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A sudden surge in crude prices can upset the nation's key macro-stability parameters, as it can sharply spike the current account deficit (CAD), inflation and the fiscal numbers, whittling the benefits of higher growth, warns an RBI study.

Since the country is heavily dependent on oil imports

To the tune of over 80 per cent for meeting its domestic demand, it remains susceptible to global crude price shocks.

Besides CAD, the rise in crude prices can also impact inflation and fiscal deficit, says the report.

The international crude prices increased by around 12 per cent between April and September 2018.

The mid-year spike in crude prices happened mainly due to spurt in demand, on the back of global growth revival, and partly due to geopolitical risks that led to supply-side shocks.

However, since mid-November 2018, the crude prices have declined significantly but they remain volatile.

"An increase in crude price worsens the CAD and this adverse impact cannot be significantly contained through higher growth. So, a crude price shock will be followed by high CAD to GDP ratio," says the latest issue of the Mint Street Memos titled 'The Impact of Crude Price Shock on CAD, Inflation and Fiscal Deficit' pencilled by in-house economists at the central bank.

The finding shows that in the worst case scenario, when crude prices hit $85/barrel, the deficit on account of oil balloons to $106.4 billion, which is 3.61 per cent of the GDP.

"Every $10/barrel increase in crude prices leads to an additional $12.5 billion deficit, which is roughly 43 bps of the country's GDP. So, every $10/barrel increase in crude price will shoot up the CAD/GDP ratio by 43 bps," it says.

The study says crude price shock will increase inflation if the price increase is passed on directly to the final consumers.

"Under the most conservative estimate, we quantify that a $10/barrel increase in crude price at the price of $65/barrel will lead to a 49 basis points increase in headline inflation. A similar increase at $55/barrel gives around a 58 bps increase in headline inflation," it says.

Further, if the government decides on a zero pass-through to the final consumers, a $10/barrel spike in crude prices could increase the fiscal deficit by 43bps.

This zero pass-through scenario allows us to put an upper band on the amount of fiscal slippage, it adds.

The actual inflation and fiscal deficit will finally depend on the level of government intervention (changes in tax and subsidy) in the domestic oil market, the study concludes.

A sudden surge in crude prices can upset the nation's key macro-stability parameters, as it can sharply spike the current account deficit (CAD), inflation and the fiscal numbers, whittling the benefits of higher growth, warns an RBI study.

A sudden surge in crude prices can upset the nation's key macro-stability parameters, as it can sharply spike the current account deficit (CAD), inflation and the fiscal numbers, whittling the benefits of higher growth, warns an RBI study. Since the country is heavily dependent on oil imports To the tune of over 80 per cent for meeting its domestic demand, it remains susceptible to global crude price shocks. Besides CAD, the rise in crude prices can also impact inflation and fiscal deficit, says the report. The international crude prices increased by around 12 per cent between April and September 2018. The mid-year spike in crude prices happened mainly due to spurt in demand, on the back of global growth revival, and partly due to geopolitical risks that led to supply-side shocks. However, since mid-November 2018, the crude prices have declined significantly but they remain volatile. "An increase in crude price worsens the CAD and this adverse impact cannot be significantly contained through higher growth. So, a crude price shock will be followed by high CAD to GDP ratio," says the latest issue of the Mint Street Memos titled 'The Impact of Crude Price Shock on CAD, Inflation and Fiscal Deficit' pencilled by in-house economists at the central bank. The finding shows that in the worst case scenario, when crude prices hit $85/barrel, the deficit on account of oil balloons to $106.4 billion, which is 3.61 per cent of the GDP. "Every $10/barrel increase in crude prices leads to an additional $12.5 billion deficit, which is roughly 43 bps of the country's GDP. So, every $10/barrel increase in crude price will shoot up the CAD/GDP ratio by 43 bps," it says. The study says crude price shock will increase inflation if the price increase is passed on directly to the final consumers. "Under the most conservative estimate, we quantify that a $10/barrel increase in crude price at the price of $65/barrel will lead to a 49 basis points increase in headline inflation. A similar increase at $55/barrel gives around a 58 bps increase in headline inflation," it says. Further, if the government decides on a zero pass-through to the final consumers, a $10/barrel spike in crude prices could increase the fiscal deficit by 43bps. This zero pass-through scenario allows us to put an upper band on the amount of fiscal slippage, it adds. The actual inflation and fiscal deficit will finally depend on the level of government intervention (changes in tax and subsidy) in the domestic oil market, the study concludes.

Crude shocker can be rude shocks for economy: RBI economists

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit.

While Tata Consultancy Services (TCS), RIL, HDFC Bank, HUL, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank made gains. RIL’s market valuation tumbled by Rs 16,955.65 crore to Rs 6,96,639.64 crore.

The m-cap of Hindustan Unilever Ltd (HUL) dropped Rs 8,626.12 crore to Rs 3,85,361.63 crore and that of TCS dived Rs 8,198.96 crore to Rs 7,03,178.13 crore. HDFC’s valuation took a beating of Rs 1,501.96 crore to reach Rs 3,38,933.58 crore and that of ITC fell by Rs 1,469.63 crore to Rs 3,43,832.17 crore.

The market cap of HDFC Bank declined by Rs 1,400.54 crore to Rs 5,75,922.41 crore. In contrast, ICICI Bank added Rs 2,906.87 crore to its valuation to reach Rs 2,35,444.07 crore. SBI’s valuation went up by Rs 2,722 crore to Rs 2,65,506.48 crore and Infosys gained Rs 1,376.12 crore to Rs 2,88,658.41 crore. Kotak Mahindra Bank added Rs 391 crore to stand at Rs 2,37,787.86 crore.

In the ranking of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Over the last week, the Sensex fell 381.62 points or 1.05 per cent.

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit.

The combined market valuation of six of the 10 most valued companies slumped by Rs 38,152.86 crore last week, with Reliance Industries Ltd (RIL) taking the steepest hit. While Tata Consultancy Services (TCS), RIL, HDFC Bank, HUL, ITC and HDFC suffered losses in their market capitalisation (m-cap) for the week ended Friday, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank made gains. RIL’s market valuation tumbled by Rs 16,955.65 crore to Rs 6,96,639.64 crore. The m-cap of Hindustan Unilever Ltd (HUL) dropped Rs 8,626.12 crore to Rs 3,85,361.63 crore and that of TCS dived Rs 8,198.96 crore to Rs 7,03,178.13 crore. HDFC’s valuation took a beating of Rs 1,501.96 crore to reach Rs 3,38,933.58 crore and that of ITC fell by Rs 1,469.63 crore to Rs 3,43,832.17 crore. The market cap of HDFC Bank declined by Rs 1,400.54 crore to Rs 5,75,922.41 crore. In contrast, ICICI Bank added Rs 2,906.87 crore to its valuation to reach Rs 2,35,444.07 crore. SBI’s valuation went up by Rs 2,722 crore to Rs 2,65,506.48 crore and Infosys gained Rs 1,376.12 crore to Rs 2,88,658.41 crore. Kotak Mahindra Bank added Rs 391 crore to stand at Rs 2,37,787.86 crore. In the ranking of top-10 firms, TCS was at the number one position, followed by RIL, HDFC Bank, HUL, ITC, HDFC, Infosys, SBI, Kotak Mahindra Bank and ICICI Bank. Over the last week, the Sensex fell 381.62 points or 1.05 per cent.

Top 10 most-valued companies including TCS, RIL, HDFC Bank lose Rs 38,153 cr in m-cap

US President Donald Trump said on Sunday that trade talks with China were going very well and that weakness in the Chinese economy gave Beijing a reason to work towards a deal.

"I think that gives them a great incentive to negotiate," Trump told reporters at the White House.

The comments by the US President have come ahead of the meeting between the negotiators of the two countries&nbsp;in Beijing.

The officials of the two countries will meet for the first US-China face-to-face trade talks since the presidents of the two countries met in December and agreed on a 90-day truce in the trade war.

Trump has slapped import tariffs on hundreds of billions of dollars of Chinese goods as he seeks concessions from Beijing on issues ranging from industrial subsidies to hacking. China has retaliated. The tit-for-tat tariffs have disrupted trade, hurt manufacturing, roiled international markets and slowed the global economy.

While Trump and other officials have said talks between the two sides are progressing well, they have given no details on concessions that China has made. Some US demands would require structural reform that may be unpalatable for Chinese leaders. China would deepen reform but will not yield on issues it deems to be its core national interests, a commentary in the ruling Communist Party's official newspaper said on Wednesday.

(With inputs from agencies)

US President Donald Trump said on Sunday that trade talks with China were going very well and that weakness in the Chinese economy gave Beijing a reason to work towards a deal.

US President Donald Trump said on Sunday that trade talks with China were going very well and that weakness in the Chinese economy gave Beijing a reason to work towards a deal. "I think that gives them a great incentive to negotiate," Trump told reporters at the White House. The comments by the US President have come ahead of the meeting between the negotiators of the two countries in Beijing. The officials of the two countries will meet for the first US-China face-to-face trade talks since the presidents of the two countries met in December and agreed on a 90-day truce in the trade war. Trump has slapped import tariffs on hundreds of billions of dollars of Chinese goods as he seeks concessions from Beijing on issues ranging from industrial subsidies to hacking. China has retaliated. The tit-for-tat tariffs have disrupted trade, hurt manufacturing, roiled international markets and slowed the global economy. While Trump and other officials have said talks between the two sides are progressing well, they have given no details on concessions that China has made. Some US demands would require structural reform that may be unpalatable for Chinese leaders. China would deepen reform but will not yield on issues it deems to be its core national interests, a commentary in the ruling Communist Party's official newspaper said on Wednesday. (With inputs from agencies)

Weakness in China economy gives Beijing incentive for trade deal: Trump

A Mumbai court on Saturday declared embattled liquor baron Vijay Mallya a fugitive economic offender (FEO) on a plea of the Enforcement Directorate.

With this declaration he has become the first businessman to be tagged so under the F<a href="http://www.wionews.com/india-news/done-nothing-wrong-civil-transaction-is-being-blown-out-as-scam-nirav-modi-188388">ugitive Economic Offenders Act,</a> 2018.

The fugitive economic offenders' law came into force in August last year in light of the several business tycoons committing financial crimes worth thousands of crores of rupees and fleeing the country to avoid prosecution.

A person can be named an offender under this law if there is an arrest warrant against him or her for involvement in economic offences involving at least Rs. 100 crore or more and has fled from India to escape legal action.

Agencies have been trying to bring other financial offenders like Nirav Modi and Mehul Choksi under the ambit &nbsp;of fugitive economic offenders' law.

Meanwhile, twenty-seven defaulting businessmen and economic offenders have fled the country in the last five years, Parliament was informed on Friday.&nbsp;

Interpol has been approached to issue red corner notices (RCNs) against 20 persons out of these 27, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha.

He further said Interpol has already issued RCN against eight persons who have fled the country and extradition requests have been sent in the case of six.

The government, he said, has also advised the public sector banks to obtain a certified copy of the passport of promoters/directors and other authorised signatories of companies availing loan facilities of more than Rs 50 crore.&nbsp;

(With inputs from agencies)

A Mumbai court on Saturday declared embattled liquor baron Vijay Mallya a fugitive economic offender (FEO) on a plea of the Enforcement Directorate. With this declaration he has become the first businessman to be tagged so under the Fugitive Economic Offenders Act, 2018.

A Mumbai court on Saturday declared embattled liquor baron Vijay Mallya a fugitive economic offender (FEO) on a plea of the Enforcement Directorate. With this declaration he has become the first businessman to be tagged so under the Fugitive Economic Offenders Act, 2018. The fugitive economic offenders' law came into force in August last year in light of the several business tycoons committing financial crimes worth thousands of crores of rupees and fleeing the country to avoid prosecution. A person can be named an offender under this law if there is an arrest warrant against him or her for involvement in economic offences involving at least Rs. 100 crore or more and has fled from India to escape legal action. Agencies have been trying to bring other financial offenders like Nirav Modi and Mehul Choksi under the ambit of fugitive economic offenders' law. Meanwhile, twenty-seven defaulting businessmen and economic offenders have fled the country in the last five years, Parliament was informed on Friday. Interpol has been approached to issue red corner notices (RCNs) against 20 persons out of these 27, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha. He further said Interpol has already issued RCN against eight persons who have fled the country and extradition requests have been sent in the case of six. The government, he said, has also advised the public sector banks to obtain a certified copy of the passport of promoters/directors and other authorised signatories of companies availing loan facilities of more than Rs 50 crore. (With inputs from agencies)

Vijay Mallya first businessman to be declared 'fugitive economic offender' 

The BSE benchmark Sensex Friday rebounded nearly 200 points and the NSE Nifty reclaimed the 10,700 mark, driven by a recovery in auto, metal and banking stocks amid buying by domestic institutional investors.

The 30-share index, however, pared some early gains and was trading 103.90 points, or 0.29 per cent, higher at 35,617.61.

Similarly, the NSE Nifty rose 37.15 points, or 0.35 per cent, to 10,709.40.

On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25.

The biggest gainers in the Sensex pack include HDFC duo, ITC, Axis Bank, Infosys, Tata Motors, HUL, SBI and Bharti Airtel, rising up to 3 per cent.

Among the losers were ICICI Bank, HCL Tech, TCS, RIL and Sun Pharma, slipping up to 1 per cent.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, the domestic market has remained resilient in the face of worrisome news over the past three months.

"With low and falling inflation expectations, should growth disappoint, we would expect the RBI to deliver a rate cut in Q4 FY19.

"An accommodative central bank, low inflation, strong credit growth and low crude remain four key macro pillars backstopping the Indian markets," he said

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 972.81 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 34.52 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was up 1.22 per cent, Kospi gained 0.55 per cent and Shanghai Composite Index was trading 1.81 per cent higher in early trade.&nbsp;

Japan's Nikkei, however, cracked 3.03 per cent after it resumed trading after New Year holiday.

On Wall Street, Dow Jones Industrial Average plunged 660.02 points, or 2.83 per cent, to 22,686.22 points.

The rupee, meanwhile, strengthened against the US dollar and opened at 69.95.

The benchmark Brent crude futures were trading marginally lower at USD 55.93 per barrel.&nbsp;

The 30-share index, however, pared some early gains and was trading 103.90 points, or 0.29 per cent, higher at 35,617.61.

The BSE benchmark Sensex Friday rebounded nearly 200 points and the NSE Nifty reclaimed the 10,700 mark, driven by a recovery in auto, metal and banking stocks amid buying by domestic institutional investors. The 30-share index, however, pared some early gains and was trading 103.90 points, or 0.29 per cent, higher at 35,617.61. Similarly, the NSE Nifty rose 37.15 points, or 0.35 per cent, to 10,709.40. On Thursday, the Sensex had tumbled 377.81 points, or 1.05 per cent, to end at 35,513.71; and the broader NSE Nifty plunged 120.25 points, or 1.11 per cent, to 10,672.25. The biggest gainers in the Sensex pack include HDFC duo, ITC, Axis Bank, Infosys, Tata Motors, HUL, SBI and Bharti Airtel, rising up to 3 per cent. Among the losers were ICICI Bank, HCL Tech, TCS, RIL and Sun Pharma, slipping up to 1 per cent. According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, the domestic market has remained resilient in the face of worrisome news over the past three months. "With low and falling inflation expectations, should growth disappoint, we would expect the RBI to deliver a rate cut in Q4 FY19. "An accommodative central bank, low inflation, strong credit growth and low crude remain four key macro pillars backstopping the Indian markets," he said On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 972.81 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 34.52 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was up 1.22 per cent, Kospi gained 0.55 per cent and Shanghai Composite Index was trading 1.81 per cent higher in early trade. Japan's Nikkei, however, cracked 3.03 per cent after it resumed trading after New Year holiday. On Wall Street, Dow Jones Industrial Average plunged 660.02 points, or 2.83 per cent, to 22,686.22 points. The rupee, meanwhile, strengthened against the US dollar and opened at 69.95. The benchmark Brent crude futures were trading marginally lower at USD 55.93 per barrel.

Sensex rebounds nearly 200 points; Nifty reclaims 10,700 mark

The rupee appreciated 34 paise to 69.86 against the US dollar in opening trade Friday amid weakening American currency and a positive opening of the domestic equity market.

Forex traders said the American currency lost some ground against major currencies overseas, while on the domestic front, the equity market staged a recovery and propped up the rupee.

At the Interbank Foreign Exchange (forex) market, the rupee opened higher at 69.95 and rose further to touch a high of 69.86 a dollar, showing a rise of 34 paise over its previous close.

On Thursday, the rupee weakened for the second straight session and fell 2 paise to 70.20 against the dollar.

Traders, however, said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove.

Foreign funds pulled out Rs 972.81 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 34.52 crore Thursday, provisional data showed.

The global benchmark Brent crude was trading higher by 0.13 per cent at 56.02 per barrel.

Meanwhile, the BSE benchmark Sensex Friday rebounded nearly 200 points and the NSE Nifty reclaimed the 10,700 marks, driven by a recovery in auto, metal and banking stocks amid buying by domestic institutional investors. 
&nbsp;

Forex traders said, the American currency lost some ground against major currencies overseas, while on the domestic front, the equity market staged a recovery and propped up the rupee.

The rupee appreciated 34 paise to 69.86 against the US dollar in opening trade Friday amid weakening American currency and a positive opening of the domestic equity market. Forex traders said the American currency lost some ground against major currencies overseas, while on the domestic front, the equity market staged a recovery and propped up the rupee. At the Interbank Foreign Exchange (forex) market, the rupee opened higher at 69.95 and rose further to touch a high of 69.86 a dollar, showing a rise of 34 paise over its previous close. On Thursday, the rupee weakened for the second straight session and fell 2 paise to 70.20 against the dollar. Traders, however, said that significant foreign fund outflows and rising crude oil prices weighed on the domestic currency and capped the upmove. Foreign funds pulled out Rs 972.81 crore from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 34.52 crore Thursday, provisional data showed. The global benchmark Brent crude was trading higher by 0.13 per cent at 56.02 per barrel. Meanwhile, the BSE benchmark Sensex Friday rebounded nearly 200 points and the NSE Nifty reclaimed the 10,700 marks, driven by a recovery in auto, metal and banking stocks amid buying by domestic institutional investors.

Rupee recovers 34 paise to 69.86 against US dollar in morning trade

US&nbsp;employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets.

The upbeat employment report from the Labour Department on Friday stood in stark contrast with reports this week showing Chinese factory activity contracting for the first time in 19 months in December and weak manufacturing across much of Europe and Asia.

Concerns about the economy had been boosted by surveys showing sharp declines in consumer confidence and manufacturing activity last month. Both were seen as more red flags that the economic expansion, now in its ninth year and the second longest on record, is losing steam.

Nonfarm payrolls increased by 312,000 jobs last month, the largest gain since February, as employment at construction sites snapped back after being restrained by unseasonably cold temperatures in November. There were also broad gains in hiring last month.

Data for October and November were revised to show 58,000 more jobs added than previously reported. The economy created 2.6 million jobs last year compared to 2.2 million in 2017.

Average hourly earnings rose 11 cents, or 0.4 per cent, in December after gaining 0.2 per cent in November. That lifted the annual increase in wages to 3.2 per cent, matching October's gain, from 3.1 per cent in November.

The unemployment rate increased to 3.9 per cent from a near 49-year low of 3.7 per cent in November as a strong labour market lured some jobless Americans from the sidelines. The labour force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 63.1 per cent last month from 62.9 per cent in November.

The December jobs gain pushed total US&nbsp;employment above 150 million jobs for the first time.

The Labour Department has not been affected by the partial shutdown of the US&nbsp;government and will continue to publish economic data compiled by its statistics agency, the Bureau of Labor Statistics.

Data releases from the Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on Dec. 22 amid demands by President Donald Trump for $5 billion in border wall funding.

The strong employment report likely keeps the Federal Reserve on course to continue raising interest rate this year, deepening its rift with Wall Street and Trump, who has chastised the Fed and its chairman, Jerome Powell, repeatedly for the rate increases. Powell is due to appear on a panel with his two predecessors about two hours after the report's release.

The US&nbsp;central bank raised rates four times in 2018. The Fed last month forecast two rate hikes this year and signalled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth.

US&nbsp;financial markets are projecting no rate hikes in 2019. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes on Thursday dropped below the Fed's policy rate for the first time in more than a decade.

The S&amp;P 500 index suffered its worst December since the Great Depression and tumbled on Thursday after Apple Inc slashed its holiday-quarter revenue forecast, saying sales in China slowed more than expected.

Growth forecasts for the fourth quarter are around a 2.6 per cent annualised rate, with risks tilted to the downside amid fading stimulus from the Trump administration's $1.5 trillion tax cut package, a trade war with China and policy uncertainty in Washington.

The economy grew at a 3.4 per cent pace in the third quarter. It needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population.

With the labour market viewed as at or beyond full employment, job growth is expected to slow this year as workers become more scarce. Anecdotal evidence has been growing of companies experiencing difficulties finding workers, and raising wages to retain and attract employees.

There are concerns that tightening financial market conditions because of the steep stock market sell-off could hurt hiring. The government shutdown, if it extends beyond next week, could weigh on January payrolls.

Hiring last month rose across all sectors. Retail employment increased by 23,800 jobs. Employment at construction sites rebounded last month, with companies hiring 38,000 employees after adding no workers in November.

Manufacturing payrolls increased by 32,000 jobs in December, but could surprise on the downside after a measure of factory employment fell last month.

Professional and business services employment increased by 43,000 jobs last month and government payrolls rose 11,000.

US employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets.

US employers hired the most workers in 10 months in December while boosting wages, which could help to allay a recent upsurge in fears about the economy's health that has roiled financial markets. The upbeat employment report from the Labour Department on Friday stood in stark contrast with reports this week showing Chinese factory activity contracting for the first time in 19 months in December and weak manufacturing across much of Europe and Asia. Concerns about the economy had been boosted by surveys showing sharp declines in consumer confidence and manufacturing activity last month. Both were seen as more red flags that the economic expansion, now in its ninth year and the second longest on record, is losing steam. Nonfarm payrolls increased by 312,000 jobs last month, the largest gain since February, as employment at construction sites snapped back after being restrained by unseasonably cold temperatures in November. There were also broad gains in hiring last month. Data for October and November were revised to show 58,000 more jobs added than previously reported. The economy created 2.6 million jobs last year compared to 2.2 million in 2017. Average hourly earnings rose 11 cents, or 0.4 per cent, in December after gaining 0.2 per cent in November. That lifted the annual increase in wages to 3.2 per cent, matching October's gain, from 3.1 per cent in November. The unemployment rate increased to 3.9 per cent from a near 49-year low of 3.7 per cent in November as a strong labour market lured some jobless Americans from the sidelines. The labour force participation rate, or the proportion of working-age Americans who have a job or are looking for one, rose to 63.1 per cent last month from 62.9 per cent in November. The December jobs gain pushed total US employment above 150 million jobs for the first time. The Labour Department has not been affected by the partial shutdown of the US government and will continue to publish economic data compiled by its statistics agency, the Bureau of Labor Statistics. Data releases from the Census Bureau and Bureau of Economic Analysis have been suspended during the shutdown, which started on Dec. 22 amid demands by President Donald Trump for $5 billion in border wall funding. The strong employment report likely keeps the Federal Reserve on course to continue raising interest rate this year, deepening its rift with Wall Street and Trump, who has chastised the Fed and its chairman, Jerome Powell, repeatedly for the rate increases. Powell is due to appear on a panel with his two predecessors about two hours after the report's release. The US central bank raised rates four times in 2018. The Fed last month forecast two rate hikes this year and signalled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth. US financial markets are projecting no rate hikes in 2019. In the latest signal that investors see little room for the Fed to lift rates any further, yields on 2-year U.S. Treasury notes on Thursday dropped below the Fed's policy rate for the first time in more than a decade. The S&P 500 index suffered its worst December since the Great Depression and tumbled on Thursday after Apple Inc slashed its holiday-quarter revenue forecast, saying sales in China slowed more than expected. Growth forecasts for the fourth quarter are around a 2.6 per cent annualised rate, with risks tilted to the downside amid fading stimulus from the Trump administration's $1.5 trillion tax cut package, a trade war with China and policy uncertainty in Washington. The economy grew at a 3.4 per cent pace in the third quarter. It needs to create roughly 100,000 jobs per month to keep up with growth in the working-age population. With the labour market viewed as at or beyond full employment, job growth is expected to slow this year as workers become more scarce. Anecdotal evidence has been growing of companies experiencing difficulties finding workers, and raising wages to retain and attract employees. There are concerns that tightening financial market conditions because of the steep stock market sell-off could hurt hiring. The government shutdown, if it extends beyond next week, could weigh on January payrolls. Hiring last month rose across all sectors. Retail employment increased by 23,800 jobs. Employment at construction sites rebounded last month, with companies hiring 38,000 employees after adding no workers in November. Manufacturing payrolls increased by 32,000 jobs in December, but could surprise on the downside after a measure of factory employment fell last month. Professional and business services employment increased by 43,000 jobs last month and government payrolls rose 11,000.

US jobs growth surged in December: Labour department

Oil rose to around $57 a barrel on Friday <a href="http://www.wionews.com/business-economy/oil-prices-fall-over-volatile-currency-slowdown-worries-188056">after China said it would hold trade talks </a>with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.

The Organization of the Petroleum Exporting Countries<a href="http://www.wionews.com/world/oil-falls-to-53-on-economic-worries-surging-supply-187910">(OPEC) cut crude output in December&nbsp;</a>and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.&nbsp;

Brent crude, the global benchmark, was up $1.25 to $57.20 a barrel at 1113 GMT. US&nbsp;crude oil was up 90 cents at $47.99.

"Recent Chinese data is not confirming the doom-and-gloom trend," said Olivier Jakob, oil analyst at Petromatrix. "And you've got OPEC cutting."

China's services sector extended its solid expansion in December, a private survey showed on Friday, bucking a trend of downbeat economic data.

Both oil benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the China-US&nbsp;trade war will lead to a global economic slowdown.

But in comments that helped oil to rally, China's commerce ministry said it would hold vice-ministerial trade talks with US&nbsp;counterparts in Beijing on January&nbsp;7-8.

The two nations have been locked in a trade war for much of the past year, disrupting the flow of hundreds of billions of dollars worth of goods and raising concern of slowing growth.

Despite the demand-side worries, oil has received some support as supply cuts announced by the global coalition of producers known as OPEC+ kick in.

OPEC, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day (bpd) in 2019. OPEC's share of that cut is 800,000 bpd.

The Reuters survey on Thursday found OPEC supply fell by 460,000 bpd in December, following assessments by Bloomberg and JBC Energy also showing a sizeable decline.

The focus now will be on whether producers deliver further curbs in January to implement the deal fully. Iraq, a laggard in reducing production in the last OPEC cutback, said on Friday it would stick to the new accord.

"The market is likely to take some comfort from the fact that crude oil production from the OPEC+ will continue to drop," said Ole Hansen of Saxo Bank.

"Sentiment, however, is weak with (US&nbsp;President Donald) Trump's trade war with China a major hurdle."

Oil rose to around $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.

Oil rose to around $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support. The Organization of the Petroleum Exporting Countries(OPEC) cut crude output in December and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories. Brent crude, the global benchmark, was up $1.25 to $57.20 a barrel at 1113 GMT. US crude oil was up 90 cents at $47.99. "Recent Chinese data is not confirming the doom-and-gloom trend," said Olivier Jakob, oil analyst at Petromatrix. "And you've got OPEC cutting." China's services sector extended its solid expansion in December, a private survey showed on Friday, bucking a trend of downbeat economic data. Both oil benchmarks are on track for solid gains in the first week of 2019 trading despite rising concerns that the China-US trade war will lead to a global economic slowdown. But in comments that helped oil to rally, China's commerce ministry said it would hold vice-ministerial trade talks with US counterparts in Beijing on January 7-8. The two nations have been locked in a trade war for much of the past year, disrupting the flow of hundreds of billions of dollars worth of goods and raising concern of slowing growth. Despite the demand-side worries, oil has received some support as supply cuts announced by the global coalition of producers known as OPEC+ kick in. OPEC, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day (bpd) in 2019. OPEC's share of that cut is 800,000 bpd. The Reuters survey on Thursday found OPEC supply fell by 460,000 bpd in December, following assessments by Bloomberg and JBC Energy also showing a sizeable decline. The focus now will be on whether producers deliver further curbs in January to implement the deal fully. Iraq, a laggard in reducing production in the last OPEC cutback, said on Friday it would stick to the new accord. "The market is likely to take some comfort from the fact that crude oil production from the OPEC+ will continue to drop," said Ole Hansen of Saxo Bank. "Sentiment, however, is weak with (US President Donald) Trump's trade war with China a major hurdle."

Oil prices rise over China-US trade talks, OPEC cuts

The Indian rupee Friday rebounded by 48 paise to settle at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies.

Also, sustained selling of the American currency by exporters and banks propped up the rupee after two successive sessions of fall, traders said.&nbsp;

Higher crude prices and sustained foreign fund outflows, however, capped the rupee gains to some extent, they said.

Brent crude, the global benchmark, was trading at US $57.15 per barrel, higher by 2.14 per cent.

Foreign funds pulled out Rs 157.72 crore from the capital markets on a net basis Friday, while domestic institutional investors bought equities to the tune of Rs 240.60 crore, provisional data showed.

At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.95. It gained further to hit a high of 69.66 following dollar selling by exporters, before finally closing at 69.72, up 48 paise.

On Thursday, the rupee had weakened for the second straight session and slipped by 2 paise to 70.20 against the US dollar.

"The Indian rupee appreciated around 0.5 per cent to trade below 70 per US dollar. The appreciation is in line with most of the other emerging market currencies, reflecting opinions that Fed rate hikes may be nearing an end, and also the decelerating growth prospects of the US," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8653 and for rupee/euro at 79.5659. The reference rate for rupee/British pound was fixed at 88.2599 and for rupee/100 Japanese yen at 64.60.&nbsp;

The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee.

The Indian rupee Friday rebounded by 48 paise to settle at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies.

The Indian rupee Friday rebounded by 48 paise to settle at 69.72 against the US dollar in line with smart gains in domestic equities and uptrend in other emerging market currencies. Also, sustained selling of the American currency by exporters and banks propped up the rupee after two successive sessions of fall, traders said. Higher crude prices and sustained foreign fund outflows, however, capped the rupee gains to some extent, they said. Brent crude, the global benchmark, was trading at US $57.15 per barrel, higher by 2.14 per cent. Foreign funds pulled out Rs 157.72 crore from the capital markets on a net basis Friday, while domestic institutional investors bought equities to the tune of Rs 240.60 crore, provisional data showed. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 69.95. It gained further to hit a high of 69.66 following dollar selling by exporters, before finally closing at 69.72, up 48 paise. On Thursday, the rupee had weakened for the second straight session and slipped by 2 paise to 70.20 against the US dollar. "The Indian rupee appreciated around 0.5 per cent to trade below 70 per US dollar. The appreciation is in line with most of the other emerging market currencies, reflecting opinions that Fed rate hikes may be nearing an end, and also the decelerating growth prospects of the US," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 69.8653 and for rupee/euro at 79.5659. The reference rate for rupee/British pound was fixed at 88.2599 and for rupee/100 Japanese yen at 64.60. The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee.

Rupee recovers 48 paise to 69.72 against US dollar

The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee.

After swinging over 350 points intra-day, the 30-share Sensex finally settled 181.39 points, or 0.51 per cent, higher at 35,695.10.

Similarly, the broader NSE Nifty ended 55.10 points, or 0.52 per cent, up at 10,727.35.

During the week, Sensex fell 381.62 points and the Nifty shed 132.55 points.

The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent.

The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent.

Sectorally, banking, financial services, metal and pharma indices rallied the most, jumping over 2 per cent.

PSU bank stocks led the rally, with PNB, Union Bank, Bank of India, Andhra Bank and SBI surging up to 4 per cent.

Global investor sentiment was upbeat ahead of a two-day trade talk between the US and China.

A US government delegation will visit China early next week for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed on a temporary truce in the trade war, China's commerce ministry said.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 972.81 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 34.52 crore, provisional data available with BSE showed.

Meanwhile, the rupee was trading 33 paise higher against the US dollar at 69.87.

Brent crude futures rose 1.59 per cent to USD 56.84 per barrel.

Elsewhere in Asia, Korea's Kospi ended 0.83 per cent higher, Hong Kong's Hang Seng rallied 2.24 per cent and Shanghai Composite Index jumped 2.05 per cent. Japan's Nikkei, on the other hand, dropped 2.26 per cent.

In Europe, Paris CAC was up 1.17 per cent, while Frankfurt's DAX gained 1.72 per cent in their early deals. London's FTSE rose 1.14 per cent.

The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee.

The BSE benchmark Sensex jumped 181 points Friday while the NSE Nifty reclaimed the 10,700-mark, driven by robust buying in banking, metal and pharma stocks amid positive global cues and a strengthening rupee. After swinging over 350 points intra-day, the 30-share Sensex finally settled 181.39 points, or 0.51 per cent, higher at 35,695.10. Similarly, the broader NSE Nifty ended 55.10 points, or 0.52 per cent, up at 10,727.35. During the week, Sensex fell 381.62 points and the Nifty shed 132.55 points. The biggest gainers in the Sensex pack in Friday's session were Yes Bank, Bharti Airtel, Tata Motors, Vedanta, SBI and Axis Bank, spurting up to 3.05 per cent. The losers included HCL Tech, TCS, Infosys, Hero MotoCorp, IndusInd Bank and Sun Pharma, falling up to 1.55 per cent. Sectorally, banking, financial services, metal and pharma indices rallied the most, jumping over 2 per cent. PSU bank stocks led the rally, with PNB, Union Bank, Bank of India, Andhra Bank and SBI surging up to 4 per cent. Global investor sentiment was upbeat ahead of a two-day trade talk between the US and China. A US government delegation will visit China early next week for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed on a temporary truce in the trade war, China's commerce ministry said. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 972.81 crore Thursday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 34.52 crore, provisional data available with BSE showed. Meanwhile, the rupee was trading 33 paise higher against the US dollar at 69.87. Brent crude futures rose 1.59 per cent to USD 56.84 per barrel. Elsewhere in Asia, Korea's Kospi ended 0.83 per cent higher, Hong Kong's Hang Seng rallied 2.24 per cent and Shanghai Composite Index jumped 2.05 per cent. Japan's Nikkei, on the other hand, dropped 2.26 per cent. In Europe, Paris CAC was up 1.17 per cent, while Frankfurt's DAX gained 1.72 per cent in their early deals. London's FTSE rose 1.14 per cent.

Sensex jumps 181 points; PSU banks rally

Domestic equities declined for the second day as the BSE benchmark Sensex Thursday fell over 100 points on weak global cues and heavy selling by foreign and domestic institutional investors.

The 30-share index was trading 103.90 points, or 0.29 per cent, lower at 35,787.62 in morning trade.

Similarly, the NSE Nifty declined by 28.85 points, or 0.27 per cent, to 10,763.65.

On Wednesday, the BSE Sensex finished lower by 363.05 points, or 1 per cent, at 35,891.52; and the NSE Nifty plunged 117.60 points, or 1.08 per cent, to settle at 10,792.50.

The biggest losers in the Sensex pack include Tata Steel, ONGC, Coal India, Axis Bank, IndusInd Bank, PowerGrid, HDFC duo, Bharti Airtel and Sun Pharma, falling up to 2 per cent.

Among gainers were Hero MotoCorp, HUL, Infosys, Bajaj Finance and Tata Motors, rising up to 1 per cent.

Market turned volatile ahead of corporate earnings scheduled to begin next week, traders said, adding that heavy selling by foreign as well as domestic investors also weighed on local equities.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 621.06 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 226.18 crore, provisional data available with BSE showed.

Globally, investor sentiment also turned choppy after the White House meeting between US President Donald Trump and top Congressional leaders on resolving the ongoing partial government shutdown ended in a stalemate Wednesday.

The Republicans and Democrats stuck to their respective positions over the presidential demand for a US-Mexico border wall.

Trump is seeking $5.2 billion in funding for the wall which according to him is a must to prevent flow of illegal immigrants into the US.

On Wall Street, Dow Jones Industrial Average reversed all early gains after Apple cut its holiday-quarter revenue forecast, and ended a tad higher at 23,346.24 points.

Elsewhere in Asia, Hong Kong's Hang Seng was down 0.36 per cent, Kospi fell 0.25 per cent and Shanghai Composite Index was trading flat in early trade.

Japanese market remained closed on Wednesday.&nbsp;&nbsp; &nbsp;&nbsp;

The rupee weakened further and opened lower at 70.30 against the US dollar.

Meanwhile, the benchmark Brent crude futures were trading lower by 1.09 per cent at $54.31 per barrel.

The 30-share index was trading 103.90 points, or 0.29 per cent, lower at 35,787.62 in morning trade.

Domestic equities declined for the second day as the BSE benchmark Sensex Thursday fell over 100 points on weak global cues and heavy selling by foreign and domestic institutional investors. The 30-share index was trading 103.90 points, or 0.29 per cent, lower at 35,787.62 in morning trade. Similarly, the NSE Nifty declined by 28.85 points, or 0.27 per cent, to 10,763.65. On Wednesday, the BSE Sensex finished lower by 363.05 points, or 1 per cent, at 35,891.52; and the NSE Nifty plunged 117.60 points, or 1.08 per cent, to settle at 10,792.50. The biggest losers in the Sensex pack include Tata Steel, ONGC, Coal India, Axis Bank, IndusInd Bank, PowerGrid, HDFC duo, Bharti Airtel and Sun Pharma, falling up to 2 per cent. Among gainers were Hero MotoCorp, HUL, Infosys, Bajaj Finance and Tata Motors, rising up to 1 per cent. Market turned volatile ahead of corporate earnings scheduled to begin next week, traders said, adding that heavy selling by foreign as well as domestic investors also weighed on local equities. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 621.06 crore Wednesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 226.18 crore, provisional data available with BSE showed. Globally, investor sentiment also turned choppy after the White House meeting between US President Donald Trump and top Congressional leaders on resolving the ongoing partial government shutdown ended in a stalemate Wednesday. The Republicans and Democrats stuck to their respective positions over the presidential demand for a US-Mexico border wall. Trump is seeking $5.2 billion in funding for the wall which according to him is a must to prevent flow of illegal immigrants into the US. On Wall Street, Dow Jones Industrial Average reversed all early gains after Apple cut its holiday-quarter revenue forecast, and ended a tad higher at 23,346.24 points. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.36 per cent, Kospi fell 0.25 per cent and Shanghai Composite Index was trading flat in early trade. Japanese market remained closed on Wednesday. The rupee weakened further and opened lower at 70.30 against the US dollar. Meanwhile, the benchmark Brent crude futures were trading lower by 1.09 per cent at $54.31 per barrel.

Sensex, Nifty open weak on negative global cues

Apple plunged at the start of trading on Thursday, <a href="http://www.wionews.com/business-economy/apple-cuts-forecast-citing-weak-china-sales-amid-trade-tensions-187959">weighing on the broader market</a> after the tech giant cut its sales forecast due to weakness in China.

About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.3 per cent to 6,580.30, with Apple shedding about 8.8 per cent.

The Dow Jones Industrial Average tumbled 1.4 per cent to 23,027.14, while the broad-based S&amp;P 500 slid 1.0 per cent to 2,486.25.

Apple Chief Executive Tim Cook had said Wednesday that iPhone sales had been dented by steeper-than-expected "economic deceleration" in China, the latest sign of sluggishness in the world's second-biggest economy as a trade war between Beijing and Washington drags out.

Thursday's early losses on Wall Street were a sign that the stock market's struggles at the end of 2018 could extend well into the New Year as investors assess the impact of trade wars, Federal Reserve interest rate hikes and a US government shutdown.

"Against the backdrop of financial-market volatility, the government shutdown seems more threatening," said FTN Financial's Chris Low, describing the lack of progress in talks between President Donald Trump and congressional Democratic leaders.

On the positive side, an ADP employment report showed private-sector firms added 271,000 jobs in December, well above analyst forecasts.&nbsp;

The data came ahead of Friday's more closely-watched Department of Labor report. Analysts expect the US added 180,000 jobs last month and unemployment held at 3.7 per cent.

Drug company Celgene surged 28.7 per cent after it reached a deal to be bought by the larger pharma company Bristol-Myers Squibb for $74 billion. Bristol-Myers fell 12 per cent. 
&nbsp;

Apple plunged at the start of trading on Thursday, weighing on the broader market after the tech giant cut its sales forecast due to weakness in China. About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.

Apple plunged at the start of trading on Thursday, weighing on the broader market after the tech giant cut its sales forecast due to weakness in China. About 12 minutes into trading, the tech-rich Nasdaq Composite Index fell 1.3 per cent to 6,580.30, with Apple shedding about 8.8 per cent. The Dow Jones Industrial Average tumbled 1.4 per cent to 23,027.14, while the broad-based S&P 500 slid 1.0 per cent to 2,486.25. Apple Chief Executive Tim Cook had said Wednesday that iPhone sales had been dented by steeper-than-expected "economic deceleration" in China, the latest sign of sluggishness in the world's second-biggest economy as a trade war between Beijing and Washington drags out. Thursday's early losses on Wall Street were a sign that the stock market's struggles at the end of 2018 could extend well into the New Year as investors assess the impact of trade wars, Federal Reserve interest rate hikes and a US government shutdown. "Against the backdrop of financial-market volatility, the government shutdown seems more threatening," said FTN Financial's Chris Low, describing the lack of progress in talks between President Donald Trump and congressional Democratic leaders. On the positive side, an ADP employment report showed private-sector firms added 271,000 jobs in December, well above analyst forecasts. The data came ahead of Friday's more closely-watched Department of Labor report. Analysts expect the US added 180,000 jobs last month and unemployment held at 3.7 per cent. Drug company Celgene surged 28.7 per cent after it reached a deal to be bought by the larger pharma company Bristol-Myers Squibb for $74 billion. Bristol-Myers fell 12 per cent.

Apple stocks plunge over China report; Dow, Nasdaq down

Apple Inc&nbsp;on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around U.S.-China trade relations.

The news sent Apple shares tumbling in after-hours trade and triggered a broader selloff in the stock market.

The revenue cut for the just-ended quarter raises questions about whether Apple, the face of American business in many parts of the world, is being punished by Chinese officials or consumers in favour of local rivals such as Huawei Technology Cos Ltd, whose pricey smartphones compete with the iPhone and which has been under discussion by the Trump administration for a possible sales ban over suggestions that its telecommunications equipment could be used to spy on Americans.

Cook told CNBC that Apple products have not been targeted by the Chinese government, though some consumers may have elected not to buy an iPhone or other Apple device because it is an American company.

“The much larger issue is the slowing of the (Chinese) economy, and then the trade tension that has further pressured it,” Cook said.

Some analysts, however, questioned the impact of Apple's own actions, such as its unyielding pursuit of high selling prices for its products.

Apple on Wednesday lowered its forecast to $84 billion in revenue for its fiscal first quarter ended December 29, below analysts' estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecasts revenue of between $89 billion and $93 billion.

"While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," Cook said in a letter to investors. "In fact, most of our revenue shortfall to our guidance, and over 100 per cent of our year-over-year worldwide revenue decline occurred in Greater China across iPhone, Mac and iPad."

Wednesday was the first time that Apple issued a warning on its revenue guidance ahead of releasing quarterly results since the iPhone was launched in 2007.

Apple shares skidded 7.7 per cent in after-hours trade, dragging the company's market value below $700 billion. In the broader market, the S&amp;P 500 futures&nbsp;fell 1.5 per cent. In the US government bond market, a typical safe-haven, the yield on the benchmark 10- year, which moves inversely to the bond's price, sank to an 11-month low.

Precursors to a warning

Apple's move was not entirely a surprise. In November, the Cupertino, California-based company said it would quit disclosing unit sales data for iPhones and other hardware items, leading many analysts to worry that a drop in iPhone sales was coming. And after several component makers in November forecast weaker-than-expected sales, some market watchers called the peak for iPhones in several key markets.

In November, Cook cited slowing growth in emerging markets such as Brazil, India and Russia for lower-than-anticipated sales estimates for the company's fiscal first quarter. But Cook specifically said he "would not put China in that category" of countries with troubled growth.

That all came before the damage to the Chinese economy from trade tensions with the United States and long-simmering structural issues became evident.

Apple is now the highest-profile multinational corporation to warn that the economic slowdown in China could hurt its business. Automakers such as Ford Motor Co, Hyundai Motor Co and Nissan Motor Co all previously said they planned to cut production in the country.

But Apple has held firm on its premium pricing strategy in China despite the risk of a slower economy.

"The question for investors will be the extent to which Apple’s aggressive pricing has exacerbated this situation and what this means for the company’s longer-term pricing power within its iPhone franchise," James Cordwell, an analyst at Atlantic Equities, told Reuters.

In the latest fiscal year, ended Sept. 29, unit sales of the iPhone were essentially flat from the prior year, while iPhone revenue expanded 18 per cent to $166.7 billion. That growth came entirely from higher prices.

Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said Cook's comments on the impact of the U.S. trade tensions with China "might be a dig at (US&nbsp;President Donald) Trump, but mostly he may be using the trade turmoil as an excuse for some missteps they’ve made over the last year."

But some investors were heartened by Apple's plans on using its cash pile.

In his letter, Cook said Apple has $130 billion in net cash and that it intends to continue its efforts to reduce that cash balance to net zero, which the company has so far accomplished through dividend increases and share buybacks.

"We would anticipate the company increasing share buybacks on the weakness to return capital to shareholders at discount prices," said Trip Miller, managing partner at Apple shareholder Gullane Capital Partners.

The news sent Apple shares tumbling in after-hours trade and triggered a broader selloff in the stock market.

Apple Inc on Wednesday took the rare step of cutting its quarterly sales forecast, with Chief Executive Tim Cook blaming slowing iPhone sales in China, whose economy has been dragged down by uncertainty around U.S.-China trade relations. The news sent Apple shares tumbling in after-hours trade and triggered a broader selloff in the stock market. The revenue cut for the just-ended quarter raises questions about whether Apple, the face of American business in many parts of the world, is being punished by Chinese officials or consumers in favour of local rivals such as Huawei Technology Cos Ltd, whose pricey smartphones compete with the iPhone and which has been under discussion by the Trump administration for a possible sales ban over suggestions that its telecommunications equipment could be used to spy on Americans. Cook told CNBC that Apple products have not been targeted by the Chinese government, though some consumers may have elected not to buy an iPhone or other Apple device because it is an American company. “The much larger issue is the slowing of the (Chinese) economy, and then the trade tension that has further pressured it,” Cook said. Some analysts, however, questioned the impact of Apple's own actions, such as its unyielding pursuit of high selling prices for its products. Apple on Wednesday lowered its forecast to $84 billion in revenue for its fiscal first quarter ended December 29, below analysts' estimate of $91.5 billion, according to IBES data from Refinitiv. Apple originally forecasts revenue of between $89 billion and $93 billion. "While we anticipated some challenges in key emerging markets, we did not foresee the magnitude of the economic deceleration, particularly in Greater China," Cook said in a letter to investors. "In fact, most of our revenue shortfall to our guidance, and over 100 per cent of our year-over-year worldwide revenue decline occurred in Greater China across iPhone, Mac and iPad." Wednesday was the first time that Apple issued a warning on its revenue guidance ahead of releasing quarterly results since the iPhone was launched in 2007. Apple shares skidded 7.7 per cent in after-hours trade, dragging the company's market value below $700 billion. In the broader market, the S&P 500 futures fell 1.5 per cent. In the US government bond market, a typical safe-haven, the yield on the benchmark 10- year, which moves inversely to the bond's price, sank to an 11-month low. Precursors to a warning Apple's move was not entirely a surprise. In November, the Cupertino, California-based company said it would quit disclosing unit sales data for iPhones and other hardware items, leading many analysts to worry that a drop in iPhone sales was coming. And after several component makers in November forecast weaker-than-expected sales, some market watchers called the peak for iPhones in several key markets. In November, Cook cited slowing growth in emerging markets such as Brazil, India and Russia for lower-than-anticipated sales estimates for the company's fiscal first quarter. But Cook specifically said he "would not put China in that category" of countries with troubled growth. That all came before the damage to the Chinese economy from trade tensions with the United States and long-simmering structural issues became evident. Apple is now the highest-profile multinational corporation to warn that the economic slowdown in China could hurt its business. Automakers such as Ford Motor Co, Hyundai Motor Co and Nissan Motor Co all previously said they planned to cut production in the country. But Apple has held firm on its premium pricing strategy in China despite the risk of a slower economy. "The question for investors will be the extent to which Apple’s aggressive pricing has exacerbated this situation and what this means for the company’s longer-term pricing power within its iPhone franchise," James Cordwell, an analyst at Atlantic Equities, told Reuters. In the latest fiscal year, ended Sept. 29, unit sales of the iPhone were essentially flat from the prior year, while iPhone revenue expanded 18 per cent to $166.7 billion. That growth came entirely from higher prices. Hal Eddins, chief economist at Apple shareholder Capital Investment Counsel, said Cook's comments on the impact of the U.S. trade tensions with China "might be a dig at (US President Donald) Trump, but mostly he may be using the trade turmoil as an excuse for some missteps they’ve made over the last year." But some investors were heartened by Apple's plans on using its cash pile. In his letter, Cook said Apple has $130 billion in net cash and that it intends to continue its efforts to reduce that cash balance to net zero, which the company has so far accomplished through dividend increases and share buybacks. "We would anticipate the company increasing share buybacks on the weakness to return capital to shareholders at discount prices," said Trip Miller, managing partner at Apple shareholder Gullane Capital Partners.

Apple cuts forecast, citing weak China sales amid trade tensions

Brazil's stock market closed at a record high on Wednesday, one day after new President Jair Bolsonaro took office and in anticipation of economic reforms his government is expected to implement.

The Ibovespa index in Sao Paulo's stock market finished 3.56 per cent up at 91,012 points. Markets were closed on Tuesday for the January 1 holiday.

Hopes of a turnaround for Latin America's biggest economy, which has been limping ever since exiting its worst-ever recession two years ago, were spurred by promises that Bolsonaro's team will cut spending and debt.

New Economy Minister Paulo Guedes said Wednesday that reforming the country's unsustainable pension system was the government's "biggest challenge" as it made good on those pledges.

Guedes said Brazil had to be re-made after suffering years of expanding public spending and statist decision-making.

Brazil "was corrupted by excessive spending and stopped growing because of excessive spending," he said.

"Reforming pensions is the key to correcting this problem."

In Brazil, workers can often take retirement in their mid-50s, earlier than in comparable countries, and with pensions that are often around 70 per cent of their final salaries.

Maintaining that system consumes around a third of government spending -- a proportion that will only go up as Brazil ages -- and increases its debt. Analysts say that without reform, the system will push the country to insolvency.

No 'superministry'

Even though his ministry is taking on added responsibilities for industry, trade, labour and planning, Guedes rejected the notion that he was heading up a "superministry."

"No one can resolve all of Brazil's problems alone. We need all three (government) powers to be involved," he said.

He listed his priorities as "opening the economy, simplifying taxes, privatizing, decentralizing resources, and focusing as well on social issues."

Investors are anticipating a substantial privatization program. Shares in state power firm Eletrobras jumped 20.7 per cent on expectations some of its assets would be sold off.

Guedes, 69, is a magnet for investor optimism in Bolsonaro's cabinet. The US-trained economist is a strong advocate of free-market values, which stands in contrast with Brazil's history of protectionism.

Speaking as he took up his functions, Guedes hailed the decision by the outgoing centre-right government to freeze public spending for 20 years. But he said more reforms were needed "to create a virtuous circle."

Observers were uncertain just how far Bolsonaro will let Guedes go in privatizing state companies.&nbsp;

While the new president agrees in principle to liberalizing the economy, he has voiced wariness about selling off core assets of Eletrobras or state oil company Petrobras.

Also, seven of the government's 22 ministries are now held by ex-military officers who may be opposed to a sale of Brazilian national assets -- and for any cuts to pensions that former military personnel do well from.

The Ibovespa index in Sao Paulo's stock market finished 3.56 per cent up at 91,012 points. Markets were closed on Tuesday for the January 1 holiday.

Brazil's stock market closed at a record high on Wednesday, one day after new President Jair Bolsonaro took office and in anticipation of economic reforms his government is expected to implement. The Ibovespa index in Sao Paulo's stock market finished 3.56 per cent up at 91,012 points. Markets were closed on Tuesday for the January 1 holiday. Hopes of a turnaround for Latin America's biggest economy, which has been limping ever since exiting its worst-ever recession two years ago, were spurred by promises that Bolsonaro's team will cut spending and debt. New Economy Minister Paulo Guedes said Wednesday that reforming the country's unsustainable pension system was the government's "biggest challenge" as it made good on those pledges. Guedes said Brazil had to be re-made after suffering years of expanding public spending and statist decision-making. Brazil "was corrupted by excessive spending and stopped growing because of excessive spending," he said. "Reforming pensions is the key to correcting this problem." In Brazil, workers can often take retirement in their mid-50s, earlier than in comparable countries, and with pensions that are often around 70 per cent of their final salaries. Maintaining that system consumes around a third of government spending -- a proportion that will only go up as Brazil ages -- and increases its debt. Analysts say that without reform, the system will push the country to insolvency. No 'superministry' Even though his ministry is taking on added responsibilities for industry, trade, labour and planning, Guedes rejected the notion that he was heading up a "superministry." "No one can resolve all of Brazil's problems alone. We need all three (government) powers to be involved," he said. He listed his priorities as "opening the economy, simplifying taxes, privatizing, decentralizing resources, and focusing as well on social issues." Investors are anticipating a substantial privatization program. Shares in state power firm Eletrobras jumped 20.7 per cent on expectations some of its assets would be sold off. Guedes, 69, is a magnet for investor optimism in Bolsonaro's cabinet. The US-trained economist is a strong advocate of free-market values, which stands in contrast with Brazil's history of protectionism. Speaking as he took up his functions, Guedes hailed the decision by the outgoing centre-right government to freeze public spending for 20 years. But he said more reforms were needed "to create a virtuous circle." Observers were uncertain just how far Bolsonaro will let Guedes go in privatizing state companies. While the new president agrees in principle to liberalizing the economy, he has voiced wariness about selling off core assets of Eletrobras or state oil company Petrobras. Also, seven of the government's 22 ministries are now held by ex-military officers who may be opposed to a sale of Brazilian national assets -- and for any cuts to pensions that former military personnel do well from.

Brazil stocks hit record as President Jair Bolsonaro takes charge

India's proposed retaliatory tariffs against US agricultural products including apples, almonds and lentils will have an adverse impact on American exports worth nearly $900 million, according to the latest Congressional report.

India last year announced higher import duties on many US products like apples, almonds, walnuts, chickpeas and lentils in retaliation to President Donald Trump's decision to impose heavy tariffs on imported steel and aluminium items, a move that sparked fears of a global trade war.

However, India is the only major country which has been continuously postponing the implementation of the retaliatory tariffs despite announcing it more than six months ago.

In October last year, Trump described India as a "tariff king" as he reiterated his allegations that New Delhi has a high tariff rate on various American products.

India's proposed retaliatory tariffs is far less than that by China on more than 800 American agricultural products which accounted for approximately $20.6 billion in exports to the US in 2017.

China is followed by Canada ($2.6 billion), Mexico ($ 2.5 billion), the European Union (EU) ($1 billion) and Turkey ($250 million) in slapping retaliatory tariffs on the agricultural products from the US.

Countries have imposed tariffs on American agricultural products to retaliate against actions the Trump administration took in March, 2018 to protect US steel and aluminum producers and in response to Chinese intellectual property rights and technology policies.

Since then, over 800 US food and agricultural products have been subject to retaliatory tariffs from China, the EU, Turkey, Canada and Mexico, the bipartisan Congressional Research Service (CRS) said in its report 'Profiles and Effects of Retaliatory Tariffs on US Agricultural Exports'.

The CRS, an independent research wing of Congress, regularly prepares reports on various issues for the lawmakers to take informed decisions.

US exports of those products to the retaliating countries totalled $26.9 billion in 2017, according to the United States Department of Agriculture (USDA) export data.

It all started on March 23, 2018, when the Trump administration applied a 25 per cent tariff to all US steel imports and a 10 per cent tariff to all US aluminum imports, citing an investigation that showed national security concerns.

"Canada, China, Mexico, the EU and Turkey retaliated with tariffs on imports of US agricultural and food products and other goods.

"India has proposed retaliatory tariffs on US apples, almonds, walnuts, chickpeas and lentils, but it has delayed implementation pending ongoing negotiations with the Trump administration," said the CRS.

Reports of CRS are prepared by independent experts for the lawmakers to make informed decisions and are not an official position of the US Congress.

In its report dated December 31, the CRS said in response to the tariffs the Trump administration levied on US imports of steel and aluminum from India earlier this year, India has threatened to impose retaliatory tariffs on a handful of US agricultural and food products. The date for imposing these tariffs has been pushed back several times, and they are currently set to become effective on January 31, 2019.

"US exports of the targeted products were valued at $857 million in 2017, comprising 54 per cent of the $1.8 billion of total US agricultural exports to India. US almond growers, in particular, could feel the effects of India's threatened tariffs should they enter into force," said the CRS, a copy of which was obtained by PTI.

India ranked third as a destination for US apple exports in 2017, purchasing $97 million of US apples, or 10 per cent of the total exports.

"The Indian government proposes to apply a 30 per cent retaliatory tariff on imports of US apples on January 31, 2019," the CRS said. Comparatively, US apple exports to Mexico and China are now subject to additional retaliatory tariffs of 20 per cent and 40 per cent respectively, raising the total tariff rates to 20 per cent and 50 per cent respectively.

The Trump administration has taken measures to ease the downside effects of the retaliatory tariffs on farmers and ranchers through a $12 billion trade aid package.

Under the initiative, USDA has committed to making direct payments to farmers of selected commodities subject to the tariffs, as well as buying up surplus quantities of some commodities and providing funding for additional trade promotion efforts.

India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India. 
&nbsp;

India last year announced higher import duties on many US products in retaliation to President Donald Trump's decision to impose heavy tariffs on imported steel and aluminium items, a move that sparked fears of a global trade war.

India's proposed retaliatory tariffs against US agricultural products including apples, almonds and lentils will have an adverse impact on American exports worth nearly $900 million, according to the latest Congressional report. India last year announced higher import duties on many US products like apples, almonds, walnuts, chickpeas and lentils in retaliation to President Donald Trump's decision to impose heavy tariffs on imported steel and aluminium items, a move that sparked fears of a global trade war. However, India is the only major country which has been continuously postponing the implementation of the retaliatory tariffs despite announcing it more than six months ago. In October last year, Trump described India as a "tariff king" as he reiterated his allegations that New Delhi has a high tariff rate on various American products. India's proposed retaliatory tariffs is far less than that by China on more than 800 American agricultural products which accounted for approximately $20.6 billion in exports to the US in 2017. China is followed by Canada ($2.6 billion), Mexico ($ 2.5 billion), the European Union (EU) ($1 billion) and Turkey ($250 million) in slapping retaliatory tariffs on the agricultural products from the US. Countries have imposed tariffs on American agricultural products to retaliate against actions the Trump administration took in March, 2018 to protect US steel and aluminum producers and in response to Chinese intellectual property rights and technology policies. Since then, over 800 US food and agricultural products have been subject to retaliatory tariffs from China, the EU, Turkey, Canada and Mexico, the bipartisan Congressional Research Service (CRS) said in its report 'Profiles and Effects of Retaliatory Tariffs on US Agricultural Exports'. The CRS, an independent research wing of Congress, regularly prepares reports on various issues for the lawmakers to take informed decisions. US exports of those products to the retaliating countries totalled $26.9 billion in 2017, according to the United States Department of Agriculture (USDA) export data. It all started on March 23, 2018, when the Trump administration applied a 25 per cent tariff to all US steel imports and a 10 per cent tariff to all US aluminum imports, citing an investigation that showed national security concerns. "Canada, China, Mexico, the EU and Turkey retaliated with tariffs on imports of US agricultural and food products and other goods. "India has proposed retaliatory tariffs on US apples, almonds, walnuts, chickpeas and lentils, but it has delayed implementation pending ongoing negotiations with the Trump administration," said the CRS. Reports of CRS are prepared by independent experts for the lawmakers to make informed decisions and are not an official position of the US Congress. In its report dated December 31, the CRS said in response to the tariffs the Trump administration levied on US imports of steel and aluminum from India earlier this year, India has threatened to impose retaliatory tariffs on a handful of US agricultural and food products. The date for imposing these tariffs has been pushed back several times, and they are currently set to become effective on January 31, 2019. "US exports of the targeted products were valued at $857 million in 2017, comprising 54 per cent of the $1.8 billion of total US agricultural exports to India. US almond growers, in particular, could feel the effects of India's threatened tariffs should they enter into force," said the CRS, a copy of which was obtained by PTI. India ranked third as a destination for US apple exports in 2017, purchasing $97 million of US apples, or 10 per cent of the total exports. "The Indian government proposes to apply a 30 per cent retaliatory tariff on imports of US apples on January 31, 2019," the CRS said. Comparatively, US apple exports to Mexico and China are now subject to additional retaliatory tariffs of 20 per cent and 40 per cent respectively, raising the total tariff rates to 20 per cent and 50 per cent respectively. The Trump administration has taken measures to ease the downside effects of the retaliatory tariffs on farmers and ranchers through a $12 billion trade aid package. Under the initiative, USDA has committed to making direct payments to farmers of selected commodities subject to the tariffs, as well as buying up surplus quantities of some commodities and providing funding for additional trade promotion efforts. India's exports to the US in 2017-18 stood at $47.9 billion, while imports were $26.7 billion. The trade balance is in favour of India.

India's retaliatory tariffs to hit US exports worth $900 million: Report

Wall Street edged higher on Wednesday after <a href="http://www.wionews.com/world/wall-street-starts-new-year-with-1-percent-slide-on-global-slowdown-jitters-187942">stumbling out of the starting gate on the first trading day of 2019</a>, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast.

Apple&nbsp;dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China.

Shares of Apple's suppliers also fell, and S&amp;P 500 futures&nbsp;dropped 1.3 per cent, signalling that Wednesday's modest advance could unwind when the market reopens on Thursday.

"To see Apple's sales drop off this much says something about the Chinese economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Any company that does business in China will feel the impact of this."

Stocks had started the session lower after separate reports showed a deceleration in factory activity in China and the euro zone, indicating the ongoing trade dispute between the United States and China was taking a toll on global manufacturing.

Energy stocks led the S&amp;P 500's advance and the sector was the index's biggest percentage gainer, buoyed by a 2.4 per cent jump in crude prices. The group was the worst performing S&amp;P sector in 2018.

Gains were offset by healthcare&nbsp;and so-called defensive sectors, such as real estate, utilities&nbsp;and consumer staples. Healthcare companies provided the biggest drag on the S&amp;P 500 and the Dow.

The Dow Jones Industrial Average&nbsp;rose 18.78 points, or 0.08 per cent, to 23,346.24, the S&amp;P 500&nbsp;gained 3.18 points, or 0.13 per cent, to 2,510.03 and the Nasdaq Composite&nbsp;added 30.66 points, or 0.46 per cent, to 6,665.94.

Of the 11 major sectors in the S&amp;P 500, seven closed in positive territory.

Banks got a boost from Barclays, as the broker wrote in a research note that the sector could outperform the S&amp;P this year. The Dow Jones Industrial average was led higher with gains from Goldman Sachs&nbsp;and JPMorgan.

Tesla Inc&nbsp;delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut US&nbsp;prices. The electric automaker's shares slid 6.8 per cent.

General Electric Co&nbsp;jumped 6.3 per cent in heavy trading as bargain hunters bought the stock in the wake of its over 50-per cent plunge in 2018.

In the coming weeks, the fourth-quarter reporting period will get underway. Analysts see S&amp;P 500 companies posting profit gains of 15.8 per cent, significantly smaller than the third quarter's 28.4 per cent advance.

Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.42-to-1 ratio favoured advancers.

The S&amp;P 500 posted no new 52-week highs and 4 new lows; the Nasdaq Composite recorded 9 new highs and 58 new lows.

Volume on US&nbsp;exchanges was 7.80 billion shares, compared to the 9.18 billion average for the full session over the last 20 trading days.

Apple dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China.

Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast. Apple dropped 8 per cent in extended trading late in the day after the iPhone maker slashed its outlook for the December quarter, blaming weak demand in China. Shares of Apple's suppliers also fell, and S&P 500 futures dropped 1.3 per cent, signalling that Wednesday's modest advance could unwind when the market reopens on Thursday. "To see Apple's sales drop off this much says something about the Chinese economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Any company that does business in China will feel the impact of this." Stocks had started the session lower after separate reports showed a deceleration in factory activity in China and the euro zone, indicating the ongoing trade dispute between the United States and China was taking a toll on global manufacturing. Energy stocks led the S&P 500's advance and the sector was the index's biggest percentage gainer, buoyed by a 2.4 per cent jump in crude prices. The group was the worst performing S&P sector in 2018. Gains were offset by healthcare and so-called defensive sectors, such as real estate, utilities and consumer staples. Healthcare companies provided the biggest drag on the S&P 500 and the Dow. The Dow Jones Industrial Average rose 18.78 points, or 0.08 per cent, to 23,346.24, the S&P 500 gained 3.18 points, or 0.13 per cent, to 2,510.03 and the Nasdaq Composite added 30.66 points, or 0.46 per cent, to 6,665.94. Of the 11 major sectors in the S&P 500, seven closed in positive territory. Banks got a boost from Barclays, as the broker wrote in a research note that the sector could outperform the S&P this year. The Dow Jones Industrial average was led higher with gains from Goldman Sachs and JPMorgan. Tesla Inc delivered fewer-than-expected Model 3 sedans in the fourth quarter and cut US prices. The electric automaker's shares slid 6.8 per cent. General Electric Co jumped 6.3 per cent in heavy trading as bargain hunters bought the stock in the wake of its over 50-per cent plunge in 2018. In the coming weeks, the fourth-quarter reporting period will get underway. Analysts see S&P 500 companies posting profit gains of 15.8 per cent, significantly smaller than the third quarter's 28.4 per cent advance. Advancing issues outnumbered declining ones on the NYSE by a 2.10-to-1 ratio; on Nasdaq, a 2.42-to-1 ratio favoured advancers. The S&P 500 posted no new 52-week highs and 4 new lows; the Nasdaq Composite recorded 9 new highs and 58 new lows. Volume on US exchanges was 7.80 billion shares, compared to the 9.18 billion average for the full session over the last 20 trading days.

Wall Street ekes out gains, Apple cuts revenue forecast after the bell

European aircraft manufacturer<a href="http://www.wionews.com/business-%26-economy/airasia-announces-30billion-deal-for-100-airbus-planes-152962"> Airbus said Thursday it had finalised</a> the sale of 120 A220-300 single-aisle jets worth $11 billion.&nbsp;

Sixty of the aircraft would go to <a href="http://www.wionews.com/world/airbus-dassault-to-jointly-produce-fighter-jets-uavs-132781">low-cost US carrier JetBlue</a> and another 60 to a start-up codenamed Moxy that is to begin operations in 2021, Airbus said.

Airbus acquired in 2017 the A220-300 aircraft line, which Canadian firm Bombardier developed as its CSeries, and which represents a new generation designed for airlines seeking 100-150 seat planes.

Bombardier had struggled to win customers even though the planes offered fuel-savings similar to a new class of larger aircraft sold by Airbus and US rival Boeing.

"JetBlue has proven there is no contradiction between economic efficiency and a high quality product," said Airbus Chief Commercial Officer Christian Scherer in a statement.&nbsp;

"Their endorsement of the A220 proves this aircraft meets those two criteria better than any alternative in its segment," he added.

Moxy is an airline venture led by David Neeleman, founder of JetBlue and Azul Brazilian Airlines and who is now the controlling investor in TAP Air Portugal.

The aircraft are to be assembled in a new Airbus factory in the US state of Alabama, with work to begin later this month.

The A220's seating capacity falls between that of traditional commuter planes and Airbus' A320 family, which can seat from 180 to 240 people and which has become an airline workhorse on medium-range routes.&nbsp;

European aircraft manufacturer Airbus said Thursday it had finalised the sale of 120 A220-300 single-aisle jets worth $11 billion. Sixty of the aircraft would go to low-cost US carrier JetBlue and another 60 to a start-up codenamed Moxy that is to begin operations in 2021, Airbus said.

European aircraft manufacturer Airbus said Thursday it had finalised the sale of 120 A220-300 single-aisle jets worth $11 billion. Sixty of the aircraft would go to low-cost US carrier JetBlue and another 60 to a start-up codenamed Moxy that is to begin operations in 2021, Airbus said. Airbus acquired in 2017 the A220-300 aircraft line, which Canadian firm Bombardier developed as its CSeries, and which represents a new generation designed for airlines seeking 100-150 seat planes. Bombardier had struggled to win customers even though the planes offered fuel-savings similar to a new class of larger aircraft sold by Airbus and US rival Boeing. "JetBlue has proven there is no contradiction between economic efficiency and a high quality product," said Airbus Chief Commercial Officer Christian Scherer in a statement. "Their endorsement of the A220 proves this aircraft meets those two criteria better than any alternative in its segment," he added. Moxy is an airline venture led by David Neeleman, founder of JetBlue and Azul Brazilian Airlines and who is now the controlling investor in TAP Air Portugal. The aircraft are to be assembled in a new Airbus factory in the US state of Alabama, with work to begin later this month. The A220's seating capacity falls between that of traditional commuter planes and Airbus' A320 family, which can seat from 180 to 240 people and which has become an airline workhorse on medium-range routes.

Sale of 120 jets worth $11 billion finalised: Airbus

Oil prices fell on Thursday amid <a href="http://www.wionews.com/world/oil-falls-to-53-on-economic-worries-surging-supply-187910">volatile currency and stock markets</a>, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging.

US West Texas Intermediate crude oil futures dropped 75 cents to $45.79 a barrel by 0900 GMT.

International Brent crude futures were down 50 cents at $54.41 a barrel.

In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday.

"Fears of future economic and earnings growth continue to be the main driver in causing market jitters," Singapore-based brokerage Phillip Futures said.

Markets were roiled by a more than 3 per cent slump in the US dollar against the Japanese yen, and after tech giant Apple cut its sales forecast.

"We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said.

The slowdown in China and turmoil in stock and currency markets appears to be making investors nervous, including in oil markets.

"This is a continuation of the volatility afflicting commodities and oil with the last 24 hours marked by the release of various weak economic data points, particularly manufacturing PMIs, for major economies," consultancy JBC Energy said.

Oil markets are also under pressure from a surge in supply just as demand growth is expected to slow.

US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making America the world's biggest oil producer.

Speaking to reporters on Wednesday, US President Donald Trump said US pressure had kept production high among allies in the Organization of the Petroleum Exporting Countries(OPEC).

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<blockquote class="twitter-tweet" data-lang="en">
Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1080247182186430465?ref_src=twsrc%5Etfw">January 1, 2019</a></blockquote>
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"People see that gasoline is way down and the reason it's way down is because I called up some of the OPEC people," Trump said. "I made calls, I said you better let that oil, that gasoline flow, and they did," he added.

Others are not sitting idle, with Russian output reaching a record of more than 11 million bpd in 2018.

Supply from Iraq, the second-biggest producer in OPEC, is also up, with December exports at 3.73 million bpd versus 3.37 million bpd in November.

Oil prices fell on Thursday amid volatile currency and stock markets, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging.

Oil prices fell on Thursday amid volatile currency and stock markets, coupled with concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging. US West Texas Intermediate crude oil futures dropped 75 cents to $45.79 a barrel by 0900 GMT. International Brent crude futures were down 50 cents at $54.41 a barrel. In physical oil markets, top exporter Saudi Arabia is expected to cut February prices for heavier crude grades sold to Asia by up to 50 cents a barrel due to weaker fuel oil margins, respondents to a Reuters survey said on Thursday. "Fears of future economic and earnings growth continue to be the main driver in causing market jitters," Singapore-based brokerage Phillip Futures said. Markets were roiled by a more than 3 per cent slump in the US dollar against the Japanese yen, and after tech giant Apple cut its sales forecast. "We did not foresee the magnitude of the economic deceleration, particularly in Greater China," Apple chief executive Tim Cook said. The slowdown in China and turmoil in stock and currency markets appears to be making investors nervous, including in oil markets. "This is a continuation of the volatility afflicting commodities and oil with the last 24 hours marked by the release of various weak economic data points, particularly manufacturing PMIs, for major economies," consultancy JBC Energy said. Oil markets are also under pressure from a surge in supply just as demand growth is expected to slow. US crude production stood at a record 11.7 million barrels per day (bpd) in late 2018, making America the world's biggest oil producer. Speaking to reporters on Wednesday, US President Donald Trump said US pressure had kept production high among allies in the Organization of the Petroleum Exporting Countries(OPEC). Do you think it’s just luck that gas prices are so low, and falling? Low gas prices are like another Tax Cut! — Donald J. Trump (@realDonaldTrump) January 1, 2019 × "People see that gasoline is way down and the reason it's way down is because I called up some of the OPEC people," Trump said. "I made calls, I said you better let that oil, that gasoline flow, and they did," he added. Others are not sitting idle, with Russian output reaching a record of more than 11 million bpd in 2018. Supply from Iraq, the second-biggest producer in OPEC, is also up, with December exports at 3.73 million bpd versus 3.37 million bpd in November.

Oil prices fall over volatile currency, slowdown worries

Shares closed over 1 per cent lower for a second consecutive session on Thursday, reflecting losses in broader markets where fears of a slowdown in global economy soured sentiment.

The benchmark BSE Sensex closed down 1.05 per cent at 35,513.71.

The broader NSE Nifty ended 1.11 per cent lower at 10,667.25.

Eicher Motors Ltd ended a second consecutive session lower on the back of disappointing December sales data.

Only nine out of 50 stocks on the country`s Nifty finished the session higher, with Bharti Infratel Ltd closing 2.8 per cent up.

Shares closed over 1 per cent lower for a second consecutive session on Thursday, reflecting losses in broader markets where fears of a slowdown in global economy soured sentiment.

Shares closed over 1 per cent lower for a second consecutive session on Thursday, reflecting losses in broader markets where fears of a slowdown in global economy soured sentiment. The benchmark BSE Sensex closed down 1.05 per cent at 35,513.71. The broader NSE Nifty ended 1.11 per cent lower at 10,667.25. Eicher Motors Ltd ended a second consecutive session lower on the back of disappointing December sales data. Only nine out of 50 stocks on the country`s Nifty finished the session higher, with Bharti Infratel Ltd closing 2.8 per cent up.

Nifty, Sensex end over 1 per cent down for second straight session

Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end.

Accusing the Congress of leaving behind a legacy of an "anachronic system" of resolving commercial insolvency, Jaitley said the NDA government acted swiftly to recover the non-performing loans and legislated the insolvency and bankruptcy code (IBC).

He said National Company Law Tribunal (NCLT) had started receiving corporate insolvency cases by the end of 2016 and so far 1,322 cases have been admitted by it. A total of 4,452 cases have been disposed at a pre-admission stage and 66 have been resolved after adjudication. 260 cases have been ordered for liquidation.

"In 66 resolution cases, the realisation by creditors was around Rs 80,000 crore... Some of the big 12 cases such as Bhushan Power and Steel and Essar Steel India are in advanced stages of resolution and are likely to be resolved in this financial year in which realisation is expected to be around Rs 70,000 crore," Jaitley said.

In a Facebook post titled 'Two years of Insolvency and Bankruptcy Code', Jaitley said NCLT has become a trusted forum of high credibility.&nbsp; 
"Those who drive the companies to insolvency, exit from management. The selection of new management has been an honest and transparent process. There has been no political or governmental interference in the cases," he added.

As per the NCLT database, in 4,452 cases disposed at a pre-admission stage, the amount apparently settled was around Rs 2.02 lakh crore, the minister added.

Jaitley said the increase in conversion of NPAs into standard accounts and decline in new accounts falling in NPA category show a definite improvement in the lending and borrowing behaviour.

"The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor-creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise," the minister said.

Jaitley said the Congress government had enacted the Sick Industrial Companies Act (SICA) during the 1980s for rehabilitation of sick companies. This applied to companies whose net worth had become negative.&nbsp;

"The law proved to be an utter failure. Law carried out rehabilitation, several sick companies got a protective iron curtain against creditors," he said. 
Besides, the Debt Recovery Tribunal was created to enable banks to recover every due diligently, but these have not proved to be a highly efficient mechanism for recovering debt, he added.&nbsp;

"For non-corporate insolvencies the Provincial Insolvency Act was applicable. This was a rusted piece of legislation, ineffective and had faded away because of disuse," Jaitley added.

He said, between 2008 and 2014, banks lent indiscriminately and this lead to a very high percentage of NPAs which was highlighted by the Asset Quality Reviews of the RBI.&nbsp;

"This led to a prompt action by the government... The IBC was approved by both Houses of Parliament in May, 2016. This was the quickest economic legislative change that I have seen being made by Parliament," Jaitley said.&nbsp;

Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end.

Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end. Accusing the Congress of leaving behind a legacy of an "anachronic system" of resolving commercial insolvency, Jaitley said the NDA government acted swiftly to recover the non-performing loans and legislated the insolvency and bankruptcy code (IBC). He said National Company Law Tribunal (NCLT) had started receiving corporate insolvency cases by the end of 2016 and so far 1,322 cases have been admitted by it. A total of 4,452 cases have been disposed at a pre-admission stage and 66 have been resolved after adjudication. 260 cases have been ordered for liquidation. "In 66 resolution cases, the realisation by creditors was around Rs 80,000 crore... Some of the big 12 cases such as Bhushan Power and Steel and Essar Steel India are in advanced stages of resolution and are likely to be resolved in this financial year in which realisation is expected to be around Rs 70,000 crore," Jaitley said. In a Facebook post titled 'Two years of Insolvency and Bankruptcy Code', Jaitley said NCLT has become a trusted forum of high credibility. "Those who drive the companies to insolvency, exit from management. The selection of new management has been an honest and transparent process. There has been no political or governmental interference in the cases," he added. As per the NCLT database, in 4,452 cases disposed at a pre-admission stage, the amount apparently settled was around Rs 2.02 lakh crore, the minister added. Jaitley said the increase in conversion of NPAs into standard accounts and decline in new accounts falling in NPA category show a definite improvement in the lending and borrowing behaviour. "The early harvest through the IBC process has been extremely satisfactory. It has changed the debtor-creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise," the minister said. Jaitley said the Congress government had enacted the Sick Industrial Companies Act (SICA) during the 1980s for rehabilitation of sick companies. This applied to companies whose net worth had become negative. "The law proved to be an utter failure. Law carried out rehabilitation, several sick companies got a protective iron curtain against creditors," he said. Besides, the Debt Recovery Tribunal was created to enable banks to recover every due diligently, but these have not proved to be a highly efficient mechanism for recovering debt, he added. "For non-corporate insolvencies the Provincial Insolvency Act was applicable. This was a rusted piece of legislation, ineffective and had faded away because of disuse," Jaitley added. He said, between 2008 and 2014, banks lent indiscriminately and this lead to a very high percentage of NPAs which was highlighted by the Asset Quality Reviews of the RBI. "This led to a prompt action by the government... The IBC was approved by both Houses of Parliament in May, 2016. This was the quickest economic legislative change that I have seen being made by Parliament," Jaitley said.

Banks likely to recover bad loans worth 70,000 crore rupees by March-end: Arun Jaitley

Mumbai, Jan 3 (PTI) The rupee Thursday slumped 22 paise to 70.40 against the US dollar amid strengthening greenback and sustained foreign fund outflows.

Forex traders said the dollar strengthening against major global currencies overseas and fall in domestic equities dragged down the local unit, while falling crude oil prices capped rupee's losses.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.30 and fell further to touch a low of 70.40 a dollar, down 22 paise over its previous closing.

On Wednesday, the rupee had depreciated 75 paise to 70.18 against the American currency.

Brent crude, the global benchmark, was trading lower at 54.44 per barrel, lower by 0.86 per cent.

Meanwhile, foreign funds pulled out Rs 621.06 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 226.18 crore Wednesday, provisional data showed.

The 30-share BSE index was trading lower by 84.30 points, or 0.23 per cent, at 35,807.22. Similarly, the broader NSE Nifty was trading down 34 points, or 0.32 per cent, at 10,758.50.

Forex traders said the dollar strengthening against major global currencies overseas and fall in domestic equities dragged down the local unit, while falling crude oil prices capped rupee's losses.

Mumbai, Jan 3 (PTI) The rupee Thursday slumped 22 paise to 70.40 against the US dollar amid strengthening greenback and sustained foreign fund outflows. Forex traders said the dollar strengthening against major global currencies overseas and fall in domestic equities dragged down the local unit, while falling crude oil prices capped rupee's losses. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.30 and fell further to touch a low of 70.40 a dollar, down 22 paise over its previous closing. On Wednesday, the rupee had depreciated 75 paise to 70.18 against the American currency. Brent crude, the global benchmark, was trading lower at 54.44 per barrel, lower by 0.86 per cent. Meanwhile, foreign funds pulled out Rs 621.06 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 226.18 crore Wednesday, provisional data showed. The 30-share BSE index was trading lower by 84.30 points, or 0.23 per cent, at 35,807.22. Similarly, the broader NSE Nifty was trading down 34 points, or 0.32 per cent, at 10,758.50.

Rupee falls 22 paise to 70.40 against US dollar in early trade

Shares of state-run Dena Bank and Vijaya Bank plunged on Thursday after the federal cabinet approved their merger with Bank of Baroda late on Wednesday, in an attempt to clean up the country's banking system.

Under the merger plan, Bank of Baroda said it would issue 110 shares of 2 rupees each for every 1,000 shares of Dena Bank worth 10 rupees each, while Vijaya Bank's shareholders would get 402 Bank of Baroda shares of 2 rupees each for every 1,000 shares of 10 rupees each.

Morgan Stanley said the swap ratio for the merger implies a discount of about 27 per cent to Dena Bank's shares and a discount of about 6 per cent to Vijaya Bank's shares against their last closing.

Shares of Dena Bank skidded as much as 19.8 per cent in their sharpest intraday drop since January 2008, while Vijaya Bank fell nearly 8 per cent in its biggest decline since Sept. 24, 2018. Bank of Baroda climbed as much as 3.4 per cent.

Last year, India revealed plans to merge the three state-run lenders amid efforts to tackle a pile of bad loans plaguing the banking sector and revive credit growth.

The merger, which will be effective on April 1, will make Bank of Baroda the country's second-largest public sector bank.

Federal cabinet on Wednesday approved their merger with Bank of Baroda late on Wednesday, in an attempt to clean up the country's banking system.

Shares of state-run Dena Bank and Vijaya Bank plunged on Thursday after the federal cabinet approved their merger with Bank of Baroda late on Wednesday, in an attempt to clean up the country's banking system. Under the merger plan, Bank of Baroda said it would issue 110 shares of 2 rupees each for every 1,000 shares of Dena Bank worth 10 rupees each, while Vijaya Bank's shareholders would get 402 Bank of Baroda shares of 2 rupees each for every 1,000 shares of 10 rupees each. Morgan Stanley said the swap ratio for the merger implies a discount of about 27 per cent to Dena Bank's shares and a discount of about 6 per cent to Vijaya Bank's shares against their last closing. Shares of Dena Bank skidded as much as 19.8 per cent in their sharpest intraday drop since January 2008, while Vijaya Bank fell nearly 8 per cent in its biggest decline since Sept. 24, 2018. Bank of Baroda climbed as much as 3.4 per cent. Last year, India revealed plans to merge the three state-run lenders amid efforts to tackle a pile of bad loans plaguing the banking sector and revive credit growth. The merger, which will be effective on April 1, will make Bank of Baroda the country's second-largest public sector bank.

Dena Bank, Vijaya Bank slump after Bank of Baroda announces swap ratios for merger

The rupee deprecated by 23 paise and fell to 69.70 per dollar mark in early trade Wednesday amid strengthening of the American currency and lower opening in domestic equities.

Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses.

At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then fell further to 69.70 against the American currency, down 27 paise over it's previous closing price.

On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency.

Meanwhile, foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore Tuesday, provisional data showed.

Brent crude, the global benchmark, was trading lower at 53.59 per barrel, lower by 0.58 per cent.

The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.&nbsp;

Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses.

The rupee deprecated by 23 paise and fell to 69.70 per dollar mark in early trade Wednesday amid strengthening of the American currency and lower opening in domestic equities. Forex traders said sustained foreign fund outflows also weighed on the local unit. However, lower crude oil prices capped the losses. At the Interbank Foreign Exchange, the rupee opened weak at 69.60 then fell further to 69.70 against the American currency, down 27 paise over it's previous closing price. On Tuesday, the rupee had appreciated 34 paise to 69.43 against the American currency. Meanwhile, foreign funds pulled out Rs 48.19 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 142.58 crore Tuesday, provisional data showed. Brent crude, the global benchmark, was trading lower at 53.59 per barrel, lower by 0.58 per cent. The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.

Rupee falls 27 paise to 69.70 against US dollar

The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow.

The 30-share index was trading 198.83 points, or 0.55 per cent, lower at 36,055.74 in morning trade.

Similarly, the NSE Nifty declined by 61.35 points, or 0.56 per cent, to 10,848.75.

On Tuesday, the BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent; and the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent.

India VIX, the volatility index for equities, was up nearly 4 per cent.

The biggest losers in the Sensex pack include M&amp;M, HDFC twins, Kotak Bank, Reliance Industries, Axis Bank, Tata Steel, Vedanta and ONGC, falling up to 2 per cent.

Among gainers were TCS, Infosys, SBI and Yes Bank, rising up to 1 per cent.

Weakness in Asian stocks and selling by foreign institutional investors hit market sentiment Wednesday, traders said.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, low trading volumes are expected during the week, as worldwide financial markets were closed on New Year day.

Back home, investor is being swayed December Auto sales data released Tuesday, macro data like Nikkei Manufacturing PMI and services PMI due this week and Q3FY19 earnings starting next week, he said.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 48.19 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 142.58 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng was down 2.40 per cent, Kospi fell 1.02 per cent and Shanghai Composite Index dropped 1.01 per cent in early trade.

Japanese market and Wall Street were closed on Tuesday.

The rupee opened marginally lower at 69.52 against the US dollar.

Meanwhile, the benchmark Brent crude futures were trading lower by 1.35 per cent at $ 53.39 per barrel.

The 30-share index was trading 198.83 points, or 0.55 per cent, lower at 36,055.74 in morning trade.

The BSE benchmark Sensex Wednesday dropped over 200 points and NSE Nifty fell below the 10,900 mark on selloff in metal and auto stocks amid weak cues from other Asian markets and foreign fund outflow. The 30-share index was trading 198.83 points, or 0.55 per cent, lower at 36,055.74 in morning trade. Similarly, the NSE Nifty declined by 61.35 points, or 0.56 per cent, to 10,848.75. On Tuesday, the BSE Sensex closed at 36,254.57, rising 186.24 points or 0.52 per cent; and the NSE Nifty ended at 10,910.10, gaining 47.55 points or 0.44 per cent. India VIX, the volatility index for equities, was up nearly 4 per cent. The biggest losers in the Sensex pack include M&M, HDFC twins, Kotak Bank, Reliance Industries, Axis Bank, Tata Steel, Vedanta and ONGC, falling up to 2 per cent. Among gainers were TCS, Infosys, SBI and Yes Bank, rising up to 1 per cent. Weakness in Asian stocks and selling by foreign institutional investors hit market sentiment Wednesday, traders said. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, low trading volumes are expected during the week, as worldwide financial markets were closed on New Year day. Back home, investor is being swayed December Auto sales data released Tuesday, macro data like Nikkei Manufacturing PMI and services PMI due this week and Q3FY19 earnings starting next week, he said. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 48.19 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 142.58 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 2.40 per cent, Kospi fell 1.02 per cent and Shanghai Composite Index dropped 1.01 per cent in early trade. Japanese market and Wall Street were closed on Tuesday. The rupee opened marginally lower at 69.52 against the US dollar. Meanwhile, the benchmark Brent crude futures were trading lower by 1.35 per cent at $ 53.39 per barrel.

Sensex drops over 200 points; Nifty slips below 10,900

India's cabinet has approved <a href="http://www.wionews.com/business-%26-economy/dena-bank-vijaya-bank-bank-of-baroda-merger-will-help-improve-quality-of-corporate-governance-for-banks-report-166370">the merger of state-run Vijaya Bank and Dena Bank with Bank of Baroda</a>, the government said on Wednesday, in a step aimed at cleaning up the country's banking system.

India had announced the merger plan last year amid growing concerns over rising bad loans in the banking sector. Banking sector reforms are a major plank of Prime Minister Narendra Modi's government's plans to revive lending which has slowed as banks struggle with bad debt.

The merged bank will become India's second largest public sector bank and will "help create a strong globally competitive bank", the government said in a statement.

The merger will come into force on April 1, the government said.

India had announced the merger plan last year amid growing concerns over rising bad loans in the banking sector.

India's cabinet has approved the merger of state-run Vijaya Bank and Dena Bank with Bank of Baroda, the government said on Wednesday, in a step aimed at cleaning up the country's banking system. India had announced the merger plan last year amid growing concerns over rising bad loans in the banking sector. Banking sector reforms are a major plank of Prime Minister Narendra Modi's government's plans to revive lending which has slowed as banks struggle with bad debt. The merged bank will become India's second largest public sector bank and will "help create a strong globally competitive bank", the government said in a statement. The merger will come into force on April 1, the government said.

Cabinet approves merger of state-run Vijaya bank, Dena bank and Bank of Baroda

<a href="http://www.wionews.com/business-economy/sensex-drops-over-200-points-nifty-slips-below-10900-187814">The benchmark Sensex </a>Wednesday plunged over 363 points, mirroring weak global markets after disappointing Chinese economic data resulted in massive sell-offs in metal and auto stocks on domestic bourses.

The 30-share BSE index after cracking over 500 points in the early session pared some losses towards the fag-end and finished lower by 363.05 points, or 1 per cent, at 35,891.52.

Similarly, the broader NSE Nifty plunged 117.60 points, or 1.08 per cent, to settle at 10,792.50.

The biggest losers in the Sensex pack were Vedanta, Tata Steel, M&amp;M, Tata Motors, Maruti, Hero MotoCorp, PowerGrid, Bharti Airtel, SBI and Coal India — falling up to 4.48 per cent.

Among the winners were Sun Pharma, TCS, Asian Paints, Infosys, Yes Bank, and ICICI Bank — rising up to 1.66 per cent.

Sectorally, auto, and metal indices took the worst hit, falling over 3 per cent.

Auto stocks plunged on weak domestic passenger vehicle sales numbers, which continued to be in a slow lane in December with major players reporting either marginal increase or decline in offtake during the month on account of adverse macroeconomic conditions.

Meanwhile, the Indian rupee fell sharply against the US dollar, hitting a low of 70.06 against the US dollar in the afternoon trade, down 63 paise.

Brent crude futures dropped 1.25 per cent to USD 53.12 per barrel.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 48.19 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 142.58 crore, provisional data available with BSE showed.

Traders were also tracking PMI data, which revealed that the country's manufacturing sector activity in December slowed down from the previous month.

The Nikkei India Manufacturing Purchasing Managers' Index eased to 53.2 in December, from 54, in November.

Elsewhere in Asia, Korea's Kospi ended 1.52 per cent lower, while Hong Kong's Hang Seng fell 2.77 per cent and Shanghai Composite Index slipped 1.15 per cent.

In Europe, Paris CAC cracked 1.95 per cent, while Frankfurt's DAX fell 0.76 per cent. London's FTSE fell 1.28 per cent. The Japanese market was closed on Wednesday.

Global investor sentiment took a beating as trading resumed Wednesday post-New Year break after Chinese economic growth sank to a low of 6.5 per cent in the September quarter over a year-ago period.&nbsp;

Sectorally, auto, and metal indices took the worst hit, falling over 3 per cent.

The benchmark Sensex Wednesday plunged over 363 points, mirroring weak global markets after disappointing Chinese economic data resulted in massive sell-offs in metal and auto stocks on domestic bourses. The 30-share BSE index after cracking over 500 points in the early session pared some losses towards the fag-end and finished lower by 363.05 points, or 1 per cent, at 35,891.52. Similarly, the broader NSE Nifty plunged 117.60 points, or 1.08 per cent, to settle at 10,792.50. The biggest losers in the Sensex pack were Vedanta, Tata Steel, M&M, Tata Motors, Maruti, Hero MotoCorp, PowerGrid, Bharti Airtel, SBI and Coal India — falling up to 4.48 per cent. Among the winners were Sun Pharma, TCS, Asian Paints, Infosys, Yes Bank, and ICICI Bank — rising up to 1.66 per cent. Sectorally, auto, and metal indices took the worst hit, falling over 3 per cent. Auto stocks plunged on weak domestic passenger vehicle sales numbers, which continued to be in a slow lane in December with major players reporting either marginal increase or decline in offtake during the month on account of adverse macroeconomic conditions. Meanwhile, the Indian rupee fell sharply against the US dollar, hitting a low of 70.06 against the US dollar in the afternoon trade, down 63 paise. Brent crude futures dropped 1.25 per cent to USD 53.12 per barrel. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 48.19 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 142.58 crore, provisional data available with BSE showed. Traders were also tracking PMI data, which revealed that the country's manufacturing sector activity in December slowed down from the previous month. The Nikkei India Manufacturing Purchasing Managers' Index eased to 53.2 in December, from 54, in November. Elsewhere in Asia, Korea's Kospi ended 1.52 per cent lower, while Hong Kong's Hang Seng fell 2.77 per cent and Shanghai Composite Index slipped 1.15 per cent. In Europe, Paris CAC cracked 1.95 per cent, while Frankfurt's DAX fell 0.76 per cent. London's FTSE fell 1.28 per cent. The Japanese market was closed on Wednesday. Global investor sentiment took a beating as trading resumed Wednesday post-New Year break after Chinese economic growth sank to a low of 6.5 per cent in the September quarter over a year-ago period.

Sensex tanks 363 points; China slowdown spooks investors