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The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that <a href="https://www.wionews.com/business-economy/government-says-it-follows-accepted-procedures-for-gdp-estimation-226348">India's GDP</a> estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy.

A detailed note titled 'GDP estimation in India: Perspectives and Facts'&nbsp;rubbished former Chief Economic Adviser Arvind Subramanian's claims that India's average annual growth between 2011-12 and 2016-17 May have been over-estimated by about 2.5 percentage points -- meaning that India actually grew at 4.5 per cent and not 7 per cent, between 2011-12 and 2016-17.

The note said Subramanian cherry-picked a few indicators and performed a rather unconvincing regression analysis to prove his hypothesis that India`s GDP was over-estimated post-2011-12.

For instance, Subramanian's paper selectively ignores tax data based on the argument that the period post-2011-12 witnessed major changes in direct and indirect taxes.

The note said Subramanian's analysis ended on March 31, 2017, while the only major tax change (Goods and Services Tax) was introduced on July 1, 2017.

In totality, the note highlights eight clear points with supportive facts and arguments that debunk Subramanian's paper in entirety. The new methodology that uses 2011-12 as the base year includes two major improvements: incorporation of MCA21 database and incorporation of Recommendations of System of National Accounts (SNA) 2008.

"This change was in line with other countries that have changed their methodologies in line with SNA 2008 and revised their respective GDP figures."

On average, the real GDP estimates saw an increase of 0.7 per cent among OECD countries.

The note prepared with major contributions from leading economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, and Arvind Virmani "reject Subramanian's methodology, arguments, and conclusions on the basis of academic merit and grasp of Indian realities," according to an official statement.

The note concluded with the point that India's GDP estimation methodology is by no means a perfect exercise and the Ministry of Statistics and Programme Implementation is working on multiple aspects to improve the accuracy of economic data.

"However, the direction and pace of improvement is commendable and as of today India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy," said the statement.

"If anything, the weakness of Subramaniam's attempt to suggest that the growth numbers are over-estimated confirms that the estimation process is robust to spurious criticism," said the statement.

"Going forward, Indian National Income Accounting is bound to change for good and an important step in accomplishing that will involve criticism from experts and academics. But the country's interests are not served by imparting sensationalism through the negativity that questions the credibility of the system," added the statement.

The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy.

The Economic Advisory Council to the Prime Minister (EAC-PM) said on Wednesday that India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy. A detailed note titled 'GDP estimation in India: Perspectives and Facts' rubbished former Chief Economic Adviser Arvind Subramanian's claims that India's average annual growth between 2011-12 and 2016-17 May have been over-estimated by about 2.5 percentage points -- meaning that India actually grew at 4.5 per cent and not 7 per cent, between 2011-12 and 2016-17. The note said Subramanian cherry-picked a few indicators and performed a rather unconvincing regression analysis to prove his hypothesis that India`s GDP was over-estimated post-2011-12. For instance, Subramanian's paper selectively ignores tax data based on the argument that the period post-2011-12 witnessed major changes in direct and indirect taxes. The note said Subramanian's analysis ended on March 31, 2017, while the only major tax change (Goods and Services Tax) was introduced on July 1, 2017. In totality, the note highlights eight clear points with supportive facts and arguments that debunk Subramanian's paper in entirety. The new methodology that uses 2011-12 as the base year includes two major improvements: incorporation of MCA21 database and incorporation of Recommendations of System of National Accounts (SNA) 2008. "This change was in line with other countries that have changed their methodologies in line with SNA 2008 and revised their respective GDP figures." On average, the real GDP estimates saw an increase of 0.7 per cent among OECD countries. The note prepared with major contributions from leading economists Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh, and Arvind Virmani "reject Subramanian's methodology, arguments, and conclusions on the basis of academic merit and grasp of Indian realities," according to an official statement. The note concluded with the point that India's GDP estimation methodology is by no means a perfect exercise and the Ministry of Statistics and Programme Implementation is working on multiple aspects to improve the accuracy of economic data. "However, the direction and pace of improvement is commendable and as of today India's GDP estimation methodology is at par with its global standing as a responsible, transparent and well-managed economy," said the statement. "If anything, the weakness of Subramaniam's attempt to suggest that the growth numbers are over-estimated confirms that the estimation process is robust to spurious criticism," said the statement. "Going forward, Indian National Income Accounting is bound to change for good and an important step in accomplishing that will involve criticism from experts and academics. But the country's interests are not served by imparting sensationalism through the negativity that questions the credibility of the system," added the statement.

EAC-PM releases detailed analysis on robustness of India's GDP estimation methodology

The BSE benchmark Sensex ended 66 points higher Wednesday after a highly volatile session ahead of the US Federal Reserve meet outcome.

After rallying nearly 400 points during the day, the BSE gauge settled 66.40 points or 0.17 per cent, higher at 39,112.74. The index hit an intra-day high of 39,435.80 and a low of 38,881.05.

The broader NSE Nifty closed almost flat at 11,691.45. During the day, the index touched a high of 11,802.50 and a low of 11,625.10.

Top gainers in the Sensex pack included Tata Steel, Kotak Bank, NTPC, HDFC twins, PowerGrid and ONGC, rising up to 4.60 per cent.

On the other hand, Yes Bank, Tata Motors, Hero MotoCorp, IndusInd Bank, M&amp;M, Bharti Airtel and Bajaj Auto fell up to 5.54 per cent.

The domestic market opened on a positive note following upbeat Asian bourses on hopes that the US Fed might cut rates in the near future, said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers.

Further, reports of US-China trade talks next week also gave a shot in the arm to global markets, he added.

However, the markets trimmed most of their gains and came off the day's highs led by selling in PSU banks, auto and pharma and IT sectors.

"The markets also failed to draw any sense of relief with the Reserve Bank of India's statement that it will infuse Rs 12,500 crore of liquidity into the system through purchase of government bonds to ease prevailing liquidity conditions," Solanki said.

Elsewhere in Asia, Hang Seng rallied 2.56 per cent, Shanghai Composite Index jumped 0.96 per cent, Nikkei soared 1.72 per cent and Kospi gained 1.24 per cent.

Stock exchanges in Europe were trading on a mixed note in early deals.

On the currency front, the Indian rupee was flat at 69.70 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, fell 0.55 per cent to $61.80 per barrel.

The BSE benchmark Sensex ended 66 points higher Wednesday after a highly volatile session ahead of the US Federal Reserve meet outcome. After rallying nearly 400 points during the day, the BSE gauge settled 66.

The BSE benchmark Sensex ended 66 points higher Wednesday after a highly volatile session ahead of the US Federal Reserve meet outcome. After rallying nearly 400 points during the day, the BSE gauge settled 66.40 points or 0.17 per cent, higher at 39,112.74. The index hit an intra-day high of 39,435.80 and a low of 38,881.05. The broader NSE Nifty closed almost flat at 11,691.45. During the day, the index touched a high of 11,802.50 and a low of 11,625.10. Top gainers in the Sensex pack included Tata Steel, Kotak Bank, NTPC, HDFC twins, PowerGrid and ONGC, rising up to 4.60 per cent. On the other hand, Yes Bank, Tata Motors, Hero MotoCorp, IndusInd Bank, M&M, Bharti Airtel and Bajaj Auto fell up to 5.54 per cent. The domestic market opened on a positive note following upbeat Asian bourses on hopes that the US Fed might cut rates in the near future, said Narendra Solanki, Head-Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers. Further, reports of US-China trade talks next week also gave a shot in the arm to global markets, he added. However, the markets trimmed most of their gains and came off the day's highs led by selling in PSU banks, auto and pharma and IT sectors. "The markets also failed to draw any sense of relief with the Reserve Bank of India's statement that it will infuse Rs 12,500 crore of liquidity into the system through purchase of government bonds to ease prevailing liquidity conditions," Solanki said. Elsewhere in Asia, Hang Seng rallied 2.56 per cent, Shanghai Composite Index jumped 0.96 per cent, Nikkei soared 1.72 per cent and Kospi gained 1.24 per cent. Stock exchanges in Europe were trading on a mixed note in early deals. On the currency front, the Indian rupee was flat at 69.70 against the US dollar intra-day. Brent crude futures, the global oil benchmark, fell 0.55 per cent to $61.80 per barrel.

Sensex ends 66 points higher; auto, bank stocks tank

The European Union's second highest court ruled on Wednesday that Adidas's three-stripe branding was invalid as a trademark as it lacked a distinctive character.

The General Court of the European Union said it upheld a decision of the European Intellectual Property Office (EUIPO) in 2016 to annul a previous decision to accept the mark.

The German sports goods company registered the trademark in 2014 for clothing, footwear and headgear, saying it consisted of "three parallel equidistant stripes of equal width applied to the product in whichever direction."

However, it was challenged by Belgian company Shoe Branding Europe, with which Adidas has been in a decade-long dispute.

An EU court rendered Shoe Branding's two-stripe trademark invalid last year saying the stripes were too similar to the trademark of Adidas.

Adidas needed to show the mark had acquired a "distinctive character" throughout the European Union based on its use so that consumers inherently knew a product was from Adidas and could distinguish it from products of another company.

The court said the mark was not a pattern but an "ordinary figurative mark" and it was not relevant to take into account specific uses involving colours.

It also said Adidas had provided evidence related to the mark's use in five EU countries but not throughout the bloc.

Adidas can still appeal to the European Court of Justice.

The European Union's second highest court ruled on Wednesday that Adidas's three-stripe branding was invalid as a trademark as it lacked a distinctive character.

The European Union's second highest court ruled on Wednesday that Adidas's three-stripe branding was invalid as a trademark as it lacked a distinctive character. The General Court of the European Union said it upheld a decision of the European Intellectual Property Office (EUIPO) in 2016 to annul a previous decision to accept the mark. The German sports goods company registered the trademark in 2014 for clothing, footwear and headgear, saying it consisted of "three parallel equidistant stripes of equal width applied to the product in whichever direction." However, it was challenged by Belgian company Shoe Branding Europe, with which Adidas has been in a decade-long dispute. An EU court rendered Shoe Branding's two-stripe trademark invalid last year saying the stripes were too similar to the trademark of Adidas. Adidas needed to show the mark had acquired a "distinctive character" throughout the European Union based on its use so that consumers inherently knew a product was from Adidas and could distinguish it from products of another company. The court said the mark was not a pattern but an "ordinary figurative mark" and it was not relevant to take into account specific uses involving colours. It also said Adidas had provided evidence related to the mark's use in five EU countries but not throughout the bloc. Adidas can still appeal to the European Court of Justice.

EU court declares Adidas three-stripe trademark invalid

The rupee appreciated by 11 paise to 69.80 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and easing crude prices.

Forex dealers said, selling of the American currency by exporters and fall in crude oil prices supported the rupee. However, foreign fund outflows weighed on the domestic currency.

The rupee opened strong at 69.82 at the interbank forex market then gained further ground to touch 69.80 per dollar amid positive opening in domestic equities, displaying gains of 11 paise against the greenback.

On Monday, the rupee had settled at 69.91 against the US dollar.

Forex traders said investors are waiting the outcome of the monetary policy of Federal Open Market Committee (FOMC), Bank of England and Bank of Japan, scheduled this week.

Foreign funds pulled out Rs 331.21 crore from the capital markets on a net basis Monday, provisional data showed.

The benchmark BSE Sensex was trading with gains of 74.25 points, or 0.19&nbsp;per cent to quote at 39,035.04 while the NSE Nifty was trading at 11,683.60, up 11.45 points, or 0.10 per cent.

Meanwhile, brent crude, the global benchmark, was trading at 60.90 per barrel lower by 0.07 per cent.&nbsp;

The rupee appreciated by 11 paise to 69.80 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and easing crude prices.

The rupee appreciated by 11 paise to 69.80 against the US dollar in opening trade Tuesday, driven by positive opening in domestic equities and easing crude prices. Forex dealers said, selling of the American currency by exporters and fall in crude oil prices supported the rupee. However, foreign fund outflows weighed on the domestic currency. The rupee opened strong at 69.82 at the interbank forex market then gained further ground to touch 69.80 per dollar amid positive opening in domestic equities, displaying gains of 11 paise against the greenback. On Monday, the rupee had settled at 69.91 against the US dollar. Forex traders said investors are waiting the outcome of the monetary policy of Federal Open Market Committee (FOMC), Bank of England and Bank of Japan, scheduled this week. Foreign funds pulled out Rs 331.21 crore from the capital markets on a net basis Monday, provisional data showed. The benchmark BSE Sensex was trading with gains of 74.25 points, or 0.19 per cent to quote at 39,035.04 while the NSE Nifty was trading at 11,683.60, up 11.45 points, or 0.10 per cent. Meanwhile, brent crude, the global benchmark, was trading at 60.90 per barrel lower by 0.07 per cent.

Rupee rises 11 paise to 69.80 vs US dollar in early trade

Domestic equity benchmark BSE Sensex the NSE Nifty turned cautious in early trade Tuesday ahead of US Federal Reserve's meeting, amid escalating global trade war concerns.

After rebounding over 150 points in opening session, the 30-share index pared gains to trade marginally higher at 38,969.76 at 0945 hours.&nbsp;

Similarly, the broader NSE Nifty was quoting slightly up at 11,678.25.

In the previous session on Monday, the BSE gauge settled 491.28 points, or 1.25 per cent, lower at 38,960.79; while the Nifty cracked 151.15 points, or 1.28 per cent, to close at 11,672.15.

Top losers in the Sensex pack in early trade included Yes Bank, Tata Steel, Asian Paints, HUL, SBI and RIL, shedding up to 1.55 per cent.

On the other hand, PowerGrid, Infosys, IndusInd Bank, HCL Tech, Vedanta, M&amp;M, Bajaj Finance and HDFC rose up to 1.42 per cent.

Investors have turned cautious ahead of the US Federal Reserve's policy meeting, scheduled to begin later in the day, traders said.

According to experts, market is finding it difficult to sustain at elevated levels on the back of muted corporate earnings, slow monsoon season, continuous corporate defaults and developing concerns of India-US trade disagreements.

Further adding to worries are concerns around an escalation of the trade war between the US and China, and impacts for India, as well as US data that showed that the economy may not need a rate cut imminently, they said.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng and Kospi were trading on a positive note in their respective early sessions, while Nikkei was trading in the red.

Meanwhile, foreign institutional investors sold equity worth Rs 331.27 crore, while domestic institutional investors bought shares to the tune of Rs 1,257.86 crore, provisional data available with stock exchanges showed on Monday.

On the currency front, the Indian rupee appreciated 9 paise to 69.82 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.10 per cent lower at 60.88 per barrel.

Domestic equity benchmark BSE Sensex the NSE Nifty turned cautious in early trade Tuesday ahead of US Federal Reserve's meeting, amid escalating global trade war concerns.

Domestic equity benchmark BSE Sensex the NSE Nifty turned cautious in early trade Tuesday ahead of US Federal Reserve's meeting, amid escalating global trade war concerns. After rebounding over 150 points in opening session, the 30-share index pared gains to trade marginally higher at 38,969.76 at 0945 hours. Similarly, the broader NSE Nifty was quoting slightly up at 11,678.25. In the previous session on Monday, the BSE gauge settled 491.28 points, or 1.25 per cent, lower at 38,960.79; while the Nifty cracked 151.15 points, or 1.28 per cent, to close at 11,672.15. Top losers in the Sensex pack in early trade included Yes Bank, Tata Steel, Asian Paints, HUL, SBI and RIL, shedding up to 1.55 per cent. On the other hand, PowerGrid, Infosys, IndusInd Bank, HCL Tech, Vedanta, M&M, Bajaj Finance and HDFC rose up to 1.42 per cent. Investors have turned cautious ahead of the US Federal Reserve's policy meeting, scheduled to begin later in the day, traders said. According to experts, market is finding it difficult to sustain at elevated levels on the back of muted corporate earnings, slow monsoon season, continuous corporate defaults and developing concerns of India-US trade disagreements. Further adding to worries are concerns around an escalation of the trade war between the US and China, and impacts for India, as well as US data that showed that the economy may not need a rate cut imminently, they said. Elsewhere in Asia, while Shanghai Composite Index, Hang Seng and Kospi were trading on a positive note in their respective early sessions, while Nikkei was trading in the red. Meanwhile, foreign institutional investors sold equity worth Rs 331.27 crore, while domestic institutional investors bought shares to the tune of Rs 1,257.86 crore, provisional data available with stock exchanges showed on Monday. On the currency front, the Indian rupee appreciated 9 paise to 69.82 against the US dollar. The global oil benchmark Brent crude futures were trading 0.10 per cent lower at 60.88 per barrel.

Sensex, Nifty turn cautious ahead of US Fed policy meet

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy.

"Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years &amp; create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said.

A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use, the products and materials are recovered and regenerated at the end of each service life.&nbsp;

This economic system is aimed at minimising waste and making the most of resources.

Kant underlined the need for legislation to promote the circular economy in the country. "Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he said.

He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level.

This would require 71 per cent more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050, he noted.

The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday.

Circular economy has potential to create nearly one-and-half crore jobs in next five to seven years and create lakhs of new entrepreneurs, NITI Aayog CEO Amitabh Kant said here on Monday. Speaking at 'Circular Economy Symposium 2019' organised by FICCI, Kant said that resource circularity and sustainable development are the need of the hour to implement the circular economy. "Circular economy has the potential to generate 1.4 crore jobs in the next 5-7 years & create lakhs of new entrepreneurs. Resource circularity is need of the hour to implement circular economy," he said. A circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use for as long as possible, the maximum value is extracted from them whilst in use, the products and materials are recovered and regenerated at the end of each service life. This economic system is aimed at minimising waste and making the most of resources. Kant underlined the need for legislation to promote the circular economy in the country. "Several countries have recognised the centrality of the circularity as the new paradigm for sustainable development. They have not only embraced the concept of circular economy in their daily life but also brought in regulations to ensure higher compliance and promote more reuse, refurbishment and recycling," he said. He said that by 2050, the world population would reach 9.7 billion of which 3 billion people would prosper to middle-class consumption level. This would require 71 per cent more resources per capita, thereby raising total mineral and material demand from 50 billion tonnes in 2014 to 130 billion tonnes in 2050, he noted. The NITI Aayog also stressed on the need for promoting non-government organisations to spread awareness and developing a circular economy as a national agenda.

Circular economy can generate 1.4 crore jobs in next 5-7 years: NITI Aayog CEO Amitabh Kant

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth.

US West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday.

The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

US business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market.

"The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok.

Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the US-China trade war and disappointing economic data.

US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting.

Putting further pressure on oil, the US energy department said on Monday that shale oil output is expected to reach a record in July.

But tensions in the Middle East are likely to keep prices supported, analysts said.

Acting US Defence Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China.

Oil prices steadied on Tuesday, caught between rising tensions in the Middle East and signs that economic growth is being hit by trade tensions between the United States and China. Brent crude futures were up 4 cents at $60.98 a barrel by 0055 GMT. They fell 1.7% in the previous session on concerns about slowing global growth. US West Texas Intermediate (WTI) crude futures were 1 cent lower at $51.92. They dropped 1.1% on Monday. The New York Federal Reserve said on Monday its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity. US business sentiment has sagged as tensions over trade have escalated between China and the United States and on signs of softness in the labour market. "The market is in a rut and desperately in need of some robust economic data to get it out of this funk," said Stephen Innes, managing partner at Vanguard Markets in Bangkok. Oil prices have fallen around 20% since 2019 highs reached in April, in part due to concerns about the US-China trade war and disappointing economic data. US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan later this month. Trump has said he would meet Xi at the summit, although China has not confirmed the meeting. Putting further pressure on oil, the US energy department said on Monday that shale oil output is expected to reach a record in July. But tensions in the Middle East are likely to keep prices supported, analysts said. Acting US Defence Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran. Fears of a confrontation between Iran and the United States have mounted since last Thursday when two oil tankers were attacked, which Washington has blamed on Tehran.

Oil prices hold steady amid Middle East tensions, weak economic data

Investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.

MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05%.

Australian stocks added 0.1% while Japan's Nikkei dipped 0.05%.

The Fed, facing fresh demands by US President Donald Trump to cut interest rates, begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year.

Fresh hopes for looser US monetary policy have been a tonic for risk assets markets, which were buffeted last month by an escalation in the trade conflict between Washington and Beijing. The S&amp;P 500 has gained 5% this month after sliding in May on trade war fears.

Focus is now on how close the Fed could be to cutting interest rates amid the raging US-China trade war, signs of the economy losing steam and pressure by President Trump to ease policy.

"The FOMC (Federal Open Market Committee) meeting is the week's biggest event so there will be a degree of caution prevailing in the markets," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"Expectations for a rate cut in July have increased significantly, so the markets could experience disappointment if the Fed does not send strong signals of impending easing."

US Treasury yields dipped on Monday after the New York Fed's "Empire" gauge of business growth in the state showed a fall this month to its weakest in more than 2-1/2-years, fanning rate cut expectations.

The dollar index against a basket of six major currencies stood little changed at 97.507 after pulling back from a two-week high on the decline in Treasury yields.

The pound traded at $1.2542 after retreating overnight to a six-month low of $1.2532 on Monday on concerns that arch-Brexiteer Boris Johnson will replace Theresa May as prime minister.

The euro was a shade higher at $1.1224 after spending the previous day confined to a narrow range.

US crude oil futures shed 0.08% to $51.89 per barrel after retreating 1.1% the previous day.

Oil prices had slipped on Monday as weak Chinese economic data released at the end of last week led to fears of lower global demand for the commodity.

Concerns over weakening demand overshadowed tensions in the Middle East, which remained high following last week's attacks on two oil tankers in the Gulf of Oman.

Investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions.

Investor caution ahead of the Federal Reserve's interest rate meeting capped Asian stocks on Tuesday, while crude oil prices retreated as global growth worries overshadowed supply concerns stemming from recent Middle East tensions. MSCI's broadest index of Asia-Pacific shares outside Japan inched up 0.05%. Australian stocks added 0.1% while Japan's Nikkei dipped 0.05%. The Fed, facing fresh demands by US President Donald Trump to cut interest rates, begins a two-day meeting later on Tuesday. The central bank is expected to leave borrowing costs unchanged this time but possibly lay the groundwork for a rate cut later this year. Fresh hopes for looser US monetary policy have been a tonic for risk assets markets, which were buffeted last month by an escalation in the trade conflict between Washington and Beijing. The S&P 500 has gained 5% this month after sliding in May on trade war fears. Focus is now on how close the Fed could be to cutting interest rates amid the raging US-China trade war, signs of the economy losing steam and pressure by President Trump to ease policy. "The FOMC (Federal Open Market Committee) meeting is the week's biggest event so there will be a degree of caution prevailing in the markets," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. "Expectations for a rate cut in July have increased significantly, so the markets could experience disappointment if the Fed does not send strong signals of impending easing." US Treasury yields dipped on Monday after the New York Fed's "Empire" gauge of business growth in the state showed a fall this month to its weakest in more than 2-1/2-years, fanning rate cut expectations. The dollar index against a basket of six major currencies stood little changed at 97.507 after pulling back from a two-week high on the decline in Treasury yields. The pound traded at $1.2542 after retreating overnight to a six-month low of $1.2532 on Monday on concerns that arch-Brexiteer Boris Johnson will replace Theresa May as prime minister. The euro was a shade higher at $1.1224 after spending the previous day confined to a narrow range. US crude oil futures shed 0.08% to $51.89 per barrel after retreating 1.1% the previous day. Oil prices had slipped on Monday as weak Chinese economic data released at the end of last week led to fears of lower global demand for the commodity. Concerns over weakening demand overshadowed tensions in the Middle East, which remained high following last week's attacks on two oil tankers in the Gulf of Oman.

Asia stocks capped ahead of Fed, oil on defensive

Jet Airways' shares faced massive drubbing Tuesday and tumbled nearly 41 per cent after State Bank of India-led consortium of lenders decided to send the grounded airline to the <a href="https://www.wionews.com/business-economy/banks-vote-to-send-jet-airways-for-bankruptcy-to-recover-dues-228085">National Company Law Tribunal</a>.

The scrip plummeted 40.78 per cent to close at Rs 40.45 on the BSE. During the day, it tanked 52.78 per cent to hit an all-time low of Rs 32.25.

On the National Stock Exchange (NSE), shares plunged 40.78 per cent to close at Rs 40.50 apiece. During the day, it dropped 53.72 per cent to a record low of Rs 31.65.

On the traded volume front, 60.53 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day.

This the 12th consecutive trading day fall for Jet Airways and the scrip has plunged over 73 per cent during this time, wiping out Rs 1,253.5 crore from its market valuation, on the BSE.

Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder and instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues.

The once-largest private sector airline, started over 25 years ago, stopped flying in April after it ran out of cash and the unpaid lessors took away most of its 100-odd operational aircraft.

After a meeting of the 26 lenders on Monday, SBI in a statement said that "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received".

The decision of the lenders to seek bankruptcy process through the NCLT came exactly two months after the airline stopped flying on April 17 after being on the fringe since last July.

The scrip has also been on a backfoot following announcement that stock exchanges will impose restrictions on trading in Jet Airways' shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. 
&nbsp;

Jet Airways' shares faced massive drubbing Tuesday and tumbled nearly 41 per cent after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal.

Jet Airways' shares faced massive drubbing Tuesday and tumbled nearly 41 per cent after State Bank of India-led consortium of lenders decided to send the grounded airline to the National Company Law Tribunal. The scrip plummeted 40.78 per cent to close at Rs 40.45 on the BSE. During the day, it tanked 52.78 per cent to hit an all-time low of Rs 32.25. On the National Stock Exchange (NSE), shares plunged 40.78 per cent to close at Rs 40.50 apiece. During the day, it dropped 53.72 per cent to a record low of Rs 31.65. On the traded volume front, 60.53 lakh shares of the company were traded on the BSE and over four crore shares on the NSE during the day. This the 12th consecutive trading day fall for Jet Airways and the scrip has plunged over 73 per cent during this time, wiping out Rs 1,253.5 crore from its market valuation, on the BSE. Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder and instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The once-largest private sector airline, started over 25 years ago, stopped flying in April after it ran out of cash and the unpaid lessors took away most of its 100-odd operational aircraft. After a meeting of the 26 lenders on Monday, SBI in a statement said that "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received". The decision of the lenders to seek bankruptcy process through the NCLT came exactly two months after the airline stopped flying on April 17 after being on the fringe since last July. The scrip has also been on a backfoot following announcement that stock exchanges will impose restrictions on trading in Jet Airways' shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

Jet Airways shares plummet 41% as company lands in bankruptcy court

The <a href="https://www.wionews.com/business-economy/bond-yields-spiral-lower-take-stocks-along-for-the-ride-206161">European Central Bank </a>will ease policy again if inflation does not rise back to its target, ECB President <a href="https://www.wionews.com/business-economy/asia-stocks-firm-euro-sags-after-dovish-ecb-192609">Mario Draghi</a> said on Tuesday, reinforcing expectations for even more stimulus in the coming weeks.

The ECB has undershot its inflation target of just under 2 per cent since 2013 and a slowdown in growth amid a global trade war has raised the risk that price growth will ease further, unravelling the impact of unprecedented accommodation.

"In the absence of improvement, such that the sustained return of inflation to our aim is threatened, the additional stimulus will be required," Draghi told the ECB's annual conference in Sintra, Portugal.

He said the ECB could still cut rates, adjust its guidance, offer mitigating measures to counter the unwanted side effects of negative rates and it also had "considerable headroom" for more asset purchases.

The comments, taken by markets as unexpectedly dovish, sent the euro down by a quarter of a per cent against the dollar while stocks erased early losses and bond yields fell further, many into record low territory.

Markets have already priced in 15-20 basis points of cuts in the ECB's minus 0.40% deposit rate - a big change compared to the start of the year when rate hikes were firmly on the table.

"Will use all the flexibility within our mandate to fulfil our mandate – and we will do so again to answer any challenges to price stability in the future," Draghi said.

Adding an argument for the urgency of action, Draghi noted that growth risks are tilted to the downside and indicators for the coming quarters point to lingering softness.

The ECB would now use the "coming weeks" to study its options, a suggestion that indicated action from the bank may come sooner rather than later.

Limits

Draghi also dismissed market concerns that asset purchases lacked potency as the ECB was coming up against its self-imposed limits, including a rule that prevents it from buying more than one-third of a particular country's debt.

He noted that the limits are flexible because the ECB's legal powers allow it to deploy tools that are both necessary and proportionate.

He said the European Court of Justice had already confirmed that the ECB has broad discretion in using its tools.

Although the ECJ cleared the asset purchases in an earlier ruling, it argued that limits on the buys must be in place, suggesting that any change in those limits could land the ECB back in court.

The ECB sees inflation at 1.4% next year and market-based inflation expectations point to a slowdown in the years ahead.

But Draghi said the ECB would not accept low inflation and would fulfil its mandate, even if the fiscal policy did not provide the necessary support.

"We are committed, and are not resigned to having a low rate of inflation forever or even for now," Draghi said. "That aim is symmetric, which means that, if we are to deliver that value of inflation in the medium term, inflation has to be above that level at some time in the future."

The European Central Bank will ease policy again if inflation does not rise back to its target, ECB President Mario Draghi said on Tuesday, reinforcing expectations for even more stimulus in the coming weeks.

The European Central Bank will ease policy again if inflation does not rise back to its target, ECB President Mario Draghi said on Tuesday, reinforcing expectations for even more stimulus in the coming weeks. The ECB has undershot its inflation target of just under 2 per cent since 2013 and a slowdown in growth amid a global trade war has raised the risk that price growth will ease further, unravelling the impact of unprecedented accommodation. "In the absence of improvement, such that the sustained return of inflation to our aim is threatened, the additional stimulus will be required," Draghi told the ECB's annual conference in Sintra, Portugal. He said the ECB could still cut rates, adjust its guidance, offer mitigating measures to counter the unwanted side effects of negative rates and it also had "considerable headroom" for more asset purchases. The comments, taken by markets as unexpectedly dovish, sent the euro down by a quarter of a per cent against the dollar while stocks erased early losses and bond yields fell further, many into record low territory. Markets have already priced in 15-20 basis points of cuts in the ECB's minus 0.40% deposit rate - a big change compared to the start of the year when rate hikes were firmly on the table. "Will use all the flexibility within our mandate to fulfil our mandate – and we will do so again to answer any challenges to price stability in the future," Draghi said. Adding an argument for the urgency of action, Draghi noted that growth risks are tilted to the downside and indicators for the coming quarters point to lingering softness. The ECB would now use the "coming weeks" to study its options, a suggestion that indicated action from the bank may come sooner rather than later. Limits Draghi also dismissed market concerns that asset purchases lacked potency as the ECB was coming up against its self-imposed limits, including a rule that prevents it from buying more than one-third of a particular country's debt. He noted that the limits are flexible because the ECB's legal powers allow it to deploy tools that are both necessary and proportionate. He said the European Court of Justice had already confirmed that the ECB has broad discretion in using its tools. Although the ECJ cleared the asset purchases in an earlier ruling, it argued that limits on the buys must be in place, suggesting that any change in those limits could land the ECB back in court. The ECB sees inflation at 1.4% next year and market-based inflation expectations point to a slowdown in the years ahead. But Draghi said the ECB would not accept low inflation and would fulfil its mandate, even if the fiscal policy did not provide the necessary support. "We are committed, and are not resigned to having a low rate of inflation forever or even for now," Draghi said. "That aim is symmetric, which means that, if we are to deliver that value of inflation in the medium term, inflation has to be above that level at some time in the future."

European Central Bank will ease policy if inflation doesn't pick up: Chief Draghi

<a href="https://www.wionews.com/business-economy/oil-prices-fall-on-weak-demand-growth-rise-in-us-crude-stocks-226381">Oil&nbsp;prices&nbsp;fell</a> for a&nbsp;second&nbsp;day&nbsp;on Tuesday&nbsp;on signs that global economic growth is being hit by the <a href="https://www.wionews.com/business-economy/amid-us-china-trade-war-india-can-boost-exports-of-300-products-to-both-countries-report-227511">US-China trade war</a>, though losses were capped by Middle East tensions after last week's tanker attacks.

Brent crude futures were trading 42 cents down at $60.52 a barrel by 0932 GMT. US West Texas Intermediate crude futures lost 26 cents to $51.67.

The New York Federal Reserve on Monday&nbsp;said that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity.

US business sentiment has sagged as trade tensions have escalated between China and the United States and on signs of softness in the labour market.

<a href="https://www.wionews.com/world/oil-prices-fall-on-surging-us-crude-stockpiles-economic-concerns-220779">Oil&nbsp;prices&nbsp;have fallen</a> by about 20% from April's 2019 highs, partly because of concerns over the US-China trade war and disappointing economic data.

US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan this month. Trump has said he would meet Xi at the event, though China has not confirmed the meeting.

Putting further pressure on&nbsp;oil, the US energy department on Monday&nbsp;said that shale&nbsp;oil&nbsp;output is expected to reach a record high in July.

Fears of a confrontation between Iran and the United States have mounted since last Thursday's&nbsp;oil&nbsp;tanker attacks, which Washington has blamed on Tehran. Iran has denied involvement.

"Oil&nbsp;prices&nbsp;appear unperturbed by the further escalation of the Iran crisis," said Commerzbank's Carsten Fritsch.

Iran on Monday&nbsp;said it would breach internationally agreed curbs on its stock of low-enriched uranium within 10&nbsp;days, adding that European nations still had time to save a landmark nuclear deal.

Acting US Defense Secretary Patrick Shanahan announced on Monday&nbsp;the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran.

Saudi Arabian Energy Minister Khalid al-Falih on Monday&nbsp;said that countries need to cooperate on keeping shipping lanes open for&nbsp;oil&nbsp;and other energy supplies to ensure stable supplies.

He also said that Saudi exports and production are expected to remain at "about the same level" as the past few months.

Market participants are also awaiting a meeting between the Organisation of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, to decide whether to extend a production cut agreement that ends this month.

Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the US-China trade war, though losses were capped by Middle East tensions after last week's tanker attacks.

Oil prices fell for a second day on Tuesday on signs that global economic growth is being hit by the US-China trade war, though losses were capped by Middle East tensions after last week's tanker attacks. Brent crude futures were trading 42 cents down at $60.52 a barrel by 0932 GMT. US West Texas Intermediate crude futures lost 26 cents to $51.67. The New York Federal Reserve on Monday said that its gauge of business growth in New York state posted a record fall this month to its weakest level in more than 2-1/2 years, suggesting an abrupt contraction in regional activity. US business sentiment has sagged as trade tensions have escalated between China and the United States and on signs of softness in the labour market. Oil prices have fallen by about 20% from April's 2019 highs, partly because of concerns over the US-China trade war and disappointing economic data. US President Donald Trump and China's President Xi Jinping could meet at the G20 summit in Japan this month. Trump has said he would meet Xi at the event, though China has not confirmed the meeting. Putting further pressure on oil, the US energy department on Monday said that shale oil output is expected to reach a record high in July. Fears of a confrontation between Iran and the United States have mounted since last Thursday's oil tanker attacks, which Washington has blamed on Tehran. Iran has denied involvement. "Oil prices appear unperturbed by the further escalation of the Iran crisis," said Commerzbank's Carsten Fritsch. Iran on Monday said it would breach internationally agreed curbs on its stock of low-enriched uranium within 10 days, adding that European nations still had time to save a landmark nuclear deal. Acting US Defense Secretary Patrick Shanahan announced on Monday the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran. Saudi Arabian Energy Minister Khalid al-Falih on Monday said that countries need to cooperate on keeping shipping lanes open for oil and other energy supplies to ensure stable supplies. He also said that Saudi exports and production are expected to remain at "about the same level" as the past few months. Market participants are also awaiting a meeting between the Organisation of the Petroleum Exporting Countries and other producers including Russia, a group known as OPEC+, to decide whether to extend a production cut agreement that ends this month.

Oil prices slip for second day on global growth fears

After ending in red on the previous close on Monday, the domestic stock market on Tuesday closed in green. While BSE Sensex went up 85.55 points to close at 39,046.34, NSE Nifty climbed 19.35 points at 11,691.50.

Sensex rebounded more than 150 points in the opening trade today morning and traded marginally higher at 38,969.76 at around 9.45 am. Nifty was trading slightly up at 11,678.25.

On Monday, BSE Sensex plunged 491.28 points to end at 38,960.79. Nifty, on the other hand, dropped 151.15 points to close at 11,672.15.

The stock market indices opened lower in early trade on Monday morning and continued to trade low this afternoon amid rising global crude oil prices and international trade tensions.

Meanwhile, the rupee gained 11 paise to 69.80 against the US dollar in opening trade.&nbsp;

(With inputs from agencies)&nbsp;

After ending in red on the previous close on Monday, the domestic stock market on Tuesday closed in green. While BSE Sensex went up 85.55 points to close at 39,046.

After ending in red on the previous close on Monday, the domestic stock market on Tuesday closed in green. While BSE Sensex went up 85.55 points to close at 39,046.34, NSE Nifty climbed 19.35 points at 11,691.50. Sensex rebounded more than 150 points in the opening trade today morning and traded marginally higher at 38,969.76 at around 9.45 am. Nifty was trading slightly up at 11,678.25. On Monday, BSE Sensex plunged 491.28 points to end at 38,960.79. Nifty, on the other hand, dropped 151.15 points to close at 11,672.15. The stock market indices opened lower in early trade on Monday morning and continued to trade low this afternoon amid rising global crude oil prices and international trade tensions. Meanwhile, the rupee gained 11 paise to 69.80 against the US dollar in opening trade. (With inputs from agencies)

Markets end in green; Sensex up by 85 points, Nifty at 11,691

The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade Monday on weak opening in domestic equities and rising crude oil prices.

The rupee opened weak at 69.87 at the interbank forex market and then fell further to 69.89, down 9 paise over its last close.

The local currency however pared the initial loss and was trading at 69.85 at 0951 hrs.

The rupee had settled at 69.80 against the US dollar Friday.

Forex traders said rising crude oil prices, foreign fund outflows and heavy selling in domestic equities kept pressure on the Indian rupee.

Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 62.19 per barrel.

Meanwhile, foreign institutional investors (FIIs) pulled out Rs 238.64 crore on a net basis Friday, provisional data showed.

Domestic bourses opened on a negative note Monday with benchmark indices Sensex trading 166.71 points down at 39,285.36 and Nifty down 58 points at 11,765.30.&nbsp;

The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade Monday on weak opening in domestic equities and rising crude oil prices. The rupee opened weak at 69.

The rupee depreciated by 9 paise to 69.89 against the US dollar in early trade Monday on weak opening in domestic equities and rising crude oil prices. The rupee opened weak at 69.87 at the interbank forex market and then fell further to 69.89, down 9 paise over its last close. The local currency however pared the initial loss and was trading at 69.85 at 0951 hrs. The rupee had settled at 69.80 against the US dollar Friday. Forex traders said rising crude oil prices, foreign fund outflows and heavy selling in domestic equities kept pressure on the Indian rupee. Brent crude futures, the global oil benchmark, rose 0.29 per cent to USD 62.19 per barrel. Meanwhile, foreign institutional investors (FIIs) pulled out Rs 238.64 crore on a net basis Friday, provisional data showed. Domestic bourses opened on a negative note Monday with benchmark indices Sensex trading 166.71 points down at 39,285.36 and Nifty down 58 points at 11,765.30.

Rupee slips 9 paise to 69.89 vs US dollar in early trade

Domestic equity benchmark BSE Sensex fell over 150 points and the NSE Nifty slipped below the 11,800 mark in early trade Monday tracking dragged down by losses in index heavyweight RIL, ITC and HDFC stocks.

The 30-share index was trading 175.29 points, or 0.44 per cent, lower at 39,276.78 at 0930 hours. Similarly, the broader NSE Nifty was quoting 50.20 points, or 0.42 per cent, down at 11,773.10.

In the previous session on Friday, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07, and the broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30.

Top losers in the Sensex pack in early trade included Vedanta, Tata Steel, RIL, Coal India, Axis Bank, Hero MotoCorp, Tata Motors and Kotak Bank, shedding up to 2 per cent.

On the other hand, Yes Bank, Infosys, PowerGrid, NTPC and TCS rose up to 1 per cent.

"Current formation of the market is indicating that major participants of the market are turning cautious ahead of the major outcome of Fed's decision, which is due on 19th June 2019," said Ashish Nanda EVP &amp; Business Head - PCG, Commodities and Currency Business, Kotak Securities.

US indices are trading at resistance levels, which is an indication of weakness to persist.

Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a mixed note in their respective early sessions.

Meanwhile, foreign institutional investors sold equity worth Rs 238.64 crore, while domestic institutional investors bought shares to the tune of Rs 376.47 crore, provisional data available with stock exchanges showed on Friday.

On the currency front, the Indian rupee depreciated 6 paise to 69.86 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.31 per cent higher at 62.20 per barrel.&nbsp;

Domestic equity benchmark BSE Sensex fell over 150 points and the NSE Nifty slipped below the 11,800 mark in early trade Monday tracking dragged down by losses in index heavyweight RIL, ITC and HDFC stocks.

Domestic equity benchmark BSE Sensex fell over 150 points and the NSE Nifty slipped below the 11,800 mark in early trade Monday tracking dragged down by losses in index heavyweight RIL, ITC and HDFC stocks. The 30-share index was trading 175.29 points, or 0.44 per cent, lower at 39,276.78 at 0930 hours. Similarly, the broader NSE Nifty was quoting 50.20 points, or 0.42 per cent, down at 11,773.10. In the previous session on Friday, the BSE gauge settled 289.29 points, or 0.73 per cent, lower at 39,452.07, and the broader NSE Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. Top losers in the Sensex pack in early trade included Vedanta, Tata Steel, RIL, Coal India, Axis Bank, Hero MotoCorp, Tata Motors and Kotak Bank, shedding up to 2 per cent. On the other hand, Yes Bank, Infosys, PowerGrid, NTPC and TCS rose up to 1 per cent. "Current formation of the market is indicating that major participants of the market are turning cautious ahead of the major outcome of Fed's decision, which is due on 19th June 2019," said Ashish Nanda EVP & Business Head - PCG, Commodities and Currency Business, Kotak Securities. US indices are trading at resistance levels, which is an indication of weakness to persist. Elsewhere in Asia, while Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading on a mixed note in their respective early sessions. Meanwhile, foreign institutional investors sold equity worth Rs 238.64 crore, while domestic institutional investors bought shares to the tune of Rs 376.47 crore, provisional data available with stock exchanges showed on Friday. On the currency front, the Indian rupee depreciated 6 paise to 69.86 against the US dollar. The global oil benchmark Brent crude futures were trading 0.31 per cent higher at 62.20 per barrel.

Sensex drops over 150 points; Nifty below 11,800

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Brent futures had climbed 26 cents, or 0.4%, to $62.27 a barrel by 0314 GMT. They gained 1.1% on Friday.

US West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.3%, at $52.68 a barrel. They rose 0.4% in the previous session.

Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz.

It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism from Tehran.

"We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour".

Tensions between Iran and the United States have risen since US President Donald Trump pulled out of a deal last year between Iran and global powers that aimed to curb Tehran's nuclear ambitions in exchange for sanctions relief.

Iran has repeatedly warned it would block the Strait of Hormuz if it cannot sell its oil because of US sanctions.

"Growing tensions in the Middle East remain a cause for concern as traders fear supply disruptions over an escalation towards militaristic conflicts," said Benjamin Lu, an analyst at Phillip Futures in Singapore.

Also supporting prices were comments over the weekend by the Saudi energy minister, Khalid al-Falih, that OPEC would probably meet in the first week of July and he hoped it would reach an agreement on extending oil output curbs.

"We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna," Falih told reporters while attending a G20 energy and environment ministerial meeting in Karuizawa, northwest of Tokyo.

The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from January 1. The pact ends this month and the group meets in coming weeks to decide the next move.

US energy companies also cut the number of oil rigs operating for a second week in a row, with production growth expected to slow as crude prices fell to near their lowest levels of the year.

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.

Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week. Brent futures had climbed 26 cents, or 0.4%, to $62.27 a barrel by 0314 GMT. They gained 1.1% on Friday. US West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.3%, at $52.68 a barrel. They rose 0.4% in the previous session. Prices had jumped as much as 4.5% on Thursday after the attacks on two oil tankers near Iran and the Strait of Hormuz. It was the second time in a month tankers have been attacked in the world's most important zone for oil supplies as tensions increase between the United States and Iran. Washington blamed Iran for Thursday's attacks, prompting a denial and criticism from Tehran. "We don't want war. We've done what we can to deter this," Pompeo said in an interview with Fox News Sunday, adding: "The Iranians should understand very clearly that we will continue to take actions that deter Iran from engaging in this kind of behaviour". Tensions between Iran and the United States have risen since US President Donald Trump pulled out of a deal last year between Iran and global powers that aimed to curb Tehran's nuclear ambitions in exchange for sanctions relief. Iran has repeatedly warned it would block the Strait of Hormuz if it cannot sell its oil because of US sanctions. "Growing tensions in the Middle East remain a cause for concern as traders fear supply disruptions over an escalation towards militaristic conflicts," said Benjamin Lu, an analyst at Phillip Futures in Singapore. Also supporting prices were comments over the weekend by the Saudi energy minister, Khalid al-Falih, that OPEC would probably meet in the first week of July and he hoped it would reach an agreement on extending oil output curbs. "We are hoping that we will reach consensus to extend our agreement when we meet in two weeks time in Vienna," Falih told reporters while attending a G20 energy and environment ministerial meeting in Karuizawa, northwest of Tokyo. The Organization of the Petroleum Exporting Countries plus Russia and other producers, an alliance known as OPEC+, have a deal to cut output by 1.2 million barrels per day (bpd) from January 1. The pact ends this month and the group meets in coming weeks to decide the next move. US energy companies also cut the number of oil rigs operating for a second week in a row, with production growth expected to slow as crude prices fell to near their lowest levels of the year.

Oil prices rise after tanker attacks stoke Middle East tensions

Harried bankers Monday decided against <a href="https://www.wionews.com/business-economy/jet-airways-shares-continue-to-face-massive-selling-pressure-tumble-over-18-per-cent-227881">an outright sale of Jet Airways</a> to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues.

The once largest private sector airline started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes.

The decision of the lenders to seek bankruptcy process through the NCLT comes exactly two months after the airline stopped flying on April 17, after being on the fringe since last July.

The nascent bankruptcy process has been fraught with inordinate delays with only a fraction of the cases have been resolved within the timeline, while the asset in on the books of the once the largest airliner are just fraction of its dues which run into over Rs 36,000 crore.

After a meeting of the 26 lenders here Monday, SBI in a statement said, "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received".

Watch: Jet Airways lenders decide to take airline to NCLT

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/jet-airways-lenders-decide-to-take-airline-to-nclt-228045/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The statement further said the move was necessitated as the prospective investor wants some Sebi exemptions for a possible deal which can be worked out better under the bankruptcy laws.

The Etihad-Hinduja consortium had reportedly shown interest but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge as they have asked for a large haircut from the lenders.

The decision also comes amidst reports of Goyal being put on a lookout notice by federal law enforcement agencies and also launching a money-laundering probe against him.

The grounding of Jet Airways, which was the largest full-service carrier left over 23,000 employees unpaid for months in the lurch, and also sent airfares soaring by over 40 per cent on average. And even after two months, prices are yet to normalise.

As the cash crisis worsened and lenders refused any lifeline to the airline under promoter chairman Goyal, who was forced to give up control on March 25, when lenders had in principle agreed to infuse Rs 1,500 crore for equity. But that never materialised, as bankers were chary of the fate of the February 12 circular of the RBI which was being heard at the Supreme Court.

Finally, on April 2, the apex court struck down the contentious circular, sealing the bank-led process to resolve the crisis at the airline.

The Abu Dhabi carrier Etihad has been holding 24 per cent in the airline since November 2013 after investing Rs 2,062 crore but is not interested in increasing the stake further or having management control of the airline.

With the March 25 resolution, Etihad's 24 per cent stake was halved and it lost its board representation as well along with Goyal and his wife Anita.

Anyway, the airline remains an asset only as a legal entity as its liabilities far outweigh the negligible assets. While its liabilities and debt are over Rs 36,000 crore, the only key assets are its two Heathrow airport slots and the minority stake in its loyalty programme called JPMiles.

Also, most of its domestic airport slots have been given away to other airlines by the government and so are some of its slots at some key international airports.

On the aeroplane assets side, Jet had only 16 on its book as the rest of its 123 fleet were on lease and most of them have been de-registered and taken away by the foreign lessors already.

The Jet shares are at multiyear lows and plunged 17 per cent Monday after exchanges last week put curbs on trading in its stock on June 12. In the past three trading sessions alone, the stock lost as much as 55 per cent of its value.

Monday the stock dived close to 17 per cent to close Rs 68.30 on the BSE with a market cap of just under Rs 776 crore, whose benchmark also plunged 1.25 per cent.

When banks converted a part of their debt into equity when the stock was trading over Rs 250 apiece. The conversion price was fixed at a nominal Re 1, though.

With bankers now opting for NCLT, the fate of the previous petitions from two operational creditors seeking bankruptcy could be expedited.

On June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had taken the airline to the Mumbai bench of the NCLT seeking bankruptcy and on June 13 the tribunal, which is yet to admit the petitions put off the matter for further hearing to June 20.

The airline owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises.

Jet Airways owes over Rs 8,000 crore to a consortium of 26 banks led by the State Bank, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.

It can be noted that on April 8 through 12, bankers had put the airline on sale-offering 33 to 75 per cent stake-of which the lenders own 51 per cent now-to interested parties and received four preliminary bids.

The bids came in from two private equity players-TPG and Indigo Partners and also from Etihad Airways and the national sovereign wealth fund NIIF. But none of them chose to submit financial bids. The lenders had initially put May 30 deadline to complete the sale process.

In the run-up to the crisis, the Tatas, which already run two airlines--the full-service Vistara and the no-frills carrier AirAsia India with eponymous Malaysian group--had shown interest to take it over but since Goyal insisted on staying back as chairman the proposal did not materialise.

The same also reportedly led to the above four bidders to force the lenders to reject his bid piggy-ridding on a foreign investor.&nbsp;

Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues.

Harried bankers Monday decided against an outright sale of Jet Airways to the lone bidder, instead voted to send it for bankruptcy to recover their Rs 8,000 crore dues. The once largest private sector airline started over 25 years ago by airline-ticketing-agent-turned-entrepreneur Naresh Goyal, stopped flying on April 17 after it ran out of cash and the unpaid lessors took away most of its 100-odd operational airplanes. The decision of the lenders to seek bankruptcy process through the NCLT comes exactly two months after the airline stopped flying on April 17, after being on the fringe since last July. The nascent bankruptcy process has been fraught with inordinate delays with only a fraction of the cases have been resolved within the timeline, while the asset in on the books of the once the largest airliner are just fraction of its dues which run into over Rs 36,000 crore. After a meeting of the 26 lenders here Monday, SBI in a statement said, "after due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received". Watch: Jet Airways lenders decide to take airline to NCLT The statement further said the move was necessitated as the prospective investor wants some Sebi exemptions for a possible deal which can be worked out better under the bankruptcy laws. The Etihad-Hinduja consortium had reportedly shown interest but not given a concrete proposal yet, forcing the lenders to take the NCLT plunge as they have asked for a large haircut from the lenders. The decision also comes amidst reports of Goyal being put on a lookout notice by federal law enforcement agencies and also launching a money-laundering probe against him. The grounding of Jet Airways, which was the largest full-service carrier left over 23,000 employees unpaid for months in the lurch, and also sent airfares soaring by over 40 per cent on average. And even after two months, prices are yet to normalise. As the cash crisis worsened and lenders refused any lifeline to the airline under promoter chairman Goyal, who was forced to give up control on March 25, when lenders had in principle agreed to infuse Rs 1,500 crore for equity. But that never materialised, as bankers were chary of the fate of the February 12 circular of the RBI which was being heard at the Supreme Court. Finally, on April 2, the apex court struck down the contentious circular, sealing the bank-led process to resolve the crisis at the airline. The Abu Dhabi carrier Etihad has been holding 24 per cent in the airline since November 2013 after investing Rs 2,062 crore but is not interested in increasing the stake further or having management control of the airline. With the March 25 resolution, Etihad's 24 per cent stake was halved and it lost its board representation as well along with Goyal and his wife Anita. Anyway, the airline remains an asset only as a legal entity as its liabilities far outweigh the negligible assets. While its liabilities and debt are over Rs 36,000 crore, the only key assets are its two Heathrow airport slots and the minority stake in its loyalty programme called JPMiles. Also, most of its domestic airport slots have been given away to other airlines by the government and so are some of its slots at some key international airports. On the aeroplane assets side, Jet had only 16 on its book as the rest of its 123 fleet were on lease and most of them have been de-registered and taken away by the foreign lessors already. The Jet shares are at multiyear lows and plunged 17 per cent Monday after exchanges last week put curbs on trading in its stock on June 12. In the past three trading sessions alone, the stock lost as much as 55 per cent of its value. Monday the stock dived close to 17 per cent to close Rs 68.30 on the BSE with a market cap of just under Rs 776 crore, whose benchmark also plunged 1.25 per cent. When banks converted a part of their debt into equity when the stock was trading over Rs 250 apiece. The conversion price was fixed at a nominal Re 1, though. With bankers now opting for NCLT, the fate of the previous petitions from two operational creditors seeking bankruptcy could be expedited. On June 10, two operational creditors--Shaman Wheels and Gaggar Enterprises-- had taken the airline to the Mumbai bench of the NCLT seeking bankruptcy and on June 13 the tribunal, which is yet to admit the petitions put off the matter for further hearing to June 20. The airline owes Rs 8.74 crore to Shaman Wheels and Rs 53 lakh to Gaggar Enterprises. Jet Airways owes over Rs 8,000 crore to a consortium of 26 banks led by the State Bank, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore. It can be noted that on April 8 through 12, bankers had put the airline on sale-offering 33 to 75 per cent stake-of which the lenders own 51 per cent now-to interested parties and received four preliminary bids. The bids came in from two private equity players-TPG and Indigo Partners and also from Etihad Airways and the national sovereign wealth fund NIIF. But none of them chose to submit financial bids. The lenders had initially put May 30 deadline to complete the sale process. In the run-up to the crisis, the Tatas, which already run two airlines--the full-service Vistara and the no-frills carrier AirAsia India with eponymous Malaysian group--had shown interest to take it over but since Goyal insisted on staying back as chairman the proposal did not materialise. The same also reportedly led to the above four bidders to force the lenders to reject his bid piggy-ridding on a foreign investor.

Banks vote to send Jet Airways for bankruptcy to recover dues

Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.

MSCI's broadest index of Asia-Pacific shares outside Japan opened slightly lower and was last little changed, while Japan's Nikkei average stood flat.

Wall Street stocks ended lower on Friday as investors turned cautious before this week's Fed meeting, while a warning from Broadcom on slowing demand weighed on chipmakers and added to US-China trade worries.

"The week ahead is likely to provide some clarification for investors on three fronts that have been a source of uncertainty. The FOMC meeting, with updated forecasts, is centre stage," said Marc Chandler, chief market strategist at Bannockburn Global Forex.

A private gauge on eurozone's manufacturing sector as well as US-China trade frictions will also be watched closely, Chandler said.

Financial markets have been sideswiped since a sudden escalation in Sino-US&nbsp;trade tensions in early May, with growing anxiety among investors that a protracted standoff could tip the global economy into recession.

Adding to the tensions between the world's two biggest economies, US Secretary of State Mike Pompeo told Fox News on Sunday that US President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month.

On Sunday, hundreds of thousands of black-clad protesters in Hong Kong demanded that Beijing-backed city leader Carrie Lam step down over her handling of a bill that would have allowed extradition to China, resulted her to issue a rare apology.

Geopolitical tensions in the Middle East added another layer of uncertainty for investors after the United States blamed Iran for attacks on two oil tankers in the Gulf of Oman last week.

Hopes that global central banks will keep the money spigot open have helped to temper some of the fears, and all eyes are on the Fed's two-day meeting starting on Tuesday.

Strong US retail sales data on Friday rolled back expectations of a Fed rate cut at this week's meeting to 21.7%, from 28.3% on Thursday, according to CME Group's FedWatch tool. But bets of an easing at the July meeting remain high at 85%.

The Bank of Japan also meets this week and is widely expected to reinforce its commitment to retain a massive stimulus program for some time to come.

The retail report also sent short-dated US Treasury yields higher, flattening the yield curve.

Benchmark 10-year notes was last at 2.091%, while two-year bond yield edged up, shrinking the spread between two- and 10-year yields to 23.6 basis points compared to more than 30 earlier this month.

A Reuters poll showed a growing number of economists expect the Fed policymakers to cut interest rates this year, although the majority still see it holding steady.

In currency markets, the dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply.

The index last stood at 97.511, while the euro fetched $1.1220, near the lower end of its weekly trading range.

Oil extended gains on Monday after the attacks on two oil tankers last week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.

Brent futures rose 0.2% to $62.13 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.2% to $52.60.

Spot gold eased 0.1% to $1,340.25 an ounce after hitting a 14-month peak on Friday.

Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9150.15.

Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check.

Asian shares got off to a shaky start on Monday as investors were cautious ahead of a closely-watched Federal Reserve meeting, while political tensions in the Middle East and Hong Kong kept risk-appetite in check. MSCI's broadest index of Asia-Pacific shares outside Japan opened slightly lower and was last little changed, while Japan's Nikkei average stood flat. Wall Street stocks ended lower on Friday as investors turned cautious before this week's Fed meeting, while a warning from Broadcom on slowing demand weighed on chipmakers and added to US-China trade worries. "The week ahead is likely to provide some clarification for investors on three fronts that have been a source of uncertainty. The FOMC meeting, with updated forecasts, is centre stage," said Marc Chandler, chief market strategist at Bannockburn Global Forex. A private gauge on eurozone's manufacturing sector as well as US-China trade frictions will also be watched closely, Chandler said. Financial markets have been sideswiped since a sudden escalation in Sino-US trade tensions in early May, with growing anxiety among investors that a protracted standoff could tip the global economy into recession. Adding to the tensions between the world's two biggest economies, US Secretary of State Mike Pompeo told Fox News on Sunday that US President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month. On Sunday, hundreds of thousands of black-clad protesters in Hong Kong demanded that Beijing-backed city leader Carrie Lam step down over her handling of a bill that would have allowed extradition to China, resulted her to issue a rare apology. Geopolitical tensions in the Middle East added another layer of uncertainty for investors after the United States blamed Iran for attacks on two oil tankers in the Gulf of Oman last week. Hopes that global central banks will keep the money spigot open have helped to temper some of the fears, and all eyes are on the Fed's two-day meeting starting on Tuesday. Strong US retail sales data on Friday rolled back expectations of a Fed rate cut at this week's meeting to 21.7%, from 28.3% on Thursday, according to CME Group's FedWatch tool. But bets of an easing at the July meeting remain high at 85%. The Bank of Japan also meets this week and is widely expected to reinforce its commitment to retain a massive stimulus program for some time to come. The retail report also sent short-dated US Treasury yields higher, flattening the yield curve. Benchmark 10-year notes was last at 2.091%, while two-year bond yield edged up, shrinking the spread between two- and 10-year yields to 23.6 basis points compared to more than 30 earlier this month. A Reuters poll showed a growing number of economists expect the Fed policymakers to cut interest rates this year, although the majority still see it holding steady. In currency markets, the dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply. The index last stood at 97.511, while the euro fetched $1.1220, near the lower end of its weekly trading range. Oil extended gains on Monday after the attacks on two oil tankers last week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand. Brent futures rose 0.2% to $62.13 a barrel, while US West Texas Intermediate (WTI) crude futures rose 0.2% to $52.60. Spot gold eased 0.1% to $1,340.25 an ounce after hitting a 14-month peak on Friday. Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9150.15.

Asian shares wobble on trade, political tensions; focus turns to Fed meet

<a href="https://www.wionews.com/south-asia/us-france-and-uk-in-intense-discussions-with-china-on-azhar-listing-at-un-203689">Britain and China</a> began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit.

Launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the Huawei fallout.

The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said.

Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added.

Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market.

"Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia."

The link-up allows investors to trade across London and Chinese time zones and ultimately raise fresh capital, although unlike UK companies, not every Chinese-listed firm is eligible to take part.

"The culmination of four years' work, Stock Connect will mean, for the first time, that international investors will be able to access China A-shares from outside of Greater China, and through international trading and settlement practices," the UK Treasury explained.&nbsp;

"Stock Connect will not require any direct trading infrastructure links," it added.

There are almost 1,500 companies listed in Shanghai, including more than 260 potentially eligible to take part in Stock Connect and list in London, the statement added.&nbsp;

Catherine McGuinness, policy chief for the City of London financial district, described the agreement as "good news for the UK, China and the wider global economy".

She added: “Innovation is key to London maintaining its position as a leading international financial hub."

Britain and China began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit.

Britain and China began selling shares in each others' companies Monday under a landmark deal, Britain's Treasury announced, as London looks to remain a leading financial centre post-Brexit. Launch of the London-Shanghai Stock Connect marks "the first time that any foreign company will be able to list in mainland China", a statement said, as the UK seeks to extend close trading ties with the Asian powerhouse, despite strains caused by the Huawei fallout. The announcement Monday was the "centrepiece" of the UK-China Economic and Financial Dialogue, the Treasury said. Britain's finance minister Philip Hammond was hosting China's Vice Premier Hu Chunhua and a delegation "to discuss multilateral and bilateral economic issues, financial services cooperation, and trade and investment", it added. Hammond said in the statement: "London is a global financial centre like no other, and today's launch is a strong vote of confidence in the UK market. "Stock Connect is a ground-breaking initiative, which will deepen our global connectivity as we look outwards to new opportunities in Asia." The link-up allows investors to trade across London and Chinese time zones and ultimately raise fresh capital, although unlike UK companies, not every Chinese-listed firm is eligible to take part. "The culmination of four years' work, Stock Connect will mean, for the first time, that international investors will be able to access China A-shares from outside of Greater China, and through international trading and settlement practices," the UK Treasury explained. "Stock Connect will not require any direct trading infrastructure links," it added. There are almost 1,500 companies listed in Shanghai, including more than 260 potentially eligible to take part in Stock Connect and list in London, the statement added. Catherine McGuinness, policy chief for the City of London financial district, described the agreement as "good news for the UK, China and the wider global economy". She added: “Innovation is key to London maintaining its position as a leading international financial hub."

United Kingdom shares list in China in first for foreign firms

Lenders to Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline's lenders said in a statement on Monday.

"After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received," said the lenders, referring to India's Insolvency and Bankruptcy Code.

Once India's biggest private carrier, Jet Airways was forced to stop flying in April after running out of cash. Its collapse has left thousands without jobs and pushed up air fares across the country.

Lenders to Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline's lenders said in a statement on Monday. "After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received," said the lenders, referring to India's Insolvency and Bankruptcy Code.

Lenders to Jet Airways plan to begin insolvency proceedings against the debt-laden carrier, a consortium of the airline's lenders said in a statement on Monday. "After due deliberations, lenders have decided to seek resolution under IBC since only a conditional bid was received," said the lenders, referring to India's Insolvency and Bankruptcy Code. Once India's biggest private carrier, Jet Airways was forced to stop flying in April after running out of cash. Its collapse has left thousands without jobs and pushed up air fares across the country.

Jet Airways' lenders to take airline to bankruptcy court

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.&nbsp;

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28. The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67. In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment.

Jet Airways shares continue to face massive selling pressure; tumble over 18%

The domestic stock market on Monday closed in red with BSE Sensex plunging 491.28 points to end at 38,960.79. Nifty, on the other hand, dropped 151.15 points to close at 11,672.15.

The stock market indices opened lower in early trade on Monday morning and continued to trade low this afternoon amid rising global crude oil prices and international trade tensions.

At 2 pm,&nbsp;Sensex was down over 350 points, it opened at 39,514.36 which was slightly higher from its Friday's close of 39,452.07. Nifty was down over 100 points, trading at 11,711.20 points this afternoon.

In its previous session on Friday, BSE Sensex settled 289.29 points, or 0.73 per cent, lower at 39,452.07. Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30.

Meanwhile, the rupee traded flat at 69.79 per dollar against the previous close of 69.80 per dollar.&nbsp;

The domestic stock market on Monday closed in red with BSE Sensex plunging 491.28 points to end at 38,960.79. Nifty, on the other hand, dropped 151.15 points to close at 11,672.

The domestic stock market on Monday closed in red with BSE Sensex plunging 491.28 points to end at 38,960.79. Nifty, on the other hand, dropped 151.15 points to close at 11,672.15. The stock market indices opened lower in early trade on Monday morning and continued to trade low this afternoon amid rising global crude oil prices and international trade tensions. At 2 pm, Sensex was down over 350 points, it opened at 39,514.36 which was slightly higher from its Friday's close of 39,452.07. Nifty was down over 100 points, trading at 11,711.20 points this afternoon. In its previous session on Friday, BSE Sensex settled 289.29 points, or 0.73 per cent, lower at 39,452.07. Nifty tumbled 90.75 points, or 0.76 per cent, to close at 11,823.30. Meanwhile, the rupee traded flat at 69.79 per dollar against the previous close of 69.80 per dollar.

Sensex drops 491 points, markets close in red 

<a href="https://www.wionews.com/business-economy/european-stocks-gain-on-eu-election-relief-and-auto-shares-surge-221981">European</a> shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy.

With the US Federal Reserve likely to signal on Wednesday whether it is readying its first interest rate cut since the financial crisis and oil still choppy after last week's Gulf tanker attacks, most markets were the hesitant first thing.

The focus was still the dollar's surge on Friday after above-forecast US industrial output and retail sales data and upbeat consumer confidence soundings pushed back futures markets expectations of any quick Fed rate cut.

The greenback held its gains as most major currencies trod water, while the pan-European STOXX 600 index was also barely moved as a profit warning from Germany's Lufthansa hit airlines and cancelled out a 0.8% rise in banking stocks.

"A (US) rate cut this week seems extremely premature," said Royal Bank of Canada's Global Head of FX Strategy Elsa Lignos.

"But the Fed can make some communications tweaks that at least open up the possibility for a cut in July. The question is how flexible that messaging will be."

Traders are pricing a high probability of a July rate cut, despite there being unusually high uncertainty, particularly around trade, Lignos added. She said a G20 meeting late this month could also change the narrative again.

The main concern though is if tensions do continue, the trade war could tip the US and other economies into recession.

The dollar index against a basket of six major currencies The index last stood at 97.510 near a two-week high, while the euro fetched $1.1216, near the lower end of its recent trading range.

With long-term inflation expectations at an all-time low again, eurozone bond yields held close to their multi-year trough, despite inching fractionally higher early on.

European Central Bank board member Benoit Coeure said in an interview that the bank's already sub-zero interest rates could be cut again if needed. It could also restart the quantitative easing programme it wound down at the end of last year.

"The question is not whether we have instruments; we do have instruments. We can change our guidance. We can cut rates. We can restart QE," Coeure told the Financial Times.

"The question is which instrument, or combination of instruments, would be best suited to the circumstances."

<a href="https://www.wionews.com/world/joshua-wong-poster-child-of-hong-kongs-umbrella-movement-227835">Hong Kong</a>

The dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply.

The index last stood at 97.510, while the euro fetched $1.1216, near the lower end of its weekly trading range.

MSCI's broadest index of Asia-Pacific shares outside Japan had ended slightly weaker overnight while Japan's Nikkei average had closed flat.

The Bank of Japan is widely expected to reinforce its commitment this week to a massive stimulus program for some time to come.

There had been something of a boost from Hong Kong's Hang Seng Index which finished 0.4% higher. At the weekend, the territory's leader Carrie Lam backed down over a bill that would have allowed extradition to China.

The Hang Seng fell for three sessions in a row through Friday, after the extradition bill triggered mass protests and some of the worst unrest seen in the territory since Britain handed it back to Chinese rule in 1997.

"Last week the issue looked as if it would become another thorny point between the United States and China. As the bill is now being postponed indefinitely, things will likely calm down, which is good for markets," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management.

Mainland Chinese shares traded within a tight range, with the benchmark Shanghai Composite up 0.2% and the blue-chip CSI 300 barely budging.

US Secretary of State Mike Pompeo told Fox News on Sunday that President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month.

Geopolitical tensions in the Middle East added another layer of uncertainty after the United States blamed <a href="https://www.wionews.com/world/as-iran-nuclear-deal-flounders-france-turns-to-saudi-for-oil-226889">Iran</a> for attacks on two <a href="https://www.wionews.com/business-economy/oil-prices-rise-after-tanker-attacks-stoke-middle-east-tensions-227817">oil tankers</a> in the <a href="https://www.wionews.com/business-economy/oil-prices-surge-over-tanker-attack-in-gulf-of-oman-226990">Gulf of Oman</a> last week.

US Secretary of State Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, though oil prices slipped again as worries about the broader slowdown in the global economy returned.

Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0900 GMT, after gaining 1.1% on Friday while logging their fourth consecutive weekly fall.

US West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session.

"Today, oil markets will have to digest more demand concerns as India implemented retaliatory tariffs on a number of US goods yesterday," consultancy JBC Energy said in a note.

Also sapping prices was the dim outlook for oil demand growth in 2019 projected by the International Energy Agency (IEA) on Friday, citing worsening prospects for global trade.

Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9,195.62, up 2.4%.

European shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy.

European shares tip-toed higher alongside government bond yields on Monday, as investors braced for what is shaping up to be a crucial week for global monetary policy. With the US Federal Reserve likely to signal on Wednesday whether it is readying its first interest rate cut since the financial crisis and oil still choppy after last week's Gulf tanker attacks, most markets were the hesitant first thing. The focus was still the dollar's surge on Friday after above-forecast US industrial output and retail sales data and upbeat consumer confidence soundings pushed back futures markets expectations of any quick Fed rate cut. The greenback held its gains as most major currencies trod water, while the pan-European STOXX 600 index was also barely moved as a profit warning from Germany's Lufthansa hit airlines and cancelled out a 0.8% rise in banking stocks. "A (US) rate cut this week seems extremely premature," said Royal Bank of Canada's Global Head of FX Strategy Elsa Lignos. "But the Fed can make some communications tweaks that at least open up the possibility for a cut in July. The question is how flexible that messaging will be." Traders are pricing a high probability of a July rate cut, despite there being unusually high uncertainty, particularly around trade, Lignos added. She said a G20 meeting late this month could also change the narrative again. The main concern though is if tensions do continue, the trade war could tip the US and other economies into recession. The dollar index against a basket of six major currencies The index last stood at 97.510 near a two-week high, while the euro fetched $1.1216, near the lower end of its recent trading range. With long-term inflation expectations at an all-time low again, eurozone bond yields held close to their multi-year trough, despite inching fractionally higher early on. European Central Bank board member Benoit Coeure said in an interview that the bank's already sub-zero interest rates could be cut again if needed. It could also restart the quantitative easing programme it wound down at the end of last year. "The question is not whether we have instruments; we do have instruments. We can change our guidance. We can cut rates. We can restart QE," Coeure told the Financial Times. "The question is which instrument, or combination of instruments, would be best suited to the circumstances." Hong Kong The dollar index against a basket of six major currencies climbed to 97.583 on Friday, its highest level in almost two weeks, after the US retail sales data eased fears that the world's largest economy is slowing sharply. The index last stood at 97.510, while the euro fetched $1.1216, near the lower end of its weekly trading range. MSCI's broadest index of Asia-Pacific shares outside Japan had ended slightly weaker overnight while Japan's Nikkei average had closed flat. The Bank of Japan is widely expected to reinforce its commitment this week to a massive stimulus program for some time to come. There had been something of a boost from Hong Kong's Hang Seng Index which finished 0.4% higher. At the weekend, the territory's leader Carrie Lam backed down over a bill that would have allowed extradition to China. The Hang Seng fell for three sessions in a row through Friday, after the extradition bill triggered mass protests and some of the worst unrest seen in the territory since Britain handed it back to Chinese rule in 1997. "Last week the issue looked as if it would become another thorny point between the United States and China. As the bill is now being postponed indefinitely, things will likely calm down, which is good for markets," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management. Mainland Chinese shares traded within a tight range, with the benchmark Shanghai Composite up 0.2% and the blue-chip CSI 300 barely budging. US Secretary of State Mike Pompeo told Fox News on Sunday that President Donald Trump would raise the issue of Hong Kong's human rights with China's President Xi Jinping at a potential meeting of the two leaders at the G20 summit in Japan later this month. Geopolitical tensions in the Middle East added another layer of uncertainty after the United States blamed Iran for attacks on two oil tankers in the Gulf of Oman last week. US Secretary of State Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, though oil prices slipped again as worries about the broader slowdown in the global economy returned. Brent futures fell 25 cents, or 0.4%, to $61.76 a barrel by 0900 GMT, after gaining 1.1% on Friday while logging their fourth consecutive weekly fall. US West Texas Intermediate (WTI) crude futures were down 22 cents, or 0.4%, at $52.29, having firmed by 0.4% in the previous session. "Today, oil markets will have to digest more demand concerns as India implemented retaliatory tariffs on a number of US goods yesterday," consultancy JBC Energy said in a note. Also sapping prices was the dim outlook for oil demand growth in 2019 projected by the International Energy Agency (IEA) on Friday, citing worsening prospects for global trade. Bitcoin jumped overnight to $9,391.85, its highest level in 13 months. It was last quoted at $9,195.62, up 2.4%.

Global stocks, dollar hold gains with all eyes on Fed meeting

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week.

Spot gold was down 0.2% at $1,338.86 per ounce as of 0549 GMT, after hitting $1,358.04, its highest since April 11, 2018, on Friday.

<a href="https://www.wionews.com/business-economy/gold-hits-two-week-low-as-upbeat-us-data-lifts-dollar-200423">US gold futures</a> were down 0.2% at $1,343.90 an ounce.

"For now, gold prices are holding tight. The markets have aggressively priced in rate-cut expectations and trade uncertainties have boosted safe-haven assets," said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

Expectations of an interest rate cut at the Fed's June 18-19 meeting fell to 21.7% from 28.3% on Thursday, in the wake of the strong retail data, according to CME Group's FedWatch tool. However, bets for monetary easing at the July meeting remain high at 85%.

Weighing on bullion's appeal was the stronger dollar, which is holding near a two-week high on Monday, supported by strong US retail sales data, analysts said.

US retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter.

Meanwhile, US Trade Representative's Office on Monday will kick off seven days of testimony from US retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs.

"US-China trade tension is a supportive factor for the gold market, the unresolved trade dispute and any escalation is likely to increase demand for gold," said Michael McCarthy, chief market strategist, CMC Markets.

Indicative of the sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday.

Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the US Commodity Futures Trading Commission (CFTC) said on Friday.

Physical gold discounts in India widened to their biggest in five months last week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rising from investors looking to hedge against a global slowdown.

Among other metals, silver eased 0.2% to $14.84 per ounce, while platinum rose 0.4% at $801.77.

Palladium fell 0.7% to $1,455.20 per ounce.

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week.

Gold prices remained subdued on Monday after retreating from a 14-month peak in the previous session, as the dollar held near multi-week highs on strong US retail sales data, ahead of the US Federal Reserve meeting this week. Spot gold was down 0.2% at $1,338.86 per ounce as of 0549 GMT, after hitting $1,358.04, its highest since April 11, 2018, on Friday. US gold futures were down 0.2% at $1,343.90 an ounce. "For now, gold prices are holding tight. The markets have aggressively priced in rate-cut expectations and trade uncertainties have boosted safe-haven assets," said Benjamin Lu, an analyst with Singapore-based Phillip Futures. Expectations of an interest rate cut at the Fed's June 18-19 meeting fell to 21.7% from 28.3% on Thursday, in the wake of the strong retail data, according to CME Group's FedWatch tool. However, bets for monetary easing at the July meeting remain high at 85%. Weighing on bullion's appeal was the stronger dollar, which is holding near a two-week high on Monday, supported by strong US retail sales data, analysts said. US retail sales increased in May and sales for the prior month were revised higher, suggesting a pick-up in consumer spending that could ease fears the economy was slowing down sharply in the second quarter. Meanwhile, US Trade Representative's Office on Monday will kick off seven days of testimony from US retailers, manufacturers and other businesses about President Donald Trump's plan to hit another $300 billion worth of Chinese goods with tariffs. "US-China trade tension is a supportive factor for the gold market, the unresolved trade dispute and any escalation is likely to increase demand for gold," said Michael McCarthy, chief market strategist, CMC Markets. Indicative of the sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.6% to 764.10 tonnes on Friday from 759.70 tonnes on Thursday. Hedge funds and money managers raised their net long positions in COMEX gold in the week to June 11, the US Commodity Futures Trading Commission (CFTC) said on Friday. Physical gold discounts in India widened to their biggest in five months last week as an upsurge in local prices dampened purchases, while China and Singapore saw demand rising from investors looking to hedge against a global slowdown. Among other metals, silver eased 0.2% to $14.84 per ounce, while platinum rose 0.4% at $801.77. Palladium fell 0.7% to $1,455.20 per ounce.

Gold prices subdued on firmer dollar; Fed meeting in focus

Huawei's founder and CEO Ren Zhengfei said the impact of a <a href="https://www.wionews.com/world/huawei-delays-global-launch-of-foldable-phone-by-three-months-227120">US ban on the Chinese company</a> was more severe than expected and warned that revenue would dip to around $100 billion this year and the next.

This is the first time that Huawei has quantified the impact of the US action against the company and Ren's downbeat assessment comes after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient.

Huawei had not expected that US determination to "crack" the company would be "so strong and so pervasive", Ren said, speaking at the company's Shenzhen headquarters on Monday.

The United States has put Huawei on a blacklist that effectively bans American companies from doing business with the Chinese firm, alleging that Huawei's products could allow China to spy on US communications.

The ban has forced companies, including Alphabet Inc's Google and British chip designer ARM, to limit or cease their relationships with Huawei.

Huawei's international smartphone shipments will drop 40%, Ren said on Monday, without specifying a period. Bloomberg reported on Sunday that the tech giant was preparing for a 40% to 60% decline in international smartphone shipments.

Huawei had reported revenue of $104.16 billion&nbsp;last year and said a few months ago it expected revenue this year to jump to $125 billion.

"We did not expect they would attack us on so many aspects," Ren said but added that he expects a revival in the business in 2021.

"We cannot get components supply, cannot participate in many international organisations, cannot work closely with many universities, cannot use anything with US components, and cannot even establish connection with networks that use such components."

Ren, however, said Huawei will not cut research and development spending despite the expected hit to the company's finances and would not have large-scale layoffs.

Huawei's founder and CEO Ren Zhengfei said the impact of a US ban on the Chinese company was more severe than expected and warned that revenue would dip to around $100 billion this year and the next.

Huawei's founder and CEO Ren Zhengfei said the impact of a US ban on the Chinese company was more severe than expected and warned that revenue would dip to around $100 billion this year and the next. This is the first time that Huawei has quantified the impact of the US action against the company and Ren's downbeat assessment comes after weeks of defiant comments from company executives who maintained Huawei was technologically self-sufficient. Huawei had not expected that US determination to "crack" the company would be "so strong and so pervasive", Ren said, speaking at the company's Shenzhen headquarters on Monday. The United States has put Huawei on a blacklist that effectively bans American companies from doing business with the Chinese firm, alleging that Huawei's products could allow China to spy on US communications. The ban has forced companies, including Alphabet Inc's Google and British chip designer ARM, to limit or cease their relationships with Huawei. Huawei's international smartphone shipments will drop 40%, Ren said on Monday, without specifying a period. Bloomberg reported on Sunday that the tech giant was preparing for a 40% to 60% decline in international smartphone shipments. Huawei had reported revenue of $104.16 billion last year and said a few months ago it expected revenue this year to jump to $125 billion. "We did not expect they would attack us on so many aspects," Ren said but added that he expects a revival in the business in 2021. "We cannot get components supply, cannot participate in many international organisations, cannot work closely with many universities, cannot use anything with US components, and cannot even establish connection with networks that use such components." Ren, however, said Huawei will not cut research and development spending despite the expected hit to the company's finances and would not have large-scale layoffs.

Huawei CEO says underestimated impact of US ban, sees revenue dip

The domestic stock market indices Sensex and Nifty are trading lower on Monday afternoon amid rising global crude oil prices and international trade tensions.

At 2 pm, &nbsp;Sensex is down over 350 points, It opened at 39,514.36 slightly higher from its Friday's close of 39,452.07, extending losses after opening in red today on worries over rising crude oil prices and escalating global trade tensions. NSE Nifty is down over 100 points, trading at 11,711.20 points.

Besides, investors continued to watch developments in the Middle East after a pair of oil tankers were attacked near the Strait of Hormuz on June 13. The incident escalates tensions in the region, heightening fears of a potential US-Iran military confrontation and disruption in oil supplies. Crude futures climbed 0.5 per cent the very next day.

The Brent was trading at $62.20 per barrel, up by 0.3 per cent.

The rupee was trading flat at 69.79 per dollar against the previous close of 69.80 per dollar on Monday.

(With inputs from agencies)

The domestic stock market indices Sensex and Nifty are trading lower on Monday afternoon amid rising global crude oil prices and international trade tensions. At 2 pm, Sensex is down over 350 points, It opened at 39,514.

The domestic stock market indices Sensex and Nifty are trading lower on Monday afternoon amid rising global crude oil prices and international trade tensions. At 2 pm, Sensex is down over 350 points, It opened at 39,514.36 slightly higher from its Friday's close of 39,452.07, extending losses after opening in red today on worries over rising crude oil prices and escalating global trade tensions. NSE Nifty is down over 100 points, trading at 11,711.20 points. Besides, investors continued to watch developments in the Middle East after a pair of oil tankers were attacked near the Strait of Hormuz on June 13. The incident escalates tensions in the region, heightening fears of a potential US-Iran military confrontation and disruption in oil supplies. Crude futures climbed 0.5 per cent the very next day. The Brent was trading at $62.20 per barrel, up by 0.3 per cent. The rupee was trading flat at 69.79 per dollar against the previous close of 69.80 per dollar on Monday. (With inputs from agencies)

Sensex tumbles over 350 points, Nifty falls 1 per cent

<a href="https://www.wionews.com/business-economy/post-jet-crisis-indian-airfares-skyrocketing-210648">Shares of Jet Airways</a> continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. 
At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the script will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.&nbsp;

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28. The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67. In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the script will take place on a gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment.