights to Cairo after British Airways and Lufthansa suspended services to Egypt's capital. International Airlines Group's British Airways suspended flights on Saturday for seven days "as a security precaution" as it reviews security at Cairo airport. Germany's Lufthansa later said it cancelled services from Munich and Frankfurt to Cairo and would resume flights on Sunday. "In liaison with the French authorities and the local authorities in Egypt, Air France has decided to maintain its service to Cairo," a spokesman said in a statement sent to Reuters. An Emirates spokeswoman said its flights were operating to schedule. "We are closely assessing the situation and are in contact with the relevant aviation authorities with regards to our flight operations to Egypt," the spokeswoman said. The website for Abu Dhabi's Etihad showed its services were also operating. "Etihad Airways is monitoring the security situation in Cairo," an airline spokesman said.

Air France, Emirates maintain Cairo flights after British Air suspension

India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite the recent contraction in merchandise exports and imports, according to investment information firm ICRA.

This de-growth is likely to persist in the immediate term, given the year-on-year decline in crude oil prices and impact of recent customs duty hike on gold and precious metals.

Such factors in addition to the threat imposed by global trade wars as well as sluggish domestic demand are likely to restrict the overall growth of both merchandise exports and imports to low single digits. ICRA forecasts India's CAD to widen to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 while remaining steady at around 2.1 per cent of GDP.

"The widening in the merchandise trade deficit is likely to be absorbed by a mildly higher services trade surplus and remittance flows in Q1 FY20," said ICRA's Principal Economist Aditi Nayar.&nbsp;

"As a result, the CAD is expected to remain largely steady at 16 to 17 billion dollars or 2.3 per cent of GDP in the just-concluded quarter relative to 15.8 billion dollars in Q1 FY19."Recently released data indicates that India's merchandise exports and imports contracted by 1.7 per cent and 0.3 per cent respectively in Q1 FY20."The prevailing year-on-year decline in crude oil prices and a temporary dip in gold imports following the tax changes introduced in the Union Budget may well result in a contraction in aggregate merchandise imports as well as exports in July 2019," said Nayar."However, both these factors will contribute to a sizeable reduction in the size of the trade deficit in July 2019 to about 16 to 16.5 billion dollars from 18.6 billion dollars recorded in July 2018, which was the highest monthly print for FY19," she said in a statement.

An anticipated decline in the average price of the Indian basket of crude oil to 65 dollars a barrel in FY20 from 70 dollars a barrel in FY19, the risk related to global trade wars and signs of moderation in domestic consumption and industrial demand will exert a drag on the headline pace of expansion of merchandise exports and imports in the ongoing year. Moreover, high gold prices may restrict growth in demand for imports of the precious metal.&nbsp;

At present, ICRA anticipates that merchandise exports and imports will grow by a low two to three per cent and four to five per cent respectively in FY20. Nevertheless, with the pace of growth of inbound shipments likely to exceed that of exports.ICRA expects the merchandise trade deficit to widen to about 193 billion to 198 billion dollars in FY20 from 180 billion dollars in FY18. A revival in gold imports closer to the festive season may push up the CAD size to 28 billion to 30 billion dollars in the second half of FY20, relative to the 21.5 billion dollars recorded in the second half of FY19.&nbsp;

Overall, ICRA expects India`s CAD to widen at an absolute level for the third year in a row -- to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 -- while remaining steady at around 2.1 per cent of the GDP.&nbsp;

A sustained pick-up in the price of crude oil, which appears to be an unlikely scenario at present, remains a risk to the CAD size.&nbsp;

According to ICRA, every one dollar a barrel increase in the average price of crude oil in FY20 is likely to expand the CAD by about 1.6 billion dollars.&nbsp;

India's current account deficit (CAD) is expected to remain largely steady at 16 billion to 17 billion dollars or 2.3 per cent of GDP in the first quarter (April to June) of the current fiscal year 2019-20 despite the recent contraction in merchandise exports and imports, according to investment information firm ICRA. This de-growth is likely to persist in the immediate term, given the year-on-year decline in crude oil prices and impact of recent customs duty hike on gold and precious metals. Such factors in addition to the threat imposed by global trade wars as well as sluggish domestic demand are likely to restrict the overall growth of both merchandise exports and imports to low single digits. ICRA forecasts India's CAD to widen to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 while remaining steady at around 2.1 per cent of GDP. "The widening in the merchandise trade deficit is likely to be absorbed by a mildly higher services trade surplus and remittance flows in Q1 FY20," said ICRA's Principal Economist Aditi Nayar. "As a result, the CAD is expected to remain largely steady at 16 to 17 billion dollars or 2.3 per cent of GDP in the just-concluded quarter relative to 15.8 billion dollars in Q1 FY19."Recently released data indicates that India's merchandise exports and imports contracted by 1.7 per cent and 0.3 per cent respectively in Q1 FY20."The prevailing year-on-year decline in crude oil prices and a temporary dip in gold imports following the tax changes introduced in the Union Budget may well result in a contraction in aggregate merchandise imports as well as exports in July 2019," said Nayar."However, both these factors will contribute to a sizeable reduction in the size of the trade deficit in July 2019 to about 16 to 16.5 billion dollars from 18.6 billion dollars recorded in July 2018, which was the highest monthly print for FY19," she said in a statement. An anticipated decline in the average price of the Indian basket of crude oil to 65 dollars a barrel in FY20 from 70 dollars a barrel in FY19, the risk related to global trade wars and signs of moderation in domestic consumption and industrial demand will exert a drag on the headline pace of expansion of merchandise exports and imports in the ongoing year. Moreover, high gold prices may restrict growth in demand for imports of the precious metal. At present, ICRA anticipates that merchandise exports and imports will grow by a low two to three per cent and four to five per cent respectively in FY20. Nevertheless, with the pace of growth of inbound shipments likely to exceed that of exports.ICRA expects the merchandise trade deficit to widen to about 193 billion to 198 billion dollars in FY20 from 180 billion dollars in FY18. A revival in gold imports closer to the festive season may push up the CAD size to 28 billion to 30 billion dollars in the second half of FY20, relative to the 21.5 billion dollars recorded in the second half of FY19. Overall, ICRA expects India`s CAD to widen at an absolute level for the third year in a row -- to 63 billion to 68 billion dollars in FY20 from 57.2 billion dollars in FY19 -- while remaining steady at around 2.1 per cent of the GDP. A sustained pick-up in the price of crude oil, which appears to be an unlikely scenario at present, remains a risk to the CAD size. According to ICRA, every one dollar a barrel increase in the average price of crude oil in FY20 is likely to expand the CAD by about 1.6 billion dollars.

Current account deficit to print at $16-17 billion in Q1 FY20: ICRA

China Southern Airlines will carry out an equity diversification plan that will involve the injection of 30 billion yuan ($4.36 billion) of capital from three investors, the firm announced on Saturday.

The Guangdong Hengjian Investment Holding Corporation, the Guangzhou Urban Construction Investment Group and the Shenzhen Penghang Equity Investment Fund will each inject 10 billion yuan into the airline, as part of the country`s efforts to diversify ownership structures among state-owned firms.

The move will significantly improve the company`s debt-to-asset ratio, generate funds for its growth and help modernise its decision-making mechanisms, the announcement said.

It will also use the funds to serve its main air transportation business, pay for construction related to China`s Belt and Road Initiative and support aviation development in cities in the southern province of Guangdong.&nbsp;

China Southern is one of 96 enterprises owned and administered directly by the central government. Its profits slumped nearly 50% last year as a result of rising fuel costs and a weak yuan currency.&nbsp;

China Southern Airlines will carry out an equity diversification plan that will involve the injection of 30 billion yuan ($4.36 billion) of capital from three investors, the firm announced on Saturday.

China Southern Airlines will carry out an equity diversification plan that will involve the injection of 30 billion yuan ($4.36 billion) of capital from three investors, the firm announced on Saturday. The Guangdong Hengjian Investment Holding Corporation, the Guangzhou Urban Construction Investment Group and the Shenzhen Penghang Equity Investment Fund will each inject 10 billion yuan into the airline, as part of the country`s efforts to diversify ownership structures among state-owned firms. The move will significantly improve the company`s debt-to-asset ratio, generate funds for its growth and help modernise its decision-making mechanisms, the announcement said. It will also use the funds to serve its main air transportation business, pay for construction related to China`s Belt and Road Initiative and support aviation development in cities in the southern province of Guangdong. China Southern is one of 96 enterprises owned and administered directly by the central government. Its profits slumped nearly 50% last year as a result of rising fuel costs and a weak yuan currency.

China Southern Airlines to receive $4 billion capital injection

Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing &amp; Financial Services (IL&amp;FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India.

Audit firm Grant Thornton was appointed by IL&amp;FS'&nbsp;new board to conduct the review following the government's decision to take charge of the group after its defaults on debt obligations sparked fears of financial contagion.&nbsp;

Grant Thornton reviewed the role of five credit rating agencies -- Fitch group's India Ratings and Research, Indian affiliate of Moody's, ICRA, Standard &amp; Poor's local unit Crisil, CARE Ratings and Brickwork Ratings India -- which assigned 429 ratings to various IL&amp;FS financial instruments in recent years.

In a 105-page report, reviewed by Reuters on Saturday, Grant Thornton said the agencies raised multiple concerns on IL&amp;FS group's financial stress and liquidity position between June 2012 and June 2018, but continued to assign "consistently high" ratings which were only downgraded or reversed last year.

"Various strategies deployed by the then key officials of IL&amp;FS group and certain favours/gifts provided to rating agency officials suggest the possible reasons for consistent good ratings provided to IL&amp;FS group," said Grant Thornton in its report that detailed gifts or favours such as smartwatches and tickets to overseas games.&nbsp;

IL&amp;FS declined to comment. India Ratings said the Grant Thornton report is based on "partial and selective source material", adding "our ratings were based on robust and transparent analysis of relevant information".

Brickwork said it did not assign the highest ratings to IL&amp;FS "because it follows robust, transparent and consistent rating methodology" and its actions were not influenced by any commercial pressures or rating withdrawal requests.

ICRA, Crisil and CARE did not immediately respond to a request for comment.&nbsp;

The IL&amp;FS crisis that started last year has sparked a series of probes into the firm's operations, but Grant Thornton's report raises questions on whether rating agencies have misled investors about the stress levels at other companies in India's shadow banking sector, where new fractures are emerging.

Dewan Housing Finance Corp, another top firm in the sector, last week warned its financial situation was dire, raising more worries about the sector's health and signalling the crisis was far from over. 
&nbsp;

Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India.

Credit rating agencies for years assigned high ratings to India's Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating financial health, according to a special audit conducted by Grant Thornton India. Audit firm Grant Thornton was appointed by IL&FS' new board to conduct the review following the government's decision to take charge of the group after its defaults on debt obligations sparked fears of financial contagion. Grant Thornton reviewed the role of five credit rating agencies -- Fitch group's India Ratings and Research, Indian affiliate of Moody's, ICRA, Standard & Poor's local unit Crisil, CARE Ratings and Brickwork Ratings India -- which assigned 429 ratings to various IL&FS financial instruments in recent years. In a 105-page report, reviewed by Reuters on Saturday, Grant Thornton said the agencies raised multiple concerns on IL&FS group's financial stress and liquidity position between June 2012 and June 2018, but continued to assign "consistently high" ratings which were only downgraded or reversed last year. "Various strategies deployed by the then key officials of IL&FS group and certain favours/gifts provided to rating agency officials suggest the possible reasons for consistent good ratings provided to IL&FS group," said Grant Thornton in its report that detailed gifts or favours such as smartwatches and tickets to overseas games. IL&FS declined to comment. India Ratings said the Grant Thornton report is based on "partial and selective source material", adding "our ratings were based on robust and transparent analysis of relevant information". Brickwork said it did not assign the highest ratings to IL&FS "because it follows robust, transparent and consistent rating methodology" and its actions were not influenced by any commercial pressures or rating withdrawal requests. ICRA, Crisil and CARE did not immediately respond to a request for comment. The IL&FS crisis that started last year has sparked a series of probes into the firm's operations, but Grant Thornton's report raises questions on whether rating agencies have misled investors about the stress levels at other companies in India's shadow banking sector, where new fractures are emerging. Dewan Housing Finance Corp, another top firm in the sector, last week warned its financial situation was dire, raising more worries about the sector's health and signalling the crisis was far from over.

Rating agencies knew of stress at IL&FS, but gave good ratings: Report

Equity benchmark indices erased opening gains in early hours on Friday due to profit booking with the Nifty auto dropping 1.3 per cent.

At 10:15 am, the BSE S&amp;P Sensex was down 238 points at 38,660 while the Nifty 50 slipped 69 points to 11,528. At the National Stock Exchange, all sectoral indices were in the red.

Among stocks, Yes Bank continued its downward slide and dipped 2 per cent lower at Rs 84.05 per share. In the auto sector, Mahindra &amp; Mahindra and Hero MotoCorp between 1.3 per cent and 1.9 per cent respectively.

The other prominent losers were Maruti, GAIL, Indian Oil, ONGC, Bajaj Finance and Bajaj Finserv.

However, UltraTech Cement gained 1.7 per cent to Rs 4,680 per share. Titan, Powergrid, Vedanta and Tata Steel showed marginal gains.

Meanwhile, Asian stocks advanced after a top Federal Reserve official cemented expectations of a US interest rate cut later this month.

The Shanghai Composite Index and Hong Kong's Hang Seng were both up 1 per cent. South Korea's KOSPI also rose 1 per cent and Japan's Nikkei advanced 1.65 per cent.&nbsp; 
&nbsp;

Equity benchmark indices erased opening gains in early hours on Friday due to profit booking with the Nifty auto dropping 1.3 per cent. At 10:15 am, the BSE S&P Sensex was down 238 points at 38,660 while the Nifty 50 slipped 69 points to 11,528.

Equity benchmark indices erased opening gains in early hours on Friday due to profit booking with the Nifty auto dropping 1.3 per cent. At 10:15 am, the BSE S&P Sensex was down 238 points at 38,660 while the Nifty 50 slipped 69 points to 11,528. At the National Stock Exchange, all sectoral indices were in the red. Among stocks, Yes Bank continued its downward slide and dipped 2 per cent lower at Rs 84.05 per share. In the auto sector, Mahindra & Mahindra and Hero MotoCorp between 1.3 per cent and 1.9 per cent respectively. The other prominent losers were Maruti, GAIL, Indian Oil, ONGC, Bajaj Finance and Bajaj Finserv. However, UltraTech Cement gained 1.7 per cent to Rs 4,680 per share. Titan, Powergrid, Vedanta and Tata Steel showed marginal gains. Meanwhile, Asian stocks advanced after a top Federal Reserve official cemented expectations of a US interest rate cut later this month. The Shanghai Composite Index and Hong Kong's Hang Seng were both up 1 per cent. South Korea's KOSPI also rose 1 per cent and Japan's Nikkei advanced 1.65 per cent.

Sensex drops 237 points on profit-booking, Nifty below 11,600

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday.

The central government had 667.93 billion rupees outstanding loans in the week earlier.

State governments had loans worth 69.94 billion rupees from the RBI in the week ended July 12, compared with 55.66 billion rupees in the previous week, the release showed.

Indian banks' loans rose 12 per cent&nbsp;in the two weeks ended July 5 from a year earlier, while deposits rose 10.3 per cent, the Reserve Bank of India's weekly statistical supplement showed on Friday.

Outstanding loans rose 487.8 billion rupees ($7.09 billion)to 96.98 trillion rupees in the two weeks ended July 5. Non-food credit rose 494.3 billion rupees to 96.27 trillion rupees, while food credit fell 6.5 billion rupees to 707.7 billion rupees.

Bank deposits rose 1.82 trillion rupees to 126.75 trillion rupees in the two weeks ended July 5.

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday.

The Indian government had 789.43 billion rupees ($11.47 billion) outstanding loans with the central bank under ways and means advances in the week ended July 12, according to the Reserve Bank of India's (RBI) weekly statistical supplement released on Friday. The central government had 667.93 billion rupees outstanding loans in the week earlier. State governments had loans worth 69.94 billion rupees from the RBI in the week ended July 12, compared with 55.66 billion rupees in the previous week, the release showed. Indian banks' loans rose 12 per cent in the two weeks ended July 5 from a year earlier, while deposits rose 10.3 per cent, the Reserve Bank of India's weekly statistical supplement showed on Friday. Outstanding loans rose 487.8 billion rupees ($7.09 billion)to 96.98 trillion rupees in the two weeks ended July 5. Non-food credit rose 494.3 billion rupees to 96.27 trillion rupees, while food credit fell 6.5 billion rupees to 707.7 billion rupees. Bank deposits rose 1.82 trillion rupees to 126.75 trillion rupees in the two weeks ended July 5.

Government's outstanding loans from RBI at 789.43 billion rupees in July 12 week

Lenders to&nbsp;<a href="https://www.wionews.com/india-news/jet-airways-row-delhi-high-court-to-hear-tomorrow-naresh-goyals-plea-seeking-quashing-of-look-out-circular-234105">Jet&nbsp;Airways</a> agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer.

In a regulatory filing, bankruptcy resolution firm Grant Thornton said&nbsp;Jet's lenders had also approved the eligibility criteria for potential buyers.

The filing did not say how much interim funding had been approved, but a source familiar with the matter told Reuters the lenders had agreed to provide $10 million.

The committee of creditors (CoC), via an electronic voting process, also agreed to appoint SBI Caps to help with the whole resolution process.

SBI Caps, the investment banking arm of State Bank of India (SBI), previously led an unsuccessful sale process for the airline before it was dragged to the bankruptcy court.

The source said Grant Thornton planned to open bidding for the airline on Saturday. The only criterion for bidders will be having a net worth of 10 billion Indian rupees ($145 million), added the source.

This is similar to the parameter used when lenders initially tried to sell the airline. Bidding is likely to be open for 15 days and maybe extended if there are no suitors, said the source.

Last month,&nbsp;Jet's creditors, led by SBI, took the airline to bankruptcy court after failing to agree on a revival plan.

Financial creditors, who have the first right to proceeds recovered from a bankruptcy resolution, have submitted claims worth 102 billion rupees out of which 85 billion have been admitted. Apart from this, about 2,400 operational creditors have made claims worth some 123.72 billion rupees, according to reports.

Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer.

Lenders to Jet Airways agreed on Friday to provide some interim financing to the bankrupt airline to help it cover legal and other costs, as resolution experts look to find a potential buyer. In a regulatory filing, bankruptcy resolution firm Grant Thornton said Jet's lenders had also approved the eligibility criteria for potential buyers. The filing did not say how much interim funding had been approved, but a source familiar with the matter told Reuters the lenders had agreed to provide $10 million. The committee of creditors (CoC), via an electronic voting process, also agreed to appoint SBI Caps to help with the whole resolution process. SBI Caps, the investment banking arm of State Bank of India (SBI), previously led an unsuccessful sale process for the airline before it was dragged to the bankruptcy court. The source said Grant Thornton planned to open bidding for the airline on Saturday. The only criterion for bidders will be having a net worth of 10 billion Indian rupees ($145 million), added the source. This is similar to the parameter used when lenders initially tried to sell the airline. Bidding is likely to be open for 15 days and maybe extended if there are no suitors, said the source. Last month, Jet's creditors, led by SBI, took the airline to bankruptcy court after failing to agree on a revival plan. Financial creditors, who have the first right to proceeds recovered from a bankruptcy resolution, have submitted claims worth 102 billion rupees out of which 85 billion have been admitted. Apart from this, about 2,400 operational creditors have made claims worth some 123.72 billion rupees, according to reports.

Jet Airways' lenders approve interim finance plan for the carrier

<a href="https://www.wionews.com/india-news/world-bank-retains-indias-growth-rate-for-fy19-20-at-75-224461">The World Bank</a> said on Friday it had withdrawn $300 million of funding for a new capital in Andhra Pradesh after the central government dropped support for the project.

The Beijing-backed Asian Infrastructure Investment Bank (AIIB), that was due to finance $200 million of the project, then said it was reviewing its involvement.&nbsp;

The construction of the city, known as Amaravati, is the brainchild of the state's former chief minister, <a href="https://www.wionews.com/india-news/central-budget-disappointing-says-chandrababu-naidu-233470 ">N&nbsp;Chandrababu Naidu</a>, who lost power in elections in May.&nbsp;

The two banks were due to provide the lion's share of the $715 million cost of critical funding for transport, sanitation and water supply.

The World Bank's withdrawal was reported by Indian media on Thursday but the federal government's involvement in that decision has not been previously disclosed, nor had the AIIB's plans for a review.

Prime Minister Narendra Modi laid the foundation stone for the project in 2015, but he and Naidu fell out after Naidu's party broke from Modi's ruling coalition last year.&nbsp;

"The government of India has withdrawn its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project," Sudip Mozumder, a New Delhi-based spokesman for the bank, told Reuters.&nbsp;

"The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision."&nbsp;

AIIB spokeswoman Laurel Ostfield told Reuters in Beijing that it was aware the World Bank has dropped the project from its investment pipeline.

"Our investment committee will be discussing our involvement in the project early next week," he said.&nbsp;

Dr P Lakshmi Narasimham, the commissioner of the Andhra Pradesh Capital Region Development Authority, the state body overseeing construction of the city, declined to comment on the implications of the funding withdrawal.&nbsp;

The Amaravati project, built on greenfield land on the banks of the sacred Krishna River, has been beset by accusations from activist groups of corruption and environmental damage. The state government has denied the accusations.

Andhra Pradesh was split in two in 2014, with the new state of Telangana containing the historic capital, Hyderabad, though both states agreed to share it for 10 years.

"For a change, good sense has prevailed upon the bank to withdraw from the disastrous programme," Sreedhar R., the director of the Environics Trust, one of the activist groups that has been critical of the project, said in a statement.&nbsp;

"This also vindicates our stance that (AIIB) which is a co-financier in the project, can no longer hide behind the World Bank which it has been doing." 
&nbsp;

The World Bank said on Friday it had withdrawn $300 million of funding for a new capital in Andhra Pradesh after the central government dropped support for the project.

The World Bank said on Friday it had withdrawn $300 million of funding for a new capital in Andhra Pradesh after the central government dropped support for the project. The Beijing-backed Asian Infrastructure Investment Bank (AIIB), that was due to finance $200 million of the project, then said it was reviewing its involvement. The construction of the city, known as Amaravati, is the brainchild of the state's former chief minister, N Chandrababu Naidu, who lost power in elections in May. The two banks were due to provide the lion's share of the $715 million cost of critical funding for transport, sanitation and water supply. The World Bank's withdrawal was reported by Indian media on Thursday but the federal government's involvement in that decision has not been previously disclosed, nor had the AIIB's plans for a review. Prime Minister Narendra Modi laid the foundation stone for the project in 2015, but he and Naidu fell out after Naidu's party broke from Modi's ruling coalition last year. "The government of India has withdrawn its request to the World Bank for financing the proposed Amaravati Sustainable Infrastructure and Institutional Development Project," Sudip Mozumder, a New Delhi-based spokesman for the bank, told Reuters. "The World Bank’s Board of Executive Directors has been informed that the proposed project is no longer under preparation following the government’s decision." AIIB spokeswoman Laurel Ostfield told Reuters in Beijing that it was aware the World Bank has dropped the project from its investment pipeline. "Our investment committee will be discussing our involvement in the project early next week," he said. Dr P Lakshmi Narasimham, the commissioner of the Andhra Pradesh Capital Region Development Authority, the state body overseeing construction of the city, declined to comment on the implications of the funding withdrawal. The Amaravati project, built on greenfield land on the banks of the sacred Krishna River, has been beset by accusations from activist groups of corruption and environmental damage. The state government has denied the accusations. Andhra Pradesh was split in two in 2014, with the new state of Telangana containing the historic capital, Hyderabad, though both states agreed to share it for 10 years. "For a change, good sense has prevailed upon the bank to withdraw from the disastrous programme," Sreedhar R., the director of the Environics Trust, one of the activist groups that has been critical of the project, said in a statement. "This also vindicates our stance that (AIIB) which is a co-financier in the project, can no longer hide behind the World Bank which it has been doing."

World Bank pulls $300 million of funding for Amaravati after Delhi drops support

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways.

Miranda Mills, a former executive of Airbus and Rolls Royce, has been appointed as the new Chief Operating Officer. She will join in August and will report to Managing Director and Chief Executive Officer Jeh Wadia.

Mills bring with her over 25 years of experience in the aerospace industry.

Sanjay Gupta will be the new Chief Financial Officer while Arjun Dasgupta will take over as the Vice President for International Operations, the company said in a statement.

The other appointments include Samir Patel who will head network planning, Harjinder Singh Bhasin (airports), Shabnam Syed (marketing and e-commerce), Graham Parker (revenue management) and Richard Nanton (flight operations).

GoAir operates about 285 flights a day to 24 domestic destinations and has four international services.

On Thursday, it announced five new international services to the Gulf region, two to Bangkok and eight new domestic services.

The carrier with 11.1 per cent domestic market share is expanding its India operations from Hyderabad with eight new flights covering cities such as Cochin, Chennai, Jaipur, Bengaluru, Chandigarh and Patna.

Its new international services are Delhi-Abu Dhabi, Mumbai-Abu Dhabi, Mumbai-Muscat, Delhi-Bangkok, Kannur-Dubai, Mumbai-Bangkok and Kannur-Kuwait.

"We have embarked on an aggressive expansion plan and the new flights are a manifestation of that strategy," said Wadia.

"This is a milestone moment for us to have announced seven new international destinations within a year of commencement of our international operations. The global and regional expansion has been planned to allow quick and convenient connections for passengers and is a reflection of our continued journey towards excellence," he said.

GoAir has 51 aircraft and plans to expand its fleet further. Till date, it has flown over 73.3 million passengers since its inception. The company aims to touch the magic figure of 100 million passengers in the next two years. 
&nbsp;

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways.

Low-cost airline GoAir has put a new management team in place as it embarks on an aggressive expansion plan to capture the space vacated with the grounding of Jet Airways. Miranda Mills, a former executive of Airbus and Rolls Royce, has been appointed as the new Chief Operating Officer. She will join in August and will report to Managing Director and Chief Executive Officer Jeh Wadia. Mills bring with her over 25 years of experience in the aerospace industry. Sanjay Gupta will be the new Chief Financial Officer while Arjun Dasgupta will take over as the Vice President for International Operations, the company said in a statement. The other appointments include Samir Patel who will head network planning, Harjinder Singh Bhasin (airports), Shabnam Syed (marketing and e-commerce), Graham Parker (revenue management) and Richard Nanton (flight operations). GoAir operates about 285 flights a day to 24 domestic destinations and has four international services. On Thursday, it announced five new international services to the Gulf region, two to Bangkok and eight new domestic services. The carrier with 11.1 per cent domestic market share is expanding its India operations from Hyderabad with eight new flights covering cities such as Cochin, Chennai, Jaipur, Bengaluru, Chandigarh and Patna. Its new international services are Delhi-Abu Dhabi, Mumbai-Abu Dhabi, Mumbai-Muscat, Delhi-Bangkok, Kannur-Dubai, Mumbai-Bangkok and Kannur-Kuwait. "We have embarked on an aggressive expansion plan and the new flights are a manifestation of that strategy," said Wadia. "This is a milestone moment for us to have announced seven new international destinations within a year of commencement of our international operations. The global and regional expansion has been planned to allow quick and convenient connections for passengers and is a reflection of our continued journey towards excellence," he said. GoAir has 51 aircraft and plans to expand its fleet further. Till date, it has flown over 73.3 million passengers since its inception. The company aims to touch the magic figure of 100 million passengers in the next two years.

GoAir appoints new management team to expand operations

Interglobe&nbsp;Aviation&nbsp;Ltd, which operates India's top&nbsp;airline&nbsp;IndiGo, on Friday reported its highest-ever quarterly&nbsp;profit&nbsp;after tax in the June quarter, as the collapse&nbsp;of&nbsp;Jet&nbsp;Airways diverted passengers to other low-cost carriers.

The company and its peer SpiceJet&nbsp;Ltd have both seen a surge in passenger growth, after&nbsp;Jet&nbsp;Airways, once the country's biggest private carrier, declared bankruptcy.

Interglobe&nbsp;said its net&nbsp;profit&nbsp;for the three months ended June 30 rose to over 12 billion rupees&nbsp;from 277.9 million rupees a year ago. Revenue rose 45% to 94.2 billion rupees.

IndiGo's founders have recently been involved in an escalating dispute, dragging down the parent's shares.

IndiGo's yield, a measure of the average passenger fare per mile, rose 12.8%, reflecting the rising passenger preference for the&nbsp;airline, which is now India's biggest by market share.

Interglobe&nbsp;shares closed 0.28% higher on Friday amid a broader market that ended 1.53% down.

Interglobe Aviation Ltd, which operates India's top airline IndiGo, on Friday reported its highest-ever quarterly profit after tax in the June quarter, as the collapse of Jet Airways diverted passengers to other low-cost carriers.

Interglobe Aviation Ltd, which operates India's top airline IndiGo, on Friday reported its highest-ever quarterly profit after tax in the June quarter, as the collapse of Jet Airways diverted passengers to other low-cost carriers. The company and its peer SpiceJet Ltd have both seen a surge in passenger growth, after Jet Airways, once the country's biggest private carrier, declared bankruptcy. Interglobe said its net profit for the three months ended June 30 rose to over 12 billion rupees from 277.9 million rupees a year ago. Revenue rose 45% to 94.2 billion rupees. IndiGo's founders have recently been involved in an escalating dispute, dragging down the parent's shares. IndiGo's yield, a measure of the average passenger fare per mile, rose 12.8%, reflecting the rising passenger preference for the airline, which is now India's biggest by market share. Interglobe shares closed 0.28% higher on Friday amid a broader market that ended 1.53% down.

IndiGo operator Interglobe Aviation profit surges on Jet Air collapse

Global&nbsp;stocks&nbsp;rose on Friday as investors firmed up&nbsp;bets&nbsp;on a US interest&nbsp;rate&nbsp;cut&nbsp;at the end of July after a speech by a top&nbsp;<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/us-lamakers-propose-barring-big-tech-companies-from-offering-financial-services-digital-currencies-236125&amp;sa=U&amp;ved=2ahUKEwivgZmF9MDjAhUD73MBHf2NCOoQFjAGegQIBBAC&amp;usg=AOvVaw0Czkc6147wnx7-a0sTCHUs">Federal Reserve</a> official further cemented expectations for one, fuelling appetite for risky assets and capping the&nbsp;dollar.

European shares opened higher across the board, with the pan-European STOXX 600 index gaining 0.7% in early trade. Britain's FTSE 100 index gained 0.6% and Germany's DAX rose 0.75%.

In oil&nbsp;markets, crude surged after the United States said its navy had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for&nbsp;global&nbsp;crude flows, raising concerns about supply disruptions out of the region.

Iran said all its drones had returned safely to base, and there was no sign of a major escalation in the Gulf.

Comments by New York&nbsp;Fed&nbsp;President John Williams on Thursday made it virtually certain, in the&nbsp;markets' view, that the&nbsp;Fed&nbsp;would&nbsp;cut&nbsp;interest&nbsp;rates by at least 25 basis points at its July 30-31 policy meeting and also revived expectations of an even deeper 50 bps reduction.

Financial&nbsp;markets&nbsp;reacted quickly, with&nbsp;Fed&nbsp;fund&nbsp;rate&nbsp;futures at one point pricing in an almost 70% chance of a 50 basis point&nbsp;cut. The odds eased to around 40% after the New YorkFed&nbsp;said William's speech had not been about immediate policy direction.

MSCI's All-Country World Index, which tracks shares in 47 countries, was having its best day in over two weeks, up nearly half a percent on the day. It was, however, still on track to break a six-week streak of weekly gains.

E-mini futures for the S&amp;P 500 index were 0.3% higher, indicating a higher opening on Wall Street later in the day.

"Despite a rather lackluster earnings season so far, investors are focusing on the prospect of a considerably easier monetary policy, which is why we see&nbsp;stocks&nbsp;ready to open higher this morning," said Konstantinos Anthis, head of research at ADSS.

Will the rate cut Suffice?

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1%, bouncing back from the previous day's losses, while Japan's Nikkei advanced 2%.

Elsewhere in Asia, the Shanghai Composite Index rose 0.8%, Australian&nbsp;stocks&nbsp;added 0.75% and South Korea's KOSPI gained 1.4%.

For the week, the MSCI ex-Japan index climbed a modest 1%, as riskier assets were partly capped by US President Donald Trump's reiteration of his threat to impose further duties on Chinese imports.

The two sides resumed talks recently to seek an end to a year-long trade war that has rattled financial&nbsp;markets&nbsp;and slowed&nbsp;global&nbsp;growth. But most analysts do not expect an agreement any time soon, with some predicting a strong risk of further tariff escalation.

"Although central banks around the world have embarked on policy-easing in a bid to support their respective economies, investors are left to ponder whether the stimulus will be enough to offset the effects from heightened US-China trade tensions," said Han Tan, market analyst at FXTM.

The&nbsp;dollar&nbsp;index against a basket of six major currencies&nbsp;stood about 0.1% higher at 96.875 after losing roughly 0.5% overnight to a two-week low of 96.671 in the wake of the comments from the&nbsp;Fed's Williams.

The euro was 0.15% lower at $1.1259 after climbing 0.45% the previous day.

US Treasury yields were lower across the board. The 2-year yield was at 1.7894% after touching a two-week low of 1.7520%. The 10-year yield declined to a 10-day low of 2.023% and was last at 2.0465%.

In commodities, US crude oil futures reversed a large part of the previous day's deep losses, briefly rising 1.45% to $56.10 per barrel before easing back to $55.81, up 0.9%.

Crude rallied after the reports on the Iranian drone. Oil prices had fallen on Thursday amid expectations that output would rise in the Gulf of Mexico as operations resumed following last week's hurricane.

Spot gold eased 0.5% as investors locked in profits after bullion surpassed $1,450 an ounce for the first time in more than six years on dovish&nbsp;Fed&nbsp;signals and Middle East tension.

Global stocks rose on Friday as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.

Global stocks rose on Friday as investors firmed up bets on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar. European shares opened higher across the board, with the pan-European STOXX 600 index gaining 0.7% in early trade. Britain's FTSE 100 index gained 0.6% and Germany's DAX rose 0.75%. In oil markets, crude surged after the United States said its navy had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows, raising concerns about supply disruptions out of the region. Iran said all its drones had returned safely to base, and there was no sign of a major escalation in the Gulf. Comments by New York Fed President John Williams on Thursday made it virtually certain, in the markets' view, that the Fed would cut interest rates by at least 25 basis points at its July 30-31 policy meeting and also revived expectations of an even deeper 50 bps reduction. Financial markets reacted quickly, with Fed fund rate futures at one point pricing in an almost 70% chance of a 50 basis point cut. The odds eased to around 40% after the New YorkFed said William's speech had not been about immediate policy direction. MSCI's All-Country World Index, which tracks shares in 47 countries, was having its best day in over two weeks, up nearly half a percent on the day. It was, however, still on track to break a six-week streak of weekly gains. E-mini futures for the S&P 500 index were 0.3% higher, indicating a higher opening on Wall Street later in the day. "Despite a rather lackluster earnings season so far, investors are focusing on the prospect of a considerably easier monetary policy, which is why we see stocks ready to open higher this morning," said Konstantinos Anthis, head of research at ADSS. Will the rate cut Suffice? MSCI's broadest index of Asia-Pacific shares outside Japan was up 1%, bouncing back from the previous day's losses, while Japan's Nikkei advanced 2%. Elsewhere in Asia, the Shanghai Composite Index rose 0.8%, Australian stocks added 0.75% and South Korea's KOSPI gained 1.4%. For the week, the MSCI ex-Japan index climbed a modest 1%, as riskier assets were partly capped by US President Donald Trump's reiteration of his threat to impose further duties on Chinese imports. The two sides resumed talks recently to seek an end to a year-long trade war that has rattled financial markets and slowed global growth. But most analysts do not expect an agreement any time soon, with some predicting a strong risk of further tariff escalation. "Although central banks around the world have embarked on policy-easing in a bid to support their respective economies, investors are left to ponder whether the stimulus will be enough to offset the effects from heightened US-China trade tensions," said Han Tan, market analyst at FXTM. The dollar index against a basket of six major currencies stood about 0.1% higher at 96.875 after losing roughly 0.5% overnight to a two-week low of 96.671 in the wake of the comments from the Fed's Williams. The euro was 0.15% lower at $1.1259 after climbing 0.45% the previous day. US Treasury yields were lower across the board. The 2-year yield was at 1.7894% after touching a two-week low of 1.7520%. The 10-year yield declined to a 10-day low of 2.023% and was last at 2.0465%. In commodities, US crude oil futures reversed a large part of the previous day's deep losses, briefly rising 1.45% to $56.10 per barrel before easing back to $55.81, up 0.9%. Crude rallied after the reports on the Iranian drone. Oil prices had fallen on Thursday amid expectations that output would rise in the Gulf of Mexico as operations resumed following last week's hurricane. Spot gold eased 0.5% as investors locked in profits after bullion surpassed $1,450 an ounce for the first time in more than six years on dovish Fed signals and Middle East tension.

Fed rate cut bets lift stocks, dollar steadies

Oil&nbsp;prices rose on Friday as tensions spiked again in the Middle East&nbsp;after&nbsp;the United States said it had destroyed an&nbsp;Iranian&nbsp;drone&nbsp;in the Strait of Hormuz, a major chokepoint for global crude flows.

Benchmark crude prices were still on track for their biggest&nbsp;weekly&nbsp;decline in seven weeks, however, having&nbsp;fallen sharply earlier in the week on concerns over global&nbsp;oil&nbsp;demand amid slowing economic growth.

Brent crude futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was&nbsp;set&nbsp;for a&nbsp;weekly&nbsp;drop of around 5%.

West Texas Intermediate crude futures were 81 cents, or 1.44%, higher at $56.11 per barrel&nbsp;after&nbsp;touching $56.36. They ended 2.6% lower in the previous session and were headed for a&nbsp;weekly&nbsp;decline of around 6%.

Indications that the&nbsp;US Federal Reserve will cut rates aggressively to support the economy were also behind Friday's gains, said Stephen Innes, managing partner at Vanguard Markets.

"The Fed backstop and the report of the&nbsp;US&nbsp;Navy&nbsp;shooting down an&nbsp;Iranian&nbsp;drone&nbsp;are providing a modicum of support for&nbsp;oil&nbsp;markets amidst a very bearish landscape," he said.

The United States said on Thursday that a&nbsp;US&nbsp;Navy&nbsp;ship had "destroyed" an&nbsp;Iranian&nbsp;drone&nbsp;in the Strait of Hormuz&nbsp;after&nbsp;the aircraft threatened the vessel, but Iran said it had no information about losing a&nbsp;drone.

Also on Thursday, two influential Federal Reserve officials sharpened the public case for acting to support the&nbsp;US economy, reviving bets the central bank may deliver a larger-than-expected cut this month.

Still, the longer-term outlook for&nbsp;oil&nbsp;has grown increasingly bearish.

The International Energy Agency (IEA) is reducing its 2019&nbsp;oil&nbsp;demand growth forecast to 1.1 million barrels per day (BPD) from 1.2 million BPD previously due to a slowing global economy amid a&nbsp;US-China trade spat, it's executive director said on Thursday.

The IEA may cut further if the global economy and especially China show further weakness, Fatih Birol told Reuters.

"Macro-economic concerns, uncertainty on trade discussions and increasing&nbsp;oil&nbsp;supply from the&nbsp;US continued to weigh on sentiments," said Warren Patterson, head of commodities at ING.

Bank of America Merrill Lynch said any start of&nbsp;US-Iran talks or a&nbsp;US-China trade deal would reduce volatility and anchor Brent&nbsp;oil&nbsp;prices in a $60-$67 per barrel range.

Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows.

Oil prices rose on Friday as tensions spiked again in the Middle East after the United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows. Benchmark crude prices were still on track for their biggest weekly decline in seven weeks, however, having fallen sharply earlier in the week on concerns over global oil demand amid slowing economic growth. Brent crude futures were up 1.11 cents, or 1.78%, at $63.04 a barrel by 1037 GMT, having risen as high as $63.32. Brent fell 2.7% on Thursday, its fourth straight session of losses, and was set for a weekly drop of around 5%. West Texas Intermediate crude futures were 81 cents, or 1.44%, higher at $56.11 per barrel after touching $56.36. They ended 2.6% lower in the previous session and were headed for a weekly decline of around 6%. Indications that the US Federal Reserve will cut rates aggressively to support the economy were also behind Friday's gains, said Stephen Innes, managing partner at Vanguard Markets. "The Fed backstop and the report of the US Navy shooting down an Iranian drone are providing a modicum of support for oil markets amidst a very bearish landscape," he said. The United States said on Thursday that a US Navy ship had "destroyed" an Iranian drone in the Strait of Hormuz after the aircraft threatened the vessel, but Iran said it had no information about losing a drone. Also on Thursday, two influential Federal Reserve officials sharpened the public case for acting to support the US economy, reviving bets the central bank may deliver a larger-than-expected cut this month. Still, the longer-term outlook for oil has grown increasingly bearish. The International Energy Agency (IEA) is reducing its 2019 oil demand growth forecast to 1.1 million barrels per day (BPD) from 1.2 million BPD previously due to a slowing global economy amid a US-China trade spat, it's executive director said on Thursday. The IEA may cut further if the global economy and especially China show further weakness, Fatih Birol told Reuters. "Macro-economic concerns, uncertainty on trade discussions and increasing oil supply from the US continued to weigh on sentiments," said Warren Patterson, head of commodities at ING. Bank of America Merrill Lynch said any start of US-Iran talks or a US-China trade deal would reduce volatility and anchor Brent oil prices in a $60-$67 per barrel range.

Oil rises after US Navy downs Iranian drone; set for weekly fall

The government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country's banking system may not be robust enough to do the job on its own.

The government is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions to extend lines of credit to small enterprises, one of the officials, who did not want to be identified, told Reuters.

KfW's India office confirmed the discussions, though the main focus was on credit lines to support small businesses'&nbsp;solar power generation. The talks were at an early stage, KfW said.

The World Bank's India spokesperson did not reply to an email seeking comment.

The official said the government plans to source up to 1 trillion Indian rupees of loans from foreign institutions because Indian banks were not in a position to provide enough capital for the small business sector, which is seen as critical to job creation.

“We are exploring, we are having discussions with various funding agencies if something can be done (for small and medium firms),” the second official said.

The officials did not provide full details of the discussions they are having with banks, or identify all those they are talking to, but said talks are at a very early stage.

India's micro, small and medium enterprise (MSME) ministry is discussing the proposal to pull in foreign banks with the country's ministry of finance, which will make a final call, the second official said.

The push for foreign loans comes on the heels of the Indian government's announcement earlier this month that it plans to borrow about 700 billion rupees by issuing overseas sovereign bonds.

India's 63 million firms in the micro, small and medium firm sector are responsible for more than a quarter of the country's manufacturing and services output, and must be re-energised for Prime Minister Narendra Modi's government to kick-start the economy.&nbsp;

Gross domestic product growth fell to a five-year low of 5.8 per cent&nbsp;in the January-March quarter, well below the 8 per cent-plus rates that the government is targeting.

But credit availability for small and medium firms, which also account for about 45 per cent&nbsp;of India's total exports, has worsened due to a liquidity crisis in the country's shadow banking industry that has seen big lenders struggling to remain solvent.&nbsp;

State-owned banks, which dominate the sector, have not been able to drive increased lending because they are burdened with more than $145 billion in bad loans.

This has led to a severe credit squeeze for smaller firms. They pay up to 17 per cent&nbsp;annual interest on loans from banks, while the shadow banks, which are also known as non-banking financial companies (NBFCS) can charge as much as 20 per cent.

Last month, a study by a Reserve Bank of India panel said the overall deficit in credit for the MSME sector is estimated at about 20 trillion rupees to 25 trillion rupees.&nbsp;

But lending to such firms can be risky as some lack proper financial information, such as historical cash flow data, which makes challenging for banks to assess the credit risks.

To mitigate such risks for foreign banks, the loans would be given sovereign guarantees and be routed through Indian government agencies such as the Small Industries Development Bank of India, the first official said. 
&nbsp;

The government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country's banking system may not be robust enough to do the job on its own.

The government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country's banking system may not be robust enough to do the job on its own. The government is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions to extend lines of credit to small enterprises, one of the officials, who did not want to be identified, told Reuters. KfW's India office confirmed the discussions, though the main focus was on credit lines to support small businesses' solar power generation. The talks were at an early stage, KfW said. The World Bank's India spokesperson did not reply to an email seeking comment. The official said the government plans to source up to 1 trillion Indian rupees of loans from foreign institutions because Indian banks were not in a position to provide enough capital for the small business sector, which is seen as critical to job creation. “We are exploring, we are having discussions with various funding agencies if something can be done (for small and medium firms),” the second official said. The officials did not provide full details of the discussions they are having with banks, or identify all those they are talking to, but said talks are at a very early stage. India's micro, small and medium enterprise (MSME) ministry is discussing the proposal to pull in foreign banks with the country's ministry of finance, which will make a final call, the second official said. The push for foreign loans comes on the heels of the Indian government's announcement earlier this month that it plans to borrow about 700 billion rupees by issuing overseas sovereign bonds. India's 63 million firms in the micro, small and medium firm sector are responsible for more than a quarter of the country's manufacturing and services output, and must be re-energised for Prime Minister Narendra Modi's government to kick-start the economy. Gross domestic product growth fell to a five-year low of 5.8 per cent in the January-March quarter, well below the 8 per cent-plus rates that the government is targeting. But credit availability for small and medium firms, which also account for about 45 per cent of India's total exports, has worsened due to a liquidity crisis in the country's shadow banking industry that has seen big lenders struggling to remain solvent. State-owned banks, which dominate the sector, have not been able to drive increased lending because they are burdened with more than $145 billion in bad loans. This has led to a severe credit squeeze for smaller firms. They pay up to 17 per cent annual interest on loans from banks, while the shadow banks, which are also known as non-banking financial companies (NBFCS) can charge as much as 20 per cent. Last month, a study by a Reserve Bank of India panel said the overall deficit in credit for the MSME sector is estimated at about 20 trillion rupees to 25 trillion rupees. But lending to such firms can be risky as some lack proper financial information, such as historical cash flow data, which makes challenging for banks to assess the credit risks. To mitigate such risks for foreign banks, the loans would be given sovereign guarantees and be routed through Indian government agencies such as the Small Industries Development Bank of India, the first official said.

Government seeks to tap foreign lenders for loans to its small firms: Report

<a href="https://www.wionews.com/business-economy/sensex-tanks-over-500-points-auto-stock-suffer-the-most-237078">Indian shares fell sharply on Friday afternoon</a> to close at their worst levels since mid-May, as investors fretted over weak corporate earnings and the government's refusal to tweak the surcharge on foreign investors.

The broader NSE Nifty dropped 1.53 per cent to 11,419.25, while the benchmark BSE&nbsp;Sensex&nbsp;closed 1.44 per cent lower at 38,337.01. The indexes posted their second straight weekly loss.

Whatever hopes there were around the finance minister removing the surcharge on foreign investors have been dashed, said Neeraj Dewan, a director with Quantum Securities, New Delhi, adding that sentiment had also been dampened by weak earnings by some lenders.

Finance Minister Nirmala Sitharaman said on Thursday that foreign portfolio investors could instead register as companies to avoid a new tax surcharge imposed on individual tax payers as well as trusts in the budget for the fiscal year that began on April 1.

Corporate earnings for the June quarter have also failed to impress investors, with several lenders flagging stress in their books. IT heavyweight Tata Consultancy Services Ltd, which kicked off the results season last week, also reported lower margins.

Financial and auto stocks accounted for most of the losses.

Bajaj Finance Ltd declined 4.2 per cent, while Indiabulls Housing Finance Ltd dropped 3.7 per cent.

RBL Bank Ltd plunged 13.7 per cent to its lowest close since Oct. 29 after the lender highlighted risks to its asset quality, despite reporting a 41 per cent&nbsp;jump in quarterly profit.

Larger rival Yes Bank Ltd reported a weak quarter earlier this week, sparking a sell-off in its stock. Its shares declined 3 per cent&nbsp;in the current session.

Auto maker Mahindra and Mahindra Ltd was the biggest loser in the market, sliding 4.4 per cent to its lowest close since Feb. 2016, while peers Tata Motors Ltd and Eicher Motors Ltd dropped 3.7 per cent-4 per cent, driving the Nifty Auto index 3.3 per cent lower.

Meanwhile, electricity producer NTPC Ltd was the top gainer among the seven stocks in the green on the NSE Nifty, closing 2.2 per cent higher.

The Mumbai market moved inversely to its global peers, which rose as investors bet on a US&nbsp;interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one. 
&nbsp;

Indian shares fell sharply on Friday afternoon to close at their worst levels since mid-May, as investors fretted over weak corporate earnings and the government's refusal to tweak the surcharge on foreign investors.

Indian shares fell sharply on Friday afternoon to close at their worst levels since mid-May, as investors fretted over weak corporate earnings and the government's refusal to tweak the surcharge on foreign investors. The broader NSE Nifty dropped 1.53 per cent to 11,419.25, while the benchmark BSE Sensex closed 1.44 per cent lower at 38,337.01. The indexes posted their second straight weekly loss. Whatever hopes there were around the finance minister removing the surcharge on foreign investors have been dashed, said Neeraj Dewan, a director with Quantum Securities, New Delhi, adding that sentiment had also been dampened by weak earnings by some lenders. Finance Minister Nirmala Sitharaman said on Thursday that foreign portfolio investors could instead register as companies to avoid a new tax surcharge imposed on individual tax payers as well as trusts in the budget for the fiscal year that began on April 1. Corporate earnings for the June quarter have also failed to impress investors, with several lenders flagging stress in their books. IT heavyweight Tata Consultancy Services Ltd, which kicked off the results season last week, also reported lower margins. Financial and auto stocks accounted for most of the losses. Bajaj Finance Ltd declined 4.2 per cent, while Indiabulls Housing Finance Ltd dropped 3.7 per cent. RBL Bank Ltd plunged 13.7 per cent to its lowest close since Oct. 29 after the lender highlighted risks to its asset quality, despite reporting a 41 per cent jump in quarterly profit. Larger rival Yes Bank Ltd reported a weak quarter earlier this week, sparking a sell-off in its stock. Its shares declined 3 per cent in the current session. Auto maker Mahindra and Mahindra Ltd was the biggest loser in the market, sliding 4.4 per cent to its lowest close since Feb. 2016, while peers Tata Motors Ltd and Eicher Motors Ltd dropped 3.7 per cent-4 per cent, driving the Nifty Auto index 3.3 per cent lower. Meanwhile, electricity producer NTPC Ltd was the top gainer among the seven stocks in the green on the NSE Nifty, closing 2.2 per cent higher. The Mumbai market moved inversely to its global peers, which rose as investors bet on a US interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one.

Nifty, Sensex see heavy selloff, close at worst levels since mid-May

A key gauge of <a href="https://www.wionews.com/world/chinese-people-have-freedom-of-religion-us-should-stop-using-issue-of-religion-to-interfere-china-236881">China</a>'s debt has topped 300 per cent&nbsp;of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks.

China's total corporate, household and government debt rose to 303 per cent&nbsp;of GDP in the first quarter of 2019, from 297 per cent&nbsp;in the same period a year earlier, the IIF said in a report this week which highlighted rising debt levels worldwide.

The IIF is a private global financial industry association, based in Washington.

"While authorities' efforts to curb shadow bank lending (particularly to smaller companies) have prompted a cutback in non-financial corporate debt, net borrowing in other sectors has brought China's total debt to over $40 trillion - some 15 per cent&nbsp;of all global debt," the report said.

"Of note, onshore bond issuance suggests a big pickup in borrowing by local governments and banks this year."

China's economic growth slowed to 6.2 per cent&nbsp;in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting <a href="https://www.wionews.com/world/pompeo-calls-chinas-treatment-of-uighurs-stain-of-the-century-237014">US&nbsp;trade pressure</a>.

Watch:&nbsp;China's economic growth slowest in 27 years

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/china-economic-growth-slowest-in-27-years-236265/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

To revive investment and protect jobs, Beijing has been encouraging banks to lend more, particularly to struggling smaller firms. It has also unveiled billions of dollars in tax cuts and infrastructure spending.

In the first half of this year, local governments' total net bond issuance reached 2.1765 trillion yuan ($316.5 billion), the finance ministry said on Tuesday.

Chinese officials have said repeatedly said debt risks are manageable overall.

A key gauge of China's debt has topped 300 per cent of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks.

A key gauge of China's debt has topped 300 per cent of gross domestic product, according to the Institute of International Finance (IIF), as Beijing steps up support for the cooling economy while trying to contain financial risks. China's total corporate, household and government debt rose to 303 per cent of GDP in the first quarter of 2019, from 297 per cent in the same period a year earlier, the IIF said in a report this week which highlighted rising debt levels worldwide. The IIF is a private global financial industry association, based in Washington. "While authorities' efforts to curb shadow bank lending (particularly to smaller companies) have prompted a cutback in non-financial corporate debt, net borrowing in other sectors has brought China's total debt to over $40 trillion - some 15 per cent of all global debt," the report said. "Of note, onshore bond issuance suggests a big pickup in borrowing by local governments and banks this year." China's economic growth slowed to 6.2 per cent in the second quarter, its weakest pace in at least 27 years, as demand at home and abroad faltered in the face of mounting US trade pressure. Watch: China's economic growth slowest in 27 years To revive investment and protect jobs, Beijing has been encouraging banks to lend more, particularly to struggling smaller firms. It has also unveiled billions of dollars in tax cuts and infrastructure spending. In the first half of this year, local governments' total net bond issuance reached 2.1765 trillion yuan ($316.5 billion), the finance ministry said on Tuesday. Chinese officials have said repeatedly said debt risks are manageable overall.

China's debt tops 300% of GDP, now 15% of global total: Institute of International Finance

Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery.

At 1:30pm, the BSE S&amp;P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441.

At the National Stock Exchange, all sectoral indices were in the red. Nifty auto was down 2.16 per cent, realty by 1.8 per cent, financial services by 1.49 per cent and PSU banks by 1.45 per cent.

Among stocks, Bajaj Finance dropped 4.89 per cent to Rs 3,298 per share while Bajaj Finserve slipped 3.88 per cent to Rs 7,543 per share. Mahindra &amp; Mahindra was down 2.5 per cent, Tata Motors by 2.4 per cent, Eicher Motors by 2.2 per cent and Hero MotoCorp by 2.1 per cent.

Among the other losers were GAIL, IndusInd Bank, Tech Mahindra and UPL.

A day earlier, Finance Minister Nirmala Sitharaman said foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Union Budget for 2019-20.

FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, quashing hopes that the government may tweak relevant portions of the Finance Bill to protect them from the effects of `super-rich tax.`

Reports say foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July.

(With ANI inputs)

Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery. At 1:30pm, the BSE S&P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441.

Equity benchmark indices plunged further in the afternoon on Friday with selling pressure across the board amid concerns over growth and earnings recovery. At 1:30pm, the BSE S&P Sensex was down 505 points at 38,392 while the Nifty lost 154 points at 11,441. At the National Stock Exchange, all sectoral indices were in the red. Nifty auto was down 2.16 per cent, realty by 1.8 per cent, financial services by 1.49 per cent and PSU banks by 1.45 per cent. Among stocks, Bajaj Finance dropped 4.89 per cent to Rs 3,298 per share while Bajaj Finserve slipped 3.88 per cent to Rs 7,543 per share. Mahindra & Mahindra was down 2.5 per cent, Tata Motors by 2.4 per cent, Eicher Motors by 2.2 per cent and Hero MotoCorp by 2.1 per cent. Among the other losers were GAIL, IndusInd Bank, Tech Mahindra and UPL. A day earlier, Finance Minister Nirmala Sitharaman said foreign portfolio investors (FPIs) should consider the option of structuring themselves as companies rather than trusts to avoid paying the increased surcharge announced in Union Budget for 2019-20. FPIs registered as trusts will have to pay the new tax surcharge, Sitharaman said, quashing hopes that the government may tweak relevant portions of the Finance Bill to protect them from the effects of `super-rich tax.` Reports say foreign investors have pulled out more than Rs 5,000 crore from the cash segment of Indian equity markets so far in July. (With ANI inputs)

Sensex tanks over 500 points as auto stocks take a hit; Nifty at 11,441

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns.

As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday.&nbsp;

Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month.

Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations. 
&nbsp;

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed.

Reliance Industries Ltd's telecom unit Jio pipped rival Bharti Airtel to become India's second-largest operator by subscribers as of May, government data showed. Jio, controlled by Asia's richest man Mukesh Ambani, has disrupted the telecom industry in the country since it was launched in 2016, offering cheap bundles and prompting shutdowns. As of the end of May, the operator had added 8.2 million users since April to end the month with 323 million wireless customers, data from the Telecom Regulatory Authority of India showed. The data was published on Friday. Both Vodafone Idea, which was the top operator with 387.6 million customers, and Bharti Airtel lost users over the month. Reliance Industries is expected to post quarterly results later in the day. The company has been betting big on the unit as it diversifies from its core oil and gas operations.

Reliance Jio overtakes Bharti Airtel to become Number 2 operator

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors.

At 10:15 am, the BSE S&amp;P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667.&nbsp;

At the National Stock Exchange, all sectoral indices were in the red except for Nifty financial services.

Among stocks, Yes Bank dipped 10.72 per cent lower at Rs 87.85 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal.

The other losers were mining major Vedanta, ONGC, Tata Motors and HCL Tech. However, Wipro gained 2.85 per cent to Rs 267 per share. UPL, HDFC, Indiabulls Housing Finance and Bharti Airtel saw marginal gains.&nbsp;

Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods.&nbsp;

The benchmark Nikkei shed 1.7 per cent and Chinese shares followed the suit with Shanghai Composite and blue-chip CSI 300 down 0.7 per cent and 0.6 per cent respectively.&nbsp;

Hong Kong`s Hang Seng retreated 0.5 per cent and South Korea`s market was off 0.4 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors. At 10:15 am, the BSE S&P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667.

Equity benchmark indices were lower during early hours on Thursday tracking weak global cues and continued selling by foreign investors. At 10:15 am, the BSE S&P Sensex was down 54 points at 39,162 while the Nifty 50 slipped 20 points to 11,667. At the National Stock Exchange, all sectoral indices were in the red except for Nifty financial services. Among stocks, Yes Bank dipped 10.72 per cent lower at Rs 87.85 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal. The other losers were mining major Vedanta, ONGC, Tata Motors and HCL Tech. However, Wipro gained 2.85 per cent to Rs 267 per share. UPL, HDFC, Indiabulls Housing Finance and Bharti Airtel saw marginal gains. Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods. The benchmark Nikkei shed 1.7 per cent and Chinese shares followed the suit with Shanghai Composite and blue-chip CSI 300 down 0.7 per cent and 0.6 per cent respectively. Hong Kong`s Hang Seng retreated 0.5 per cent and South Korea`s market was off 0.4 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Equity gauges on a weak note, Yes Bank drops over 11 per cent

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. &nbsp;

The video streaming pioneer said in March that it was testing a 250 rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.

"We believe this plan ... will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business in a market where Pay TV ARPU is low," news agency Reuters stated quoting the company.

With the cheaper plan, Netflix is planning to fight cheaper offerings from rivals such as Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit.

Netflix currently offers three monthly plans in India, priced between 500 rupees and 800 rupees.

In contrast, Hotstar, which also offers content from AT&amp;T Inc's HBO and streams live sports, charges 299 rupees per month. Amazon bundles its video and music streaming services with its Prime membership.

Netflix's announcement was part of its quarterly results, in which it reported lower-than-expected subscriber additions.

India figures prominently in Netflix Chief Executive Officer Reed Hastings' global expansion plans and the company is investing heavily in creating blockbuster shows such as crime thriller "Sacred Games" and "Delhi Crime" with A-list Bollywood actors.

The second season of "Sacred Games" is set to release in August.

(With inputs from Reuters)

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. The video streaming pioneer said in March that it was testing a 250 rupee ($3.

Tapping into surging data consumption on smartphones, Netflix Inc on Wednesday said it would roll out a lower-priced mobile-only plan in India. The video streaming pioneer said in March that it was testing a 250 rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world. "We believe this plan ... will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business in a market where Pay TV ARPU is low," news agency Reuters stated quoting the company. With the cheaper plan, Netflix is planning to fight cheaper offerings from rivals such as Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit. Netflix currently offers three monthly plans in India, priced between 500 rupees and 800 rupees. In contrast, Hotstar, which also offers content from AT&T Inc's HBO and streams live sports, charges 299 rupees per month. Amazon bundles its video and music streaming services with its Prime membership. Netflix's announcement was part of its quarterly results, in which it reported lower-than-expected subscriber additions. India figures prominently in Netflix Chief Executive Officer Reed Hastings' global expansion plans and the company is investing heavily in creating blockbuster shows such as crime thriller "Sacred Games" and "Delhi Crime" with A-list Bollywood actors. The second season of "Sacred Games" is set to release in August. (With inputs from Reuters)

Netflix to introduce cheaper mobile-only plan in India to take on rivals 

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday.

Volume growth in India's fast-moving consumer goods (FMCG) sector slowed to 6.2 per cent&nbsp;in the three months to June from 9.9 per cent&nbsp;in the previous quarter, Nielsen said, citing internal data from retail research.

"The sentiments echo those in India's economic environment, with GDP moving down," the report said.

In Jan-March, India's economy grew at its slowest pace in more than four years, while retail inflation hit an eight-month high in June on higher food prices.

Growth in the consumer goods sector in rural India, where over two-thirds of Indians live, was slowing at twice the rate of urban areas in the previous few quarters, Nielsen said.

Higher raw material costs and slowing demand in the foods sector have hurt small manufacturers, the report added.

India's biggest FMCG companies also posted disappointing results in the March quarter. Hindustan Unilever Ltd, which owns brands such as Dove, Surf excel and Lakme, reported a smaller-than-expected rise in profit, while rival Dabur India Ltd posted a fall in profit.

Nielsen also cut its forecast for FMCG growth for the first half of 2019 to 12 per cent against their earlier prediction of 13-14 per cent.

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday.

India's consumer goods industry is losing steam as spending in the country's rural heartland cools and small manufacturers lose competitive advantages in a slowing economy, market research firm Nielsen said on Thursday. Volume growth in India's fast-moving consumer goods (FMCG) sector slowed to 6.2 per cent in the three months to June from 9.9 per cent in the previous quarter, Nielsen said, citing internal data from retail research. "The sentiments echo those in India's economic environment, with GDP moving down," the report said. In Jan-March, India's economy grew at its slowest pace in more than four years, while retail inflation hit an eight-month high in June on higher food prices. Growth in the consumer goods sector in rural India, where over two-thirds of Indians live, was slowing at twice the rate of urban areas in the previous few quarters, Nielsen said. Higher raw material costs and slowing demand in the foods sector have hurt small manufacturers, the report added. India's biggest FMCG companies also posted disappointing results in the March quarter. Hindustan Unilever Ltd, which owns brands such as Dove, Surf excel and Lakme, reported a smaller-than-expected rise in profit, while rival Dabur India Ltd posted a fall in profit. Nielsen also cut its forecast for FMCG growth for the first half of 2019 to 12 per cent against their earlier prediction of 13-14 per cent.

India's consumer goods growth slows as rural demand cools: Report

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/china-soon-to-issue-5g-license-as-it-enters-crucial-period-223979&amp;sa=U&amp;ved=2ahUKEwjzz7_2pr7jAhWKiXAKHdeuASUQFjAAegQIARAC&amp;usg=AOvVaw3Jz3ha5QNLHaEe2H2YzeoJ">5G telecoms</a> demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor.

The world's largest contract chipmaker reported a decline in second-quarter profit but said demand is likely to recover during the rest of 2019 particularly from smartphone makers, hampered at present by the impact of a Sino-US&nbsp;trade war.

"Although our business continues to be impacted by a global slowing economy ... we have also passed the bottom of the cycle of our business and again began to see demand increasing," Chief Executive Officer and Vice Chairman Chung Ching Wei told analysts during an earnings briefing.

Taiwan's supply chain manufacturers have been navigating slowing global demand for smartphones - a primary source of revenue - as well as market disruption stemming from tit-for-tat import tariffs between China and the United States, plus the latter's ban on US companies doing business with Chinese telecoms equipment maker Huawei Technologies Co Ltd.

Adding to risk factors, Japan last week tightened curbs on exports of high-tech materials used in smartphone displays and chips to South Korea, home to the world's biggest memory chip makers, Samsung Electronics Co Ltd, and SK Hynix Inc.

TSMC Chairman Mark Liu said the dispute is a major uncertainty for the coming months as it is likely to impact technology supply chains, as Japan dominates the market for the materials in question.

Earlier, TSMC, a proxy for technology demand as its clients include iPhone maker Apple and chip leader Qualcomm Inc, reported a 7.6% decline in April-June net profit at T$66.77 billion ($2.15 billion), meeting analyst estimates.

Revenue rose 3.3% to T$241 billion but fell 1.4% to $7.75 billion in US&nbsp;dollar terms - still topping both the firm's forecast and the average of 23 analyst estimates compiled by Refinitiv.

Business in the third quarter will be driven by increased demand for fifth-generation telecommunications (5G) equipment as well as for smartphones spurred by new product launches, and the fourth quarter will be even stronger, Wei said.

TSMC forecast a gross profit margin of 46% to 48% for the third quarter, and an operating margin of 35% to 37%, compared with 47.4% and 36.6%, respectively, a year earlier.

The chipmaker also said it expected annual capital expenditure for the year to exceed the high end of its earlier forecast of $10 billion to $11 billion due to strong 5G demand.

Even so, analysts were cautious about TSMC's growth outlook for the coming months, citing a slower-than-expected introduction of 5G technology and still-tepid demand for smartphones, which they said accounted for nearly half of its first-quarter sales.

"With a still-slow demand recovery and excessive inventory, we think wafer orders from fabless companies might remain weak," Fubon Securities analyst Sherman Shang wrote in a research note prior to TSMC's earnings announcement.

TSMC's short-term downside, however, could be supported by "major customers' recovery in 2020 from a very low base in 2019, such as Apple," Shang wrote.

Indicating evolving market conditions, the spread of accelerating the spread of 5G networks helped Dutch semiconductor equipment maker ASML Holding NV, a supplier to TSMC, beat analysts' second-quarter earnings estimates on Wednesday.

Prior to TSMC's announcement, shares in the chipmaker closed up 0.8% versus a 0.25% fall in the wider market. The stock has risen around 13% so far this year.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on 5G telecoms demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor.

Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday said it expects a stronger half-year on 5G telecoms demand, and that a dispute over chip-making materials between Japan and South Korea in its most uncertain factor. The world's largest contract chipmaker reported a decline in second-quarter profit but said demand is likely to recover during the rest of 2019 particularly from smartphone makers, hampered at present by the impact of a Sino-US trade war. "Although our business continues to be impacted by a global slowing economy ... we have also passed the bottom of the cycle of our business and again began to see demand increasing," Chief Executive Officer and Vice Chairman Chung Ching Wei told analysts during an earnings briefing. Taiwan's supply chain manufacturers have been navigating slowing global demand for smartphones - a primary source of revenue - as well as market disruption stemming from tit-for-tat import tariffs between China and the United States, plus the latter's ban on US companies doing business with Chinese telecoms equipment maker Huawei Technologies Co Ltd. Adding to risk factors, Japan last week tightened curbs on exports of high-tech materials used in smartphone displays and chips to South Korea, home to the world's biggest memory chip makers, Samsung Electronics Co Ltd, and SK Hynix Inc. TSMC Chairman Mark Liu said the dispute is a major uncertainty for the coming months as it is likely to impact technology supply chains, as Japan dominates the market for the materials in question. Earlier, TSMC, a proxy for technology demand as its clients include iPhone maker Apple and chip leader Qualcomm Inc, reported a 7.6% decline in April-June net profit at T$66.77 billion ($2.15 billion), meeting analyst estimates. Revenue rose 3.3% to T$241 billion but fell 1.4% to $7.75 billion in US dollar terms - still topping both the firm's forecast and the average of 23 analyst estimates compiled by Refinitiv. Business in the third quarter will be driven by increased demand for fifth-generation telecommunications (5G) equipment as well as for smartphones spurred by new product launches, and the fourth quarter will be even stronger, Wei said. TSMC forecast a gross profit margin of 46% to 48% for the third quarter, and an operating margin of 35% to 37%, compared with 47.4% and 36.6%, respectively, a year earlier. The chipmaker also said it expected annual capital expenditure for the year to exceed the high end of its earlier forecast of $10 billion to $11 billion due to strong 5G demand. Even so, analysts were cautious about TSMC's growth outlook for the coming months, citing a slower-than-expected introduction of 5G technology and still-tepid demand for smartphones, which they said accounted for nearly half of its first-quarter sales. "With a still-slow demand recovery and excessive inventory, we think wafer orders from fabless companies might remain weak," Fubon Securities analyst Sherman Shang wrote in a research note prior to TSMC's earnings announcement. TSMC's short-term downside, however, could be supported by "major customers' recovery in 2020 from a very low base in 2019, such as Apple," Shang wrote. Indicating evolving market conditions, the spread of accelerating the spread of 5G networks helped Dutch semiconductor equipment maker ASML Holding NV, a supplier to TSMC, beat analysts' second-quarter earnings estimates on Wednesday. Prior to TSMC's announcement, shares in the chipmaker closed up 0.8% versus a 0.25% fall in the wider market. The stock has risen around 13% so far this year.

TSMC expects 5G earnings boost, flags South Korea-Japan spat as risk

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading.

The BSE S&amp;P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597.

At the National Stock Exchange, all sectoral indices were in the red except for financial services. Nifty PSU bank dipped by 3.18 per cent, auto by 2.74 per cent, metal by 2.46 per cent and realty by 1.52 per cent.

Among stocks, Yes Bank dropped 12.7 per cent at Rs 85.90 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal.

ONGC was down by 4.4 per cent, Coal India by 4.3 per cent, Tata Motors by 4.1 per cent and Maruti by 3.3 per cent.

However, Wipro gained over 3 per cent. HDFC and Zee Entertainment too gained over 2 per cent each while Britannia and HDFC Bank showed marginal gains.

Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings.

Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods.

The benchmark Nikkei shed 1.97 per cent and Chinese shares followed the suit with Shanghai Composite down 1.04 per cent.

Hong Kong's Hang Seng retreated 0.46 per cent and South Korea's market was off 0.3 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.&nbsp; 
&nbsp;

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading. The BSE S&P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597.

Equities ended a three-day winning streak on Thursday with across-the-board selling pressure during the last hour of trading. The BSE S&P Sensex closed 318 points down at 38,897 while the Nifty 50 lost 91 points to wind up the day at 11,597. At the National Stock Exchange, all sectoral indices were in the red except for financial services. Nifty PSU bank dipped by 3.18 per cent, auto by 2.74 per cent, metal by 2.46 per cent and realty by 1.52 per cent. Among stocks, Yes Bank dropped 12.7 per cent at Rs 85.90 per share after reporting 91 per cent drop in its net profit and bad loans worth Rs 6,230 crore during the first quarter of current fiscal. ONGC was down by 4.4 per cent, Coal India by 4.3 per cent, Tata Motors by 4.1 per cent and Maruti by 3.3 per cent. However, Wipro gained over 3 per cent. HDFC and Zee Entertainment too gained over 2 per cent each while Britannia and HDFC Bank showed marginal gains. Meanwhile, Asian shares edged lower as Wall Street stocks dropped on signs that the US-China trade war could hurt corporate earnings. Earlier in the week, US President Donald Trump kept up the pressure on Beijing with a threat to put tariffs on another 325 billion dollars of Chinese goods. The benchmark Nikkei shed 1.97 per cent and Chinese shares followed the suit with Shanghai Composite down 1.04 per cent. Hong Kong's Hang Seng retreated 0.46 per cent and South Korea's market was off 0.3 per cent after the Bank of Korea unexpectedly cut its policy interest rate for the first time in three years.

Sensex plunges 318 points on global worries, Yes Bank down 12.7%

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.

India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit.

<a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/entertainment/game-of-thrones-and-netflix-tipped-to-sweep-emmy-nominations-236401&amp;sa=U&amp;ved=2ahUKEwj6qv3Km77jAhWUjeYKHSlxBmwQFjABegQIEBAC&amp;usg=AOvVaw2Lm1Zz_htOed5vy4tEub9Y">Netflix</a> lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas.

"India is a mobile-first nation, where many first-time users are experiencing the internet on their phones. In such a scenario, a mobile-only package makes sense to target new users," said Tarun Pathak, an analyst at Counterpoint Research.

The creator of "Stranger Things" and "The Crown" said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world.

The country figures prominently in Chief Executive Officer Reed Hastings' global expansion plans.

"We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business," the company said in a letter to investors released late on Wednesday.

Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63).

It has created a niche following in the country by launching local original shows like the thriller "Sacred Games" and dystopian tale "Leila", which feature popular Bollywood actors.

The second season of "Sacred Games" is set to release in August.

In contrast, Hotstar, which also offers content from AT&amp;T Inc's HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership.

"We've been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we're in it for the long haul," Netflix Chief Content Officer Ted Sarandos said.

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf.

Netflix Inc said on Wednesday it would roll out a lower-priced mobile-only plan in India within the next three months to tap into a price-sensitive market at a time the streaming company is losing customers in its home turf. India is among the last big growth markets for the company, where it faces competition from Amazon.com Inc's Prime Video and Hotstar, a video streaming platform owned by Walt Disney Co's India unit. Netflix lost US streaming customers for the first time in eight years on Wednesday, when it posted quarterly results. It also missed targets for new subscribers overseas. "India is a mobile-first nation, where many first-time users are experiencing the internet on their phones. In such a scenario, a mobile-only package makes sense to target new users," said Tarun Pathak, an analyst at Counterpoint Research. The creator of "Stranger Things" and "The Crown" said in March that it was testing a 250-rupee ($3.63) monthly subscription for mobile devices in India, where data plans are among the cheapest in the world. The country figures prominently in Chief Executive Officer Reed Hastings' global expansion plans. "We believe this plan, which will launch in the third quarter, will be an effective way to introduce a larger number of people in India to Netflix and to further expand our business," the company said in a letter to investors released late on Wednesday. Netflix currently offers three monthly plans in India, priced between 500 rupees ($7.27) and 800 rupees $11.63). It has created a niche following in the country by launching local original shows like the thriller "Sacred Games" and dystopian tale "Leila", which feature popular Bollywood actors. The second season of "Sacred Games" is set to release in August. In contrast, Hotstar, which also offers content from AT&T Inc's HBO and also streams live sports, charges 299 rupees ($4.35) per month. Amazon bundles its video and music streaming services with its Prime membership. "We've been seeing nice steady increases in engagement with our Indian viewers that we think we can keep building on. Growth in that country is a marathon, so we're in it for the long haul," Netflix Chief Content Officer Ted Sarandos said.

Netflix to roll out cheaper mobile-only plan for India

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks.

The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday.

In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war.

With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods.

Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies.

"It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows."

"There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said.

Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market.

Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States.

Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth.

US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market.

The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight.

Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks.

Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July.

While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations.

The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year.

"We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said.

Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months.

POUND TO PARITY?

In currencies, the dollar edged lower against its rivals on the softer US&nbsp;Treasury yields, with investors focusing their attention on the Fed's meeting next week.

Against a basket of its rivals, the dollar edged 0.1% lower to 97.195.

Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit.

Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro.

Oil prices were mixed, with US&nbsp;crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand.

Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets.

Global shares slipped on Thursday on growing signs that a trade dispute between the United States and China was taking a toll on corporate earnings, with nerves spreading from Wall Street through Asia to European markets. MSCI world equity index, which tracks shares in 47 countries, fell 0.2% to its lowest in nine days, while the Euro STOXX 600 slipped 0.5% to its lowest in almost three weeks. The earnings season, kicking off this week brought bad signs as rail freight giant CSX Corp, cut its revenue forecast as it warned of the impact of the US-China trade war, pushing down Wall Street indexes on Wednesday. In Europe, too, earnings were top of the agenda. Tech stocks led the slide as software firm SAP, Europe's most valuable tech stock by market cap, reported poor results, also flagging the impact of the US-China trade war. With nerves already on edge over when face-to-face talks between the United States and China will resume, US President Donald Trump on Tuesday maintained pressure on Beijing with a threat to put tariffs on another $325 billion of Chinese goods. Investors also cited a report that progress toward a US-China trade deal has stalled as the Trump administration works out how to address Beijing's demands that it ease restrictions on Huawei Technologies. "It's still about the US and China dispute," Christophe Barraud, chief economist and strategist at Market Securities. "The trade war is creating uncertainty, weighed on capEx, and clearly on trade flows." "There are also problems with guidance, especially in the transportation sector. The fact is that one of the key stories of this year is global trade flows contraction," he said. Adding to the concerns over corporate health, Netflix shed US subscribers for the first time in 8 years, sending shares falling over 10% after the close of the market. Compounding the trade concerns were concerning signs for the economy emerging from Japan to the United States. Japan's exports slumped yet again, falling 6.7% in June, while manufacturers' confidence fell to a three-year low in July on the back of the trade tensions and slowing China's growth. US housebuilding fell in June for a second consecutive month, with building permits also falling, in a possible sign of more trouble ahead for the housing market. The earnings anxiety and macro data boosted demand for safe-haven assets, with yields on benchmark 10-year and 30-year US Treasuries climbing overnight. Eurozone government bond yields slipped back towards record lows on Thursday as economic indicators and corporate earnings deepened gloom on the global economy and increased bets on interest-rate cuts by major central banks. Amid the gloomy outlook, bets for further monetary policy easing from major central banks have grown, with speculation on whether the US Federal Reserve will be cut by 25 basis points or 50 basis points in July. While markets take comfort from central banks' willingness to support growth, said Sunil Krishnan, head of multi-asset funds at Aviva Investors, there were concerns for equity markets that have rallied on the back of stimulus expectations. The weak start to the Q2 earnings season may spill over into the outlook for the remainder of the year, threatening equity markets' stellar rally this year. "We are probably in the middle of analysts downgrading Q3 company earnings expectations," he said. Earlier in the day, MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.3%, with Tokyo's benchmark Nikkei tumbling 2.0%, its biggest one-day fall in four months. POUND TO PARITY? In currencies, the dollar edged lower against its rivals on the softer US Treasury yields, with investors focusing their attention on the Fed's meeting next week. Against a basket of its rivals, the dollar edged 0.1% lower to 97.195. Sterling was a shade higher at $1.244, off its lowest since April 2017 touched on Wednesday amid growing risks of Britain leaving the European Union in a no-deal Brexit. Major British banks, such as HSBC, are already talking of the possibility of the pound breaching post-Brexit referendum lows of $1.149, with some asking whether the pound is headed for parity against both the dollar and the euro. Oil prices were mixed, with US crude extending losses after data showed U.S. stockpiles of gasoline and other products rising sharply last week, suggesting weak demand. Brent crude futures were up 6 cents, or 0.1%, at $63.71 a barrel by 0755 GMT. They fell by 1.1% on Wednesday.

Global Markets: Stocks slide as US-China trade war takes toll on earnings