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Asian shares barely budged on Tuesday with investors looking to a new round of Sino-US trade talks as the world's two largest economies try to resolve a tariff dispute that has put a dent on global growth and corporate earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged in early trade. Japan's Nikkei was up 1.1 per cent after a market holiday on Monday.

US and Chinese officials expressed hopes on Monday that a new round of talks would bring them closer to easing their months-long trade war.

Beijing and Washington are trying to hammer out a deal before a March 1 deadline, without which US&nbsp;tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent.

"There will be no winner in a trade war. So at some point, they will likely strike a deal," said Mutsumi Kagawa, chief global strategist at Rakuten Securities.

The trade dispute has already started to impact global growth, hitting businesses confidence, factory activity and disrupting supply chains. The worry is that a protracted Sino-US tariff row could severely hurt corporate earnings globally.

Analysts are now expecting US corporate earnings for the current quarter to drop 0.2 per cent from last year, which would mark the first contraction since the second quarter of 2016.

In the currency market, the dollar held firm, has gained for eight straight sessions against a basket of six major currencies until Monday, its longest rally in two years.

Although the Federal Reserve's dovish turn dented the dollar earlier this year, some analysts noted the US currency still has the highest yield among major peers and that the Fed continues to shrink its balance sheet.

"We see the dollar's strength essentially stemming from the Fed's balance sheet reduction," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities.

Growing evidence of a loss of momentum in the global economy has also lifted the US currency, most recently led by the European Commission's downgrade of growth in Europe, making the dollar a better investment option by default.

The dollar's index rose to its highest levels in almost three months to 971.123 on Monday. It last stood at 97.062.

In contrast, the euro dropped to as low as $1.1267 on Monday, its weakest in 2-1/2 months, and last stood at $1.1278.

The dollar popped up to a six-week high of 110.51 yen.

While the dollar drew support from the relative strength of the US economy, its near-term direction hinges on the congressional negotiation on government spending.

A Democratic Senator said on Monday negotiators were working into the night in hopes of striking a deal on funding border security programs through September 30 and averting another round of federal agency shutdowns.

The talks resumed on Monday after having broken down over the weekend.

Oil prices ticked up slightly after falls on Monday as traders weigh support from OPEC-led supply restraint and a slowdown in the global economy.

US crude futures traded at $52.55 per barrel, up 0.27 percent.

Asian shares barely budged on Tuesday with investors looking to a new round of Sino-US trade talks as the world's two largest economies try to resolve a tariff dispute that has put a dent on global growth and corporate earnings.

Asian shares barely budged on Tuesday with investors looking to a new round of Sino-US trade talks as the world's two largest economies try to resolve a tariff dispute that has put a dent on global growth and corporate earnings. MSCI's broadest index of Asia-Pacific shares outside Japan was unchanged in early trade. Japan's Nikkei was up 1.1 per cent after a market holiday on Monday. US and Chinese officials expressed hopes on Monday that a new round of talks would bring them closer to easing their months-long trade war. Beijing and Washington are trying to hammer out a deal before a March 1 deadline, without which US tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25 per cent from 10 per cent. "There will be no winner in a trade war. So at some point, they will likely strike a deal," said Mutsumi Kagawa, chief global strategist at Rakuten Securities. The trade dispute has already started to impact global growth, hitting businesses confidence, factory activity and disrupting supply chains. The worry is that a protracted Sino-US tariff row could severely hurt corporate earnings globally. Analysts are now expecting US corporate earnings for the current quarter to drop 0.2 per cent from last year, which would mark the first contraction since the second quarter of 2016. In the currency market, the dollar held firm, has gained for eight straight sessions against a basket of six major currencies until Monday, its longest rally in two years. Although the Federal Reserve's dovish turn dented the dollar earlier this year, some analysts noted the US currency still has the highest yield among major peers and that the Fed continues to shrink its balance sheet. "We see the dollar's strength essentially stemming from the Fed's balance sheet reduction," said Makoto Noji, chief currency and foreign bond strategist at SMBC Nikko Securities. Growing evidence of a loss of momentum in the global economy has also lifted the US currency, most recently led by the European Commission's downgrade of growth in Europe, making the dollar a better investment option by default. The dollar's index rose to its highest levels in almost three months to 971.123 on Monday. It last stood at 97.062. In contrast, the euro dropped to as low as $1.1267 on Monday, its weakest in 2-1/2 months, and last stood at $1.1278. The dollar popped up to a six-week high of 110.51 yen. While the dollar drew support from the relative strength of the US economy, its near-term direction hinges on the congressional negotiation on government spending. A Democratic Senator said on Monday negotiators were working into the night in hopes of striking a deal on funding border security programs through September 30 and averting another round of federal agency shutdowns. The talks resumed on Monday after having broken down over the weekend. Oil prices ticked up slightly after falls on Monday as traders weigh support from OPEC-led supply restraint and a slowdown in the global economy. US crude futures traded at $52.55 per barrel, up 0.27 percent.

Asian stocks subdued, focus on new round of Sino-US talks

Domestic equities ended in the negative terrain for the fourth straight session Tuesday, with the BSE benchmark Sensex falling over 200 points as investors intensified selling towards the fag end of the day, even as global cues remained positive.

Investors sold heavily on reality, IT, FMCG and banking counters ahead of index of industrial production (IIP) data for December and consumer price inflation (CPI) numbers for January to be released later in the day.

Tepid earnings by some more companies and foreign fund outflows also dampened trading sentiments, brokers said.

After opening on a positive note, the BSE Sensex advanced to hit an intraday high of 36,465.40 points in opening trade, driven by a firming trend at other Asian markets.

However, indices failed to hold on to gains as profit-taking re-emerged in the later part of the session, wiping off initial gains, with the BSE Sensex settling 241.41 points, or 0.66 per cent, down at 36,153.62 points.

The gauge had lost 580 points in the previous three sessions.

The broader Nifty, after touching a high (intra-day) of 10,910,90 points, finished at 10,831.40, down 57.40 points, or 0.53 per cent. It also touched a low of 10,823.80 during the day.

Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent.

On the other hand, Sun Pharma, Coal India, Tata Steel, NTPC, Asian Paints, Vedanta, M&amp;M and RIL were the gainers, rising up to 2 per cent.

Globally, Asian markets ended higher as investors looked to a new round of US-China trade talks as the world's two largest economies would try to resolve the ongoing tariff tiff.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 125.05 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 232.55 crore Monday, provisional data showed.

Domestic equities ended in the negative terrain for the fourth straight session Tuesday, with the BSE benchmark Sensex falling over 200 points as investors intensified selling towards the fag end of the day, even as global cues remained positive.

Domestic equities ended in the negative terrain for the fourth straight session Tuesday, with the BSE benchmark Sensex falling over 200 points as investors intensified selling towards the fag end of the day, even as global cues remained positive. Investors sold heavily on reality, IT, FMCG and banking counters ahead of index of industrial production (IIP) data for December and consumer price inflation (CPI) numbers for January to be released later in the day. Tepid earnings by some more companies and foreign fund outflows also dampened trading sentiments, brokers said. After opening on a positive note, the BSE Sensex advanced to hit an intraday high of 36,465.40 points in opening trade, driven by a firming trend at other Asian markets. However, indices failed to hold on to gains as profit-taking re-emerged in the later part of the session, wiping off initial gains, with the BSE Sensex settling 241.41 points, or 0.66 per cent, down at 36,153.62 points. The gauge had lost 580 points in the previous three sessions. The broader Nifty, after touching a high (intra-day) of 10,910,90 points, finished at 10,831.40, down 57.40 points, or 0.53 per cent. It also touched a low of 10,823.80 during the day. Top losers include Hero MotoCorp, HDFC, SBI, Infosys, HCL Tech, ICICI Bank, Bajaj Finance, ONGC, Bajaj Auto and IndusInd Bank, falling up to 2.63 per cent. On the other hand, Sun Pharma, Coal India, Tata Steel, NTPC, Asian Paints, Vedanta, M&M and RIL were the gainers, rising up to 2 per cent. Globally, Asian markets ended higher as investors looked to a new round of US-China trade talks as the world's two largest economies would try to resolve the ongoing tariff tiff. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 125.05 crore, while domestic institutional investors (DIIs) offloaded shares worth Rs 232.55 crore Monday, provisional data showed.

Sensex, Nifty decline ahead of IIP, inflation data releases

Russia's economic growth climbed to a six-year high in 2018, but the growth was fuelled by one-off factors that mean the goals set by President Vladimir Putin won't be achieved without an increase in household incomes, economists said.

Putin, after winning his fourth term last year, ordered the government to bring the Russian economy into the world's top five by 2024, saying economic growth should surpass the global average of about 3 per cent.

New data published this month by Russia's Federal Statistics Service, or Rosstat, seemed to show that Russia, the world's 12th largest economy, had moved closer to the Kremlin's goal.

Gross domestic product grew 2.3 per cent last year, Rosstat said, exceeding the 1.5 to 2.0 per cent foreseen by the central bank and the 1.8 per cent predicted by the economy ministry.

Growth exceeded expectations partly because Rosstat revised construction growth in the first 11 months of 2018 to 5.7 per cent from 0.5 per cent. The economy ministry said construction in Russia's Yamalo-Nenets region accounted for the revision.

A week after the data were published, the ministry said GDP growth had been boosted by one-time factors and predicted it would slow to 1.3 per cent in 2019.

"We can speak of sustainable growth when there are sustainable growth drivers such as higher investment, low capacity utilisation, rising households' incomes, which with some delay filters into consumer demand, which drives the economy," said Andrey Movchan, an economist at the Carnegie Moscow Centre.

"We have none of that," Movchan said. "We are moving slowly towards a demographic pitfall, we have almost zero non-state investment ... All developments favour GDP contraction rather than growth."

Analysts polled by Reuters in late December had expected last year's GDP growth would remain at 1.7 per cent, then slow to 1.4 per cent in 2019.

GDP Grows, incomes fall

Economists have been sceptical about the GDP figure, saying it did not represent broader economic trends and was not indicative of sustainable growth in a country facing the risk of more US&nbsp;sanctions and restrictions on its oil output because of a deal with OPEC.

An unexpected pick-up in construction, higher borrowing activity, growing inventories and stronger exports all boosted 2018 growth, the data showed. But a continuing decline in real disposable incomes among households raised doubts the reported growth could be last.

The average salary in Russia in 2018 rose 10 per cent to 43,400 roubles ($660.24), but real disposable incomes, or money adjusted for inflation that households have after paying taxes, declined 0.2 per cent in 2018 after falling 1.2 per cent in 2017, according to Rosstat.

Inventories in the economy rose in late 2018 ahead of a planned increase in value-added tax to 20 per cent from 18 per cent, the data showed.

That may have been driven by companies stocking up before prices rose, said Valery Mironov of the Higher School of Economics.

"GDP would be growing faster than demand but that's just because of growing inventories," he said. "This is only a temporary gain."

Households also contributed to growth in 2018 by taking out more loans. Retail lending rose 22.4 per cent last year after a 12.7 per cent increase in 2017, central bank data showed.

Factors that contributed to economic growth are "temporary moments that do not indicate any kind of steady trend of an increase in demand in the economy," said Vladimir Tikhomirov, chief economist at BCS brokerage.

"The current trends that are in the economy remain," he said.

&nbsp;

Russia's economic growth climbed to a six-year high in 2018, but the growth was fuelled by one-off factors that mean the goals set by President Vladimir Putin won't be achieved without an increase in household incomes, economists said.

Russia's economic growth climbed to a six-year high in 2018, but the growth was fuelled by one-off factors that mean the goals set by President Vladimir Putin won't be achieved without an increase in household incomes, economists said. Putin, after winning his fourth term last year, ordered the government to bring the Russian economy into the world's top five by 2024, saying economic growth should surpass the global average of about 3 per cent. New data published this month by Russia's Federal Statistics Service, or Rosstat, seemed to show that Russia, the world's 12th largest economy, had moved closer to the Kremlin's goal. Gross domestic product grew 2.3 per cent last year, Rosstat said, exceeding the 1.5 to 2.0 per cent foreseen by the central bank and the 1.8 per cent predicted by the economy ministry. Growth exceeded expectations partly because Rosstat revised construction growth in the first 11 months of 2018 to 5.7 per cent from 0.5 per cent. The economy ministry said construction in Russia's Yamalo-Nenets region accounted for the revision. A week after the data were published, the ministry said GDP growth had been boosted by one-time factors and predicted it would slow to 1.3 per cent in 2019. "We can speak of sustainable growth when there are sustainable growth drivers such as higher investment, low capacity utilisation, rising households' incomes, which with some delay filters into consumer demand, which drives the economy," said Andrey Movchan, an economist at the Carnegie Moscow Centre. "We have none of that," Movchan said. "We are moving slowly towards a demographic pitfall, we have almost zero non-state investment ... All developments favour GDP contraction rather than growth." Analysts polled by Reuters in late December had expected last year's GDP growth would remain at 1.7 per cent, then slow to 1.4 per cent in 2019. GDP Grows, incomes fall Economists have been sceptical about the GDP figure, saying it did not represent broader economic trends and was not indicative of sustainable growth in a country facing the risk of more US sanctions and restrictions on its oil output because of a deal with OPEC. An unexpected pick-up in construction, higher borrowing activity, growing inventories and stronger exports all boosted 2018 growth, the data showed. But a continuing decline in real disposable incomes among households raised doubts the reported growth could be last. The average salary in Russia in 2018 rose 10 per cent to 43,400 roubles ($660.24), but real disposable incomes, or money adjusted for inflation that households have after paying taxes, declined 0.2 per cent in 2018 after falling 1.2 per cent in 2017, according to Rosstat. Inventories in the economy rose in late 2018 ahead of a planned increase in value-added tax to 20 per cent from 18 per cent, the data showed. That may have been driven by companies stocking up before prices rose, said Valery Mironov of the Higher School of Economics. "GDP would be growing faster than demand but that's just because of growing inventories," he said. "This is only a temporary gain." Households also contributed to growth in 2018 by taking out more loans. Retail lending rose 22.4 per cent last year after a 12.7 per cent increase in 2017, central bank data showed. Factors that contributed to economic growth are "temporary moments that do not indicate any kind of steady trend of an increase in demand in the economy," said Vladimir Tikhomirov, chief economist at BCS brokerage. "The current trends that are in the economy remain," he said.

Russia's GDP growth, at six-year high, raises question of durability

The Supreme Court adjourned for Wednesday&nbsp;the hearing on a contempt notice issued to <a href="http://www.wionews.com/business-economy/rcom-to-go-for-insolvency-resolution-process-after-failure-to-repay-debt-194466">Reliance Communication Ltd (RCom)</a> Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore.

<a href="http://www.wionews.com/india-news/supreme-court-issues-notice-to-anil-ambanis-rcom-over-contempt-petition-by-ericsson-188738">Ambani</a>, Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani appeared before a bench of Justices R F Nariman and Vineet Saran in pursuance to the contempt notice issued against them.&nbsp;

The bench said it will continue hearing the contempt plea on Wedbesday due to paucity of time and assembling of a special bench in the post-lunch session.

During the brief hearing, senior advocate Dushyant Dave, appearing for Ericsson India, said there was gross violation of apex court's two earlier orders and they (RCom) have not paid any outstanding dues.

The bench asked the three alleged contemnors to remain present in court tomorrow.

The Supreme Court adjourned for Wednesday the hearing on a contempt notice issued to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore.

The Supreme Court adjourned for Wednesday the hearing on a contempt notice issued to Reliance Communication Ltd (RCom) Chairman Anil Dhirubhai Ambani and others on a plea filed by Ericsson India for allegedly not clearing its dues of Rs 550 crore. Ambani, Reliance Telecom Ltd Chairman Satish Seth and Reliance Infratel Ltd Chairperson Chhaya Virani appeared before a bench of Justices R F Nariman and Vineet Saran in pursuance to the contempt notice issued against them. The bench said it will continue hearing the contempt plea on Wedbesday due to paucity of time and assembling of a special bench in the post-lunch session. During the brief hearing, senior advocate Dushyant Dave, appearing for Ericsson India, said there was gross violation of apex court's two earlier orders and they (RCom) have not paid any outstanding dues. The bench asked the three alleged contemnors to remain present in court tomorrow.

Supreme Court adjourns till Wednsesday hearing of contempt notice to Anil Ambani

The World Government Summit in Dubai, attended by more than 4,000 delegates from 140 countries representing the business, cultural and political sectors, on Sunday featured speeches and discussions of peace, development and the present and future world economy.

The conference, organized annually by the government of the United Arab Emirates, included key international figures such as International Monetary Fund general director Christine Lagarde, several heads of state and assorted Nobel Prizewinners.

In the inaugural address of the conclave, Lagarde warned that the world economy is growing more slowly than anticipated because of various factors.

Key among those factors, Lagarde said, are trade tensions, tax hikes, financial restrictions, the uncertainty over Brexit and the deceleration of the Chinese economy.

In her speech, the IMF director laid out her vision of the future of the world economy, which - she emphasized - finds itself at a moment of "transformation."

Lagarde said that many jobs will change "radically" as a consequence of globalization and new technologies, noting that many jobs will be adapted to "artificial intelligence."

She also took advantage of her time at the speaker's podium to issue a call to all countries to fight against corruption, emphasizing that it creates a lack of confidence and puts the brakes on economic growth.

Less convinced about the positive effects of technology on the organization of labor was Nobel Prizewinner in Economics Paul Krugman.

The US economist emphasized that technology has changed a great deal in the past 25 years, but that has not meant much shift in the way people work, and so - in his judgment - the tech revolution has not been a truly "revolutionary" kind of change and the expected shifts in the workplace have not been as great as had been anticipated.

Pope Francis, who just wrapped up a trip to the UAE, also participated in the summit via a video message sent to the forum attendees reminding them that "one cannot speak of sustainable development without solidarity."

Via a video, the pontiff asked the attendees - in taking up "basic issues" like the challenges of politics and economic development - not to simply ask themselves what the best opportunities are to take advantage of, but rather "what kind of world we want to build together."

"We could also say that the good, if it is not common, is not true good. Perhaps now more than ever thinking and acting requires real dialogue with others because without others there's no future for me," he said.

Peace and conflict were also among the issues discussed at the forum.

Former Colombian President Juan Manuel Santos, in his remarks in a panel on the issue, discussed the peace process that he led in his country emphasizing that the Revolutionary Armed Forces of Colombia guerrillas had to be treated as "adversaries, not as enemies."

"The most important thing is to convince the other party, especially the commanders, that for them personally, it's better to negotiate peace than to remain at war," he said.

Some heads of government took advantage of the forum to call attention to their countries, with Pakistani Prime Minister Imran Khan appealing to foreign investors to back his country at a time when his government has undertaken a series of reforms that he admitted have been "painful."

It is time for investors to come to Pakistan, Khan told the audience, which included many multinational business leaders.

At the plenary session, Lebanese Prime Minister Saad Hariri talked about incorporating women into the labor forces and positions of responsibility in his country.

Hariri said that not involving women and not training them to work in all sectors represents a "great loss" for a country's GDP.

Also speaking on Sunday at the forum were Estonian Prime Minister Juri Ratas and French Economy Minister Bruno Le Maire.

The conference, which has been held in Dubai each year since 2012, is scheduled to wrap up on Tuesday.

The World Government Summit in Dubai, attended by more than 4,000 delegates from 140 countries representing the business, cultural and political sectors, on Sunday featured speeches and discussions of peace, development and the present and future world economy.

The World Government Summit in Dubai, attended by more than 4,000 delegates from 140 countries representing the business, cultural and political sectors, on Sunday featured speeches and discussions of peace, development and the present and future world economy. The conference, organized annually by the government of the United Arab Emirates, included key international figures such as International Monetary Fund general director Christine Lagarde, several heads of state and assorted Nobel Prizewinners. In the inaugural address of the conclave, Lagarde warned that the world economy is growing more slowly than anticipated because of various factors. Key among those factors, Lagarde said, are trade tensions, tax hikes, financial restrictions, the uncertainty over Brexit and the deceleration of the Chinese economy. In her speech, the IMF director laid out her vision of the future of the world economy, which - she emphasized - finds itself at a moment of "transformation." Lagarde said that many jobs will change "radically" as a consequence of globalization and new technologies, noting that many jobs will be adapted to "artificial intelligence." She also took advantage of her time at the speaker's podium to issue a call to all countries to fight against corruption, emphasizing that it creates a lack of confidence and puts the brakes on economic growth. Less convinced about the positive effects of technology on the organization of labor was Nobel Prizewinner in Economics Paul Krugman. The US economist emphasized that technology has changed a great deal in the past 25 years, but that has not meant much shift in the way people work, and so - in his judgment - the tech revolution has not been a truly "revolutionary" kind of change and the expected shifts in the workplace have not been as great as had been anticipated. Pope Francis, who just wrapped up a trip to the UAE, also participated in the summit via a video message sent to the forum attendees reminding them that "one cannot speak of sustainable development without solidarity." Via a video, the pontiff asked the attendees - in taking up "basic issues" like the challenges of politics and economic development - not to simply ask themselves what the best opportunities are to take advantage of, but rather "what kind of world we want to build together." "We could also say that the good, if it is not common, is not true good. Perhaps now more than ever thinking and acting requires real dialogue with others because without others there's no future for me," he said. Peace and conflict were also among the issues discussed at the forum. Former Colombian President Juan Manuel Santos, in his remarks in a panel on the issue, discussed the peace process that he led in his country emphasizing that the Revolutionary Armed Forces of Colombia guerrillas had to be treated as "adversaries, not as enemies." "The most important thing is to convince the other party, especially the commanders, that for them personally, it's better to negotiate peace than to remain at war," he said. Some heads of government took advantage of the forum to call attention to their countries, with Pakistani Prime Minister Imran Khan appealing to foreign investors to back his country at a time when his government has undertaken a series of reforms that he admitted have been "painful." It is time for investors to come to Pakistan, Khan told the audience, which included many multinational business leaders. At the plenary session, Lebanese Prime Minister Saad Hariri talked about incorporating women into the labor forces and positions of responsibility in his country. Hariri said that not involving women and not training them to work in all sectors represents a "great loss" for a country's GDP. Also speaking on Sunday at the forum were Estonian Prime Minister Juri Ratas and French Economy Minister Bruno Le Maire. The conference, which has been held in Dubai each year since 2012, is scheduled to wrap up on Tuesday.

Over 4,000 delegates from 140 countries attends World Government Summit in Dubai

<a href="http://www.wionews.com/business-economy/gold-rises-as-us-government-shutdown-deepens-global-growth-concerns-192633">Gold prices</a> held firm on Monday, supported by worries over a slowdown in global economic growth and uncertainties around Sino-US trade war, but a strong dollar limited the safe-haven metal's appeal.

Spot gold was marginally lower at $1,312.76 per ounce, as of 0254 GMT, while US gold futures fell 0.2 per cent to $1,316.50 per ounce.

"Global growth worries, the absence of positive signs in US-China trade (talks) and reduction in the euro-zone growth forecasts have laid a strong foundation for gold in the longer run," said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

"There are a lot of headwinds for gold in the near-term from the six-week rally in US equities and a vigorous dollar."

Investors are looking ahead to trade talks between Beijing and Washington this week with a delegation of US officials travelling to China for the next round of negotiations. US President Donald Trump said last week that he had no plans to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal.

Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports if the two sides cannot reach a deal by 12:01 a.m. (0501 GMT) on March 2.

Trade tensions between the world's top two economies have rattled financial markets since last year and also boosted the appeal of the US dollar as a safe-haven.

The dollar index was hovering near a more than one-month high touched in the previous session.

A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.

Gold slumped to a more than 1-1/2-year low in mid-August to $1,159.96 on rising interest rates and a strong dollar. But, tumultuous stock markets and expectations of a pause in interest rate hikes this year helped gold touch a nine-month high at $1,326.30 in late January.

Tighter financial conditions since last September make further interest rate hikes seem much less necessary than just a few months ago, San Francisco Federal Reserve Bank President Mary Daly said on Friday.

While gold is supported by the Fed's dovish policy, prices will likely remain range-bound until there is clarity on the trade front and US government shutdown, OANDA analyst Edward Moya said in a note.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw outflows for five straight sessions last week.

Talks on border security funding collapsed after Democratic and Republican lawmakers clashed over immigrant detention policy as they worked to avert another US government shutdown.

Meanwhile, palladium fell 0.5 per cent to $1,395 an ounce.

Spot silver dropped 0.2 per cent to $15.79, while platinum was down 0.5 perc ent at $794.

Gold prices held firm on Monday, supported by worries over a slowdown in global economic growth and uncertainties around Sino-US trade war, but a strong dollar limited the safe-haven metal's appeal.

Gold prices held firm on Monday, supported by worries over a slowdown in global economic growth and uncertainties around Sino-US trade war, but a strong dollar limited the safe-haven metal's appeal. Spot gold was marginally lower at $1,312.76 per ounce, as of 0254 GMT, while US gold futures fell 0.2 per cent to $1,316.50 per ounce. "Global growth worries, the absence of positive signs in US-China trade (talks) and reduction in the euro-zone growth forecasts have laid a strong foundation for gold in the longer run," said Benjamin Lu, an analyst with Singapore-based Phillip Futures. "There are a lot of headwinds for gold in the near-term from the six-week rally in US equities and a vigorous dollar." Investors are looking ahead to trade talks between Beijing and Washington this week with a delegation of US officials travelling to China for the next round of negotiations. US President Donald Trump said last week that he had no plans to meet with Chinese President Xi Jinping before a March 1 deadline to achieve a trade deal. Trump has vowed to increase US tariffs on $200 billion worth of Chinese imports if the two sides cannot reach a deal by 12:01 a.m. (0501 GMT) on March 2. Trade tensions between the world's top two economies have rattled financial markets since last year and also boosted the appeal of the US dollar as a safe-haven. The dollar index was hovering near a more than one-month high touched in the previous session. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies. Gold slumped to a more than 1-1/2-year low in mid-August to $1,159.96 on rising interest rates and a strong dollar. But, tumultuous stock markets and expectations of a pause in interest rate hikes this year helped gold touch a nine-month high at $1,326.30 in late January. Tighter financial conditions since last September make further interest rate hikes seem much less necessary than just a few months ago, San Francisco Federal Reserve Bank President Mary Daly said on Friday. While gold is supported by the Fed's dovish policy, prices will likely remain range-bound until there is clarity on the trade front and US government shutdown, OANDA analyst Edward Moya said in a note. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, saw outflows for five straight sessions last week. Talks on border security funding collapsed after Democratic and Republican lawmakers clashed over immigrant detention policy as they worked to avert another US government shutdown. Meanwhile, palladium fell 0.5 per cent to $1,395 an ounce. Spot silver dropped 0.2 per cent to $15.79, while platinum was down 0.5 perc ent at $794.

Gold holds steady on global growth concerns; trade talks in focus

<a href="http://www.wionews.com/world/oil-dips-on-rising-us-supply-but-opec-cuts-and-venezuela-sanctions-support-195744">Oil prices fell</a> by around 1 per cent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns.

A refinery fire in the US state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said.

US West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 per cent, from their last settlement.

International Brent crude oil futures were down 49 cents, or 0.8 per cent, at $61.61 a barrel.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.

Companies added seven oil rigs in the week to February 8, bringing the total count to 854, pointing to a further rise in US crude production, which already stands at a record 11.9 million bpd.

WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66's Wood River, Illinois, refinery following a fire on Sunday.

Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow's deal with the Organization of the Petroleum Exporting Countries (OPEC) to withhold output is a strategic threat and plays into the hands of the United States.

The so-called OPEC+ deal has been in place since 2017, aimed at reining in a global supply overhang. It has been extended several times and, under the latest deal, participants are cutting output by 1.2 million bpd until the end of June.

OPEC and its allies will meet on April 17 and 18 in Vienna to review the pact.

Analysts said economic concerns were also weighing on crude oil futures.

Vandana Hari of Vanda Insights said in a note that crude prices were dragged down "as China returned from a week-long Lunar New Year holiday and regional stock markets plunged into the red amid resurgent concerns over the US-China trade dispute."

Trade talks between the Washington and Beijing resume this week with a delegation of US officials travelling to China for the next round of negotiations. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement.

Preventing crude prices from falling further have been US sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezuela SA (PDVSA).

"The issues in Venezuela continue to support prices. Reports are emerging that PDVSA is scrambling to secure new markets for its crude after the US placed additional sanctions on the country," ANZ bank said on Monday.

Oil prices fell by around 1 per cent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns.

Oil prices fell by around 1 per cent on Monday as drilling activity in the United States, the world's largest oil producer, picked up and financial markets were pulled down by trade concerns. A refinery fire in the US state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said. US West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 per cent, from their last settlement. International Brent crude oil futures were down 49 cents, or 0.8 per cent, at $61.61 a barrel. In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday. Companies added seven oil rigs in the week to February 8, bringing the total count to 854, pointing to a further rise in US crude production, which already stands at a record 11.9 million bpd. WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66's Wood River, Illinois, refinery following a fire on Sunday. Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow's deal with the Organization of the Petroleum Exporting Countries (OPEC) to withhold output is a strategic threat and plays into the hands of the United States. The so-called OPEC+ deal has been in place since 2017, aimed at reining in a global supply overhang. It has been extended several times and, under the latest deal, participants are cutting output by 1.2 million bpd until the end of June. OPEC and its allies will meet on April 17 and 18 in Vienna to review the pact. Analysts said economic concerns were also weighing on crude oil futures. Vandana Hari of Vanda Insights said in a note that crude prices were dragged down "as China returned from a week-long Lunar New Year holiday and regional stock markets plunged into the red amid resurgent concerns over the US-China trade dispute." Trade talks between the Washington and Beijing resume this week with a delegation of US officials travelling to China for the next round of negotiations. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement. Preventing crude prices from falling further have been US sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezuela SA (PDVSA). "The issues in Venezuela continue to support prices. Reports are emerging that PDVSA is scrambling to secure new markets for its crude after the US placed additional sanctions on the country," ANZ bank said on Monday.

Oil prices fall as US rig count rise, trade concerns

The BSE Sensex fell over 150 points and NSE Nifty slipped below the 10,900 level in early trade Monday on losses in auto, banking, power and pharma stocks amid sustained selling by domestic institutional investors and mixed Asian cues on worries about global growth and China-US tariff tiff.

The 30-share barometer was trading 191.15 points, or 0.52 per cent, lower at 36,355.33. The gauge had lost 424.61 points on Friday.

The NSE Nifty was trading down by 48.80 points, or 0.54 per cent, at 10,894.80.

Sectoral indices led by auto, banking, capital goods, consumer durables and healthcare were trading in the negative terrain, falling up to 1.55 per cent.

The laggards were Hero MotoCorp, M&amp;M, ONGC, Vedanta, Coal India, Yes Bank, L&amp;T, ICICI Bank, Asian paint, Maruti Suzuki, Bajaj Auto, ITC, RIL, HUL, IndusBank, SBI, Axis Bank, PowerGrid and Sun Pharma, dropping up to 2.98 per cent.

However, Tata Steel, Kotak Bank, Infosys, TCS, HDFC, HDFC Bank and HCL Tech were trading higher on scattered buying by investors.

"Volatility is likely to continue amid growing concerns over the trade fight between the US and China, also Markets to closely track domestic macroeconomic data like IIP, CPI and WPI scheduled this week," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 960.04 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 843.73 crore on Friday, provisional data released by the stock exchanges showed.

In the Asian region, Hong Kong's Hang Seng was up 0.13 per cent and Shanghai Composite Index, which reopened after a long week, was up 0.83 per cent in their late morning deals. Japan's financial markets are closed for a public holiday. Korea's Kospi fell 0.16 per cent and Singapore Straits Times was down 0.58 per cent.

The US Dow Jones Industrial Average ended 0.25 per cent lower on Friday.

The BSE Sensex fell over 150 points and NSE Nifty slipped below the 10,900 level in early trade Monday on losses in auto, banking, power and pharma stocks amid sustained selling by domestic institutional investors and mixed Asian cues on worries about global growth and China-US tariff tiff.

The BSE Sensex fell over 150 points and NSE Nifty slipped below the 10,900 level in early trade Monday on losses in auto, banking, power and pharma stocks amid sustained selling by domestic institutional investors and mixed Asian cues on worries about global growth and China-US tariff tiff. The 30-share barometer was trading 191.15 points, or 0.52 per cent, lower at 36,355.33. The gauge had lost 424.61 points on Friday. The NSE Nifty was trading down by 48.80 points, or 0.54 per cent, at 10,894.80. Sectoral indices led by auto, banking, capital goods, consumer durables and healthcare were trading in the negative terrain, falling up to 1.55 per cent. The laggards were Hero MotoCorp, M&M, ONGC, Vedanta, Coal India, Yes Bank, L&T, ICICI Bank, Asian paint, Maruti Suzuki, Bajaj Auto, ITC, RIL, HUL, IndusBank, SBI, Axis Bank, PowerGrid and Sun Pharma, dropping up to 2.98 per cent. However, Tata Steel, Kotak Bank, Infosys, TCS, HDFC, HDFC Bank and HCL Tech were trading higher on scattered buying by investors. "Volatility is likely to continue amid growing concerns over the trade fight between the US and China, also Markets to closely track domestic macroeconomic data like IIP, CPI and WPI scheduled this week," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 960.04 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 843.73 crore on Friday, provisional data released by the stock exchanges showed. In the Asian region, Hong Kong's Hang Seng was up 0.13 per cent and Shanghai Composite Index, which reopened after a long week, was up 0.83 per cent in their late morning deals. Japan's financial markets are closed for a public holiday. Korea's Kospi fell 0.16 per cent and Singapore Straits Times was down 0.58 per cent. The US Dow Jones Industrial Average ended 0.25 per cent lower on Friday.

Sensex falls over 150 points; Nifty slips below 10,900 level

Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade Monday on increased selling of the American currency by exporters amid foreign fund inflows.

Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains.

At the interbank forex exchange, the rupee started lower at 71.37 and softened to 71.44 against the US dollar, but regained strength to quote 9 paise higher at 71.22 against the last close of 71.31.

According to provisional exchange data, foreign portfolio investors (FPIs) bought shares worth a net Rs 843.73 crore on net basis on Friday.

On Friday, the rupee had ended 14 paise higher at 71.31 against the US dollar.

Meanwhile, the benchmark BSE Sensex fell 177.02 points, or 0.44 per cent, to 36,369.46 in early trade Monday.&nbsp;

Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade Monday on increased selling of the American currency by exporters amid foreign fund inflows.

Rising for the fifth straight day, the rupee firmed up by another 9 paise to 71.22 against the dollar in opening trade Monday on increased selling of the American currency by exporters amid foreign fund inflows. Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains. At the interbank forex exchange, the rupee started lower at 71.37 and softened to 71.44 against the US dollar, but regained strength to quote 9 paise higher at 71.22 against the last close of 71.31. According to provisional exchange data, foreign portfolio investors (FPIs) bought shares worth a net Rs 843.73 crore on net basis on Friday. On Friday, the rupee had ended 14 paise higher at 71.31 against the US dollar. Meanwhile, the benchmark BSE Sensex fell 177.02 points, or 0.44 per cent, to 36,369.46 in early trade Monday.

Rupee gains 9 paise against dollar in early trade

Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, US politics and the Sino-US trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies.

Chinese shares see-sawed on Monday after they resumed trading following a week-long Lunar New Year holiday. The blue-chip index was last up 0.4 per cent, Australian stocks were down 0.6 per cent while South Korea eased 0.2 per cent.

That left MSCI's broadest index of Asia-Pacific shares outside Japan off 0.1 per cent after it was toppled from a four-month top on Friday.

Trading volumes are expected to be light with Japan on public holiday.

Investors are now looking ahead to trade talks this week with a delegation of US&nbsp;officials travelling to China for the next round of negotiations.

"After we went home on Friday, Asian equities closed the week weaker... reflecting an increased level of apprehension on whether or not the US and China can find an agreement to de-escalate their trade tensions ahead of the March 1st deadline," said Rodrigo Catril, senior forex strategist at National Australia Bank.

"US-led trade uncertainty along with increasing concerns over the extent of the current global growth slowdown has seen an increase in demand for core global bonds," Catril said.

"Against a backdrop of uncertainty and despite a Fed that is comfortably on hold, the dollar continues to win the least ugly contest."

The US Federal Reserve has signalled patience on policy after it delivered four hikes in 2018, citing growing economic risks from a slowdown in global growth.

The dollar index held near a six-week high around 96.625 against a basket of currencies, after notching up its strongest weekly gain in six months as traders piled into the greenback in a safe-haven move.

The collapse in talks between US Democrat and Republican lawmakers over the weekend amid a clash over immigrant detention policy raised fears of another government shutdown.

That development was yet another worry for markets already under strain from a drumroll of gloomy news on the global economy. Last week, the European Commission sharply downgraded eurozone growth for this year and next and US&nbsp;President Donald Trump added to the anxiety with a declaration that he had no plans to meet with Chinese President Xi Jinping before the March 1 deadline to achieve a trade deal.

"Growth is probably the big area of risk – the US is still on a healthy track but China stabilisation is more hope than reality at the moment while European momentum continues to soften," JPMorgan analysts said in a note.

"Investors have plenty to be nervous about, including the ongoing growth softness in Europe and the risk this drags the other major geographies down with it."

The rising pressure on growth means the near term fortunes of the equity markets will partly depend on earnings from major US companies. These include Coca-Cola Co, PepsiCo Inc, Walmart Inc, Home Depot Inc, Macy's Inc and Gap Inc for further clues about the health of the consumer sector.

Analysts now expect first-quarter earnings for S&amp;P 500 companies to decline 0.1 per cent from a year earlier, which would be the first such quarterly profit decline since 2016, according to IBES data from Refinitiv.

Elsewhere, the euro was barely changed at $1.1324 after five straight days of losses took it to more than 2 weeks lows. Sterling dithered at $1.2934.

The Australian dollar inched up from Friday's one-month lows although sentiment was still cautious after the country's central bank opened the door to a possible rate cut.

Oil prices slipped on concerns about slowing global demand amid a pick-up in US drilling activity.

US crude was 73 cents weaker at $51.99 per barrel while Brent fell 69 cents to $61.41.

Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, US politics and the Sino-US trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies.

Asian shares started the week on the backfoot as investors were unable to shake off worries about global growth, US politics and the Sino-US trade war, keeping the safe-haven dollar well bid near a six-week top against major currencies. Chinese shares see-sawed on Monday after they resumed trading following a week-long Lunar New Year holiday. The blue-chip index was last up 0.4 per cent, Australian stocks were down 0.6 per cent while South Korea eased 0.2 per cent. That left MSCI's broadest index of Asia-Pacific shares outside Japan off 0.1 per cent after it was toppled from a four-month top on Friday. Trading volumes are expected to be light with Japan on public holiday. Investors are now looking ahead to trade talks this week with a delegation of US officials travelling to China for the next round of negotiations. "After we went home on Friday, Asian equities closed the week weaker... reflecting an increased level of apprehension on whether or not the US and China can find an agreement to de-escalate their trade tensions ahead of the March 1st deadline," said Rodrigo Catril, senior forex strategist at National Australia Bank. "US-led trade uncertainty along with increasing concerns over the extent of the current global growth slowdown has seen an increase in demand for core global bonds," Catril said. "Against a backdrop of uncertainty and despite a Fed that is comfortably on hold, the dollar continues to win the least ugly contest." The US Federal Reserve has signalled patience on policy after it delivered four hikes in 2018, citing growing economic risks from a slowdown in global growth. The dollar index held near a six-week high around 96.625 against a basket of currencies, after notching up its strongest weekly gain in six months as traders piled into the greenback in a safe-haven move. The collapse in talks between US Democrat and Republican lawmakers over the weekend amid a clash over immigrant detention policy raised fears of another government shutdown. That development was yet another worry for markets already under strain from a drumroll of gloomy news on the global economy. Last week, the European Commission sharply downgraded eurozone growth for this year and next and US President Donald Trump added to the anxiety with a declaration that he had no plans to meet with Chinese President Xi Jinping before the March 1 deadline to achieve a trade deal. "Growth is probably the big area of risk – the US is still on a healthy track but China stabilisation is more hope than reality at the moment while European momentum continues to soften," JPMorgan analysts said in a note. "Investors have plenty to be nervous about, including the ongoing growth softness in Europe and the risk this drags the other major geographies down with it." The rising pressure on growth means the near term fortunes of the equity markets will partly depend on earnings from major US companies. These include Coca-Cola Co, PepsiCo Inc, Walmart Inc, Home Depot Inc, Macy's Inc and Gap Inc for further clues about the health of the consumer sector. Analysts now expect first-quarter earnings for S&P 500 companies to decline 0.1 per cent from a year earlier, which would be the first such quarterly profit decline since 2016, according to IBES data from Refinitiv. Elsewhere, the euro was barely changed at $1.1324 after five straight days of losses took it to more than 2 weeks lows. Sterling dithered at $1.2934. The Australian dollar inched up from Friday's one-month lows although sentiment was still cautious after the country's central bank opened the door to a possible rate cut. Oil prices slipped on concerns about slowing global demand amid a pick-up in US drilling activity. US crude was 73 cents weaker at $51.99 per barrel while Brent fell 69 cents to $61.41.

Asian shares slip, looming US-China trade talks in focus

<a href="http://www.wionews.com/world/uk-economy-posts-slowest-growth-in-six-years-196677">A British departure from the European Union without a deal</a> could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found.

Researchers at the IWH institute in Halle, eastern Germany, examined what would happen if UK imports from the remaining EU fell 25 percent after Brexit.

They reckoned that some 103,000 jobs would be under threat in Europe's largest economy Germany and 50,000 in France.

Being affected by Brexit would not necessarily mean workers were laid off, the economists noted.

"Given the lack of skilled labour in many advanced economies, firms could also try to keep staff on by cutting hours or opening new markets," they said.

It is so far uncertain whether Britain will strike a deal with the EU before its legally-binding exit date of March 29, after a huge majority of lawmakers last month voted down Prime Minister Theresa May's painstakingly-negotiated accord with Brussels.

A "hard" departure without a deal would see tariffs imposed at the border, "tangling up global supply chains," study co-author Oliver Holtemoeller said in a statement.

The economists focused only on trade in goods and services, leaving out other possible economic impacts of Brexit like changes to investment flows.

They noted that "since markets are linked up across the globe, suppliers based outside the European Union are also affected" by a no-deal Brexit.

Within the 27 remaining EU countries, a total of almost 180,000 posts at firms directly exporting to the UK would be at risk.

But 433,000 more workers in the EU and around the world would be affected, as their employers sell to companies who in turn export to Britain.

For example, the study found some 60,000 workers in China and 3,000 in Japan could lose their jobs.

In the UK, the study turned up around 12,000 jobs dependent on supplying EU firms with inputs for products which are then sold back to Britain.

But a study published early last year by research firm Cambridge Econometrics estimated that a total of 500,000 British jobs would be at risk if there is no deal.

In European powerhouse Germany, the vital car industry would be the worst affected with 15,000 jobs, many of them in Volkswagen company town Wolfsburg and at BMW's factory in Dingolfing.

By contrast, France's service sector would be the worst hit, the IWH study found. 
&nbsp;

A British departure from the European Union without a deal could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found.

A British departure from the European Union without a deal could put 600,000 jobs around the world at risk, with Germany the hardest hit, a study published Monday found. Researchers at the IWH institute in Halle, eastern Germany, examined what would happen if UK imports from the remaining EU fell 25 percent after Brexit. They reckoned that some 103,000 jobs would be under threat in Europe's largest economy Germany and 50,000 in France. Being affected by Brexit would not necessarily mean workers were laid off, the economists noted. "Given the lack of skilled labour in many advanced economies, firms could also try to keep staff on by cutting hours or opening new markets," they said. It is so far uncertain whether Britain will strike a deal with the EU before its legally-binding exit date of March 29, after a huge majority of lawmakers last month voted down Prime Minister Theresa May's painstakingly-negotiated accord with Brussels. A "hard" departure without a deal would see tariffs imposed at the border, "tangling up global supply chains," study co-author Oliver Holtemoeller said in a statement. The economists focused only on trade in goods and services, leaving out other possible economic impacts of Brexit like changes to investment flows. They noted that "since markets are linked up across the globe, suppliers based outside the European Union are also affected" by a no-deal Brexit. Within the 27 remaining EU countries, a total of almost 180,000 posts at firms directly exporting to the UK would be at risk. But 433,000 more workers in the EU and around the world would be affected, as their employers sell to companies who in turn export to Britain. For example, the study found some 60,000 workers in China and 3,000 in Japan could lose their jobs. In the UK, the study turned up around 12,000 jobs dependent on supplying EU firms with inputs for products which are then sold back to Britain. But a study published early last year by research firm Cambridge Econometrics estimated that a total of 500,000 British jobs would be at risk if there is no deal. In European powerhouse Germany, the vital car industry would be the worst affected with 15,000 jobs, many of them in Volkswagen company town Wolfsburg and at BMW's factory in Dingolfing. By contrast, France's service sector would be the worst hit, the IWH study found.

No-deal Brexit 'could cost 600,000 jobs worldwide': Study

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared.

US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia.

As the oil industry gathers in London this month for the annual IP Week, US crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia.

Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of US oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law.

Now shipments of US crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya.

Higher US crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world.

In the whole of 2018, US supplies to Europe doubled to 430,000 bpd, according to Refinitiv Eikon flows data. That represented 6 per cent of overall imports or equal to the levels of Iranian oil imports to Europe before the United States imposed fresh sanctions on Tehran.

"US crude is a real headache. It puts a lot of pressure on regional light grades. In fact, prices for all grades are affected because it is such a significant extra supply," said a trader with a European trader selling Russian oil.

Pressure will likely only increase as for 2019 US crude oil production is expected to average 12.06 million bpd, up 1.18 million bpd from last year, according to US government.

Future predictions say the United States could produce as much as 15 million bpd of crude and up to 20 million bpd of total oil liquids, giving it complete self-sufficiency as it would fully cover its consumption of 18-19 million bpd.

Booming US production has prompted OPEC and major non-OPEC producers like Russia to slash output by 3-4 per cent since 2017 to prop up prices. The pact has helped double prices to $60 per barrel but at the expense of a market share loss to US firms.

"Welcome to the free market," said a US-based executive of an international trading firm. "Local producers either need to drop their pricing to compete or find other markets".

Competition is particularly acute in northwest Europe, where Britain and the Netherlands imported 6.5 and 5.1 million tonnes of US crude in 2018 respectively.

BP, Litasco, Equinor, Total and ExxonMobil were among the main buyers in the Baltic replacing North Sea barrels with US grades, traders say.

"WTI is the new dated Brent," said a senior crude trader referring to the US and European benchmarks.

BP takes US oil to its Gelsenkirchen refinery in Germany while Poland's PKN Orlen said in January it would cut Russia's Urals purchases from Kremlin oil major Rosneft by 30 per cent and partially replace it with US barrels. In Britain, the main US oil buyers are Essar Oil and Exxon Mobil, traders said.

In the Mediterranean, buyers of US barrels - Italy, Spain, France - tend to use them to replace light Caspian CPC Blend, Russia's Urals and Iranian oil, traders said.

Greece's Hellenic Petroleum added WTI to its list of preferred crude options alongside Urals and CPC as did Turkey's Tupras. In Italy, US oil flows to Kuwait Petroleum's Milazzo refinery and the Swiss Varo Energy's plant.

WTI was by far the most popular US grade among European buyers in 2018, followed by Midland Eagle Ford, Bakken and Mars.

As the world moves to tighter marine fuel regulations, which will increase demand for light barrels, demand for US oil - which is predominantly light - will only rise.

"I expect US crude to become even more popular in Europe. It seems that whatever is happening to oil markets these days, the US benefits," said a trader with large European major.

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared. US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia.

When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, US oil producing companies came well prepared. US giant Exxon Mobil and European rival Royal Dutch/Shell prepared brochures for oil buyers detailing various US crude grades and why they were suitable to replace part of Asia's long-standing supplies from the Middle East, Africa and Russia. As the oil industry gathers in London this month for the annual IP Week, US crude producers may have every reason to toast the success of their campaign in Europe, as well as Asia. Only a few years ago, before the hydro-fracking and shale revolution overturned the economics of US oil production, the United States was the world's largest oil importer by far and prohibited exports of oil by law. Now shipments of US crude into Europe have just hit a new record. January imports were 630,000 barrels per day, still - behind Russia and Iraq but above other OPEC producers including Nigeria and Libya. Higher US crude exports have been helped by lower supplies of Iranian and Venezuelan crude, which Washington has put under sanctions, scaring buyers across the world. In the whole of 2018, US supplies to Europe doubled to 430,000 bpd, according to Refinitiv Eikon flows data. That represented 6 per cent of overall imports or equal to the levels of Iranian oil imports to Europe before the United States imposed fresh sanctions on Tehran. "US crude is a real headache. It puts a lot of pressure on regional light grades. In fact, prices for all grades are affected because it is such a significant extra supply," said a trader with a European trader selling Russian oil. Pressure will likely only increase as for 2019 US crude oil production is expected to average 12.06 million bpd, up 1.18 million bpd from last year, according to US government. Future predictions say the United States could produce as much as 15 million bpd of crude and up to 20 million bpd of total oil liquids, giving it complete self-sufficiency as it would fully cover its consumption of 18-19 million bpd. Booming US production has prompted OPEC and major non-OPEC producers like Russia to slash output by 3-4 per cent since 2017 to prop up prices. The pact has helped double prices to $60 per barrel but at the expense of a market share loss to US firms. "Welcome to the free market," said a US-based executive of an international trading firm. "Local producers either need to drop their pricing to compete or find other markets". Competition is particularly acute in northwest Europe, where Britain and the Netherlands imported 6.5 and 5.1 million tonnes of US crude in 2018 respectively. BP, Litasco, Equinor, Total and ExxonMobil were among the main buyers in the Baltic replacing North Sea barrels with US grades, traders say. "WTI is the new dated Brent," said a senior crude trader referring to the US and European benchmarks. BP takes US oil to its Gelsenkirchen refinery in Germany while Poland's PKN Orlen said in January it would cut Russia's Urals purchases from Kremlin oil major Rosneft by 30 per cent and partially replace it with US barrels. In Britain, the main US oil buyers are Essar Oil and Exxon Mobil, traders said. In the Mediterranean, buyers of US barrels - Italy, Spain, France - tend to use them to replace light Caspian CPC Blend, Russia's Urals and Iranian oil, traders said. Greece's Hellenic Petroleum added WTI to its list of preferred crude options alongside Urals and CPC as did Turkey's Tupras. In Italy, US oil flows to Kuwait Petroleum's Milazzo refinery and the Swiss Varo Energy's plant. WTI was by far the most popular US grade among European buyers in 2018, followed by Midland Eagle Ford, Bakken and Mars. As the world moves to tighter marine fuel regulations, which will increase demand for light barrels, demand for US oil - which is predominantly light - will only rise. "I expect US crude to become even more popular in Europe. It seems that whatever is happening to oil markets these days, the US benefits," said a trader with large European major.

With Iran squeezed out, US oil takes on new rivals in Europe

Vande Bharat Express or Train 18's air-conditioned chair car ticket would cost Rs 1,850 and the executive class fare will be Rs 3,520 for a Delhi to Varanasi trip, including the catering service charges, officials told PTI Monday.

On its return journey, the chair car ticket will cost Rs 1,795 and the executive car ticket will be priced at Rs 3,470, they said.

While the chair car fares are 1.5 times the price of Shatabdi trains running the same distance, the executive class fares are 1.4 times of first-class air-conditioned seating in the premium train, the official sources said.

The semi-high speed train is scheduled to be flagged off by Prime Minister Narendra Modi on February 15.

The train has two classes of tickets -- executive class and chair car -- and will have differently priced meals, the sources said.

While passengers travelling from New Delhi to Varanasi in the executive class will be charged Rs 399 for morning tea, breakfast and lunch, travellers in the chair car will need to pay Rs 344 for the same.

Those travelling from New Delhi to Kanpur and Prayagraj will have to pay Rs 155 and Rs 122 for executive class and chair car, respectively.

From Varanasi to New Delhi, the passengers will be charged Rs 349 and Rs 288 in the executive class and chair, respectively.

Vande Bharat Express or Train 18's air-conditioned chair car ticket would cost Rs 1,850 and the executive class fare will be Rs 3,520 for a Delhi to Varanasi trip, including the catering service charges, officials told PTI Monday.

Vande Bharat Express or Train 18's air-conditioned chair car ticket would cost Rs 1,850 and the executive class fare will be Rs 3,520 for a Delhi to Varanasi trip, including the catering service charges, officials told PTI Monday. On its return journey, the chair car ticket will cost Rs 1,795 and the executive car ticket will be priced at Rs 3,470, they said. While the chair car fares are 1.5 times the price of Shatabdi trains running the same distance, the executive class fares are 1.4 times of first-class air-conditioned seating in the premium train, the official sources said. The semi-high speed train is scheduled to be flagged off by Prime Minister Narendra Modi on February 15. The train has two classes of tickets -- executive class and chair car -- and will have differently priced meals, the sources said. While passengers travelling from New Delhi to Varanasi in the executive class will be charged Rs 399 for morning tea, breakfast and lunch, travellers in the chair car will need to pay Rs 344 for the same. Those travelling from New Delhi to Kanpur and Prayagraj will have to pay Rs 155 and Rs 122 for executive class and chair car, respectively. From Varanasi to New Delhi, the passengers will be charged Rs 349 and Rs 288 in the executive class and chair, respectively.

Vande Bharat Express's Delhi-Varanasi AC chair car ticket to cost Rs 1,850, executive class Rs 3,520

Britain's economy grew at the slowest pace in six years in 2018 with near-flat output in the final quarter, data showed Monday, as <a href="http://www.wionews.com/world/brexit-what-will-happen-in-the-british-parliament-on-february-14-196447">Brexit uncertainty</a> and weaker global growth bites.

Gross domestic product growth stood at 1.4 per cent last year, down from 1.8 per cent in 2017, while growth was only 0.2 per cent in the last three months of 2018, the Office for National Statistics said in a statement.

"Following a pickup in activity over the summer months -- in part due to warm weather and the World Cup -- real GDP growth slowed markedly in the final quarter of 2018, with GDP falling by 0.4 per cent in the month of December," the ONS said.&nbsp;

"Construction, production and services output fell in the month, the first time that there has been such a broad-based fall in monthly output since September 2012."

The data comes after the Bank of England last week slashed its forecast for UK growth this year to 1.2 per cent from 1.7 per cent, blaming the downgrade on a global economic slowdown and "the fog of Brexit".

It also comes as the British government is seeking to win more time to secure EU concessions on Brexit that could pass parliament and avert a chaotic split from the bloc on March 29.

Businesses and governments are on edge as Britain is just weeks away from its scheduled departure from the European project after 46 years and still has no firm arrangements in place.

The Bank of England last week stressed that Britain's economic output was also being dragged down by a global slowdown, with growth dampening in China, the United States and the eurozone.

The point was echoed by analysts reacting to Monday's data.

"Brexit uncertainty is certainly not helping matters on the economic front, but it is probably only a secondary factor in this slowdown, with the primary cause being a drop in overall global activity," noted David Cheetham, chief market analyst at XTB trading group.

"The eurozone in particular has been especially weak on the data front of late, and the focus now is very much on whether there can be a tangible breakthrough on the trade front between the US and China, with Beijing back after their New Year's holiday."

Britain's economy grew at the slowest pace in six years in 2018 with near-flat output in the final quarter, data showed Monday, as Brexit uncertainty and weaker global growth bites.

Britain's economy grew at the slowest pace in six years in 2018 with near-flat output in the final quarter, data showed Monday, as Brexit uncertainty and weaker global growth bites. Gross domestic product growth stood at 1.4 per cent last year, down from 1.8 per cent in 2017, while growth was only 0.2 per cent in the last three months of 2018, the Office for National Statistics said in a statement. "Following a pickup in activity over the summer months -- in part due to warm weather and the World Cup -- real GDP growth slowed markedly in the final quarter of 2018, with GDP falling by 0.4 per cent in the month of December," the ONS said. "Construction, production and services output fell in the month, the first time that there has been such a broad-based fall in monthly output since September 2012." The data comes after the Bank of England last week slashed its forecast for UK growth this year to 1.2 per cent from 1.7 per cent, blaming the downgrade on a global economic slowdown and "the fog of Brexit". It also comes as the British government is seeking to win more time to secure EU concessions on Brexit that could pass parliament and avert a chaotic split from the bloc on March 29. Businesses and governments are on edge as Britain is just weeks away from its scheduled departure from the European project after 46 years and still has no firm arrangements in place. The Bank of England last week stressed that Britain's economic output was also being dragged down by a global slowdown, with growth dampening in China, the United States and the eurozone. The point was echoed by analysts reacting to Monday's data. "Brexit uncertainty is certainly not helping matters on the economic front, but it is probably only a secondary factor in this slowdown, with the primary cause being a drop in overall global activity," noted David Cheetham, chief market analyst at XTB trading group. "The eurozone in particular has been especially weak on the data front of late, and the focus now is very much on whether there can be a tangible breakthrough on the trade front between the US and China, with Beijing back after their New Year's holiday."

Brexit uncertainty: UK economy posts slowest growth in six years

Stock market indices extended their fall for yet another session Monday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 marks, as selling pressure continued in the market despite a rebound in global stocks.

Brokers said auto sector stocks were the centre of nervous selling, triggered by dismal quarterly earnings posted by leading automakers.

The 30-share barometer after shuttling between 36,588.41 and 36,300.48 points, finally ended at 36,395.03, down 151.45 points, or 0.41 per cent. The gauge had lost nearly 429 points in the previous two sessions.

The 50-scrip NSE Nifty finished 49.80 points, or 0.50 per cent, down at 10,888.80, after touching a low of 10,857.10 and a high of 10,930.90 during the session.

"Selling pressure continued in the market despite a rebound in the global market as investors turned risk-averse due to an upcoming election," said Vinod Nair, Head of Research, Geojit Financial Services.

Quarterly results have not surprised investors while the scope of the downgrade in earnings further dampened the sentiment, he said adding that "global trade deal and risk of a slowdown in growth continue to give caution while investors remain focused on tomorrow's CPI inflation and IIP data to get some direction."

Auto segment stocks continued to trade in the red with M&amp;M emerging as the biggest loser in the Sensex pack by plunging nearly 5 per cent after it reported 11.44 per cent decline in standalone profit after tax (PAT) at Rs 1,076.81 crore on Friday for the third quarter ended December 31, 2018.

Meanwhile, domestic passenger vehicle (PV) sales declined for the third month in a row in January, dropping 1.87 per cent, as manufacturers continued to reduce inventory at dealers following a tepid festive season sales, according to SIAM.

Other losers include ONGC, Bajaj Finance, Reliance, SBI, Hero MotoCorp, ICICI Bank, L&amp;T, Vedanta, Yes Bank and Axis Bank, falling up to 2.54 per cent.

Shares of Dr Reddy's Lab faced the selling pressure, plunging about 6 per cent after the drugmaker's Hyderabad-based plant was inspected by the US Food and Drug Administration on Friday.

However, Tata Steel emerged as the top gainer in the Sensex kitty, climbing 2.31 per cent the company on Friday reported a 54.33 per cent jump in consolidated net profit to Rs 1,753.07 crore during the quarter ended on December 31, 2019, helped by higher income.

Other gainers include PowerGrid, HCL Tech, Kotak Bank and Maruti, rising up to 1.36 per cent.

Small and mid-cap indices fell 1.51 per cent and 1.47 per cent, respectively.

Among sectoral indices, the healthcare index suffered the most by plunging 1.88 per cent, followed by capital goods by falling 1.46 per cent.

Others indices, led by consumer durables, oil &amp; gas, auto PSU, infrastructure, realty, banks, FMCG and power indices, also ended in the negative terrain, falling up to 1.46 per cent.

Bucking the trend, tech and IT indices ended in the green.

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 960.04 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 843.73 crore on Friday, provisional data released by the stock exchanges showed.

In the Asian region, the Shanghai Composite Index, which re-opened after a week, ended 1.36 per cent higher, while Hong Kong's Hang Seng gained 0.50 per cent. Korea's Kospi too ended 0.17 per cent higher. Japan's financial markets were shut for a public holiday.

European shares were quoting higher in their early deals. Paris CAC 40 was up 0.77 per cent AND Frankfurt's DAX rose 0.67 per cent. London's FTSE was also trading at 0.65 per cent higher.

Stock market indices extended their fall for yet another session Monday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 marks, as selling pressure continued in the market despite a rebound in global stocks.

Stock market indices extended their fall for yet another session Monday, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 marks, as selling pressure continued in the market despite a rebound in global stocks. Brokers said auto sector stocks were the centre of nervous selling, triggered by dismal quarterly earnings posted by leading automakers. The 30-share barometer after shuttling between 36,588.41 and 36,300.48 points, finally ended at 36,395.03, down 151.45 points, or 0.41 per cent. The gauge had lost nearly 429 points in the previous two sessions. The 50-scrip NSE Nifty finished 49.80 points, or 0.50 per cent, down at 10,888.80, after touching a low of 10,857.10 and a high of 10,930.90 during the session. "Selling pressure continued in the market despite a rebound in the global market as investors turned risk-averse due to an upcoming election," said Vinod Nair, Head of Research, Geojit Financial Services. Quarterly results have not surprised investors while the scope of the downgrade in earnings further dampened the sentiment, he said adding that "global trade deal and risk of a slowdown in growth continue to give caution while investors remain focused on tomorrow's CPI inflation and IIP data to get some direction." Auto segment stocks continued to trade in the red with M&M emerging as the biggest loser in the Sensex pack by plunging nearly 5 per cent after it reported 11.44 per cent decline in standalone profit after tax (PAT) at Rs 1,076.81 crore on Friday for the third quarter ended December 31, 2018. Meanwhile, domestic passenger vehicle (PV) sales declined for the third month in a row in January, dropping 1.87 per cent, as manufacturers continued to reduce inventory at dealers following a tepid festive season sales, according to SIAM. Other losers include ONGC, Bajaj Finance, Reliance, SBI, Hero MotoCorp, ICICI Bank, L&T, Vedanta, Yes Bank and Axis Bank, falling up to 2.54 per cent. Shares of Dr Reddy's Lab faced the selling pressure, plunging about 6 per cent after the drugmaker's Hyderabad-based plant was inspected by the US Food and Drug Administration on Friday. However, Tata Steel emerged as the top gainer in the Sensex kitty, climbing 2.31 per cent the company on Friday reported a 54.33 per cent jump in consolidated net profit to Rs 1,753.07 crore during the quarter ended on December 31, 2019, helped by higher income. Other gainers include PowerGrid, HCL Tech, Kotak Bank and Maruti, rising up to 1.36 per cent. Small and mid-cap indices fell 1.51 per cent and 1.47 per cent, respectively. Among sectoral indices, the healthcare index suffered the most by plunging 1.88 per cent, followed by capital goods by falling 1.46 per cent. Others indices, led by consumer durables, oil & gas, auto PSU, infrastructure, realty, banks, FMCG and power indices, also ended in the negative terrain, falling up to 1.46 per cent. Bucking the trend, tech and IT indices ended in the green. Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares worth Rs 960.04 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 843.73 crore on Friday, provisional data released by the stock exchanges showed. In the Asian region, the Shanghai Composite Index, which re-opened after a week, ended 1.36 per cent higher, while Hong Kong's Hang Seng gained 0.50 per cent. Korea's Kospi too ended 0.17 per cent higher. Japan's financial markets were shut for a public holiday. European shares were quoting higher in their early deals. Paris CAC 40 was up 0.77 per cent AND Frankfurt's DAX rose 0.67 per cent. London's FTSE was also trading at 0.65 per cent higher.

Sensex drops 151 points on heavy selloff in auto, bank stocks

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent.

Tata Motors also warned that the<a href="http://www.wionews.com/business-economy/tata-motors-jaguar-land-rover-to-halt-production-amid-brexit-disruption-192756"> Jaguar Land Rover (JLR) unit</a>, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker.

JLR's China retail sales almost halved in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s. The firm has also been buffeted by Brexit woes and weaker business for diesel cars that account for the bulk of its sales in Europe.

Tata Motors turned in a third-quarter loss of 269.93 billion rupees ($3.8 billion) on Thursday, more than half its current market capitalisation of $6.1 billion, mostly due to a massive impairment at JLR. Analysts were expecting a profit.

"We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future," Chief Financial Officer PB Balaji told reporters on a conference call on Thursday.

JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said.

"We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport," JLR Chief Commercial Officer Felix Brautigam said in a statement.

"With deliveries of the new Evoque due to start later this quarter, we look forward to building momentum."

But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in almost three decades in 2018.

JLR's overall retail sales in January plunged 11 per cent.

BROKERAGE SLASH PRICE TARGETS

The dour numbers prompted Tata investors to make a beeline for the exits as markets opened on Friday, with shares of the company skidding to their lowest in nine years at one point.

The stock was down about 20 per cent by 0720 GMT near 150 rupees, on track for its sharpest drop since 2003.

At least four brokerages cut their price target for Tata Motors shares after its quarterly loss.

Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR.

Tata Motors took a non-cash charge of 278.38 billion rupees for impairment at JLR in the quarter. Changes in market conditions, especially in China, technology disruptions and the rising cost of debt led to the charge.

JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has decided to halt production for a couple of weeks in April.

British Prime Minister Theresa May's Brexit deal was rejected in parliament last month and the government is trying to make changes to win the support of lawmakers even as the date for Britain's departure from the European Union looms less than two months away.

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent.

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent. Tata Motors also warned that the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker. JLR's China retail sales almost halved in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s. The firm has also been buffeted by Brexit woes and weaker business for diesel cars that account for the bulk of its sales in Europe. Tata Motors turned in a third-quarter loss of 269.93 billion rupees ($3.8 billion) on Thursday, more than half its current market capitalisation of $6.1 billion, mostly due to a massive impairment at JLR. Analysts were expecting a profit. "We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future," Chief Financial Officer PB Balaji told reporters on a conference call on Thursday. JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said. "We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport," JLR Chief Commercial Officer Felix Brautigam said in a statement. "With deliveries of the new Evoque due to start later this quarter, we look forward to building momentum." But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in almost three decades in 2018. JLR's overall retail sales in January plunged 11 per cent. BROKERAGE SLASH PRICE TARGETS The dour numbers prompted Tata investors to make a beeline for the exits as markets opened on Friday, with shares of the company skidding to their lowest in nine years at one point. The stock was down about 20 per cent by 0720 GMT near 150 rupees, on track for its sharpest drop since 2003. At least four brokerages cut their price target for Tata Motors shares after its quarterly loss. Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR. Tata Motors took a non-cash charge of 278.38 billion rupees for impairment at JLR in the quarter. Changes in market conditions, especially in China, technology disruptions and the rising cost of debt led to the charge. JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has decided to halt production for a couple of weeks in April. British Prime Minister Theresa May's Brexit deal was rejected in parliament last month and the government is trying to make changes to win the support of lawmakers even as the date for Britain's departure from the European Union looms less than two months away.

Tata Motors posts record $4 billion loss on Jaguar woes, shares crash

BSE benchmark Sensex dropped over 200 points in early trade Friday led by heavy losses in Tata Motors, and weak cues from global markets on renewed concerns over US-China trade tiff.

The 30-share index was trading 140.62 points, or 0.38 per cent, lower at 36,830.47. Similarly, the 50-share NSE Nifty dropped 33.40 points, or 0.30 per cent to 11,036.00.

On Thursday, the Sensex ended 4.14 points, or 0.01 per cent, lower at 36,971.09; while the broader Nifty settled 6.95 points, or 0.06 per cent, higher at 11,069.40.

In the morning session on Friday, Tata Motors was the biggest losers on both indices, cracking over 14 per cent, after the auto major reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover.

This is the third consecutive quarterly loss reported by the company, which had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18.

Other losers include Sun Pharma, Vedanta, L&amp;T, SBI, ICICI Bank, M&amp;M, Tata Steel, Infosys, HDFC and Tata Steel, falling up to 1.58 per cent. 
On the other hand, PowerGrid, HCL Tech, IndusInd Bank, Bajaj Finance, NTPC, Coal India and RIL were the top gainers, rising up to 1.38 per cent.

According to traders, besides heavy losses in Tata Motors, investor sentiment turned weak as fears of a global economic slowdown resurfaced after US President Donald Trump said that he doesn't expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline in trade war negotiations between the two economic superpowers.

A top White House adviser Thursday said Washington and Beijing were still a "sizeable distance" apart in the trade talks, and no date has been set for a meeting between the countries' leaders.

The remarks helped deepen losses on Wall Street, which opened lower on Thursday following downbeat economic forecasts for major European economies.

Dow Jones Industrial Average ended 0.87 per cent lower on Thursday. 
Elsewhere in Asia, Japan's Nikkei plunged 1.63 per cent, Korea's Kospi cracked 1.12 per cent, and Hong Kong's Hang Seng fell 0.47 per cent in their early sessions on Friday.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 418.01 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 294.11 crore, provisional data available with BSE showed.

The rupee, meanwhile, appreciated 5 paise against US dollar to 71.40. 
The benchmark Brent crude futures slipped 0.46 per cent to USD 61.17 per barrel.&nbsp;

BSE benchmark Sensex dropped over 200 points in early trade Friday led by heavy losses in Tata Motors, and weak cues from global markets on renewed concerns over US-China trade tiff.

BSE benchmark Sensex dropped over 200 points in early trade Friday led by heavy losses in Tata Motors, and weak cues from global markets on renewed concerns over US-China trade tiff. The 30-share index was trading 140.62 points, or 0.38 per cent, lower at 36,830.47. Similarly, the 50-share NSE Nifty dropped 33.40 points, or 0.30 per cent to 11,036.00. On Thursday, the Sensex ended 4.14 points, or 0.01 per cent, lower at 36,971.09; while the broader Nifty settled 6.95 points, or 0.06 per cent, higher at 11,069.40. In the morning session on Friday, Tata Motors was the biggest losers on both indices, cracking over 14 per cent, after the auto major reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. This is the third consecutive quarterly loss reported by the company, which had registered a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. Other losers include Sun Pharma, Vedanta, L&T, SBI, ICICI Bank, M&M, Tata Steel, Infosys, HDFC and Tata Steel, falling up to 1.58 per cent. On the other hand, PowerGrid, HCL Tech, IndusInd Bank, Bajaj Finance, NTPC, Coal India and RIL were the top gainers, rising up to 1.38 per cent. According to traders, besides heavy losses in Tata Motors, investor sentiment turned weak as fears of a global economic slowdown resurfaced after US President Donald Trump said that he doesn't expect to meet his Chinese counterpart Xi Jinping before a March 1 deadline in trade war negotiations between the two economic superpowers. A top White House adviser Thursday said Washington and Beijing were still a "sizeable distance" apart in the trade talks, and no date has been set for a meeting between the countries' leaders. The remarks helped deepen losses on Wall Street, which opened lower on Thursday following downbeat economic forecasts for major European economies. Dow Jones Industrial Average ended 0.87 per cent lower on Thursday. Elsewhere in Asia, Japan's Nikkei plunged 1.63 per cent, Korea's Kospi cracked 1.12 per cent, and Hong Kong's Hang Seng fell 0.47 per cent in their early sessions on Friday. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 418.01 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 294.11 crore, provisional data available with BSE showed. The rupee, meanwhile, appreciated 5 paise against US dollar to 71.40. The benchmark Brent crude futures slipped 0.46 per cent to USD 61.17 per barrel.

Sensex drops over 200 points; Tata Motors tanks 14 per cent

BSE benchmark Sensex plummeted over 424 points Friday led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff.

The 30-share index cracked 424.61 points, or 1.15 per cent, to finish at 36,546.48, while the broader NSE Nifty slumped 125.80 points, or 1.14 per cent to 10,943.60.

Sudden selling in metal and auto counters led to a sharp drop at the fag end of the session, traders said.

Tata Motors was the biggest loser on Sensex, cracking 17.93 per cent, after the auto major reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the December quarter, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover.

Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&amp;T, M&amp;M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent.

On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent.

The BSE Metal index plunged 3.42 per cent, while the auto gauge shed 3.37 per cent.

Sectorally, FMCG, banking and pharma indices also ended in the red. Realty was the only gainer.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 418.01 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 294.11 crore, provisional data available with BSE showed.

On the global front, fears of an economic slowdown resurfaced after US President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers.

A top White House adviser Thursday said Washington and Beijing were still a "sizeable distance" apart in the trade talks, and no date has been set for a meeting between the countries' leaders.

Dow Jones Industrial Average ended 0.87 per cent lower on Thursday.

Elsewhere in Asia, Japan's Nikkei cracked 2.19 per cent, while Korea's Kospi dropped 1.20 per cent and Hong Kong's Hang Seng slipped 0.16 per cent.

In the Eurozone, Frankfurt's DAX was down 0.10 per cent, while Paris CAC 40 rose 0.12 per cent in late morning deals. London's FTSE was up 0.19 per cent.

The rupee, meanwhile, appreciated 32 paise against the US dollar to 71.13 intra-day.

The benchmark Brent crude futures rose 0.28 per cent to US $61.80 per barrel.

BSE benchmark Sensex plummeted over 424 points Friday led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff.

BSE benchmark Sensex plummeted over 424 points Friday led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff. The 30-share index cracked 424.61 points, or 1.15 per cent, to finish at 36,546.48, while the broader NSE Nifty slumped 125.80 points, or 1.14 per cent to 10,943.60. Sudden selling in metal and auto counters led to a sharp drop at the fag end of the session, traders said. Tata Motors was the biggest loser on Sensex, cracking 17.93 per cent, after the auto major reported its biggest-ever quarterly net loss of Rs 26,960.8 crore for the December quarter, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover. Other losers included Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, dropping up to 5.75 per cent. On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp rose up to 0.95 per cent. The BSE Metal index plunged 3.42 per cent, while the auto gauge shed 3.37 per cent. Sectorally, FMCG, banking and pharma indices also ended in the red. Realty was the only gainer. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 418.01 crore Thursday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 294.11 crore, provisional data available with BSE showed. On the global front, fears of an economic slowdown resurfaced after US President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers. A top White House adviser Thursday said Washington and Beijing were still a "sizeable distance" apart in the trade talks, and no date has been set for a meeting between the countries' leaders. Dow Jones Industrial Average ended 0.87 per cent lower on Thursday. Elsewhere in Asia, Japan's Nikkei cracked 2.19 per cent, while Korea's Kospi dropped 1.20 per cent and Hong Kong's Hang Seng slipped 0.16 per cent. In the Eurozone, Frankfurt's DAX was down 0.10 per cent, while Paris CAC 40 rose 0.12 per cent in late morning deals. London's FTSE was up 0.19 per cent. The rupee, meanwhile, appreciated 32 paise against the US dollar to 71.13 intra-day. The benchmark Brent crude futures rose 0.28 per cent to US $61.80 per barrel.

Sensex plunges 424 points; Tata Motors crashes 17%

Eurozone economic growth will slow significantly this year, the European Union said Thursday, as the currency union faces a perfect storm of weakening global trade and rising domestic risks led by a chaotic Brexit, according to a Dow Jones Newswires report supplied to Efe.

Gross domestic product in the 19-member eurozone will grow by 1.3 per cent in 2019, the EU said in its quarterly report, cutting its 1.9 per cent forecast from Nov. The expansion rate is seen declining to 1.6 per cent next year, down from 1.7 per cent previously expected.

The US-China trade dispute roiling international markets, coupled with a sharper than expected slowdown in the Chinese economy, is reverberating across the global economy and sapping eurozone growth, the EU said.

Simultaneously, the eurozone is hampered by the fallout from protests in France, concerns over Italy's debt, and weakening manufacturing and export outlook in the EU's powerhouse, Germany. The prospect of the UK exiting the EU without a deal is also fueling "large uncertainty" and raising the threat of greater economic disruption than currently anticipated, according to the bloc's executive, the European Commission.

"This slowdown is set to be more pronounced than expected last autumn, especially in the euro area, due to global trade uncertainties and domestic factors in our largest economies," said Pierre Moscovici, EU commissioner for economic and financial affairs, taxation and customs.

The eurozone's waning fortunes reflect a drastic turn from just two years ago when the currency area grew 2.4 per cent in 2017, the fastest pace in a decade. A confluence of developments at home and abroad derailed what the EU had hailed as the "euro boom" and resurrected old problems from debt sustainability to political resistance to economic reforms.

That leaves the eurozone in a bind, especially as strong US economic performance raises the risk of an abrupt Federal Reserve tightening, particularly next year, that would further curtail cheap financing, the EU said, the Dow Jones Newswires report added.

The European Central Bank also ended its bond-buying program, removing a key fiscal stimulus for the eurozone, though interest rates remain at historic lows.

ECB policymakers face weakening economic growth and inflation rates persistently below their target of just under 2 per cent. The EU cut its eurozone inflation forecast to 1.4 per cent from 1.8 per cent for 2019, and to 1.5 per cent from 1.6 per cent for next year.

Eurozone economic growth will slow significantly this year, the European Union said Thursday, as the currency union faces a perfect storm of weakening global trade and rising domestic risks led by a chaotic Brexit, according to a Dow Jones Newswires report supplied to Efe.

Eurozone economic growth will slow significantly this year, the European Union said Thursday, as the currency union faces a perfect storm of weakening global trade and rising domestic risks led by a chaotic Brexit, according to a Dow Jones Newswires report supplied to Efe. Gross domestic product in the 19-member eurozone will grow by 1.3 per cent in 2019, the EU said in its quarterly report, cutting its 1.9 per cent forecast from Nov. The expansion rate is seen declining to 1.6 per cent next year, down from 1.7 per cent previously expected. The US-China trade dispute roiling international markets, coupled with a sharper than expected slowdown in the Chinese economy, is reverberating across the global economy and sapping eurozone growth, the EU said. Simultaneously, the eurozone is hampered by the fallout from protests in France, concerns over Italy's debt, and weakening manufacturing and export outlook in the EU's powerhouse, Germany. The prospect of the UK exiting the EU without a deal is also fueling "large uncertainty" and raising the threat of greater economic disruption than currently anticipated, according to the bloc's executive, the European Commission. "This slowdown is set to be more pronounced than expected last autumn, especially in the euro area, due to global trade uncertainties and domestic factors in our largest economies," said Pierre Moscovici, EU commissioner for economic and financial affairs, taxation and customs. The eurozone's waning fortunes reflect a drastic turn from just two years ago when the currency area grew 2.4 per cent in 2017, the fastest pace in a decade. A confluence of developments at home and abroad derailed what the EU had hailed as the "euro boom" and resurrected old problems from debt sustainability to political resistance to economic reforms. That leaves the eurozone in a bind, especially as strong US economic performance raises the risk of an abrupt Federal Reserve tightening, particularly next year, that would further curtail cheap financing, the EU said, the Dow Jones Newswires report added. The European Central Bank also ended its bond-buying program, removing a key fiscal stimulus for the eurozone, though interest rates remain at historic lows. ECB policymakers face weakening economic growth and inflation rates persistently below their target of just under 2 per cent. The EU cut its eurozone inflation forecast to 1.4 per cent from 1.8 per cent for 2019, and to 1.5 per cent from 1.6 per cent for next year.

EU cuts Eurozone growth forecasts as perfect storm darkens horizon

The ultra-tight monetary policy that Argentine authorities adopted amid last year's currency crisis has yielded results and given a big boost to the peso, although economists see potential trouble on the horizon ahead of the October 2019 general election.

After months of turmoil in which the peso lost half of its value and fear spread that further depreciation could lead to a debt default, the peso has strengthened relative to the dollar to the point that it is no longer trading within the band established under a $57 billion bailout package with the International Monetary Fund.

In a bid to weaken the peso and keep it within the trading range, Argentina's Central Bank (BCRA) started buying dollars last month on the foreign exchange market.

Economist Victor Beker told EFE that sky-high interest rates of more than 50 per cent have increased investors' appetite for Argentine bonds, which now offer a "fabulous return."

"I don't think there's any economic activity, except for drug trafficking, that can compete with that yield," said Beker, director of the Center for New Economy Studies at Argentina's Universidad de Belgrano.

He added that the philosophy now in Argentina is "take advantage while it lasts."

The peso closed at 37.4283 to the dollar on Wednesday, a level below the non-intervention trading band established in negotiations with the IMF. The moving band ranged on Wednesday between 38.021 and 49.203.

Last August, a new round of capital flight forced Argentine President Mauricio Macri to ask the IMF for an early release of funds from the standby financing deal to calm markets.

As part of the effort to shore up the peso and rein in price increases, the BCRA rolled out an IMF-backed program last September to freeze money supply growth, keep interest rates at a minimum of 60 percent (that floor on its benchmark interest rate has since been removed) and put in place a "floating band" for the peso.

Although those measures served to strengthen Argentina's currency, Beker cautioned that no economy in the world can function with interest rates at such a sky-high level because they strangle the real economy.

He also noted that rates are at astronomical levels at a time when the country is in recession.

While economists believe that the currency market will remain stable in the first half of the year thanks to an influx of dollars into the financial market and hard-currency earnings from exports of products such as soy and wheat, they say the situation is tenuous because of presidential and legislative elections scheduled for October.

Beker said the supply of dollars should not be in doubt in the first part of the year but that "then comes a second half that will be complicated because the bulk of (Argentina's) exports are carried out in the first half, and then in the second we're going to be immersed in the electoral process."

Economists consulted by EFE are forecasting that the run-up to the elections, with the foreseeable calls by candidates to renegotiate the country's debt, will increase uncertainty and prompt holders of Argentine pesos to purchase dollar-denominated foreign assets.

The ultra-tight monetary policy that Argentine authorities adopted amid last year's currency crisis has yielded results and given a big boost to the peso, although economists see potential trouble on the horizon ahead of the October 2019 general election.

The ultra-tight monetary policy that Argentine authorities adopted amid last year's currency crisis has yielded results and given a big boost to the peso, although economists see potential trouble on the horizon ahead of the October 2019 general election. After months of turmoil in which the peso lost half of its value and fear spread that further depreciation could lead to a debt default, the peso has strengthened relative to the dollar to the point that it is no longer trading within the band established under a $57 billion bailout package with the International Monetary Fund. In a bid to weaken the peso and keep it within the trading range, Argentina's Central Bank (BCRA) started buying dollars last month on the foreign exchange market. Economist Victor Beker told EFE that sky-high interest rates of more than 50 per cent have increased investors' appetite for Argentine bonds, which now offer a "fabulous return." "I don't think there's any economic activity, except for drug trafficking, that can compete with that yield," said Beker, director of the Center for New Economy Studies at Argentina's Universidad de Belgrano. He added that the philosophy now in Argentina is "take advantage while it lasts." The peso closed at 37.4283 to the dollar on Wednesday, a level below the non-intervention trading band established in negotiations with the IMF. The moving band ranged on Wednesday between 38.021 and 49.203. Last August, a new round of capital flight forced Argentine President Mauricio Macri to ask the IMF for an early release of funds from the standby financing deal to calm markets. As part of the effort to shore up the peso and rein in price increases, the BCRA rolled out an IMF-backed program last September to freeze money supply growth, keep interest rates at a minimum of 60 percent (that floor on its benchmark interest rate has since been removed) and put in place a "floating band" for the peso. Although those measures served to strengthen Argentina's currency, Beker cautioned that no economy in the world can function with interest rates at such a sky-high level because they strangle the real economy. He also noted that rates are at astronomical levels at a time when the country is in recession. While economists believe that the currency market will remain stable in the first half of the year thanks to an influx of dollars into the financial market and hard-currency earnings from exports of products such as soy and wheat, they say the situation is tenuous because of presidential and legislative elections scheduled for October. Beker said the supply of dollars should not be in doubt in the first part of the year but that "then comes a second half that will be complicated because the bulk of (Argentina's) exports are carried out in the first half, and then in the second we're going to be immersed in the electoral process." Economists consulted by EFE are forecasting that the run-up to the elections, with the foreseeable calls by candidates to renegotiate the country's debt, will increase uncertainty and prompt holders of Argentine pesos to purchase dollar-denominated foreign assets.

Argentina's currency gets boost from tight monetary policy

The United States social media company Twitter reported a record quarterly revenue and its first full year of profitability Thursday, signs the company's efforts to promote healthy discourse on the platform appear to be paying off, according to a report from the Dow Jones Newswires made available to EFE.&nbsp;

The company also for the first time disclosed its number of daily users: 126 million, a figure Twitter said was up 1.6 per cent from the previous quarter.&nbsp;

The figure makes it easier to compare Twitter with its social-media peers Facebook and Snap, which have 1.52 billion and 186 million daily users, respectively.&nbsp;

Twitter said it measures its number of daily users differently than other companies because it counts only users who can view ads.&nbsp;

Revenue rose 24 per cent to $908.8 million in the fourth quarter, typically the heaviest spending period for advertisers, up from $731.6 million a year earlier. Those results topped analysts' projections of $867 million, according to FactSet.&nbsp;

Even so, Twitter's stock slid nearly 11 per cent in morning trading as investors homed in on the company's declining numbers of monthly users and its revenue forecast for the current quarter.&nbsp;

Twitter said its number of monthly users, the metric it has released for years, fell 1.5 per cent to 321 million from three months ago. Twitter has struggled for years with little to no momentum in building up its user base. It plans to stop disclosing monthly users after the current quarter.&nbsp;

Chief Executive Jack Dorsey said last year the company's priority was to reduce the amount of abuse that occurs on the platform. Although those efforts sometimes result in closing the accounts of bad actors, other users tend to spend more time on Twitter when there is less harassment. Marketers also say they are in favour of the changes because they don't like advertising alongside negative content.&nbsp;

Dorsey told analysts Thursday that the company needs to keep up efforts to minimize bad behaviour, something he sees as a growth initiative.&nbsp;

"We have to make Twitter more conversational," he said.&nbsp;

Twitter projected a sequential decline in revenue in the first quarter to between $715 million and $775 million. While that would be up from $665 million a year earlier, the range's midpoint of $745 million sits below the $764.93 million analysts had pencilled, according to Refinitiv.&nbsp;

Doing away with the monthly user number could suggest Twitter doesn't like the trends it is seeing in that area, raising questions about how it will grow daily users from a shrinking pool, said Colin Sebastian, an analyst at R.W. Baird.&nbsp;

He also pointed to higher expenses Twitter is facing in 2019 as it combats abuse, adds new features and digests its growing headcount. Twitter, which grew its employee number about 16 per cent last year, said it expects operating expenses up about 20 per cent in 2019.&nbsp;

Those costs could weigh on margins, Sebastian said.&nbsp;

Twitter's profit in the fourth quarter increased to $255.3 million, or 33 cents a share, from $91.1 million, or 12 cents a share, a year earlier, added the Dow Jones report supplied to EFE.&nbsp;

Robust spending in the online advertising industry also drove both Facebook's record quarterly profit and Snap's record quarterly revenue.

The United States social media company Twitter reported a record quarterly revenue and its first full year of profitability Thursday, signs the company's efforts to promote healthy discourse on the platform appear to be paying off, according to a report from the Dow Jones Newswires made available to EFE.

The United States social media company Twitter reported a record quarterly revenue and its first full year of profitability Thursday, signs the company's efforts to promote healthy discourse on the platform appear to be paying off, according to a report from the Dow Jones Newswires made available to EFE. The company also for the first time disclosed its number of daily users: 126 million, a figure Twitter said was up 1.6 per cent from the previous quarter. The figure makes it easier to compare Twitter with its social-media peers Facebook and Snap, which have 1.52 billion and 186 million daily users, respectively. Twitter said it measures its number of daily users differently than other companies because it counts only users who can view ads. Revenue rose 24 per cent to $908.8 million in the fourth quarter, typically the heaviest spending period for advertisers, up from $731.6 million a year earlier. Those results topped analysts' projections of $867 million, according to FactSet. Even so, Twitter's stock slid nearly 11 per cent in morning trading as investors homed in on the company's declining numbers of monthly users and its revenue forecast for the current quarter. Twitter said its number of monthly users, the metric it has released for years, fell 1.5 per cent to 321 million from three months ago. Twitter has struggled for years with little to no momentum in building up its user base. It plans to stop disclosing monthly users after the current quarter. Chief Executive Jack Dorsey said last year the company's priority was to reduce the amount of abuse that occurs on the platform. Although those efforts sometimes result in closing the accounts of bad actors, other users tend to spend more time on Twitter when there is less harassment. Marketers also say they are in favour of the changes because they don't like advertising alongside negative content. Dorsey told analysts Thursday that the company needs to keep up efforts to minimize bad behaviour, something he sees as a growth initiative. "We have to make Twitter more conversational," he said. Twitter projected a sequential decline in revenue in the first quarter to between $715 million and $775 million. While that would be up from $665 million a year earlier, the range's midpoint of $745 million sits below the $764.93 million analysts had pencilled, according to Refinitiv. Doing away with the monthly user number could suggest Twitter doesn't like the trends it is seeing in that area, raising questions about how it will grow daily users from a shrinking pool, said Colin Sebastian, an analyst at R.W. Baird. He also pointed to higher expenses Twitter is facing in 2019 as it combats abuse, adds new features and digests its growing headcount. Twitter, which grew its employee number about 16 per cent last year, said it expects operating expenses up about 20 per cent in 2019. Those costs could weigh on margins, Sebastian said. Twitter's profit in the fourth quarter increased to $255.3 million, or 33 cents a share, from $91.1 million, or 12 cents a share, a year earlier, added the Dow Jones report supplied to EFE. Robust spending in the online advertising industry also drove both Facebook's record quarterly profit and Snap's record quarterly revenue.

Twitter's push to reduce abuse pays off with revenue jump

The Reserve Bank of India Thursday projected an economic growth rate of 7.4 per cent for the next fiscal, up from 7.2 per cent estimated for the current fiscal by Central Statistics Office (CSO).

The gross domestic product (GDP) growth is likely to be influenced by growth in bank credit and overall financial flows to the commercial sectors, though slowing global demand could play a dampener, said an RBI document released after the three-day meeting of the central bank's Monetary Policy Committee (MPC).

The RBI had projected the GDP growth for 2018-19 in the December policy at 7.4 per cent (7.2-7.3 per cent in H2) and at 7.5 per cent for H1:2019-20, with risks somewhat to the downside.

The CSO has estimated GDP growth at 7.2 per cent for 2018-19.

"Looking beyond the current year, the growth outlook is likely to be influenced by... Aggregate bank credit; and overall financial flows to the commercial sector continue to be strong, but are yet to be broad-based," the MPC said.

It further said that in spite of soft crude oil prices and the lagged impact of the recent depreciation of the Indian rupee on net exports, slowing global demand could pose headwinds.

"In particular, trade tensions and associated uncertainties appear to be moderating global growth," it said.

RBI Governor and member of the MPC Shaktikanta Das said the risks are evenly balanced for growth.

The six-member MPC, headed by Das, also noted that the output gap has opened up modestly as actual output has inched lower than potential. 
Investment activity is recovering, but supported mainly by public spending on infrastructure, it said.

The need is to strengthen private investment activity and buttress private consumption, said the MPC document, as the central bank reduced the key lending rate by 0.25 per cent, for the first time in the current fiscal.&nbsp;

The Reserve Bank of India Thursday projected an economic growth rate of 7.4 per cent for the next fiscal, up from 7.2 per cent estimated for the current fiscal by Central Statistics Office (CSO).

The Reserve Bank of India Thursday projected an economic growth rate of 7.4 per cent for the next fiscal, up from 7.2 per cent estimated for the current fiscal by Central Statistics Office (CSO). The gross domestic product (GDP) growth is likely to be influenced by growth in bank credit and overall financial flows to the commercial sectors, though slowing global demand could play a dampener, said an RBI document released after the three-day meeting of the central bank's Monetary Policy Committee (MPC). The RBI had projected the GDP growth for 2018-19 in the December policy at 7.4 per cent (7.2-7.3 per cent in H2) and at 7.5 per cent for H1:2019-20, with risks somewhat to the downside. The CSO has estimated GDP growth at 7.2 per cent for 2018-19. "Looking beyond the current year, the growth outlook is likely to be influenced by... Aggregate bank credit; and overall financial flows to the commercial sector continue to be strong, but are yet to be broad-based," the MPC said. It further said that in spite of soft crude oil prices and the lagged impact of the recent depreciation of the Indian rupee on net exports, slowing global demand could pose headwinds. "In particular, trade tensions and associated uncertainties appear to be moderating global growth," it said. RBI Governor and member of the MPC Shaktikanta Das said the risks are evenly balanced for growth. The six-member MPC, headed by Das, also noted that the output gap has opened up modestly as actual output has inched lower than potential. Investment activity is recovering, but supported mainly by public spending on infrastructure, it said. The need is to strengthen private investment activity and buttress private consumption, said the MPC document, as the central bank reduced the key lending rate by 0.25 per cent, for the first time in the current fiscal.

RBI projects 7.4 per cent GDP growth for FY20

In the first interest rate cut in 18 months, the RBI Thursday shed its hawkish stance to reduce policy rates in the maiden policy meeting under new Governor Shaktikanta Das, a move that may make home and other loans cheaper.

Coming just months ahead of the general elections, the move will help boost lending and support the government's efforts to boost a slowing economy after it last week unveiled an expansionary budget which included a Rs 75,000 crore cash dole to small farmers and income tax rebate to the middle class.

The Reserve Bank of India's six-member monetary policy committee (MPC) cut the repo rate by 25 basis points to 6.25 per cent as inflation continues to remain benign.

While four out of the six members, including Das, voted for a reduction in interest rate, all the six members unanimously favoured switch in stance to 'neutral' from 'calibrated tightening' adopted in October.

Emboldened by a slowdown in inflation which fell to 18-month low of 2.19 per cent in December and is expected to be in the range of 3.2-3.4 per cent in April-September to 3.2-3.4 percent - lower than previous RBI prediction of 3.8-4.2 per cent range, Das-led MPC weighed more concern about economic growth risks, paving the way for more rate cuts.

Besides repo rate, reverse repo was reduced to 6 per cent from 6.25 per cent.

Repo rate is the rate at which commercial banks borrow money from the RBI; while reverse repo rate is the rate at which RBI collects money from banks.

Das, who unlike his predecessor Urjit Patel is seen more amenable to government demands for boosting credit growth, said it was "vital to act decisively and in a timely manner to address the objective of growth once price stability as defined (in RBI's inflation-targeting mandate) is achieved."

A former bureaucrat, Das was appointed RBI Governor in December as Patel quit amid a debate over central bank's autonomy.

"The shift in stance from calibrated tightening to neutral provides flexibility to address, and the room to address, sustained the growth of India's economy over the coming months as long as inflation remains benign," he said.

"RBI's decision to reduce the repo rate by 25 basis point from 6.5 per cent to 6.25 per cent and change of stance to 'Neutral' will give a boost to the economy, lead to affordable credit for small businesses, homebuyers etc and further boost employment opportunities," Finance Minister Piyush Goyal said in a tweet.

RBI last hiked interest rates in August 2018 by 0.25 per cent. It came on back of a similar increase in June. These hikes were the first since January 28, 2014, when rates were hiked by a similar proportion to 8 per cent.

In the subsequent years, RBI cut the interest rate on six occasions. In its last revision, on August 2, 2017, rates were cut by 25 basis points to 6 per cent.

"Investment activity is recovering, but supported mainly by public spending on infrastructure," the MPC said in a statement. "The need is to strengthen private investment activity and buttress private consumption."

Falling food prices have been the main driver of the inflation slowdown, though the core measure -- which excludes food and fuel costs -- remains elevated.

The RBI kept GDP growth forecast unchanged at 7.4 per cent for the next fiscal year starting April 1, 2019.

"Headline inflation is projected to remain soft in the near term reflecting the current low level of inflation and the benign food inflation outlook," the MPC statement said, adding that it needs to be watchful of vegetable prices, oil prices, trade tensions, health and education inflation, financial market volatility and monsoon outcomes.

The rate cut is in consonance with achieving the medium-term objective of maintaining inflation at the 4 per cent level while supporting growth, it said.

The RBI expects GDP growth to be at 7.4 per cent in FY20, which is up from the 7.2 per cent estimated for FY19 by the CSO.

It will set up an internal working group to examine issues pertaining to agricultural loans, including regional disparity and extent of coverage. It also raised the limit for collateral?free farm loans to Rs 1.6 lakh from the current Rs 1 lakh in view of overall inflation and a rise in agriculture input costs.

The resolution said recent unusual pick-up in the prices of health and education services could be a one-off phenomenon, adding that the crude oil price outlook remains broadly the same as in the December policy.

With the cash dole for farmers, the central government budget deviated marginally from the fiscal consolidation path by announcing a slip in FY19 and pegging the gap at a higher 3.4 per cent for FY20.

The government is also expecting the RBI to deliver an interim dividend for the second year running at Rs 28,000 crore, which is likely to be taken up for discussion at RBI's next board meeting.

On the regulatory policies front, the RBI proposed relaxations on foreign borrowings by companies undergoing insolvency resolutions to pay off the local lenders, redefined bulk deposits as those above Rs 2 crore from the earlier Rs 1 crore, align risk weights of bank loans to NBFCs with their ratings rather than a blanket 100 per cent earlier and also harmonise categories of NBFCs.&nbsp;

In the first interest rate cut in 18 months, the RBI Thursday shed its hawkish stance to reduce policy rates in the maiden policy meeting under new Governor Shaktikanta Das, a move that may make home and other loans cheaper.

In the first interest rate cut in 18 months, the RBI Thursday shed its hawkish stance to reduce policy rates in the maiden policy meeting under new Governor Shaktikanta Das, a move that may make home and other loans cheaper. Coming just months ahead of the general elections, the move will help boost lending and support the government's efforts to boost a slowing economy after it last week unveiled an expansionary budget which included a Rs 75,000 crore cash dole to small farmers and income tax rebate to the middle class. The Reserve Bank of India's six-member monetary policy committee (MPC) cut the repo rate by 25 basis points to 6.25 per cent as inflation continues to remain benign. While four out of the six members, including Das, voted for a reduction in interest rate, all the six members unanimously favoured switch in stance to 'neutral' from 'calibrated tightening' adopted in October. Emboldened by a slowdown in inflation which fell to 18-month low of 2.19 per cent in December and is expected to be in the range of 3.2-3.4 per cent in April-September to 3.2-3.4 percent - lower than previous RBI prediction of 3.8-4.2 per cent range, Das-led MPC weighed more concern about economic growth risks, paving the way for more rate cuts. Besides repo rate, reverse repo was reduced to 6 per cent from 6.25 per cent. Repo rate is the rate at which commercial banks borrow money from the RBI; while reverse repo rate is the rate at which RBI collects money from banks. Das, who unlike his predecessor Urjit Patel is seen more amenable to government demands for boosting credit growth, said it was "vital to act decisively and in a timely manner to address the objective of growth once price stability as defined (in RBI's inflation-targeting mandate) is achieved." A former bureaucrat, Das was appointed RBI Governor in December as Patel quit amid a debate over central bank's autonomy. "The shift in stance from calibrated tightening to neutral provides flexibility to address, and the room to address, sustained the growth of India's economy over the coming months as long as inflation remains benign," he said. "RBI's decision to reduce the repo rate by 25 basis point from 6.5 per cent to 6.25 per cent and change of stance to 'Neutral' will give a boost to the economy, lead to affordable credit for small businesses, homebuyers etc and further boost employment opportunities," Finance Minister Piyush Goyal said in a tweet. RBI last hiked interest rates in August 2018 by 0.25 per cent. It came on back of a similar increase in June. These hikes were the first since January 28, 2014, when rates were hiked by a similar proportion to 8 per cent. In the subsequent years, RBI cut the interest rate on six occasions. In its last revision, on August 2, 2017, rates were cut by 25 basis points to 6 per cent. "Investment activity is recovering, but supported mainly by public spending on infrastructure," the MPC said in a statement. "The need is to strengthen private investment activity and buttress private consumption." Falling food prices have been the main driver of the inflation slowdown, though the core measure -- which excludes food and fuel costs -- remains elevated. The RBI kept GDP growth forecast unchanged at 7.4 per cent for the next fiscal year starting April 1, 2019. "Headline inflation is projected to remain soft in the near term reflecting the current low level of inflation and the benign food inflation outlook," the MPC statement said, adding that it needs to be watchful of vegetable prices, oil prices, trade tensions, health and education inflation, financial market volatility and monsoon outcomes. The rate cut is in consonance with achieving the medium-term objective of maintaining inflation at the 4 per cent level while supporting growth, it said. The RBI expects GDP growth to be at 7.4 per cent in FY20, which is up from the 7.2 per cent estimated for FY19 by the CSO. It will set up an internal working group to examine issues pertaining to agricultural loans, including regional disparity and extent of coverage. It also raised the limit for collateral?free farm loans to Rs 1.6 lakh from the current Rs 1 lakh in view of overall inflation and a rise in agriculture input costs. The resolution said recent unusual pick-up in the prices of health and education services could be a one-off phenomenon, adding that the crude oil price outlook remains broadly the same as in the December policy. With the cash dole for farmers, the central government budget deviated marginally from the fiscal consolidation path by announcing a slip in FY19 and pegging the gap at a higher 3.4 per cent for FY20. The government is also expecting the RBI to deliver an interim dividend for the second year running at Rs 28,000 crore, which is likely to be taken up for discussion at RBI's next board meeting. On the regulatory policies front, the RBI proposed relaxations on foreign borrowings by companies undergoing insolvency resolutions to pay off the local lenders, redefined bulk deposits as those above Rs 2 crore from the earlier Rs 1 crore, align risk weights of bank loans to NBFCs with their ratings rather than a blanket 100 per cent earlier and also harmonise categories of NBFCs.

RBI cuts key lending rate by 25%, loans likely to get cheaper

BSE benchmark Sensex jumped over 150 points in early trade Thursday on sustained buying by domestic and foreign institutional investors, ahead of RBI's policy outcome later in the day.

The 30-share index was trading 161.53 points, or 0.44 per cent, higher at 37,136.76.

Similarly, the 50-share NSE Nifty rose 33.05 points, or 0.30 per cent to 11,095.50.

On Wednesday, the Sensex soared 358.42 points, or 0.98 per cent, to close at 36,975.23; and the broader Nifty jumped 128.10 points, or 1.17 per cent, to 11,062.45.

According to traders, domestic investors remained bullish tracking sustained inflow from domestic and foreign funds, amid hopes that the RBI may change its policy stance to 'neutral' from 'calibrated tightening' on low inflation footprint, even as a rate cut was ruled out by many experts.

The RBI's Monetary Policy Committee (MPC) is scheduled to announce its policy decision later in the day.

"Central banks in Asian markets from India to Indonesia are expected to halt interest rate hikes and possibly signal rate cuts as falling inflation and US Fed's decision to put break on tightening interest rate cycle has left enough room for interest rate cuts," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

"Decline in rates will reduce the cost of capital and potentially fuel rally in equity markets," he stated.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 694.97 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 525.26 crore, provisional data available with BSE showed.

In the morning session, Sun Pharma, Bajaj Auto, HCL Tech, Tata Motors, M&amp;M, Yes Bank, Maruti and Hero MotoCorp were the top gainers, rising up to 2.64 per cent.

On the other hand, Tata Steel, HDFC, Bharti Airtel and Vedanta fell up to 0.51 per cent.

Elsewhere in Asia, Japan's Nikkei fell 0.75 per cent, while Korea's Kospi rose 0.35 per cent. Bourses in China were closed for Lunar New Year break. 
On Wall Street, Dow Jones Industrial Average ended 0.08 per cent lower on Wednesday.

The rupee, meanwhile, depreciated 10 paise against US dollar to 71.66. 
The benchmark Brent crude futures slipped 0.27 per cent to USD 62.52 per barrel.&nbsp;

BSE benchmark Sensex jumped over 150 points in early trade Thursday on sustained buying by domestic and foreign institutional investors, ahead of RBI's policy outcome later in the day.

BSE benchmark Sensex jumped over 150 points in early trade Thursday on sustained buying by domestic and foreign institutional investors, ahead of RBI's policy outcome later in the day. The 30-share index was trading 161.53 points, or 0.44 per cent, higher at 37,136.76. Similarly, the 50-share NSE Nifty rose 33.05 points, or 0.30 per cent to 11,095.50. On Wednesday, the Sensex soared 358.42 points, or 0.98 per cent, to close at 36,975.23; and the broader Nifty jumped 128.10 points, or 1.17 per cent, to 11,062.45. According to traders, domestic investors remained bullish tracking sustained inflow from domestic and foreign funds, amid hopes that the RBI may change its policy stance to 'neutral' from 'calibrated tightening' on low inflation footprint, even as a rate cut was ruled out by many experts. The RBI's Monetary Policy Committee (MPC) is scheduled to announce its policy decision later in the day. "Central banks in Asian markets from India to Indonesia are expected to halt interest rate hikes and possibly signal rate cuts as falling inflation and US Fed's decision to put break on tightening interest rate cycle has left enough room for interest rate cuts," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. "Decline in rates will reduce the cost of capital and potentially fuel rally in equity markets," he stated. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 694.97 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 525.26 crore, provisional data available with BSE showed. In the morning session, Sun Pharma, Bajaj Auto, HCL Tech, Tata Motors, M&M, Yes Bank, Maruti and Hero MotoCorp were the top gainers, rising up to 2.64 per cent. On the other hand, Tata Steel, HDFC, Bharti Airtel and Vedanta fell up to 0.51 per cent. Elsewhere in Asia, Japan's Nikkei fell 0.75 per cent, while Korea's Kospi rose 0.35 per cent. Bourses in China were closed for Lunar New Year break. On Wall Street, Dow Jones Industrial Average ended 0.08 per cent lower on Wednesday. The rupee, meanwhile, depreciated 10 paise against US dollar to 71.66. The benchmark Brent crude futures slipped 0.27 per cent to USD 62.52 per barrel.

Sensex jumps 150 points ahead of RBI policy outcome

The Reserve Bank of India(RBI) today cut the <a href="http://www.wionews.com/business-economy/rbi-keeps-repo-rate-unchanged-at-65-retains-gdp-growth-projection-at-74-181654">repo rate by 25 basis points</a> to 6.25 per cent.

Repo rate is the interest at which the banks borrow from the central bank whenever it experiences a funds shortfall.&nbsp;

The central bank said in the financial year India's GDP growth was seen at 7.4 per cent against the government's forecast of 7.2 per cent.

Four of six members of the monetary policy committee (MPC) voted to cut the rates, while all six members voted for a change in the stance.&nbsp;Two MPC members Chetan Ghate and Viral Acharya were for status-quo in rates, the RBI informed.&nbsp;

The central bank had revised down headline inflation estimates to 2.8 per cent in March quarter, 3.2-3.4 per cent in first half of next fiscal and 3.9 per cent in Q3 of FY20.

The RBI&nbsp;revised downwards the retail inflation forecast to 2.8 per cent for the last quarter of the current fiscal on account of favourable factors including benign monsoon.

The RBI in its last bi-monthly monetary policy announcement for the current fiscal also lowered the retail inflation forecast for the first half of next fiscal beginning April, to 3.2-3.4 per cent.

For the third quarter of 2019-20, the inflation target is set at 3.9 per cent.&nbsp;The central bank raised limit of collateral-free agriculture loans to Rs 1.6 lakh from the&nbsp;current Rs 1 lakh.

"Several factors will shape the inflation path, going forward. First, food inflation has continued to surprise on the downside with continuing deflation across several items and a significant moderation in inflation in cereals. Several food groups are experiencing excess supply conditions domestically as well as internationally," RBI said.

Union budget proposals will boost demand by raising disposable incomes, but it may take time to play out, newly-appointed RBI governor&nbsp;Shaktikanta Das said in his first press conference.

"Looking beyond the current year, the growth outlook is likely to be influenced by... Aggregate bank credit; and overall financial flows to the commercial sector continue to be strong, but are yet to be broad-based," the MPC said.

It further said that in spite of soft crude oil prices and the lagged impact of the recent depreciation of the Indian rupee on net exports, slowing global demand could pose headwinds.

"In particular, trade tensions and associated uncertainties appear to be moderating global growth," it said.

&nbsp;

&nbsp;

The Reserve Bank of India(RBI) today cut the repo rate by 25 basis points to 6.25 per cent. Repo rate is the interest at which the banks borrow from the central bank whenever it experiences a funds shortfall.

The Reserve Bank of India(RBI) today cut the repo rate by 25 basis points to 6.25 per cent. Repo rate is the interest at which the banks borrow from the central bank whenever it experiences a funds shortfall. The central bank said in the financial year India's GDP growth was seen at 7.4 per cent against the government's forecast of 7.2 per cent. Four of six members of the monetary policy committee (MPC) voted to cut the rates, while all six members voted for a change in the stance. Two MPC members Chetan Ghate and Viral Acharya were for status-quo in rates, the RBI informed. The central bank had revised down headline inflation estimates to 2.8 per cent in March quarter, 3.2-3.4 per cent in first half of next fiscal and 3.9 per cent in Q3 of FY20. The RBI revised downwards the retail inflation forecast to 2.8 per cent for the last quarter of the current fiscal on account of favourable factors including benign monsoon. The RBI in its last bi-monthly monetary policy announcement for the current fiscal also lowered the retail inflation forecast for the first half of next fiscal beginning April, to 3.2-3.4 per cent. For the third quarter of 2019-20, the inflation target is set at 3.9 per cent. The central bank raised limit of collateral-free agriculture loans to Rs 1.6 lakh from the current Rs 1 lakh. "Several factors will shape the inflation path, going forward. First, food inflation has continued to surprise on the downside with continuing deflation across several items and a significant moderation in inflation in cereals. Several food groups are experiencing excess supply conditions domestically as well as internationally," RBI said. Union budget proposals will boost demand by raising disposable incomes, but it may take time to play out, newly-appointed RBI governor Shaktikanta Das said in his first press conference. "Looking beyond the current year, the growth outlook is likely to be influenced by... Aggregate bank credit; and overall financial flows to the commercial sector continue to be strong, but are yet to be broad-based," the MPC said. It further said that in spite of soft crude oil prices and the lagged impact of the recent depreciation of the Indian rupee on net exports, slowing global demand could pose headwinds. "In particular, trade tensions and associated uncertainties appear to be moderating global growth," it said.

RBI cuts key interest rates; projects GDP growth at 7.4%, limit of collateral-free agriculture loans increased

Benchmark equity indices gave up gains to end almost flat on Thursday as investors booked profits at higher levels, after the Reserve Bank surprisingly reduced the repo rate by 0.25 per cent.

After rising nearly 200 points, the 30-share BSE Sensex ended 4.14 points, or 0.01 per cent, lower at 36,971.09; while the broader Nifty settled 6.95 points, or 0.06 per cent, higher at 11,069.40.

India VIX, the fear gauge for domestic equities, rose 1.40 per cent.

Rate-sensitive stocks swung between gains and losses after the rate-cut announcement, with BSE realty index slipping 0.02 per cent, Bankex gaining 0.04 per cent and auto index soaring 1.77 per cent.

The Reserve Bank of India cut the repo rate by 0.25 per cent to 6.25 per cent on expectation that inflation will stay within its target range, a move that may make home and other loans cheaper.

The RBI, under its new Governor Shaktikanta Das, changed the monetary policy stance to 'neutral' from the earlier 'calibrated tightening', signalling further softening of rates if inflation remain benign.

From stock market point of view, the policy decision is already discounted in indices. Traders are looking to book some profit from here, which can push indices to lower levels, said Debabrata Bhattacharjee, Head of Research, CapitalAim.

"In a medium-term, market has always reacted positively to a rate cut. Since we are in an environment where RBI is now neutral with a focus to keep growth in an economy and tab on inflation, we may attract long term money that can move the market.

"This is a positive event for the market though on a cautious note - we have an election in the next three months. So that needs to be taken into account," Mustafa Nadeem, CEO, Epic Research, said.

In the Sensex pack, Sun Pharma was the biggest gainer, rallying 4.48 per cent, followed by Bajaj Auto, Tata Motors, Coal India, Hero MotoCorp, Maruti and HCL Tech, rising up to 3.01 per cent.

While, RIL, PowerGrid, HDFC, L&amp;T, IndusInd Bank, NTPC and Bajaj Finance declined up to 1.50 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 694.97 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 525.26 crore, provisional data available with BSE showed.

Elsewhere in Asia, Japan's Nikkei fell 0.59 per cent, while Korea's Kospi ended flat. Bourses in China were closed for Lunar New Year break.

In the Eurozone, Frankfurt's DAX was down 0.48 per cent and Paris CAC 40 fell 0.30 per cent in late morning deals; while London's FTSE was up 0.18 per cent.

The rupee, meanwhile, appreciated 11 paise against the US dollar to 71.45 intra-day.

The benchmark Brent crude futures rose 0.06 per cent to US $62.73 per barrel.&nbsp;

Benchmark equity indices gave up gains to end almost flat on Thursday as investors booked profits at higher levels, after the Reserve Bank surprisingly reduced the repo rate by 0.

Benchmark equity indices gave up gains to end almost flat on Thursday as investors booked profits at higher levels, after the Reserve Bank surprisingly reduced the repo rate by 0.25 per cent. After rising nearly 200 points, the 30-share BSE Sensex ended 4.14 points, or 0.01 per cent, lower at 36,971.09; while the broader Nifty settled 6.95 points, or 0.06 per cent, higher at 11,069.40. India VIX, the fear gauge for domestic equities, rose 1.40 per cent. Rate-sensitive stocks swung between gains and losses after the rate-cut announcement, with BSE realty index slipping 0.02 per cent, Bankex gaining 0.04 per cent and auto index soaring 1.77 per cent. The Reserve Bank of India cut the repo rate by 0.25 per cent to 6.25 per cent on expectation that inflation will stay within its target range, a move that may make home and other loans cheaper. The RBI, under its new Governor Shaktikanta Das, changed the monetary policy stance to 'neutral' from the earlier 'calibrated tightening', signalling further softening of rates if inflation remain benign. From stock market point of view, the policy decision is already discounted in indices. Traders are looking to book some profit from here, which can push indices to lower levels, said Debabrata Bhattacharjee, Head of Research, CapitalAim. "In a medium-term, market has always reacted positively to a rate cut. Since we are in an environment where RBI is now neutral with a focus to keep growth in an economy and tab on inflation, we may attract long term money that can move the market. "This is a positive event for the market though on a cautious note - we have an election in the next three months. So that needs to be taken into account," Mustafa Nadeem, CEO, Epic Research, said. In the Sensex pack, Sun Pharma was the biggest gainer, rallying 4.48 per cent, followed by Bajaj Auto, Tata Motors, Coal India, Hero MotoCorp, Maruti and HCL Tech, rising up to 3.01 per cent. While, RIL, PowerGrid, HDFC, L&T, IndusInd Bank, NTPC and Bajaj Finance declined up to 1.50 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 694.97 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 525.26 crore, provisional data available with BSE showed. Elsewhere in Asia, Japan's Nikkei fell 0.59 per cent, while Korea's Kospi ended flat. Bourses in China were closed for Lunar New Year break. In the Eurozone, Frankfurt's DAX was down 0.48 per cent and Paris CAC 40 fell 0.30 per cent in late morning deals; while London's FTSE was up 0.18 per cent. The rupee, meanwhile, appreciated 11 paise against the US dollar to 71.45 intra-day. The benchmark Brent crude futures rose 0.06 per cent to US $62.73 per barrel.

Market ends flat after RBI rate cut; rate sensitive stocks turn volatile