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Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon.

Through its Reliance Brands subsidiary, the conglomerate late on Thursday said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings Ltd.

On Friday, C Banner stock was suspended from trading pending an announcement.

Reliance did not disclose the price of the deal, but in 2018, C Banner wrote off $49.8 million in goodwill and brand value related to Hamleys, its annual report showed. The cut reduced the carrying value of the toy retailer by 36% to 626 million yuan ($91.85 million).

The Chinese group bought Hamleys in 2015 for 100 million pounds ($130.2 million) from France's Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled. Last year, it dropped plans to buy 51% of House of Fraser, sending the UK department store chain into administration.

The acquisition by Reliance Industries, owned by billionaire Mukesh Ambani, marks the conglomerate's first foray in an overseas retail brand.

Reliance Industries runs the world's biggest single-location crude oil refinery and has been transforming itself into a consumer-facing behemoth through ventures in retail and telecommunications.

"The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," said Reliance Brands Chief Executive Darshan Mehta.

Founded in 1760, Hamleys resonates with adults and children alike, with its flagship Regent Street store in central London recognised around the world.

The toy seller runs 167 stores across 18 countries, the majority of which are in India, Reliance said. The Indian company, which already holds the master franchise for the brand in India, currently operates 88 stores in 29 cities.

Having established itself as India's leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India.

A supermarket operator, Reliance is already the country's biggest bricks-and-mortar retailer in terms of revenue and number of stores.

The conglomerate's strategy to diversify beyond refining and petrochemicals has seen its fast-growing telecoms and retail operations driving quarterly profit to record highs at a time when its gross refining margins have taken a hit from oil price volatility and slowing global demand.

The group's retail business doubled revenue to 356 billion rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees.

Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon.

Hamleys, the world's oldest toy retailer, is set to pass from Chinese to Indian control after Reliance Industries Ltd said it had agreed to buy the British high street icon. Through its Reliance Brands subsidiary, the conglomerate late on Thursday said it signed an agreement to buy the 250-year-old chain from Hong Kong-listed C Banner International Holdings Ltd. On Friday, C Banner stock was suspended from trading pending an announcement. Reliance did not disclose the price of the deal, but in 2018, C Banner wrote off $49.8 million in goodwill and brand value related to Hamleys, its annual report showed. The cut reduced the carrying value of the toy retailer by 36% to 626 million yuan ($91.85 million). The Chinese group bought Hamleys in 2015 for 100 million pounds ($130.2 million) from France's Groupe Ludendo, but its enthusiasm for British acquisitions has since cooled. Last year, it dropped plans to buy 51% of House of Fraser, sending the UK department store chain into administration. The acquisition by Reliance Industries, owned by billionaire Mukesh Ambani, marks the conglomerate's first foray in an overseas retail brand. Reliance Industries runs the world's biggest single-location crude oil refinery and has been transforming itself into a consumer-facing behemoth through ventures in retail and telecommunications. "The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail," said Reliance Brands Chief Executive Darshan Mehta. Founded in 1760, Hamleys resonates with adults and children alike, with its flagship Regent Street store in central London recognised around the world. The toy seller runs 167 stores across 18 countries, the majority of which are in India, Reliance said. The Indian company, which already holds the master franchise for the brand in India, currently operates 88 stores in 29 cities. Having established itself as India's leading mobile telecoms player, Reliance Industries has been firming up plans for a retail onslaught to combine its traditional outlets with an online foray aimed at taking on Amazon.com Inc and Walmart Inc in India. A supermarket operator, Reliance is already the country's biggest bricks-and-mortar retailer in terms of revenue and number of stores. The conglomerate's strategy to diversify beyond refining and petrochemicals has seen its fast-growing telecoms and retail operations driving quarterly profit to record highs at a time when its gross refining margins have taken a hit from oil price volatility and slowing global demand. The group's retail business doubled revenue to 356 billion rupees ($5.1 billion) in the three months to Dec. 31 while earnings before interest and tax more than tripled to 15 billion rupees.

Chinese group set to sell Hamleys toy stores to Reliance Industries

Domestic equity benchmarks BSE Sensex and NSE Nifty were trading on a choppy note early Friday amid uncertainty over <a href="https://www.wionews.com/business-economy/asian-shares-near-two-month-lows-ahead-of-looming-us-tariff-hike-217382">US-China trade deal </a>and continued foreign fund outflow.

After opening over 150 points higher, the 30-share index turned cautious and fell 17.32 points, or 0.15 per cent, to 37,541.59. The broader NSE Nifty was trading below the 11,300 level at 11,285.75.

In the previous session on Thursday, the BSE bourse closed 230.22 points, or 0.61 per cent, down at 37,558.91, and the broader NSE Nifty shed 57.65 points, or 0.51 per cent, to settle at 11,301.80.

Among the top losers in early session were HCL Tech, Asian Paints, Bajaj Finance, HUL, IndusInd Bank, PowerGrid, L&amp;T, Kotak Bank, ITC and Sun Pharma, shedding up to 4.31 per cent.

On the other hand, RIL, Tata Motors, HDFC twins, Axis Bank, Bharti Airtel, ICICI Bank and TCS were the top gainers, rising up to 1.04 per cent. &nbsp;

According to traders, investors were cautious ahead of the outcome of the 11th round of talks aimed at ending the trade war between the world's two largest economies.

Trump on Thursday accused China of trying to renegotiate a trade deal that has been negotiated after months of efforts and asserted he will not let that happen.

However, he said last night he received a "very beautiful letter" from the Chinese President Xi Jinping, and that it is possible that the US and China will enter into a trade deal.

Meanwhile, the Trump Administration Friday imposed increased tariffs on import of Chinese products over $200 billion worth from 10 per cent to 25 per cent.

Sustained foreign fund outflow too weighed on investor sentiment here, traders said.

Foreign institutional investors (FIIs) sold equity worth Rs 655.36 crore on Thursday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 677.91 crore, provisional data available with stock exchanges showed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading higher in early trade.

On Wall Street, S&amp;P500 and Nasdaq Composite indices ended lower on Thursday.&nbsp;

On the currency front, the rupee depreciated 7 paise to 70.01 against the US dollar.

Brent crude futures, the global oil benchmark, were <a href="https://www.wionews.com/business-economy/oil-rallies-on-hopes-for-us-china-trade-deal-217381">trading 0.33 per cent lower at $70.62 per barrel</a>.&nbsp;

Domestic equity benchmarks BSE Sensex and NSE Nifty were trading on a choppy note early Friday amid uncertainty over US-China trade deal and continued foreign fund outflow.

Domestic equity benchmarks BSE Sensex and NSE Nifty were trading on a choppy note early Friday amid uncertainty over US-China trade deal and continued foreign fund outflow. After opening over 150 points higher, the 30-share index turned cautious and fell 17.32 points, or 0.15 per cent, to 37,541.59. The broader NSE Nifty was trading below the 11,300 level at 11,285.75. In the previous session on Thursday, the BSE bourse closed 230.22 points, or 0.61 per cent, down at 37,558.91, and the broader NSE Nifty shed 57.65 points, or 0.51 per cent, to settle at 11,301.80. Among the top losers in early session were HCL Tech, Asian Paints, Bajaj Finance, HUL, IndusInd Bank, PowerGrid, L&T, Kotak Bank, ITC and Sun Pharma, shedding up to 4.31 per cent. On the other hand, RIL, Tata Motors, HDFC twins, Axis Bank, Bharti Airtel, ICICI Bank and TCS were the top gainers, rising up to 1.04 per cent. According to traders, investors were cautious ahead of the outcome of the 11th round of talks aimed at ending the trade war between the world's two largest economies. Trump on Thursday accused China of trying to renegotiate a trade deal that has been negotiated after months of efforts and asserted he will not let that happen. However, he said last night he received a "very beautiful letter" from the Chinese President Xi Jinping, and that it is possible that the US and China will enter into a trade deal. Meanwhile, the Trump Administration Friday imposed increased tariffs on import of Chinese products over $200 billion worth from 10 per cent to 25 per cent. Sustained foreign fund outflow too weighed on investor sentiment here, traders said. Foreign institutional investors (FIIs) sold equity worth Rs 655.36 crore on Thursday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 677.91 crore, provisional data available with stock exchanges showed. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading higher in early trade. On Wall Street, S&P500 and Nasdaq Composite indices ended lower on Thursday. On the currency front, the rupee depreciated 7 paise to 70.01 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.33 per cent lower at $70.62 per barrel.

Sensex, Nifty turn choppy; HCL Tech rallies 4%

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments.

Forex traders said, rising crude oil prices and strengthening of the US dollar against some major rival currencies overseas also pulled down the local unit.

The rupee opened weak at 70.04 at the interbank forex market and then fell further to 70.07 against the American currency, down 13 paise over its last close.

The rupee had settled at 69.94 against the US dollar Thursday.

Meanwhile, President Donald Trump on Thursday held out hopes of salvaging a trade deal with China.

"It's possible to do it," Trump said of the trade deal at the White House. "I did get last night a very beautiful letter from President Xi." But Trump warned he was also more than happy to use tariffs in resolving his differences with China.

On the domestic front, foreign institutional investors (FIIs) pulled out Rs 655.36 crore on a net basis Thursday, provisional data showed.

Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 18.16 points higher at 37,577.07 and Nifty down 4.70 points at 11,297.10.

Brent crude futures, the global oil benchmark, rose 0.31 per cent to $70.61 per barrel.

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments.

The rupee depreciated by 13 paise to 70.07 against the US dollar in early trade Friday as US-China trade-related concerns and foreign fund outflows weighed on investor sentiments. Forex traders said, rising crude oil prices and strengthening of the US dollar against some major rival currencies overseas also pulled down the local unit. The rupee opened weak at 70.04 at the interbank forex market and then fell further to 70.07 against the American currency, down 13 paise over its last close. The rupee had settled at 69.94 against the US dollar Thursday. Meanwhile, President Donald Trump on Thursday held out hopes of salvaging a trade deal with China. "It's possible to do it," Trump said of the trade deal at the White House. "I did get last night a very beautiful letter from President Xi." But Trump warned he was also more than happy to use tariffs in resolving his differences with China. On the domestic front, foreign institutional investors (FIIs) pulled out Rs 655.36 crore on a net basis Thursday, provisional data showed. Domestic bourses opened on a cautious note Friday with benchmark indices Sensex trading 18.16 points higher at 37,577.07 and Nifty down 4.70 points at 11,297.10. Brent crude futures, the global oil benchmark, rose 0.31 per cent to $70.61 per barrel.

Rupee slips 13 paise to 70.07 against US dollar

Estranged partners McDonald's and Vikram Bakshi Thursday announced an out-of-court settlement, ending their almost six-year-long dispute.

As part of the agreement, the US fast-food chain will buy out for an undisclosed sum Vikram Bakshi and his entities' 50 per cent stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operates McDonald's chain of quick-service restaurants in northern and eastern India.

The company also announced the appointment of Robert Hunghanfoo as Head of CPRL with immediate effect, who will be supported by McDonald's global leaders along with the CPRL team, to facilitate a smooth transition.

"CPRL is now wholly owned by MIPL and its affiliate MGM (McDonald's Global Markets LLC) following the completion of a settlement reached with former JV partner, Vikram Bakshi...," the company said in a statement.

It follows "the acquisition by MGM of 50 per cent voting equity shares in CPRL, held since inception by Bakshi and his affiliated entity".

Commenting on the development, Hunghanfoo said,&nbsp;"Accomplishing a mutually agreed settlement in this matter means that our customers can now look forward to a reinvigorated, consistent and uniquely McDonald's experience when they visit us".

During the transition, MIPL will be focused on two key areas providing employees with clarity and confidence in their future at McDonald's and leveraging its global system expertise to fortify high operating standards for our local customers.

Ron Christianson, Global Head of Corporate Relations, International Developmental, Licensee Markets, McDonald's, said that the company is looking for a partner to run the operation in the north and east India.

"We are still actively progressing the search for an ideal partner for North and East India. That process is still ongoing but certainly, rest assured once we do, the ownership will transition to whoever the individual is," Christianson said.

On Monday, the estranged partners McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their&nbsp;over five-year-old dispute.

McDonald's and Bakshi in 1995 had signed a partnership agreement to open outlets of the US fast food chain in India. It was for a period of 25 years.

The two partners had formed a 50:50 joint venture -- Connaught Plaza Restaurant Ltd (CPRL) -- which was responsible for outlets of the fast-food chain in the country's northern and eastern regions through the franchise route.

A tussle between them started after Bakshi was ousted as the managing director of CPRL in 2013, following which he approached the Company Law Board (CLB).

He was later reinstated as the MD of CPRL by National Company Law Tribunal (which had taken over CLB functions) on July 14, 2017, following which McDonald's approached the National Company Law Appellate Tribunal (NCLAT).

In 2017, McDonald's terminated CPRL's franchise agreement citing non-payment of royalties.

A long-winding legal tussle and battle for control of the business ensued afterwards with Bakshi keeping around 165 McDonald's branded outlets operational in northern and eastern regions of the country.

In southern and western regions, McDonald's outlets are run by Amit Jatia-led Westlife Development.

In August 2017, McDonald's had told the NCLAT that settlement of dispute with its estranged partner Bakshi was not possible.&nbsp;

Estranged partners McDonald's and Vikram Bakshi Thursday announced an out-of-court settlement, ending their almost six-year-long dispute. As part of the agreement, the US fast-food chain will buy out for an undisclosed sum Vikram Bakshi and his entities' 50 per cent stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operates McDonald's chain of quick-service restaurants in northern and eastern India.

Estranged partners McDonald's and Vikram Bakshi Thursday announced an out-of-court settlement, ending their almost six-year-long dispute. As part of the agreement, the US fast-food chain will buy out for an undisclosed sum Vikram Bakshi and his entities' 50 per cent stake in Connaught Plaza Restaurants Pvt Ltd (CPRL) that operates McDonald's chain of quick-service restaurants in northern and eastern India. The company also announced the appointment of Robert Hunghanfoo as Head of CPRL with immediate effect, who will be supported by McDonald's global leaders along with the CPRL team, to facilitate a smooth transition. "CPRL is now wholly owned by MIPL and its affiliate MGM (McDonald's Global Markets LLC) following the completion of a settlement reached with former JV partner, Vikram Bakshi...," the company said in a statement. It follows "the acquisition by MGM of 50 per cent voting equity shares in CPRL, held since inception by Bakshi and his affiliated entity". Commenting on the development, Hunghanfoo said, "Accomplishing a mutually agreed settlement in this matter means that our customers can now look forward to a reinvigorated, consistent and uniquely McDonald's experience when they visit us". During the transition, MIPL will be focused on two key areas providing employees with clarity and confidence in their future at McDonald's and leveraging its global system expertise to fortify high operating standards for our local customers. Ron Christianson, Global Head of Corporate Relations, International Developmental, Licensee Markets, McDonald's, said that the company is looking for a partner to run the operation in the north and east India. "We are still actively progressing the search for an ideal partner for North and East India. That process is still ongoing but certainly, rest assured once we do, the ownership will transition to whoever the individual is," Christianson said. On Monday, the estranged partners McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their over five-year-old dispute. McDonald's and Bakshi in 1995 had signed a partnership agreement to open outlets of the US fast food chain in India. It was for a period of 25 years. The two partners had formed a 50:50 joint venture -- Connaught Plaza Restaurant Ltd (CPRL) -- which was responsible for outlets of the fast-food chain in the country's northern and eastern regions through the franchise route. A tussle between them started after Bakshi was ousted as the managing director of CPRL in 2013, following which he approached the Company Law Board (CLB). He was later reinstated as the MD of CPRL by National Company Law Tribunal (which had taken over CLB functions) on July 14, 2017, following which McDonald's approached the National Company Law Appellate Tribunal (NCLAT). In 2017, McDonald's terminated CPRL's franchise agreement citing non-payment of royalties. A long-winding legal tussle and battle for control of the business ensued afterwards with Bakshi keeping around 165 McDonald's branded outlets operational in northern and eastern regions of the country. In southern and western regions, McDonald's outlets are run by Amit Jatia-led Westlife Development. In August 2017, McDonald's had told the NCLAT that settlement of dispute with its estranged partner Bakshi was not possible.

McDonald's strikes out-of-court settlement with Vikram Bakshi ending six-year-long dispute

Middle Eastern carrier <a href="https://www.wionews.com/business-economy/state-bank-of-india-says-two-bids-received-for-jet-airways-217486">Etihad Airways has submitted a bid for a stake in India's Jet Airways</a>, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday.

SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. Binding offers were due by 1800 IST on Friday.

Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier said earlier on Friday.

However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation."

Etihad gave no indication whether it was working with any other investors that might take a majority stake in Jet.

Once India's largest private airline, Jet was crippled by mounting losses as it tried to compete with low-cost rivals IndiGo and SpiceJet Ltd.

Jet, which also owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders, led by SBI, refused to extend more funds to keep the carrier flying.

Etihad was among four investors that submitted initial bids for the airline last month. The others were private equity firms TPG Capital and Indigo Partners and Indian wealth fund National Investment and Infrastructure Fund (NIIF).

SBI has also received two unsolicited, non-binding bids for Jet, the bank's Chairman Rajnish Kumar told reporters, after a news conference on Friday, adding it had no plans at this time to drag the airline into a bankruptcy process

"(We've) made disproportionate efforts to keep Jet flying," Kumar said.

Jet for several months tried to convince investors, including Etihad, to pump in money and save the airline. But several potential investors had at least one condition - Jet's founder and former chairman Naresh Goyal must cede control.

When Jet failed to garner interest, the banks, led by SBI, moved in with a rescue plan which was first announced in February and put into action in March after Goyal stepped down.

"A few unsolicited offers have also been received which the lenders may deliberate upon subsequently," SBI Capital Markets said in a statement without giving further details.

Losses and loans

Analysts are sceptical the sale process will succeed.

"The process of bidding and winning isn't so easy," said HDFC Securities analyst Deepak Jasani. "Day by day, losses and loans are rising at Jet, the more the process is delayed the more the situation becomes irreparable," he said.

While the bid process was on, Jet was forced to vacate its offices at many airports across the country and employee access was revoked. Lessors also forced Jet to ground dozens of planes over non-payment of dues and it is left with just 13 aircraft, a senior SBI source told Reuters.

At its peak, 26-year-old Jet operated over 120 planes and well over 600 daily flights, flying Bollywood film-stars, politicians and business tycoons across India and the world.

If a deal fails to materialise, the airline could be dragged into bankruptcy by creditors, putting thousands of jobs at risk.

Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India's Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday.

Middle Eastern carrier Etihad Airways has submitted a bid for a stake in India's Jet Airways, the unit of State Bank of India (SBI) overseeing the sale of the stricken airline said on Friday. SBI had invited binding bids for a stake in the airline, which is saddled with roughly $1.2 billion in bank debt. Binding offers were due by 1800 IST on Friday. Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions, a spokesman for the Middle Eastern carrier said earlier on Friday. However, he added that Etihad "cannot be expected to be the sole investor" and "additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation." Etihad gave no indication whether it was working with any other investors that might take a majority stake in Jet. Once India's largest private airline, Jet was crippled by mounting losses as it tried to compete with low-cost rivals IndiGo and SpiceJet Ltd. Jet, which also owes vast sums to its lessors, pilots, fuel suppliers and other parties, stopped all flights from April 17 after its lenders, led by SBI, refused to extend more funds to keep the carrier flying. Etihad was among four investors that submitted initial bids for the airline last month. The others were private equity firms TPG Capital and Indigo Partners and Indian wealth fund National Investment and Infrastructure Fund (NIIF). SBI has also received two unsolicited, non-binding bids for Jet, the bank's Chairman Rajnish Kumar told reporters, after a news conference on Friday, adding it had no plans at this time to drag the airline into a bankruptcy process "(We've) made disproportionate efforts to keep Jet flying," Kumar said. Jet for several months tried to convince investors, including Etihad, to pump in money and save the airline. But several potential investors had at least one condition - Jet's founder and former chairman Naresh Goyal must cede control. When Jet failed to garner interest, the banks, led by SBI, moved in with a rescue plan which was first announced in February and put into action in March after Goyal stepped down. "A few unsolicited offers have also been received which the lenders may deliberate upon subsequently," SBI Capital Markets said in a statement without giving further details. Losses and loans Analysts are sceptical the sale process will succeed. "The process of bidding and winning isn't so easy," said HDFC Securities analyst Deepak Jasani. "Day by day, losses and loans are rising at Jet, the more the process is delayed the more the situation becomes irreparable," he said. While the bid process was on, Jet was forced to vacate its offices at many airports across the country and employee access was revoked. Lessors also forced Jet to ground dozens of planes over non-payment of dues and it is left with just 13 aircraft, a senior SBI source told Reuters. At its peak, 26-year-old Jet operated over 120 planes and well over 600 daily flights, flying Bollywood film-stars, politicians and business tycoons across India and the world. If a deal fails to materialise, the airline could be dragged into bankruptcy by creditors, putting thousands of jobs at risk.

State Bank of India gets sealed bid for Jet Airways from Etihad

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.

US President Donald Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. That provided some support for stocks in early Asian trade though sentiment remains cautious.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent while Japan's Nikkei rose 0.4 per cent. E-mini futures for US&nbsp;S&amp;P500 rose 0.4 per cent in early Asian trade.

Yet with less than four hours left before the announced start of new rates at 12:01 a.m. (0401) GMT on Friday, right in the middle of two days of meetings with a Chinese delegation, some see the risk of a fresh escalation in the trade war.

"I'd say there's 50 per cent chance the tariffs will be raised as announced, which should lead to fresh selling in stocks later today," said Norihiro Fujito, chief investment in Mitsubishi UFJ Morgan Stanley Securities.

China's Vice Premier Liu He said he hopes to engage in a rational and candid exchange with the US after arriving in Washington for a new round of trade talks, China's official Xinhua news agency reported.

Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports.

Concerns about renewed escalation in the trade tensions supported safe-haven assets.

The 10-year US&nbsp;Treasuries yield stood at 2.453 per cent near its lowest levels since late March.

In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday.

The euro firmed to $1.1220 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day.

MSCI's emerging market currency index also tumbled to a four-month low.

Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now.

Brent rose 0.7 per cent to $70.86 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.9 per cent to $62.24 per barrel.

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike. US President Donald Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. That provided some support for stocks in early Asian trade though sentiment remains cautious. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent while Japan's Nikkei rose 0.4 per cent. E-mini futures for US S&P500 rose 0.4 per cent in early Asian trade. Yet with less than four hours left before the announced start of new rates at 12:01 a.m. (0401) GMT on Friday, right in the middle of two days of meetings with a Chinese delegation, some see the risk of a fresh escalation in the trade war. "I'd say there's 50 per cent chance the tariffs will be raised as announced, which should lead to fresh selling in stocks later today," said Norihiro Fujito, chief investment in Mitsubishi UFJ Morgan Stanley Securities. China's Vice Premier Liu He said he hopes to engage in a rational and candid exchange with the US after arriving in Washington for a new round of trade talks, China's official Xinhua news agency reported. Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports. Concerns about renewed escalation in the trade tensions supported safe-haven assets. The 10-year US Treasuries yield stood at 2.453 per cent near its lowest levels since late March. In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday. The euro firmed to $1.1220 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day. MSCI's emerging market currency index also tumbled to a four-month low. Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now. Brent rose 0.7 per cent to $70.86 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.9 per cent to $62.24 per barrel.

Asian shares near two-month lows ahead of looming US tariff hike

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.

Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 per cent, from their last close. Brent closed little changed in the previous session.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 per cent, from their previous settlement. WTI closed the last session down 0.7 percent.

Analysts said oil was drawing support on renewed hopes that a China-US&nbsp;trade deal after US President Donald Trump said he received a "beautiful letter" from Chinese President Xi Jinping.

Trump quoted the letter as saying: "Let's work together let's see if we can get something done."

Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday(0401 GMT on Saturday).

"The outcome of the US-China trade talks remains uncertain," said Alfonso Esparza, Senior Market Analyst at OANDA.

"Global growth forecasts were hit by tariff escalation last year, before a ceasefire and negotiations kicked up a notch."

The trade optimism comes amid efforts by the Organisation of Petroleum Exporting Countries to crimp supply, as well as expectations that demand will rise.

The US&nbsp;Energy Information Administration expects global oil demand to rise by 1.4 million barrels per day (bpd) this year.

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth.

US oil prices rose on Friday on renewed optimism that a trade deal between Washington and Beijing could be struck, as investors have been fearing that a protracted tariff war would harm global economic growth. Brent crude futures were at $70.85 a barrel at 0021 GMT, up 48 cents, or 0.7 per cent, from their last close. Brent closed little changed in the previous session. US West Texas Intermediate (WTI) crude futures were at $62.29 per barrel, up 59 cents, or 1 per cent, from their previous settlement. WTI closed the last session down 0.7 percent. Analysts said oil was drawing support on renewed hopes that a China-US trade deal after US President Donald Trump said he received a "beautiful letter" from Chinese President Xi Jinping. Trump quoted the letter as saying: "Let's work together let's see if we can get something done." Still, traders remained on edge as Washington prepares to go ahead with plans to hike tariffs on hundreds of billions of dollars of goods imported from China at 12:01 a.m. EDT on Friday(0401 GMT on Saturday). "The outcome of the US-China trade talks remains uncertain," said Alfonso Esparza, Senior Market Analyst at OANDA. "Global growth forecasts were hit by tariff escalation last year, before a ceasefire and negotiations kicked up a notch." The trade optimism comes amid efforts by the Organisation of Petroleum Exporting Countries to crimp supply, as well as expectations that demand will rise. The US Energy Information Administration expects global oil demand to rise by 1.4 million barrels per day (bpd) this year.

Oil rallies on hopes for US-China trade deal

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm&nbsp;EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday.

Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods.

Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.

"We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war."

The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&amp;P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59.

The S&amp;P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level.

Materials and technology stocks posted the steepest declines among the S&amp;P 500's sectors, dropping 0.8% and 0.7%, respectively.

Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December.

Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&amp;P 500.

Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%.

The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months.

In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&amp;P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan.

Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&amp;P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp.

Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners.

The S&amp;P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows.

Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible.

Wall Street's main indexes fell on Thursday ahead of critical trade negotiations between the United States and China, though they pared losses significantly after US President Donald Trump said reaching a deal this week was possible. US stocks had fallen more than 1% earlier in the session but recovered much of those losses after Trump said he had received a "beautiful letter" from Chinese President Xi Jinping. Negotiators will meet at 5 pm EDT (2100 GMT) on Thursday, Trump said. They are set to continue talks through Friday. Still, the United States has not backed down from hiking tariffs on $200 billion worth of Chinese goods to 25% on Friday. Trump also said that paperwork had been initiated to levy 25% tariffs on a further $325 billion worth of Chinese goods. Even with the possibility of further tariffs going into effect, some investors remained optimistic that a trade agreement was within reach. That likely kept Thursday's declines in check, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management. "We may very well see tariffs put in place tomorrow, but it's going to get resolved," Stoltzfus said. "It's too impractical for either side to extend this into a protracted trade war." The Dow Jones Industrial Average fell 138.97 points, or 0.54%, to 25,828.36, the S&P 500 lost 8.7 points, or 0.30%, to 2,870.72 and the Nasdaq Composite dropped 32.73 points, or 0.41%, to 7,910.59. The S&P 500 index briefly slipped below its 50-day moving average, a closely watched indicator of momentum, during the session but ended above that level. Materials and technology stocks posted the steepest declines among the S&P 500's sectors, dropping 0.8% and 0.7%, respectively. Shares of chipmakers, which get a large portion of the revenue from China, continued to slide, with the Philadelphia semiconductor index ending 1.2% lower. The index has fallen 6% so far this week and is on pace to post its biggest percentage weekly loss since December. Chipmaker shares were also pressured by an underwhelming profit growth forecast from Intel Corp. Intel shares fell 5.3% and were the biggest drag on the S&P 500. Trade-sensitive industrial bellwethers were also hit, with Boeing Co shares falling 1% and 3M Co shares dropping 1.9%. The CBOE Volatility Index, a gauge of investor anxiety, rose for the fourth consecutive session and is at its highest level in more than three months. In a bright spot, Tapestry Inc shares jumped 8.5%, the most among S&P companies, after the Coach handbag maker beat quarterly profit estimates and announced a $1 billion share buyback plan. Chevron Corp shares gained 3.1%, providing the biggest boost to the Dow and the S&P 500, after the oil company said it would not raise its $33 billion offer to buy Anadarko Petroleum Corp. Declining issues outnumbered advancing ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favoured decliners. The S&P 500 posted two new 52-week highs and 11 new lows; the Nasdaq Composite recorded 37 new highs and 98 new lows. Volume on US exchanges was 7.75 billion shares, compared with the 6.83 billion-share average for the full session over the last 20 trading days.

Wall Street dips as investors await outcome of US-China trade talks

The domestic stock market on Friday ended in red with BSE Sensex closing 95.92 points lower at 37,462.99 and NSE Nifty dropping 22.90 points to close at 11,278.90. This marked the eighth consecutive fall for the domestic market session.

BSE Sensex and NSE Nifty were trading on a choppy note early Friday amid uncertainty over US-China trade deal and continued foreign fund outflow.

After opening over 150 points higher, the 30-share index turned cautious and fell 17.32 points, or 0.15 per cent, to 37,541.59. The broader NSE Nifty was trading below the 11,300 level at 11,285.75.

On Thursday, BSE Sensex tumbled 230.22 points to close at 37,558.91 and NSE Nifty dropped 57.65 points to close at 11,301.80.&nbsp;

Earlier on Thursday, Sensex fell over 200 points and Nifty dropped below the 11,300 marks in the early trade.

Meanwhile, the rupee depreciated by 13 paise to 70.07 against the US dollar in early trade today. 
&nbsp;

The domestic stock market on Friday ended in red with BSE Sensex closing 95.92 points lower at 37,462.99 and NSE Nifty dropping 22.90 points to close at 11,278.90.

The domestic stock market on Friday ended in red with BSE Sensex closing 95.92 points lower at 37,462.99 and NSE Nifty dropping 22.90 points to close at 11,278.90. This marked the eighth consecutive fall for the domestic market session. BSE Sensex and NSE Nifty were trading on a choppy note early Friday amid uncertainty over US-China trade deal and continued foreign fund outflow. After opening over 150 points higher, the 30-share index turned cautious and fell 17.32 points, or 0.15 per cent, to 37,541.59. The broader NSE Nifty was trading below the 11,300 level at 11,285.75. On Thursday, BSE Sensex tumbled 230.22 points to close at 37,558.91 and NSE Nifty dropped 57.65 points to close at 11,301.80. Earlier on Thursday, Sensex fell over 200 points and Nifty dropped below the 11,300 marks in the early trade. Meanwhile, the rupee depreciated by 13 paise to 70.07 against the US dollar in early trade today.

Markets end in red; Sensex drops over 90 points, Nifty falls below 11,300

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going.

"(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai.

<a href="https://www.wionews.com/business-economy/jet-airways-pilots-union-asks-supreme-court-to-direct-sbi-to-release-funds-217246">Jet Airways' pilots' union had appealed to the Supreme Court of India</a> to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.

The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.

The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles.

The State Bank of India (SBI) said on Friday it has received two unsolicited bids for ailing Jet Airways, nearly a month after the airline was forced to ground all operations due to funding troubles. Jet, once India's largest private airline, stopped all flights on April 17 after its lenders, led by SBI, declined to extend more funds to keep the carrier going. "(We have) made disproportionate efforts to keep Jet flying," the bank's chairman Rajnish Kumar told reporters in Mumbai. Jet Airways' pilots' union had appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters. Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline. The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes. The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

State Bank of India says two bids received for Jet Airways

The benchmark BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,300 marks in early trade Thursday tracking weak cues from <a href="https://www.wionews.com/business-economy/wall-street-falls-as-investors-cautious-on-trade-intel-slides-217142">global markets</a> as US-China trade tiff continued to roil investor sentiment.

Ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies, scheduled for May 9-10 in Washington, China has said it will retaliate if the US raises tariffs on Chinese products.

The comments come after US President Donald Trump threatened to hike tariffs on $200 billion worth of goods earlier this week.&nbsp;

Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower in early trade.

Following suit, the 30-share index was trading 212.08 points, or 0.56 per cent, lower at 37,577.05.

Similarly, the broader NSE Nifty was down 63.15 points, or 0.56 per cent, at 11,296.30.

Among the top losers in the early session were RIL, NTPC, PowerGrid, Yes Bank, Tata Motors, HCL Tech, Bajaj Finance and HDFC twins, falling up to 2.60 per cent.

On the other hand, Infosys, TCS, Hero MotoCorp, SBI, L&amp;T and Maruti rose up to 1.44 per cent.

In the previous session on Wednesday, the BSE bourse plunged 487.50 points, or 1.27 per cent, to end at 37,789.13; while the broader Nifty sank 138.45 points, or 1,20 per cent, to 11,359.45.

Investor sentiment remained weak amid rising tension between the US and China, traders said, adding that sustained foreign fund outflow to the dampened market mood here.

Foreign institutional investors (FIIs) sold equity worth Rs 701.50 crore on Wednesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 232.95 crore, provisional data available with stock exchanges showed.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, the market is expected to remain volatile till any clarity emerges on the progress in US-China trade war and the election results in India.

On the currency front, the rupee depreciated 16 paise to 69.87 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.75 per cent lower at $69.84 per barrel.

On Wall Street, S&amp;P500 and Nasdaq Composite indices ended lower on Wednesday.&nbsp;

The benchmark BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,300 marks in early trade Thursday tracking weak cues from global markets as US-China trade tiff continued to roil investor sentiment.

The benchmark BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,300 marks in early trade Thursday tracking weak cues from global markets as US-China trade tiff continued to roil investor sentiment. Ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies, scheduled for May 9-10 in Washington, China has said it will retaliate if the US raises tariffs on Chinese products. The comments come after US President Donald Trump threatened to hike tariffs on $200 billion worth of goods earlier this week. Bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading significantly lower in early trade. Following suit, the 30-share index was trading 212.08 points, or 0.56 per cent, lower at 37,577.05. Similarly, the broader NSE Nifty was down 63.15 points, or 0.56 per cent, at 11,296.30. Among the top losers in the early session were RIL, NTPC, PowerGrid, Yes Bank, Tata Motors, HCL Tech, Bajaj Finance and HDFC twins, falling up to 2.60 per cent. On the other hand, Infosys, TCS, Hero MotoCorp, SBI, L&T and Maruti rose up to 1.44 per cent. In the previous session on Wednesday, the BSE bourse plunged 487.50 points, or 1.27 per cent, to end at 37,789.13; while the broader Nifty sank 138.45 points, or 1,20 per cent, to 11,359.45. Investor sentiment remained weak amid rising tension between the US and China, traders said, adding that sustained foreign fund outflow to the dampened market mood here. Foreign institutional investors (FIIs) sold equity worth Rs 701.50 crore on Wednesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 232.95 crore, provisional data available with stock exchanges showed. According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, the market is expected to remain volatile till any clarity emerges on the progress in US-China trade war and the election results in India. On the currency front, the rupee depreciated 16 paise to 69.87 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.75 per cent lower at $69.84 per barrel. On Wall Street, S&P500 and Nasdaq Composite indices ended lower on Wednesday.

Sensex falls over 200 points as US-China tensions roil global markets

Energy-to-telecoms conglomerate Reliance Industries Ltd said on Thursday it has acquired British toy retailer Hamleys, reported news agency Reuters.

The company, through its subsidiary Reliance Brands Ltd, signed an agreement to pick up a 100 per cent stake in the toy retailer from C Banner International Holdings, a Hong Kong-listed company, the report said quoting a statement from Reliance on Thursday.

The acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said.&nbsp;

Hamleys&nbsp;has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys and presently operates 88 stores across 29 cities.

(With inputs from Reuters)&nbsp;

Energy-to-telecoms conglomerate Reliance Industries Ltd said on Thursday it has acquired British toy retailer Hamleys, reported news agency Reuters. The company, through its subsidiary Reliance Brands Ltd, signed an agreement to pick up a 100 per cent stake in the toy retailer from C Banner International Holdings, a Hong Kong-listed company, the report said quoting a statement from Reliance on Thursday.

Energy-to-telecoms conglomerate Reliance Industries Ltd said on Thursday it has acquired British toy retailer Hamleys, reported news agency Reuters. The company, through its subsidiary Reliance Brands Ltd, signed an agreement to pick up a 100 per cent stake in the toy retailer from C Banner International Holdings, a Hong Kong-listed company, the report said quoting a statement from Reliance on Thursday. The acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said. Hamleys has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys and presently operates 88 stores across 29 cities. (With inputs from Reuters)

Reliance Industries buys global toy retailer Hamleys

The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in the domestic equity market and foreign fund outflows.

Forex traders said, the US-China trade concerns also weighed on the domestic currency.

The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close.

The rupee had settled at 69.71 against the US dollar Wednesday.

China has threatened to take retaliatory measures if US President Donald Trump raises tariffs on $200 billion worth of goods ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies.

The talks are due to be held on May 9-10 in Washington between trade delegations headed by Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin.

On the domestic front, foreign institutional investors (FIIs) pulled out Rs 645.08 crore on a net basis Wednesday, provisional data showed.

Domestic bourses opened on a negative note Thursday with benchmark indices Sensex trading 191.71 points down at 37,606.72 and Nifty down 54.60 points at 11,304.85.

Forex dealers said easing crude oil prices however supported the local unit and restricted the downfall. 
Brent crude futures, the global oil benchmark, fell 0.78 per cent to $69.82 per barrel.

The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in the domestic equity market and foreign fund outflows.

The rupee depreciated by 18 paise to 69.89 against the US dollar in early trade Thursday amid heavy sell-off in the domestic equity market and foreign fund outflows. Forex traders said, the US-China trade concerns also weighed on the domestic currency. The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close. The rupee had settled at 69.71 against the US dollar Wednesday. China has threatened to take retaliatory measures if US President Donald Trump raises tariffs on $200 billion worth of goods ahead of the crucial 11th round of talks aimed at ending the trade war between the world's two largest economies. The talks are due to be held on May 9-10 in Washington between trade delegations headed by Chinese Vice Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin. On the domestic front, foreign institutional investors (FIIs) pulled out Rs 645.08 crore on a net basis Wednesday, provisional data showed. Domestic bourses opened on a negative note Thursday with benchmark indices Sensex trading 191.71 points down at 37,606.72 and Nifty down 54.60 points at 11,304.85. Forex dealers said easing crude oil prices however supported the local unit and restricted the downfall. Brent crude futures, the global oil benchmark, fell 0.78 per cent to $69.82 per barrel.

Rupee depreciates 18 paise to 69.89 against dollar as US-China trade concern weighs in

The benchmark S&amp;P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed.

Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday.

Still, the US&nbsp;government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US&nbsp;tariffs were raised.

The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said.

"The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee.

Even as the S&amp;P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares.

"It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta.

The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&amp;P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32.

The benchmark S&amp;P 500 is now 2.5% below its record high of 2,954.13 hit last week.

Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&amp;P 500.

Disney shares were last up 0.8% in aftermarket trading.

McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation.

Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&amp;P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates.

With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season.

Of the 426 S&amp;P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data.

Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners.

The S&amp;P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows.

Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement.

The benchmark S&P 500 fell on Wednesday for the third day in a row as investors remained cautious about the latest developments on US-China trade talks even after hopeful comments from the White House regarding an eventual agreement. A late slide in shares of Intel Corp contributed to losses in the last half-hour of trading. Shares of the chipmaker fell 2.5% after the company's outlook during its investor day presentation disappointed. Wall Street had edged higher for much of the session after White House spokeswoman Sarah Sanders said that the United States had received an indication from Beijing that China wants to make a trade deal. China's lead negotiator, Vice Premier Liu He, is due to visit Washington on Thursday and Friday. Still, the US government said in its official journal that it would raise tariffs on $200 billion worth of Chinese goods to 25% on Friday. China's commerce ministry later said it would have to take retaliatory measures if US tariffs were raised. The mixed tone of trade developments made it difficult for US stocks to sustain their rally, investors said. "The last 30 minutes lets you know that people are still leaning bearish mid-week," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. Even as the S&P 500 rose in the afternoon, defensive sectors such as real estate and healthcare were among the index's top gainers. The trade-sensitive industrial sector ended little changed, while Intel's decline dragged down technology shares. "It's consistent with people being unsure about what's actually going to come out of Washington this week," said Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta. The Dow Jones Industrial Average rose 2.24 points, or 0.01%, to 25,967.33, the S&P 500 lost 4.63 points, or 0.16%, to 2,879.42 and the Nasdaq Composite dropped 20.44 points, or 0.26%, to 7,943.32. The benchmark S&P 500 is now 2.5% below its record high of 2,954.13 hit last week. Shares of Walt Disney Co rose 1.2% ahead of its quarterly results. Disney was the top boost to the S&P 500. Disney shares were last up 0.8% in aftermarket trading. McKesson Corp shares climbed 4.8% after the drug distributor's quarterly results eased concerns about pricing pressures and costs related to opioid-related litigation. Conversely, TripAdvisor Inc shares tumbled 11.4%, the most among S&P 500 companies, after the online travel company's quarterly revenue missed analysts' estimates. With earnings season entering its final stretch, first-quarter profits are now seen rising 1.2%, a sharp improvement from the 2.3% decline expected at the start of the season. Of the 426 S&P companies that have reported so far, about 75% have beaten profit estimates, according to Refinitiv data. Declining issues outnumbered advancing ones on the NYSE by a 1.16-to-1 ratio; on Nasdaq, a 1.18-to-1 ratio favoured decliners. The S&P 500 posted five new 52-week highs and seven new lows; the Nasdaq Composite recorded 45 new highs and 67 new lows. Volume on U.S. exchanges was 7 billion shares, compared to the 6.74 billion average for the full session over the last 20 trading days.

Wall Street falls as investors cautious on trade; Intel slides

Oil prices dropped on Thursday amid concerns over the <a href="https://www.wionews.com/world/trump-says-he-would-be-happy-to-keep-tariffs-on-chinese-imports-in-place-217051">escalating trade battle between the United States and China</a>, despite a surprise fall in US crude stockpiles.

Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement.

US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close.

The Sino-US&nbsp;trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook.

US&nbsp;President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached.

Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday.

Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year.

Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran.

"From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management.

"All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said.

In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer.

An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles.

Oil prices dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles. Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 per cent, from their previous settlement. US West Texas Intermediate (WTI) crude futures were at $61.67 per barrel, down 45 cents, or 0.72 per cent, from their last close. The Sino-US trade war has weighed on oil prices this week as heightened tensions between the world's two biggest economies could the global economic outlook. US President Donald Trump said on Wednesday that China "broke the deal" in trade talks with Washington and would face stiff tariffs if no agreement is reached. Higher tariffs are set to take effect on Friday, during Chinese Vice Premier Liu He's two-day visit to Washington from Thursday. Despite this, oil prices have been supported by signs of tighter global supply on the back of production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Both benchmarks have risen more than 30 per cent so far this year. Global supply has also been tightened by US sanctions on OPEC members Venezuela and Iran. "From a fundamental point of view, OPEC supply discipline is still in check, and US supplies show tighter markets than expected while Asia demand is still robust," said Stephen Innes head of trading at SPI Asset Management. "All of which suggests once the trade war-induced sell-offs abate conditions could settle themselves quickly," Innes said. In a sign that Asia demand remains firm, China's crude imports in April hit a record for the month, at 10.6 million barrels per day (bpd), customs data showed on Wednesday. China is the world's biggest oil importer. An unexpected drop in US crude inventories kept oil price declines in check. US crude inventories fell by 4 million barrels in the week to May 3, the Energy Information Administration said on Wednesday.

Oil falls on trade dispute despite surprise drop in US crude inventories

Tata Motors said on Thursday there was no truth to a report saying a sale of <a href="https://www.wionews.com/business-economy/tata-motors-jaguar-land-rover-to-halt-production-amid-brexit-disruption-192756">Jaguar Land Rover</a> to French automotive group PSA could be imminent, reported news agency Reuters.

The Press Association said leaked information suggested a <a href="https://www.wionews.com/world/jaguar-land-rover-to-cut-5000-uk-jobs-report-189382">sale could be imminent</a>, citing a "post-sale integration document", which outlines the benefits of the two companies joining forces.

"As a matter of policy, we do not comment on media speculation. But we can confirm there is no truth to these rumours," the Reuters report said quoting a Tata Motors spokesperson.

(With inputs from Reuters)

Tata Motors said on Thursday there was no truth to a report saying a sale of Jaguar Land Rover to French automotive group PSA could be imminent, reported news agency Reuters.

Tata Motors said on Thursday there was no truth to a report saying a sale of Jaguar Land Rover to French automotive group PSA could be imminent, reported news agency Reuters. The Press Association said leaked information suggested a sale could be imminent, citing a "post-sale integration document", which outlines the benefits of the two companies joining forces. "As a matter of policy, we do not comment on media speculation. But we can confirm there is no truth to these rumours," the Reuters report said quoting a Tata Motors spokesperson. (With inputs from Reuters)

No truth in speculation of Jaguar Land Rover sale: Tata Motors

The domestic stock markets on Thursday ended in red with BSE Sensex tumbling 230.22 points to close at 37,558.91 and NSE Nifty dropping 57.65 points to close at 11,301.80.&nbsp;This marked the seventh consecutive fall for the domestic market session.

Earlier in the day, Sensex fell over 200 points and Nifty dropped below the 11,300 marks in the early trade Thursday.&nbsp;

Experts attributed the drop to weak cues from global markets as US-China trade tiff continued to roil investor sentiment.

On Wednesday, Sensex plunged 487.50 points to end at 37,789.13. Nifty sank 138.45 points to settle at 11,359.45.

Meanwhile, the rupee depreciated by 18 paise to 69.89 against the US dollar in early trade today amid heavy sell-off in domestic equity market and foreign fund outflows.

The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close on Wednesday.

The domestic currency had settled at 69.71 against the US dollar yesterday.

(With inputs from PTI)&nbsp;

The domestic stock markets on Thursday ended in red with BSE Sensex tumbling 230.22 points to close at 37,558.91 and NSE Nifty dropping 57.65 points to close at 11,301.

The domestic stock markets on Thursday ended in red with BSE Sensex tumbling 230.22 points to close at 37,558.91 and NSE Nifty dropping 57.65 points to close at 11,301.80. This marked the seventh consecutive fall for the domestic market session. Earlier in the day, Sensex fell over 200 points and Nifty dropped below the 11,300 marks in the early trade Thursday. Experts attributed the drop to weak cues from global markets as US-China trade tiff continued to roil investor sentiment. On Wednesday, Sensex plunged 487.50 points to end at 37,789.13. Nifty sank 138.45 points to settle at 11,359.45. Meanwhile, the rupee depreciated by 18 paise to 69.89 against the US dollar in early trade today amid heavy sell-off in domestic equity market and foreign fund outflows. The rupee opened weak at 69.70 at the interbank forex market and then fell further to 69.89, down 18 paise over its last close on Wednesday. The domestic currency had settled at 69.71 against the US dollar yesterday. (With inputs from PTI)

Markets end in red; Sensex loses over 200 points, Nifty settles at 11,300

<a href="https://www.wionews.com/business-economy/india-sees-little-scope-for-jet-airways-revival-government-sources-216085">Jet Airways</a>' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline.

The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes.

The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees.

This "singular decision" by SBI was responsible for the operations of Jet Airways coming to a stop and "substantial de-valuation/depreciation in the value of Jet", the union said in the court filing.

SBI, as part of the resolution plan, has also invited bids from potential investors to take a stake in Jet. So far no bidders have publicly shown interest and the final bids are expected to be submitted by May 10.

There was no immediate comment from SBI.

Without the emergency funds, Jet was unable to pay rentals on its leased aircraft, forcing lessors to take backplanes.

Its slots have been temporarily re-allocated to other airlines and some of its pilots and other employees who have not been paid in months have taken up jobs elsewhere.

The union has asked the Supreme Court to direct the civil aviation ministry and aviation regulator to decline any further de-registration requests for Jet's leased aircraft and not to reassign its slots to other airlines permanently, according to the filing.

Allocation of Jet's slots, allotment of its seats under the international bilateral agreement with other airlines and handing over its de-registered aircraft to other carriers without following due process has "further devalued the worth of Jet Airways", the union said in its petition.

"The consequence is that there is hardly any likelihood of some serious buyer for the airline," the pilots' union said in the petition, urging the court to act swiftly.

Jet Airways' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters.

Jet Airways' pilots' union has appealed to the Supreme Court of India to direct State Bank Of India (SBI) to release interim funding to try to revive the grounded airline, according to a court filing made on Tuesday which was reviewed by Reuters. Jet halted all flight operations indefinitely on April 17 after its lenders rejected its plea for emergency funds, potentially the end of the line for what was once India's largest private airline. The debt-laden airline has struggled to compete with low-cost carriers like IndiGo and SpiceJet that now dominate Indian skies, and its mounting losses forced it to ground its planes. The National Aviator's Guild said in its petition that SBI's decision to not give the interim funding of 15 billion rupees ($216 million), after agreeing to it in March as part a resolution plan, has resulted in the airline being grounded and has impacted the livelihood of Jet's 22,000 employees. This "singular decision" by SBI was responsible for the operations of Jet Airways coming to a stop and "substantial de-valuation/depreciation in the value of Jet", the union said in the court filing. SBI, as part of the resolution plan, has also invited bids from potential investors to take a stake in Jet. So far no bidders have publicly shown interest and the final bids are expected to be submitted by May 10. There was no immediate comment from SBI. Without the emergency funds, Jet was unable to pay rentals on its leased aircraft, forcing lessors to take backplanes. Its slots have been temporarily re-allocated to other airlines and some of its pilots and other employees who have not been paid in months have taken up jobs elsewhere. The union has asked the Supreme Court to direct the civil aviation ministry and aviation regulator to decline any further de-registration requests for Jet's leased aircraft and not to reassign its slots to other airlines permanently, according to the filing. Allocation of Jet's slots, allotment of its seats under the international bilateral agreement with other airlines and handing over its de-registered aircraft to other carriers without following due process has "further devalued the worth of Jet Airways", the union said in its petition. "The consequence is that there is hardly any likelihood of some serious buyer for the airline," the pilots' union said in the petition, urging the court to act swiftly.

Jet Airways pilots' union asks Supreme Court to direct SBI to release funds

Uber and Lyft drivers in New York and Chicago participated in a series of multi-city strikes on Wednesday to protest the disparity between gig-economy conditions and the sums that investors are likely to make in Friday's blockbuster stock market debut of Uber. Watch this video to know more.

WION Wallet: Uber, Lyft drivers hold protest

The benchmark BSE Sensex extended its losing streak by falling over 250 points in early trade Wednesday, led by losses global markets amid rising US-China tension.

The 30-share index was trading 205.12 points, or 0.54 per cent, lower at 38,071.51.

Similarly, the broader NSE Nifty was down 63.65 points, or 0.55 per cent, at 11,434.25.

Top losers in early session were RIL, ONGC, Vedanta, NTPC, Bajaj Auto, Bajaj Finance, HDFC twins, HUL and SBI, shedding up to 1.57 per cent.

On the other hand, Bharti Airtel, PowerGrid, IndusInd Bank, ICICI Bank, Tata Steel, Yes Bank and Sun Pharma were the top gainers, rising up to 0.82 per cent.

In the previous session on Monday, the BSE bourse ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The NSE Nifty too dropped 100.35 points to settle below the 11,500 level at 11,497.90.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, markets across the globe have been weak as the resumption of trade war threats continue to make headlines.

"Earnings have not been encouraging with consumer companies missing analyst estimates and private bank earnings impacted by higher provisions," he said.

However, the earnings slowdown could be attributable to political uncertainty and consumers choosing to hold back on purchases until clarity emerges, he added.

Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note.

On Wall Street, S&amp;P500 and Nasdaq Composite indices ended up to 2 per cent lower on Tuesday.

On the currency front, the rupee depreciated 20 paise to 69.62 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.44 per cent higher at US $70.19 per barrel.

The benchmark BSE Sensex extended its losing streak by falling over 250 points in early trade Wednesday, led by losses global markets amid rising US-China tension.

The benchmark BSE Sensex extended its losing streak by falling over 250 points in early trade Wednesday, led by losses global markets amid rising US-China tension. The 30-share index was trading 205.12 points, or 0.54 per cent, lower at 38,071.51. Similarly, the broader NSE Nifty was down 63.65 points, or 0.55 per cent, at 11,434.25. Top losers in early session were RIL, ONGC, Vedanta, NTPC, Bajaj Auto, Bajaj Finance, HDFC twins, HUL and SBI, shedding up to 1.57 per cent. On the other hand, Bharti Airtel, PowerGrid, IndusInd Bank, ICICI Bank, Tata Steel, Yes Bank and Sun Pharma were the top gainers, rising up to 0.82 per cent. In the previous session on Monday, the BSE bourse ended 323.71 points, or 0.84 per cent, lower at 38,276.63. The NSE Nifty too dropped 100.35 points to settle below the 11,500 level at 11,497.90. According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, markets across the globe have been weak as the resumption of trade war threats continue to make headlines. "Earnings have not been encouraging with consumer companies missing analyst estimates and private bank earnings impacted by higher provisions," he said. However, the earnings slowdown could be attributable to political uncertainty and consumers choosing to hold back on purchases until clarity emerges, he added. Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note. On Wall Street, S&P500 and Nasdaq Composite indices ended up to 2 per cent lower on Tuesday. On the currency front, the rupee depreciated 20 paise to 69.62 against the US dollar. Brent crude futures, the global oil benchmark, were trading 0.44 per cent higher at US $70.19 per barrel.

Sensex drops 250 points; Nifty below 11,450

Oil prices stabilised on Wednesday as markets remained relatively tight amid <a href="https://www.wionews.com/business-economy/wall-street-stocks-tumble-over-us-china-trade-war-fears-dow-nasdaq-bleed-216870">US sanctions on crude </a>exporters Iran and Venezuela.

US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement.

Brent <a href="https://www.wionews.com/business-economy/international-oil-prices-dip-over-china-us-trade-dispute-iran-sanctions-216564">crude oil futures </a>were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close.

With US&nbsp;sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.

"The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank.

The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country.

Iran has said it will defy the sanctions and continue to export oil.

Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure.

Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply.

Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods.

"Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. With US sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight. "The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank. The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country. Iran has said it will defy the sanctions and continue to export oil. Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure. Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply. Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods. "Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

International oil prices remain tight amid US sanctions on Iran, Venezuela

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in <a href="https://www.wionews.com/world/wall-street-falls-as-white-house-plans-to-raise-china-tariffs-216536">selling off amid signs</a> Washington and Beijing are moving further from an agreement.

The Dow Jones Industrial Average fell 1.8 per cent to 25,965.09. The broad-based S&amp;P 500 shed 1.7 per cent to 2,884.05, while the tech-rich Nasdaq Composite Index dropped 2.0 per cent to 7,963.76.

Hopes the <a href="https://www.wionews.com/world/chinas-top-trade-negotiator-to-visit-us-despite-tariffs-216689">United States and China can seal a trade</a> deal took a hit over the weekend when President Donald Trump threatened to raise tariffs on Chinese imports as of Friday.

Beijing has decided to proceed with key trade talks later this week but the White House now says US duties on $200 billion in Chinese merchandise will more than double on Friday.

Investors have generally viewed the Trump threats as a bargaining tactic. Still, Tuesday's pullback suggested some fear the latest back-and-forth could pose a more serious obstacle.

"The new tariffs have caught the market off guard," said Quincy Krosby, chief market strategist of Prudential Financial.

"The question becomes, What will the Chinese do?" Industrials were a hard-hit sector, with Caterpillar, United Technologies and 3M all losing more than 2.0 per cent.

Technology companies also fell, with Apple, Microsoft and Facebook all losing more than two per cent. Among individual companies, drug maker Mylan plunged 23.8 per cent after reporting disappointing first-quarter sales and skepticism over some of the company's forecasts.

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in selling off amid signs Washington and Beijing are moving further from an agreement.

Wall Street stocks tumbled amid renewed trade war fears on Tuesday, joining other leading bourses in selling off amid signs Washington and Beijing are moving further from an agreement. The Dow Jones Industrial Average fell 1.8 per cent to 25,965.09. The broad-based S&P 500 shed 1.7 per cent to 2,884.05, while the tech-rich Nasdaq Composite Index dropped 2.0 per cent to 7,963.76. Hopes the United States and China can seal a trade deal took a hit over the weekend when President Donald Trump threatened to raise tariffs on Chinese imports as of Friday. Beijing has decided to proceed with key trade talks later this week but the White House now says US duties on $200 billion in Chinese merchandise will more than double on Friday. Investors have generally viewed the Trump threats as a bargaining tactic. Still, Tuesday's pullback suggested some fear the latest back-and-forth could pose a more serious obstacle. "The new tariffs have caught the market off guard," said Quincy Krosby, chief market strategist of Prudential Financial. "The question becomes, What will the Chinese do?" Industrials were a hard-hit sector, with Caterpillar, United Technologies and 3M all losing more than 2.0 per cent. Technology companies also fell, with Apple, Microsoft and Facebook all losing more than two per cent. Among individual companies, drug maker Mylan plunged 23.8 per cent after reporting disappointing first-quarter sales and skepticism over some of the company's forecasts.

Wall Street stocks tumble over US-China trade war fears; Dow, Nasdaq bleed

Global trade tensions along with disappointing quarterly results suppressed the key Indian equity indices during Wednesday's mid-afternoon trade session.

The BSE Sensex lost 488 points or 1.27 per cent to settle at 37,790 and Nifty index of the National Stock Exchange (NSE) slipped below the crucial 11,400 level to end at 11,359, down 138 points or 1.2 per cent.

BSE has posted a 16.46 per cent year-on-year dip in consolidated net profit for March quarter at Rs 51.86 crore. Consolidated total income declined to Rs 182.08 crore from Rs 195.34 crore in the same quarter a year before.

The Sensex was mainly dragged by Reliance Industries, HDFC, HDFC Bank, ICICI Bank and SBI, which lost up to 3.35 per cent.

Bajaj Finance, Tata Motors, Bajaj Auto, Sun Pharma, NTPC, IndusInd Bank, Vedanta, M&amp;M, Yes Bank and ONGC were among the other losers, shedding up to 3.22 per cent.

Only Asian Paints, HCL Tech and TCS ended in the green, rising up to 0.60 per cent.

According to traders, domestic equities tracked weakness in global equities amid escalating trade tensions between the US and China.

Markets have been rattled ever since US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods this week.

Energy and financial stocks came under selling pressure amid foreign fund outflows and subdued corporate earnings, experts said.

Foreign institutional investors (FIIs) sold shares worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed.

Other Asian bourses ended significantly lower, with Shanghai Composite Index falling 1.12 per cent, Hang Seng 1.23 per cent, Nikkei 1.46 per cent and Kospi 0.41 per cent.

European stocks were trading on a mixed note in early trade.

The Indian rupee depreciated 19 paise to 69.59 against the US dollar intra-day.

Global benchmark Brent crude was trading 0.41 per cent lower at USD 69.59 per barrel.

RBI is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation in rest of the year, IHS Markit said Wednesday. RBI had cut interest rate by 25 basis points each in February and April to boost economic growth.

(With inputs from agencies)

Global trade tensions along with disappointing quarterly results suppressed the key Indian equity indices during Wednesday's mid-afternoon trade session. The BSE Sensex lost 488 points or 1.

Global trade tensions along with disappointing quarterly results suppressed the key Indian equity indices during Wednesday's mid-afternoon trade session. The BSE Sensex lost 488 points or 1.27 per cent to settle at 37,790 and Nifty index of the National Stock Exchange (NSE) slipped below the crucial 11,400 level to end at 11,359, down 138 points or 1.2 per cent. BSE has posted a 16.46 per cent year-on-year dip in consolidated net profit for March quarter at Rs 51.86 crore. Consolidated total income declined to Rs 182.08 crore from Rs 195.34 crore in the same quarter a year before. The Sensex was mainly dragged by Reliance Industries, HDFC, HDFC Bank, ICICI Bank and SBI, which lost up to 3.35 per cent. Bajaj Finance, Tata Motors, Bajaj Auto, Sun Pharma, NTPC, IndusInd Bank, Vedanta, M&M, Yes Bank and ONGC were among the other losers, shedding up to 3.22 per cent. Only Asian Paints, HCL Tech and TCS ended in the green, rising up to 0.60 per cent. According to traders, domestic equities tracked weakness in global equities amid escalating trade tensions between the US and China. Markets have been rattled ever since US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods this week. Energy and financial stocks came under selling pressure amid foreign fund outflows and subdued corporate earnings, experts said. Foreign institutional investors (FIIs) sold shares worth Rs 645.08 crore on Tuesday, while domestic institutional investors (DIIs) purchased equities to the tune of Rs 818.84 crore, provisional data available with stock exchanges showed. Other Asian bourses ended significantly lower, with Shanghai Composite Index falling 1.12 per cent, Hang Seng 1.23 per cent, Nikkei 1.46 per cent and Kospi 0.41 per cent. European stocks were trading on a mixed note in early trade. The Indian rupee depreciated 19 paise to 69.59 against the US dollar intra-day. Global benchmark Brent crude was trading 0.41 per cent lower at USD 69.59 per barrel. RBI is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation in rest of the year, IHS Markit said Wednesday. RBI had cut interest rate by 25 basis points each in February and April to boost economic growth. (With inputs from agencies)

Sensex plunges 488 points, Nifty ends at 11,359; RIL sheds 4%

The rupee appreciated by 4 paise to 69.36 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities.

At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.36, up 4 paise over its previous close.

The rupee had settled at 69.40 against the US dollar Monday.

The local unit, however, pared some gains and was quoted at 69.38 against the American currency at 0933 hours.

Forex dealers said, selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee.

On the other hand, foreign fund outflows restricted the rupee upmove.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 948.98 crore Monday, as per the provisional data.

Brent crude futures, the global oil benchmark, fell 0.20 per cent to US $71.10 per barrel.

Meanwhile, domestic bourses opened on a bullish note Tuesday with benchmark indices Sensex trading 159.39 points up at 38,759.73 and Nifty up 40.60 points at 11,638.85.&nbsp;

The rupee appreciated by 4 paise to 69.36 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities.

The rupee appreciated by 4 paise to 69.36 against the US dollar in opening trade Tuesday, driven by weakening of the greenback and positive opening in domestic equities. At the interbank foreign exchange market, the domestic unit opened at 69.40 against the dollar, then gained momentum and touched 69.36, up 4 paise over its previous close. The rupee had settled at 69.40 against the US dollar Monday. The local unit, however, pared some gains and was quoted at 69.38 against the American currency at 0933 hours. Forex dealers said, selling of the American currency by exporters, easing crude prices and positive opening in domestic equities supported the rupee. On the other hand, foreign fund outflows restricted the rupee upmove. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 948.98 crore Monday, as per the provisional data. Brent crude futures, the global oil benchmark, fell 0.20 per cent to US $71.10 per barrel. Meanwhile, domestic bourses opened on a bullish note Tuesday with benchmark indices Sensex trading 159.39 points up at 38,759.73 and Nifty up 40.60 points at 11,638.85.

Rupee rises 4 paise to 69.36 vs US dollar in early trade