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Asian investors extended a rally on Tuesday, tracking another Wall Street record as investors cheered a fresh trade deal between the United States and Mexico that brings an end to one row picked by Donald Trump that had rattled global markets.

The agreement raises hopes the two-decade-old North American Free Trade Agreement, torn up by the White House soon after Trump's election, can be salvaged after Canada rejoins talks on Tuesday.

The pact was described by the US president as "a big day for trade" and it sent the S&P 500 and Nasdaq to fresh all-time highs, while the Dow broke 26,000 for the first time since January.

Monday's agreement comes after officials from Washington and Beijing held talks last week aimed at easing trade tensions that have seen them hit each other with tariffs on tens of billions of dollars worth of goods.

While the meeting did not achieve any breakthrough, the fact they took place was seen as a good sign.

Stephen Innes, head of Asia-Pacific trading at OANDA, said dealers were "in a festive mood" as the deal removed "one major hurdle that has been haunting North American investors for months".

He added: "Markets are revelling in any trade positives... After all, a deal is a deal."

Equities, which enjoyed a healthy run after Federal Reserve boss Jerome Powell indicated Friday the bank would not aggressively lift interest rates, continued to rise.

Tokyo went into the break 0.6 per cent higher with Toyota surging almost two per cent after saying it will invest about $500 million into Uber as part of a deal to work on mass-producing self-driving vehicles.

Hong Kong added 0.5 per cent and Shanghai rose 0.2 per cent.

Sydney climbed 0.7 per cent and Singapore was 0.8 per cent higher, with Seoul adding 0.4 per cent and Taipei 0.6 per cent stronger.

Manila, Wellington and Jakarta were also sharply higher.

The more upbeat outlook helped high-yielding currencies. Mexico's peso jumped more than one per cent on the news but struggled to maintain the gains on Tuesday, though the Canadian dollar was up 0.8 percent.

South Korea's won, the Australian dollar and the South African rand also enjoyed solid buying.

The Turkish lira fell 1.7 per cent to around 6.2 against the dollar as the country's markets reopened after a week-long holiday, with dealers continuing to fret over the financial crisis in the country.

The euro dipped by managed to hold gains that came on the back of data showing business confidence in the German economy, Europe's biggest, bounced back as fears over a US trade war eased.

The agreement raises hopes the two-decade-old North American Free Trade Agreement, torn up by the White House soon after Trump's election, can be salvaged after Canada rejoins talks on Tuesday.

Asian investors extended a rally on Tuesday, tracking another Wall Street record as investors cheered a fresh trade deal between the United States and Mexico that brings an end to one row picked by Donald Trump that had rattled global markets. The agreement raises hopes the two-decade-old North American Free Trade Agreement, torn up by the White House soon after Trump's election, can be salvaged after Canada rejoins talks on Tuesday. The pact was described by the US president as "a big day for trade" and it sent the S&P 500 and Nasdaq to fresh all-time highs, while the Dow broke 26,000 for the first time since January. Monday's agreement comes after officials from Washington and Beijing held talks last week aimed at easing trade tensions that have seen them hit each other with tariffs on tens of billions of dollars worth of goods. While the meeting did not achieve any breakthrough, the fact they took place was seen as a good sign. Stephen Innes, head of Asia-Pacific trading at OANDA, said dealers were "in a festive mood" as the deal removed "one major hurdle that has been haunting North American investors for months". He added: "Markets are revelling in any trade positives... After all, a deal is a deal." Equities, which enjoyed a healthy run after Federal Reserve boss Jerome Powell indicated Friday the bank would not aggressively lift interest rates, continued to rise. Tokyo went into the break 0.6 per cent higher with Toyota surging almost two per cent after saying it will invest about $500 million into Uber as part of a deal to work on mass-producing self-driving vehicles. Hong Kong added 0.5 per cent and Shanghai rose 0.2 per cent. Sydney climbed 0.7 per cent and Singapore was 0.8 per cent higher, with Seoul adding 0.4 per cent and Taipei 0.6 per cent stronger. Manila, Wellington and Jakarta were also sharply higher. The more upbeat outlook helped high-yielding currencies. Mexico's peso jumped more than one per cent on the news but struggled to maintain the gains on Tuesday, though the Canadian dollar was up 0.8 percent. South Korea's won, the Australian dollar and the South African rand also enjoyed solid buying. The Turkish lira fell 1.7 per cent to around 6.2 against the dollar as the country's markets reopened after a week-long holiday, with dealers continuing to fret over the financial crisis in the country. The euro dipped by managed to hold gains that came on the back of data showing business confidence in the German economy, Europe's biggest, bounced back as fears over a US trade war eased.

Asian markets push on with rally after US-Mexico trade deal

Gold prices held steady on Tuesday after hitting a two-week high in the previous session, with the dollar under pressure in the wake of a trade deal between the United States and Mexico.

* Spot gold <XAU=> was steady at $1,211.31 an ounce at 0047 GMT. Prices hit their highest since August 13 at $1,212.38 on Monday, while the metal rose about 1.7 per cent on Friday in its biggest one-day percentage gain since May 17, 2017.

* US gold futures were up 0.2 per cent at $1,217.90 an ounce.

* The dollar fell to a four-week low on Monday, as risk appetite improved and investors unwound some safe-haven bets on the currency after the United States and Mexico reached a trade deal.&nbsp

* The dollar index <.DXY> slid 0.1 per cent against a basket of six major currencies on Tuesday.

* The United States and Mexico agreed to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to the new terms on auto trade and other issues to remain part of the three-nation pact. An agreement could ease concerns about an escalation in global trade tensions.

* The dollar was also undermined by expectations of a more gradual pace in the US interest rate increases.

* Interest rate hike expectations have supported the dollar this year as the US economy tracked a stable growth path.

* However, since hitting a more than one-year high in mid-August, the dollar has fallen about 2.3 per cent after President Donald Trump criticized the Fed for raising interest rates at a time when the government was trying to stimulate the economy.

* China's net gold imports via main conduit Hong Kong fell about 45 per cent in July from the previous month amid lacklustre demand, data showed on Monday.

* Higher activity in gold options amid geopolitical tensions and a record-long bull market for US equities suggest that investors are betting gold prices have found a floor, traders said.

US gold futures were up 0.2 per cent at $1,217.90 an ounce.

Gold prices held steady on Tuesday after hitting a two-week high in the previous session, with the dollar under pressure in the wake of a trade deal between the United States and Mexico. * Spot gold was steady at $1,211.31 an ounce at 0047 GMT. Prices hit their highest since August 13 at $1,212.38 on Monday, while the metal rose about 1.7 per cent on Friday in its biggest one-day percentage gain since May 17, 2017. * US gold futures were up 0.2 per cent at $1,217.90 an ounce. * The dollar fell to a four-week low on Monday, as risk appetite improved and investors unwound some safe-haven bets on the currency after the United States and Mexico reached a trade deal. * The dollar index <.DXY> slid 0.1 per cent against a basket of six major currencies on Tuesday. * The United States and Mexico agreed to overhaul the North American Free Trade Agreement (NAFTA), putting pressure on Canada to agree to the new terms on auto trade and other issues to remain part of the three-nation pact. An agreement could ease concerns about an escalation in global trade tensions. * The dollar was also undermined by expectations of a more gradual pace in the US interest rate increases. * Interest rate hike expectations have supported the dollar this year as the US economy tracked a stable growth path. * However, since hitting a more than one-year high in mid-August, the dollar has fallen about 2.3 per cent after President Donald Trump criticized the Fed for raising interest rates at a time when the government was trying to stimulate the economy. * China's net gold imports via main conduit Hong Kong fell about 45 per cent in July from the previous month amid lacklustre demand, data showed on Monday. * Higher activity in gold options amid geopolitical tensions and a record-long bull market for US equities suggest that investors are betting gold prices have found a floor, traders said.

Gold prices steady as dollar sags on US-Mexico trade deal

Oil prices rose on Tuesday as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market.

International Brent crude oil futures were at $76.37 per barrel at 0215 GMT, up 16 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 per cent, at $68.96 a barrel.

Despite some concerns about an economic slowdown because of the US-China trade conflict, crude supplies are relatively tight due to disruptions as well as voluntary restraints on output by the Organization of the Petroleum Exporting Countries (OPEC).

The cartel's monitoring committee found that oil producers participating in a supply-reduction agreement, which includes non-OPEC member Russia, cut output in July by 9 per cent more than called for.

The findings for last month compare with a compliance level of 120 per cent for June and 147 per cent for May, meaning participants have been steadily increasing production.

OPEC and its allies agreed in late 2016 to cut output from 2017 by around 1.8 million barrels per day (bpd) versus October 2016 levels.

The International Energy Agency (IEA) on Monday also warned of further supply disruptions, especially from Venezuela, where an economic crisis has cut deep into the OPEC-member's oil output.

Venezuelan crude oil exports have halved in the previous two years to just 1 million bpd by mid-2018, according to trade flow data.

"We can expect a further fall," the IEA's Executive Director Fatih Birol told Reuters in Norway on Monday.

Birol also warned that African OPEC-members Libya and Nigeria "seem both still fragile countries" despite some recent improvements.

Birol said it was too early to gauge the impact of the US sanctions that will target Iran from November.

Beyond a relatively tight supply outlook, analysts said a fall in the dollar over the past two weeks was also supporting crude, as it makes oil purchases cheaper for countries using other currencies at home.

"The weaker US-dollar helped commodities in general," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

International Brent crude oil futures were at $76.37 per barrel at 0215 GMT, up 16 cents, or 0.2 per cent, from their last close.

Oil prices rose on Tuesday as risks of supply disruptions from places such as Venezuela, Africa and Iran triggered expectations of a tightening market. International Brent crude oil futures were at $76.37 per barrel at 0215 GMT, up 16 cents, or 0.2 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 per cent, at $68.96 a barrel. Despite some concerns about an economic slowdown because of the US-China trade conflict, crude supplies are relatively tight due to disruptions as well as voluntary restraints on output by the Organization of the Petroleum Exporting Countries (OPEC). The cartel's monitoring committee found that oil producers participating in a supply-reduction agreement, which includes non-OPEC member Russia, cut output in July by 9 per cent more than called for. The findings for last month compare with a compliance level of 120 per cent for June and 147 per cent for May, meaning participants have been steadily increasing production. OPEC and its allies agreed in late 2016 to cut output from 2017 by around 1.8 million barrels per day (bpd) versus October 2016 levels. The International Energy Agency (IEA) on Monday also warned of further supply disruptions, especially from Venezuela, where an economic crisis has cut deep into the OPEC-member's oil output. Venezuelan crude oil exports have halved in the previous two years to just 1 million bpd by mid-2018, according to trade flow data. "We can expect a further fall," the IEA's Executive Director Fatih Birol told Reuters in Norway on Monday. Birol also warned that African OPEC-members Libya and Nigeria "seem both still fragile countries" despite some recent improvements. Birol said it was too early to gauge the impact of the US sanctions that will target Iran from November. Beyond a relatively tight supply outlook, analysts said a fall in the dollar over the past two weeks was also supporting crude, as it makes oil purchases cheaper for countries using other currencies at home. "The weaker US-dollar helped commodities in general," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Oil prices edge up on supply disruption worries

Tokyo stocks opened higher on Tuesday as trade worries receded after the United States and Mexico announced a breakthrough deal to rewrite a North American trade pact.

The benchmark Nikkei 225 index was up 0.69 per cent or 157.07 points at 22,956.71 in early trade while the broader Topix index rose 0.69 per cent or 11.88 points at 1,740.83.

US President Donald Trump and outgoing Mexican President Enrique Pena Nieto hailed the new trade agreement, which raises hopes the North American Free Trade Agreement can be salvaged after Canada rejoins the talks on Tuesday.

The proposed new NAFTA deal includes provisions on auto trade, tougher worker protections and a provision to review the deal every six years.

"Following the overall agreement between the US and Mexico, speculation that the US may reach a deal with China would be a tailwind for Japanese shares," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary.

In Tokyo, Toyota was up 1.79 per cent at 7,091 yen after it confirmed that it will invest about $500 million into Uber as part of a deal to work together on mass-producing self-driving vehicles.

Denso rose 2.05 per cent to 5,376 yen and Aisin Seiki was up 2.35 per cent at 5,210 yen, after the two auto parts companies of Toyota group said they will set up a joint venture with two other smaller firms aimed at developing software for auto driving.

Other automakers were also higher, with Honda gaining 2.45 per cent to 3,418 yen and Nissan advancing 2.16 per cent to 1,061.5 yen in early trade.

Sony was up 1.28 per cent at 6,249 yen and Panasonic was up 0.92 per cent at 1,349.5 yen.

On Wall Street, the Dow closed up one per cent at 26,049.64.

The dollar fetched 111.14 yen in early Asian trade, up modestly from 111.07 yen in New York.

The benchmark Nikkei 225 index was up 0.69 per cent or 157.07 points at 22,956.71 in early trade while the broader Topix index rose 0.69 per cent or 11.88 points at 1,740.83.

Tokyo stocks opened higher on Tuesday as trade worries receded after the United States and Mexico announced a breakthrough deal to rewrite a North American trade pact. The benchmark Nikkei 225 index was up 0.69 per cent or 157.07 points at 22,956.71 in early trade while the broader Topix index rose 0.69 per cent or 11.88 points at 1,740.83. US President Donald Trump and outgoing Mexican President Enrique Pena Nieto hailed the new trade agreement, which raises hopes the North American Free Trade Agreement can be salvaged after Canada rejoins the talks on Tuesday. The proposed new NAFTA deal includes provisions on auto trade, tougher worker protections and a provision to review the deal every six years. "Following the overall agreement between the US and Mexico, speculation that the US may reach a deal with China would be a tailwind for Japanese shares," Yoshihiro Ito, chief strategist at Okasan Online Securities, said in a commentary. In Tokyo, Toyota was up 1.79 per cent at 7,091 yen after it confirmed that it will invest about $500 million into Uber as part of a deal to work together on mass-producing self-driving vehicles. Denso rose 2.05 per cent to 5,376 yen and Aisin Seiki was up 2.35 per cent at 5,210 yen, after the two auto parts companies of Toyota group said they will set up a joint venture with two other smaller firms aimed at developing software for auto driving. Other automakers were also higher, with Honda gaining 2.45 per cent to 3,418 yen and Nissan advancing 2.16 per cent to 1,061.5 yen in early trade. Sony was up 1.28 per cent at 6,249 yen and Panasonic was up 0.92 per cent at 1,349.5 yen. On Wall Street, the Dow closed up one per cent at 26,049.64. The dollar fetched 111.14 yen in early Asian trade, up modestly from 111.07 yen in New York.

Tokyo stocks open higher as trade worries ease

India's first partially biofuel-powered aircraft took off from Dehradun's Jolly Grant airport and landed at Delhi's IGI Airport Terminal-2 today.&nbsp;

SpiceJet's 72-seater Q400 turboprop was flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat.&nbsp;

The airline said it successfully operated "India's first ever biojet fuel flight".

The flight was powered with a blend of 75 per cent air turbine fuel (ATF) and 25 per cent biojet fuel, it said.

Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum (IIP), Dehradun, SpiceJet said.

With the attempt, India entered the list of select countries to have tried biofuel-driven aviation.&nbsp;

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<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/Delhi?src=hash&ref_src=twsrc%5Etfw">#Delhi</a>: India's first ever biofuel flight landed at Terminal 2 IGI(Indira Gandhi Int'l Airport).75% aviation turbine fuel & 25% biofuel used in this aircraft. It took off from Dehradun. Union ministers Dharmendra Pradhan,Nitin Gadkari, Suresh Prabhu&others were present on arrival <a href="https://t.co/Yjr79vKQiL">pic.twitter.com/Yjr79vKQiL</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1033978786075815936?ref_src=twsrc%5Etfw">August 27, 2018</a></blockquote>
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According to reports, the biofuel blend is made partially from renewable resources like agricultural residues, non-edible oils and bio-degradable industrial and municipal wastes.

While this was India's first attempt at testing a biofuel-powered flight, countries like Canada, Australia, the United States are already operating such commercial flights.&nbsp;

In the wake of spiralling aviation fuel costs, biofuel can serve as a feasible alternative to costly turbine fuel.

<iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/cxFq5QcHxlw" width="560"></iframe>

(With inputs from PTI)

SpiceJet's 72-seater Q400 turboprop was flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat.

India's first partially biofuel-powered aircraft took off from Dehradun's Jolly Grant airport and landed at Delhi's IGI Airport Terminal-2 today. SpiceJet's 72-seater Q400 turboprop was flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat. The airline said it successfully operated "India's first ever biojet fuel flight". The flight was powered with a blend of 75 per cent air turbine fuel (ATF) and 25 per cent biojet fuel, it said. Made from Jatropha crop, the fuel has been developed by the CSIR-Indian Institute of Petroleum (IIP), Dehradun, SpiceJet said. With the attempt, India entered the list of select countries to have tried biofuel-driven aviation. #Delhi: India's first ever biofuel flight landed at Terminal 2 IGI(Indira Gandhi Int'l Airport).75% aviation turbine fuel & 25% biofuel used in this aircraft. It took off from Dehradun. Union ministers Dharmendra Pradhan,Nitin Gadkari, Suresh Prabhu&others were present on arrival pic.twitter.com/Yjr79vKQiL — ANI (@ANI) August 27, 2018 × According to reports, the biofuel blend is made partially from renewable resources like agricultural residues, non-edible oils and bio-degradable industrial and municipal wastes. While this was India's first attempt at testing a biofuel-powered flight, countries like Canada, Australia, the United States are already operating such commercial flights. In the wake of spiralling aviation fuel costs, biofuel can serve as a feasible alternative to costly turbine fuel. (With inputs from PTI)

India's first biofuel-powered flight lands at Delhi airport 

Diesel prices registered a fresh high in Delhi, Mumbai, Chennai and Kolkata selling at Rs 69.61, Rs 73.90, Rs 73.54 and Rs 72.46 per litre respectively.

Petrol is selling at Rs 78.05 per litre in Delhi, at Rs 85.47 and Rs 80.98 per litre in Mumbai and Kolkata respectively. In Chennai, petrol on Tuesday will be sold for Rs 81.09 per litre.&nbsp;

According to reports, fuel prices shot up on the third consecutive day on Tuesday.&nbsp;

On Monday, diesel prices were recorded at Rs 69.46 per litre in Delhi, Rs 73.74 in Mumbai, Rs 72.31 per litre in Kolkata and Rs 73.38 for a litre in Chennai.&nbsp;

Petrol price per litre in Delhi on Monday shot up to Rs 77.91. For Mumbai, petrol per litre was registered at Rs 85.33, Rs 80.91 in Kolkata and Rs 80.94 per litre in Chennai.&nbsp;

The mounting fuel prices come as a result of rising global crude oil prices and high excise duty on transportation fuel in the country. The rise in fuel prices may lead to higher inflation, reports suggest.&nbsp; 
&nbsp;

The mounting fuel prices come as a result of rising global crude oil prices and high excise duty on transportation fuel in the country.

Diesel prices registered a fresh high in Delhi, Mumbai, Chennai and Kolkata selling at Rs 69.61, Rs 73.90, Rs 73.54 and Rs 72.46 per litre respectively. Petrol is selling at Rs 78.05 per litre in Delhi, at Rs 85.47 and Rs 80.98 per litre in Mumbai and Kolkata respectively. In Chennai, petrol on Tuesday will be sold for Rs 81.09 per litre. According to reports, fuel prices shot up on the third consecutive day on Tuesday. On Monday, diesel prices were recorded at Rs 69.46 per litre in Delhi, Rs 73.74 in Mumbai, Rs 72.31 per litre in Kolkata and Rs 73.38 for a litre in Chennai. Petrol price per litre in Delhi on Monday shot up to Rs 77.91. For Mumbai, petrol per litre was registered at Rs 85.33, Rs 80.91 in Kolkata and Rs 80.94 per litre in Chennai. The mounting fuel prices come as a result of rising global crude oil prices and high excise duty on transportation fuel in the country. The rise in fuel prices may lead to higher inflation, reports suggest.

Petrol, diesel prices on rise for third straight day

Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier.

Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers.

The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre.

Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT.

Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi.

Petrol in Delhi today costs Rs 77.91 per litre, and Rs 85.33 in Mumbai. The rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai.

Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day.

Petrol price has risen by Rs 0.77 a litre in Delhi in last 12 days. Diesel rates have gone up by Rs 0.74 per litre since then.

State-owned oil firms had in mid-June last year dumped the 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 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.

Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers.

Diesel prices today hit a record high of Rs 69.46 per litre while petrol rates inched towards Rs 78 a litre mark after a fall in rupee made imports costlier. Diesel price was today hiked about 14 paise per litre and petrol by 13 paise, according to price notification of state-owned fuel retailers. The increase pushed diesel price to its highest ever level of Rs 69.46 a litre in Delhi. In Mumbai, the fuel now costs Rs 73.74 a litre. Fuel prices in Delhi are the cheapest in all metros and most state capitals due to lower sales tax or VAT. Diesel price had previously hit its highest level on May 29 when it reached Rs 69.31 a litre mark in Delhi. Petrol in Delhi today costs Rs 77.91 per litre, and Rs 85.33 in Mumbai. The rates are however lower than the peak hit on May 29 when they touched Rs Rs 78.43 a litre in Delhi and Rs 86.24 in Mumbai. Fuel prices have been on the rise since August 16 after the rupee dipped to its lowest value against the US dollar. The domestic unit hit a record low of 70.32 in early trade that day. Petrol price has risen by Rs 0.77 a litre in Delhi in last 12 days. Diesel rates have gone up by Rs 0.74 per litre since then. State-owned oil firms had in mid-June last year dumped the 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 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.

Diesel price hits record high; petrol inches towards Rs 78 mark

Indian budget carrier SpiceJet is set to test a flight partially powered by biofuel today. The flight will be operated between Dehradun and Delhi.

According to reports, a biofuel blend will power one of the turbine engines of SpiceJet's Q400 turboprop which will take off from Dehradun's Jolly Grant airport and will land at Delhi's IGI Airport Terminal 2.

While this will be India's first attempt to test a biofuel-powered flight, countries like Canada, Australia, the United States are already operating such commercial flights.&nbsp;

The 72-seater SpiceJet aircraft will be flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat.&nbsp;

Biofuel can serve as a feasible alternative to costly turbine fuel used in the aviation industry.

(With inputs from agencies)&nbsp;

The 72-seater SpiceJet aircraft will be flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat.

Indian budget carrier SpiceJet is set to test a flight partially powered by biofuel today. The flight will be operated between Dehradun and Delhi. According to reports, a biofuel blend will power one of the turbine engines of SpiceJet's Q400 turboprop which will take off from Dehradun's Jolly Grant airport and will land at Delhi's IGI Airport Terminal 2. While this will be India's first attempt to test a biofuel-powered flight, countries like Canada, Australia, the United States are already operating such commercial flights. The 72-seater SpiceJet aircraft will be flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat. Biofuel can serve as a feasible alternative to costly turbine fuel used in the aviation industry. (With inputs from agencies)

India to test first biofuel-powered flight today

Jet Airways has reported a loss for the second consecutive quarter. For the three-month period ending June, the airlines suffered a net loss of Rs 1,323 crore.&nbsp;

In the corresponding period last year, the Naresh Goyal-led carrier had profited by Rs 53.50 crore.

Jet Airways has attributed the loss primarily to the surge in Brent crude oil prices, which has led to a hike in the charge of procuring aviation fuel.&nbsp;

The weakening rupee against the dollar, along with the competitive pricing of airfares, are cited among other reasons.

This is the second straight quarterly loss for the airline, which had abruptly postponed result announcement on August 9, leading to a slew of regulatory queries. In the March quarter, too, the airline had reported net losses of Rs 1,036 crore.

On the cost-cutting and stake sale plan, chairman Naresh Goyal said that the board today approved two significant proposals: capital infusion and monetisation of the airline's stake in its loyalty programme Jet Privilege.

"These two measures bode well for the long-term financial health and sustainability of the airline," Goyal said in a statement.

Total income marginally improved to Rs 6,066 crore from Rs 5,953 crore a year ago, the airline said in an exchange filing.

Fuel cost soared 53 per cent to Rs 2,332 crore from Rs 1,524 crore in the year-ago period.

On a consolidated basis, the airline said its loss stood at Rs 1,326 crore, against a net profit of Rs 58 crore a year ago.

The airline expects to reduce costs by Rs 2,000 crore over the next two years by way of various cost-reduction measures.

"Comprehensive cost reduction programme will result in excess of Rs 2,000 crore over the next two years," it said.

It explained that cost reduction covers various facets of operations, including maintenance costs, selling and distribution costs, fuel rate and optimization, debt and interest cost reduction and enhancement of crew and manpower productivity.

(With inputs from PTI)

Total income marginally improved to Rs 6,066 crore from Rs 5,953 crore a year ago, the airline said in an exchange filing.

Jet Airways has reported a loss for the second consecutive quarter. For the three-month period ending June, the airlines suffered a net loss of Rs 1,323 crore. In the corresponding period last year, the Naresh Goyal-led carrier had profited by Rs 53.50 crore. Jet Airways has attributed the loss primarily to the surge in Brent crude oil prices, which has led to a hike in the charge of procuring aviation fuel. The weakening rupee against the dollar, along with the competitive pricing of airfares, are cited among other reasons. This is the second straight quarterly loss for the airline, which had abruptly postponed result announcement on August 9, leading to a slew of regulatory queries. In the March quarter, too, the airline had reported net losses of Rs 1,036 crore. On the cost-cutting and stake sale plan, chairman Naresh Goyal said that the board today approved two significant proposals: capital infusion and monetisation of the airline's stake in its loyalty programme Jet Privilege. "These two measures bode well for the long-term financial health and sustainability of the airline," Goyal said in a statement. Total income marginally improved to Rs 6,066 crore from Rs 5,953 crore a year ago, the airline said in an exchange filing. Fuel cost soared 53 per cent to Rs 2,332 crore from Rs 1,524 crore in the year-ago period. On a consolidated basis, the airline said its loss stood at Rs 1,326 crore, against a net profit of Rs 58 crore a year ago. The airline expects to reduce costs by Rs 2,000 crore over the next two years by way of various cost-reduction measures. "Comprehensive cost reduction programme will result in excess of Rs 2,000 crore over the next two years," it said. It explained that cost reduction covers various facets of operations, including maintenance costs, selling and distribution costs, fuel rate and optimization, debt and interest cost reduction and enhancement of crew and manpower productivity. (With inputs from PTI)

Jet Airways reports Rs 1,323 crore loss in first quarter, as against Rs 53.50 crore profit last year

Gold prices held steady on Monday after seeing their best gain in over a year the session before, boosted by short-covering and as comments from the head of the US Federal Reserve signalling a gradual approach to interest rate hikes weighed on the dollar.

Speaking at a research symposium at Jackson Hole, Wyoming on Friday, Fed Chair Jerome Powell made the case that gradual rate hikes were the best way to protect US economic recovery, keep job growth strong and inflation under control.

The remarks appeared to have disappointed dollar bulls hoping for a more hawkish message.

"Jerome Powell's comments introduced some uncertainty into the market, with a stress on policy gradualism," said Nicholas Frappell, general manager at Australia-based ABC Bullion.

Spot gold was up 0.1 per cent at $1,206.34 per ounce by 0420 GMT. It had climbed 1.7 per cent on Friday in its biggest one-day percentage gain since May 2017. US gold futures were down 0.1 per cent at $1,212.70 an ounce.

"The weaker USD is giving gold a nice lift after Fed Chair Jerome Powell signalled that the FOMC remains on a gradual rate hike path," said Stephen Innes, APAC trading head, OANDA.

"While the speech was a tad dovish, gold's resurgence may be as much position-related as it is a real demand given the extended short gold positions that have been built up over the past few weeks which resulted in several stop losses runs getting triggered."

Hedge funds and money managers increased their net short position in COMEX gold contracts to another record in the week to August 21, adding 1,306 contracts to bring it to 78,579 contracts, the largest since records became publicly available in 2006, data showed.

"The market is extremely short and at some stage managed money shorts were likely to be buyers ... The rapidity of the move (on Friday) suggests the direction came from short covering," ABC Bullion's Frappell said.

Higher activity in gold options amid geopolitical tensions and a record-long bull market for US equities suggest that investors are betting gold prices have found a floor, traders said.

In the wider markets, the dollar index, which tracks the greenback against a basket of six major currencies, was nearly flat at 95.116.

Among other precious metals, spot silver edged up 0.1 per cent to $14.81 an ounce, while platinum was down 0.3 per cent at $787.99. Palladium was flat at $936.50 an ounce after touching a one-month high of $940.50 earlier in the session.

The remarks appeared to have disappointed dollar bulls hoping for a more hawkish message.

Gold prices held steady on Monday after seeing their best gain in over a year the session before, boosted by short-covering and as comments from the head of the US Federal Reserve signalling a gradual approach to interest rate hikes weighed on the dollar. Speaking at a research symposium at Jackson Hole, Wyoming on Friday, Fed Chair Jerome Powell made the case that gradual rate hikes were the best way to protect US economic recovery, keep job growth strong and inflation under control. The remarks appeared to have disappointed dollar bulls hoping for a more hawkish message. "Jerome Powell's comments introduced some uncertainty into the market, with a stress on policy gradualism," said Nicholas Frappell, general manager at Australia-based ABC Bullion. Spot gold was up 0.1 per cent at $1,206.34 per ounce by 0420 GMT. It had climbed 1.7 per cent on Friday in its biggest one-day percentage gain since May 2017. US gold futures were down 0.1 per cent at $1,212.70 an ounce. "The weaker USD is giving gold a nice lift after Fed Chair Jerome Powell signalled that the FOMC remains on a gradual rate hike path," said Stephen Innes, APAC trading head, OANDA. "While the speech was a tad dovish, gold's resurgence may be as much position-related as it is a real demand given the extended short gold positions that have been built up over the past few weeks which resulted in several stop losses runs getting triggered." Hedge funds and money managers increased their net short position in COMEX gold contracts to another record in the week to August 21, adding 1,306 contracts to bring it to 78,579 contracts, the largest since records became publicly available in 2006, data showed. "The market is extremely short and at some stage managed money shorts were likely to be buyers ... The rapidity of the move (on Friday) suggests the direction came from short covering," ABC Bullion's Frappell said. Higher activity in gold options amid geopolitical tensions and a record-long bull market for US equities suggest that investors are betting gold prices have found a floor, traders said. In the wider markets, the dollar index, which tracks the greenback against a basket of six major currencies, was nearly flat at 95.116. Among other precious metals, spot silver edged up 0.1 per cent to $14.81 an ounce, while platinum was down 0.3 per cent at $787.99. Palladium was flat at $936.50 an ounce after touching a one-month high of $940.50 earlier in the session.

Gold steady as short-covering, Fed chair's remarks lend support

The BSE Sensex rallied over 300 points to hit a fresh record high of 38,585.44, while NSE Nifty touched life-time record of 11,651 in early session today amid positive global cues and smart gains in banking, metal and FMCG stocks.

The 30-share index spurted by 333.64 points, or 0.87 per cent, to hit a new peak of 38,585.44, breaching its previous high of 38,487.63 reached on August 23.

The gauge had lost 84.96 points in previous session on Friday.

All sectoral indices, led by metal, banking, consumer durables and PSU stocks were trading in the positive zone with gains of up to 1.52 per cent.

The 50-share NSE Nifty rallied 94.40 points, or 0.82 per cent, to scale its lifetime high of 11,651, bettering its previous intra-day high of 11,620.70 touched on August 23.

Positive leads from other Asian markets tracking weekend gains on the Wall Street after comments from US Federal Reserve Chairman in support of a gradual approach to raising rates bolstered trading sentiments here, brokers said.

Prominent gainers include Yes Bank, Tata Steel, ICICI Bank, SBI, Kotak Bank, PowerGrid, Bharti Airtel, Axis Bank, Tata Motors, IndusInd Bank, RIL and Vedanta, rising up to 2.24 per cent.

Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 904.75 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 75.78 crore, provisional exchange data showed.

Among other Asian markets, Hong Kong's Hang Seng gained 1.87 per cent and Shanghai Composite Index rose 1.21 per cent in their early deals. Japan's Nikkei too edged higher by 0.79 per cent.

The US Dow Jones Industrial Average closed 0.52 per cent higher on Friday.&nbsp

The 30-share index spurted by 333.64 points, or 0.87 per cent, to hit a new peak of 38,585.44, breaching its previous high of 38,487.63 reached on August 23.

The BSE Sensex rallied over 300 points to hit a fresh record high of 38,585.44, while NSE Nifty touched life-time record of 11,651 in early session today amid positive global cues and smart gains in banking, metal and FMCG stocks. The 30-share index spurted by 333.64 points, or 0.87 per cent, to hit a new peak of 38,585.44, breaching its previous high of 38,487.63 reached on August 23. The gauge had lost 84.96 points in previous session on Friday. All sectoral indices, led by metal, banking, consumer durables and PSU stocks were trading in the positive zone with gains of up to 1.52 per cent. The 50-share NSE Nifty rallied 94.40 points, or 0.82 per cent, to scale its lifetime high of 11,651, bettering its previous intra-day high of 11,620.70 touched on August 23. Positive leads from other Asian markets tracking weekend gains on the Wall Street after comments from US Federal Reserve Chairman in support of a gradual approach to raising rates bolstered trading sentiments here, brokers said. Prominent gainers include Yes Bank, Tata Steel, ICICI Bank, SBI, Kotak Bank, PowerGrid, Bharti Airtel, Axis Bank, Tata Motors, IndusInd Bank, RIL and Vedanta, rising up to 2.24 per cent. Meanwhile, domestic institutional investors (DIIs) bought shares worth a net of Rs 904.75 crore on Friday, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 75.78 crore, provisional exchange data showed. Among other Asian markets, Hong Kong's Hang Seng gained 1.87 per cent and Shanghai Composite Index rose 1.21 per cent in their early deals. Japan's Nikkei too edged higher by 0.79 per cent. The US Dow Jones Industrial Average closed 0.52 per cent higher on Friday.

Sensex, Nifty hit fresh records on positive global cues

The rupee appreciated by 20 paise to 69.71 against the US dollar in early trade today on increased selling of the US currency by exporters amid a higher opening of the domestic equity market.

Currency traders said weakness in the dollar against major global currencies overseas after comments from the Federal Reserve Chairman in support of a gradual approach to raising rates, supported the rupee.

On Friday, the rupee recovered to end higher by 20 paise at 69.91 against the US currency on bouts of dollar selling by exporters and corporates.

Meanwhile, the benchmark BSE Sensex increased by 259.42 points, or 0.67 per cent, to trade at a new lifetime high of 38,511.22, while the NSE Nifty was up 76.20 points, or 0.66 per cent, at a new peak of 11,633.30 in opening trade.

Meanwhile, the benchmark BSE Sensex increased by 259.42 points, or 0.67 per cent, to trade at a new lifetime high of 38,511.22, while the NSE Nifty was up 76.20 points, or 0.66 per cent, at a new peak of 11,633.30 in opening trade.

The rupee appreciated by 20 paise to 69.71 against the US dollar in early trade today on increased selling of the US currency by exporters amid a higher opening of the domestic equity market. Currency traders said weakness in the dollar against major global currencies overseas after comments from the Federal Reserve Chairman in support of a gradual approach to raising rates, supported the rupee. On Friday, the rupee recovered to end higher by 20 paise at 69.91 against the US currency on bouts of dollar selling by exporters and corporates. Meanwhile, the benchmark BSE Sensex increased by 259.42 points, or 0.67 per cent, to trade at a new lifetime high of 38,511.22, while the NSE Nifty was up 76.20 points, or 0.66 per cent, at a new peak of 11,633.30 in opening trade.

Rupee strengthens 20 paise against US dollar

The State Bank of India (SBI) has changed the names and IFSC codes of 1,295 branches across the nation, following the state lender's merger with six associates, and the Bharatiya Mahila Bank (BMB).&nbsp

The list of updated branch names and IFSC codes has been uploaded by SBI on its website.

The merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017, resulting into increase in size and valuation of the bank.

SBI ranks at 53 positions among the top banks globally in terms of assets. As on 30 June, 2018 the total assets of the bank stood at Rs 33.45 lakh crore.

SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal.

Its market share in terms of deposits stands at 22.84 percent and in respect of advances at 19.92 percent.

The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices.

As a result of the merger, SBI witnessed the addition of around 71,000 new employees to its earlier workforce of around 2 lakh.

(With inputs from PTI)

SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal.

The State Bank of India (SBI) has changed the names and IFSC codes of 1,295 branches across the nation, following the state lender's merger with six associates, and the Bharatiya Mahila Bank (BMB). The list of updated branch names and IFSC codes has been uploaded by SBI on its website. The merger of six associate banks and Bhartiya Mahila Bank (BMB) with State Bank of India (SBI) came to effect from April 1, 2017, resulting into increase in size and valuation of the bank. SBI ranks at 53 positions among the top banks globally in terms of assets. As on 30 June, 2018 the total assets of the bank stood at Rs 33.45 lakh crore. SBI, the largest bank in India in terms of deposits, advances, customer acquisition and banking outlets, had 22,428 branches across the country by the end of the first quarter of the current fiscal. Its market share in terms of deposits stands at 22.84 percent and in respect of advances at 19.92 percent. The merger of associates and BMB had helped SBI reduce 1,805 branches and rationalise 244 administrative offices. As a result of the merger, SBI witnessed the addition of around 71,000 new employees to its earlier workforce of around 2 lakh. (With inputs from PTI)

SBI changes names, IFSC codes of 1,295 branches due to merger with six associate banks and BMB

Oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran's oil sector kept crude from falling further, traders said.

International Brent crude oil futures were at $75.75 per barrel at 0122 GMT, down 7 cents from their last close.

US West Texas Intermediate (WTI) crude futures were down 9 cents at $68.63 a barrel.

"Falling US rig counts and last week's decline in US inventories are supporting oil prices amid a protracted US-China trade war that could dampen global growth and weigh on oil demand," said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA in Singapore.

US energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said on Friday.

"Despite growing concerns about potential oversupply, the markets will continue to get a fillip from US sanctions against Iran," Innes added.

Washington will target Iran's oil exports with sanctions from November.

OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in.

International Brent crude oil futures were at $75.75 per barrel at 0122 GMT, down 7 cents from their last close.

Oil prices dipped slightly on Monday on concerns that a US-China trade dispute will erode global economic growth, although looming US sanctions against Iran's oil sector kept crude from falling further, traders said. International Brent crude oil futures were at $75.75 per barrel at 0122 GMT, down 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 9 cents at $68.63 a barrel. "Falling US rig counts and last week's decline in US inventories are supporting oil prices amid a protracted US-China trade war that could dampen global growth and weigh on oil demand," said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA in Singapore. US energy companies cut nine oil drilling rigs last week, dropping to 860, the biggest reduction since May 2016, energy services firm Baker Hughes said on Friday. "Despite growing concerns about potential oversupply, the markets will continue to get a fillip from US sanctions against Iran," Innes added. Washington will target Iran's oil exports with sanctions from November. OPEC-member Iran has exported around 2.5 million barrels per day of crude oil so far this year. Most analysts expect this figure to fall by at least 1 million bpd once sanctions kick in.

Oil stable as US-China trade row weighs, Iran sanctions cut supply outlook

Asian shares rose early on Monday, taking support from Wall Street's gains on Friday after US&nbspFederal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the U.S. economy and job growth.

Powell's comments, which were in line with market expectations, helped to push the S&P500 index and Nasdaq Composite to record highs on Friday, cementing the S&P's longest-running bull market, as defined by some investors.

In early Asian trade on Monday, S&P500 E-mini futures touched a record high of 2,885 and were last 0.2 per cent higher at 2,882.5.

"Powell's Jackson Hole speech essentially confirmed the need for further gradual rate hikes and stressed that higher interest rates have served the economy well. However, rate rises remain data-dependent, and other Fed officials reiterated that 'nothing is predetermined'," ANZ analysts said in a note on Monday.

"The Fed Chair's reiteration that rate rises would remain gradual gave the green light to ongoing falls in the USD and increases in equities on Friday."

US President Donald Trump said in a Reuters interview last week that he was "not thrilled" with Powell's rate hike policy, seeking more help with the economy from the Fed instead.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, while Japan's Nikkei stock index gained 0.6 per cent.

Seoul's Kospi index was flat.

Australian shares were up 0.1 per cent, following a week of political tumult that saw the Scott Morrison become the country's sixth prime minister in less than 10 years.

The dollar rose 0.05 per cent against the yen to 111.28, while the euro was up 0.13 per cent on the day at $1.1636.

The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.1 per cent at 95.070.

US&nbspcrude dipped 0.23 per cent at $68.56 a barrel, and Brent crude fell to $75.68 per barrel after oil prices rose last week, ending a streak of weekly declines on tightening supply, driven by the prospect of lower oil supply from Iran.

The United States has pulled out of a nuclear accord it signed with Iran in 2015 and has imposed sanctions on Iran's oil industry and exports.

Gold was slightly higher as the dollar weakened. Spot gold gained 0.1 per cent to trade at $1206.66 per ounce.

In early Asian trade on Monday, S&P500 E-mini futures touched a record high of 2,885 and were last 0.2 per cent higher at 2,882.5.

Asian shares rose early on Monday, taking support from Wall Street's gains on Friday after US&nbspFederal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the U.S. economy and job growth. Powell's comments, which were in line with market expectations, helped to push the S&P500 index and Nasdaq Composite to record highs on Friday, cementing the S&P's longest-running bull market, as defined by some investors. In early Asian trade on Monday, S&P500 E-mini futures touched a record high of 2,885 and were last 0.2 per cent higher at 2,882.5. "Powell's Jackson Hole speech essentially confirmed the need for further gradual rate hikes and stressed that higher interest rates have served the economy well. However, rate rises remain data-dependent, and other Fed officials reiterated that 'nothing is predetermined'," ANZ analysts said in a note on Monday. "The Fed Chair's reiteration that rate rises would remain gradual gave the green light to ongoing falls in the USD and increases in equities on Friday." US President Donald Trump said in a Reuters interview last week that he was "not thrilled" with Powell's rate hike policy, seeking more help with the economy from the Fed instead. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent, while Japan's Nikkei stock index gained 0.6 per cent. Seoul's Kospi index was flat. Australian shares were up 0.1 per cent, following a week of political tumult that saw the Scott Morrison become the country's sixth prime minister in less than 10 years. The dollar rose 0.05 per cent against the yen to 111.28, while the euro was up 0.13 per cent on the day at $1.1636. The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.1 per cent at 95.070. US&nbspcrude dipped 0.23 per cent at $68.56 a barrel, and Brent crude fell to $75.68 per barrel after oil prices rose last week, ending a streak of weekly declines on tightening supply, driven by the prospect of lower oil supply from Iran. The United States has pulled out of a nuclear accord it signed with Iran in 2015 and has imposed sanctions on Iran's oil industry and exports. Gold was slightly higher as the dollar weakened. Spot gold gained 0.1 per cent to trade at $1206.66 per ounce.

Asian shares rise after record highs on Wall Street

Tokyo stocks opened higher Monday following gains on Wall Street last week as the US Federal Reserve chief signalled the central bank did not expect to accelerate interest rate increases.

The benchmark Nikkei 225 index rose 0.41 per cent or 92.76 points to 22,694.53 in early trade while the broader Topix index was up 0.37 per cent or 6.31 points at 1,715.51.

"Market players responded positively now that the (US) stance on monetary policy has been made clear," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary.

Speaking at the annual gathering of global central bankers in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell on Friday said there was no sign of an overheating economy and policymakers expected to continue interest rate increases gradually.

Prices were rising at about the Fed's target pace of two per cent, he said, signalling the US central bank does not expect to accelerate interest rate increases as some investors have feared.

All three major US indices pushed higher, with the S&P 500 notching its first closing record since January and the Nasdaq jumping 0.9 per cent to smash past a record set last month.&nbsp

On Monday the dollar crawled back to 111.30 yen from 111.21 yen in New York Friday afternoon.

In individual stocks trade, Toyota climbed 1.39 per cent to 6,925 yen after a weekend report by the Nikkei newspaper that the auto giant was planning to build a new factory in China.

Nintendo rose 0.76 per cent to 38,160 yen and IT investor SoftBank Group gained 1.38 per cent to 10,240 yen.

The benchmark Nikkei 225 index rose 0.41 per cent or 92.76 points to 22,694.53 in early trade while the broader Topix index was up 0.37 per cent or 6.31 points at 1,715.51.

Tokyo stocks opened higher Monday following gains on Wall Street last week as the US Federal Reserve chief signalled the central bank did not expect to accelerate interest rate increases. The benchmark Nikkei 225 index rose 0.41 per cent or 92.76 points to 22,694.53 in early trade while the broader Topix index was up 0.37 per cent or 6.31 points at 1,715.51. "Market players responded positively now that the (US) stance on monetary policy has been made clear," Okasan Online Securities chief strategist Yoshihiro Ito said in a commentary. Speaking at the annual gathering of global central bankers in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell on Friday said there was no sign of an overheating economy and policymakers expected to continue interest rate increases gradually. Prices were rising at about the Fed's target pace of two per cent, he said, signalling the US central bank does not expect to accelerate interest rate increases as some investors have feared. All three major US indices pushed higher, with the S&P 500 notching its first closing record since January and the Nasdaq jumping 0.9 per cent to smash past a record set last month. On Monday the dollar crawled back to 111.30 yen from 111.21 yen in New York Friday afternoon. In individual stocks trade, Toyota climbed 1.39 per cent to 6,925 yen after a weekend report by the Nikkei newspaper that the auto giant was planning to build a new factory in China. Nintendo rose 0.76 per cent to 38,160 yen and IT investor SoftBank Group gained 1.38 per cent to 10,240 yen.

Tokyo stocks open higher following Wall Street advance

The BSE Sensex closed 1.16 per cent higher at 38,694.11 gaining 442 points on Monday while NSE's Nifty 50 advanced 1.17 per cent to close at 11,691.95 points, aided by the gains in Asian markets and record Wall Street highs reported on Friday.&nbsp;

Nifty 50 crossed the 11,700 mark for the first time ever at 11,700.95 just before the closing time.

ICICI Bank, India's third-largest lender by assets, rose 2.9 per cent, while Kotak Mahindra Bank advanced 1.68 per cent.

The Nifty PSU bank index, which tracks India's state-owned lenders, closed at 2.16 per cent higher after hitting its highest level since August 21.

Asian shares rose early on Monday, taking support from Wall Street’s gains on Friday after US Federal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth, Reuters reported.&nbsp;

Powell’s comments, which were in line with market expectations, helped to push the S&P500 index and Nasdaq Composite to record highs on Friday, cementing the S&P’s longest-running bull market, as defined by some investors, the report added.

(With inputs from Reuters)

The Nifty PSU bank index, which tracks India's state-owned lenders, closed at 2.16 per cent higher after hitting its highest level since August 21.

The BSE Sensex closed 1.16 per cent higher at 38,694.11 gaining 442 points on Monday while NSE's Nifty 50 advanced 1.17 per cent to close at 11,691.95 points, aided by the gains in Asian markets and record Wall Street highs reported on Friday. Nifty 50 crossed the 11,700 mark for the first time ever at 11,700.95 just before the closing time. ICICI Bank, India's third-largest lender by assets, rose 2.9 per cent, while Kotak Mahindra Bank advanced 1.68 per cent. The Nifty PSU bank index, which tracks India's state-owned lenders, closed at 2.16 per cent higher after hitting its highest level since August 21. Asian shares rose early on Monday, taking support from Wall Street’s gains on Friday after US Federal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth, Reuters reported. Powell’s comments, which were in line with market expectations, helped to push the S&P500 index and Nasdaq Composite to record highs on Friday, cementing the S&P’s longest-running bull market, as defined by some investors, the report added. (With inputs from Reuters)

Markets end at record high: Sensex adds 442 points, Nifty hits 11,700 for first time

Oil prices rose on Friday on expectations that US&nbspsanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing.

Brent crude oil futures were at $74.93 per barrel at 0245 GMT, up 20 cents, or 0.3 per cent, from their last close.

US&nbspWest Texas Intermediate (WTI) crude futures were at $68.08 per barrel, up 25 cents, or 0.3 per cent.

Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming US&nbspsanctions against Iran, which will target oil exports from November.

Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) and the nation exports around 2 million barrels per day of crude, equivalent to around 2 per cent of global consumption.

Despite this, sentiment in markets was cautious and liquidity in crude futures relatively low, traders said, after US&nbspand Chinese officials talks aimed at resolving an escalating trade dispute ended on Thursday with no major breakthrough. Instead, both countries activated another round of dueling tariffs on $16 billion worth of each other's goods.

"Investors are likely to feel nervous as the two countries vow to step up the pressure," ANZ bank said on Friday.

Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming US sanctions against Iran

Oil prices rose on Friday on expectations that US&nbspsanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing. Brent crude oil futures were at $74.93 per barrel at 0245 GMT, up 20 cents, or 0.3 per cent, from their last close. US&nbspWest Texas Intermediate (WTI) crude futures were at $68.08 per barrel, up 25 cents, or 0.3 per cent. Traders said the supply versus demand outlook for oil markets was relatively tight because of the looming US&nbspsanctions against Iran, which will target oil exports from November. Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) and the nation exports around 2 million barrels per day of crude, equivalent to around 2 per cent of global consumption. Despite this, sentiment in markets was cautious and liquidity in crude futures relatively low, traders said, after US&nbspand Chinese officials talks aimed at resolving an escalating trade dispute ended on Thursday with no major breakthrough. Instead, both countries activated another round of dueling tariffs on $16 billion worth of each other's goods. "Investors are likely to feel nervous as the two countries vow to step up the pressure," ANZ bank said on Friday.

Oil prices rise on Iran sanctions, US-China trade row

At a time when spiralling aviation fuel has strained the finances of domestic airlines, a private carrier is planning to operate some of its flight through biofuel.

No frills carrier SpiceJet will test a plane on Monday that uses biofuel. It could be a small turboporp, with officials from DGCA and other aviation bodies onboard to ascertain the feasibility of biofuel-drive aircraft.

The objective is to make air travel economical and bring some respite to the airlines reeling under high fuel price through the use of alternate fuel, insiders in the aviation industry said.

Aviation leaders are a worried lot over the rising fuel costs and have demanded the government bring Aviation Turbine Fuel under GST.&nbsp

Vistara's chief strategy and commercial officer Sanjiv Kapoor said in a tweet today that aviation in India is not for the "weak-kneed" while expressing concern over the domestic aviation fuel rates.

"Domestic aviation fuel (ATF) rates ex-DEL are now 97% higher (ie almost double) the low it hit in Feb 2016, and less than 10% short of highest ever it hit in 2014. Average fares are however down at least 40% from 2014! Aviation in India not an industry for the weak-kneed," he said.

Domestic carriers such as IndiGo and SpiceJet have reported losses in the June quarter, the high fuel cost being a key factor for the financial reverses. Jet Airways, on the other hand, has deferred announcing its quarterly results.&nbsp

If the test on Monday brings success, India could join a select few countries such as USA and Australia who have had biofeul-operated commerical aircraft.&nbsp

No frills carrier SpiceJet will test a plane on Monday that uses biofuel.

At a time when spiralling aviation fuel has strained the finances of domestic airlines, a private carrier is planning to operate some of its flight through biofuel. No frills carrier SpiceJet will test a plane on Monday that uses biofuel. It could be a small turboporp, with officials from DGCA and other aviation bodies onboard to ascertain the feasibility of biofuel-drive aircraft. The objective is to make air travel economical and bring some respite to the airlines reeling under high fuel price through the use of alternate fuel, insiders in the aviation industry said. Aviation leaders are a worried lot over the rising fuel costs and have demanded the government bring Aviation Turbine Fuel under GST. Vistara's chief strategy and commercial officer Sanjiv Kapoor said in a tweet today that aviation in India is not for the "weak-kneed" while expressing concern over the domestic aviation fuel rates. "Domestic aviation fuel (ATF) rates ex-DEL are now 97% higher (ie almost double) the low it hit in Feb 2016, and less than 10% short of highest ever it hit in 2014. Average fares are however down at least 40% from 2014! Aviation in India not an industry for the weak-kneed," he said. Domestic carriers such as IndiGo and SpiceJet have reported losses in the June quarter, the high fuel cost being a key factor for the financial reverses. Jet Airways, on the other hand, has deferred announcing its quarterly results. If the test on Monday brings success, India could join a select few countries such as USA and Australia who have had biofeul-operated commerical aircraft.

Spiralling aviation fuel; biofuel driven plane could take to Indian skies soon

Stock markets started flat on Friday following the tepid stock market activity in the regional countries with Hong Kong's Hang Seng and China's Shanghai Composite trading in negative territory.&nbsp

BSE Sensex opened at 38,366.79, up 30.03 or 0.08% and NSE Nifty opened at 11,566.6, up 16.15 or 0.14%.&nbsp

Stocks in Asia were mixed as US-China trade talks produced no breakthrough, while the dollar retained gains ahead of an address from Federal Reserve chairman Jerome Powell.&nbsp

The Indian rupee along with emerging Asian currencies weakened against the US dollar. The rupee opened at 70.20 a dollar and touched a low of 70.23. Oil prices rose and US futures were little changed.

&nbsp

Indian equity indices started on a subdued note on Friday, tracking weakness in the Indian rupee and global cues.

Stock markets started flat on Friday following the tepid stock market activity in the regional countries with Hong Kong's Hang Seng and China's Shanghai Composite trading in negative territory. BSE Sensex opened at 38,366.79, up 30.03 or 0.08% and NSE Nifty opened at 11,566.6, up 16.15 or 0.14%. Stocks in Asia were mixed as US-China trade talks produced no breakthrough, while the dollar retained gains ahead of an address from Federal Reserve chairman Jerome Powell. The Indian rupee along with emerging Asian currencies weakened against the US dollar. The rupee opened at 70.20 a dollar and touched a low of 70.23. Oil prices rose and US futures were little changed.

Sensex, Nifty open lower on subdued global cues

Saudi Arabia on Thursday rejected reports that Aramco's planned initial public offering had been scrapped, saying the kingdom had stepped up preparations for the stock market debut of the state energy giant.

"The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum," energy minister Khalid al-Falih said in a statement.

The plan to float around five per cent of Aramco -- expected to be the world's largest stock sale -- forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the economy off its reliance on oil.

But Aramco executives have repeatedly cited unfavourable market conditions to push back the IPO, earlier scheduled for this year, with many observers sceptical whether the listing will happen at all.

Fresh speculation about the listing swirled late Wednesday after a media report that the kingdom had halted the plan and financial advisors working on it had been disbanded.

London, New York and Hong Kong have all vied for a slice of the much-touted IPO.

But experts say Aramco's inability to generate a $2 trillion valuation sought by the crown prince and legal concerns that the IPO will invite unprecedented scrutiny to the company have prompted indecision and delays.

Falih, however, insisted that the kingdom had boosted preparations for the listing.

"The government has undertaken a number of major preparatory measures including issuing a new income tax law as it relates to hydrocarbons activities, reissuing a long-term exclusive concession, and appointing a new board of directors," Falih said.

Falih refused to specify a possible timing for the IPO, reiterating that it depended on factors such as "favourable market conditions and a downstream acquisition which the company will pursue in the next few months".

He did not elaborate on the acquisition but Aramco chief executive Amin Nasser last month confirmed preliminary talks to acquire a "strategic stake" in SABIC, the world's fourth-largest petrochemicals company that is 70 per cent owned by the government-run Public Investment Fund (PIF).

Nasser had acknowledged in an interview to Al-Arabiya television that a potential SABIC deal would "affect the time frame for Aramco's initial public offering".

Observers see the acquisition of a stake from PIF as a complex alternative to raise much-needed cash for the kingdom's top sovereign wealth fund.

SABIC, Saudi Arabia's largest publicly listed company, has a market capitalisation of around $100 billion -- the same amount the kingdom had sought to raise from Aramco's IPO.

Experts say the deal, if it goes through, will put cash into the PIF and allow Aramco to claim an important asset which it can borrow against.

The PIF, which hopes to control more than $2 trillion by 2030, seeks cash to pivot the economy away from oil after foreign direct investment in Saudi Arabia plunged last year to a 14-year low, according to a UN body, a blow to Prince Mohammed's ambitious reforms.

'The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,' energy minister Khalid al-Falih said in a statement.

Saudi Arabia on Thursday rejected reports that Aramco's planned initial public offering had been scrapped, saying the kingdom had stepped up preparations for the stock market debut of the state energy giant. "The government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum," energy minister Khalid al-Falih said in a statement. The plan to float around five per cent of Aramco -- expected to be the world's largest stock sale -- forms the cornerstone of a reform programme envisaged by Crown Prince Mohammed bin Salman to wean the economy off its reliance on oil. But Aramco executives have repeatedly cited unfavourable market conditions to push back the IPO, earlier scheduled for this year, with many observers sceptical whether the listing will happen at all. Fresh speculation about the listing swirled late Wednesday after a media report that the kingdom had halted the plan and financial advisors working on it had been disbanded. London, New York and Hong Kong have all vied for a slice of the much-touted IPO. But experts say Aramco's inability to generate a $2 trillion valuation sought by the crown prince and legal concerns that the IPO will invite unprecedented scrutiny to the company have prompted indecision and delays. Falih, however, insisted that the kingdom had boosted preparations for the listing. "The government has undertaken a number of major preparatory measures including issuing a new income tax law as it relates to hydrocarbons activities, reissuing a long-term exclusive concession, and appointing a new board of directors," Falih said. Falih refused to specify a possible timing for the IPO, reiterating that it depended on factors such as "favourable market conditions and a downstream acquisition which the company will pursue in the next few months". He did not elaborate on the acquisition but Aramco chief executive Amin Nasser last month confirmed preliminary talks to acquire a "strategic stake" in SABIC, the world's fourth-largest petrochemicals company that is 70 per cent owned by the government-run Public Investment Fund (PIF). Nasser had acknowledged in an interview to Al-Arabiya television that a potential SABIC deal would "affect the time frame for Aramco's initial public offering". Observers see the acquisition of a stake from PIF as a complex alternative to raise much-needed cash for the kingdom's top sovereign wealth fund. SABIC, Saudi Arabia's largest publicly listed company, has a market capitalisation of around $100 billion -- the same amount the kingdom had sought to raise from Aramco's IPO. Experts say the deal, if it goes through, will put cash into the PIF and allow Aramco to claim an important asset which it can borrow against. The PIF, which hopes to control more than $2 trillion by 2030, seeks cash to pivot the economy away from oil after foreign direct investment in Saudi Arabia plunged last year to a 14-year low, according to a UN body, a blow to Prince Mohammed's ambitious reforms.

Saudi Arabia insists 'committed' to Aramco IPO

Union Minister Arun Jaitley on Thursday resumed charge as the finance and corporate affairs minister after a gap of more than three months.&nbsp

President Ram Nath Kovind has directed to assign portfolios of Minister of Finance and Corporate Affairs to Arun Jaitley.&nbsp

During his indisposition, Piyush Goyal had assumed the additional responsibility of the finance and corporate affairs portfolio, even as he retained important portfolios like Railways and Coal.&nbsp

Notably, Piyush Goyal had got a leg-up Goyal during the Cabinet reshuffle last September when he was elevated to Cabinet rank and assigned the politically important Railways Ministry.

Jaitely, 65, had stopped attending office in early April to undergo the surgery.&nbsp

A prominent member of India Prime Minister Narendra Modi`s inner circle, Jaitley, had a gastric bypass operation in 2014 to keep his diabetes in check.&nbsp

(With inputs from agencies)

Arun Jaitley, who had undergone a kidney transplant surgery on May 14, will resume charge as finance minister after a 3-month long hiatus.

Union Minister Arun Jaitley on Thursday resumed charge as the finance and corporate affairs minister after a gap of more than three months. President Ram Nath Kovind has directed to assign portfolios of Minister of Finance and Corporate Affairs to Arun Jaitley. During his indisposition, Piyush Goyal had assumed the additional responsibility of the finance and corporate affairs portfolio, even as he retained important portfolios like Railways and Coal. Notably, Piyush Goyal had got a leg-up Goyal during the Cabinet reshuffle last September when he was elevated to Cabinet rank and assigned the politically important Railways Ministry. Jaitely, 65, had stopped attending office in early April to undergo the surgery. A prominent member of India Prime Minister Narendra Modi`s inner circle, Jaitley, had a gastric bypass operation in 2014 to keep his diabetes in check. (With inputs from agencies)

Arun Jaitley to resume charge as finance minister after three months

Stock markets started higher on Thursday with BSE Sensex hitting a new all-time high and NSE Nifty breaching the psychological mark of 11,600 for the first time in stock market history as the deadline loomed for fresh US tariffs on China.&nbsp;

Moreover, speculations that US President Donald Trump’s political position could be threatened by the legal woes of two former advisers also hurt the global sentiment.

BSE Sensex rises over 160 points, while the Nifty 50 trades above 11,600 for the first time.

Asian stocks traded mixed, while the dollar rallied as investors awaited a meeting of global central bankers after the Federal Reserve signalled no change to its pace of monetary policy tightening.&nbsp;

Meanwhile, the rupee fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet yesterday.&nbsp;At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise, it added.

BSE Sensex and NSE’s Nifty 50 extended their gains and hit fresh record highs on Thursday, with the Nifty 50 touching the 11,600-mark for the first time.

Stock markets started higher on Thursday with BSE Sensex hitting a new all-time high and NSE Nifty breaching the psychological mark of 11,600 for the first time in stock market history as the deadline loomed for fresh US tariffs on China. Moreover, speculations that US President Donald Trump’s political position could be threatened by the legal woes of two former advisers also hurt the global sentiment. BSE Sensex rises over 160 points, while the Nifty 50 trades above 11,600 for the first time. Asian stocks traded mixed, while the dollar rallied as investors awaited a meeting of global central bankers after the Federal Reserve signalled no change to its pace of monetary policy tightening. Meanwhile, the rupee fell 27 paise against the dollar to trade near 70.08 again amid strong demand for the US currency after the US Fed released minutes of its policy meet yesterday. At the Interbank Foreign Exchange, the local currency opened at a low of 70.03 a dollar, down from its previous close of 69.81, and weakened further to trade at a 70.08, down by 27 paise, it added.

Markets open at record high: Nifty hits 11,600 for first time, Sensex gains 160 points

Asian shares slipped on Thursday as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers.

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent. Hong Kong's Hang Seng index fell 0.5 per cent while South Korea's Kospi eased 0.1 per cent.

Japan's Nikkei added 0.2 per cent while Chinese shares were a bit firmer too.

Moody's cited the U.S.-led trade war as a risk to global growth with emerging markets already battling high oil prices and a tightening of financial conditions.

"Emerging market countries remain inherently vulnerable to the risk of capital outflows associated with tightening global liquidity as advanced economy central banks reverse their quantitative easing measures," Moody's added.

"Escalating trade frictions further add to overall uncertainty."

In its research titled "Storm Squalls", Citi said that divergence in the various trade disputes between the United States and its trading partners is likely to be a key driver for markets.

"Trade tensions have narrowed to US vs China however, there is no such thing as a bilateral trade war," it added.

"Despite recent signs that trade talks are resuming, we expect US-China trade tensions to continue."

Australian shares were a tad softer amid political uncertainty over the future of Prime Minister Malcolm Turnbull after several senior ministers tendered their resignations on Thursday.

The turmoil hit the Australian dollar, which slipped 0.8 per cent for its second straight day of decline.

"The PM has been losing popularity in the polls but as far as the markets are concerned he's been a steady hand at the tiller for the Australian economy and that's why we're seeing this move to the downside in the currency," said Nick Twidale, analyst at Rakuten Securities.

Another focus for investors will be manufacturing data from Europe and the United States later in the day as investors gauge whether the spectre of a global trade war is hurting economic activity.

A survey on Thursday showed Japanese manufacturing activity grew at a slightly faster pace in August as domestic demand jumped, but export orders contracted, adding to worries about rising trade protectionism.

TRUMP'S WOES

The lead from Wall Street was mixed overnight even as the S&P 500 marked its longest bull-market run in history. The Dow fell 0.3 per cent, the S&P was mostly unchanged and the Nasdaq added 0.4 per cent.

Investors are considering whether a twin political setback to Trump would hurt the Republican Party's election prospects and widen a criminal probe that has overshadowed his presidency.

Trump was not charged and Cohen's plea deal does not mean the president has been implicated in anything, press secretary Sarah Sanders said at a White House briefing.

The dollar index, which measures the greenback against a basket of major currencies, gained after minutes of the Federal Reserve's latest policy meeting showed the US central bank was on course to further hike rates.

The index was last up 0.3 per cent at 95.394, after six straight sessions of losses took it to the lowest in three weeks.

The euro was last off 0.3 per cent at $1.1553, not far from Wednesday's two-week high of $1.1623 touched on Wednesday. The Japanese yen weakened 0.3 per cent to 110.85 per dollar.

In commodities, Brent crude, the international benchmark, was flat at $74.78. US crude gained 11 cents to $67.97.

US gold futures for December delivery fell 0.5 per cent while spot gold dipped 0.4 per cent to $1,190.5 an ounce.

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.

Asian shares slipped on Thursday as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent. Hong Kong's Hang Seng index fell 0.5 per cent while South Korea's Kospi eased 0.1 per cent. Japan's Nikkei added 0.2 per cent while Chinese shares were a bit firmer too. Moody's cited the U.S.-led trade war as a risk to global growth with emerging markets already battling high oil prices and a tightening of financial conditions. "Emerging market countries remain inherently vulnerable to the risk of capital outflows associated with tightening global liquidity as advanced economy central banks reverse their quantitative easing measures," Moody's added. "Escalating trade frictions further add to overall uncertainty." In its research titled "Storm Squalls", Citi said that divergence in the various trade disputes between the United States and its trading partners is likely to be a key driver for markets. "Trade tensions have narrowed to US vs China however, there is no such thing as a bilateral trade war," it added. "Despite recent signs that trade talks are resuming, we expect US-China trade tensions to continue." Australian shares were a tad softer amid political uncertainty over the future of Prime Minister Malcolm Turnbull after several senior ministers tendered their resignations on Thursday. The turmoil hit the Australian dollar, which slipped 0.8 per cent for its second straight day of decline. "The PM has been losing popularity in the polls but as far as the markets are concerned he's been a steady hand at the tiller for the Australian economy and that's why we're seeing this move to the downside in the currency," said Nick Twidale, analyst at Rakuten Securities. Another focus for investors will be manufacturing data from Europe and the United States later in the day as investors gauge whether the spectre of a global trade war is hurting economic activity. A survey on Thursday showed Japanese manufacturing activity grew at a slightly faster pace in August as domestic demand jumped, but export orders contracted, adding to worries about rising trade protectionism. TRUMP'S WOES The lead from Wall Street was mixed overnight even as the S&P 500 marked its longest bull-market run in history. The Dow fell 0.3 per cent, the S&P was mostly unchanged and the Nasdaq added 0.4 per cent. Investors are considering whether a twin political setback to Trump would hurt the Republican Party's election prospects and widen a criminal probe that has overshadowed his presidency. Trump was not charged and Cohen's plea deal does not mean the president has been implicated in anything, press secretary Sarah Sanders said at a White House briefing. The dollar index, which measures the greenback against a basket of major currencies, gained after minutes of the Federal Reserve's latest policy meeting showed the US central bank was on course to further hike rates. The index was last up 0.3 per cent at 95.394, after six straight sessions of losses took it to the lowest in three weeks. The euro was last off 0.3 per cent at $1.1553, not far from Wednesday's two-week high of $1.1623 touched on Wednesday. The Japanese yen weakened 0.3 per cent to 110.85 per dollar. In commodities, Brent crude, the international benchmark, was flat at $74.78. US crude gained 11 cents to $67.97. US gold futures for December delivery fell 0.5 per cent while spot gold dipped 0.4 per cent to $1,190.5 an ounce.

Asian shares fall as US tariff deadline on China looms

China stocks were flat and Hong Kong shares fell in early trade on Thursday as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers.

Hong Kong's benchmark Hang Seng index opened high at 28005.330 points and soon slipped 0.66 per cent to 27744.610 points as of 10:54 am (0254 GMT).

The Shanghai Composite Index opened flat at 2714.87 points and fell 0.05 per cent as of 11:13 am (0313 GMT).

US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.

Hong Kong's benchmark Hang Seng index opened high at 28005.330 points and soon slipped 0.66 per cent to 27744.610 points as of 10:54 am (0254 GMT).

China stocks were flat and Hong Kong shares fell in early trade on Thursday as a deadline loomed for fresh US tariffs on China and amid speculation US President Donald Trump's political position could be threatened by the legal woes of two former advisers. Hong Kong's benchmark Hang Seng index opened high at 28005.330 points and soon slipped 0.66 per cent to 27744.610 points as of 10:54 am (0254 GMT). The Shanghai Composite Index opened flat at 2714.87 points and fell 0.05 per cent as of 11:13 am (0313 GMT). US and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of US tariffs due Thursday.

China stocks flat as US tariff deadline looms

Wall Street graduated to the longest-ever "bull market" Wednesday, a run that began amid extraordinary crisis-era monetary policy and which experts think could persist at least a while longer.

US President Donald Trump cheered the news after the S&P 500 closed for the 3,453rd straight time without a drop of 20 per cent over the more than nine-year stretch.

"Longest bull run in the history of the stock market. congratulations America!" Trump said on Twitter shortly after the closing bell.

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Longest bull run in the history of the stock market, congratulations America!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1032358618576900096?ref_src=twsrc%5Etfw">August 22, 2018</a></blockquote>
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The marathon run comes amid signs the US economy has accelerated this year after a long period of slow but steady growth. Experts say trade wars and higher interest rates are among potential threats to the persistence of the bull run.

Market watchers liken the landmark to other stock market records, such as when the Dow hit 25,000 points for the first time. Investing in stocks remains concentrated among the wealthiest, with many Americans still hesitant to buy stocks following the 2008 financial crisis.

While financial experts are well aware of the durability of the current stock market cycle, the record is "news more to Main Street than to Wall Street," according to Art Hogan, chief market strategist at B&nbspRiley FBR.

The S&P 500 finished the day down less than 0.1 per cent at 2,861.82.

When stocks fall at least 20 per cent below their previous record, they enter a "bear market."&nbsp

Although "bulls" and "bears" are very much in the psyche of Wall Street, there is no official authority on these designations and some experts quibble over the dates.

Tax cuts extend rally&nbsp

The current bull market began amid the emergency steps taken by the Federal Reserve, which set ultra-low interest rates and sought to spur investment further with billions of dollars in bond purchases in a program known as "quantitative easing."

The Fed began winding down these policies in 2014 and has lifted interest rates seven times since December 2015.&nbsp

Stocks got another shot of support in late 2017 when Trump and congressional Republicans succeeded in pushing through an overhaul that cut the tax rate on corporate profits from 35 per cent to 21 per cent.

Key US economic indicators have been solid or better, with unemployment hitting an 18-year low of 3.8 per cent in May before rising slightly and some economists now see US as trending towards around three per cent rather than two per cent.

Despite these positive signs and the market's steady rise since the crisis, data show most of the gains from the bull run have gone to the wealthiest Americans.

An August survey by consumer finance company Bankrate found that millennials, in particular, were leery of the market, with more members of that fast-rising generation preferring cash to stocks as a long-term investment.&nbsp

How much longer?&nbsp

Seeing minimal risk of a near-term recession, analysts perceive little chance of a bear market for some time.

Market watchers point to a variety of potential threats to the bull market, including a global slowdown prompted by the myriad trade conflicts initiated by Trump.

Another big worry is that a sudden spike in inflation will prompt the Fed to accelerate its pace of interest rate increases, further boosting the dollar and exacerbating the hit to emerging markets that hold debt denominated in the US currency.

These issues have most recently surfaced with Turkey, which suffered a sudden drop in its currency earlier this month following US sanctions. But analysts are also eyeing other emerging economies, including Brazil, Chile and China.

Regardless of how the situation plays out for trade and monetary policy, US companies are unlikely to match the earnings this year's growth in 2019 and beyond once the boost from tax cuts subsides.&nbsp

Perhaps the biggest wildcard in the near-term is US politics. Investors have thus far largely shrugged off various controversies involving Trump, including Tuesday's conviction of his former campaign manager and a guilty plea by his former lawyer.

But DataTrek Research Co-founder Nicholas Colas said in a note this week that investors might react badly if congressional Democrats dominate the November mid-term elections.

"Nature and markets both abhor a vacuum," Colas said. "We could see issues like a Democrat-controlled House or disruptive DC headlines take their place in investors' minds. And capital allocation decisions."

'Longest bull run in the history of the stock market. congratulations America!' Trump said on Twitter shortly after the closing bell.

Wall Street graduated to the longest-ever "bull market" Wednesday, a run that began amid extraordinary crisis-era monetary policy and which experts think could persist at least a while longer. US President Donald Trump cheered the news after the S&P 500 closed for the 3,453rd straight time without a drop of 20 per cent over the more than nine-year stretch. "Longest bull run in the history of the stock market. congratulations America!" Trump said on Twitter shortly after the closing bell. Longest bull run in the history of the stock market, congratulations America! — Donald J. Trump (@realDonaldTrump) August 22, 2018 × The marathon run comes amid signs the US economy has accelerated this year after a long period of slow but steady growth. Experts say trade wars and higher interest rates are among potential threats to the persistence of the bull run. Market watchers liken the landmark to other stock market records, such as when the Dow hit 25,000 points for the first time. Investing in stocks remains concentrated among the wealthiest, with many Americans still hesitant to buy stocks following the 2008 financial crisis. While financial experts are well aware of the durability of the current stock market cycle, the record is "news more to Main Street than to Wall Street," according to Art Hogan, chief market strategist at B&nbspRiley FBR. The S&P 500 finished the day down less than 0.1 per cent at 2,861.82. When stocks fall at least 20 per cent below their previous record, they enter a "bear market." Although "bulls" and "bears" are very much in the psyche of Wall Street, there is no official authority on these designations and some experts quibble over the dates. Tax cuts extend rally The current bull market began amid the emergency steps taken by the Federal Reserve, which set ultra-low interest rates and sought to spur investment further with billions of dollars in bond purchases in a program known as "quantitative easing." The Fed began winding down these policies in 2014 and has lifted interest rates seven times since December 2015. Stocks got another shot of support in late 2017 when Trump and congressional Republicans succeeded in pushing through an overhaul that cut the tax rate on corporate profits from 35 per cent to 21 per cent. Key US economic indicators have been solid or better, with unemployment hitting an 18-year low of 3.8 per cent in May before rising slightly and some economists now see US as trending towards around three per cent rather than two per cent. Despite these positive signs and the market's steady rise since the crisis, data show most of the gains from the bull run have gone to the wealthiest Americans. An August survey by consumer finance company Bankrate found that millennials, in particular, were leery of the market, with more members of that fast-rising generation preferring cash to stocks as a long-term investment. How much longer? Seeing minimal risk of a near-term recession, analysts perceive little chance of a bear market for some time. Market watchers point to a variety of potential threats to the bull market, including a global slowdown prompted by the myriad trade conflicts initiated by Trump. Another big worry is that a sudden spike in inflation will prompt the Fed to accelerate its pace of interest rate increases, further boosting the dollar and exacerbating the hit to emerging markets that hold debt denominated in the US currency. These issues have most recently surfaced with Turkey, which suffered a sudden drop in its currency earlier this month following US sanctions. But analysts are also eyeing other emerging economies, including Brazil, Chile and China. Regardless of how the situation plays out for trade and monetary policy, US companies are unlikely to match the earnings this year's growth in 2019 and beyond once the boost from tax cuts subsides. Perhaps the biggest wildcard in the near-term is US politics. Investors have thus far largely shrugged off various controversies involving Trump, including Tuesday's conviction of his former campaign manager and a guilty plea by his former lawyer. But DataTrek Research Co-founder Nicholas Colas said in a note this week that investors might react badly if congressional Democrats dominate the November mid-term elections. "Nature and markets both abhor a vacuum," Colas said. "We could see issues like a Democrat-controlled House or disruptive DC headlines take their place in investors' minds. And capital allocation decisions."

Wall Street marks longest-ever 'bull market'