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The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets.

The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.

Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members.

Meanwhile, Saudi Arabia's Oil Minister Khalid al Falih said Opec is looking for a "sufficient" cut in oil production to prop up plunging crude prices.

Forex traders said increasing demand for the greenback weighed on the domestic unit, which slipped below the 71 mark during the day.

After opening lower at 70.82, the rupee plunged to the day's low of 71.14 and finally settled for the day at 70.90, down 44 paise over its previous closing price.

On Wednesday, the rupee ticked higher by 3 paise to 70.46 against the US dollar.

"The US yield curve inverted signalling the possibility of a slowdown ahead for the US economy. Domestically, market participants remain concerned about election outcomes with state elections results due next week.

"These events were enough for investors to take money off the table and we witnessed a flight to quality as the INR weakened versus the dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.

Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues. The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15.

Foreign portfolio investors (FPIs) net bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 389.78 crore, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0371 and for rupee/euro at 80.5457. The reference rate for rupee/British pound was fixed at 90.2953 and for rupee/100 Japanese yen at 62.99.&nbsp;

The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets. The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations.

The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets. The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations. Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members. Meanwhile, Saudi Arabia's Oil Minister Khalid al Falih said Opec is looking for a "sufficient" cut in oil production to prop up plunging crude prices. Forex traders said increasing demand for the greenback weighed on the domestic unit, which slipped below the 71 mark during the day. After opening lower at 70.82, the rupee plunged to the day's low of 71.14 and finally settled for the day at 70.90, down 44 paise over its previous closing price. On Wednesday, the rupee ticked higher by 3 paise to 70.46 against the US dollar. "The US yield curve inverted signalling the possibility of a slowdown ahead for the US economy. Domestically, market participants remain concerned about election outcomes with state elections results due next week. "These events were enough for investors to take money off the table and we witnessed a flight to quality as the INR weakened versus the dollar," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues. The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15. Foreign portfolio investors (FPIs) net bought shares worth Rs 72.47 crore Thursday, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 389.78 crore, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 71.0371 and for rupee/euro at 80.5457. The reference rate for rupee/British pound was fixed at 90.2953 and for rupee/100 Japanese yen at 62.99.

Rupee drops 44 paise to 70.90 against dollar amid sharp sell-off in equities

The US trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high, suggesting the <a href="http://www.wionews.com/world/will-immediately-implement-measures-on-agricultural-products-energy-autos-china-181910">Trump administration</a>'s tariff-related measures to shrink the trade gap likely have been ineffective.

Other data on Thursday showed private employers hired fewer workers than expected in November, pointing to a moderation in the pace of job growth. That was reinforced by another report showing a small decline in the number of Americans filing claims for unemployment benefits last week.

The reports added to weak housing and business spending on equipment data in signalling a slowdown in economic growth. Concerns over the health of the economy have roiled financial markets in recent days.

The Commerce Department said the trade deficit increased 1.7 per cent to $55.5 billion, the highest level since October 2008. The trade gap has now widened for five straight months. Data for September was revised to show the deficit rising to $54.6 billion instead of the previously reported $54.0 billion.

The politically sensitive goods trade deficit with China surged 7.1 per cent to a record $43.1 billion in October.

The United States is locked in a bitter trade war with China. Washington has imposed tariffs on $250 billion worth of Chinese imports to force concessions on a list of demands that would change the terms of trade between the two countries.

China has responded with import tariffs on US goods, including soybeans. President Donald Trump has long railed against China's trade surplus with the United States and accuses Beijing of not playing fairly on trade.

In addition to the duties on Chinese goods, Washington has slapped tariffs on steel and aluminium imports into the United States this year. On Saturday, Trump and Chinese President Xi Jinping agreed to hold off on imposing more tariffs for 90 days while they negotiate a deal to end the trade dispute.

The truce appeared to be in doubt on Thursday following the arrest in Canada for extradition to the United States of Meng Wanzhou, the chief financial officer of Chinese technology giant Huawei Technologies Co Ltd and the daughter of its founder.

"We remain sceptical of a substantial trade deal," said Jake McRobie, a US economist at Oxford Economics in New York.

Economists polled by Reuters had forecast the overall trade deficit rising to $55.0 billion in October. When adjusted for inflation, the goods trade deficit increased to $87.9 billion in October from $87.2 billion in September. The so-called real trade deficit is above the average for the third quarter.

Trade subtracted 1.91 percentage points from GDP growth in the July-September quarter. Growth estimates for the fourth quarter are around a 2.8 per cent annualized rate. The economy grew at a 3.5 per cent pace in the third quarter.

US stocks were trading sharply lower as Wanzhou's arrest sparked fears of a flare-up in Sino-US tensions. Prices of US Treasuries were trading higher while the dollar was weaker against a basket of currencies. In October, exports of goods and services slipped 0.1 per cent to $211.0 billion. Soybean exports, which have been targeted by China in the trade dispute and have been dropping for the last several months, fell $0.8 billion. Exports of civilian aircraft and engines also fell.

But exports of petroleum and consumer goods were the highest on record. A strong dollar is probably restraining overall export growth.

IMPORTS HIT RECORD HIGH

Imports of goods and services rose 0.2 per cent to $266.5 billion, an all-time high. Consumer goods imports increased by $2.0 billion to a record high of $57.4 billion, boosted by a $1.5 billion jump in imports of pharmaceutical preparations.

Motor vehicle imports were the highest on record in October, as were imports of other goods.

Imports are being driven by strong domestic demand as well as the strong dollar, which is making the prices of imported goods cheaper, likely offsetting the impact of tariffs.

Separately on Thursday, the ADP National Employment Report showed private payrolls rose by 179,000 jobs in November after a downwardly revised increase of 225,000 in October.

Economists polled by Reuters had forecast private payrolls advancing 195,000 last month following a previously reported 227,000 increase in October.

The ADP report, which is jointly developed with Moody's Analytics, was published ahead of the government's more comprehensive employment report for November, which is scheduled for release on Friday.

According to a Reuters survey of economists, nonfarm payrolls likely increased by 200,000 in November after surging by 250,000 in October. The unemployment rate is forecast holding steady at near a 49-year low of 3.7 per cent.

Though the ADP report has a spotty record predicting the private payrolls component of the government's employment report, job growth could be slowing. Part of the cooling is likely because of a shortage of qualified workers.

In the third report on Thursday, the Labor Department said initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 231,000 for the week ended December 1.

Economists had forecast claims falling to 225,000 in the latest week. Claims had risen for three straight weeks, touching an eight-month high of 235,000 during the week ended November 24.

"There are distinct signs that the labour market has reached its peak," said Chris Rupkey, chief economist at MUFG in New York. "Job layoffs are increasing, which fits hand and glove with the uncertainty businesses are facing over tariffs, and the stock market turbulence may have also dented confidence as well for companies who may be trimming their staff just a little just in case."

A fourth report showed the Institute for Supply Management (ISM) said its non-manufacturing activity index rose 0.4 points to a reading of 60.7 last month. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of US economic activity.

But the ISM's employment measure fell 1.3 points last month, with employers in the construction industry reporting difficulties finding workers "due to lack of qualified talent."

The US trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high, suggesting the Trump administration's tariff-related measures to shrink the trade gap likely have been ineffective.

The US trade deficit jumped to a 10-year high in October as soybean exports dropped further and imports of consumer goods rose to a record high, suggesting the Trump administration's tariff-related measures to shrink the trade gap likely have been ineffective. Other data on Thursday showed private employers hired fewer workers than expected in November, pointing to a moderation in the pace of job growth. That was reinforced by another report showing a small decline in the number of Americans filing claims for unemployment benefits last week. The reports added to weak housing and business spending on equipment data in signalling a slowdown in economic growth. Concerns over the health of the economy have roiled financial markets in recent days. The Commerce Department said the trade deficit increased 1.7 per cent to $55.5 billion, the highest level since October 2008. The trade gap has now widened for five straight months. Data for September was revised to show the deficit rising to $54.6 billion instead of the previously reported $54.0 billion. The politically sensitive goods trade deficit with China surged 7.1 per cent to a record $43.1 billion in October. The United States is locked in a bitter trade war with China. Washington has imposed tariffs on $250 billion worth of Chinese imports to force concessions on a list of demands that would change the terms of trade between the two countries. China has responded with import tariffs on US goods, including soybeans. President Donald Trump has long railed against China's trade surplus with the United States and accuses Beijing of not playing fairly on trade. In addition to the duties on Chinese goods, Washington has slapped tariffs on steel and aluminium imports into the United States this year. On Saturday, Trump and Chinese President Xi Jinping agreed to hold off on imposing more tariffs for 90 days while they negotiate a deal to end the trade dispute. The truce appeared to be in doubt on Thursday following the arrest in Canada for extradition to the United States of Meng Wanzhou, the chief financial officer of Chinese technology giant Huawei Technologies Co Ltd and the daughter of its founder. "We remain sceptical of a substantial trade deal," said Jake McRobie, a US economist at Oxford Economics in New York. Economists polled by Reuters had forecast the overall trade deficit rising to $55.0 billion in October. When adjusted for inflation, the goods trade deficit increased to $87.9 billion in October from $87.2 billion in September. The so-called real trade deficit is above the average for the third quarter. Trade subtracted 1.91 percentage points from GDP growth in the July-September quarter. Growth estimates for the fourth quarter are around a 2.8 per cent annualized rate. The economy grew at a 3.5 per cent pace in the third quarter. US stocks were trading sharply lower as Wanzhou's arrest sparked fears of a flare-up in Sino-US tensions. Prices of US Treasuries were trading higher while the dollar was weaker against a basket of currencies. In October, exports of goods and services slipped 0.1 per cent to $211.0 billion. Soybean exports, which have been targeted by China in the trade dispute and have been dropping for the last several months, fell $0.8 billion. Exports of civilian aircraft and engines also fell. But exports of petroleum and consumer goods were the highest on record. A strong dollar is probably restraining overall export growth. IMPORTS HIT RECORD HIGH Imports of goods and services rose 0.2 per cent to $266.5 billion, an all-time high. Consumer goods imports increased by $2.0 billion to a record high of $57.4 billion, boosted by a $1.5 billion jump in imports of pharmaceutical preparations. Motor vehicle imports were the highest on record in October, as were imports of other goods. Imports are being driven by strong domestic demand as well as the strong dollar, which is making the prices of imported goods cheaper, likely offsetting the impact of tariffs. Separately on Thursday, the ADP National Employment Report showed private payrolls rose by 179,000 jobs in November after a downwardly revised increase of 225,000 in October. Economists polled by Reuters had forecast private payrolls advancing 195,000 last month following a previously reported 227,000 increase in October. The ADP report, which is jointly developed with Moody's Analytics, was published ahead of the government's more comprehensive employment report for November, which is scheduled for release on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 200,000 in November after surging by 250,000 in October. The unemployment rate is forecast holding steady at near a 49-year low of 3.7 per cent. Though the ADP report has a spotty record predicting the private payrolls component of the government's employment report, job growth could be slowing. Part of the cooling is likely because of a shortage of qualified workers. In the third report on Thursday, the Labor Department said initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 231,000 for the week ended December 1. Economists had forecast claims falling to 225,000 in the latest week. Claims had risen for three straight weeks, touching an eight-month high of 235,000 during the week ended November 24. "There are distinct signs that the labour market has reached its peak," said Chris Rupkey, chief economist at MUFG in New York. "Job layoffs are increasing, which fits hand and glove with the uncertainty businesses are facing over tariffs, and the stock market turbulence may have also dented confidence as well for companies who may be trimming their staff just a little just in case." A fourth report showed the Institute for Supply Management (ISM) said its non-manufacturing activity index rose 0.4 points to a reading of 60.7 last month. A reading above 50 indicates expansion in the sector, which accounts for more than two-thirds of US economic activity. But the ISM's employment measure fell 1.3 points last month, with employers in the construction industry reporting difficulties finding workers "due to lack of qualified talent."

US trade deficit hits 10-year high; job and economic growth slows down

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97 per cent, lower at 35,536.88 at 1000 hours.&nbsp;

Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade Thursday amid strengthening American currency and weak opening in the domestic equity market. Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened weak at Rs 70.82, then fell further to 71 against the American currency, down 54 paise over it's previous closing price. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed. Meanwhile, the 30-share Sensex was trading 347.53 points, or 0.97 per cent, lower at 35,536.88 at 1000 hours. Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel.

Rupee falls 54 paise, touches 71 level against US dollar

The BSE benchmark Sensex cracked over 300 points and the NSE Nifty fell below 10,700 in early trade Thursday on heavy selloff in metal and oil stocks ahead of the Opec meeting to discuss production policy, amid weakness in Asian equities.

Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41 on Wednesday.

In similar movement, the NSE Nifty was trading 94 points, or 0.87 per cent, lower at 10,688.90.

All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks.

Top losers include Vedanta, Bharti Airtel, Tata Steel, Yes Bank, Maruti, IndusInd Bank, ONGC, ICICI Bank, Tata Motors, Kotak Bank and NTPC, falling up to 3 per cent. 
While, gainers include Sun Pharma, PowerGrid and L&amp;T, rising up to 2 per cent.

Domestic investor sentiment was also weak after the Reserve Bank of India (RBI) Wednesday expectedly kept interest rates unchanged.

"From a market stand point, the expectation of a more accommodative view from RBI, in line with similar view on the US Fed rate trajectory was a disappointment, which explains the post-announcement volatility," said Dhananjay Sinha, Head of Research, Economist &amp; Strategist, Emkay Global Financial Services.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

The rupee, meanwhile, opened 33 paise lower at 70.79 against the US dollar in early trade.

Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was down 2.26 per cent, Japan's Nikkei fell 2.06 per cent and Shanghai Composite Index edged lower by 1.28 per cent in early trade.

Wall Street was closed for trade on Wednesday. The Dow Jones Industrial Average index cracked 799.36 points, or 3.10 per cent, to 25,027.07 on Tuesday.

The BSE benchmark Sensex cracked over 300 points and the NSE Nifty fell below 10,700 in early trade Thursday on heavy selloff in metal and oil stocks ahead of the Opec meeting to discuss production policy, amid weakness in Asian equities.

The BSE benchmark Sensex cracked over 300 points and the NSE Nifty fell below 10,700 in early trade Thursday on heavy selloff in metal and oil stocks ahead of the Opec meeting to discuss production policy, amid weakness in Asian equities. Global investor sentiment was weak as the chances of peaceful trade negotiations between the US and China dimmed on news that Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm. The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41 on Wednesday. In similar movement, the NSE Nifty was trading 94 points, or 0.87 per cent, lower at 10,688.90. All sectoral indices were trading with losses, led by metal, oil and gas, realty, FMCG, auto and banking stocks. Top losers include Vedanta, Bharti Airtel, Tata Steel, Yes Bank, Maruti, IndusInd Bank, ONGC, ICICI Bank, Tata Motors, Kotak Bank and NTPC, falling up to 3 per cent. While, gainers include Sun Pharma, PowerGrid and L&T, rising up to 2 per cent. Domestic investor sentiment was also weak after the Reserve Bank of India (RBI) Wednesday expectedly kept interest rates unchanged. "From a market stand point, the expectation of a more accommodative view from RBI, in line with similar view on the US Fed rate trajectory was a disappointment, which explains the post-announcement volatility," said Dhananjay Sinha, Head of Research, Economist & Strategist, Emkay Global Financial Services. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed. The rupee, meanwhile, opened 33 paise lower at 70.79 against the US dollar in early trade. Oil prices extended losses ahead of the meeting of Opec and non-Opec production companies. Brent crude, the international benchmark, was trading 0.83 per cent lower at US $61.05 per barrel. Elsewhere in Asia, Hong Kong's Hang Seng was down 2.26 per cent, Japan's Nikkei fell 2.06 per cent and Shanghai Composite Index edged lower by 1.28 per cent in early trade. Wall Street was closed for trade on Wednesday. The Dow Jones Industrial Average index cracked 799.36 points, or 3.10 per cent, to 25,027.07 on Tuesday.

Sensex cracks over 300 points, Nifty drops below 10,700

Shares across Asia plunged Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal.

As Donald Trump and Xi Jinping's tariffs ceasefire last weekend -- which sparked a one-day rally -- fades to a distant memory, investors are back in selling mood as they fret over a range of issues including the state of the world economy, oil prices and Brexit.

The chances of trade peace between the US and China took a blow Thursday as it emerged <a href="http://www.wionews.com/world/huawei-cfo-arrested-in-canada-faces-extradition-to-us-181757">Huawei chief financial officer Meng Wanzhou </a>had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

Meng is also the daughter of company founder Ren Zhengfei, a former Chinese People's Liberation Army engineer.

The company had been investigated by US intelligence, who deemed it a national security threat.

However, the arrest drew a swift response from China, which said it "firmly opposes and strongly protests" the move, adding it had urged Canada and the US to "immediately correct the wrongdoing".

The news sent shudders through Hong Kong and Shanghai markets, where tech firms were hammered.

Hong Kong-listed ZTE, which was subject to a US banning order earlier his year over security fears before that was reduced to a massive fine, was almost five per cent down. Market heavyweight Tencent was two per cent lower and AAC Technologies was five per cent off.

And in Shanghai, Wingtech Technology was four per cent down, Raisecome Technology sank 2.8 per cent and Fujian Raynen Technology lost 2.6 per cent.

Taipei-listed tech firms were also hurt. Taiwan Semiconductor Manufacturing Company lost 2.2 per cent and Hong Hai Precision was 2.7 per cent lower.

'Significant'

There were also losses for other tech firms in the region, with Sony down three per cent in Tokyo and Samsung almost two per cent lower. The sector was already under pressure from concerns about future growth and following a surge in recent years.

"This headline is quite significant as the US government is attempting to persuade allies to stop using Huawei equipment due to security fears," said Stephen Innes, head of Asia-Pacific trade at OANDA.

"Recall that over 100 Chinese companies traded limit down (last month) when news broke the US urged allies to blacklist Huawei?"

On broader markets Hong Kong was down more than two per cent while Shanghai lost more than one per cent and Tokyo shed 1.8 per cent by the break. Taipei was two per cent off, while Manila and Jakarta also took a hit.

Sydney fell 0.5 per cent, Singapore gave up 1.2 per cent and Seoul was one per cent lower.

"This is what you call playing hardball," said Michael Every, head of Asia financial markets research at Rabobank in Hong Kong.

"China is already asking for her release, as can be expected, but if the charges are serious, don't expect the US to blink."

Oil prices extended losses ahead of the weekend's meeting of OPEC and non-OPEC production giants, with investors unsure about how much and for how long they plan to reduce output.

The commodity has come under selling pressure, having soared Monday and Tuesday, owing to uncertainty about the reduction plans while Trump has called on OPEC to lift output to keep prices low.

Key figures around 0230 GMT

Tokyo - Nikkei 225: DOWN 1.8 per cent at 21,514.98 (break)

Hong Kong - Hang Seng: DOWN 2.3 per cent at 26,193.09

Shanghai - Composite: DOWN 1.1 per cent at 2,620.84

Euro/dollar: UP at $1.1346 from $1.1312 at 1700 GMT

Dollar/yen: UP at 112.84 yen from 113.47

Pound/dollar: DOWN at $1.2725 from $1.2745

Oil - West Texas Intermediate: DOWN 26 cents at $52.63 per barrel

Oil - Brent Crude: DOWN 19 cents at $61.37 per barrel

New York - Dow Jones: CLOSED for day of mourning

London - FTSE 100: DOWN 1.4 percent at 6,921.84 (close)&nbsp;

Shares across Asia plunged Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal.

Shares across Asia plunged Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal. As Donald Trump and Xi Jinping's tariffs ceasefire last weekend -- which sparked a one-day rally -- fades to a distant memory, investors are back in selling mood as they fret over a range of issues including the state of the world economy, oil prices and Brexit. The chances of trade peace between the US and China took a blow Thursday as it emerged Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm. Meng is also the daughter of company founder Ren Zhengfei, a former Chinese People's Liberation Army engineer. The company had been investigated by US intelligence, who deemed it a national security threat. However, the arrest drew a swift response from China, which said it "firmly opposes and strongly protests" the move, adding it had urged Canada and the US to "immediately correct the wrongdoing". The news sent shudders through Hong Kong and Shanghai markets, where tech firms were hammered. Hong Kong-listed ZTE, which was subject to a US banning order earlier his year over security fears before that was reduced to a massive fine, was almost five per cent down. Market heavyweight Tencent was two per cent lower and AAC Technologies was five per cent off. And in Shanghai, Wingtech Technology was four per cent down, Raisecome Technology sank 2.8 per cent and Fujian Raynen Technology lost 2.6 per cent. Taipei-listed tech firms were also hurt. Taiwan Semiconductor Manufacturing Company lost 2.2 per cent and Hong Hai Precision was 2.7 per cent lower. 'Significant' There were also losses for other tech firms in the region, with Sony down three per cent in Tokyo and Samsung almost two per cent lower. The sector was already under pressure from concerns about future growth and following a surge in recent years. "This headline is quite significant as the US government is attempting to persuade allies to stop using Huawei equipment due to security fears," said Stephen Innes, head of Asia-Pacific trade at OANDA. "Recall that over 100 Chinese companies traded limit down (last month) when news broke the US urged allies to blacklist Huawei?" On broader markets Hong Kong was down more than two per cent while Shanghai lost more than one per cent and Tokyo shed 1.8 per cent by the break. Taipei was two per cent off, while Manila and Jakarta also took a hit. Sydney fell 0.5 per cent, Singapore gave up 1.2 per cent and Seoul was one per cent lower. "This is what you call playing hardball," said Michael Every, head of Asia financial markets research at Rabobank in Hong Kong. "China is already asking for her release, as can be expected, but if the charges are serious, don't expect the US to blink." Oil prices extended losses ahead of the weekend's meeting of OPEC and non-OPEC production giants, with investors unsure about how much and for how long they plan to reduce output. The commodity has come under selling pressure, having soared Monday and Tuesday, owing to uncertainty about the reduction plans while Trump has called on OPEC to lift output to keep prices low. Key figures around 0230 GMT Tokyo - Nikkei 225: DOWN 1.8 per cent at 21,514.98 (break) Hong Kong - Hang Seng: DOWN 2.3 per cent at 26,193.09 Shanghai - Composite: DOWN 1.1 per cent at 2,620.84 Euro/dollar: UP at $1.1346 from $1.1312 at 1700 GMT Dollar/yen: UP at 112.84 yen from 113.47 Pound/dollar: DOWN at $1.2725 from $1.2745 Oil - West Texas Intermediate: DOWN 26 cents at $52.63 per barrel Oil - Brent Crude: DOWN 19 cents at $61.37 per barrel New York - Dow Jones: CLOSED for day of mourning London - FTSE 100: DOWN 1.4 percent at 6,921.84 (close)

Asian markets tumble, China tech hit after Huawei arrest

<a href="http://www.wionews.com/world/opec-meets-as-trump-calls-for-oil-taps-to-be-kept-on-181837">OPEC and its allies </a>are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with <a href="http://www.wionews.com/world/video-russia-will-make-banned-missiles-if-us-exits-arms-treaty-says-putin-181706">President Vladimir Putin</a>.

Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies.

OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts.

"We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters.

"If everybody is not willing to join and contribute equally, we will wait until they are."

Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said.

Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations.

"We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy.

OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather.

Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer.

Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

TRUMP RAISES PRESSURE

Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

"Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday.

Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.

OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday. The Organization of the Petroleum Exporting Countries meets on Thursday but is waiting for news from Russian Energy Minister Alexander Novak, who flew back from Vienna earlier for possible talks with President Vladimir Putin. Novak returns to Vienna on Friday for talks between Saudi-led OPEC and its allies. OPEC hopes to prop up the price of crude, which has fallen by almost a third since October, but US President Donald Trump has demanded it make oil cheaper by refraining from output cuts. "We hope to conclude something by the end of the day tomorrow ... We have to get the non-OPEC countries on board," the Saudi minister, Khalid al-Falih, told reporters. "If everybody is not willing to join and contribute equally, we will wait until they are." Asked whether OPEC could fail to reach a deal, he said all options were on the table. Possible output cuts by OPEC and its allies ranged from 0.5-1.5 million bpd, and 1 million bpd was acceptable, he said. Brent oil futures fell 3 per cent to below $60 per barrel on fears that there could be no deal and as traders and OPEC watchers said a cut of 1 million bpd was below expectations. "We think OPEC will spend some time to choose the words being used. Being too cautious on the words, to please President Trump, runs, however, the risk of diluting the message," said Olivier Jakob from Petromatrix consultancy. OPEC delegates have said OPEC and its allies could cut output by 1 million barrels per day if Russia contributed 150,000 bpd of that reduction. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd. Novak said on Thursday that Russia would find it harder to cut oil output in winter than other producers because of the cold weather. Oil prices have crashed as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower exports from Iran, OPEC's third-largest producer. Russia, Saudi Arabia and the United States have been vying for the position of top crude producer in recent years. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry. TRUMP RAISES PRESSURE Iranian exports have plummeted after the United States imposed fresh sanctions on Tehran in November. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. "Hopefully OPEC will be keeping oil flows as is, not restricted. The world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday. Iranian Oil Minister Bijan Zanganeh said on Thursday he would support a cut as long as Iran didn't need to reduce its own output. Iraqi Oil Minister Thamer Ghadhban said Iraq as OPEC's second-largest producer would support and join a cut. Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

OPEC oil cuts at risk as Russia yet to commit

Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues, weak rupee and sustained selling by foreign as well as domestic institutional investors.

The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15.

All sectoral indices on the BSE and NSE ended in the red, led by metal, oil and gas, pharma and financial stocks.

According to analysts, global markets were in a risk-off mode due to a fresh flare-up of tensions between China and the US. Oil prices are inching up on the expectation of production cuts by Russia and Opec, weakening rupee further.

The rupee was trading 36 paise lower at 70.82 against the US dollar intra-day. The currency fell to an intra-day low of 71 per dollar mark amid strengthening American currency and weak domestic equity market.

Oil prices extended losses ahead of the crucial Opec meeting. Brent crude, the international benchmark, was trading 1.82 per cent lower at USD 59.74 per barrel.

Top losers in the session included Maruti, Tata Motors, Reliance Industries, Yes Bank, Adani Ports, Bharti Airtel, Asian Paints, ONGC, HUL, Kotak Bank, IndusInd Bank and Axis Bank, falling up to 5 per cent.

Sun Pharma was the sole gainer on the Sensex, rising 1.57 per cent. 
On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed.

Elsewhere in Asia, Korea's Kospi fell 1.55 per cent, Japan's Nikkei dropped 1.91 per cent, Hong Kong's Hang Seng shed 2.47 per cent and the Shanghai Composite Index fell 1.68 per cent.

In Europe, Frankfurt's DAX shed 2.36 per cent and Paris' CAC 40 fell 2.21 per cent in early deals. London's FTSE too slipped 2.50 per cent.

Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues, weak rupee and sustained selling by foreign as well as domestic institutional investors.

Benchmark equity indices cracked for the third consecutive session Thursday on negative global cues, weak rupee and sustained selling by foreign as well as domestic institutional investors. The BSE Sensex plunged 572.28 points, or 1.59 per cent, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 per cent, to 10,601.15. All sectoral indices on the BSE and NSE ended in the red, led by metal, oil and gas, pharma and financial stocks. According to analysts, global markets were in a risk-off mode due to a fresh flare-up of tensions between China and the US. Oil prices are inching up on the expectation of production cuts by Russia and Opec, weakening rupee further. The rupee was trading 36 paise lower at 70.82 against the US dollar intra-day. The currency fell to an intra-day low of 71 per dollar mark amid strengthening American currency and weak domestic equity market. Oil prices extended losses ahead of the crucial Opec meeting. Brent crude, the international benchmark, was trading 1.82 per cent lower at USD 59.74 per barrel. Top losers in the session included Maruti, Tata Motors, Reliance Industries, Yes Bank, Adani Ports, Bharti Airtel, Asian Paints, ONGC, HUL, Kotak Bank, IndusInd Bank and Axis Bank, falling up to 5 per cent. Sun Pharma was the sole gainer on the Sensex, rising 1.57 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 357.82 crore Wednesday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 791.59 crore, provisional data available with BSE showed. Elsewhere in Asia, Korea's Kospi fell 1.55 per cent, Japan's Nikkei dropped 1.91 per cent, Hong Kong's Hang Seng shed 2.47 per cent and the Shanghai Composite Index fell 1.68 per cent. In Europe, Frankfurt's DAX shed 2.36 per cent and Paris' CAC 40 fell 2.21 per cent in early deals. London's FTSE too slipped 2.50 per cent.

Sensex tanks 572 points on global equity meltdown

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed.

While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected.

Most major Asian currencies have had a bruising year amid a strong US&nbsp;dollar, though many have made some gains this week after the United States and China agreed at the weekend to a 90-day truce in their trade war.

But the rupee — which is <a href="http://www.wionews.com/business-economy/rupee-breaches-74-mark-for-first-time-as-rbi-keeps-key-rates-unchanged-169613">the worst performing major Asian currency this year</a> with a fall of more than 10 percent&nbsp;— was an exception, weakening more than 1 percent on Monday.

This week's surge in oil prices, alongside official figures on Friday showing weaker economic growth in India during the July-September quarter, is offsetting hopes for an easing in the trade war.

Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and is forecast to weaken further.

"Politics is likely to decide the course for the Indian rupee in 2019. The political heat is already rising as the elections being held in five states currently will set the tone for the national elections in May 2019," noted Prakash Sakpal, Asia economist at ING.

Sakpal said it will be tough for Prime Minister Narendra Modi government to retain power for another term, noting lingering public anger followed a chaotic demonetisation in late 2016 and the implementation of a Goods and Services Tax in mid-2017.

"We expect it to be a too-close-to-call poll."

The Nov. 28-Dec. 4 survey of around 40 strategists forecast the rupee would weaken over 2 percent by the end of May 2019, just after the general election, to 72.00 against the dollar. It was trading around 70.49 on Tuesday.

But the currency is expected to have regained some of that lost ground a year from now, when it is seen at 71.62.

Those results are in line with a separate poll of equity strategists who for the first time this year downgraded their outlook for Indian equities in 2019. Any gains were predicted to come only after next year's elections.

However, the outlook for the rupee was slightly better in the latest poll from previously.

Nearly half of 51 analysts predicted in the last poll the rupee would breach its all-time low of 74.48 at some point in the coming 12 months, compared with only 13 of 49 respondents in this survey.

The Indian currency touched a record low on Oct. 11, hurt by the Reserve Bank of India's surprise decision to keep rates on hold.

But a recent cooling of tensions between the Indian government and central bank, accompanied by a sharp drop in oil prices since early October, gave a modest boost to the rupee in recent weeks.

The central bank and government have been at loggerheads over the latter's demands, which included easing of lending and capital rules for some banks.

"The thawing of tensions between the RBI and the government is another positive for now, though recent tensions will continue to lurk in the background and are not positive for the currency," added Sakpal.

Improved sentiment over the rupee was also reflected in a separate Reuters poll which showed bets against the currency declined in the past two weeks to their lowest since April.

With October inflation below the central bank's medium-term target of 4 percent for a third month, the RBI is expected to keep the repo rate on hold at 6.5 percent on Wednesday and until at least April, when it would hike again before pausing for at least another year.

But the rupee is likely to find it difficult to regain lost ground without the central bank's support.

"Despite the current relief for the INR, India remains vulnerable to domestic and external woes. Its weak external fundamentals leave it prone to another round of sell-offs," noted Amy Yuan Zhuang, chief Asia analyst at Nordea.

"Moreover, a liquidity crunch in the financial system combined with excessive bad debts among banks diminishes confidence in Indian assets," she added.

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed. While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected.

The rupee will weaken over the six next months as uncertainty builds heading into national elections due in May, a Reuters poll showed. While a sharp drop in oil prices should help the slowing economy and the rupee, concerns will also persist over sluggish domestic demand which weighed more heavily on July-September growth than expected. Most major Asian currencies have had a bruising year amid a strong US dollar, though many have made some gains this week after the United States and China agreed at the weekend to a 90-day truce in their trade war. But the rupee — which is the worst performing major Asian currency this year with a fall of more than 10 percent — was an exception, weakening more than 1 percent on Monday. This week's surge in oil prices, alongside official figures on Friday showing weaker economic growth in India during the July-September quarter, is offsetting hopes for an easing in the trade war. Despite a few recent advances, the rupee is on track for its worst yearly performance in five years in 2018 and is forecast to weaken further. "Politics is likely to decide the course for the Indian rupee in 2019. The political heat is already rising as the elections being held in five states currently will set the tone for the national elections in May 2019," noted Prakash Sakpal, Asia economist at ING. Sakpal said it will be tough for Prime Minister Narendra Modi government to retain power for another term, noting lingering public anger followed a chaotic demonetisation in late 2016 and the implementation of a Goods and Services Tax in mid-2017. "We expect it to be a too-close-to-call poll." The Nov. 28-Dec. 4 survey of around 40 strategists forecast the rupee would weaken over 2 percent by the end of May 2019, just after the general election, to 72.00 against the dollar. It was trading around 70.49 on Tuesday. But the currency is expected to have regained some of that lost ground a year from now, when it is seen at 71.62. Those results are in line with a separate poll of equity strategists who for the first time this year downgraded their outlook for Indian equities in 2019. Any gains were predicted to come only after next year's elections. However, the outlook for the rupee was slightly better in the latest poll from previously. Nearly half of 51 analysts predicted in the last poll the rupee would breach its all-time low of 74.48 at some point in the coming 12 months, compared with only 13 of 49 respondents in this survey. The Indian currency touched a record low on Oct. 11, hurt by the Reserve Bank of India's surprise decision to keep rates on hold. But a recent cooling of tensions between the Indian government and central bank, accompanied by a sharp drop in oil prices since early October, gave a modest boost to the rupee in recent weeks. The central bank and government have been at loggerheads over the latter's demands, which included easing of lending and capital rules for some banks. "The thawing of tensions between the RBI and the government is another positive for now, though recent tensions will continue to lurk in the background and are not positive for the currency," added Sakpal. Improved sentiment over the rupee was also reflected in a separate Reuters poll which showed bets against the currency declined in the past two weeks to their lowest since April. With October inflation below the central bank's medium-term target of 4 percent for a third month, the RBI is expected to keep the repo rate on hold at 6.5 percent on Wednesday and until at least April, when it would hike again before pausing for at least another year. But the rupee is likely to find it difficult to regain lost ground without the central bank's support. "Despite the current relief for the INR, India remains vulnerable to domestic and external woes. Its weak external fundamentals leave it prone to another round of sell-offs," noted Amy Yuan Zhuang, chief Asia analyst at Nordea. "Moreover, a liquidity crunch in the financial system combined with excessive bad debts among banks diminishes confidence in Indian assets," she added.

More trouble ahead for bruised rupee: Poll

The BSE benchmark Sensex dropped over 200 points in early trade Wednesday following a&nbsp;heavy selloff in global equities after concerns over US-China trade war resurfaced.

Global investor sentiment turned weak after uncertainty over negotiations between the US and China countries during the next 90 days rose.

US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce at the G20 meet.

Trump, however, muddied the waters by opening the possibility of an extension. "The negotiations with China have already started. Unless extended, they will end 90 days" from Saturday, Trump tweeted.&nbsp;

The 30-share index was trading 209.22 points, or 0.58 per cent, lower at 35,925.09. The index broke its six-session rising streak Tuesday, ending 106.69 points, or 0.29 per cent, down at 36,134.31.&nbsp;

In a similar movement, the NSE Nifty was trading 75.90 points, or 0.70 per cent, lower at 10,793.60.

Domestic investors were also cautious ahead of the outcome of the Reserve Bank of India's fifth bimonthly monetary policy meeting for 2018-19.

All sectoral indices were trading with losses, led by metal, FMCG, auto and banking stocks&nbsp;

Top losers include Tata Motors, IndusInd Bank, Tata Steel, Vedanta, M&amp;M, ITC, Kotak Bank, Yes Bank, Wipro, TCS, Sun Pharma, HUL, ICICI Bank, falling up to 2 per cent.

While, gainers include ONGC, Adani Ports, NTPC, SBI and Asian Paints, rising up to 1 per cent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 55.89 crore Monday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 521.38 crore, provisional data available with BSE showed.

The rupee, meanwhile, opened 17 paise lower at 70.67 against the US dollar in early trade.

Brent crude, the international benchmark, was trading 1.92 per cent lower at USD 60.89 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was down 1.59 per cent, Japan's Nikkei fell 0.40 per cent and Shanghai Composite Index edged lower by 0.21 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index cracked 799.36 points, or 3.10 per cent, to 25,027.07 on Tuesday.

The BSE benchmark Sensex dropped over 200 points in early trade Wednesday following a heavy selloff in global equities after concerns over US-China trade war resurfaced.

The BSE benchmark Sensex dropped over 200 points in early trade Wednesday following a heavy selloff in global equities after concerns over US-China trade war resurfaced. Global investor sentiment turned weak after uncertainty over negotiations between the US and China countries during the next 90 days rose. US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce at the G20 meet. Trump, however, muddied the waters by opening the possibility of an extension. "The negotiations with China have already started. Unless extended, they will end 90 days" from Saturday, Trump tweeted. The 30-share index was trading 209.22 points, or 0.58 per cent, lower at 35,925.09. The index broke its six-session rising streak Tuesday, ending 106.69 points, or 0.29 per cent, down at 36,134.31. In a similar movement, the NSE Nifty was trading 75.90 points, or 0.70 per cent, lower at 10,793.60. Domestic investors were also cautious ahead of the outcome of the Reserve Bank of India's fifth bimonthly monetary policy meeting for 2018-19. All sectoral indices were trading with losses, led by metal, FMCG, auto and banking stocks Top losers include Tata Motors, IndusInd Bank, Tata Steel, Vedanta, M&M, ITC, Kotak Bank, Yes Bank, Wipro, TCS, Sun Pharma, HUL, ICICI Bank, falling up to 2 per cent. While, gainers include ONGC, Adani Ports, NTPC, SBI and Asian Paints, rising up to 1 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 55.89 crore Monday, and domestic institutional investors (DIIs) were net sellers to the tune of Rs 521.38 crore, provisional data available with BSE showed. The rupee, meanwhile, opened 17 paise lower at 70.67 against the US dollar in early trade. Brent crude, the international benchmark, was trading 1.92 per cent lower at USD 60.89 per barrel. Elsewhere in Asia, Hong Kong's Hang Seng was down 1.59 per cent, Japan's Nikkei fell 0.40 per cent and Shanghai Composite Index edged lower by 0.21 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index cracked 799.36 points, or 3.10 per cent, to 25,027.07 on Tuesday.

Sensex falls over 200 points, Nifty slips below 10,800 on global selloff

Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a "perfect storm" of problems that erased the positivity seen at the start of the week.

The glum mood overshadowed hints from Donald Trump at more time to resolve the China-US trade row, as well as soothing comments from China about their desire to push on with a weekend agreement between the world's top economies.

Trading floors are awash with uncertainty over the agreement Trump hammered out with Xi Jinping to much fanfare -- and an initial market rally -- in Buenos Aires, with little clarity emerging and the US president shifting his tone.

While he hailed the deal at first, on Tuesday he warned on Twitter "remember, I am a Tariff Man", adding "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so".

Then, in another tweet he left open the door to an extension of the agreement's 90-day timeline to end the row.

On Wednesday, China's commerce ministry called the pact "successful" and said it "will start with the implementation of the specific matters in which consensus has been reached, the sooner the better", without providing more details.

Adding to the mounting risks are concerns about the US economy after the difference in yields on two- and 10-year bonds narrowed, suggesting traders are increasingly concerned about longer-term prospects.

The are fears of an "inversion" where short-term yields overtake long-term rates, which in the past has been the precursor to a recession.

Wall Street suffered a battering, with the Dow slipping 3.1 per cent, S&amp;P 500 3.2 per cent lower and Nasdaq 3.8 per cent off.

The selling continued into Asia, where Hong Kong plunged 1.6 per cent, Shanghai lost 0.8 per cent and Tokyo ended the morning 0.4 per cent down.

Pound's Brexit woes

Singapore shed 0.8 per cent and Seoul was 0.6 per cent off, while Wellington dived 1.3 per cent. Sydney shed 1.2 per cent after data showed the Australian economy grew at a slower pace than expected in July-September. The Australian dollar also sank more than one per cent.

The selling "has all the nasty hallmarks that traders typically call the perfect storm," said Stephen Innes, head of Asia-Pacific trade at OANDA. He said investors "are probably left feeling duped, tricked and maybe even snookered by some ill-advised backslapping comments post G20".

"While trade war is certainly the number one driver of global risk sentiment, the current meltdown is morphing into a Hydra with familiar points of irritation -- trade, (Federal Reserve), Brexit, Italy, global growth -- coming to a head," he added.

On currency markets the pound continued to struggle on concerns that Britain could be heading for the EU exit without a deal, which most observers fear could hammer the economy.

Sterling hit a 17-month low Tuesday after Prime Minister Theresa May suffered stunning defeats in parliament that highlighted the uphill fight she has in pushing through her controversial Brexit deal.

If she loses there are expectations she will face a no-confidence vote and possible defeat that could force early elections and leave the country in chaos.

Oil prices were also down more than one per cent after another jump in US inventories came as Saudi Arabia raised questions about the chances of an output cut at a meeting of OPEC and non-OPEC members at the weekend.

Energy Minister Khalid Al-Falih said it was "premature to say what will happen" in Vienna, days after Russian President Vladimir Putin had said the two major producers had agreed to a cap to support prices.

"We need to get together and listen to our colleagues, hear about their views on supply and demand and their projections of their own countries’ production," he said.

Crude had surged Monday and Tuesday after Putin's comments.

"It’s not a good price signal," Bob Yawger, director of futures at Mizuho Securities USA, told Bloomberg News. "Either demand is bad or all the talk about cutting production is just lip service."

Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a "perfect storm" of problems that erased the positivity seen at the start of the week.

Asian markets fell Wednesday following a rout on Wall Street, as investors were bombarded by a "perfect storm" of problems that erased the positivity seen at the start of the week. The glum mood overshadowed hints from Donald Trump at more time to resolve the China-US trade row, as well as soothing comments from China about their desire to push on with a weekend agreement between the world's top economies. Trading floors are awash with uncertainty over the agreement Trump hammered out with Xi Jinping to much fanfare -- and an initial market rally -- in Buenos Aires, with little clarity emerging and the US president shifting his tone. While he hailed the deal at first, on Tuesday he warned on Twitter "remember, I am a Tariff Man", adding "When people or countries come in to raid the great wealth of our Nation, I want them to pay for the privilege of doing so". Then, in another tweet he left open the door to an extension of the agreement's 90-day timeline to end the row. On Wednesday, China's commerce ministry called the pact "successful" and said it "will start with the implementation of the specific matters in which consensus has been reached, the sooner the better", without providing more details. Adding to the mounting risks are concerns about the US economy after the difference in yields on two- and 10-year bonds narrowed, suggesting traders are increasingly concerned about longer-term prospects. The are fears of an "inversion" where short-term yields overtake long-term rates, which in the past has been the precursor to a recession. Wall Street suffered a battering, with the Dow slipping 3.1 per cent, S&P 500 3.2 per cent lower and Nasdaq 3.8 per cent off. The selling continued into Asia, where Hong Kong plunged 1.6 per cent, Shanghai lost 0.8 per cent and Tokyo ended the morning 0.4 per cent down. Pound's Brexit woes Singapore shed 0.8 per cent and Seoul was 0.6 per cent off, while Wellington dived 1.3 per cent. Sydney shed 1.2 per cent after data showed the Australian economy grew at a slower pace than expected in July-September. The Australian dollar also sank more than one per cent. The selling "has all the nasty hallmarks that traders typically call the perfect storm," said Stephen Innes, head of Asia-Pacific trade at OANDA. He said investors "are probably left feeling duped, tricked and maybe even snookered by some ill-advised backslapping comments post G20". "While trade war is certainly the number one driver of global risk sentiment, the current meltdown is morphing into a Hydra with familiar points of irritation -- trade, (Federal Reserve), Brexit, Italy, global growth -- coming to a head," he added. On currency markets the pound continued to struggle on concerns that Britain could be heading for the EU exit without a deal, which most observers fear could hammer the economy. Sterling hit a 17-month low Tuesday after Prime Minister Theresa May suffered stunning defeats in parliament that highlighted the uphill fight she has in pushing through her controversial Brexit deal. If she loses there are expectations she will face a no-confidence vote and possible defeat that could force early elections and leave the country in chaos. Oil prices were also down more than one per cent after another jump in US inventories came as Saudi Arabia raised questions about the chances of an output cut at a meeting of OPEC and non-OPEC members at the weekend. Energy Minister Khalid Al-Falih said it was "premature to say what will happen" in Vienna, days after Russian President Vladimir Putin had said the two major producers had agreed to a cap to support prices. "We need to get together and listen to our colleagues, hear about their views on supply and demand and their projections of their own countries’ production," he said. Crude had surged Monday and Tuesday after Putin's comments. "It’s not a good price signal," Bob Yawger, director of futures at Mizuho Securities USA, told Bloomberg News. "Either demand is bad or all the talk about cutting production is just lip service."

Asian markets track Wall St rout as confusion, uncertainty reign

Tesla Motors said Wednesday it will begin European deliveries of its long-awaited mass-market Model 3 electric car from February.

A spokesperson told AFP the first to take delivery would be customers who had reserved their Model 3 starting March 2016 if they confirm their order by January 1.

The spokesperson said customers would be invited to confirm over the coming weeks, starting Wednesday.

Tesla's mid-size, four-door all-electric family car was first unveiled in its US home base in July last year.

Controversial founder Elon Musk in October described the Model 3 as "the best-selling car in the US in terms of revenue and the 5th best-selling car in terms of volume."

Musk, recently forced to step back from the role of chairman over a tweet in which he said he planned to take the firm private, says he wants to make the Model 3, which currently starts at around $50,000 (44,000 euros), a "mainstream product."

With its mid-range battery pack the Model 3 is more compact and lighter than the brand's luxury S and X models and is designed to make Tesla world leader as a producer of electric cars as it scales up production capacity.

The company has in recent weeks seen sales volumes comparable to more established marques such as German trio Audi, BMW and Mercedes, despite its much narrower product range.

Tesla now looks to have overcome production capacity concerns which have worried investors for months. Between January and September the firm said global deliveries of all models had reached 126,000 -- more than 53,000 of those coming in the third quarter.

If the brand can keep that up then deliveries across 2018 are set to hit around 180,000 compared with 100,000 last year.

For the time being, European customers will only have two Model 3 options.

One is a long-range version delivering 544 kilometres (338 miles) on a single charge costing from around 60,000 euros before any incentives such as the "eco-bonus" in France worth 6,000 euros. A dual-motor Performance model starts from around 70,000 euros.

Tesla has promised to supply much cheaper versions in due course, coming nearer to the initial $35,000 pricing.

The automaker has not indicated how many Model 3 reservations European clients have made.

Tesla Motors said Wednesday it will begin European deliveries of its long-awaited mass-market Model 3 electric car from February. A spokesperson told AFP the first to take delivery would be customers who had reserved their Model 3 starting March 2016 if they confirm their order by January 1.

Tesla Motors said Wednesday it will begin European deliveries of its long-awaited mass-market Model 3 electric car from February. A spokesperson told AFP the first to take delivery would be customers who had reserved their Model 3 starting March 2016 if they confirm their order by January 1. The spokesperson said customers would be invited to confirm over the coming weeks, starting Wednesday. Tesla's mid-size, four-door all-electric family car was first unveiled in its US home base in July last year. Controversial founder Elon Musk in October described the Model 3 as "the best-selling car in the US in terms of revenue and the 5th best-selling car in terms of volume." Musk, recently forced to step back from the role of chairman over a tweet in which he said he planned to take the firm private, says he wants to make the Model 3, which currently starts at around $50,000 (44,000 euros), a "mainstream product." With its mid-range battery pack the Model 3 is more compact and lighter than the brand's luxury S and X models and is designed to make Tesla world leader as a producer of electric cars as it scales up production capacity. The company has in recent weeks seen sales volumes comparable to more established marques such as German trio Audi, BMW and Mercedes, despite its much narrower product range. Tesla now looks to have overcome production capacity concerns which have worried investors for months. Between January and September the firm said global deliveries of all models had reached 126,000 -- more than 53,000 of those coming in the third quarter. If the brand can keep that up then deliveries across 2018 are set to hit around 180,000 compared with 100,000 last year. For the time being, European customers will only have two Model 3 options. One is a long-range version delivering 544 kilometres (338 miles) on a single charge costing from around 60,000 euros before any incentives such as the "eco-bonus" in France worth 6,000 euros. A dual-motor Performance model starts from around 70,000 euros. Tesla has promised to supply much cheaper versions in due course, coming nearer to the initial $35,000 pricing. The automaker has not indicated how many Model 3 reservations European clients have made.

Tesla says European Model 3 deliveries from February

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices.

Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit.

At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.50 and fell further to touch the day's low of 70.68 a dollar.

The domestic currency, however, pared some losses and finally ended at 70.49 per dollar, down by 3 paise against its previous close.

On Monday, the rupee had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency. 
The rupee came under pressure following heavy selling in domestic equities and rise in crude oil prices.

Brent crude, the international benchmark, again and was quoted at USD 63.09 per barrel Tuesday, higher by 2.27 per cent, putting pressure on the local unit.

Building on Monday's surge, oil prices continued to rise Tuesday fuelled by the Russia-Saudi Arabia pact to cap output. Moreover, global investors also cheered the deal between Donald Trump and Xi Jinping announced Saturday, to halt the tariffs battle for 90 days while they try to resolve their differences.

The BSE Sensex ended lower by 106.69 points, or 0.29 per cent, to close at 36,134.31. Similarly, the broader NSE Nifty edged up by 14.25 points, or 0.13 per cent, to end at 10,869.50.

Foreign funds withdrew Rs 55 crore on a net basis from capital markets, provisional data showed.

The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3455 and for rupee/euro at 80.0790. The reference rate for rupee/British pound was fixed at 89.6450 and for rupee/100 Japanese yen was 62.21.

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices.

The rupee slipped further by 3 paise to close at 70.49 against the US dollar Tuesday due to increased demand for the American currency from importers and firming global crude oil prices. Forex traders said the dollar strengthening against major global currencies overseas and losses in the domestic equity market also weighed on the local unit. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.50 and fell further to touch the day's low of 70.68 a dollar. The domestic currency, however, pared some losses and finally ended at 70.49 per dollar, down by 3 paise against its previous close. On Monday, the rupee had dropped by 88 paise, its biggest single-day loss in more than three months, to close at 70.46 against the US currency. The rupee came under pressure following heavy selling in domestic equities and rise in crude oil prices. Brent crude, the international benchmark, again and was quoted at USD 63.09 per barrel Tuesday, higher by 2.27 per cent, putting pressure on the local unit. Building on Monday's surge, oil prices continued to rise Tuesday fuelled by the Russia-Saudi Arabia pact to cap output. Moreover, global investors also cheered the deal between Donald Trump and Xi Jinping announced Saturday, to halt the tariffs battle for 90 days while they try to resolve their differences. The BSE Sensex ended lower by 106.69 points, or 0.29 per cent, to close at 36,134.31. Similarly, the broader NSE Nifty edged up by 14.25 points, or 0.13 per cent, to end at 10,869.50. Foreign funds withdrew Rs 55 crore on a net basis from capital markets, provisional data showed. The Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.3455 and for rupee/euro at 80.0790. The reference rate for rupee/British pound was fixed at 89.6450 and for rupee/100 Japanese yen was 62.21.

Rupee slips further 3 paise to 70.49 against dollar as crude pursue climb

Benchmark indices nursed losses for the second straight day Wednesday as the RBI left the repo rate unchanged, while global markets wobbled on renewed concerns over the US-China trade dispute.

The BSE Sensex tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41. Similarly, the broader NSE Nifty fell 84.55 points, or 0.74 per cent, to end at 10,784.95.

All sectoral indices on the BSE finished with losses, led by metal, pharma and rate-sensitive auto and banking stocks.

The Reserve Bank of India Wednesday left the repo rate unchanged at 6.5 per cent while maintaining the stance of 'calibrated tightening' of policy.

In a bid to boost lending, the RBI lowered the reserves lenders are compulsorily required to hold in the form of government securities.

However, it failed to enthuse the markets, which had opened weak and dropped further after RBI's policy announcement.

Weakness in the rupee against the US dollar also weighed on sentiment, traders said. The local unit fell 11 paise to 70.60 against the US dollar intra-day.

"Nifty performed in line with the weak international cues and shut the shop with losses... Nifty Midcap and Small-cap indices fell even sharply by 1.5 per cent and 1.8 per cent respectively.

"Key US indices tumbled more than 3 per cent on Tuesday on the combined onslaught of inversion in bond yields and fresh jitters on trade," said VK Sharma, Head PCG and Capital Markets Group, HDFC Securities.

Sun Pharma, under the regulatory lens for alleged corporate governance lapses, was the biggest loser in the Sensex pack, declining 6.59 per cent. 
Other laggards included Tata Steel, Vedanta, Tata Motors, M&amp;M, Coal India and ITC, falling up to 4.27 per cent.

Top gainers included HUL, HDFC, HDFC Bank, Wipro, Reliance Industries and Adani Ports, spurting up to 2.07 per cent.

Global investor sentiment turned weak following uncertainty over negotiations between the US and China on their trade dispute.

US President Donald Trump and his Chinese counterpart Xi Jinping had agreed to a truce at the G20 meet.

Trump, however, muddied the waters by suggesting the possibility of an extension of trade talks.

"The negotiations with China have already started. Unless extended, they will end 90 days" from Saturday, Trump tweeted.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 55.89 crore Tuesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 521.38 crore, provisional data available with BSE showed.

Brent crude, the international benchmark, was trading 0.53 per cent lower at USD 61.75 per barrel.

Elsewhere in Asia, Korea's Kospi fell 0.62 per cent, Japan's Nikkei dropped 0.53 per cent, Hong Kong's Hang Seng shed 1.62 per cent and Shanghai Composite Index gained 0.61 per cent.

In Europe, Frankfurt's DAX shed 0.91 per cent and Paris' CAC 40 fell 0.97 per cent. London's FTSE too slipped 0.95 per cent.

Benchmark indices nursed losses for the second straight day Wednesday as the RBI left the repo rate unchanged, while global markets wobbled on renewed concerns over the US-China trade dispute.

Benchmark indices nursed losses for the second straight day Wednesday as the RBI left the repo rate unchanged, while global markets wobbled on renewed concerns over the US-China trade dispute. The BSE Sensex tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41. Similarly, the broader NSE Nifty fell 84.55 points, or 0.74 per cent, to end at 10,784.95. All sectoral indices on the BSE finished with losses, led by metal, pharma and rate-sensitive auto and banking stocks. The Reserve Bank of India Wednesday left the repo rate unchanged at 6.5 per cent while maintaining the stance of 'calibrated tightening' of policy. In a bid to boost lending, the RBI lowered the reserves lenders are compulsorily required to hold in the form of government securities. However, it failed to enthuse the markets, which had opened weak and dropped further after RBI's policy announcement. Weakness in the rupee against the US dollar also weighed on sentiment, traders said. The local unit fell 11 paise to 70.60 against the US dollar intra-day. "Nifty performed in line with the weak international cues and shut the shop with losses... Nifty Midcap and Small-cap indices fell even sharply by 1.5 per cent and 1.8 per cent respectively. "Key US indices tumbled more than 3 per cent on Tuesday on the combined onslaught of inversion in bond yields and fresh jitters on trade," said VK Sharma, Head PCG and Capital Markets Group, HDFC Securities. Sun Pharma, under the regulatory lens for alleged corporate governance lapses, was the biggest loser in the Sensex pack, declining 6.59 per cent. Other laggards included Tata Steel, Vedanta, Tata Motors, M&M, Coal India and ITC, falling up to 4.27 per cent. Top gainers included HUL, HDFC, HDFC Bank, Wipro, Reliance Industries and Adani Ports, spurting up to 2.07 per cent. Global investor sentiment turned weak following uncertainty over negotiations between the US and China on their trade dispute. US President Donald Trump and his Chinese counterpart Xi Jinping had agreed to a truce at the G20 meet. Trump, however, muddied the waters by suggesting the possibility of an extension of trade talks. "The negotiations with China have already started. Unless extended, they will end 90 days" from Saturday, Trump tweeted. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 55.89 crore Tuesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 521.38 crore, provisional data available with BSE showed. Brent crude, the international benchmark, was trading 0.53 per cent lower at USD 61.75 per barrel. Elsewhere in Asia, Korea's Kospi fell 0.62 per cent, Japan's Nikkei dropped 0.53 per cent, Hong Kong's Hang Seng shed 1.62 per cent and Shanghai Composite Index gained 0.61 per cent. In Europe, Frankfurt's DAX shed 0.91 per cent and Paris' CAC 40 fell 0.97 per cent. London's FTSE too slipped 0.95 per cent.

Sensex tanks 250 points on RBI status quo, grim global cues

The Reserve Bank of India Wednesday left the repo rate unchanged while maintaining the stance of 'calibrated tightening' of policy.

The key rate remains unchanged at 6.5 per cent. This is for the second time in a row that the central bank did not tinker with the interest rate.

"The decision of the Monetary Policy Committee is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/-2 per cent, while supporting growth," RBI said.

The central bank also retained the GDP growth projection for FY19 at 7.4 per cent.&nbsp;

For the first half of 2019-20, the GDP growth has been projected at 7.5 per cent.

RBI said inflation in the second half of the current fiscal is projected at 2.7-3.2 per cent.

While the decision on keeping the policy rate unchanged was unanimous, Ravindra H Dholakia voted to change the stance to neutral.&nbsp;

The Reserve Bank of India Wednesday left the repo rate unchanged while maintaining the stance of 'calibrated tightening' of policy. The key rate remains unchanged at 6.

The Reserve Bank of India Wednesday left the repo rate unchanged while maintaining the stance of 'calibrated tightening' of policy. The key rate remains unchanged at 6.5 per cent. This is for the second time in a row that the central bank did not tinker with the interest rate. "The decision of the Monetary Policy Committee is consistent with the stance of calibrated tightening of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/-2 per cent, while supporting growth," RBI said. The central bank also retained the GDP growth projection for FY19 at 7.4 per cent. For the first half of 2019-20, the GDP growth has been projected at 7.5 per cent. RBI said inflation in the second half of the current fiscal is projected at 2.7-3.2 per cent. While the decision on keeping the policy rate unchanged was unanimous, Ravindra H Dholakia voted to change the stance to neutral.

RBI keeps repo rate unchanged at 6.5%, retains GDP growth projection at 7.4%

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

International Brent crude oil futures were at $61.16 per barrel at 0757 GMT, down 92 cents, or 1.5 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, down 85 cents, or 1.6 per cent.

Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut.

Official US government oil production and inventory data are due later on Wednesday.

In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut.

The supply overhang will be the focus of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on Thursday, at which the producer group is expected to decide some form of supply cut aimed at supporting crude prices.

In the latest sign of a clogged market, Asian gasoline refining margins have plunged to their weakest levels in seven years - so low that churning out this key motor fuel has become a loss-making business.

GLOOMY MARKETS

The slide in US oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors worried about the threat of a widespread economic slowdown.

Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs.

In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume US crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said.

Yet the truce may not last. US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing.

China's state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay "high attention" to the impact on employment from increasing economic headwinds.

Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown.

In Asian powerhouse Japan, the economy is expected to have contracted more again in the third quarter, with the slowdown deepening, a poll showed on Wednesday, with Q3 annualised GDP expected to fall by 1.9 per cent.

A slowing economy may further undermine oil prices.

Bank of America said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019.

Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts.

Oil fell on Wednesday as a swelling supply glut and signs of an economic slowdown weighed on crude prices a day ahead of an OPEC meeting at which the producer club is expected to decide supply cuts. International Brent crude oil futures were at $61.16 per barrel at 0757 GMT, down 92 cents, or 1.5 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were at $52.40 per barrel, down 85 cents, or 1.6 per cent. Oil prices were pressured by a weekly report from the American Petroleum Institute (API) that said US crude inventories rose by 5.4 million barrels in the week to November 30, to 448 million barrels, in a sign that US oil markets are in a growing glut. Official US government oil production and inventory data are due later on Wednesday. In the Middle East, Saudi Arabia produced a record 11.3 million barrels per day (bpd) in November, adding to the swelling glut. The supply overhang will be the focus of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) on Thursday, at which the producer group is expected to decide some form of supply cut aimed at supporting crude prices. In the latest sign of a clogged market, Asian gasoline refining margins have plunged to their weakest levels in seven years - so low that churning out this key motor fuel has become a loss-making business. GLOOMY MARKETS The slide in US oil followed a tumble in global stock markets on Tuesday and Wednesday, with investors worried about the threat of a widespread economic slowdown. Key to the global economic outlook will be whether the United States and China can resolve their trade disputes. Washington and Beijing announced a 90-day truce last weekend, during which neither side will further increase punitive import tariffs. In a sign of easing tensions between the world's two biggest economies, Chinese oil trader Unipec plans to resume US crude shipments to China by March after the Xi-Trump deal at the G20 meeting reduced the risk of tariffs being imposed on these imports, people with knowledge of the matter said. Yet the truce may not last. US President Donald Trump threatened on Tuesday to place "major tariffs" on Chinese goods imported into the United States if his administration didn't reach a desirable deal with Beijing. China's state council on Wednesday issued guidance to support employment as the economy slows, saying the country should pay "high attention" to the impact on employment from increasing economic headwinds. Bank of America Merrill Lynch said in its 2019 economic outlook, published on Tuesday, that "most major economies are likely to see decelerating activity", although it added that "a steady stream of monetary and fiscal stimulus measures" was expected to stem the slowdown. In Asian powerhouse Japan, the economy is expected to have contracted more again in the third quarter, with the slowdown deepening, a poll showed on Wednesday, with Q3 annualised GDP expected to fall by 1.9 per cent. A slowing economy may further undermine oil prices. Bank of America said it expected Brent and WTI prices to average $70 and $59 per barrel respectively in 2019. Brent and WTI have averaged $72.80 and $66.10 per barrel so far this year.

Oil prices fall on swelling glut, economic growth concerns

<a href="http://www.wionews.com/business-economy/asian-shares-soften-as-investors-look-to-g20-summit-180358">Asian shares</a> fell on Tuesday as a relief rally petered out amid rising doubts over whether China and the United States will be able to<a href="http://www.wionews.com/opinions/g20-summit-bring-a-truce-in-us-china-trade-relations-181105"> resolve trade differences</a>.

An inverted US&nbsp;yield curve also raised concerns about a possible recession.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent as Chinese equity markets struggled to move out of negative territory.

Chinese blue-chip shares in Shenzhen and Shanghai were slightly weaker, and the benchmark Shanghai Composite index edged barely higher. Shares in Hong Kong lost 0.3 per cent.

Australia shares gave up 0.8 per cent and Seoul's Kospi fell 0.6 per cent, while Japan's Nikkei stock index was 1.3 per cent lower.

The temporary freeze on further hostilities in the trade war between the United States and China had sparked a global rally in equity markets on Monday, pushing MSCI's all-country world index up 1.3 per cent.

But even before the trading day ended, major U.S. indexes pulled back from intraday highs as investors pondered unresolved issues between the two countries.

Overnight, the Dow Jones Industrial Average closed 1.13 per cent higher, the S&amp;P 500 gained 1.09 per cent and the Nasdaq Composite added 1.51 per cent.

"Overall trade news overnight (has) probably left the market with more questions than answers, can the US and China really resolve their differences in 90 days?" National Australia Bank analysts said in a note to clients.

"It seems that more details and signs of progress will be needed if the initial trade truce warm fuzzy feeling is to be sustained."

Already, there was confusion over when the 90-day period would start. A White House official said it started on Dec. 1. Earlier, White House economic adviser Larry Kudlow told reporters it would start on Jan. 1.

Moreover, none of the commitments that U.S. officials said had been given by China, including reducing its 40 per cent tariffs on autos, were agreed to in writing and specifics had yet to be hammered out.

"The fear across global markets is that this is just a short-term relief rally and we will find ourselves back where we were a few weeks ago and staring down the barrel of a long-term global growth slow down," Nick Twidale, Sydney-based analyst at Rakuten Securities Australia said in a note.

"In the short term, it seems we may find investors once again back to trading sentiment fluctuations as news hits the markets piecemeal on trade agreement progress."

Adding to worries over the outlook for the global economy, the yield curve between U.S. three-year and five-year notes, and between two-year and five-year paper inverted on Monday - the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt.

Analysts expect an inversion of the two-year, 10-year yield curve - seen as a predictor of a U.S. recession - to follow suit.

On Tuesday, the yield on benchmark 10-year Treasury notes fell to 2.9407 per cent compared with its U.S. close of 2.991 per cent on Monday. The two-year yield also fell, but by a narrower margin, touching 2.8028 per cent compared with a U.S. close of 2.833 per cent.

That put the spread between 10-year and two-year Treasuries at less than 14 basis points, its flattest level since July 2007.

"The market pricing evident in the yield curve inversion from three to five segment of the curve, as well as the dip in the 10-year yield below 3 per cent yesterday, goes to reinforce these concerns" about the U.S. economy potentially heading into a recession, said Prakash Sakpal, an economist at ING in Singapore.

However, he added that solid U.S. manufacturing data released Monday pointed to a stronger economic outlook, with new orders a "key driver" in boosting activity.

In contrast to how Asian equity markets could not sustain Monday's rally, oil prices continued to rise after surging 4 per cent the day before on the U.S.-China trade truce, and ahead of a key OPEC meeting expected to lead to supply cuts.

U.S. crude was 1.2 per cent higher at $53.58 per barrel, and Brent crude futures gained 1.1 per cent to $62.35 a barrel.

In the currency market, the dollar index, which tracks the greenback against a basket of peers, softened 0.2 per cent to 96.808.

The dollar was 0.3 per cent weaker against the yen, at 113.28, and the euro gained 0.2 per cent to $1.1373.

As the dollar weakened, China's yuan continued to surge. Since Friday, it has added more than 1,000 pips against the greenback, reaching 6.8545 on Tuesday morning. At 0327 GMT, it was trading at 6.8613 to the dollar.

Federal Reserve Chairman Jerome Powell was scheduled to testify on Wednesday to a congressional Joint Economic Committee, but the hearing was postponed because of a national day of mourning for <a href="http://www.wionews.com/world/former-us-president-george-bush-dies-at-94-son-180616">U.S. President George H.W. Bush,</a> who died on Friday.

The dollar came under pressure last week on Powell's comments that rates were nearing neutral levels, which markets widely interpreted as signalling a slowdown in the Fed's rate-hike cycle.

Spot gold jumped on the weaker dollar, trading up 0.40 per cent at $1,235.88 per ounce.&nbsp;

Asian shares fell on Tuesday as a relief rally petered out amid rising doubts over whether China and the United States will be able to resolve trade differences.

Asian shares fell on Tuesday as a relief rally petered out amid rising doubts over whether China and the United States will be able to resolve trade differences. An inverted US yield curve also raised concerns about a possible recession. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3 per cent as Chinese equity markets struggled to move out of negative territory. Chinese blue-chip shares in Shenzhen and Shanghai were slightly weaker, and the benchmark Shanghai Composite index edged barely higher. Shares in Hong Kong lost 0.3 per cent. Australia shares gave up 0.8 per cent and Seoul's Kospi fell 0.6 per cent, while Japan's Nikkei stock index was 1.3 per cent lower. The temporary freeze on further hostilities in the trade war between the United States and China had sparked a global rally in equity markets on Monday, pushing MSCI's all-country world index up 1.3 per cent. But even before the trading day ended, major U.S. indexes pulled back from intraday highs as investors pondered unresolved issues between the two countries. Overnight, the Dow Jones Industrial Average closed 1.13 per cent higher, the S&P 500 gained 1.09 per cent and the Nasdaq Composite added 1.51 per cent. "Overall trade news overnight (has) probably left the market with more questions than answers, can the US and China really resolve their differences in 90 days?" National Australia Bank analysts said in a note to clients. "It seems that more details and signs of progress will be needed if the initial trade truce warm fuzzy feeling is to be sustained." Already, there was confusion over when the 90-day period would start. A White House official said it started on Dec. 1. Earlier, White House economic adviser Larry Kudlow told reporters it would start on Jan. 1. Moreover, none of the commitments that U.S. officials said had been given by China, including reducing its 40 per cent tariffs on autos, were agreed to in writing and specifics had yet to be hammered out. "The fear across global markets is that this is just a short-term relief rally and we will find ourselves back where we were a few weeks ago and staring down the barrel of a long-term global growth slow down," Nick Twidale, Sydney-based analyst at Rakuten Securities Australia said in a note. "In the short term, it seems we may find investors once again back to trading sentiment fluctuations as news hits the markets piecemeal on trade agreement progress." Adding to worries over the outlook for the global economy, the yield curve between U.S. three-year and five-year notes, and between two-year and five-year paper inverted on Monday - the first parts of the Treasury yield curve to invert since the financial crisis, excluding very short-dated debt. Analysts expect an inversion of the two-year, 10-year yield curve - seen as a predictor of a U.S. recession - to follow suit. On Tuesday, the yield on benchmark 10-year Treasury notes fell to 2.9407 per cent compared with its U.S. close of 2.991 per cent on Monday. The two-year yield also fell, but by a narrower margin, touching 2.8028 per cent compared with a U.S. close of 2.833 per cent. That put the spread between 10-year and two-year Treasuries at less than 14 basis points, its flattest level since July 2007. "The market pricing evident in the yield curve inversion from three to five segment of the curve, as well as the dip in the 10-year yield below 3 per cent yesterday, goes to reinforce these concerns" about the U.S. economy potentially heading into a recession, said Prakash Sakpal, an economist at ING in Singapore. However, he added that solid U.S. manufacturing data released Monday pointed to a stronger economic outlook, with new orders a "key driver" in boosting activity. In contrast to how Asian equity markets could not sustain Monday's rally, oil prices continued to rise after surging 4 per cent the day before on the U.S.-China trade truce, and ahead of a key OPEC meeting expected to lead to supply cuts. U.S. crude was 1.2 per cent higher at $53.58 per barrel, and Brent crude futures gained 1.1 per cent to $62.35 a barrel. In the currency market, the dollar index, which tracks the greenback against a basket of peers, softened 0.2 per cent to 96.808. The dollar was 0.3 per cent weaker against the yen, at 113.28, and the euro gained 0.2 per cent to $1.1373. As the dollar weakened, China's yuan continued to surge. Since Friday, it has added more than 1,000 pips against the greenback, reaching 6.8545 on Tuesday morning. At 0327 GMT, it was trading at 6.8613 to the dollar. Federal Reserve Chairman Jerome Powell was scheduled to testify on Wednesday to a congressional Joint Economic Committee, but the hearing was postponed because of a national day of mourning for U.S. President George H.W. Bush, who died on Friday. The dollar came under pressure last week on Powell's comments that rates were nearing neutral levels, which markets widely interpreted as signalling a slowdown in the Fed's rate-hike cycle. Spot gold jumped on the weaker dollar, trading up 0.40 per cent at $1,235.88 per ounce.

Global markets: Asia shares fall as lift from US-China trade truce ends

The BSE benchmark Sensex dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by domestic institutional investors.&nbsp;&nbsp; &nbsp;

The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. The index had closed with a marginal gain of 47 points at 36,241 Monday.

In a&nbsp;similar movement, the NSE Nifty was trading 31.20 points, or 0.29 per cent, down at 10,852.55.

Investors turned cautious after the euphoria over US-China trade settled, and uncertainty over negotiations between the two countries during the next 90 days rose.

The White House announced after talks between President Donald Trump and Chinese counterpart Xi Jinping on Saturday that a tariff hike that had been due on January 1 would be suspended for three months while the two sides negotiate a resolution.&nbsp;&nbsp; &nbsp;&nbsp;

US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce and halted their tariff war at the G20 meet.

Market is also in wait-and-watch mode ahead of the outcome of the Reserve Bank of India's fifth bimonthly monetary policy meeting for 2018-19.

Top losers include HDFC, M&amp;M, NTPC, Kotak Bank, HDFC Bank, Adani Ports, PowerGrid, Bharti Airtel and Reliance Industries, falling up to 2 per cent.

While, gainers include Yes Bank, ONGC, Hero MotoCorp, Sun Pharma, Bajaj Auto, Tata Motors, Coal India, Infosys, TCS, ICICI Bank and Asian Paints, rising up to 2 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 293.12 crore Monday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 806.45 crore, provisional data available with BSE showed.

The rupee, meanwhile, depreciated 9 paise to 70.55 against the US dollar in early trade at the interbank foreign exchange, amid strengthening of the US dollar and rise in crude oil prices.

Brent crude, the international benchmark, was trading 1 per cent up at USD 62.31 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was down 0.26 per cent, Japan's Nikkei fell 0.97 per cent and Shanghai Composite Index edged higher by 0.04 per cent in early trade.

On Wall Street, the Dow Jones Industrial Average index rose 287.97 points, or 1.13 per cent, to 25,826.43 on Monday.

The BSE benchmark Sensex dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by domestic institutional investors.

The BSE benchmark Sensex dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by domestic institutional investors. The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. The index had closed with a marginal gain of 47 points at 36,241 Monday. In a similar movement, the NSE Nifty was trading 31.20 points, or 0.29 per cent, down at 10,852.55. Investors turned cautious after the euphoria over US-China trade settled, and uncertainty over negotiations between the two countries during the next 90 days rose. The White House announced after talks between President Donald Trump and Chinese counterpart Xi Jinping on Saturday that a tariff hike that had been due on January 1 would be suspended for three months while the two sides negotiate a resolution. US President Donald Trump and his Chinese counterpart Xi Jinping agreed to a truce and halted their tariff war at the G20 meet. Market is also in wait-and-watch mode ahead of the outcome of the Reserve Bank of India's fifth bimonthly monetary policy meeting for 2018-19. Top losers include HDFC, M&M, NTPC, Kotak Bank, HDFC Bank, Adani Ports, PowerGrid, Bharti Airtel and Reliance Industries, falling up to 2 per cent. While, gainers include Yes Bank, ONGC, Hero MotoCorp, Sun Pharma, Bajaj Auto, Tata Motors, Coal India, Infosys, TCS, ICICI Bank and Asian Paints, rising up to 2 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 293.12 crore Monday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 806.45 crore, provisional data available with BSE showed. The rupee, meanwhile, depreciated 9 paise to 70.55 against the US dollar in early trade at the interbank foreign exchange, amid strengthening of the US dollar and rise in crude oil prices. Brent crude, the international benchmark, was trading 1 per cent up at USD 62.31 per barrel. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.26 per cent, Japan's Nikkei fell 0.97 per cent and Shanghai Composite Index edged higher by 0.04 per cent in early trade. On Wall Street, the Dow Jones Industrial Average index rose 287.97 points, or 1.13 per cent, to 25,826.43 on Monday.

Sensex drops over 100 points on weak global cues, rising crude prices

The Indian stock market indices BSE Sensex and NSE’s Nifty declined on Tuesday, breaking a six-day winning streak.

The BSE Sensex closed 106.69 points, or 0.29%, down at 36,134.31 and the Nifty 50 ended 14.25 points, or 0.13%, lower at 10,869.50.

The Reserve Bank of India is likely to keep the repo rate unchanged at 6.50 per cent in its fifth bi-monthly monetary policy review on December 5 in the backdrop of retail inflation declining to a one-year low in October and the GDP growing at a slower-than-expected rate in the second quarter.

Oil prices extended bigger gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. Brent crude oil futures were up 51 cents, or 0.8 per cent, at $62.20 per barrel.

On Monday, domestic markets like stock markets across the world reacted well to signs of easing US-China trade tension as the two countries agreed to halt additional tariffs.

But the domestic markets ended on a flat note on Monday due to the release of weak macro data.

The Indian stock market indices BSE Sensex and NSE’s Nifty declined on Tuesday, breaking a six-day winning streak. The BSE Sensex closed 106.69 points, or 0.29%, down at 36,134.

The Indian stock market indices BSE Sensex and NSE’s Nifty declined on Tuesday, breaking a six-day winning streak. The BSE Sensex closed 106.69 points, or 0.29%, down at 36,134.31 and the Nifty 50 ended 14.25 points, or 0.13%, lower at 10,869.50. The Reserve Bank of India is likely to keep the repo rate unchanged at 6.50 per cent in its fifth bi-monthly monetary policy review on December 5 in the backdrop of retail inflation declining to a one-year low in October and the GDP growing at a slower-than-expected rate in the second quarter. Oil prices extended bigger gains from the previous day amid expected OPEC-led supply cuts and a mandated reduction in Canadian output. Brent crude oil futures were up 51 cents, or 0.8 per cent, at $62.20 per barrel. On Monday, domestic markets like stock markets across the world reacted well to signs of easing US-China trade tension as the two countries agreed to halt additional tariffs. But the domestic markets ended on a flat note on Monday due to the release of weak macro data.

Sensex closes at 36,134.31; Nifty ends at 10,869.50

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block.

OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and concerns about an oil glut due largely to a rise in US&nbsp;production.

The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from US&nbsp;President Donald Trump to help support the world economy with lower oil prices.

Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US&nbsp;politicians to impose stiff sanctions on Riyadh.

The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meeting was taking place in a difficult environment and that Russia's position would be key in reaching a deal.

"Russia is playing tough," one of the OPEC sources said.

Russian sources have indicated the country could contribute some 140,000 bpd to a reduction, but Middle East-dominated OPEC insists Moscow cut by 250,000-300,000 bpd.

Two OPEC sources said talks were focusing on a pro-rata cut of 3-3.5 per cent from October output levels, with no exemptions for any member.

"Until those main criteria are met, OPEC could endure a fall in oil prices for a while if it opted to delay a decision on a cut for a month or two," one of the sources said.

"OPEC can always meet again in February and decide on a cut then. Those who were not able or willing to cooperate will be wanting to cut then," the source added.

Qatar said on Monday it would quit OPEC to focus on gas in a swipe at Saudi Arabia, which is trying to show unity in tackling the slide in oil prices.

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block.

OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia's resistance to a significant production cut was so far the main stumbling block. OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and concerns about an oil glut due largely to a rise in US production. The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from US President Donald Trump to help support the world economy with lower oil prices. Possibly complicating any OPEC decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh. The sources, three from the Organization of the Petroleum Exporting Countries and one from a non-OPEC producer, said the meeting was taking place in a difficult environment and that Russia's position would be key in reaching a deal. "Russia is playing tough," one of the OPEC sources said. Russian sources have indicated the country could contribute some 140,000 bpd to a reduction, but Middle East-dominated OPEC insists Moscow cut by 250,000-300,000 bpd. Two OPEC sources said talks were focusing on a pro-rata cut of 3-3.5 per cent from October output levels, with no exemptions for any member. "Until those main criteria are met, OPEC could endure a fall in oil prices for a while if it opted to delay a decision on a cut for a month or two," one of the sources said. "OPEC can always meet again in February and decide on a cut then. Those who were not able or willing to cooperate will be wanting to cut then," the source added. Qatar said on Monday it would quit OPEC to focus on gas in a swipe at Saudi Arabia, which is trying to show unity in tackling the slide in oil prices.

OPEC works on deal to cut output, as Russia plays tough

In the past, when the United States imported most of its energy needs, declining oil prices were a bounty to households and businesses, according to a Dow Jones Newswires report.

A rule of thumb was simple: Oil-price drops boosted US economic output.

That's become more complicated. As the US has risen to become the world's largest oil producer this year, a growing chunk of domestic investment, manufacturing output and employment has become tied to oil.

Now, when oil prices fall, it risks hurting investment and hiring in important parts of the economy.

At the same time, a decades-long transition toward more energy-efficient living has left businesses and consumers less sensitive to prices at the pump, meaning they don't benefit as much when prices fall.

Some economists still believe lower oil prices are a net economic positive, but the resurgence of the US oil industry has upended the conventional wisdom held by many, including President Donald Trump, who has recently issued a flurry of tweets calling for even cheaper crude.

"Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let's go lower!" Trump tweeted on November 21.

Oil companies, setting capital-expenditure plans for the next year, could be spooked into cutting budgets if prices keep sliding. Crude oil futures have lost a third of their value in less than two months.

"He's living in the old world," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said of Trump's comments in recent weeks cheering the price declines. "That's the very last thing he should be wishing for."

In the past, the US oil industry focused on the Gulf of Mexico, where massive deep-water wells required large up-front investments that pumped vast quantities of oil for a decade or more at relatively low operating costs.

Output was dominated by big companies such as Exxon Mobil Corp. and Royal Dutch Shell PLC, which carried little debt.

As a result, energy investment was relatively unresponsive to short-term price fluctuations, while a drop in gasoline prices immediately left consumers with more cash to save or spend on other goods and services.

Then the equation changed.

Fuel-efficient vehicles and a long transition away from heavy industry mean the US economy now consumes just 0.4 barrels of oil to produce $1,000 of gross domestic product, down from 1.1 barrels in 1972, said Martin Stuermer, a senior research economist at the Dallas Fed.

In contrast to the Gulf of Mexico's heyday, most US oil nowadays is extracted from a vast number of comparatively tiny deposits trapped in shale rock.

Since wells are exhausted quickly, the process requires near-constant drilling by a constellation of smaller companies that, compared to the traditional oil majors, use a lot of debt.

This makes both production and investment sensitive to lower prices, which can lead to sudden bankruptcies or declines in cash flow that squeeze investment plans.

Large shale-oil companies, such as EOG Resources Inc. and Whiting Petroleum Corp., have characterized the current price around $50 a barrel as an inflection point, below which they would reduce drilling.

"If oil went down to $40 and stayed there, yes, you would see a reduction in [spending] and a reduction in US production growth," said Chris Wright, the chief executive of Liberty Oilfield Services Inc., a hydraulic fracturing company that works for oil producers.

Economic data from the last big downturn in oil prices reflect the new dynamic. Months after oil prices began falling from their mid-2014 peak of $105 a barrel, drilling slowed.

By late 2016, private investment in oil and natural gas exploration and wells had fallen by two-thirds, and the oil-and-gas industry had shed nearly 190,000 jobs.

The negative effects of the price downturn were most acute in oil-producing regions like Texas and North Dakota, but national measures of business investment slowed, too, and overall expansion of GDP sputtered.

It's still difficult to map the complete footprint of oil in the US economy.

The Bureau of Economic Analysis estimates business investment in petroleum and natural gas structures at $137.48 billion annually.

While that's less than half of what consumers spend on gasoline and motor fuel - $324.51 billion - it includes none of the homes, hospitals and strip malls that pop up in regions that pump oil.

"A decline in oil prices now has negative spillovers to US aggregate investment," said Nida Cakir Melek, an economist at the Federal Reserve Bank of Kansas City.

Joseph Jaquez, who runs his family's store, Airlawn Furniture in Pecos, Texas, said the oil boom created a windfall for his business in the heart of the Permian basin when thousands of workers flocked to the area.

His sales of mattresses boomed to the temporary housing facilities that popped up in town.

"Our situation here in town is not one that many people can comprehend," Jaquez said.

Shepherdson, the economist, said it's not a coincidence that the 2014-16 period of falling oil prices was followed by a marked slowdown in broader economic growth. 
The recent price downturn, he estimates, will subtract 0.3 percentage points from US GDP growth over the next year or so.

In the past, when the United States imported most of its energy needs, declining oil prices were a bounty to households and businesses, according to a Dow Jones Newswires report.

In the past, when the United States imported most of its energy needs, declining oil prices were a bounty to households and businesses, according to a Dow Jones Newswires report. A rule of thumb was simple: Oil-price drops boosted US economic output. That's become more complicated. As the US has risen to become the world's largest oil producer this year, a growing chunk of domestic investment, manufacturing output and employment has become tied to oil. Now, when oil prices fall, it risks hurting investment and hiring in important parts of the economy. At the same time, a decades-long transition toward more energy-efficient living has left businesses and consumers less sensitive to prices at the pump, meaning they don't benefit as much when prices fall. Some economists still believe lower oil prices are a net economic positive, but the resurgence of the US oil industry has upended the conventional wisdom held by many, including President Donald Trump, who has recently issued a flurry of tweets calling for even cheaper crude. "Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let's go lower!" Trump tweeted on November 21. Oil companies, setting capital-expenditure plans for the next year, could be spooked into cutting budgets if prices keep sliding. Crude oil futures have lost a third of their value in less than two months. "He's living in the old world," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said of Trump's comments in recent weeks cheering the price declines. "That's the very last thing he should be wishing for." In the past, the US oil industry focused on the Gulf of Mexico, where massive deep-water wells required large up-front investments that pumped vast quantities of oil for a decade or more at relatively low operating costs. Output was dominated by big companies such as Exxon Mobil Corp. and Royal Dutch Shell PLC, which carried little debt. As a result, energy investment was relatively unresponsive to short-term price fluctuations, while a drop in gasoline prices immediately left consumers with more cash to save or spend on other goods and services. Then the equation changed. Fuel-efficient vehicles and a long transition away from heavy industry mean the US economy now consumes just 0.4 barrels of oil to produce $1,000 of gross domestic product, down from 1.1 barrels in 1972, said Martin Stuermer, a senior research economist at the Dallas Fed. In contrast to the Gulf of Mexico's heyday, most US oil nowadays is extracted from a vast number of comparatively tiny deposits trapped in shale rock. Since wells are exhausted quickly, the process requires near-constant drilling by a constellation of smaller companies that, compared to the traditional oil majors, use a lot of debt. This makes both production and investment sensitive to lower prices, which can lead to sudden bankruptcies or declines in cash flow that squeeze investment plans. Large shale-oil companies, such as EOG Resources Inc. and Whiting Petroleum Corp., have characterized the current price around $50 a barrel as an inflection point, below which they would reduce drilling. "If oil went down to $40 and stayed there, yes, you would see a reduction in [spending] and a reduction in US production growth," said Chris Wright, the chief executive of Liberty Oilfield Services Inc., a hydraulic fracturing company that works for oil producers. Economic data from the last big downturn in oil prices reflect the new dynamic. Months after oil prices began falling from their mid-2014 peak of $105 a barrel, drilling slowed. By late 2016, private investment in oil and natural gas exploration and wells had fallen by two-thirds, and the oil-and-gas industry had shed nearly 190,000 jobs. The negative effects of the price downturn were most acute in oil-producing regions like Texas and North Dakota, but national measures of business investment slowed, too, and overall expansion of GDP sputtered. It's still difficult to map the complete footprint of oil in the US economy. The Bureau of Economic Analysis estimates business investment in petroleum and natural gas structures at $137.48 billion annually. While that's less than half of what consumers spend on gasoline and motor fuel - $324.51 billion - it includes none of the homes, hospitals and strip malls that pop up in regions that pump oil. "A decline in oil prices now has negative spillovers to US aggregate investment," said Nida Cakir Melek, an economist at the Federal Reserve Bank of Kansas City. Joseph Jaquez, who runs his family's store, Airlawn Furniture in Pecos, Texas, said the oil boom created a windfall for his business in the heart of the Permian basin when thousands of workers flocked to the area. His sales of mattresses boomed to the temporary housing facilities that popped up in town. "Our situation here in town is not one that many people can comprehend," Jaquez said. Shepherdson, the economist, said it's not a coincidence that the 2014-16 period of falling oil prices was followed by a marked slowdown in broader economic growth. The recent price downturn, he estimates, will subtract 0.3 percentage points from US GDP growth over the next year or so.

Falling oil prices hurt US economy. Here's why

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the 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 but a higher opening of the domestic equity markets capped the losses.

The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close.

The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday.

The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart

Xi Jinping ended the trade war and agreed to a truce.&nbsp;

The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55.&nbsp;

Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency.

On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed.

Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.&nbsp; 
&nbsp;

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the US dollar against some currencies overseas.

The rupee depreciated by 50 paise to 70.08 against the US dollar in early trade Monday at the interbank foreign exchange amid strengthening of the 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 but a higher opening of the domestic equity markets capped the losses. The rupee opened lower at 69.87 against the dollar then dropped further to quote at 70.08, down 50 paise over its previous close. The rupee had strengthened by 27 paise to close at a four-month high of 69.58 against the US currency Friday. The benchmark BSE Sensex opened over 250 points higher Monday on positive global cues after US President Donald Trump and his Chinese counterpart Xi Jinping ended the trade war and agreed to a truce. The 30-share index was trading 132.25 points or 0.37 per cent, higher at 36,326.55. In a similar movement, the NSE Nifty was trading 30.80 points, or 0.28 per cent, up at 10,907.55. Forex traders said a rise in crude oil prices and foreign fund outflows also weighed on the domestic currency. On net basis, foreign funds sold shares worth Rs 332.62 crore, while DIIs purchased share to the tune of Rs 1,489.65 crore Friday, provisional data showed. Globally, Brent crude, the international benchmark, was trading 4.78 per cent up at 62.30 per barrel.

Rupee falls 50 paise to 70.08 against strengthening dollar

Indian markets on Monday opened in green with Sensex at 36,396.69 in morning trade, rising around 200 points from its previous close of 36194.30 on Friday.

Nifty, on the other hand, opened at 10930.70, up by around 50 points from its previous close of 10876.75.

Elsewhere in Asia, Hong Kong's Hang Seng was up 2.68 per cent, Japan's Nikkei gained 1.30 per cent and Shanghai Composite Index edged higher by 2.91 per cent in early trade.

On Wall Street, The Dow Jones Industrial Average index rose 199.62 points, or 0.79 per cent, to 25,538.46 on Friday.

The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues, news agency PTI reported.&nbsp;

The broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75.

During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points or 3.32 per cent.

Indian markets on Monday opened in green with Sensex at 36,396.69 in morning trade, rising around 200 points from its previous close of 36194.30 on Friday. Nifty, on the other hand, opened at 10930.

Indian markets on Monday opened in green with Sensex at 36,396.69 in morning trade, rising around 200 points from its previous close of 36194.30 on Friday. Nifty, on the other hand, opened at 10930.70, up by around 50 points from its previous close of 10876.75. Elsewhere in Asia, Hong Kong's Hang Seng was up 2.68 per cent, Japan's Nikkei gained 1.30 per cent and Shanghai Composite Index edged higher by 2.91 per cent in early trade. On Wall Street, The Dow Jones Industrial Average index rose 199.62 points, or 0.79 per cent, to 25,538.46 on Friday. The BSE Sensex pared initial gains Friday to end modestly higher at 36,194.30 points on profit-booking by investors amid mixed global cues, news agency PTI reported. The broader NSE Nifty jumped 18.05 points, or 0.17 per cent, to 10,876.75. During the week, the Sensex gained 1,213.28 points, or 2.34 per cent, while the Nifty rose 350 points or 3.32 per cent.

Markets open in green, Sensex surges over 200 points

Unilever is to buy GlaxoSmithKline's&nbsp;Horlicks&nbsp;nutrition business for $3.8 billion, boosting the Anglo-Dutch group's position in India by adding the popular malted drink.

The deal, announced on Monday, increases the consumer goods giant's reach in one of the world's fastest-growing economies and marks a notable addition to the portfolio by outgoing Chief Executive Paul Polman, who steps down in January.

Even though many of <a href="http://www.wionews.com/business-economy/kraft-heinz-withdraws-143-billion-unilever-bid-12574">Unilever's recent acquisitions</a> have focused on beauty and personal care products, buying&nbsp;Horlicks&nbsp;is a rare opportunity for Unilever to increase its scale in India, particularly in food and drinks.

For GSK boss Emma Walmsley, it is a chance to further streamline operations and generate cash for increased investment in pharmaceuticals. A few hours later, GSK announced it had agreed to buy US&nbsp;cancer drug specialist Tesaro for $5.1 billion, marking a major biotech investment by the drugmaker.

The&nbsp;Horlicks&nbsp;deal follows a competitive auction in which Unilever saw off rival Nestle, as well as earlier interest from Coca-Cola.

The transaction covers GSK's health food and drinks portfolio in India, Bangladesh and 20 other predominantly Asian markets. The business has annual sales of around 550 million euros, primarily through the malt-based&nbsp;Horlicks&nbsp;and Boost brands.

Horlicks&nbsp;comfortably dominates the health-drinks market in India and Unilever is expected to try to give it a fresh lease of life, following a slowdown in recent years as urban Indian consumers turn to healthier, less-sugary alternatives.

Bernstein analysts have said the business's growth slowed from 15 per cent to 4 per cent between 2013 and 2017, leading to lost market share, though management has indicated that performance has started to pick up in recent quarters.

Srinivas Phatak, finance head of Unilever's Indian unit, told reporters on Monday he expected the business to grow at a double-digit percentage rate in the medium term, boosting both earnings and profit margins. That would be well beyond Unilever's overall sales growth, this year forecast at the bottom end of a 3-5 per cent range.

"Growth has been a challenge in the recent periods," Liberum analyst Robert Waldschmidt said. "They're clearly expanding their emerging market footprint further and buying growth."

Unilever will seek to leverage its formidable distribution network to boost sales of&nbsp;Horlicks&nbsp;in smaller cities and rural areas.

The price is broadly in line with expectations. People familiar with the process had told Reuters it was likely to be sold for less than $4 billion.

Indian market

GSK's decision to sell the business follows its $13 billion acquisition of Novartis's stake in the two groups' consumer health joint venture this year. GSK said at the time that sellingHorlicks&nbsp;could support the funding of the Novartis buyout.

The main asset being sold is GSK's 72.5 per cent stake in Indian-listed GlaxoSmithKline Consumer Healthcare.

Unilever said its 3.3 billion euros ($3.75 billion) consideration would be paid in cash and shares in its subsidiary in India, Hindustan Unilever Limited (HUL).

Shares in both Indian companies rose more than 4 per cent on Monday, highlighting a "win-win" deal for both sides, according to Anand Shah, senior vice-president, consumer at Axis Capital.

"GSK's portfolio gives HUL a strong foothold in foods and beverages, space which it has been clearly lagging," he said.

It also gives the company greater access to India's middle-class parents who increasingly have more discretionary wealth and are willing to pay a premium for children's products.

But it may need to refresh&nbsp;Horlicks' traditional brand image and slogan, which promises that the drink makes children "Taller, Stronger, Sharper," marketing and brand experts said.

GSK said its net proceeds from the sale, after tax and hedging costs, were expected to be around 2.4 billion pounds ($3.1 billion).

Following the closure of the deal, which is expected in around 12 months, GSK will own approximately 5.7 per cent of HUL and the British drugmaker intends to sell this down in tranches.

As part of the agreement, HUL will also distribute GSK’s over-the-counter and oral health brands for an initial period of five years.

The deal comes a day before Unilever hosts a two-day investor event in Mumbai.

GSK was advised by Morgan Stanley and Greenhill, while BofA Merrill Lynch worked with Unilever.

Unilever is to buy GlaxoSmithKline's Horlicks nutrition business for $3.8 billion, boosting the Anglo-Dutch group's position in India by adding the popular malted drink.

Unilever is to buy GlaxoSmithKline's Horlicks nutrition business for $3.8 billion, boosting the Anglo-Dutch group's position in India by adding the popular malted drink. The deal, announced on Monday, increases the consumer goods giant's reach in one of the world's fastest-growing economies and marks a notable addition to the portfolio by outgoing Chief Executive Paul Polman, who steps down in January. Even though many of Unilever's recent acquisitions have focused on beauty and personal care products, buying Horlicks is a rare opportunity for Unilever to increase its scale in India, particularly in food and drinks. For GSK boss Emma Walmsley, it is a chance to further streamline operations and generate cash for increased investment in pharmaceuticals. A few hours later, GSK announced it had agreed to buy US cancer drug specialist Tesaro for $5.1 billion, marking a major biotech investment by the drugmaker. The Horlicks deal follows a competitive auction in which Unilever saw off rival Nestle, as well as earlier interest from Coca-Cola. The transaction covers GSK's health food and drinks portfolio in India, Bangladesh and 20 other predominantly Asian markets. The business has annual sales of around 550 million euros, primarily through the malt-based Horlicks and Boost brands. Horlicks comfortably dominates the health-drinks market in India and Unilever is expected to try to give it a fresh lease of life, following a slowdown in recent years as urban Indian consumers turn to healthier, less-sugary alternatives. Bernstein analysts have said the business's growth slowed from 15 per cent to 4 per cent between 2013 and 2017, leading to lost market share, though management has indicated that performance has started to pick up in recent quarters. Srinivas Phatak, finance head of Unilever's Indian unit, told reporters on Monday he expected the business to grow at a double-digit percentage rate in the medium term, boosting both earnings and profit margins. That would be well beyond Unilever's overall sales growth, this year forecast at the bottom end of a 3-5 per cent range. "Growth has been a challenge in the recent periods," Liberum analyst Robert Waldschmidt said. "They're clearly expanding their emerging market footprint further and buying growth." Unilever will seek to leverage its formidable distribution network to boost sales of Horlicks in smaller cities and rural areas. The price is broadly in line with expectations. People familiar with the process had told Reuters it was likely to be sold for less than $4 billion. Indian market GSK's decision to sell the business follows its $13 billion acquisition of Novartis's stake in the two groups' consumer health joint venture this year. GSK said at the time that sellingHorlicks could support the funding of the Novartis buyout. The main asset being sold is GSK's 72.5 per cent stake in Indian-listed GlaxoSmithKline Consumer Healthcare. Unilever said its 3.3 billion euros ($3.75 billion) consideration would be paid in cash and shares in its subsidiary in India, Hindustan Unilever Limited (HUL). Shares in both Indian companies rose more than 4 per cent on Monday, highlighting a "win-win" deal for both sides, according to Anand Shah, senior vice-president, consumer at Axis Capital. "GSK's portfolio gives HUL a strong foothold in foods and beverages, space which it has been clearly lagging," he said. It also gives the company greater access to India's middle-class parents who increasingly have more discretionary wealth and are willing to pay a premium for children's products. But it may need to refresh Horlicks' traditional brand image and slogan, which promises that the drink makes children "Taller, Stronger, Sharper," marketing and brand experts said. GSK said its net proceeds from the sale, after tax and hedging costs, were expected to be around 2.4 billion pounds ($3.1 billion). Following the closure of the deal, which is expected in around 12 months, GSK will own approximately 5.7 per cent of HUL and the British drugmaker intends to sell this down in tranches. As part of the agreement, HUL will also distribute GSK’s over-the-counter and oral health brands for an initial period of five years. The deal comes a day before Unilever hosts a two-day investor event in Mumbai. GSK was advised by Morgan Stanley and Greenhill, while BofA Merrill Lynch worked with Unilever.

Unilever to buy GSK's Horlicks India business in $3.8 billion deal

The Government expects to mop up about Rs 9,000 crore by selling off land and real estate properties of debt-laden Air India, an official said Monday.

The sale of land, building and other realty assets is part of the government's plan to trim the Rs 55,000 crore debt burden of Air India as this will make the airline competitive and fetch a better valuation when the government plans the strategic sale of national carrier again.

Finance Minister Arun Jaitley headed ministerial panel had last week approved transferring Rs 29,000 crore debt to a special purpose vehicle (SPV) -- Air India Asset Holding Company.

The funds raised through the sale of the properties would be used to reduce the Rs 29,000 crore debt, held in the SPV.

"We are looking to raise about Rs 9,000 crore from sale of land and property assets of Air India. These include Airlines House in Bombay, realty property in Delhi's Vasant Vihar and land in Baba Kharak Singh Marg, next to Connaught Place," an official told PTI.

Last week the ministerial panel on Air India disinvestment had cleared the strategic sale of Air India ground handling subsidiary Air India Air Transport Services Limited (AIATSL).

The proceeds from the sale of AIATSL will also be used to reduce the debt held in the SPV.

AIATSL earned Rs 61.66 crore profit in the financial year 2016-17.

"We are going step by step to reduce the debt of Air India. When we hit the markets again with the strategic sale of Air India, potential investors will find it lucrative to purchase the carrier. These are all steps towards the sale of Air India," the official added.

The national carrier had in September invited bids to sell its properties located across India.

The airline had put up for sale 28 flats in Mumbai, seven flats in Ahmedabad, and two flats and office space in Pune, besides several other properties across the country.

The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players.

However, the stake sale failed to attract any bidders when the bidding process got completed on May 31. In June, the ministerial panel decided not to go ahead with Air India stake sale in an election year.

It was decided to make Air India competitive by way of cutting down debt and raising resources by selling land assets and other subsidiaries.

The Government expects to mop up about Rs 9,000 crore by selling off land and real estate properties of debt-laden Air India, an official said Monday. The sale of land, building and other realty assets is part of the government's plan to trim the Rs 55,000 crore debt burden of Air India as this will make the airline competitive and fetch a better valuation when the government plans the strategic sale of national carrier again.

The Government expects to mop up about Rs 9,000 crore by selling off land and real estate properties of debt-laden Air India, an official said Monday. The sale of land, building and other realty assets is part of the government's plan to trim the Rs 55,000 crore debt burden of Air India as this will make the airline competitive and fetch a better valuation when the government plans the strategic sale of national carrier again. Finance Minister Arun Jaitley headed ministerial panel had last week approved transferring Rs 29,000 crore debt to a special purpose vehicle (SPV) -- Air India Asset Holding Company. The funds raised through the sale of the properties would be used to reduce the Rs 29,000 crore debt, held in the SPV. "We are looking to raise about Rs 9,000 crore from sale of land and property assets of Air India. These include Airlines House in Bombay, realty property in Delhi's Vasant Vihar and land in Baba Kharak Singh Marg, next to Connaught Place," an official told PTI. Last week the ministerial panel on Air India disinvestment had cleared the strategic sale of Air India ground handling subsidiary Air India Air Transport Services Limited (AIATSL). The proceeds from the sale of AIATSL will also be used to reduce the debt held in the SPV. AIATSL earned Rs 61.66 crore profit in the financial year 2016-17. "We are going step by step to reduce the debt of Air India. When we hit the markets again with the strategic sale of Air India, potential investors will find it lucrative to purchase the carrier. These are all steps towards the sale of Air India," the official added. The national carrier had in September invited bids to sell its properties located across India. The airline had put up for sale 28 flats in Mumbai, seven flats in Ahmedabad, and two flats and office space in Pune, besides several other properties across the country. The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players. However, the stake sale failed to attract any bidders when the bidding process got completed on May 31. In June, the ministerial panel decided not to go ahead with Air India stake sale in an election year. It was decided to make Air India competitive by way of cutting down debt and raising resources by selling land assets and other subsidiaries.

Government to raise Rs 9,000 crore from sale of land, building, other assets of Air India

Stocks rose on Monday after a truce in trade relations between the United States and China, while shares in Hindustan Unilever jumped after its deal involving GlaxoSmithKline's Horlicks nutrition business.

The broader NSE Nifty closed 0.06 per cent higher at 10,883.75, while the benchmark Sensex index ended 0.13 higher at 36,241. Both indexes marked their sixth successive session of gains.

Hindustan Unilever jumped 4.1 per cent to its best ever closing level after a deal announced by its Anglo-Dutch parent Unilever to buy GlaxoSmithKline`s Indian Horlicks business for $3.8 billion.

Meanwhile, shares in Sun Pharmaceutical Industries Ltd, India`s top drug manufacturer by market value, slid 7.6 per cent after a report of a regulatory probe against the company.

Stocks rose on Monday after a truce in trade relations between the United States and China, while shares in Hindustan Unilever jumped after its deal involving GlaxoSmithKline's Horlicks nutrition business.

Stocks rose on Monday after a truce in trade relations between the United States and China, while shares in Hindustan Unilever jumped after its deal involving GlaxoSmithKline's Horlicks nutrition business. The broader NSE Nifty closed 0.06 per cent higher at 10,883.75, while the benchmark Sensex index ended 0.13 higher at 36,241. Both indexes marked their sixth successive session of gains. Hindustan Unilever jumped 4.1 per cent to its best ever closing level after a deal announced by its Anglo-Dutch parent Unilever to buy GlaxoSmithKline`s Indian Horlicks business for $3.8 billion. Meanwhile, shares in Sun Pharmaceutical Industries Ltd, India`s top drug manufacturer by market value, slid 7.6 per cent after a report of a regulatory probe against the company.

Nifty, Sensex up for sixth day, Hindustan Unilever gets Horlicks boost

Oil prices jumped by more than 5 per cent on Monday after the <a href="http://www.wionews.com/world/trump-and-china-called-a-truce-in-the-trade-war-now-what-181070">United States and China</a> agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

US&nbsp;light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60.

"From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term."

<a href="http://www.wionews.com/world/us-china-agree-to-trade-war-ceasefire-more-talks-180930">China and the United States</a> agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes.

The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown.

Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets.

Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage.

The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October.

"Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM.

Within OPEC, Qatar said on Monday it would leave the producer club in January.

Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG).

The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader.

Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday.

Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd.

With drilling activity still high, most analysts expect US&nbsp;oil production to rise further in 2019.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.

Oil prices jumped by more than 5 per cent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply. US light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 per cent, before easing to around $53.00 by 0930 GMT. Brent crude rose 5.3 per cent or $3.14 to a high of $62.60 and was last trading around $61.60. "From Argentina to Alberta, the oil market news is about supply curtailments," said Norbert Rücker, head of commodity research at Swiss bank Julius Baer. "A brightening market mood will likely extend today's price rally in the very near term." China and the United States agreed during a weekend meeting in Argentina of the Group of 20 leading economies not to impose additional trade tariffs for at least 90 days while they hold talks to resolve existing disputes. The trade war between the world's two biggest economies has weighed heavily on global trade, sparking concerns of an economic slowdown. Crude oil has not been included in the list of products facing import tariffs, but traders said the positive sentiment of the truce was also driving crude markets. Oil also received support from an announcement by the Canadian province of Alberta that it would force producers to cut output by 8.7 per cent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage. The Organization of the Petroleum Exporting Countries meets on Dec. 6 to decide output policy. The group, along with non-OPEC member Russia, is expected to announce cuts aimed at reining in a production surplus that has pulled down crude prices by around a third since October. "Markets are expecting to see a substantial production cut after Russian President Vladimir Putin said his country's cooperation on oil supplies with Saudi Arabia would continue," said Hussein Sayed, chief market strategist at brokerage FXTM. Within OPEC, Qatar said on Monday it would leave the producer club in January. Qatar's oil production is only around 600,000 bpd, but it is the world's biggest exporter of liquefied natural gas (LNG). The Gulf state has also been at loggerheads with its much bigger neighbour Saudi Arabia, the de facto OPEC leader. Outside OPEC, Russian oil output stood at 11.37 million bpd in November, down from a post-Soviet record of 11.41 million bpd it reached in October, Energy Ministry data showed on Sunday. Meanwhile, oil producers in the United States continue to churn out record amounts of oil, with crude output at an unprecedented level of more than 11.5 million bpd. With drilling activity still high, most analysts expect US oil production to rise further in 2019.

Ahead of OPEC meeting, oil prices jump 5%