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BSE Sensex retreated from record levels to end marginally down by 26.09 points at 37,665.80 today in a volatile trade as investors booked profit in recent gainers such as Reliance Industries, Adani Ports and SBI.

The broader NSE Nifty extended its record run for a third straight session, edging up by 2.35 points or 0.02 per cent to close at new peak at 11,389.45. Intra-day, it hit a new high of 11,428.95 and a low of 11,359.70.&nbsp

The Sensex opened with gains and rallied to a fresh life-time high of 37,876.87 in early trade. However, it succumbed to profit booking, before finally ending at 37,665.80 points, down by 26.09 points, or 0.07 per cent. The Sensex swung about 300 points on alternate bouts of buying and selling during the volatile session.

Investors rushed to book profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.

Top losers included Adani Ports, Coal India, SBI, ONGC, Sun Pharma, Tata Motors, Bharti Airtel, Axis Bank, M&M, RIL, ICICI Bank, TCS, HDFC, ITC, Bajaj Auto and Power Grid, falling up to 6.49 per cent.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 248.709 crore, while domestic Institutional Investors (DIIs) made purchases worth a net of Rs 218.64 crore yesterday, provisional exchange data showed.

Top losers included Adani Ports, Coal India, SBI, ONGC, Sun Pharma, Tata Motors, Bharti Airtel

BSE Sensex retreated from record levels to end marginally down by 26.09 points at 37,665.80 today in a volatile trade as investors booked profit in recent gainers such as Reliance Industries, Adani Ports and SBI. The broader NSE Nifty extended its record run for a third straight session, edging up by 2.35 points or 0.02 per cent to close at new peak at 11,389.45. Intra-day, it hit a new high of 11,428.95 and a low of 11,359.70. The Sensex opened with gains and rallied to a fresh life-time high of 37,876.87 in early trade. However, it succumbed to profit booking, before finally ending at 37,665.80 points, down by 26.09 points, or 0.07 per cent. The Sensex swung about 300 points on alternate bouts of buying and selling during the volatile session. Investors rushed to book profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters. Top losers included Adani Ports, Coal India, SBI, ONGC, Sun Pharma, Tata Motors, Bharti Airtel, Axis Bank, M&M, RIL, ICICI Bank, TCS, HDFC, ITC, Bajaj Auto and Power Grid, falling up to 6.49 per cent. Foreign portfolio investors (FPIs) bought shares worth a net of Rs 248.709 crore, while domestic Institutional Investors (DIIs) made purchases worth a net of Rs 218.64 crore yesterday, provisional exchange data showed.

Sensex slips; Nifty gains to close at new peak

Petrol prices have crossed the Rs 77 a litre mark for the first time in two months due to firming international rates.

Petrol price in Delhi was today hiked by 9 paisa a litre to Rs 77.06 while diesel rates went up by 6 paisa to Rs 68.50 per litre, according to daily price notification issued by state-owned oil firms.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Retail selling prices have been firming up since July 30 as international rates inched up. Rates have risen by Rs 0.90 a litre in case of petrol in nine days while diesel prices have risen by Rs 0.88 per litre.

Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs 69.30.

Petrol was last above the Rs 77-mark on June 9 when it was priced at Rs 77.02 a litre in Delhi. On that day, diesel was priced at Rs 68.28 per litre.

State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions.

High prices have off-and-on triggered demands for a reduction in excise duty but the government had ruled out any immediate cut.

The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel.

Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel.

The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

This led to its excise collections from petro goods more than d

Doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Petrol prices have crossed the Rs 77 a litre mark for the first time in two months due to firming international rates. Petrol price in Delhi was today hiked by 9 paisa a litre to Rs 77.06 while diesel rates went up by 6 paisa to Rs 68.50 per litre, according to daily price notification issued by state-owned oil firms. Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Retail selling prices have been firming up since July 30 as international rates inched up. Rates have risen by Rs 0.90 a litre in case of petrol in nine days while diesel prices have risen by Rs 0.88 per litre. Petrol price had touched an all-time high of Rs 78.43 a litre on May 29 and had since receded. On that day, the diesel price had touched an all-time high of Rs 69.30. Petrol was last above the Rs 77-mark on June 9 when it was priced at Rs 77.02 a litre in Delhi. On that day, diesel was priced at Rs 68.28 per litre. State-owned oil firms had in mid-June last year dumped 15-year practice of revising rates on 1st and 16th of every month in favour of daily price revisions. High prices have off-and-on triggered demands for a reduction in excise duty but the government had ruled out any immediate cut. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT) - the lowest being in Andaman and Nicobar Islands where a 6 per cent sales tax is charged on both the fuel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. The central government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. This led to its excise collections from petro goods more than d Doubling in last four years - from Rs 99,184 crore in 2014-15 to Rs 2,29,019 crore in 2017-18. States saw their VAT revenue from petro goods rise from Rs 1,37,157 crore in 2014-15 to Rs 1,84,091 crore in 2017-18.

Petrol prices cross Rs 77 per litre mark

Punjab and National Bank (PNB) on Tuesday reported a Rs 940 crore loss for the April to June quarter.&nbsp;

This was its second consecutive quarter loss.&nbsp;

The public sector bank had posted a net profit of Rs 343.40 crore in the April to June quarter last year.&nbsp;

The bank's total income meanwhile rose to Rs 15,072 crore from Rs 14,468.14 crore last year.&nbsp;

PNB also reported a decline in its bad assets metrics, with gross non-performing assets (NPAs) rising to 18.26 per cent of gross advances as on June 30, 2018.&nbsp;

This February, Punjab National Bank had said it had been hit by the biggest banking scam in the country ever.&nbsp;

Over Rs 13,400 crore was&nbsp;siphoned&nbsp;off from the bank's Brady House branch in Mumbai on the basis of fake Letters of Guarantee.&nbsp;

The main accused in the scam are the jewellers Nirav Modi and Mehul Choksi.&nbsp;

(With inputs from agencies)

Punjab National Bank said it made a Rs 940 crore loss for the April to June quarter.

Punjab and National Bank (PNB) on Tuesday reported a Rs 940 crore loss for the April to June quarter. This was its second consecutive quarter loss. The public sector bank had posted a net profit of Rs 343.40 crore in the April to June quarter last year. The bank's total income meanwhile rose to Rs 15,072 crore from Rs 14,468.14 crore last year. PNB also reported a decline in its bad assets metrics, with gross non-performing assets (NPAs) rising to 18.26 per cent of gross advances as on June 30, 2018. This February, Punjab National Bank had said it had been hit by the biggest banking scam in the country ever. Over Rs 13,400 crore was siphoned off from the bank's Brady House branch in Mumbai on the basis of fake Letters of Guarantee. The main accused in the scam are the jewellers Nirav Modi and Mehul Choksi. (With inputs from agencies)

PNB suffers consecutive quarterly loss, this time of Rs 940 cr

Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the US-China trade conflict, while a stronger US dollar capped the safe haven's gains.

Spot gold was up 0.2 per cent at $1,215.71 an ounce at 0410 GMT, building on its 0.5 per cent gain on Friday.

US gold futures were little changed at $1,223.7 an ounce.

"Gold is still very much being influenced by how the dollar is moving. The uptick in gold prices is from the market pricing in how the US-China trade war issues actually play out," OCBC analyst Barnabas Gan said.

Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed US job growth slowed in July.

The dollar also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency.

The greenback, however, regained footing on Monday and strengthened against major peers.&nbsp

China proposed retaliatory tariffs on $60 billion worth of US goods on Friday, further escalating a bitter trade conflict after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-per cent tariff on $200 billion worth of Chinese imports.

While the intensifying trade spat has been one of the reasons gold prices have been supported above the $1,200 handle, the trade issues have also been playing off into a more expensive dollar rather than higher gold prices, Gan said.

"The more expensive dollar is capping the rally in gold prices. Further downside for gold still appears to be possible especially if the dollar continues to rally."

Spot gold may retest a support at $1,206 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technicals analyst Wang Tao said.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.26 per cent to 794.90 tonnes on Friday.

Hedge funds and money managers added a hefty 13,931 contracts to their net short position, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006, US Commodity Futures Trading Commission (CFTC) data showed on Friday.

Myanmar could export as much as 20 tonnes of gold in 2019 after the Southeast Asian country earlier this year permitted exports of the precious metal for the first time in five decades, a senior industry official said on Saturday.

Among other precious metals, silver rose 0.5 per cent to $15.45 an ounce after posting an eighth weekly decline last week.

Platinum rose 0.2 per cent to $828.95 an ounce, while palladium was 0.5 per cent higher at $913.65 an ounce.

US gold futures were little changed at $1,223.7 an ounce.

Gold prices inched higher on Monday, extending their recovery from a 17-month low, amid lingering worries over the US-China trade conflict, while a stronger US dollar capped the safe haven's gains. Spot gold was up 0.2 per cent at $1,215.71 an ounce at 0410 GMT, building on its 0.5 per cent gain on Friday. US gold futures were little changed at $1,223.7 an ounce. "Gold is still very much being influenced by how the dollar is moving. The uptick in gold prices is from the market pricing in how the US-China trade war issues actually play out," OCBC analyst Barnabas Gan said. Gold prices rebounded on Friday from a 17-month low of $1,204 per ounce as dollar slipped after data showed US job growth slowed in July. The dollar also weakened against the yuan on Friday after the Chinese central bank sought to stabilize its currency. The greenback, however, regained footing on Monday and strengthened against major peers. China proposed retaliatory tariffs on $60 billion worth of US goods on Friday, further escalating a bitter trade conflict after the Trump administration sought to ratchet up pressure for trade concessions by proposing a higher 25-per cent tariff on $200 billion worth of Chinese imports. While the intensifying trade spat has been one of the reasons gold prices have been supported above the $1,200 handle, the trade issues have also been playing off into a more expensive dollar rather than higher gold prices, Gan said. "The more expensive dollar is capping the rally in gold prices. Further downside for gold still appears to be possible especially if the dollar continues to rally." Spot gold may retest a support at $1,206 per ounce, a break below which could cause a loss to the next support at $1,194, Reuters technicals analyst Wang Tao said. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.26 per cent to 794.90 tonnes on Friday. Hedge funds and money managers added a hefty 13,931 contracts to their net short position, bringing it to 41,087 contracts, the biggest since records became publicly available in 2006, US Commodity Futures Trading Commission (CFTC) data showed on Friday. Myanmar could export as much as 20 tonnes of gold in 2019 after the Southeast Asian country earlier this year permitted exports of the precious metal for the first time in five decades, a senior industry official said on Saturday. Among other precious metals, silver rose 0.5 per cent to $15.45 an ounce after posting an eighth weekly decline last week. Platinum rose 0.2 per cent to $828.95 an ounce, while palladium was 0.5 per cent higher at $913.65 an ounce.

Gold extends rally from 17-month low, stronger dollar caps gains

HSBC Holdings Plc said on Monday its pretax profit rose 4.6 per cent for the first half of the year, as Europe's biggest bank showed early progress in its strategy of returning to growth mode after years of restructuring.

HSBC reported a pretax profit of $10.7 billion in the six months through June, up from $10.2 billion in the same period a year earlier.

The bank's pretax profit of $5.96 billion in the April-June quarter was higher than the $5.79 billion average of analysts' forecasts compiled by the bank.

“We are taking firm steps to deliver the strategy we outlined in June. We are investing to win new customers, increase our market share, and lay the foundations for consistent growth in profits and returns," John Flint, HSBC's group chief executive, said in a statement.

Flint set out in June a three-year plan to invest $15 billion-$17 billion in areas such as technology and in China, as part of the bank's swing from a strategy of cost-cutting to one of growth.

HSBC's retail banking and wealth management, and commercial banking divisions performed most strongly, Flint said, adding both continued to gain from a positive interest rate environment.

Pretax profits for the first half from Asia jumped 23 percent to $9.4 billion, representing 88 per cent of the group's pretax profits. Flint re-empahsised Asia as one of the bank's strategic targets in his June presentation.

The bank also announced that it had appointed Jonathan Symonds, formerly chairman of HSBC Bank plc, as its deputy chairman.

HSBC reported a pretax profit of $10.7 billion in the six months through June, up from $10.2 billion in the same period a year earlier.

HSBC Holdings Plc said on Monday its pretax profit rose 4.6 per cent for the first half of the year, as Europe's biggest bank showed early progress in its strategy of returning to growth mode after years of restructuring. HSBC reported a pretax profit of $10.7 billion in the six months through June, up from $10.2 billion in the same period a year earlier. The bank's pretax profit of $5.96 billion in the April-June quarter was higher than the $5.79 billion average of analysts' forecasts compiled by the bank. “We are taking firm steps to deliver the strategy we outlined in June. We are investing to win new customers, increase our market share, and lay the foundations for consistent growth in profits and returns," John Flint, HSBC's group chief executive, said in a statement. Flint set out in June a three-year plan to invest $15 billion-$17 billion in areas such as technology and in China, as part of the bank's swing from a strategy of cost-cutting to one of growth. HSBC's retail banking and wealth management, and commercial banking divisions performed most strongly, Flint said, adding both continued to gain from a positive interest rate environment. Pretax profits for the first half from Asia jumped 23 percent to $9.4 billion, representing 88 per cent of the group's pretax profits. Flint re-empahsised Asia as one of the bank's strategic targets in his June presentation. The bank also announced that it had appointed Jonathan Symonds, formerly chairman of HSBC Bank plc, as its deputy chairman.

HSBC first-half pretax profit rises 4.6 per cent, second-quarter beats estimates

Stocks across Asia advanced on Monday as China's efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region, although the escalating Sino-US trade conflict has capped gains.

Late on Friday, the People's Bank of China raised the reserve requirement on some foreign exchange forward positions, making it more expensive to bet against the Chinese currency and helping pull the yuan away from 14-month lows.

The move boosted the Australian dollar, which is often played as a liquid proxy for the yuan. The Aussie came off two-week lows to climb as high as $0.7412 after the announcement, and was last at $0.7403.

"Leaning against bearish CNY sentiment is important because a rapidly weakening currency risks triggering residential outflows and destabilising domestic asset prices," JPMorgan analysts said in a note.

"Our economists think that PBOC likely will take further action if CNY depreciation continues or capital outflow pressure increases."

On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan leapt 0.9 per cent - the biggest jump in a month and its second straight session of gains.

Japan's Nikkei edged up 0.4 per cent, while Australian shares added 0.75 per cent. Chinese shares were positive too, with the blue-chip share index up 0.5 per cent. Hong Kong's Hang Seng index gained 1.3 per cent.

On Friday, the Dow climbed 0.54 per cent, the S&P 500 gained 0.46 per cent and the Nasdaq Composite added 0.12 per cent. They were helped by strong corporate earnings, although gains were capped by worries over the escalating trade tensions.

The trade dispute remains a live issue for markets with China proposing tariffs on $60 billion worth of US goods on Friday, while a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the bitter trade conflict.

That was followed by a report in China's state media saying Friday's retaliatory tariffs were "rational" while accusing the United States of blackmail.

At the same time, US President Donald Trump said his strategy of placing steep tariffs on Chinese imports is "working far better than anyone ever anticipated", citing losses in China's stock market. He predicted the US market could "go up dramatically" once trade deals were renegotiated.

According to Bespoke Investment Group, mentions of tariffs in S&P 500 company earnings reports for the second quarter have more than doubled from the first quarter of this year.

Other factors too are weighing over investor sentiment.

"While the possibility of a trade war is still top of mind for investors, it isn't the only cause for concern," said Lachlan McPherson, Senior Investment Consultant at Charles Schwab Australia.

"Investors are also closely watching the rising value of the US dollar, slowing global economic growth and the risk of the Federal Reserve tightening short-term interest rates too quickly and dampening domestic economic growth."

The dollar index, which measures the greenback against a basket of six other currencies, has risen 3.4 per cent so far this year with strong rallies since April when Trump first announced the tariffs. The index was last up 0.1 per cent at 95.26.

Traders see further upside in the dollar as they maintained a significantly large long position on the currency, while net short bets on the Aussie were their largest since November 2015.

The British pound held at $1.30 after falling to an 11-day low of $1.2975 following remarks by Bank of England Governor Mark Carney that Britain faced an "uncomfortably high" risk of a "no deal" Brexit.

The euro inched down to more than 5-week lows of $1.1573.

Gold bounced from near 17-month lows after weaker-than-expected US jobs data, and was last up 0.3 per cent at $1,216.45.

Meanwhile, Brent crude futures rose 41 cents to $73.62, while US crude oil futures added 34 cents to $68.82 a barrel.

The move boosted the Australian dollar, which is often played as a liquid proxy for the yuan.

Stocks across Asia advanced on Monday as China's efforts to stop sharp declines in its currency and capital flight supported wider sentiment in the region, although the escalating Sino-US trade conflict has capped gains. Late on Friday, the People's Bank of China raised the reserve requirement on some foreign exchange forward positions, making it more expensive to bet against the Chinese currency and helping pull the yuan away from 14-month lows. The move boosted the Australian dollar, which is often played as a liquid proxy for the yuan. The Aussie came off two-week lows to climb as high as $0.7412 after the announcement, and was last at $0.7403. "Leaning against bearish CNY sentiment is important because a rapidly weakening currency risks triggering residential outflows and destabilising domestic asset prices," JPMorgan analysts said in a note. "Our economists think that PBOC likely will take further action if CNY depreciation continues or capital outflow pressure increases." On Monday, MSCI's broadest index of Asia-Pacific shares outside Japan leapt 0.9 per cent - the biggest jump in a month and its second straight session of gains. Japan's Nikkei edged up 0.4 per cent, while Australian shares added 0.75 per cent. Chinese shares were positive too, with the blue-chip share index up 0.5 per cent. Hong Kong's Hang Seng index gained 1.3 per cent. On Friday, the Dow climbed 0.54 per cent, the S&P 500 gained 0.46 per cent and the Nasdaq Composite added 0.12 per cent. They were helped by strong corporate earnings, although gains were capped by worries over the escalating trade tensions. The trade dispute remains a live issue for markets with China proposing tariffs on $60 billion worth of US goods on Friday, while a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the bitter trade conflict. That was followed by a report in China's state media saying Friday's retaliatory tariffs were "rational" while accusing the United States of blackmail. At the same time, US President Donald Trump said his strategy of placing steep tariffs on Chinese imports is "working far better than anyone ever anticipated", citing losses in China's stock market. He predicted the US market could "go up dramatically" once trade deals were renegotiated. According to Bespoke Investment Group, mentions of tariffs in S&P 500 company earnings reports for the second quarter have more than doubled from the first quarter of this year. Other factors too are weighing over investor sentiment. "While the possibility of a trade war is still top of mind for investors, it isn't the only cause for concern," said Lachlan McPherson, Senior Investment Consultant at Charles Schwab Australia. "Investors are also closely watching the rising value of the US dollar, slowing global economic growth and the risk of the Federal Reserve tightening short-term interest rates too quickly and dampening domestic economic growth." The dollar index, which measures the greenback against a basket of six other currencies, has risen 3.4 per cent so far this year with strong rallies since April when Trump first announced the tariffs. The index was last up 0.1 per cent at 95.26. Traders see further upside in the dollar as they maintained a significantly large long position on the currency, while net short bets on the Aussie were their largest since November 2015. The British pound held at $1.30 after falling to an 11-day low of $1.2975 following remarks by Bank of England Governor Mark Carney that Britain faced an "uncomfortably high" risk of a "no deal" Brexit. The euro inched down to more than 5-week lows of $1.1573. Gold bounced from near 17-month lows after weaker-than-expected US jobs data, and was last up 0.3 per cent at $1,216.45. Meanwhile, Brent crude futures rose 41 cents to $73.62, while US crude oil futures added 34 cents to $68.82 a barrel.

Asian stocks cheer move by China's central bank, but trade war weighs

Tokyo stocks opened flat on Monday with investors sitting on the sidelines as US-China trade war fears ramped up and the yen appreciated.

The benchmark Nikkei 225 index inched up 0.03 per cent, or 6.88 points, to 22,532.06 in early trade while the broader Topix index was up 0.02 per cent, or 0.35 points, at 1,742.93.

"Rallies on US and European markets on Friday could lead to buying in early trade but there is no trading peg strong enough to boost the overall market," SBI Securities said in a commentary.

Okasan Online Securities said "higher US stock prices helped buoy sentiment but the yen's slight appreciation could keep investors from active trade."

"Caution about further escalation in US-China trade frictions is also still strong," Okasan's chief strategist Yoshihiro Ito added in a commentary.

New York stocks rose on Friday after a positive US jobs report.

But Beijing has threatened to bring in levies on $60 billion of American goods after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth $200 billion.

The dollar edged down against the yen, changing hands at 111.22 yen against 111.25 yen in New York Friday and 111.71 yen in Tokyo before the weekend.

A stronger yen often drags down the Tokyo stock market as it clouds Japanese exporter outlooks by making their products less competitive abroad and also reducing profits when repatriated.

Toyota edged up 0.15 per cent to 7,231 yen after losing 0.85 per cent on Friday on investor disappointment with the car giant's decision to leave unchanged its full-year guidance, despite robust first-quarter results.

Panasonic fell 0.91 per cent to 1,456 yen and Sony lost 0.49 per cent to 6,081 yen.

The benchmark Nikkei 225 index inched up 0.03 per cent, or 6.88 points, to 22,532.06 in early trade while the broader Topix index was up 0.02 per cent, or 0.35 points, at 1,742.93.

Tokyo stocks opened flat on Monday with investors sitting on the sidelines as US-China trade war fears ramped up and the yen appreciated. The benchmark Nikkei 225 index inched up 0.03 per cent, or 6.88 points, to 22,532.06 in early trade while the broader Topix index was up 0.02 per cent, or 0.35 points, at 1,742.93. "Rallies on US and European markets on Friday could lead to buying in early trade but there is no trading peg strong enough to boost the overall market," SBI Securities said in a commentary. Okasan Online Securities said "higher US stock prices helped buoy sentiment but the yen's slight appreciation could keep investors from active trade." "Caution about further escalation in US-China trade frictions is also still strong," Okasan's chief strategist Yoshihiro Ito added in a commentary. New York stocks rose on Friday after a positive US jobs report. But Beijing has threatened to bring in levies on $60 billion of American goods after US President Donald Trump's administration upped the ante in its plans for additional tariffs on Chinese goods worth $200 billion. The dollar edged down against the yen, changing hands at 111.22 yen against 111.25 yen in New York Friday and 111.71 yen in Tokyo before the weekend. A stronger yen often drags down the Tokyo stock market as it clouds Japanese exporter outlooks by making their products less competitive abroad and also reducing profits when repatriated. Toyota edged up 0.15 per cent to 7,231 yen after losing 0.85 per cent on Friday on investor disappointment with the car giant's decision to leave unchanged its full-year guidance, despite robust first-quarter results. Panasonic fell 0.91 per cent to 1,456 yen and Sony lost 0.49 per cent to 6,081 yen.

Tokyo stocks open flat as trade war fears weigh

PepsiCo CEO Indra Nooyi will step down after 12 years at the helm, the company said on Monday.

Nooyi, 62, who was born in Chennai joined Pepsi Co in 1994 and became CFO in 2001.

“Leading PepsiCo has truly been the honour of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve,” Nooyi said in a statement.&nbsp;

The India-born high profile executive&nbsp;became CEO in 2006. She drove the company's global strategy as PepsiCo's&nbsp;revenue grew exponentially during her term.

PepsiCo president Ramon Laguarta will replace Nooyi, the company said in a statement.

Reports said the changeover will happen in October.

"Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of performance with Purpose - delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve - we've made a more meaningful impact in people's lives than I ever dreamed possible. PepsiCo today is in a strong position for continued growth with its brightest days still ahead," Nooyi said.

On the future CEO, Nooyi said: "Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. Ramon has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come."

Laguarta who has been with the company for the past 22 years will become the sixth CEO of the 53-year old company.

Last month, PepsiCo's&nbsp;better-than-expected quarterly results pointed towards signs of gradual recovery in its struggling soda business which had become the company's Achilles heels.

Nooyi was fighting hard to popularise the drink against stiff competition from Coke even as consumer preference seemed to be shifting towards healthier drinks.

Demand for its zero sugar Pepsi and diet Pepsi were "flying off the shelves," Nooyi said.

"Every part of our business in North American Beverages is showing sequential improvement," Nooyi said. "As we go into the third quarter, we feel good about the trend rate."

PepsiCo's net revenue rose 2.4 per cent to $16.09 billion, of which $5.19 billion came from its beverage business.

She became CEO in 2006 driving the company's global strategy as the company grew in revenue.

PepsiCo CEO Indra Nooyi will step down after 12 years at the helm, the company said on Monday. Nooyi, 62, who was born in Chennai joined Pepsi Co in 1994 and became CFO in 2001. “Leading PepsiCo has truly been the honour of my lifetime, and I’m incredibly proud of all we have done over the past 12 years to advance the interests not only of shareholders, but all our stakeholders in the communities we serve,” Nooyi said in a statement. The India-born high profile executive became CEO in 2006. She drove the company's global strategy as PepsiCo's revenue grew exponentially during her term. PepsiCo president Ramon Laguarta will replace Nooyi, the company said in a statement. Reports said the changeover will happen in October. "Growing up in India, I never imagined I'd have the opportunity to lead such an extraordinary company. Guided by our philosophy of performance with Purpose - delivering sustained performance while making more nutritious products, limiting our environmental footprint and lifting up all the communities we serve - we've made a more meaningful impact in people's lives than I ever dreamed possible. PepsiCo today is in a strong position for continued growth with its brightest days still ahead," Nooyi said. On the future CEO, Nooyi said: "Ramon Laguarta is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. He has a deep understanding of the changing preferences of consumers and other critical trends unfolding around the world, and he has demonstrated that he knows how to navigate them successfully. Ramon has been a critical partner in running the company, and I'm confident he will take PepsiCo to new and greater heights in the years to come." Laguarta who has been with the company for the past 22 years will become the sixth CEO of the 53-year old company. Last month, PepsiCo's better-than-expected quarterly results pointed towards signs of gradual recovery in its struggling soda business which had become the company's Achilles heels. Nooyi was fighting hard to popularise the drink against stiff competition from Coke even as consumer preference seemed to be shifting towards healthier drinks. Demand for its zero sugar Pepsi and diet Pepsi were "flying off the shelves," Nooyi said. "Every part of our business in North American Beverages is showing sequential improvement," Nooyi said. "As we go into the third quarter, we feel good about the trend rate." PepsiCo's net revenue rose 2.4 per cent to $16.09 billion, of which $5.19 billion came from its beverage business.

Pepsi CEO Indra Nooyi to step down, Ramon Laguarta to takeover

Sensex edged up on Monday to their highest close, driven by financials such as private sector lenders ICICI Bank Ltd and Axis Bank Ltd, while positive global cues also helped boost investor sentiment.

The benchmark BSE Sensex climbed 0.36 per cent to a record close of 37,692.46, while the broader NSE Nifty rose 0.23 per cent to a record close of 11,387.1.

ICICI Bank gained 3.3 per cent, while Axis Bank rose 3.8 per cent.

HDFC Asset Management Co Ltd's shares ended 65 per cent higher in their first day of trade, following an initial public offering of 28 billion rupees ($408.10 million).

The benchmark BSE Sensex climbed 0.36 per cent to a record close of 37,692.46, while the broader NSE Nifty rose 0.23 per cent to a record close of 11,387.1.

Sensex edged up on Monday to their highest close, driven by financials such as private sector lenders ICICI Bank Ltd and Axis Bank Ltd, while positive global cues also helped boost investor sentiment. The benchmark BSE Sensex climbed 0.36 per cent to a record close of 37,692.46, while the broader NSE Nifty rose 0.23 per cent to a record close of 11,387.1. ICICI Bank gained 3.3 per cent, while Axis Bank rose 3.8 per cent. HDFC Asset Management Co Ltd's shares ended 65 per cent higher in their first day of trade, following an initial public offering of 28 billion rupees ($408.10 million).

Sensex edges higher to record close; private sector lenders lead

Stock markets opened at a record high on Monday morning, with the Nifty hitting 11,400 for the first time, while the Sensex is also gained 200 points.

The Sensex spurted by 234.56 points, or 0.62 per cent, to hit a new high of 37,790.72 at opening, surpassing its previous record of 37,711.87 clocked on August 1.

While, Nifty also soared past 11,400 mark, by rising 62.80 points, or 0.55 per cent, to 11,423.60, breaching previous (intra-day) high of 11,390.55 on August 1.

At 11:31 am, the Sensex was trading 222 points or 0.59 % higher at 37,778 level. The Nifty stood at 11,410, 0.44% or 50 points higher compared to its previous close.

The Sensex hit a lifetime high of 37,805, the Nifty touched 11,427, its highest ever level breaching the 11,400 level for the first time in trade.

Besides, fresh buying by domestic institutional investors (DIIs) and strengthening rupee also boosted investor sentiment here.

The market rally was driven by strong activity on the consumer durables, PSU, banking, healthcare, metal, power, infrastructure, IT, teck, auto, FMCG and oil and gas counters, rising up to 1.03 per cent. &nbsp; &nbsp;&nbsp;

The gauge gained 391 points in the past session on Friday after the weather office said monsoon will be normal in August and September, boosting growth prospects of the rural economy.

Major gainers include ICICI Bank, SBI, Yes Bank, Vedanta, Tata Steel, Adani Ports, Bharti Airtel, Axis Bank, Tata Motors, Infosys, Coal India, Hero Motocorp, Tata Motors, ONGC, RIL, M&M, Sun Pharma, Bajaj Auto, NTPC, TCS, ITC, L&T and Power Grid, gaining up to 2.59 per cent.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 87.08 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 5.87 crore on Friday, provisional data showed.

Traders said positive cues from other Asian markets and fresh buying by domestic institutional investors, influenced sentiments here.

Overseas, Asian stocks were trading higher. US stocks closed higher on Friday as positive earnings surprises lifted shares.

Japan's Nikkei rose 0.35 per cent, Hong Kong's Hang Seng 0.94 per cent, while Shanghai Composite Index shed 0.14 per cent in early trade.

The US Dow Jones Industrial Average ended 0.54 per cent higher on Friday's trade. 
 
(With inputs from PTI)

All the sectoral indices are trading positive, while midcap and smallcap are also trading in line with major indices.

Stock markets opened at a record high on Monday morning, with the Nifty hitting 11,400 for the first time, while the Sensex is also gained 200 points. The Sensex spurted by 234.56 points, or 0.62 per cent, to hit a new high of 37,790.72 at opening, surpassing its previous record of 37,711.87 clocked on August 1. While, Nifty also soared past 11,400 mark, by rising 62.80 points, or 0.55 per cent, to 11,423.60, breaching previous (intra-day) high of 11,390.55 on August 1. At 11:31 am, the Sensex was trading 222 points or 0.59 % higher at 37,778 level. The Nifty stood at 11,410, 0.44% or 50 points higher compared to its previous close. The Sensex hit a lifetime high of 37,805, the Nifty touched 11,427, its highest ever level breaching the 11,400 level for the first time in trade. Besides, fresh buying by domestic institutional investors (DIIs) and strengthening rupee also boosted investor sentiment here. The market rally was driven by strong activity on the consumer durables, PSU, banking, healthcare, metal, power, infrastructure, IT, teck, auto, FMCG and oil and gas counters, rising up to 1.03 per cent. The gauge gained 391 points in the past session on Friday after the weather office said monsoon will be normal in August and September, boosting growth prospects of the rural economy. Major gainers include ICICI Bank, SBI, Yes Bank, Vedanta, Tata Steel, Adani Ports, Bharti Airtel, Axis Bank, Tata Motors, Infosys, Coal India, Hero Motocorp, Tata Motors, ONGC, RIL, M&M, Sun Pharma, Bajaj Auto, NTPC, TCS, ITC, L&T and Power Grid, gaining up to 2.59 per cent. Domestic institutional investors (DIIs) bought shares worth a net of Rs 87.08 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 5.87 crore on Friday, provisional data showed. Traders said positive cues from other Asian markets and fresh buying by domestic institutional investors, influenced sentiments here. Overseas, Asian stocks were trading higher. US stocks closed higher on Friday as positive earnings surprises lifted shares. Japan's Nikkei rose 0.35 per cent, Hong Kong's Hang Seng 0.94 per cent, while Shanghai Composite Index shed 0.14 per cent in early trade. The US Dow Jones Industrial Average ended 0.54 per cent higher on Friday's trade. (With inputs from PTI)

Sensex hits record high of 37,805, Nifty breaches 11,400 level for first time

The US&nbspexport to India in both goods and services has increased this year, resulting in a substantial drop in trade deficit as compared with the last year, according to the latest official figures.

As per the figures available with the US Department of Commerce's Bureau of Census, in the first six months of this year, America's export to India in merchandise increased by 28.42 per cent from US $12.1 billion to US $15.5 billion.

During the same period, India's export to the US in goods increased by 13.11 per cent from US $23.6 billion in 2017 to US $26.8 billion.

The total bilateral trade in the first six months of the year increased by 18.4 per cent from US $35.7 billion in 2017 to US&nbsp$42.36 billion in 2018. The trade deficit in goods registered a decline of 2.54 per cent, according to the figures.

The bilateral trade figures in the services sector for the first six months are yet to be revealed.

However, in the first quarter of 2018, the deficit in bilateral trade in services declined by a whopping 42.9 per cent from US $11.89 billion to US $678 million.

India's export to the US in the services sector in the first quarter of the year increased by 1.83 per cent from US $6.8 billion to US $7 billion. During the same period, America's export to India in the services sector increased by 11.19 per cent from US $5.69 billion to US $6.3 billion, the figures stated.

Total bilateral trade in the services sector in the first quarter increased by 6.7 per cent from US $12.57 billion to US $13.3 billion.

If these trends continue, the bilateral trade in goods and services is expected to maintain the upward trajectory and register a decline in trade deficit, which is one of the main issues of concern of the Trump administration.

India and the US' total bilateral trade in goods and services has increased from a mere US $20 billion in the year 2000 to over US $126.1 billion in the year 2017. The two countries have set a target of taking the total bilateral trade to US $500 billion.

During their White House meeting in June 2017, Prime Minister Narendra Modi and US President Donald Trump committed that the US and India - leading engines of growth in the global economy - should intensify their economic cooperation to make their nations stronger and their citizens more prosperous.

Noting that extensive economic and tax reforms in their respective countries will unlock immense economic opportunities for both countries, the leaders committed to further expanding and balancing the trade relationship and removing obstacles to growth and jobs creation, a joint statement after the meeting had said.

Modi and Trump also resolved to pursue increased commercial engagement in a manner that advances the principles of free and fair trade.

"To this end, the United States and India plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes ensuring that technology and innovation are appropriately fostered, valued, and protected and increasing market access in areas such as&nbspagriculture, information technology, and manufactured goods and services," it had said.&nbsp

As per the figures available with the US Department of Commerce's Bureau of Census, in the first six months of this year, America's export to India in merchandise increased by 28.42 per cent from US $12.1 billion to US $15.5 billion.

The US&nbspexport to India in both goods and services has increased this year, resulting in a substantial drop in trade deficit as compared with the last year, according to the latest official figures. As per the figures available with the US Department of Commerce's Bureau of Census, in the first six months of this year, America's export to India in merchandise increased by 28.42 per cent from US $12.1 billion to US $15.5 billion. During the same period, India's export to the US in goods increased by 13.11 per cent from US $23.6 billion in 2017 to US $26.8 billion. The total bilateral trade in the first six months of the year increased by 18.4 per cent from US $35.7 billion in 2017 to US $42.36 billion in 2018. The trade deficit in goods registered a decline of 2.54 per cent, according to the figures. The bilateral trade figures in the services sector for the first six months are yet to be revealed. However, in the first quarter of 2018, the deficit in bilateral trade in services declined by a whopping 42.9 per cent from US $11.89 billion to US $678 million. India's export to the US in the services sector in the first quarter of the year increased by 1.83 per cent from US $6.8 billion to US $7 billion. During the same period, America's export to India in the services sector increased by 11.19 per cent from US $5.69 billion to US $6.3 billion, the figures stated. Total bilateral trade in the services sector in the first quarter increased by 6.7 per cent from US $12.57 billion to US $13.3 billion. If these trends continue, the bilateral trade in goods and services is expected to maintain the upward trajectory and register a decline in trade deficit, which is one of the main issues of concern of the Trump administration. India and the US' total bilateral trade in goods and services has increased from a mere US $20 billion in the year 2000 to over US $126.1 billion in the year 2017. The two countries have set a target of taking the total bilateral trade to US $500 billion. During their White House meeting in June 2017, Prime Minister Narendra Modi and US President Donald Trump committed that the US and India - leading engines of growth in the global economy - should intensify their economic cooperation to make their nations stronger and their citizens more prosperous. Noting that extensive economic and tax reforms in their respective countries will unlock immense economic opportunities for both countries, the leaders committed to further expanding and balancing the trade relationship and removing obstacles to growth and jobs creation, a joint statement after the meeting had said. Modi and Trump also resolved to pursue increased commercial engagement in a manner that advances the principles of free and fair trade. "To this end, the United States and India plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes ensuring that technology and innovation are appropriately fostered, valued, and protected and increasing market access in areas such as&nbspagriculture, information technology, and manufactured goods and services," it had said.

US' export to India increases as bilateral trade deficit drops: Official figures

US companies likely maintained a strong pace of hiring in July, suggesting that the robust economy was helping the labour market to weather trade tensions, which could allow the Federal Reserve to raise interest rates again in September.

Nonfarm payrolls probably rose by 190,000 jobs last month after increasing 213,000 in June, according to a Reuters survey of economists. The Labor Department will publish its closely watched employment report on Friday at 8:30 am(1230 GMT).

"We remain watchful for signs that the protectionist trade policies put in place by the Trump administration are slowing hiring, but right now the labour market appears resilient," said Michael Gapen, chief economist at Barclays in New York.

President Donald Trump's administration has imposed duties on steel and aluminium imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union. It has also slapped 25 per cent tariffs on $34 billion worth of Chinese imports.

Beijing fought back with matching tariffs on the same amount of US exports to China. On Wednesday, Trump proposed a higher 25 per cent tariff on $200 billion worth of Chinese imports.

Economists have warned that the tit-for-tat import duties, which have unsettled the US stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth.

There have also been concerns that the trade tensions could dampen business confidence and lead companies to shelve spending and hiring plans. But a $1.5 trillion fiscal stimulus, which helped to power the economy to a 4.1 per cent annualized growth pace in the second quarter, is assisting the United States in navigating the stormy trade waters.

"The US is in a better position to ride through the tariff concerns because of a strong economy," said Sung Won Sohn, chief economist at SS Economics in Los Angeles. "But those fears could materialize going forward if things get worse."

TIGHT LABOR MARKET

The Federal Reserve left interest rates unchanged on Wednesday while painting an upbeat portrait of both the labour market and economy. The US central bank said, "the labour market has continued to strengthen and economic activity has been rising at a strong rate." The Fed increased borrowing costs in June for the second time this year.

While the statement accompanying Wednesday's rate decision made no mention of the tariffs, Fed Chairman Jerome Powell told lawmakers last month that "lots and lots of individual companies have been harmed by this. We don't see it in the aggregate numbers yet because it is a $20 trillion dollar economy and these things take time to show up."

The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 215,000 per month in the first half of this year.

The unemployment rate is forecast falling one-tenth of a percentage point to 3.9 per cent in July. It rose in June from an 18-year low of 3.8 per cent in May as job seekers piled into the labour market, likely confident of their employment prospects.

A tightening labour market and robust domestic demand have, however, raised the prospect of the economy overheating.

"At this stage of the cycle, the Fed would probably welcome some moderation in the trend in employment growth against a backdrop of continued strong GDP growth, as it would imply an acceleration in productivity growth," said Michelle Girard, chief economist at NatWest Markets in Stamford, Connecticut.

But for now, the vibrant labour market is not generating wage inflation. Average hourly earnings are forecast increasing 0.3 per cent in July after rising 0.2 per cent in June.

That would keep the annual increase in wages at 2.7 per cent in July. The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding the volatile food and energy components increased 1.9 per cent in June. The core PCE hit the central bank's 2 per cent inflation target in March for the first time since December 2011.

Job gains in July were likely across all sectors. Manufacturing payrolls are forecast rising by 22,000 jobs after increasing by 36,000 in June. Construction companies likely added to the 13,000 jobs created in June. Government employment is forecast increasing by 1,000 jobs in July.

Nonfarm payrolls probably rose by 190,000 jobs last month after increasing 213,000 in June, according to a Reuters survey of economists.

US companies likely maintained a strong pace of hiring in July, suggesting that the robust economy was helping the labour market to weather trade tensions, which could allow the Federal Reserve to raise interest rates again in September. Nonfarm payrolls probably rose by 190,000 jobs last month after increasing 213,000 in June, according to a Reuters survey of economists. The Labor Department will publish its closely watched employment report on Friday at 8:30 am(1230 GMT). "We remain watchful for signs that the protectionist trade policies put in place by the Trump administration are slowing hiring, but right now the labour market appears resilient," said Michael Gapen, chief economist at Barclays in New York. President Donald Trump's administration has imposed duties on steel and aluminium imports, provoking retaliation by the United States' trade partners, including China, Canada, Mexico and the European Union. It has also slapped 25 per cent tariffs on $34 billion worth of Chinese imports. Beijing fought back with matching tariffs on the same amount of US exports to China. On Wednesday, Trump proposed a higher 25 per cent tariff on $200 billion worth of Chinese imports. Economists have warned that the tit-for-tat import duties, which have unsettled the US stock market, could undercut manufacturing through disruptions to the supply chain and put a brake on the strong economic growth. There have also been concerns that the trade tensions could dampen business confidence and lead companies to shelve spending and hiring plans. But a $1.5 trillion fiscal stimulus, which helped to power the economy to a 4.1 per cent annualized growth pace in the second quarter, is assisting the United States in navigating the stormy trade waters. "The US is in a better position to ride through the tariff concerns because of a strong economy," said Sung Won Sohn, chief economist at SS Economics in Los Angeles. "But those fears could materialize going forward if things get worse." TIGHT LABOR MARKET The Federal Reserve left interest rates unchanged on Wednesday while painting an upbeat portrait of both the labour market and economy. The US central bank said, "the labour market has continued to strengthen and economic activity has been rising at a strong rate." The Fed increased borrowing costs in June for the second time this year. While the statement accompanying Wednesday's rate decision made no mention of the tariffs, Fed Chairman Jerome Powell told lawmakers last month that "lots and lots of individual companies have been harmed by this. We don't see it in the aggregate numbers yet because it is a $20 trillion dollar economy and these things take time to show up." The economy needs to create about 120,000 jobs per month to keep up with growth in the working-age population. Job growth averaged 215,000 per month in the first half of this year. The unemployment rate is forecast falling one-tenth of a percentage point to 3.9 per cent in July. It rose in June from an 18-year low of 3.8 per cent in May as job seekers piled into the labour market, likely confident of their employment prospects. A tightening labour market and robust domestic demand have, however, raised the prospect of the economy overheating. "At this stage of the cycle, the Fed would probably welcome some moderation in the trend in employment growth against a backdrop of continued strong GDP growth, as it would imply an acceleration in productivity growth," said Michelle Girard, chief economist at NatWest Markets in Stamford, Connecticut. But for now, the vibrant labour market is not generating wage inflation. Average hourly earnings are forecast increasing 0.3 per cent in July after rising 0.2 per cent in June. That would keep the annual increase in wages at 2.7 per cent in July. The Fed's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding the volatile food and energy components increased 1.9 per cent in June. The core PCE hit the central bank's 2 per cent inflation target in March for the first time since December 2011. Job gains in July were likely across all sectors. Manufacturing payrolls are forecast rising by 22,000 jobs after increasing by 36,000 in June. Construction companies likely added to the 13,000 jobs created in June. Government employment is forecast increasing by 1,000 jobs in July.

Strong US job growth expected in July, tariffs yet to bite

Apple has become the first US company with a market cap of over $1 trillion. Apple hit the $1 trillion mark after its stock crossed $207.05 per share.

Apple hits $1 trillion valuation

The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in rate-sensitive realty, auto and banking stocks.&nbsp;&nbsp; &nbsp;

The 30-share index was trading higher by 253.38 points, or 0.68 per cent, at 37,418.54.

All the sectoral indices, led by realty, auto, banking, healthcare, infrastructure, power, oil and gas, PSU and metal, recovered up to 1 per cent.

The 30-share Sensex had lost 441.42 points in the previous two sessions.

The NSE Nifty reclaimed the 11,300 mark, by rising 70.55 points, or 0.62 per cent, to 11,315.25.

Major gainers were Kotak Bank, ONGC, Axis Bank, HDFC, Yes Bank, RIL, TCS, M&M, Sun Pharma, Power Grid, Vedanta, Tata Motors, Adani Ports, Maruti Suzuki, SBI, NTPC, Coal India, Bajaj Auto, HDFC Bank and Tata Steel, rising up to 2 per cent.

While, Bharti Airtel, Asian Paints and Wipro trading in the negative zone, falling up to 0.25 per cent.

Foreign portfolio investors (FPIs) sold shares worth a net of Rs 639.87 crore, while domestic institutional investors (DIIs) sold shares worth a net of Rs 340.30 crore yesterday, provisional data showed.

Overseas, Asian stocks were mixed, with several regional markets attempting to recover after sliding on trade war jitters.

Shanghai Composite Index was up 0.08 per cent, Japan's Nikkei rose 0.32 per cent, while Hong Kong's Hang Seng was down 0.22 per cent.

The US Dow Jones Industrial Average ended 0.03 per cent lower yesterday.

The 30-share index was trading higher by 253.38 points, or 0.68 per cent, at 37,418.54

The benchmark Sensex staged a strong comeback in early trade today gaining over 250 points on widespread buying by participants in rate-sensitive realty, auto and banking stocks. The 30-share index was trading higher by 253.38 points, or 0.68 per cent, at 37,418.54. All the sectoral indices, led by realty, auto, banking, healthcare, infrastructure, power, oil and gas, PSU and metal, recovered up to 1 per cent. The 30-share Sensex had lost 441.42 points in the previous two sessions. The NSE Nifty reclaimed the 11,300 mark, by rising 70.55 points, or 0.62 per cent, to 11,315.25. Major gainers were Kotak Bank, ONGC, Axis Bank, HDFC, Yes Bank, RIL, TCS, M&M, Sun Pharma, Power Grid, Vedanta, Tata Motors, Adani Ports, Maruti Suzuki, SBI, NTPC, Coal India, Bajaj Auto, HDFC Bank and Tata Steel, rising up to 2 per cent. While, Bharti Airtel, Asian Paints and Wipro trading in the negative zone, falling up to 0.25 per cent. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 639.87 crore, while domestic institutional investors (DIIs) sold shares worth a net of Rs 340.30 crore yesterday, provisional data showed. Overseas, Asian stocks were mixed, with several regional markets attempting to recover after sliding on trade war jitters. Shanghai Composite Index was up 0.08 per cent, Japan's Nikkei rose 0.32 per cent, while Hong Kong's Hang Seng was down 0.22 per cent. The US Dow Jones Industrial Average ended 0.03 per cent lower yesterday.

Sensex rises over 250 points, Nifty reclaims 11,300 mark

Continuing its fall for the second day, the rupee weakened by another 7 paise to trade at fresh one-week low of 68.77 against the US dollar in early session today due to increased demand for the American currency from importers amid sustained foreign capital outflows.

The dollar's gains against other currencies overseas on worries over escalating trade tensions between the US and China, also impacted the rupee sentiment, a currency dealer said.

They said, a higher opening of the domestic equity market, capped the rupee's losses.

Yesterday, the rupee had dropped by 27 paise to close at a one-week low of 68.70 against the US dollar.

Meanwhile, the benchmark Sensex recovered 223.64 points, or 0.60 per cent, to 37,388.80 in early trade.&nbsp; 
&nbsp;

Continuing its fall for the second day, the rupee weakened by another 7 paise to trade at fresh one-week low of 68.77 against the US dollar in early session today due to increased demand for the American currency from importers amid sustained foreign capital outflows

Continuing its fall for the second day, the rupee weakened by another 7 paise to trade at fresh one-week low of 68.77 against the US dollar in early session today due to increased demand for the American currency from importers amid sustained foreign capital outflows. The dollar's gains against other currencies overseas on worries over escalating trade tensions between the US and China, also impacted the rupee sentiment, a currency dealer said. They said, a higher opening of the domestic equity market, capped the rupee's losses. Yesterday, the rupee had dropped by 27 paise to close at a one-week low of 68.70 against the US dollar. Meanwhile, the benchmark Sensex recovered 223.64 points, or 0.60 per cent, to 37,388.80 in early trade.

Rupee declines 7 paise, hits fresh 1 week low against US dollar

Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers.

Brent crude futures were down 17 cents, or 0.2 per cent at $73.28 a barrel by 0232 GMT, after rising 1.5 per cent on Thursday.

US&nbspWest Texas Intermediate (WTI) crude was off by 2 cents at $68.94, after gaining nearly 2 per cent in the previous session.

WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, heading for a drop of 1.4 per cent.

"Bulls are fighting a losing battle...Brent oil may fall to $67 per barrel," said Reuters technical commodities analyst Wang Tao.

Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned US&nbspsanctions take effect later this year.

The Organization of the Petroleum Exporting Countries and partners including Russia had earlier cut output to rebalance supply and demand.

Saudi Aramco cut its September price for its Arab Light grade for Asian customers by $0.70 a barrel versus August to a premium of $1.20 a barrel to the Oman/Dubai average, it said on Thursday.

Oil prices tanked earlier this week when the US&nbspgovernment reported that US&nbspinventories rose 3.8 million barrels in the prior week, against expectations, but rose on Thursday on expectations the stockpile would soon decline again.

Brent crude futures were down 17 cents, or 0.2 per cent at $73.28 a barrel by 0232 GMT, after rising 1.5 per cent on Thursday.

Oil prices edged lower on Friday after strong gains the previous day, easing on persistent supply concerns as Russia increased production in July and Saudi Arabia cut the price of crude for its Asian customers. Brent crude futures were down 17 cents, or 0.2 per cent at $73.28 a barrel by 0232 GMT, after rising 1.5 per cent on Thursday. US&nbspWest Texas Intermediate (WTI) crude was off by 2 cents at $68.94, after gaining nearly 2 per cent in the previous session. WTI is heading for a roughly flat week after four weekly falls, while Brent is on track to post a fourth week of declines in five, heading for a drop of 1.4 per cent. "Bulls are fighting a losing battle...Brent oil may fall to $67 per barrel," said Reuters technical commodities analyst Wang Tao. Russian oil output rose by 150,000 barrels per day in July from a month earlier, surpassing the amount Moscow had said ti would add following a meeting of global oil producers in Vienna in June, energy ministry data showed on Thursday. Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production to help to compensate for an anticipated shortfall in Iranian crude supplies once planned US&nbspsanctions take effect later this year. The Organization of the Petroleum Exporting Countries and partners including Russia had earlier cut output to rebalance supply and demand. Saudi Aramco cut its September price for its Arab Light grade for Asian customers by $0.70 a barrel versus August to a premium of $1.20 a barrel to the Oman/Dubai average, it said on Thursday. Oil prices tanked earlier this week when the US&nbspgovernment reported that US&nbspinventories rose 3.8 million barrels in the prior week, against expectations, but rose on Thursday on expectations the stockpile would soon decline again.

Oil edges lower as supply concerns return

Asian stocks were steady on Friday, with gains from the tech-led rise on Wall Street capped by the latest exchange of trade threats between Beijing and Washington, while safe-haven flows lifted the dollar to a two-week high.

Investors also remain cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises.

MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> inched down 0.03 per cent. The index was down about 0.6 per cent for the week, during which it slumped to a two-week high on Thursday on US-China trade tensions.

The trade war between the world's top two economies intensified midweek after US President Donald Trump raised pressure on China by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports.

"The equity markets now have time to regroup and settle down after yesterday's slide. But the US-China trade conflict involves the epicentre of the region and this will continue to weigh psychologically on Asian equities," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

Japan's Nikkei <.N225> added 0.25 per cent and South Korea's KOSPI <.KS11> edged up 0.32 per cent, drawing some support from overnight gains by US stocks.

Technology stocks pushed the S&P 500 <.SPX> and Nasdaq <.IXIC> higher on Thursday, driven by Apple <AAPL.O> shares as the iPhone maker became the first publicly traded US company worth a trillion dollars.

In foreign exchange, the dollar index against a basket of six major currencies <.DXY> extended its overnight gains and rose to a two-week high of 95.209.

Trade tensions were seen driving demand for the US currency, with a slide by the pound providing an extra lift.

Sterling <GBP=D3> dropped more than 0.8 per cent on Thursday despite the Bank of England lifting interest rates, after Governor Mark Carney said monetary policy needed to "walk not run" and expressed concern about the risks of a cliff-edge Brexit.

The euro was flat at $1.1586 <EUR=> following a loss of 0.6 per cent the previous day.

Bubbling concerns over Italy weighed on the euro, with the country's bond yields rising to two-month highs following media reports of a government meeting on the budget revived market concerns about tensions within the ruling coalition.

The dollar added 0.1 per cent to 111.75 yen <JPY=>, having gained about 0.6 per cent this week. The dollar received a big boost against the yen earlier this week after the Bank of Japan tweaked its monetary policy but retained its commitment to keeping interest rates low.

Financial markets are now looking to the July jobs US report due later in the session for immediate cues.

According to a Reuters survey of economists, non-farm payrolls likely rose by 190,000 jobs in July after increasing by 213,000 in June.

"A decent jobs report should prompt a straight-forward reaction by the markets, with US yields rising and the dollar gaining," said Ichikawa at Sumitomo Mitsui Asset Management.

With trade tensions generating investor demand for safe-haven assets, the 10-year US Treasury note yield <US10YT=RR> pulled back slightly to 2.985 per cent overnight from a 10-week high above 3 per cent brushed midweek.

The 10-year Treasury yield was pushed to the 10-week peak partly due to a surge in Japanese government bond yields, which rose to 1-1/2-year highs this week as the market tested the BOJ's rejigged policy framework under which it now allows yields to fluctuate in a wider band.

Crude oil prices eased back slightly after the previous day's rally, which was driven by an industry report suggesting US crude stockpiles would soon decline again after a surprise rise in the latest week.

Brent crude futures <LCOc1> were down 0.25 per cent at $73.26 a barrel after surging 1.5 per cent on Thursday.

Japan's Nikkei <.N225> added 0.25 per cent and South Korea's KOSPI <.KS11> edged up 0.32 per cent, drawing some support from overnight gains by US stocks.

Asian stocks were steady on Friday, with gains from the tech-led rise on Wall Street capped by the latest exchange of trade threats between Beijing and Washington, while safe-haven flows lifted the dollar to a two-week high. Investors also remain cautious ahead of the July US jobs report due later on Friday, which will give a reading on the health of the world's largest economy and possible clues about the pace of Federal Reserve interest rate rises. MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> inched down 0.03 per cent. The index was down about 0.6 per cent for the week, during which it slumped to a two-week high on Thursday on US-China trade tensions. The trade war between the world's top two economies intensified midweek after US President Donald Trump raised pressure on China by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports. "The equity markets now have time to regroup and settle down after yesterday's slide. But the US-China trade conflict involves the epicentre of the region and this will continue to weigh psychologically on Asian equities," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo. Japan's Nikkei <.N225> added 0.25 per cent and South Korea's KOSPI <.KS11> edged up 0.32 per cent, drawing some support from overnight gains by US stocks. Technology stocks pushed the S&P 500 <.SPX> and Nasdaq <.IXIC> higher on Thursday, driven by Apple shares as the iPhone maker became the first publicly traded US company worth a trillion dollars. In foreign exchange, the dollar index against a basket of six major currencies <.DXY> extended its overnight gains and rose to a two-week high of 95.209. Trade tensions were seen driving demand for the US currency, with a slide by the pound providing an extra lift. Sterling dropped more than 0.8 per cent on Thursday despite the Bank of England lifting interest rates, after Governor Mark Carney said monetary policy needed to "walk not run" and expressed concern about the risks of a cliff-edge Brexit. The euro was flat at $1.1586 following a loss of 0.6 per cent the previous day. Bubbling concerns over Italy weighed on the euro, with the country's bond yields rising to two-month highs following media reports of a government meeting on the budget revived market concerns about tensions within the ruling coalition. The dollar added 0.1 per cent to 111.75 yen , having gained about 0.6 per cent this week. The dollar received a big boost against the yen earlier this week after the Bank of Japan tweaked its monetary policy but retained its commitment to keeping interest rates low. Financial markets are now looking to the July jobs US report due later in the session for immediate cues. According to a Reuters survey of economists, non-farm payrolls likely rose by 190,000 jobs in July after increasing by 213,000 in June. "A decent jobs report should prompt a straight-forward reaction by the markets, with US yields rising and the dollar gaining," said Ichikawa at Sumitomo Mitsui Asset Management. With trade tensions generating investor demand for safe-haven assets, the 10-year US Treasury note yield pulled back slightly to 2.985 per cent overnight from a 10-week high above 3 per cent brushed midweek. The 10-year Treasury yield was pushed to the 10-week peak partly due to a surge in Japanese government bond yields, which rose to 1-1/2-year highs this week as the market tested the BOJ's rejigged policy framework under which it now allows yields to fluctuate in a wider band. Crude oil prices eased back slightly after the previous day's rally, which was driven by an industry report suggesting US crude stockpiles would soon decline again after a surprise rise in the latest week. Brent crude futures were down 0.25 per cent at $73.26 a barrel after surging 1.5 per cent on Thursday.

Asia stocks restrained, dollar at two-week high as trade war saps confidence

The recent statement by Jet Airways, one of India's big private player in the aviation sector, that it is in a financially bad shape sent jitters across the aviation sector of the country.

The management team, including Chairman Naresh Goyal, earlier this week informed employees in face-to-face meetings in Mumbai and Delhi that the airline's financials are in a bad shape and drastic measures needed to be taken to cut costs, according to media reports. The proposed steps reportedly include pay cuts.

A few years ago, India's airline industry was flying high. A booming economy made India one of the fastest growing and most competitive aviation markets in the world. A new airline Vistara started flying in Indian skies. So what went wrong?

The biggest culprit is rising crude prices which is hovering above $70 a barrel and had even touched $80 recently. Aviation turbine fuel (ATF) costs have soared this year and on an average, fuel costs are around 40-50 per cent higher in India than in other countries.

This is because the aviation turbine fuel is taxed higher and each state further levies its own set of taxes. Taxes on ATF are as high as 35 per cent, making India one of the costliest places in the world to run a fleet of planes.

Airlines are also weighed down by overcapacity. India's low-cost airline IndiGo alone has an order book of 400 planes which forces it to go for for frequent low fare deals.

All this has changed the Indian aviation sector completely. Vistara has adopted business models of low-cost carriers like IndiGo and SpiceJet, cutting down fare and selling food and beverage items separately. Reports say that national carrier Air India, already facing a huge debt, has now stopped offering food for journies which are less than an hour.

Meanwhile, Jet Airways has, for now, described reports that the airline cannot fly beyond 60 days as "incorrect and malicious" as well as denied any talks of a stake sale.

In a filing to the BSE on Friday, the airline said it is implementing several measures to reduce cost as well as realise higher revenues, for desired business efficiencies.

Jet Airways, which completed 25 years of operations earlier this year, had 16,558 permanent employees as on March 31, 2018. Besides, there were a total of 6,306 temporary/casual employees, as per the airline's annual report for 2017-18.

Jet Airways has, for now, described reports that the airline cannot fly beyond 60 days as "incorrect and malicious".

The recent statement by Jet Airways, one of India's big private player in the aviation sector, that it is in a financially bad shape sent jitters across the aviation sector of the country. The management team, including Chairman Naresh Goyal, earlier this week informed employees in face-to-face meetings in Mumbai and Delhi that the airline's financials are in a bad shape and drastic measures needed to be taken to cut costs, according to media reports. The proposed steps reportedly include pay cuts. A few years ago, India's airline industry was flying high. A booming economy made India one of the fastest growing and most competitive aviation markets in the world. A new airline Vistara started flying in Indian skies. So what went wrong? The biggest culprit is rising crude prices which is hovering above $70 a barrel and had even touched $80 recently. Aviation turbine fuel (ATF) costs have soared this year and on an average, fuel costs are around 40-50 per cent higher in India than in other countries. This is because the aviation turbine fuel is taxed higher and each state further levies its own set of taxes. Taxes on ATF are as high as 35 per cent, making India one of the costliest places in the world to run a fleet of planes. Airlines are also weighed down by overcapacity. India's low-cost airline IndiGo alone has an order book of 400 planes which forces it to go for for frequent low fare deals. All this has changed the Indian aviation sector completely. Vistara has adopted business models of low-cost carriers like IndiGo and SpiceJet, cutting down fare and selling food and beverage items separately. Reports say that national carrier Air India, already facing a huge debt, has now stopped offering food for journies which are less than an hour. Meanwhile, Jet Airways has, for now, described reports that the airline cannot fly beyond 60 days as "incorrect and malicious" as well as denied any talks of a stake sale. In a filing to the BSE on Friday, the airline said it is implementing several measures to reduce cost as well as realise higher revenues, for desired business efficiencies. Jet Airways, which completed 25 years of operations earlier this year, had 16,558 permanent employees as on March 31, 2018. Besides, there were a total of 6,306 temporary/casual employees, as per the airline's annual report for 2017-18.

Jet Airways in trouble: What's wrong with the Indian aviation market

European capital goods companies are starting to show the strain of Washington's trade conflicts with China and other countries, as tariffs push up costs for machine parts and raw materials and threaten to worsen supply bottlenecks.

Makers of machines that rely on thousands of small parts from around the world — from Swedish lawnmower maker Husqvarna to wind-turbine manufacturer Siemens Gamesa — are feeling the effects on their supply chains.

Carmakers, directly in the firing line with tariffs on cars built in the United States for export to China hiked to 40 percent, have already raised the alarm on profits and price hikes.

But analysts estimate that between 65 and 80 percent of the $34 billion of affected goods shipped from the United States to China are not sold directly to consumers but are rather key components used in other products.

"While some of the 'direct' financial exposures are quite limited, we believe that it is the 'indirect' effects that could be more meaningful," Morgan Stanley capital goods analysts Ben Uglow and Lucie Carrier wrote in a note published this week.

"So far, most companies have not provided much details regarding the risks related to these tariffs whether this is in terms of their supply chain or direct exposure - and we see this situation as an overhang to our sector currently."

Investors in European capital goods companies, which have been riding a wave of global economic growth, have not really flinched so far.

After the U.S. announced steel and aluminium tariffs on March 8, investors fled industrial funds during March and April. But they made a U-turn and returned in May, Thomson Reuters Lipper data showed.

Furthermore, the Dow Jones European industrial goods and services index has outperformed the wider European stocks index by 2 percent since the latest tariffs were imposed on July 6.

RISK RISING

Michael Nicol, European equities investment manager at Scottish asset manager Kames Capital, is an outlier, having significantly cut exposure to the industrial sector over the past nine months, also due to already-full valuations.

"It is impossible to accurately predict the final outcome of the various proposed tariffs but for the portfolio manager clearly market and stock specific risk has increased," he said.

Morgan Stanley estimates that machinery, engineering and lighting groups are most vulnerable to tariffs among European capital goods companies.

It singled out Wartsila, Siemens, GEA, Kion, IMI, Rotork, Osram, Weir, Senvion, Schindler, Signify and Zumtobel

The new U.S. tariffs impose duties of up to 25 percent on 818 categories of Chinese goods ranging from plastic tubings and parts used for connectors to printed circuit boards and medical imaging equipment.

Supply for electrical goods firms is most at risk, Morgan Stanley says, as China makes nearly half of the world's printed circuit boards, used in computers to transformers to medical equipment, and a fifth of all electronics.

German industrial group Siemens said on Thursday it saw a risk that its customers would slow spending because of supply-chain issues.

"We see potential clouding on investment dynamics due to geopolitical tensions in some areas," finance chief Ralf Thomas told analysts.

"In particular, threats to free trade by tariffs are an area of concern. The global supply chains are deeply interconnected, and it's of utmost importance to have reliable framing conditions to foster confidence and economic growth,"

EARLY SIGNS

A few firms have started to indicate how they may handle the new reality.

Medical technology company Siemens Healthineers is changing its supply routes to ship parts from its European factories instead of its Chinese factories to the United States, where it assembles final goods.

"We have the ability to redirect supply from China via Europe to U.S. so (that) we do not see a significant impact from the tariffs topic," CFO Jochen Schmitz told journalists on a results call on July 30.

For example, Healthineers has two sites where it manufactures the superconducting magnets used in its MRI systems: one in Oxford in England and one in Shenzhen in China.

Husqvarna is seeking to switch sourcing for lawnmower components and engines that it imports from China and other Asian countries, while food-processing equipment maker GEA said it would look at reshuffling its procurement of Chinese parts used in its new equipment and service units.

The most common response so far, however, is raising prices, especially among those who require large amounts of steel and aluminium, which have become more expensive in the United States because of tariffs on Chinese and European metals. Lighting maker Signify, lock maker Assa Abloy, construction equipment and trucks maker AB Volvo, steel wire maker Bekaert and Scottish engineering company Weir have all said they will adopt this strategy.

Electrical equipment maker Schneider Electric flagged some shortages of electronic components in its secured power business and forecast that first extra costs linked to U.S. tariffs could reach 20 million euros.

"We have inflation popping up everywhere in our procurement... and we need to make sure that we absorb the impact of tariff increase," Deputy CEO Emmanuel Babeau told analysts. "We are going to accelerate further on price increases."

But that is a dangerous strategy with a risk of hurting demand.

Siemens Gamesa, already hit by the phasing out of government subsidies, said it was unlikely to be able to pass on the higher steel costs for wind turbine generators.

"We are operating in very competitive markets," CFO Miguel Ángel López told analysts during an earnings call last week. "The likelihood that we can pass through the effects into prices - I would consider this one rather low."

The increased tariffs have pushed up costs of machine parts and raw materials and are threatening to worsen supply bottlenecks.

European capital goods companies are starting to show the strain of Washington's trade conflicts with China and other countries, as tariffs push up costs for machine parts and raw materials and threaten to worsen supply bottlenecks. Makers of machines that rely on thousands of small parts from around the world — from Swedish lawnmower maker Husqvarna to wind-turbine manufacturer Siemens Gamesa — are feeling the effects on their supply chains. Carmakers, directly in the firing line with tariffs on cars built in the United States for export to China hiked to 40 percent, have already raised the alarm on profits and price hikes. But analysts estimate that between 65 and 80 percent of the $34 billion of affected goods shipped from the United States to China are not sold directly to consumers but are rather key components used in other products. "While some of the 'direct' financial exposures are quite limited, we believe that it is the 'indirect' effects that could be more meaningful," Morgan Stanley capital goods analysts Ben Uglow and Lucie Carrier wrote in a note published this week. "So far, most companies have not provided much details regarding the risks related to these tariffs whether this is in terms of their supply chain or direct exposure - and we see this situation as an overhang to our sector currently." Investors in European capital goods companies, which have been riding a wave of global economic growth, have not really flinched so far. After the U.S. announced steel and aluminium tariffs on March 8, investors fled industrial funds during March and April. But they made a U-turn and returned in May, Thomson Reuters Lipper data showed. Furthermore, the Dow Jones European industrial goods and services index has outperformed the wider European stocks index by 2 percent since the latest tariffs were imposed on July 6. RISK RISING Michael Nicol, European equities investment manager at Scottish asset manager Kames Capital, is an outlier, having significantly cut exposure to the industrial sector over the past nine months, also due to already-full valuations. "It is impossible to accurately predict the final outcome of the various proposed tariffs but for the portfolio manager clearly market and stock specific risk has increased," he said. Morgan Stanley estimates that machinery, engineering and lighting groups are most vulnerable to tariffs among European capital goods companies. It singled out Wartsila, Siemens, GEA, Kion, IMI, Rotork, Osram, Weir, Senvion, Schindler, Signify and Zumtobel The new U.S. tariffs impose duties of up to 25 percent on 818 categories of Chinese goods ranging from plastic tubings and parts used for connectors to printed circuit boards and medical imaging equipment. Supply for electrical goods firms is most at risk, Morgan Stanley says, as China makes nearly half of the world's printed circuit boards, used in computers to transformers to medical equipment, and a fifth of all electronics. German industrial group Siemens said on Thursday it saw a risk that its customers would slow spending because of supply-chain issues. "We see potential clouding on investment dynamics due to geopolitical tensions in some areas," finance chief Ralf Thomas told analysts. "In particular, threats to free trade by tariffs are an area of concern. The global supply chains are deeply interconnected, and it's of utmost importance to have reliable framing conditions to foster confidence and economic growth," EARLY SIGNS A few firms have started to indicate how they may handle the new reality. Medical technology company Siemens Healthineers is changing its supply routes to ship parts from its European factories instead of its Chinese factories to the United States, where it assembles final goods. "We have the ability to redirect supply from China via Europe to U.S. so (that) we do not see a significant impact from the tariffs topic," CFO Jochen Schmitz told journalists on a results call on July 30. For example, Healthineers has two sites where it manufactures the superconducting magnets used in its MRI systems: one in Oxford in England and one in Shenzhen in China. Husqvarna is seeking to switch sourcing for lawnmower components and engines that it imports from China and other Asian countries, while food-processing equipment maker GEA said it would look at reshuffling its procurement of Chinese parts used in its new equipment and service units. The most common response so far, however, is raising prices, especially among those who require large amounts of steel and aluminium, which have become more expensive in the United States because of tariffs on Chinese and European metals. Lighting maker Signify, lock maker Assa Abloy, construction equipment and trucks maker AB Volvo, steel wire maker Bekaert and Scottish engineering company Weir have all said they will adopt this strategy. Electrical equipment maker Schneider Electric flagged some shortages of electronic components in its secured power business and forecast that first extra costs linked to U.S. tariffs could reach 20 million euros. "We have inflation popping up everywhere in our procurement... and we need to make sure that we absorb the impact of tariff increase," Deputy CEO Emmanuel Babeau told analysts. "We are going to accelerate further on price increases." But that is a dangerous strategy with a risk of hurting demand. Siemens Gamesa, already hit by the phasing out of government subsidies, said it was unlikely to be able to pass on the higher steel costs for wind turbine generators. "We are operating in very competitive markets," CFO Miguel Ángel López told analysts during an earnings call last week. "The likelihood that we can pass through the effects into prices - I would consider this one rather low."

US-China trade war hits European capital goods companies

Sensex ended 1 per cent higher on Friday, reversing two sessions of losses, on gains in financial and consumer stocks, buoyed by a favourable weather forecast for the remainder of the monsoon.

The benchmark BSE Sensex closed up 1.05 per cent at 37,556.16 after losing close to 500 points in the last two sessions. For the week, the index ended 0.6 per cent higher.

The broader NSE Nifty ended 1.03 per cent higher at 11,360.8 and gained 0.73 per cent for the week. It had lost nearly 1 per cent in the previous two sessions.

Index heavyweight Housing Development Finance Corp closed up 2.5 per cent, after raising its retail prime lending rate by 20 basis points a day earlier. It had shed 4.8 per cent in the previous three sessions.

Consumer major ITC Ltd ended 1.6 per cent higher.

The benchmark BSE Sensex closed up 1.05 per cent at 37,556.16 after losing close to 500 points in the last two sessions. For the week, the index ended 0.6 per cent higher.

Sensex ended 1 per cent higher on Friday, reversing two sessions of losses, on gains in financial and consumer stocks, buoyed by a favourable weather forecast for the remainder of the monsoon. The benchmark BSE Sensex closed up 1.05 per cent at 37,556.16 after losing close to 500 points in the last two sessions. For the week, the index ended 0.6 per cent higher. The broader NSE Nifty ended 1.03 per cent higher at 11,360.8 and gained 0.73 per cent for the week. It had lost nearly 1 per cent in the previous two sessions. Index heavyweight Housing Development Finance Corp closed up 2.5 per cent, after raising its retail prime lending rate by 20 basis points a day earlier. It had shed 4.8 per cent in the previous three sessions. Consumer major ITC Ltd ended 1.6 per cent higher.

Sensex closes 1 per cent higher; weather forecast boosts

Profits at Britain's Royal Bank of Scotland almost evaporated in the second quarter after a vast US fine over its role in the notorious subprime crisis, the lender said Friday.

Earnings after taxation collapsed to just £96 million ($125 million, 108 million euros) in the three months to the end of June, RBS said in a results statement.

That compared with £680 million in the same part of the previous year.

Operating profit halved to £613 million over the reporting period.

Edinburgh-based RBS was hit by £782 million in litigation and conduct costs in the second quarter.

That helped to cover part of the vast settlement reached with US regulators earlier this year over claims it mis-sold mortgages in the run-up to the 2008 global financial meltdown and subsequent worldwide recession.

In May, RBS was fined $4.9 billion by the US Justice Department over its role in the subprime housing crisis but much of the cost had already been set aside, while the total was less than expected.

The lender also announced its first shareholder dividend in 10 years.

RBS plans to pay an interim dividend of two pence per share, though the timing of the payout is subject to the finalisation of its US settlement.

In morning deals, the company's share price jumped 3.3 per cent to 258.30 pence on London's rising stock market.

"This (dividend) announcement was a pleasant surprise, and projects a positive image about the firm's financial health," said CMC Markets analyst David Madden.

"The UK government is a majority shareholder in the bank, and the dividend will be welcomed by Westminster -- but the pay-out will pale in comparison to the tens of billions of pounds that were spent rescuing the bank."

The lender remains majority-owned by the British government after the lender was saved with £45.5 billion of taxpayers' cash at the height of the global financial crisis.

In June, the rightwing Conservative government headed by Prime Minister Theresa May sold a 7.7-percent stake in RBS, leaving it still with a controlling stake of 62.4 per cent, much of which it plans to offload through to 2023.

Earnings after taxation collapsed to just £96 million ($125 million, 108 million euros) in the three months to the end of June, RBS said in a results statement.

Profits at Britain's Royal Bank of Scotland almost evaporated in the second quarter after a vast US fine over its role in the notorious subprime crisis, the lender said Friday. Earnings after taxation collapsed to just £96 million ($125 million, 108 million euros) in the three months to the end of June, RBS said in a results statement. That compared with £680 million in the same part of the previous year. Operating profit halved to £613 million over the reporting period. Edinburgh-based RBS was hit by £782 million in litigation and conduct costs in the second quarter. That helped to cover part of the vast settlement reached with US regulators earlier this year over claims it mis-sold mortgages in the run-up to the 2008 global financial meltdown and subsequent worldwide recession. In May, RBS was fined $4.9 billion by the US Justice Department over its role in the subprime housing crisis but much of the cost had already been set aside, while the total was less than expected. The lender also announced its first shareholder dividend in 10 years. RBS plans to pay an interim dividend of two pence per share, though the timing of the payout is subject to the finalisation of its US settlement. In morning deals, the company's share price jumped 3.3 per cent to 258.30 pence on London's rising stock market. "This (dividend) announcement was a pleasant surprise, and projects a positive image about the firm's financial health," said CMC Markets analyst David Madden. "The UK government is a majority shareholder in the bank, and the dividend will be welcomed by Westminster -- but the pay-out will pale in comparison to the tens of billions of pounds that were spent rescuing the bank." The lender remains majority-owned by the British government after the lender was saved with £45.5 billion of taxpayers' cash at the height of the global financial crisis. In June, the rightwing Conservative government headed by Prime Minister Theresa May sold a 7.7-percent stake in RBS, leaving it still with a controlling stake of 62.4 per cent, much of which it plans to offload through to 2023.

RBS profits almost wiped out on US fine

Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in US&nbsp;crude inventories and renewed concerns over trade friction between the US&nbsp;and China.

Brent crude futures were up 16 cents, or 0.2 per cent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 per cent on Wednesday.

US&nbsp;West Texas Intermediate (WTI) crude futures increased by 6 cents, or 0.1 per cent, to $67.72 a barrel. They fell 1.6 per cent in the previous session.

Oil prices are feeling the effects of ongoing tensions over global trade, with markets concerned about any slowdown in growth around the world.

"A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.

US&nbsp;President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports.

China said it would hit back if the United States takes further steps on trade.

Brent prices fell more than 6 per cent in June and US&nbsp;crude slumped about 7 per cent, the biggest monthly declines for both benchmarks since July 2016.

Tensions between the US&nbsp;and Iran are also supporting the market, Barratt said.

The United States believes Iran is preparing to carry out a major exercise in the Gulf in the coming days, apparently moving up the timing of annual drills amid heightened tensions with Washington, US&nbsp;officials told Reuters on Wednesday.

US&nbsp;President Donald Trump's decision to pull out of an international nuclear deal and reimpose sanctions on Iran has angered Tehran. Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports.

"There are a lot of escalation points that could occur very quickly and that worries me," Barratt said.

US&nbsp;crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said. Analysts polled by Reuters had expected a decline of 2.8 million barrels.

However, there were some bullish elements in the report. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.

Brent crude futures were up 16 cents, or 0.2 per cent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 per cent on Wednesday

Oil prices rose on Thursday, steadying after losses over the past two days from a surprise increase in US crude inventories and renewed concerns over trade friction between the US and China. Brent crude futures were up 16 cents, or 0.2 per cent, at $72.55 a barrel by 0503 GMT, after dropping 2.5 per cent on Wednesday. US West Texas Intermediate (WTI) crude futures increased by 6 cents, or 0.1 per cent, to $67.72 a barrel. They fell 1.6 per cent in the previous session. Oil prices are feeling the effects of ongoing tensions over global trade, with markets concerned about any slowdown in growth around the world. "A clear definition around the macros is what the market is looking for and until we get that, it is likely to be volatile in the range," said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney. US President Donald Trump has sought to ratchet up pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports. China said it would hit back if the United States takes further steps on trade. Brent prices fell more than 6 per cent in June and US crude slumped about 7 per cent, the biggest monthly declines for both benchmarks since July 2016. Tensions between the US and Iran are also supporting the market, Barratt said. The United States believes Iran is preparing to carry out a major exercise in the Gulf in the coming days, apparently moving up the timing of annual drills amid heightened tensions with Washington, US officials told Reuters on Wednesday. US President Donald Trump's decision to pull out of an international nuclear deal and reimpose sanctions on Iran has angered Tehran. Senior Iranian officials have warned the country would not easily yield to a renewed US campaign to strangle Iran's vital oil exports. "There are a lot of escalation points that could occur very quickly and that worries me," Barratt said. US crude inventories rose 3.8 million barrels last week as imports jumped, the government's Energy Information Administration said. Analysts polled by Reuters had expected a decline of 2.8 million barrels. However, there were some bullish elements in the report. Gasoline stocks declined by 2.5 million barrels, while crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures fell 1.3 million barrels, EIA data showed.

Oil steadies to trade higher after losses

Apple&nbsp;Inc became the first US $1&nbsp;trillion&nbsp;publicly listed US&nbsp;company on Thursday, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications.

The tech company's&nbsp;stock&nbsp;jumped 2.8 per cent to as high as US $207.05, bringing its gain to about 9 per cent since Tuesday when it reported June-quarter results above expectations and said it bought back US $20 billion of its own shares.

Started in the garage of co-founder Steve Jobs in 1976,&nbsp;Apple&nbsp;has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce.

Apple's&nbsp;stock&nbsp;market&nbsp;value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4 per cent of the S&P 500.

One of three founders, Jobs was driven out of&nbsp;Apple&nbsp;in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy.

He launched the iPhone in 2007, dropping "Computer" from&nbsp;Apple's name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics and Nokia off guard. That put&nbsp;Apple&nbsp;on a path to overtake Exxon Mobil in 2011 as the largest US&nbsp;company by&nbsp;market value.

The Silicon Valley stalwart's&nbsp;stock&nbsp;has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same almost four decades.

During that time,&nbsp;Apple&nbsp;evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following.

Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years.

In 2006, the year before the iPhone launch,&nbsp;Apple&nbsp;generated less than US $20 billion in sales and net profit just shy of US $2 billion. By last year, its sales had grown more than 11-fold to US $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to US $48.4 billion, making it the most profitable publicly-listed US&nbsp;company.

One of five US&nbsp;companies since the 1980s to take a turn as Wall Street's largest company by market&nbsp;capitalization,&nbsp;Apple&nbsp;could lose its lead to the likes of Alphabet Inc or Amazon.com Inc if it does not find a major new product or service as demand for smartphones loses steam.

Market sentiment was also lifted by Commerce Secretary Wilbur Ross's comment, who said the tariffs that United States is threatening to impose on Chinese goods would not be disastrous for the Asian nation.

Apple Inc became the first US $1 trillion publicly listed US company on Thursday, crowning a decade-long rise fueled by the ubiquitous iPhone that transformed it from a niche player in personal computers into a global powerhouse spanning entertainment and communications. The tech company's stock jumped 2.8 per cent to as high as US $207.05, bringing its gain to about 9 per cent since Tuesday when it reported June-quarter results above expectations and said it bought back US $20 billion of its own shares. Started in the garage of co-founder Steve Jobs in 1976, Apple has pushed its revenue beyond the economic outputs of Portugal, New Zealand and other countries. Along the way, it has changed how consumers connect with one another and how businesses conduct daily commerce. Apple's stock market value is greater than the combined capitalization of Exxon Mobil, Procter & Gamble and AT&T. It now accounts for 4 per cent of the S&P 500. One of three founders, Jobs was driven out of Apple in the mid-1980s, only to return a decade later and rescue the computer company from near bankruptcy. He launched the iPhone in 2007, dropping "Computer" from Apple's name and super-charging the cellphone industry, catching Microsoft Corp, Intel Corp, Samsung Electronics and Nokia off guard. That put Apple on a path to overtake Exxon Mobil in 2011 as the largest US company by market value. The Silicon Valley stalwart's stock has surged more than 50,000 per cent since its 1980 initial public offering, dwarfing the S&P 500's approximately 2,000-percent increase during the same almost four decades. During that time, Apple evolved from selling Mac personal computers to becoming an architect of the mobile revolution with a cult-like following. Jobs, who died in 2011, was succeeded as chief executive by Tim Cook, who has doubled the company's profits but struggled to develop a new product to replicate the society-altering success of the iPhone, which has seen sales taper off in recent years. In 2006, the year before the iPhone launch, Apple generated less than US $20 billion in sales and net profit just shy of US $2 billion. By last year, its sales had grown more than 11-fold to US $229 billion - the fourth highest in the S&P 500 - and net income had mushroomed at twice that rate to US $48.4 billion, making it the most profitable publicly-listed US company. One of five US companies since the 1980s to take a turn as Wall Street's largest company by market capitalization, Apple could lose its lead to the likes of Alphabet Inc or Amazon.com Inc if it does not find a major new product or service as demand for smartphones loses steam.

Apple becomes world's first private-sector company to reach $1 trillion market valuation

The BSE Sensex dropped over 200 points to 37,373.08 today on heavy selling in metal, auto, banking, capital and realty stocks amid sustained capital outflows by foreign funds after the RBI yesterday hiked repo rate for the second time in two months.

The repo rate, at which the central bank lends to other banks, now stands at 6.5 per cent.

Moreover, fall in Asian stocks on renewed US-China trade war concerns influenced the sentiment here, brokers said.

The 30-share index dropped 248.42 points, or 0.66 per cent, to 37,273.20. The gauge had lost 84.96 points in yesterday's session.

Similarly, the NSE Nifty fell 72.80 points, or 0.64 per cent to 11,273.40.

Sectoral indices led by metal, auto, banking, capital goods and realty, falling up to 1.30 per cent.

Major losers were Vedanta, Tata Steel, Yes Bank, Tata Motors, Maruti Suzuki, Hero Motocorp, M&M, HDFC, RIL, Bajaj Auto, Bharti Airtel, SBI, Kotak Bank, ICICI Bank, Adani Ports, NTPC, Axis Bank and HDFC Bank, losing up to 2.64 per cent.

Meanwhile, Sun Pharma, PowerGrid, Coal India, HUL, IndusInd Bank, ONGC and Infosys rose up to 1.42 per cent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 95.94 crore yesterday and domestic institutional investors (DIIs) sold shares worth Rs 562.33 crore, provisional data showed.

Elsewhere in Asia, Japan's Nikkei fell 0.36 per cent and Hong Kong's Hang Seng shed 0.54 per cent in early trade. China's Shanghai Composite index too was down 0.33 per cent.

US stocks closed mostly lower yesterday after the Federal Reserve left interest rates unchanged but signalled another imminent rate increase. Fresh worries over US-China trade friction too dampened sentiment.

The Dow Jones Industrial Average ended 0.32 per cent lower in yesterday's trade.&nbsp

The BSE Sensex dropped over 200 points to 37,373.08 today on heavy selling in metal, auto, banking, capital and realty stocks amid sustained capital outflows by foreign funds after the RBI yesterday hiked repo rate for the second time in two months

The BSE Sensex dropped over 200 points to 37,373.08 today on heavy selling in metal, auto, banking, capital and realty stocks amid sustained capital outflows by foreign funds after the RBI yesterday hiked repo rate for the second time in two months. The repo rate, at which the central bank lends to other banks, now stands at 6.5 per cent. Moreover, fall in Asian stocks on renewed US-China trade war concerns influenced the sentiment here, brokers said. The 30-share index dropped 248.42 points, or 0.66 per cent, to 37,273.20. The gauge had lost 84.96 points in yesterday's session. Similarly, the NSE Nifty fell 72.80 points, or 0.64 per cent to 11,273.40. Sectoral indices led by metal, auto, banking, capital goods and realty, falling up to 1.30 per cent. Major losers were Vedanta, Tata Steel, Yes Bank, Tata Motors, Maruti Suzuki, Hero Motocorp, M&M, HDFC, RIL, Bajaj Auto, Bharti Airtel, SBI, Kotak Bank, ICICI Bank, Adani Ports, NTPC, Axis Bank and HDFC Bank, losing up to 2.64 per cent. Meanwhile, Sun Pharma, PowerGrid, Coal India, HUL, IndusInd Bank, ONGC and Infosys rose up to 1.42 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 95.94 crore yesterday and domestic institutional investors (DIIs) sold shares worth Rs 562.33 crore, provisional data showed. Elsewhere in Asia, Japan's Nikkei fell 0.36 per cent and Hong Kong's Hang Seng shed 0.54 per cent in early trade. China's Shanghai Composite index too was down 0.33 per cent. US stocks closed mostly lower yesterday after the Federal Reserve left interest rates unchanged but signalled another imminent rate increase. Fresh worries over US-China trade friction too dampened sentiment. The Dow Jones Industrial Average ended 0.32 per cent lower in yesterday's trade.

Sensex falls over 200 points, Nifty slips below 11,300

Maintaining its uptrend for the second straight day, the rupee strengthened by 17 paise to a fresh one-month high of 68.26 against the US dollar today after the Reserve Bank of India (RBI) maintained its growth outlook for the economy.

The RBI projected a gross domestic product (GDP) expansion rate of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment.

Increased selling of the greenback by exporters and banks even as the RBI hiked repo rate by 25 basis points yesterday too boosted the rupee, forex dealers said.

The dollar, however, strengthened against some currencies overseas after the US Federal Reserve kept interest rates unchanged, capping the domestic unit's gains, they added.

Yesterday, the rupee had gained 11 paise against the US currency to end at a fresh two-week high of 68.43.

Meanwhile, the benchmark BSE Sensex was trading lower by 148.54 points, or 0.39 per cent, at 37,521.62 in opening trade.

The RBI projected a gross domestic product (GDP) expansion rate of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment.

Maintaining its uptrend for the second straight day, the rupee strengthened by 17 paise to a fresh one-month high of 68.26 against the US dollar today after the Reserve Bank of India (RBI) maintained its growth outlook for the economy. The RBI projected a gross domestic product (GDP) expansion rate of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment. Increased selling of the greenback by exporters and banks even as the RBI hiked repo rate by 25 basis points yesterday too boosted the rupee, forex dealers said. The dollar, however, strengthened against some currencies overseas after the US Federal Reserve kept interest rates unchanged, capping the domestic unit's gains, they added. Yesterday, the rupee had gained 11 paise against the US currency to end at a fresh two-week high of 68.43. Meanwhile, the benchmark BSE Sensex was trading lower by 148.54 points, or 0.39 per cent, at 37,521.62 in opening trade.

Rupee rises 17 paise to hit fresh one-month high against US dollar

Gold prices rose on Thursday, recovering from the previous session's fall, as the US&nbspdollar edged lower against the Japanese yen.

Spot gold was up 0.3 per cent at $1,218.86 an ounce at 0300 GMT, after losing 0.65 per cent in the previous session.

US&nbspgold futures were nearly unchanged at $1,227.30 an ounce.

"I think people are just watching the dollar. The dollar-yen is down and gold is up," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank said, adding that the latest headlines on the trade war front between the United States and China had likely induced some buying.

The dollar was down 0.1 per cent at 111.62 yen early Thursday. The greenback was, however, supported against major peers after the Federal Reserve kept interest rates steady and gave an upbeat assessment of the world's biggest economy, keeping it on course to increase borrowing costs in September.

A weaker dollar makes greenback-denominated gold cheaper for holders of other currencies while higher interest rates typically pressure gold by increasing the opportunity cost of holding non-yielding bullion.

"The FOMC (Federal Open Market Committee) didn't bring anything much and it's earnings season, so I don't expect gold to move out of a range," Ikemizu said.

Spot gold remains neutral in a range of $1,214-$1,226 per ounce, Reuters technicals analyst Wang Tao said.

Asian stocks fell with sentiment fragile after the latest escalation in Sino-US&nbsptrade war, while global bond markets were rattled by Washington's increased borrowing and Japan's new tolerance for higher yields.

US&nbspPresident Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports, his administration said on Wednesday.

Elsewhere, the Bank of England looks set to raise interest rates on Thursday to their highest level since the financial crisis almost a decade ago, defying warnings that it is taking a gamble ahead of Brexit, the terms of which remain unclear.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.40 per cent to 796.96 tonnes on Wednesday.

Among other precious metals, silver was up 0.3 per cent at $15.39 an ounce. Platinum climbed 0.6 per cent to $816.49 and palladium was 0.2 per cent higher at $915.65.

US gold futures were nearly unchanged at $1,227.30 an ounce.

Gold prices rose on Thursday, recovering from the previous session's fall, as the US&nbspdollar edged lower against the Japanese yen. Spot gold was up 0.3 per cent at $1,218.86 an ounce at 0300 GMT, after losing 0.65 per cent in the previous session. US&nbspgold futures were nearly unchanged at $1,227.30 an ounce. "I think people are just watching the dollar. The dollar-yen is down and gold is up," said Yuichi Ikemizu, Tokyo branch manager, ICBC Standard Bank said, adding that the latest headlines on the trade war front between the United States and China had likely induced some buying. The dollar was down 0.1 per cent at 111.62 yen early Thursday. The greenback was, however, supported against major peers after the Federal Reserve kept interest rates steady and gave an upbeat assessment of the world's biggest economy, keeping it on course to increase borrowing costs in September. A weaker dollar makes greenback-denominated gold cheaper for holders of other currencies while higher interest rates typically pressure gold by increasing the opportunity cost of holding non-yielding bullion. "The FOMC (Federal Open Market Committee) didn't bring anything much and it's earnings season, so I don't expect gold to move out of a range," Ikemizu said. Spot gold remains neutral in a range of $1,214-$1,226 per ounce, Reuters technicals analyst Wang Tao said. Asian stocks fell with sentiment fragile after the latest escalation in Sino-US&nbsptrade war, while global bond markets were rattled by Washington's increased borrowing and Japan's new tolerance for higher yields. US&nbspPresident Donald Trump sought to ratchet up pressure on China for trade concessions by proposing a higher 25 per cent tariff on $200 billion worth of Chinese imports, his administration said on Wednesday. Elsewhere, the Bank of England looks set to raise interest rates on Thursday to their highest level since the financial crisis almost a decade ago, defying warnings that it is taking a gamble ahead of Brexit, the terms of which remain unclear. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.40 per cent to 796.96 tonnes on Wednesday. Among other precious metals, silver was up 0.3 per cent at $15.39 an ounce. Platinum climbed 0.6 per cent to $816.49 and palladium was 0.2 per cent higher at $915.65.

Gold prices gain as dollar eases against yen