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Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor.

He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

"Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet.

Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job.

"Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said.

Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre.

Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday.

"I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.&nbsp;

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. "Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet. Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job. "Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said. Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre. Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday. "I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.

Shaktikanta Das assumes charge as 25th RBI governor

Oil prices climbed by around 1 per cent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance.

Disruptions to Libyan crude exports after local militia seized the country's biggest oilfield, El Sharara, were also buoying prices, traders said.

International Brent crude oil futures were at $60.86 per barrel at 0543 GMT, up 66 cents, or 1.1 per cent, from their last close.

US&nbsp;West Texas Intermediate (WTI) crude futures were at $52.22 per barrel, up 57 cents, or 1.1 per cent.

The higher prices came amid an increase in Asian share markets on Wednesday.

<a href="http://www.wionews.com/world/not-concerned-about-being-impeached-trump-183372">US&nbsp;President Donald Trump</a> told Reuters in an interview on Tuesday that talks with China were taking place to defuse the trade dispute between the world's two biggest economies.

Despite Tuesday's more confident market, analysts warned of an economic slowdown.

"The global economy is set to cool in 2019-20, as rising interest rates and inflation begin to limit consumption in major developed economies, and market uncertainty weakens the fundamentals in emerging markets," the Economist Intelligence Unit (EIU) said in its latest outlook.

British bank Barclays said in its 2019 commodities outlook that "the major risk to the near-term outlook relates to a faster-than-expected deterioration in economic activity".

In oil market fundamentals, a decision by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia last week to cut supply by 1.2 million barrels per day (bpd) has supported prices this week.

"OPEC production curbs will stabilise the market," ANZ bank said on Wednesday.

Crude prices had lost a third of their value between early October and the announcement of the cuts. Some analysts warn, though, that the agreement may not have the effect hoped for.

Fereidun Fesharaki of energy consultancy FGE said in a note that the OPEC-led cuts would likely be "insufficient to mop up the inventories in the targeted three-month period till the end of the first quarter of 2019".

As a result, FGE said prices were "likely to hover in the $55-$60 per barrel range for Brent, with WTI sitting some $5-$10 per barrel below this given current fundamentals".

Undermining the supply cuts is soaring output in the United States, where crude production has hit a record 11.7 million bpd.

The United States is set to end 2018 as the world's top oil producer, ahead of Russia and Saudi Arabia, with the U.S. Energy Information Administration (EIA) saying on Tuesday the nation's annualised average output would be 10.88 million bpd for the full year.

The 2018 output increase would be 1.53 million bpd, the EIA said, adding that it expected production to average an unprecedented 12.06 million bpd in 2019.

Oil prices climbed by around 1 per cent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance.

Oil prices climbed by around 1 per cent on Wednesday amid a stock market rebound and on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance. Disruptions to Libyan crude exports after local militia seized the country's biggest oilfield, El Sharara, were also buoying prices, traders said. International Brent crude oil futures were at $60.86 per barrel at 0543 GMT, up 66 cents, or 1.1 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.22 per barrel, up 57 cents, or 1.1 per cent. The higher prices came amid an increase in Asian share markets on Wednesday. US President Donald Trump told Reuters in an interview on Tuesday that talks with China were taking place to defuse the trade dispute between the world's two biggest economies. Despite Tuesday's more confident market, analysts warned of an economic slowdown. "The global economy is set to cool in 2019-20, as rising interest rates and inflation begin to limit consumption in major developed economies, and market uncertainty weakens the fundamentals in emerging markets," the Economist Intelligence Unit (EIU) said in its latest outlook. British bank Barclays said in its 2019 commodities outlook that "the major risk to the near-term outlook relates to a faster-than-expected deterioration in economic activity". In oil market fundamentals, a decision by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia last week to cut supply by 1.2 million barrels per day (bpd) has supported prices this week. "OPEC production curbs will stabilise the market," ANZ bank said on Wednesday. Crude prices had lost a third of their value between early October and the announcement of the cuts. Some analysts warn, though, that the agreement may not have the effect hoped for. Fereidun Fesharaki of energy consultancy FGE said in a note that the OPEC-led cuts would likely be "insufficient to mop up the inventories in the targeted three-month period till the end of the first quarter of 2019". As a result, FGE said prices were "likely to hover in the $55-$60 per barrel range for Brent, with WTI sitting some $5-$10 per barrel below this given current fundamentals". Undermining the supply cuts is soaring output in the United States, where crude production has hit a record 11.7 million bpd. The United States is set to end 2018 as the world's top oil producer, ahead of Russia and Saudi Arabia, with the U.S. Energy Information Administration (EIA) saying on Tuesday the nation's annualised average output would be 10.88 million bpd for the full year. The 2018 output increase would be 1.53 million bpd, the EIA said, adding that it expected production to average an unprecedented 12.06 million bpd in 2019.

Oil prices rise on Asian stock rally, OPEC-led cuts

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India.

Das Tuesday was named the new governor of the Reserve Bank of India after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

At the Interbank Foreign Exchange, the rupee opened weak at 72.10 against the US dollar, then depreciated further to 72.17, showing a decline of 32 paise over its previous closing.

On Tuesday the Indian rupee had plunged 53 paise to 71.85 per US dollar.

Forex traders said factors such as significant foreign fund outflows and rising crude oil prices also weighed on the domestic currency.

Foreign funds sold shares worth Rs 2,421.06 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 2,255.68 crore.

The global benchmark Brent crude was trading higher by 1.08 per cent at 60.85 per barrel.

Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 35,285.85, up 135.84 points in early trade. The wide-based Nifty was also trading with gains of 53.40 points at 10,602.55.

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India.

The Indian rupee Wednesday plunged 32 paise to 72.17 per US dollar in early trade on the forex market after the appointment of former bureaucrat Shaktikanta Das as the new governor of the Reserve Bank of India. Das Tuesday was named the new governor of the Reserve Bank of India after Urjit Patel abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. At the Interbank Foreign Exchange, the rupee opened weak at 72.10 against the US dollar, then depreciated further to 72.17, showing a decline of 32 paise over its previous closing. On Tuesday the Indian rupee had plunged 53 paise to 71.85 per US dollar. Forex traders said factors such as significant foreign fund outflows and rising crude oil prices also weighed on the domestic currency. Foreign funds sold shares worth Rs 2,421.06 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 2,255.68 crore. The global benchmark Brent crude was trading higher by 1.08 per cent at 60.85 per barrel. Meanwhile, the domestic equity market opened on a higher note. The 30-share BSE benchmark Sensex was trading at 35,285.85, up 135.84 points in early trade. The wide-based Nifty was also trading with gains of 53.40 points at 10,602.55.

Rupee falls 32 paise to 72.17 against US dollar

Sensex and Nifty opened Wednesday with minor gains led by financials. While BSE Sensex opened higher 128.23 points, up 0.36 per cent, to 35278.20, Nifty 50 tested 10,600-level opening at 10585.80, up 0.35 per cent.&nbsp;

At 10 am Sensex is trading higher by 320.49 points at 35,470, Nifty is higher by 100.50 points at 10,649.

Shares of banks and non-banking finance companies (NBFCs) outperformed benchmark indices, hoping that the new RBI governor might re-examine the demand for an easier prompt corrective action (PCA) framework and a special liquidity window.

Meanwhile, Rupee extended its losses&nbsp;against the US dollar after ruling Bhartiya Janata Party (BJP) suffered a setback in the three state elections, and also after the government announced a former bureaucrat as a central bank chief. At 9.15am, the rupee was trading at 72.10 a dollar, down 0.33% from its Tuesday’s close of 71.87. The currency opened at 72.02 a dollar. The 10-year government bond yield stood at 7.475% from its previous close of 7.528%.

Sensex and Nifty opened Wednesday with minor gains led by financials. While BSE Sensex opened higher 128.23 points, up 0.36 per cent, to 35278.20, Nifty 50 tested 10,600-level opening at 10585.

Sensex and Nifty opened Wednesday with minor gains led by financials. While BSE Sensex opened higher 128.23 points, up 0.36 per cent, to 35278.20, Nifty 50 tested 10,600-level opening at 10585.80, up 0.35 per cent. At 10 am Sensex is trading higher by 320.49 points at 35,470, Nifty is higher by 100.50 points at 10,649. Shares of banks and non-banking finance companies (NBFCs) outperformed benchmark indices, hoping that the new RBI governor might re-examine the demand for an easier prompt corrective action (PCA) framework and a special liquidity window. Meanwhile, Rupee extended its losses against the US dollar after ruling Bhartiya Janata Party (BJP) suffered a setback in the three state elections, and also after the government announced a former bureaucrat as a central bank chief. At 9.15am, the rupee was trading at 72.10 a dollar, down 0.33% from its Tuesday’s close of 71.87. The currency opened at 72.02 a dollar. The 10-year government bond yield stood at 7.475% from its previous close of 7.528%.

Sensex rises 300 points, Nifty above 10600 led by banks

India's retail inflation rate dropped in November, which should increase the chances of <a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">the new central bank governor keeping interest rates on hold</a> at his first policy meeting, but falling food prices could hurt a ruling party facing a revolt over low farm incomes.

The inflation rate, which includes food and energy prices, fell to 2.33 percent on an annual basis, the smallest increase since June 2017 and remaining below the Reserve Bank of India's (RBI) medium-term target of 4 percent for a fourth straight month.

The October inflation rate was revised to 3.38 percent from 3.31 percent, and a Reuters poll showed analysts expected 2.8 percent in November, with projections ranging from 2.26 to 2.82 percent.

Falling oil prices in recent months have eased inflationary pressure on India, a major fuel importer. Since early October, Brent crude prices have dropped by nearly 30 percent to about $61 per barrel.

That has helped India's rupee which has strengthened by around 2 percent against the dollar over the same period after months of record lows.

India's central bank kept interest rates unchanged at a policy meeting on Dec. 5 to provide support for an economy that has lost some momentum, in a decision that was widely expected as inflation had eased significantly.

The November data came after Shaktikanta Das was appointed RBI governor following the unexpected resignation on Monday of Urjit Patel.

Most economists expect that the central bank's board, at the new governor's first policy meeting on Feb. 7, will keep the repo rate unchanged at 6.5 percent if low inflation persists.

"The sharp easing in the headline CPI inflation reflects a combination of favorable factors such as the correction in retail fuel prices (and) discomfiting factors such as a deeper disinflation in food prices," said Aditi Nayar, an economist at ICRA.

Both Nayar and Vivek Kumar, a senior economist at Yes Bank, said they expect the RBI will change their monetary policy stance to 'neutral' in February from 'calibrated tightening' currently, making a rate rise less likely.

Some economists have even flagged the possibility the RBI could ease monetary policy to support growth.

POLITICAL FALLOUT

Food inflation fell to a negative 2.61 percent from a negative 0.86 percent in October, government data showed.

Slowing food prices are a boon for Indian consumers, but hurt the hundreds of millions of farmers that together form a politically-important voting bloc.

India's ruling party lost power in three key rural states on Tuesday, dealing Prime Minister Narendra Modi his biggest defeat since he took office in 2014 and boosting the opposition ahead of national polls next year.

As a result, Modi's government is likely to announce loan waivers to woo farmers hit by low food prices, government officials said.

November core inflation was up 5.7 percent year-on-year in November, versus 6.1 percent in October, according to analysts.

Separately, India's industrial output expanded at an annual 8.1 percent pace in November, compared with 5.7 percent forecast in a Reuters poll.

India's retail inflation rate dropped in November, which should increase the chances of the new central bank governor keeping interest rates on hold at his first policy meeting, but falling food prices could hurt a ruling party facing a revolt over low farm incomes.

India's retail inflation rate dropped in November, which should increase the chances of the new central bank governor keeping interest rates on hold at his first policy meeting, but falling food prices could hurt a ruling party facing a revolt over low farm incomes. The inflation rate, which includes food and energy prices, fell to 2.33 percent on an annual basis, the smallest increase since June 2017 and remaining below the Reserve Bank of India's (RBI) medium-term target of 4 percent for a fourth straight month. The October inflation rate was revised to 3.38 percent from 3.31 percent, and a Reuters poll showed analysts expected 2.8 percent in November, with projections ranging from 2.26 to 2.82 percent. Falling oil prices in recent months have eased inflationary pressure on India, a major fuel importer. Since early October, Brent crude prices have dropped by nearly 30 percent to about $61 per barrel. That has helped India's rupee which has strengthened by around 2 percent against the dollar over the same period after months of record lows. India's central bank kept interest rates unchanged at a policy meeting on Dec. 5 to provide support for an economy that has lost some momentum, in a decision that was widely expected as inflation had eased significantly. The November data came after Shaktikanta Das was appointed RBI governor following the unexpected resignation on Monday of Urjit Patel. Most economists expect that the central bank's board, at the new governor's first policy meeting on Feb. 7, will keep the repo rate unchanged at 6.5 percent if low inflation persists. "The sharp easing in the headline CPI inflation reflects a combination of favorable factors such as the correction in retail fuel prices (and) discomfiting factors such as a deeper disinflation in food prices," said Aditi Nayar, an economist at ICRA. Both Nayar and Vivek Kumar, a senior economist at Yes Bank, said they expect the RBI will change their monetary policy stance to 'neutral' in February from 'calibrated tightening' currently, making a rate rise less likely. Some economists have even flagged the possibility the RBI could ease monetary policy to support growth. POLITICAL FALLOUT Food inflation fell to a negative 2.61 percent from a negative 0.86 percent in October, government data showed. Slowing food prices are a boon for Indian consumers, but hurt the hundreds of millions of farmers that together form a politically-important voting bloc. India's ruling party lost power in three key rural states on Tuesday, dealing Prime Minister Narendra Modi his biggest defeat since he took office in 2014 and boosting the opposition ahead of national polls next year. As a result, Modi's government is likely to announce loan waivers to woo farmers hit by low food prices, government officials said. November core inflation was up 5.7 percent year-on-year in November, versus 6.1 percent in October, according to analysts. Separately, India's industrial output expanded at an annual 8.1 percent pace in November, compared with 5.7 percent forecast in a Reuters poll.

India's retail inflation rate hits 17-month low in November

Global stock markets rallied Wednesday on upbeat China-US trade news, while the pound hit yet another 20-month low as <a href="http://www.wionews.com/world/uk-pm-may-to-challenge-leadership-contest-says-ousting-would-delay-brexit-183454">British Prime Minister Theresa May</a> faces a no-confidence vote.

Oil prices jumped one dollar as volatility continued to grip world crude markets.

A flurry of positive developments in the tariffs stand-off between the world's top economies provided early Christmas cheer on trading floors, fuelling hopes an all-out trade war can be avoided.

In afternoon deals, Frankfurt fizzed 0.9 per cent higher, London won 1.1 per cent and Paris added 1.6 per cent.&nbsp;

The positivity spilled over from Asia, where Tokyo ended 2.2 per cent higher and Shanghai rose 0.3 per cent, while Hong Kong jumped 1.6 per cent.

"The equity markets are taking encouragement from recent reports of a potential truce in the US-China trade dispute," noted VTB Capital analyst Neil MacKinnon.

Canada on Tuesday released on bail <a href="http://www.wionews.com/world/huawei-cfo-meng-wanzhou-freed-on-bail-leaves-courthouse-183504">Meng Wanzhou</a>, chief financial officer (CFO) at Chinese telecoms giant Huawei, whose arrest last week sparked fury in Beijing and worries about a truce agreed at the G20 by Donald Trump and Xi Jinping this month.

Providing some extra support to the news of Meng's release was an interview in which Trump said he could intervene in the case if it helps seal a trade pact with China, adding: "Whatever's good for this country, I would do."

China added to market-friendly noise by saying it had agreed to cut tariffs on US autos to 15 per cent from 40 per cent -- wiping out a levy imposed earlier this year in response to US measures.&nbsp;

Investors welcomed the headlines but sounded a note of caution.

"Newsflow regarding developments in the US-China trade dispute has been notoriously erratic and positive news can quickly give way to negative news," added MacKinnon.

May no-confidence vote

The British pound meanwhile ducked as low as $1.2478 -- a level last seen in April 2017 -- in a torrid week for the Brexit-hit currency.

The latest low came as the head of a Conservative Party committee in charge of organising leadership challenges announced that May would Wednesday face a no-confidence vote over her Brexit negotiations.

The weak pound boosts London-listed multinationals whose earnings abroad are converted back into sterling, handing a fillip to the FTSE 100 shares index.

The news came after May had delayed Tuesday's parliamentary vote on her EU divorce agreement to avert a crushing defeat.

In midday deals, sterling clawed background to stand at $1.2534, up from $1.2487 late on Tuesday.

"So far sterling has played the waiting game in regards to the impending vote of no-confidence in Theresa May," noted Spreadex analyst Connor Campbell.

"If the prime minister comes out the other side with her job intact, then it takes one of the many uncertainties that have swirled around UK politics for the last few months off the table.

"If she loses, on the other hand, then well, the pound's likely going to have a very unpleasant run-in to Christmas."

Global stock markets rallied Wednesday on upbeat China-US trade news, while the pound hit yet another 20-month low as British Prime Minister Theresa May faces a no-confidence vote.

Global stock markets rallied Wednesday on upbeat China-US trade news, while the pound hit yet another 20-month low as British Prime Minister Theresa May faces a no-confidence vote. Oil prices jumped one dollar as volatility continued to grip world crude markets. A flurry of positive developments in the tariffs stand-off between the world's top economies provided early Christmas cheer on trading floors, fuelling hopes an all-out trade war can be avoided. In afternoon deals, Frankfurt fizzed 0.9 per cent higher, London won 1.1 per cent and Paris added 1.6 per cent. The positivity spilled over from Asia, where Tokyo ended 2.2 per cent higher and Shanghai rose 0.3 per cent, while Hong Kong jumped 1.6 per cent. "The equity markets are taking encouragement from recent reports of a potential truce in the US-China trade dispute," noted VTB Capital analyst Neil MacKinnon. Canada on Tuesday released on bail Meng Wanzhou, chief financial officer (CFO) at Chinese telecoms giant Huawei, whose arrest last week sparked fury in Beijing and worries about a truce agreed at the G20 by Donald Trump and Xi Jinping this month. Providing some extra support to the news of Meng's release was an interview in which Trump said he could intervene in the case if it helps seal a trade pact with China, adding: "Whatever's good for this country, I would do." China added to market-friendly noise by saying it had agreed to cut tariffs on US autos to 15 per cent from 40 per cent -- wiping out a levy imposed earlier this year in response to US measures. Investors welcomed the headlines but sounded a note of caution. "Newsflow regarding developments in the US-China trade dispute has been notoriously erratic and positive news can quickly give way to negative news," added MacKinnon. May no-confidence vote The British pound meanwhile ducked as low as $1.2478 -- a level last seen in April 2017 -- in a torrid week for the Brexit-hit currency. The latest low came as the head of a Conservative Party committee in charge of organising leadership challenges announced that May would Wednesday face a no-confidence vote over her Brexit negotiations. The weak pound boosts London-listed multinationals whose earnings abroad are converted back into sterling, handing a fillip to the FTSE 100 shares index. The news came after May had delayed Tuesday's parliamentary vote on her EU divorce agreement to avert a crushing defeat. In midday deals, sterling clawed background to stand at $1.2534, up from $1.2487 late on Tuesday. "So far sterling has played the waiting game in regards to the impending vote of no-confidence in Theresa May," noted Spreadex analyst Connor Campbell. "If the prime minister comes out the other side with her job intact, then it takes one of the many uncertainties that have swirled around UK politics for the last few months off the table. "If she loses, on the other hand, then well, the pound's likely going to have a very unpleasant run-in to Christmas."

World stocks rally on China-US trade; pound slides on UK turmoil

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong.&nbsp;

Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.&nbsp;

"I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said.

Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.&nbsp;

 
&nbsp;

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases. "I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said. Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.

Appointment of Shaktikanta Das as RBI Governor is wrong: Subramanian Swamy

Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.

The government moved swiftly to appoint ex-finance ministry official Shaktikanta Das as Reserve Bank of India governor on Tuesday, just a day after Urjit Patel resigned from the post, following months of clashes with the government over lending curbs and how to deploy the central bank's surplus reserves.

Both the broader NSE index and the benchmark BSE Sensex ended 1.79 per cent firmer. The NSE Nifty settled at 10,737.6, while the Sensex clocked out at 35,779.07.

Shares of Housing Development Finance Corporation Ltd rose 1.8 per cent, while those of Hero MotoCorp Ltd climbed 7.2 per cent to its best close in three months. The Nifty Auto Index ended 3.6 per cent higher.

Bharti Airtel Ltd's stock surged as much as 7.2 per cent in the last few minutes of trade, before settling 5.3 per cent higher.

Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.

Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending. The government moved swiftly to appoint ex-finance ministry official Shaktikanta Das as Reserve Bank of India governor on Tuesday, just a day after Urjit Patel resigned from the post, following months of clashes with the government over lending curbs and how to deploy the central bank's surplus reserves. Both the broader NSE index and the benchmark BSE Sensex ended 1.79 per cent firmer. The NSE Nifty settled at 10,737.6, while the Sensex clocked out at 35,779.07. Shares of Housing Development Finance Corporation Ltd rose 1.8 per cent, while those of Hero MotoCorp Ltd climbed 7.2 per cent to its best close in three months. The Nifty Auto Index ended 3.6 per cent higher. Bharti Airtel Ltd's stock surged as much as 7.2 per cent in the last few minutes of trade, before settling 5.3 per cent higher.

Nifty, Sensex end higher after swift change of guard at RBI

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

"The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day.

"As a result of known actions that are under our control, we expect to achieve at least a 10 per cent return on tangible equity in 2019."

Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.

Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 per cent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam. "The actions taken during the restructuring mean the bank is now more resilient in the face of market turbulence," Thiam said in a statement ahead of the bank's investor day. "As a result of known actions that are under our control, we expect to achieve at least a 10 per cent return on tangible equity in 2019." Switzerland's second-biggest bank last year announced new 2019 and 2020 yield targets and a plan to distribute half of net profit to shareholders primarily through share buybacks or special dividends, saying it had made strong progress in its ambitions to become a leading wealth manager with strong investment banking capabilities.

Credit Suisse announces 1-1.5 billion share buyback

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy.

Kumar further said although Patel has done an amazing work in the last two years as RBI Governor, the functioning of the central bank is not dependent on any particular individual.

"RBI's institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that you know, the business will continue," Kumar said in New Delhi on Tuesday.

Patel, who had a run-in with the government over autonomy of the central bank, resigned as RBI governor on Monday, citing personal reasons.

The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual.

"Patel has done an amazing work in the last two years...But RBI is not dependent on any one particular individual," Kumar said.

Commenting of weakening of the rupee after Patel's resignation, Kumar said: "The government also, I am sure, is seized of the matter and will take care whichever way it's possible."

The rupee on Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy.

A day after Urjit Patel resigned as RBI Governor, Niti Aayog Vice Chairman Rajiv Kumar said the central bank's institutional capabilities are 'very strong' and it will do whatever is required for the markets and economy. Kumar further said although Patel has done an amazing work in the last two years as RBI Governor, the functioning of the central bank is not dependent on any particular individual. "RBI's institutional capabilities are very strong and they will do whatever is required for the markets and economy. The fact is that RBI itself is such a professional institution, and such a long-standing institution that you know, the business will continue," Kumar said in New Delhi on Tuesday. Patel, who had a run-in with the government over autonomy of the central bank, resigned as RBI governor on Monday, citing personal reasons. The Niti Aayog vice chairman also assured that the government will do whatever is required to continue its business as usual. "Patel has done an amazing work in the last two years...But RBI is not dependent on any one particular individual," Kumar said. Commenting of weakening of the rupee after Patel's resignation, Kumar said: "The government also, I am sure, is seized of the matter and will take care whichever way it's possible." The rupee on Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

RBI's institutional capabilities very strong: Niti Aayog's Rajiv Kumar on Urjit Patel's exit

<a href="http://www.wionews.com/business-economy/gold-rate-stablizes-post-five-month-peak-on-easing-rate-hike-view-182800">Gold prices</a> edged higher on Tuesday, supported by hopes that the US&nbsp;Federal Reserve could pause its rate hike cycle sooner than expected and as the dollar slipped after the previous session's rally.

Spot gold was up 0.2 per cent at $1,246.62 per ounce, as of 0430 GMT. It touched its highest in nearly five months at $1,250.55 in the prior session.

US&nbsp;gold futures were 0.2 per cent higher at $1,251.4 per ounce.

"Weakening US&nbsp;dollar outlook and very dovish pivots from the Fed, a lot of uncertainty boxed around equity markets... It can still turn quite negative, so this is why gold remains a good hedge against a lot of market risks," said Stephen Innes, APAC trading head at OANDA in Singapore.

"I am very bullish on gold in this setup into 2019."

The dollar index, a measure of the greenback's strength versus a group of six major peers, edged lower after rallying in the previous session as a vote on Brexit deal was postponed.

Investors are now focused on the US&nbsp;Federal Reserve's December 18-19 policy meeting for clues on future rate hikes.

The Fed's plans to continue raising interest rates next year were met with more scepticism on Wall Street on Monday, with futures traders betting on a pause and one major bank partially walking back a hawkish prediction.

"Markets still see an increase in December but even one further hike in 2019 is now being questioned whereas two of them were fully priced in just a month ago," said Ilya Spivak, a currency strategist for DailyFX.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar.

"Technically, the break of $1,250 will be very significant... $1,250 is a very key point and on the bottom, it's $1,240," OANDA's Innes said.

Meanwhile, hedge funds and money managers trimmed their net short positions in Comex gold and silver contracts in the week to December 4, the US&nbsp;Commodity Futures Trading Commission (CFTC) said on Monday.

Among other precious metals, spot silver was up 0.3 per cent at $14.57 per ounce, while palladium rose 0.3 per cent to $1,221.35.

Platinum was down 0.4 per cent at $782.10 per ounce. Prices had slipped to their lowest since Sept. 10 at $773.50 in the previous session.

Gold prices edged higher on Tuesday, supported by hopes that the US Federal Reserve could pause its rate hike cycle sooner than expected and as the dollar slipped after the previous session's rally.

Gold prices edged higher on Tuesday, supported by hopes that the US Federal Reserve could pause its rate hike cycle sooner than expected and as the dollar slipped after the previous session's rally. Spot gold was up 0.2 per cent at $1,246.62 per ounce, as of 0430 GMT. It touched its highest in nearly five months at $1,250.55 in the prior session. US gold futures were 0.2 per cent higher at $1,251.4 per ounce. "Weakening US dollar outlook and very dovish pivots from the Fed, a lot of uncertainty boxed around equity markets... It can still turn quite negative, so this is why gold remains a good hedge against a lot of market risks," said Stephen Innes, APAC trading head at OANDA in Singapore. "I am very bullish on gold in this setup into 2019." The dollar index, a measure of the greenback's strength versus a group of six major peers, edged lower after rallying in the previous session as a vote on Brexit deal was postponed. Investors are now focused on the US Federal Reserve's December 18-19 policy meeting for clues on future rate hikes. The Fed's plans to continue raising interest rates next year were met with more scepticism on Wall Street on Monday, with futures traders betting on a pause and one major bank partially walking back a hawkish prediction. "Markets still see an increase in December but even one further hike in 2019 is now being questioned whereas two of them were fully priced in just a month ago," said Ilya Spivak, a currency strategist for DailyFX. Lower interest rates reduce the opportunity cost of holding non-yielding bullion and weigh on the dollar. "Technically, the break of $1,250 will be very significant... $1,250 is a very key point and on the bottom, it's $1,240," OANDA's Innes said. Meanwhile, hedge funds and money managers trimmed their net short positions in Comex gold and silver contracts in the week to December 4, the US Commodity Futures Trading Commission (CFTC) said on Monday. Among other precious metals, spot silver was up 0.3 per cent at $14.57 per ounce, while palladium rose 0.3 per cent to $1,221.35. Platinum was down 0.4 per cent at $782.10 per ounce. Prices had slipped to their lowest since Sept. 10 at $773.50 in the previous session.

Gold prices inch higher as dollar softens

The Indian rupee Tuesday plunged by a significant <a href="http://www.wionews.com/business-economy/sensex-dives-500-points-over-urjit-patels-resignation-state-poll-trends-183068">110 paise in early trade as domestic </a>equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

Patel, who cited "personal reasons" for the decision that was effective immediately is the first governor since 1990, to step down before his term ends.

At the Interbank Foreign Exchange, the rupee opened weak at 72.42, showing a sharp plunge of 110 paise over its previous closing price.

On Monday, the Indian rupee tumbled 50 paise to close at 71.32 against the US dollar.

Besides, Patel's resignation, analysts attributed the fall in the domestic currency as a knee-jerk reaction to early state election trends that suggest a win for the opposition party in key states, ahead of the general election of 2019.

Forex traders said worries on the global trade war front, sharp sell-off in domestic equity market and rising crude prices also weighed on the domestic currency.

The Sensex opened over 500 points lower. It was trading 517.97 points, or 1.48 per cent, down at 34,441.75. In a similar movement, the NSE Nifty dropped below the 10,400 mark, slumping 144.05 points, or 1.37 per cent, to 10,344.40.

Crude oil prices surged ahead, after the OPEC has decided to cut production by 1.2 million bpd. The global benchmark, Brent crude oil was trading at USD 60.29 per barrel, higher by 0.53 per cent.

Meanwhile, foreign funds bought shares worth Rs116.22 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 145.80 crore Monday, provisional data showed.&nbsp;

The Indian rupee Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel.

The Indian rupee Tuesday plunged by a significant 110 paise in early trade as domestic equities saw heavy sell-off amid crucial state election results and the unexpected resignation of Reserve Bank Governor Urjit Patel. Patel, who cited "personal reasons" for the decision that was effective immediately is the first governor since 1990, to step down before his term ends. At the Interbank Foreign Exchange, the rupee opened weak at 72.42, showing a sharp plunge of 110 paise over its previous closing price. On Monday, the Indian rupee tumbled 50 paise to close at 71.32 against the US dollar. Besides, Patel's resignation, analysts attributed the fall in the domestic currency as a knee-jerk reaction to early state election trends that suggest a win for the opposition party in key states, ahead of the general election of 2019. Forex traders said worries on the global trade war front, sharp sell-off in domestic equity market and rising crude prices also weighed on the domestic currency. The Sensex opened over 500 points lower. It was trading 517.97 points, or 1.48 per cent, down at 34,441.75. In a similar movement, the NSE Nifty dropped below the 10,400 mark, slumping 144.05 points, or 1.37 per cent, to 10,344.40. Crude oil prices surged ahead, after the OPEC has decided to cut production by 1.2 million bpd. The global benchmark, Brent crude oil was trading at USD 60.29 per barrel, higher by 0.53 per cent. Meanwhile, foreign funds bought shares worth Rs116.22 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 145.80 crore Monday, provisional data showed.

Rupee plunges 110 paise against US dollar in early trade

The BSE Sensex opened <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">500 points down in early trade on </a>Tuesday after RBI governor Urjit Patel's resignation which was announced a day earlier. The NSE Nifty was also down losing 131 points.

The Sensex was at 34,458.86 with the Nifty at 10354.70.

The markets dived further as state polls leads began pouring in which showed the BJP trailing in big&nbsp;states in Rajasthan, Madhya Pradesh and Chhattisgarh.

On Monday, the Sensex had dived by 714 points on the back of "unfavourable" state exit poll results for the ruling BJP announced by various media agencies on Friday. It was the worst single-session fall for the benchmark BSE index since October 11.

The Sensex&nbsp;lost over 2 per cent, to close at 34,959.72 on Monday. Most stocks including realty, banking, metal, pharma, pharma and financial stocks ended in red.&nbsp;&nbsp; &nbsp;

The broader NSE Nifty too had fallen 205.25 points, or 1.92 per cent, to end at 10,488.45.

The rupee had also weakened against the US dollar in intra-day trade to hit 71.44 per due to fresh foreign fund outflows which further pulled down the markets.&nbsp;

The BSE Sensex opened 500 points down in early trade on Tuesday after RBI governor Urjit Patel's resignation which was announced a day earlier. The NSE Nifty was also down losing 131 points.

The BSE Sensex opened 500 points down in early trade on Tuesday after RBI governor Urjit Patel's resignation which was announced a day earlier. The NSE Nifty was also down losing 131 points. The Sensex was at 34,458.86 with the Nifty at 10354.70. The markets dived further as state polls leads began pouring in which showed the BJP trailing in big states in Rajasthan, Madhya Pradesh and Chhattisgarh. On Monday, the Sensex had dived by 714 points on the back of "unfavourable" state exit poll results for the ruling BJP announced by various media agencies on Friday. It was the worst single-session fall for the benchmark BSE index since October 11. The Sensex lost over 2 per cent, to close at 34,959.72 on Monday. Most stocks including realty, banking, metal, pharma, pharma and financial stocks ended in red. The broader NSE Nifty too had fallen 205.25 points, or 1.92 per cent, to end at 10,488.45. The rupee had also weakened against the US dollar in intra-day trade to hit 71.44 per due to fresh foreign fund outflows which further pulled down the markets.

Sensex dives 500 points over Urjit Patel's resignation, state poll trends

<a href="http://www.wionews.com/business-economy/oil-extends-gains-after-opec-led-group-seals-deal-to-cut-supply-182778">Oil prices</a> remained on shaky ground on Tuesday after sliding by 3 per cent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

US West Texas Intermediate (WTI) crude futures were at $51 per barrel at 0028 GMT, unchanged from their last close.

International Brent crude oil futures had yet to trade.

Crude prices dropped by 3 per cent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

"There remains a lot of uncertainty if the production cut is thick enough to make a significant dent in global supply," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

"The general risk-off tone in global markets and the stronger dollar ... are contributing to the selling pressure."

The OPEC-led group of oil producers last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.

Oil prices remained on shaky ground on Tuesday after sliding by 3 per cent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

Oil prices remained on shaky ground on Tuesday after sliding by 3 per cent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply. US West Texas Intermediate (WTI) crude futures were at $51 per barrel at 0028 GMT, unchanged from their last close. International Brent crude oil futures had yet to trade. Crude prices dropped by 3 per cent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia. Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang. "There remains a lot of uncertainty if the production cut is thick enough to make a significant dent in global supply," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. "The general risk-off tone in global markets and the stronger dollar ... are contributing to the selling pressure." The OPEC-led group of oil producers last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.

Oil prices on shaky ground amid global financial market worries

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure.

Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement.

Das, 61, is currently a member of the the finance commission, and one of India's serving G20 representatives. He was widely perceived to be a contender for the top job at the RBI after the exit of former governor Raghuram Rajan in 2016.

He previously served on the central bank's board. Das came under fire for his pro-demonetisation stance and he was the most visible and vocal bureaucrat at the time Modi withdrew the high-value bank notes in 2016.

Last year, Das criticised the methodology of global rating agencies and sought a sovereign rating upgrade. Das has worked extensively in the budget division under both Modi government and the previous coalition led by the Congress.

(With inputs from agencies)

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure. Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement.

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure. Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement. Das, 61, is currently a member of the the finance commission, and one of India's serving G20 representatives. He was widely perceived to be a contender for the top job at the RBI after the exit of former governor Raghuram Rajan in 2016. He previously served on the central bank's board. Das came under fire for his pro-demonetisation stance and he was the most visible and vocal bureaucrat at the time Modi withdrew the high-value bank notes in 2016. Last year, Das criticised the methodology of global rating agencies and sought a sovereign rating upgrade. Das has worked extensively in the budget division under both Modi government and the previous coalition led by the Congress. (With inputs from agencies)

Shaktikanta Das appointed new RBI governor after Urjit Patel's exit

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation.

The proposal is likely to be discussed at the <a href="http://www.wionews.com/business-economy/sebi-to-expand-ofs-framework-relax-fpi-investment-clubbing-norms-182608">Securities and Exchange Board of India</a>'s (Sebi) board meeting on Wednesday, officials said.

Under the proposal, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both securities and commodities, they added.

Current, regulation on the custodian of securities provide for the safekeeping of securities or gold or gold related instruments or title deeds of real estate and services incidental but do not provide for the safekeeping of goods, which are underlying assets of commodity derivatives.

To enable participation of institutional investors in the commodity derivatives market, it has been proposed to make necessary amendments in the custodian regulations so as to provide for requisite custodial services.

It has also been proposed that responsibility of custodians will not be limited to a holding of securities but would also include the holding of goods.

The proposal is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation. The proposal is likely to be discussed at the Securities and Exchange Board of India's (Sebi) board meeting on Wednesday, officials said.

Markets regulator Sebi plans to allow custodial services in the commodity derivatives market to enable institutional participation. The proposal is likely to be discussed at the Securities and Exchange Board of India's (Sebi) board meeting on Wednesday, officials said. Under the proposal, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both securities and commodities, they added. Current, regulation on the custodian of securities provide for the safekeeping of securities or gold or gold related instruments or title deeds of real estate and services incidental but do not provide for the safekeeping of goods, which are underlying assets of commodity derivatives. To enable participation of institutional investors in the commodity derivatives market, it has been proposed to make necessary amendments in the custodian regulations so as to provide for requisite custodial services. It has also been proposed that responsibility of custodians will not be limited to a holding of securities but would also include the holding of goods. The proposal is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.

SEBI plans to allow custodial services in commodity derivatives market

Google's CEO faces a grilling from US lawmakers on how the web search giant handled an alarming data breach and whether it may bend to Chinese government censorship demands.

<a href="https://www.wionews.com/world/google-walkout-effect-ceo-sundar-pichai-announces-revamped-sexual-harassment-policies-176406">CEO Sundar Pichai</a>'s appearance Tuesday before the House Judiciary Committee comes after he angered members of a Senate panel in September by declining their invitation to testify about foreign governments' manipulation of online services to sway US elections.&nbsp;

Pichai's no-show at that hearing was marked by an empty chair for Google alongside the <a href="http://www.wionews.com/world/australian-watchdog-calls-for-more-scrutiny-of-google-facebook-182777">Facebook</a> and Twitter executives.

Pichai went to Washington later in September to mend fences, meeting with some two dozen Republicans and indicating he also planned to meet with Democrats.&nbsp;

He took part last week in a White House meeting with other tech industry executives that focused mainly on getting government and businesses working more closely on accelerating emerging technologies such as artificial intelligence.

In October, Google announced it was shutting down its long-shunned Plus social network following its disclosure of a flaw discovered in March that could have exposed some personal information of as many as 500,000 people.&nbsp;

The company deliberately avoided disclosing the privacy lapse at the time, in part to avoid drawing regulators' scrutiny and damaging its reputation, according to a Wall Street Journal report citing anonymous individuals and documents. Lawmakers want Google to explain its failure to reveal the breach.

On Monday, the company said it was accelerating its plans to shutter Plus after discovering a privacy flaw that inadvertently exposed the names, email addresses, ages and other personal information of 52.5 million users last month. The service will now go dark in April instead of August, as previously announced.

"We work hard to ensure the integrity of our products, and we've put a number of checks and balances in place to ensure they continue to live up to our standards," Pichai said in his opening statement prepared for Tuesday's hearing.

Lawmakers are also concerned by recent reports that Google is poised to re-enter China with a search engine generating censored results to comply with the demands of that country's Communist government.

President Donald Trump has accused Google of rigging the results of its dominant search engine to suppress conservative viewpoints and highlight coverage from media that he says distribute "fake news." That's another area of potential questions to Pichai by committee members.

The company has denied any political bias, and there's no evidence of an anti-conservative tilt. Pichai said in his written testimony that "I lead this company without political bias and work to ensure that our products continue to operate that way. To do otherwise would go against our core principles and our business interests."&nbsp;

Google has good reason to communicate with lawmakers and policymakers and to seek to weigh in on thorny issues. Trump and some lawmakers have raised the possibility of asking regulators to investigate whether Google&nbsp;which handles nearly two of every three online searches in the US&nbsp;has abused its clout as a major gateway to the internet to stifle competition.

And momentum is building in Congress for legislation to put stricter limits and privacy protections around the big tech companies' collection of data. With the Democrats having captured control of the House in the midterm elections and poised to take over as the majority running the Judiciary Committee next month, tougher legislation could be in the offing.

Pichai, a former engineer, took the helm of Google in 2015 in a major restructuring that made Google a division of conglomerate Alphabet Inc.&nbsp;whose businesses include Waymo, a self-driving technology development company. Bolstering the dominance of its search engine, Google's Android operating system runs most of the world's smartphones and its other services including Gmail, YouTube, online ads and the Chrome web browser&nbsp;are widely used.

Google's CEO faces a grilling from US lawmakers on how the web search giant handled an alarming data breach and whether it may bend to Chinese government censorship demands.

Google's CEO faces a grilling from US lawmakers on how the web search giant handled an alarming data breach and whether it may bend to Chinese government censorship demands. CEO Sundar Pichai's appearance Tuesday before the House Judiciary Committee comes after he angered members of a Senate panel in September by declining their invitation to testify about foreign governments' manipulation of online services to sway US elections. Pichai's no-show at that hearing was marked by an empty chair for Google alongside the Facebook and Twitter executives. Pichai went to Washington later in September to mend fences, meeting with some two dozen Republicans and indicating he also planned to meet with Democrats. He took part last week in a White House meeting with other tech industry executives that focused mainly on getting government and businesses working more closely on accelerating emerging technologies such as artificial intelligence. In October, Google announced it was shutting down its long-shunned Plus social network following its disclosure of a flaw discovered in March that could have exposed some personal information of as many as 500,000 people. The company deliberately avoided disclosing the privacy lapse at the time, in part to avoid drawing regulators' scrutiny and damaging its reputation, according to a Wall Street Journal report citing anonymous individuals and documents. Lawmakers want Google to explain its failure to reveal the breach. On Monday, the company said it was accelerating its plans to shutter Plus after discovering a privacy flaw that inadvertently exposed the names, email addresses, ages and other personal information of 52.5 million users last month. The service will now go dark in April instead of August, as previously announced. "We work hard to ensure the integrity of our products, and we've put a number of checks and balances in place to ensure they continue to live up to our standards," Pichai said in his opening statement prepared for Tuesday's hearing. Lawmakers are also concerned by recent reports that Google is poised to re-enter China with a search engine generating censored results to comply with the demands of that country's Communist government. President Donald Trump has accused Google of rigging the results of its dominant search engine to suppress conservative viewpoints and highlight coverage from media that he says distribute "fake news." That's another area of potential questions to Pichai by committee members. The company has denied any political bias, and there's no evidence of an anti-conservative tilt. Pichai said in his written testimony that "I lead this company without political bias and work to ensure that our products continue to operate that way. To do otherwise would go against our core principles and our business interests." Google has good reason to communicate with lawmakers and policymakers and to seek to weigh in on thorny issues. Trump and some lawmakers have raised the possibility of asking regulators to investigate whether Google which handles nearly two of every three online searches in the US has abused its clout as a major gateway to the internet to stifle competition. And momentum is building in Congress for legislation to put stricter limits and privacy protections around the big tech companies' collection of data. With the Democrats having captured control of the House in the midterm elections and poised to take over as the majority running the Judiciary Committee next month, tougher legislation could be in the offing. Pichai, a former engineer, took the helm of Google in 2015 in a major restructuring that made Google a division of conglomerate Alphabet Inc. whose businesses include Waymo, a self-driving technology development company. Bolstering the dominance of its search engine, Google's Android operating system runs most of the world's smartphones and its other services including Gmail, YouTube, online ads and the Chrome web browser are widely used.

Google CEO Sundar Pichai faces House grilling on breach, China censorship

Indian markets on Tuesday regained the losses incurred during the day and ended higher.

The stock market regained composure towards the end of the session, with the Nifty closing 0.58 per cent higher at 10,549.15, while the benchmark Sensex ended 0.54 per cent firmer at 35,150.01, news agency Reuters reported.&nbsp;

While BSE Sensex registered over 130 points, Nifty went up at 10,532.90 points, 44.45 points higher during the late-afternoon trade.

Around 2.20pm, the Sensex traded at 35,095.26, up by 135.54 points or 0.39 per cent from the previous close of 34,959.72 points.&nbsp;

BSE Sensex opened at 34,584.13 and witnessed a low 34,426.29 points.

The sudden resignation of Urjit Patel as the RBI governor had caused significant losses to markets in early trade today.

Early election trends also affected the domestic market which showed the Bharatiya Janata Party in a tight race with the Congress in the three out of five states.

Indian markets on Tuesday regained the losses incurred during the day and ended higher. The stock market regained composure towards the end of the session, with the Nifty closing 0.

Indian markets on Tuesday regained the losses incurred during the day and ended higher. The stock market regained composure towards the end of the session, with the Nifty closing 0.58 per cent higher at 10,549.15, while the benchmark Sensex ended 0.54 per cent firmer at 35,150.01, news agency Reuters reported. While BSE Sensex registered over 130 points, Nifty went up at 10,532.90 points, 44.45 points higher during the late-afternoon trade. Around 2.20pm, the Sensex traded at 35,095.26, up by 135.54 points or 0.39 per cent from the previous close of 34,959.72 points. BSE Sensex opened at 34,584.13 and witnessed a low 34,426.29 points. The sudden resignation of Urjit Patel as the RBI governor had caused significant losses to markets in early trade today. Early election trends also affected the domestic market which showed the Bharatiya Janata Party in a tight race with the Congress in the three out of five states.

Markets end in green, Sensex closes 0.54% firmer

Country's largest lender State Bank of India (SBI) Tuesday said <a href="http://www.wionews.com/india-news/uk-judge-critical-of-indian-banks-in-mallya-extradition-case-183086">extradition of fugitive liquor baron Vijay Mallya from the UK</a> to India will speed up the recovery of over Rs 9,000 crore of loans.

In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition.

"It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default and run away from the country," SBI chairman Rajnish Kumar told reporters here.

He said Mallya's extradition will have a deep impact on the overall lender and borrower relationship.

"Lending is an important business for both lenders and borrowers as we need investment in the country. But the message is that you have to do clean banking and you have to be very careful about what is the purpose of the money lent," said Kumar.

The 62-year-old former boss of now defunct Kingfisher Airlines fled to the UK in March 2016. Mallya has been fighting a legal battle against his extradition to India, claiming that he has been falsely dubbed as a defaulter by politicians and media.

In a recent tweet, Mallya had offered to pay back the full amount of the principal loan he owed to multiple banks.

"The most important point is the public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, WHY (sic)," Mallya had said in his tweet.

However, Kumar said the bank has not received any formal offer from Mallya for settlement of loans.

"SBI is the lead consortium (to loans given to Kingfisher Airlines), and, as of date, we don't have any offer on our table," he said.

Kumar further said with Mallya's extradition, the process to extradite Nirav Modi and Mehul Chowksi, wanted in the biggest-ever banking fraud of over Rs 13,000 crore at state-run Punjab National Bank, will also pick up pace.

When asked for his response on the surprise resignation of Reserve Bank of India (RBI) governor Urjit Patel, Kumar said, "That is one question which I am not answering."

Patel unexpectedly resigned Monday citing 'personal reasons', amid rift between the central bank and government.

To a query on whether he sees any relaxation in RBI's February 12 circular on one-day default norms post resignation of Patel, he said, "I don't know whether there will be relaxation or no relaxation. It is very difficult to predict."

On the issue of resolution of stressed power companies, Kumar said he expects resolution in six to seven firms.

On the issue of promoter's holding in a bank, he said a wider ownership is always preferred.

"It is a good thing for Indian financial system to have a diversified ownership rather than a concentrated ownership," said Kumar.&nbsp;

Country's largest lender State Bank of India (SBI) Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans.

Country's largest lender State Bank of India (SBI) Tuesday said extradition of fugitive liquor baron Vijay Mallya from the UK to India will speed up the recovery of over Rs 9,000 crore of loans. In a major boost to India's efforts to bring back Mallya, who is wanted for loan default worth around Rs 9,000 crore to a consortium of 13 banks led by SBI, a UK court Monday ordered his extradition. "It (higher recovery of loans) is a possibility. The message is very loud and clear. What we have to understand is that it (extradition) is a message that you just can't default and run away from the country," SBI chairman Rajnish Kumar told reporters here. He said Mallya's extradition will have a deep impact on the overall lender and borrower relationship. "Lending is an important business for both lenders and borrowers as we need investment in the country. But the message is that you have to do clean banking and you have to be very careful about what is the purpose of the money lent," said Kumar. The 62-year-old former boss of now defunct Kingfisher Airlines fled to the UK in March 2016. Mallya has been fighting a legal battle against his extradition to India, claiming that he has been falsely dubbed as a defaulter by politicians and media. In a recent tweet, Mallya had offered to pay back the full amount of the principal loan he owed to multiple banks. "The most important point is the public money and I am offering to pay 100 per cent back. I humbly request the banks and government to take it. If payback refused, WHY (sic)," Mallya had said in his tweet. However, Kumar said the bank has not received any formal offer from Mallya for settlement of loans. "SBI is the lead consortium (to loans given to Kingfisher Airlines), and, as of date, we don't have any offer on our table," he said. Kumar further said with Mallya's extradition, the process to extradite Nirav Modi and Mehul Chowksi, wanted in the biggest-ever banking fraud of over Rs 13,000 crore at state-run Punjab National Bank, will also pick up pace. When asked for his response on the surprise resignation of Reserve Bank of India (RBI) governor Urjit Patel, Kumar said, "That is one question which I am not answering." Patel unexpectedly resigned Monday citing 'personal reasons', amid rift between the central bank and government. To a query on whether he sees any relaxation in RBI's February 12 circular on one-day default norms post resignation of Patel, he said, "I don't know whether there will be relaxation or no relaxation. It is very difficult to predict." On the issue of resolution of stressed power companies, Kumar said he expects resolution in six to seven firms. On the issue of promoter's holding in a bank, he said a wider ownership is always preferred. "It is a good thing for Indian financial system to have a diversified ownership rather than a concentrated ownership," said Kumar.

Mallya extradition to speed up loan recovery process: SBI

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued.

Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel's unexpected resignation late on Monday, which shocked many investors.

"Patel's resignation bodes poorly for macroeconomic and financial stability in India," Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday.

The Nifty tumbled as much as 1.47 per cent, but at 0752 GMT was up 0.5 per cent.

The rupee had dropped 1.5 per cent to a one-month low of 72.4625 per dollar in early trade, but pared most losses to be 71.76 versus its previous close of 71.35.

It touched the day's high of 71.68 with some dollar-selling intervention by state-run banks on behalf of the RBI also helping.

The benchmark 10-year bond yield was down 7 basis points on the day at 7.52 per cent after initially rising as high as 7.71 per cent.

"Today's reaction by the markets is surprising to some, but it's a classic 'buy the rumour, sell the news' reaction. The news is already in the market price," said Saurabh Jain, assistant vice-president, research, at SMC Global Securities in New Delhi.

Patel's resignation came after a month-long tussle over policy with the government that has raised concerns about the central bank's independence as a national election nears.

Government officials had been pressuring the RBI to allow some public sector banks laden with bad debt to lend more easily, and pushed for the central bank to hand over some of its surplus reserves to help fund the fiscal deficit.

ELEVATED VOLATILITY?

"Though both parties have valid arguments on their points of view, the sudden resignation raises questions on whether the Indian government is trying to restrain public institutions and undermine RBI's independence," said Anuja Munde, portfolio manager at Nikko Asset Management in Singapore.

"This resignation, along with political uncertainty, will keep the market volatility elevated in the run-up to the 2019 general elections."

But after early Tuesday tumble in the wake of Patel's resignation, and as election results from three Indian states came in, the market changed course.

A senior trader at a large state-run bank said they had been buying debt as all negative news that had been feared has been delivered.

"Now we have to look forward. Markets are now being governed by macro fundamentals which look good as oil is stable and no rate hikes are expected any time soon."

The ruling Bhartiya Janata Party (BJP) could lose power in the three key states, four TV networks said on Tuesday, citing votecount leads, potentially handing Prime Minister Narendra Modi his biggest defeat since he took office in 2014, and months ahead of a general election.

Still, some analysts thought the results would be worse for Modi and BJP.

"Uncertainty from the elections seem to be behind us now. If it had been a whitewash, with high margins of defeat for the BJP, then markets would have been under more pressure," said S Krishnakumar, chief investment officer for equities at Sundaram Asset Management in Chennai.

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued.

Indian markets recouped sharp early losses by mid-morning on Tuesday as election results in three states were not as poor for the ruling party as some expected, but anxiety about the central bank governor's resignation kept sentiment subdued. Markets initially plunged in reaction to Reserve Bank of India Governor Urjit Patel's unexpected resignation late on Monday, which shocked many investors. "Patel's resignation bodes poorly for macroeconomic and financial stability in India," Fitch Solutions Macro Research, a unit of Fitch Group, said in a note on Tuesday. The Nifty tumbled as much as 1.47 per cent, but at 0752 GMT was up 0.5 per cent. The rupee had dropped 1.5 per cent to a one-month low of 72.4625 per dollar in early trade, but pared most losses to be 71.76 versus its previous close of 71.35. It touched the day's high of 71.68 with some dollar-selling intervention by state-run banks on behalf of the RBI also helping. The benchmark 10-year bond yield was down 7 basis points on the day at 7.52 per cent after initially rising as high as 7.71 per cent. "Today's reaction by the markets is surprising to some, but it's a classic 'buy the rumour, sell the news' reaction. The news is already in the market price," said Saurabh Jain, assistant vice-president, research, at SMC Global Securities in New Delhi. Patel's resignation came after a month-long tussle over policy with the government that has raised concerns about the central bank's independence as a national election nears. Government officials had been pressuring the RBI to allow some public sector banks laden with bad debt to lend more easily, and pushed for the central bank to hand over some of its surplus reserves to help fund the fiscal deficit. ELEVATED VOLATILITY? "Though both parties have valid arguments on their points of view, the sudden resignation raises questions on whether the Indian government is trying to restrain public institutions and undermine RBI's independence," said Anuja Munde, portfolio manager at Nikko Asset Management in Singapore. "This resignation, along with political uncertainty, will keep the market volatility elevated in the run-up to the 2019 general elections." But after early Tuesday tumble in the wake of Patel's resignation, and as election results from three Indian states came in, the market changed course. A senior trader at a large state-run bank said they had been buying debt as all negative news that had been feared has been delivered. "Now we have to look forward. Markets are now being governed by macro fundamentals which look good as oil is stable and no rate hikes are expected any time soon." The ruling Bhartiya Janata Party (BJP) could lose power in the three key states, four TV networks said on Tuesday, citing votecount leads, potentially handing Prime Minister Narendra Modi his biggest defeat since he took office in 2014, and months ahead of a general election. Still, some analysts thought the results would be worse for Modi and BJP. "Uncertainty from the elections seem to be behind us now. If it had been a whitewash, with high margins of defeat for the BJP, then markets would have been under more pressure," said S Krishnakumar, chief investment officer for equities at Sundaram Asset Management in Chennai.

Markets stage sharp recovery after early slide, aided by state election results

Gold prices held steady near a five-month peak hit early on Monday, supported by a disappointing US&nbsp;jobs report that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected.

Spot gold was up 0.1 per cent at $1,248.96 per ounce, as of 0432 GMT, after hitting its highest since July 11 at $1,250.55 earlier in the session.

US&nbsp;gold futures rose 0.1 per cent to $1,254.2 per ounce.

US&nbsp;non-farm payrolls increased by 155,000 jobs last month, below economists' median forecast of 200,000 jobs and the wage increase was softer than expected.

Some Fed policymakers have struck a cautious tone about the economic outlook, possibly flagging a turning point in its monetary policy.

Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on US&nbsp;yields and the dollar, in which gold is priced.

"There is also some safe-haven demand coming back in gold," said Argonaut Securities analyst Helen Lau.

The dollar slipped against the yen and the euro, while global stocks extended their slump on worries over slowing growth and fears that a fresh flare-up in tensions between US&nbsp;and China could quash chances of a trade deal.

"A number of tailwinds are in place for it (gold) to move significantly higher during the month including falling US interest rates, a declining or at least a stalling dollar, wobbly US&nbsp;equity markets," INTL FCStone analyst Edward Meir said in a note.

"Over the course of December, we see prices trading between $1,230-$1,285 per ounce."

Meanwhile, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.20 per cent to 759.73 tonnes on Friday.

Spot gold may rise into a range of $1,258-$1,266 per ounce, as it has broken a resistance at $1,245, according to Reuters technical analyst Wang Tao.

Among other precious metals, spot silver was down 0.2 per cent at $14.59 per ounce, while palladium slipped 0.6 per cent to $1,217.10.

Platinum fell 0.3 to $787.80 per ounce. Prices had slipped to their lowest level since September&nbsp;12 to $779 in the previous session.

Gold prices held steady near a five-month peak hit early on Monday, supported by a disappointing US jobs report that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected.

Gold prices held steady near a five-month peak hit early on Monday, supported by a disappointing US jobs report that fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected. Spot gold was up 0.1 per cent at $1,248.96 per ounce, as of 0432 GMT, after hitting its highest since July 11 at $1,250.55 earlier in the session. US gold futures rose 0.1 per cent to $1,254.2 per ounce. US non-farm payrolls increased by 155,000 jobs last month, below economists' median forecast of 200,000 jobs and the wage increase was softer than expected. Some Fed policymakers have struck a cautious tone about the economic outlook, possibly flagging a turning point in its monetary policy. Gold tends to gain when rate hike expectations recede because lower rates reduce the opportunity cost of holding non-yielding bullion. Lower interest rates also tend to weigh on US yields and the dollar, in which gold is priced. "There is also some safe-haven demand coming back in gold," said Argonaut Securities analyst Helen Lau. The dollar slipped against the yen and the euro, while global stocks extended their slump on worries over slowing growth and fears that a fresh flare-up in tensions between US and China could quash chances of a trade deal. "A number of tailwinds are in place for it (gold) to move significantly higher during the month including falling US interest rates, a declining or at least a stalling dollar, wobbly US equity markets," INTL FCStone analyst Edward Meir said in a note. "Over the course of December, we see prices trading between $1,230-$1,285 per ounce." Meanwhile, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.20 per cent to 759.73 tonnes on Friday. Spot gold may rise into a range of $1,258-$1,266 per ounce, as it has broken a resistance at $1,245, according to Reuters technical analyst Wang Tao. Among other precious metals, spot silver was down 0.2 per cent at $14.59 per ounce, while palladium slipped 0.6 per cent to $1,217.10. Platinum fell 0.3 to $787.80 per ounce. Prices had slipped to their lowest level since September 12 to $779 in the previous session.

Gold rate stabilizes post five-month peak on easing rate hike view

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas.

Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee.

The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close.

On Friday, the domestic currency recuperated by 8 paise to close at 70.82 against the US dollar.

Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. 
The 30-share BSE Sensex plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in the opening session.

Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.

Energy ministers reached the deal, which takes effect from January 1 but has already sent prices surging on oil markets, after two days of talks at Opec headquarters in Vienna.

Brent crude, the international benchmark, was trading 0.68 per cent up at USD 62.09 per barrel.

Meanwhile, foreign funds pulled out Rs 817.40 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 242.56 crore Friday, provisional data showed.&nbsp;

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas.

The rupee depreciated 59 paise to 71.40 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening US dollar against some currencies overseas. Forex traders said besides increased demand of the US currency from importers, the dollar's strength against some currencies overseas weighed on the rupee. The rupee opened lower at 71.28 against the dollar and dropped further to 71.41, 59 paise down over its previous close. On Friday, the domestic currency recuperated by 8 paise to close at 70.82 against the US dollar. Traders said a lower opening in the domestic equity market, rising crude prices and foreign fund outflows put additional pressure on the local unit. The 30-share BSE Sensex plummeted 551.74 points, or 1.55 per cent, to 35,121.51 in the opening session. Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. Energy ministers reached the deal, which takes effect from January 1 but has already sent prices surging on oil markets, after two days of talks at Opec headquarters in Vienna. Brent crude, the international benchmark, was trading 0.68 per cent up at USD 62.09 per barrel. Meanwhile, foreign funds pulled out Rs 817.40 crore from the capital markets on a net basis, while domestic institutional investors bought shares worth Rs 242.56 crore Friday, provisional data showed.

Rupee falls 59 paise to 71.40 against US dollar

Asian markets sank Monday as investors juggle a number of negative issues that have fuelled worries about the global outlook.

The China-US trade row, the Huawei crisis, signs of weakness in the Chinese and US economies, and<a href="http://www.wionews.com/world/may-says-brexit-deal-defeat-could-topple-uk-government-182705"> Brexit </a>are among the key matters depressing equities, though there was some upbeat news in <a href="http://www.wionews.com/opinions/saudi-arabia-is-allying-with-russia-to-shore-up-oil-prices-as-opecs-power-wanes-182621">OPEC</a>'s decision to slash crude production.

On Sunday, China summoned the US ambassador to protest at the<a href="http://www.wionews.com/world/china-says-us-should-withdraw-arrest-warrant-for-huawei-executive-182747"> arrest of top Huawei executive Meng Wanzhou</a> in Canada last week over allegations of fraud linked to the breaking of Iran sanctions.

An angry China has demanded Washington drop its extradition request, as investors fret that the arrest could throw a spanner in the works of a fragile trade war truce between Beijing and Washington.

"Huawei... will likely remain in the headlines for some time as China continues to pressure both Canada and US to withdraw charges," said Stephen Innes, head of Asia-Pacific trade at OANDA.

"It's more than apparent that US-China tensions are well beyond trade. And when combined with the fact 'tariffs-limbo' is likely to extend well into 2019, uncertainty is expected to remain high, and could still explode into a full-blown trade war."

Still, US Trade Representative Robert Lighthizer said he did not expect the arrest to disrupt the talks.

Lighthizer, the man leading trade negotiations with China, also said he did not expect to see an extension past the March 1 deadline for a deal between the world's top two economies.

Donald Trump and Xi Jinping agreed this month to a 90-day ceasefire in the multi-billion-dollar tariffs row that will allow officials to find a resolution. A threatened hike in levies on Chinese imports will be imposed if there is no agreement is reached.

Equity markets, which have been buffeted by the trade row this year&nbsp;and were hammered by the arrest last week were down on Monday, tracking heavy losses in New York.

Weak data&nbsp;

Shanghai fell 0.7 per cent, Hong Kong shed 1.7 per cent and Tokyo lost 2.3 per cent by the break. Sydney shed two per cent, Singapore gave up 1.3 per cent and Seoul gave up 1.1 per cent. There were also losses for Manila, Taipei and Wellington.

Adding to investor unease was Chinese data showing growth in exports and imports both slowed in November while factory inflation slowed indicating demand remains weak. Also, the trade surplus with the US a key point of irritation for Trump ballooned to a record last month despite the imposition of tariffs.

"Although the resumption of trade negotiations between China and the US may reduce the risk of further escalation of trade friction, China's domestic and external demand are under downward pressure," said China International Capital Corporation economist Liu Liu.

That came after the US on Friday said job creation slowed and came in a lot lower than expected, while the International Monetary Fund's top economist warned the world's top economy would see growth slow next year.

"Uncertainty about US-China relations couple with concerns about the health of the US economy is hurting risk assets across the board," said Innes. "Indeed, market sentiment remains fragile, and the US November employment report didn't precisely provide a rosy outlook for the health of the US economy."

Oil prices were boosted after OPEC and other key producers including Russia agreed at the weekend to cut output by 1.2 million barrels a day.

Russian Energy Minister Alexander Novak said the agreement "should help the market reach a balance" after prices plunged by about a third from their four-year highs seen at the start of October

The news lifted energy firms, with PetroChina jumping one per cent in Hong Kong and Inpex 0.8 per cent higher in Tokyo.

Attention is now on Tuesday's key vote in Westminster, where Prime Minister Theresa May is struggling to win over MPs to back her Brexit agreement.

There is talk that if she fails, her government will be toppled and the country could see another general election, fuelling further uncertainty.

Asian markets sank Monday as investors juggle a number of negative issues that have fuelled worries about the global outlook. The China-US trade row, the Huawei crisis, signs of weakness in the Chinese and US economies, and Brexit are among the key matters depressing equities, though there was some upbeat news in OPEC's decision to slash crude production.

Asian markets sank Monday as investors juggle a number of negative issues that have fuelled worries about the global outlook. The China-US trade row, the Huawei crisis, signs of weakness in the Chinese and US economies, and Brexit are among the key matters depressing equities, though there was some upbeat news in OPEC's decision to slash crude production. On Sunday, China summoned the US ambassador to protest at the arrest of top Huawei executive Meng Wanzhou in Canada last week over allegations of fraud linked to the breaking of Iran sanctions. An angry China has demanded Washington drop its extradition request, as investors fret that the arrest could throw a spanner in the works of a fragile trade war truce between Beijing and Washington. "Huawei... will likely remain in the headlines for some time as China continues to pressure both Canada and US to withdraw charges," said Stephen Innes, head of Asia-Pacific trade at OANDA. "It's more than apparent that US-China tensions are well beyond trade. And when combined with the fact 'tariffs-limbo' is likely to extend well into 2019, uncertainty is expected to remain high, and could still explode into a full-blown trade war." Still, US Trade Representative Robert Lighthizer said he did not expect the arrest to disrupt the talks. Lighthizer, the man leading trade negotiations with China, also said he did not expect to see an extension past the March 1 deadline for a deal between the world's top two economies. Donald Trump and Xi Jinping agreed this month to a 90-day ceasefire in the multi-billion-dollar tariffs row that will allow officials to find a resolution. A threatened hike in levies on Chinese imports will be imposed if there is no agreement is reached. Equity markets, which have been buffeted by the trade row this year and were hammered by the arrest last week were down on Monday, tracking heavy losses in New York. Weak data Shanghai fell 0.7 per cent, Hong Kong shed 1.7 per cent and Tokyo lost 2.3 per cent by the break. Sydney shed two per cent, Singapore gave up 1.3 per cent and Seoul gave up 1.1 per cent. There were also losses for Manila, Taipei and Wellington. Adding to investor unease was Chinese data showing growth in exports and imports both slowed in November while factory inflation slowed indicating demand remains weak. Also, the trade surplus with the US a key point of irritation for Trump ballooned to a record last month despite the imposition of tariffs. "Although the resumption of trade negotiations between China and the US may reduce the risk of further escalation of trade friction, China's domestic and external demand are under downward pressure," said China International Capital Corporation economist Liu Liu. That came after the US on Friday said job creation slowed and came in a lot lower than expected, while the International Monetary Fund's top economist warned the world's top economy would see growth slow next year. "Uncertainty about US-China relations couple with concerns about the health of the US economy is hurting risk assets across the board," said Innes. "Indeed, market sentiment remains fragile, and the US November employment report didn't precisely provide a rosy outlook for the health of the US economy." Oil prices were boosted after OPEC and other key producers including Russia agreed at the weekend to cut output by 1.2 million barrels a day. Russian Energy Minister Alexander Novak said the agreement "should help the market reach a balance" after prices plunged by about a third from their four-year highs seen at the start of October The news lifted energy firms, with PetroChina jumping one per cent in Hong Kong and Inpex 0.8 per cent higher in Tokyo. Attention is now on Tuesday's key vote in Westminster, where Prime Minister Theresa May is struggling to win over MPs to back her Brexit agreement. There is talk that if she fails, her government will be toppled and the country could see another general election, fuelling further uncertainty.

Asia markets tumble as dealers buffeted by negative issues

Indian stock, bond and foreign exchange markets are all likely to open lower on Tuesday after the shock resignation of the head of the Reserve Bank of India (RBI).

RBI Governor Urjit Patel said in a brief statement he had resigned for "personal reasons". He has clashed with the government over the central bank's independence, worrying investors in Indian markets, who will want to know who replaces him and the effect on monetary policy.

"Markets certainly will be concerned unless there is further clarification that comes through tonight," said R. Sivakumar, head of fixed income at Axis Mutual Fund.

Patel's departure comes at a critical time for Indian investors, just before a series of state elections on Tuesday, where the ruling Bharatiya Janata Party led by Narendra Modi may lose ground.

The central banker's resignation on Monday evening came after the majority of markets in India were closed, but futures contracts, which track the performance of asset classes outside of market hours, suggested significant declines were likely on Tuesday morning.

Indian rupee forwards tracking the performance of the currency against the dollar posted their biggest daily slump in more than five years on Monday.

The one-month contract was last quoted at 72.78 per dollar compared to a spot market rate of 71.35 per cent dollar.

Exchange-traded funds tracking Indian stock markets and listed in Europe fell by more than 5 per cent, suggesting India's stock market, which closed down by around 2 per cent, might fall by more than 3 per cent at the open on Tuesday.

The Swiss-listed Lyxor MSCI India UCITS ETF fell 5.5 per cent. Similar funds listed in Germany and France were down by around 4.5 per cent.

A 3.5 per cent decline for the MSCI India International index would be its biggest drop for more than two years.

Longer-term, the government will need to be cautious of outflows from overseas investors, according to Ajay Bagga, a stock market expert.

"A lot of communication will be needed to foreign institutional investors to give them confidence," he said.

Yields on India's benchmark 10-year government bonds, which move inversely to prices, rose to a high of 7.59 per cent after hours, according to quotes from some fixed income brokers in London, a rise of 1.6 per cent.

Indian stock, bond and foreign exchange markets are all likely to open lower on Tuesday after the shock resignation of the head of the Reserve Bank of India (RBI).

Indian stock, bond and foreign exchange markets are all likely to open lower on Tuesday after the shock resignation of the head of the Reserve Bank of India (RBI). RBI Governor Urjit Patel said in a brief statement he had resigned for "personal reasons". He has clashed with the government over the central bank's independence, worrying investors in Indian markets, who will want to know who replaces him and the effect on monetary policy. "Markets certainly will be concerned unless there is further clarification that comes through tonight," said R. Sivakumar, head of fixed income at Axis Mutual Fund. Patel's departure comes at a critical time for Indian investors, just before a series of state elections on Tuesday, where the ruling Bharatiya Janata Party led by Narendra Modi may lose ground. The central banker's resignation on Monday evening came after the majority of markets in India were closed, but futures contracts, which track the performance of asset classes outside of market hours, suggested significant declines were likely on Tuesday morning. Indian rupee forwards tracking the performance of the currency against the dollar posted their biggest daily slump in more than five years on Monday. The one-month contract was last quoted at 72.78 per dollar compared to a spot market rate of 71.35 per cent dollar. Exchange-traded funds tracking Indian stock markets and listed in Europe fell by more than 5 per cent, suggesting India's stock market, which closed down by around 2 per cent, might fall by more than 3 per cent at the open on Tuesday. The Swiss-listed Lyxor MSCI India UCITS ETF fell 5.5 per cent. Similar funds listed in Germany and France were down by around 4.5 per cent. A 3.5 per cent decline for the MSCI India International index would be its biggest drop for more than two years. Longer-term, the government will need to be cautious of outflows from overseas investors, according to Ajay Bagga, a stock market expert. "A lot of communication will be needed to foreign institutional investors to give them confidence," he said. Yields on India's benchmark 10-year government bonds, which move inversely to prices, rose to a high of 7.59 per cent after hours, according to quotes from some fixed income brokers in London, a rise of 1.6 per cent.

Markets likely to be rocked as RBI chief Urjit Patel quits

The benchmark BSE Sensex cracked over 650 points Monday as investors turned jittery over exit poll results ahead of the outcome of assembly election results of five states, weakening rupee and crude oil price rise amid an escalation in US-China trade tensions.

The results will be announced when ballots are counted on Tuesday.&nbsp;

The Sensex plunged 657 points to hit the day’s low at 35,016.08, while the Nifty is trading near the 10,500-level.&nbsp;

The exit polls Friday predicted a tight finish between the BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan.

Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices.

Meanwhile, the rupee fell sharply today to 71.23 a dollar as compared to Friday’s close of 70.82.

Equity markets in Asia plummeted in early morning trade following weak trends in the US equity futures market. Investors are said to be worried about US-China trade tensions coming at the forefront again. The arrest of Huawei CFO as well as fresh import tariff rhetoric by the White House is dragging the markets in Asia.

Reuters reported that White House trade adviser Peter Navarro’s has hinted at raising tariff rates on Chinese imports if the two countries could not come to an agreement during the 90-day negotiating period.

The benchmark BSE Sensex cracked over 650 points Monday as investors turned jittery over exit poll results ahead of the outcome of assembly election results of five states, weakening rupee and crude oil price rise amid an escalation in US-China trade tensions.

The benchmark BSE Sensex cracked over 650 points Monday as investors turned jittery over exit poll results ahead of the outcome of assembly election results of five states, weakening rupee and crude oil price rise amid an escalation in US-China trade tensions. The results will be announced when ballots are counted on Tuesday. The Sensex plunged 657 points to hit the day’s low at 35,016.08, while the Nifty is trading near the 10,500-level. The exit polls Friday predicted a tight finish between the BJP and the Congress in Madhya Pradesh and Chhattisgarh and a win for the opposition party in Rajasthan. Global crude oil prices rose after Opec members and 10 other oil producing nations agreed Friday to cut output by 1.2 million barrels a day in a bid to boost prices. Meanwhile, the rupee fell sharply today to 71.23 a dollar as compared to Friday’s close of 70.82. Equity markets in Asia plummeted in early morning trade following weak trends in the US equity futures market. Investors are said to be worried about US-China trade tensions coming at the forefront again. The arrest of Huawei CFO as well as fresh import tariff rhetoric by the White House is dragging the markets in Asia. Reuters reported that White House trade adviser Peter Navarro’s has hinted at raising tariff rates on Chinese imports if the two countries could not come to an agreement during the 90-day negotiating period.

Sensex slides 650 points on weak global cues, exit poll results; Nifty at 10,500

Oil prices rose on Monday, extending gains from Friday when <a href="http://www.wionews.com/opinions/saudi-arabia-is-allying-with-russia-to-shore-up-oil-prices-as-opecs-power-wanes-182621">producer club OPEC</a> and some non-affiliated producers agreed to a supply cut of 1.2 million barrels per day (bpd) from January.

Despite this, the outlook for next year remains muted on the back of an economic slowdown.

International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 per cent, from their last close.

Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group.

US West Texas Intermediate (WTI) crude futures were at $52.63 per barrel, up 2 cents, held back as the booming U.S. oil industry is not taking part in the announced cuts.

The OPEC-led supply curbs will be made from January, measured against October 2018 output levels.

"Our key conclusion is that oil prices will be well supported around the $70 per barrel level for 2019," analysts at Bernstein Energy said on Monday.

Despite the cuts, that was still a price forecast reduction of $6 per barrel as Bernstein reduced its crude oil demand forecast from 1.5 million bpd previously to 1.3 million bpd for 2019.

US bank Morgan Stanley said the cut was "likely sufficient to balance the market in 1H19 and prevent inventories from

building".

It added that it expected "Brent to reach $67.5 per barrel by 2Q19, down from $77.5 before."

Oil prices have been pulled down sharply since October by signs of an economic slowdown, with Brent losing almost 30 per cent in value.

Japan, the world's third biggest economy and No.4 oil consumer, on Monday revised its third-quarter GDP growth down to an annualised rate of -2.5 per cent, down from the initial estimate of -1.2 per cent.

Meanwhile, the two world's biggest economies, the United States and China, are locked in a trade war which is threatening to slow global growth and battering investor sentiment.

Despite the expectations of a slowdown, physical demand on the ground remains healthy.

China, the world's biggest oil importer, over the weekend reported an annualised 8.5 per cent jump in November crude imports, to 10.43 million bpd, marking the first time China imported more than 10 million bpd. That leaves the world's second-biggest economy on track to set yet another annual import record.

Strong demand is being driven by Chinese purchases for strategic reserves, but also by new refineries, triggering excess supply of fuels, filling up storage tanks and eroding refinery profits across Asia.

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed to a supply cut of 1.2 million barrels per day (bpd) from January.

Oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed to a supply cut of 1.2 million barrels per day (bpd) from January. Despite this, the outlook for next year remains muted on the back of an economic slowdown. International Brent crude oil futures were at $62.21 per barrel at 0218 GMT, up 54 cents, or 0.9 per cent, from their last close. Prices surged on Friday after the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia announced they would cut oil supply by 1.2 million bpd, with an 800,000 bpd reduction planned by OPEC-members and 400,000 bpd by countries not affiliated with the group. US West Texas Intermediate (WTI) crude futures were at $52.63 per barrel, up 2 cents, held back as the booming U.S. oil industry is not taking part in the announced cuts. The OPEC-led supply curbs will be made from January, measured against October 2018 output levels. "Our key conclusion is that oil prices will be well supported around the $70 per barrel level for 2019," analysts at Bernstein Energy said on Monday. Despite the cuts, that was still a price forecast reduction of $6 per barrel as Bernstein reduced its crude oil demand forecast from 1.5 million bpd previously to 1.3 million bpd for 2019. US bank Morgan Stanley said the cut was "likely sufficient to balance the market in 1H19 and prevent inventories from building". It added that it expected "Brent to reach $67.5 per barrel by 2Q19, down from $77.5 before." Oil prices have been pulled down sharply since October by signs of an economic slowdown, with Brent losing almost 30 per cent in value. Japan, the world's third biggest economy and No.4 oil consumer, on Monday revised its third-quarter GDP growth down to an annualised rate of -2.5 per cent, down from the initial estimate of -1.2 per cent. Meanwhile, the two world's biggest economies, the United States and China, are locked in a trade war which is threatening to slow global growth and battering investor sentiment. Despite the expectations of a slowdown, physical demand on the ground remains healthy. China, the world's biggest oil importer, over the weekend reported an annualised 8.5 per cent jump in November crude imports, to 10.43 million bpd, marking the first time China imported more than 10 million bpd. That leaves the world's second-biggest economy on track to set yet another annual import record. Strong demand is being driven by Chinese purchases for strategic reserves, but also by new refineries, triggering excess supply of fuels, filling up storage tanks and eroding refinery profits across Asia.

Oil extends gains after OPEC-led group seals deal to cut supply