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Australian police will open a formal investigation into explosive claims by a <a href="https://www.wionews.com/world/china-wants-to-take-over-australian-politics-ex-spy-chief-263762">self-styled Chinese spy</a> who defected Down Under with an apparent trove of sensitive intelligence, an official told AFP Tuesday.

The Australian Federal Police will probe Wang Liqiang's claims,&nbsp;including allegations that China tried to recruit a Melbourne businessman and get him elected to parliament.

The official, speaking on condition of anonymity, declined to comment further but confirmed a statement about the investigation is expected later on Tuesday.

The target, Bo "Nick" Zhao, a 32-year-old luxury car dealer who was a member of the ruling Liberal Party,&nbsp;apparently rebuffed the offer and was found dead in a motel room in March.

Wang has told Australian media he knows the identities of China's senior military intelligence officers in Hong Kong and took part in covert influence operations there, as well as in Taiwan and Australia.

Prime Minister Scott Morrison described the allegations as "deeply disturbing and troubling".

The country's main spy agency, the Australian Security Intelligence Organisation (ASIO), said it was aware of Wang's claims and was actively investigating them.

Wang is reportedly living in Sydney with his wife and infant son on a tourist visa.

China has accused him of being an unemployed fraudster and fugitive.

Australian police will open a formal investigation into explosive claims by a self-styled Chinese spy who defected Down Under with an apparent trove of sensitive intelligence, an official told AFP Tuesday.

Australian police will open a formal investigation into explosive claims by a self-styled Chinese spy who defected Down Under with an apparent trove of sensitive intelligence, an official told AFP Tuesday. The Australian Federal Police will probe Wang Liqiang's claims, including allegations that China tried to recruit a Melbourne businessman and get him elected to parliament. The official, speaking on condition of anonymity, declined to comment further but confirmed a statement about the investigation is expected later on Tuesday. The target, Bo "Nick" Zhao, a 32-year-old luxury car dealer who was a member of the ruling Liberal Party, apparently rebuffed the offer and was found dead in a motel room in March. Wang has told Australian media he knows the identities of China's senior military intelligence officers in Hong Kong and took part in covert influence operations there, as well as in Taiwan and Australia. Prime Minister Scott Morrison described the allegations as "deeply disturbing and troubling". The country's main spy agency, the Australian Security Intelligence Organisation (ASIO), said it was aware of Wang's claims and was actively investigating them. Wang is reportedly living in Sydney with his wife and infant son on a tourist visa. China has accused him of being an unemployed fraudster and fugitive.

Australian police to probe 'Chinese spy' claims

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the <a href="https://www.wionews.com/world/no-phase-two-us-china-deal-on-the-horizon-officials-say-264312">US-China trade talks</a> also boosted sentiment.

The NSE Nifty 50 index rose 0.3 per cent&nbsp;at 11,946.90, while the S&amp;P BSE&nbsp;Sensex&nbsp;was up 0.27 per cent&nbsp;at 40,472.53.

MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent&nbsp;after US&nbsp;national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year.

O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks.

In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent&nbsp;in early trading.

Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent&nbsp;each, after prices of metals rose on positive signals from Washington on China.

Zee Entertainment lost 2.69 per cent&nbsp;and was the top loser on the Nifty.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment.

Indian shares rose on Monday, led by metals and real estate stocks, while gains in broader Asia on hopes of progress in the US-China trade talks also boosted sentiment. The NSE Nifty 50 index rose 0.3 per cent at 11,946.90, while the S&P BSE Sensex was up 0.27 per cent at 40,472.53. MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.8 per cent after US national security adviser Robert O'Brien on Saturday said an initial trade agreement with China was still possible by the end of the year. O'Brien, however, warned Washington would not turn a blind eye to what happens in Hong Kong, which added to worries that a Chinese crackdown on anti-government protests in Hong Kong could further complicate the talks. In the domestic markets, the Nifty Metals index rose about 1.6 per cent, while the Nifty Realty index advanced 1.8 per cent in early trading. Steelmakers JSW Steel and Tata Steel were the top gainers on the Nifty, rising about 2.5 per cent each, after prices of metals rose on positive signals from Washington on China. Zee Entertainment lost 2.69 per cent and was the top loser on the Nifty.

Sensex, Nifty track broader Asia higher; metal stocks gain

South West Asia swarmed by Locusts. Pakistan's threat to food security? Watch this video to find out more.

Pakistan's threat to food security?

OPEC's share of India's oil imports fell to 73 per cent&nbsp;in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

India, which usually imports about 80 per cent of its needs from members of the Organization of the <a href="https://www.wionews.com/business-economy/oil-prices-hold-above-63-on-trade-talk-optimism-opec-262945">Petroleum Exporting Countries</a> (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades.

India, the world's third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 per cent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd from OPEC.

OPEC's share of India's imports in September was about 81 per cent although&nbsp;total volumes were lower, as the South Asian nation cut imports to a three-year low due to maintenance at some refineries.

OPEC oil output dipped to an eight-year low in September after attacks on Saudi oil plants led to production cuts, a Reuters survey showed. The kingdom's output has since recovered.

In October, Iraq replaced Saudi Arabia as India's top oil supplier, tanker arrival data showed, with refiners cutting purchases of the more expensive Saudi oil.

Sources who supplied the data asked not to be named.

"Saudi had raised its official selling price (OSP). That led to some buyers migrating to Iraqi and other producers," said Ehsan Ul Haq, an analyst with Refinitiv.

Saudi Arabia raised its October OSP for its Arab Light grade for Asia by $0.60/barrel compared to a $0.35/barrel increase in Iraq's Basra Light.

To make up for lower Saudi purchases, India also boosted purchases from Nigeria, its third-biggest supplier in October, as well as from Kuwait and Mexico.

India shipped in a record 336,000 bpd of US&nbsp;oil in October, about 7.5 per cent&nbsp;of total imports, as private refiner Reliance Industries bought three tanker cargoes, data showed. The United States was Indian's fourth-biggest supplier in October.

"Indian demand for Gasoil has been falling but overall Asian demand has been relatively strong because of new marine fuel rules from January. And good diesel cracks is prompting refiners to buy distillate rich crudes like that of Nigeria," Haq said.

Refining margins or cracks for 10 ppm Gasoil traded at $15.46 per barrel over Dubai crude during Asian trade on Monday. Cash premiums for the fuel climbed to 34 per cent&nbsp;barrel to Singapore quotes, compared with 31 cents&nbsp;per barrel on Friday.

India's fuel demand in October declined by 1.4 per cent&nbsp;from a year earlier, and its diesel consumption fell by the steepest in about three years, government data showed on Thursday.

OPEC's share of India's oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.

OPEC's share of India's oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers. India, which usually imports about 80 per cent of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades. India, the world's third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 per cent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd from OPEC. OPEC's share of India's imports in September was about 81 per cent although total volumes were lower, as the South Asian nation cut imports to a three-year low due to maintenance at some refineries. OPEC oil output dipped to an eight-year low in September after attacks on Saudi oil plants led to production cuts, a Reuters survey showed. The kingdom's output has since recovered. In October, Iraq replaced Saudi Arabia as India's top oil supplier, tanker arrival data showed, with refiners cutting purchases of the more expensive Saudi oil. Sources who supplied the data asked not to be named. "Saudi had raised its official selling price (OSP). That led to some buyers migrating to Iraqi and other producers," said Ehsan Ul Haq, an analyst with Refinitiv. Saudi Arabia raised its October OSP for its Arab Light grade for Asia by $0.60/barrel compared to a $0.35/barrel increase in Iraq's Basra Light. To make up for lower Saudi purchases, India also boosted purchases from Nigeria, its third-biggest supplier in October, as well as from Kuwait and Mexico. India shipped in a record 336,000 bpd of US oil in October, about 7.5 per cent of total imports, as private refiner Reliance Industries bought three tanker cargoes, data showed. The United States was Indian's fourth-biggest supplier in October. "Indian demand for Gasoil has been falling but overall Asian demand has been relatively strong because of new marine fuel rules from January. And good diesel cracks is prompting refiners to buy distillate rich crudes like that of Nigeria," Haq said. Refining margins or cracks for 10 ppm Gasoil traded at $15.46 per barrel over Dubai crude during Asian trade on Monday. Cash premiums for the fuel climbed to 34 per cent barrel to Singapore quotes, compared with 31 cents per barrel on Friday. India's fuel demand in October declined by 1.4 per cent from a year earlier, and its diesel consumption fell by the steepest in about three years, government data showed on Thursday.

OPEC's share of indian oil imports fell down 43% , lowest since 2011

The United States must end its joint exercises with Seoul "once and for all" to facilitate dialogue with Pyongyang, North Korea said Tuesday, just days after the <a href="https://www.wionews.com/world/not-interested-in-meaningless-talks-just-so-trump-can-boast-north-korea-262928">allies postponed planned drills</a>.

The US and South Korea said Sunday they would delay annual joint aerial exercises slated for this month in an act of "goodwill" after months of deadlocked nuclear talks.

Pyongyang has long protested the joint drills, which it condemns as preparations for invasion, and Seoul and Washington last year cancelled several training sessions in the wake of the Singapore summit between President Donald Trump and the North's leader Kim Jong Un.

But Kim Yong Chol, a senior North Korean official who formerly led talks with the US, said the weekend postponement was irrelevant.

"We demand that the US quit the drill or stop it once and for all," Kim said in a statement carried by the KCNA news agency.

Watch: US-South Korea drills postponed to bolster N Korea peace effort

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/us-south-korea-military-drills-postponed-in-bid-to-bolster-north-korea-peace-effort-262787/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"The suspension of the drill does not mean ensuring peace and security on the Korean peninsula and is not helpful to the diplomatic efforts," he added.

The North had "no intention" to sit down with the "tricky US" and would not return to talks "before the complete and irrevocable withdrawal of its hostile policy".

"From now on, the DPRK will get due compensation for every administrative achievement the US president has talked too much about for over a year," Kim added, referring to the North by its official name.

<a href="https://www.wionews.com/world/get-the-deal-done-trump-tweets-at-north-koreas-kim-tells-him-to-act-quickly-262780">Trump has repeatedly pointed to North Korea's moratorium</a> on nuclear tests and intercontinental ballistic missile launches as foreign policy successes for him.

But negotiations have been gridlocked since the Hanoi summit in February broke up in disagreement over sanctions relief, while October's working-level talks rapidly broke down in Sweden.

Tuesday's statement was the latest in a series of increasingly assertive comments from the North as its end-of-year deadline for the US to come up with a fresh offer approaches, and it has also carried out multiple weapons tests in recent weeks.

Trump hinted at the prospect of a fourth meeting with Kim in a tweet at the weekend, only to be <a href="https://www.wionews.com/world/trump-says-north-korea-went-too-far-in-calling-biden-rabid-dog-262772">dismissed by the North</a>, which said it had no interest in summits "that bring nothing to us".

The United States must end its joint exercises with Seoul "once and for all" to facilitate dialogue with Pyongyang, North Korea said Tuesday, just days after the allies postponed planned drills.

The United States must end its joint exercises with Seoul "once and for all" to facilitate dialogue with Pyongyang, North Korea said Tuesday, just days after the allies postponed planned drills. The US and South Korea said Sunday they would delay annual joint aerial exercises slated for this month in an act of "goodwill" after months of deadlocked nuclear talks. Pyongyang has long protested the joint drills, which it condemns as preparations for invasion, and Seoul and Washington last year cancelled several training sessions in the wake of the Singapore summit between President Donald Trump and the North's leader Kim Jong Un. But Kim Yong Chol, a senior North Korean official who formerly led talks with the US, said the weekend postponement was irrelevant. "We demand that the US quit the drill or stop it once and for all," Kim said in a statement carried by the KCNA news agency. Watch: US-South Korea drills postponed to bolster N Korea peace effort "The suspension of the drill does not mean ensuring peace and security on the Korean peninsula and is not helpful to the diplomatic efforts," he added. The North had "no intention" to sit down with the "tricky US" and would not return to talks "before the complete and irrevocable withdrawal of its hostile policy". "From now on, the DPRK will get due compensation for every administrative achievement the US president has talked too much about for over a year," Kim added, referring to the North by its official name. Trump has repeatedly pointed to North Korea's moratorium on nuclear tests and intercontinental ballistic missile launches as foreign policy successes for him. But negotiations have been gridlocked since the Hanoi summit in February broke up in disagreement over sanctions relief, while October's working-level talks rapidly broke down in Sweden. Tuesday's statement was the latest in a series of increasingly assertive comments from the North as its end-of-year deadline for the US to come up with a fresh offer approaches, and it has also carried out multiple weapons tests in recent weeks. Trump hinted at the prospect of a fourth meeting with Kim in a tweet at the weekend, only to be dismissed by the North, which said it had no interest in summits "that bring nothing to us".

Quit drill with South Korea, stop it once and for all: North Korean media to US

<a href="https://www.wionews.com/world/china-will-not-sit-back-if-hong-kong-demonstrations-get-uncontrollable-envoy-263010">China insisted Tuesday</a> it held the sole authority to rule on constitutional matters in Hong Kong, as it condemned a decision by the city's high court to overturn a ban on face masks worn by pro-democracy protesters.

The statement could further fan the flames in Hong Kong after months of violent protests over concerns that Beijing is chipping away at the autonomy of the financial hub.

The ban on face-covering came into force in October, when the city's unelected pro-Beijing leader invoked colonial-era legislation for the first time in more than 50 years.

The move was seen as a watershed legal moment for the city since its 1997 return by Britain to China, but has been largely symbolic.

The city's high court ruled on Monday that the government ban on face masks was unconstitutional. But Beijing said the judicial branch of the special administrative region had overreached.

Parliamentary spokesman Jian Tiewei said only the legislature had the right to rule on whether a law is in accordance with the Basic Law,&nbsp;the city's mini-constitution.

Watch: Hong Kong continues to be on the boil

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-continues-to-be-on-the-boil-universities-turned-into-the-fortress-262819/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"No other institution has the right to make judgements or decisions," Jian said, according to a state media report posted on the NPC's website.

He said <a href="https://www.wionews.com/world/china-envoy-warns-us-uk-against-external-interference-in-hong-kong-262963">the ruling</a> had "severely weakened the governance" of Hong Kong chief executive Carrie Lam and the city government.

Jian also indicated that the legislature might take some form of action.

"We are considering the relevant opinions and suggestions put forward by some NPC deputies," he said, without elaborating.

Protests started in June as a peaceful condemnation of a now-shelved China extradition bill, but have morphed into a confrontational action to defend the city's unique freedoms from perceived encroachment by Beijing.

China has repeatedly warned that it would not allow the city to spiral into total chaos, fuelling concerns that Beijing might deploy troops or other security forces to quell the unrest.

"The <a href="https://www.wionews.com/world/chinese-defence-ministry-defends-deploying-soldiers-in-hong-kong-calls-it-most-pressing-task-262844">Hong Kong government</a> is trying very hard to put the situation under control," China's ambassador to Britain, Liu Xiaoming, said on Monday.

"But if the situation becomes uncontrollable, the central government would certainly not sit on our hands and watch. We have enough resolution and power to end the unrest."

But Beijing has so far backed Lam and the city's police force, which has faced off with protesters in increasingly violent clashes.

This week police laid siege at a university campus where protesters,&nbsp;some armed with bows and homemade catapults to fire bricks, were holed up.

Dozens of protesters dramatically escaped the Hong Kong Polytechnic University (PolyU) late Monday by shimmying down ropes from a bridge to waiting motorbikes.

China insisted Tuesday it held the sole authority to rule on constitutional matters in Hong Kong, as it condemned a decision by the city's high court to overturn a ban on face masks worn by pro-democracy protesters.

China insisted Tuesday it held the sole authority to rule on constitutional matters in Hong Kong, as it condemned a decision by the city's high court to overturn a ban on face masks worn by pro-democracy protesters. The statement could further fan the flames in Hong Kong after months of violent protests over concerns that Beijing is chipping away at the autonomy of the financial hub. The ban on face-covering came into force in October, when the city's unelected pro-Beijing leader invoked colonial-era legislation for the first time in more than 50 years. The move was seen as a watershed legal moment for the city since its 1997 return by Britain to China, but has been largely symbolic. The city's high court ruled on Monday that the government ban on face masks was unconstitutional. But Beijing said the judicial branch of the special administrative region had overreached. Parliamentary spokesman Jian Tiewei said only the legislature had the right to rule on whether a law is in accordance with the Basic Law, the city's mini-constitution. Watch: Hong Kong continues to be on the boil "No other institution has the right to make judgements or decisions," Jian said, according to a state media report posted on the NPC's website. He said the ruling had "severely weakened the governance" of Hong Kong chief executive Carrie Lam and the city government. Jian also indicated that the legislature might take some form of action. "We are considering the relevant opinions and suggestions put forward by some NPC deputies," he said, without elaborating. Protests started in June as a peaceful condemnation of a now-shelved China extradition bill, but have morphed into a confrontational action to defend the city's unique freedoms from perceived encroachment by Beijing. China has repeatedly warned that it would not allow the city to spiral into total chaos, fuelling concerns that Beijing might deploy troops or other security forces to quell the unrest. "The Hong Kong government is trying very hard to put the situation under control," China's ambassador to Britain, Liu Xiaoming, said on Monday. "But if the situation becomes uncontrollable, the central government would certainly not sit on our hands and watch. We have enough resolution and power to end the unrest." But Beijing has so far backed Lam and the city's police force, which has faced off with protesters in increasingly violent clashes. This week police laid siege at a university campus where protesters, some armed with bows and homemade catapults to fire bricks, were holed up. Dozens of protesters dramatically escaped the Hong Kong Polytechnic University (PolyU) late Monday by shimmying down ropes from a bridge to waiting motorbikes.

Hong Kong court overreached, only we can rule on constitution: China

<a href="https://www.wionews.com/world/trump-asks-japan-to-hike-payments-for-us-troops-to-8-billion-foreign-policy-262592">Japan</a> Prime Minister Shinzo Abe's approval rating has taken a hit in the past month, a media poll shows, amid opposition accusations that his office may have violated political spending laws.

Allegations that his political office sponsored a party for supporters are the latest in a string of gift-giving scandals that have brought down politicians across Japan in recent months, eroding public sentiment.

A monthly Yomiuri Shimbun poll conducted late last week showed an approval rating of 49 per cent&nbsp;for Abe's cabinet, down 6 points from the October poll, and falling below 50 per cent&nbsp;for the first time since February.

The disapproval rating rose to 36 per cent&nbsp;from 34 per cent&nbsp;last month, with 45 per cent&nbsp;of respondents citing "lack of trust in the prime minister" over the party-funding allegations.

Abe on Monday confirmed that 800 guests attended the dinner reception at a five-star hotel in <a href="https://www.wionews.com/world/japans-emperor-performs-thanksgiving-rite-with-sun-goddess-262141">central Tokyo</a> in April, which he and his wife attended, adding that attendees each paid a 5,000 yen ($46) admission fee.

"Neither my office nor the party's supporters organisation contributed funding towards admission for guests or myself at the dinner event," Abe told reporters on Monday, adding that his office held no record of the event.

Opposition parties say that the admission price was much lower than that of other receptions held at the Hotel New Otani, which start at 11,000 yen per head, according to the hotel's website. They say if Abe subsidised the admission, it may violate the Political Offices Election Law and Political Funds Control Law.

"Abe has said that his office sponsored the reception, so it's mandatory that it keeps records of the event for bookkeeping purposes," Jun Azumi, deputy secretary-general of the centre-left Constitutional Democratic Party of Japan, told reporters. "The fact that these records do not exist shows that his office had no intention to keep such records, that his office doesn't acknowledge the event. This is an issue."

Politicians are strictly forbidden to give anything to constituents that even hints at being a gift. The rule is so strict that one cabinet minister quit in 2014 after distributing paper fans during the summer.

Last month, two government officials separately resigned over accusations that they had given fruit and vegetables to constituents as gifts.

Japan Prime Minister Shinzo Abe's approval rating has taken a hit in the past month, a media poll shows, amid opposition accusations that his office may have violated political spending laws.

Japan Prime Minister Shinzo Abe's approval rating has taken a hit in the past month, a media poll shows, amid opposition accusations that his office may have violated political spending laws. Allegations that his political office sponsored a party for supporters are the latest in a string of gift-giving scandals that have brought down politicians across Japan in recent months, eroding public sentiment. A monthly Yomiuri Shimbun poll conducted late last week showed an approval rating of 49 per cent for Abe's cabinet, down 6 points from the October poll, and falling below 50 per cent for the first time since February. The disapproval rating rose to 36 per cent from 34 per cent last month, with 45 per cent of respondents citing "lack of trust in the prime minister" over the party-funding allegations. Abe on Monday confirmed that 800 guests attended the dinner reception at a five-star hotel in central Tokyo in April, which he and his wife attended, adding that attendees each paid a 5,000 yen ($46) admission fee. "Neither my office nor the party's supporters organisation contributed funding towards admission for guests or myself at the dinner event," Abe told reporters on Monday, adding that his office held no record of the event. Opposition parties say that the admission price was much lower than that of other receptions held at the Hotel New Otani, which start at 11,000 yen per head, according to the hotel's website. They say if Abe subsidised the admission, it may violate the Political Offices Election Law and Political Funds Control Law. "Abe has said that his office sponsored the reception, so it's mandatory that it keeps records of the event for bookkeeping purposes," Jun Azumi, deputy secretary-general of the centre-left Constitutional Democratic Party of Japan, told reporters. "The fact that these records do not exist shows that his office had no intention to keep such records, that his office doesn't acknowledge the event. This is an issue." Politicians are strictly forbidden to give anything to constituents that even hints at being a gift. The rule is so strict that one cabinet minister quit in 2014 after distributing paper fans during the summer. Last month, two government officials separately resigned over accusations that they had given fruit and vegetables to constituents as gifts.

Japanese prime minister Abe's approval rating sags due to accusations of violating laws for political spending

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh <a href="https://www.wionews.com/videos/hong-kong-protests-turn-violent-police-shoot-protester-amid-clashes-261252">violence broke out in Hong Kong</a>, while uncertainty still remained over whether the United States and China could end their damaging trade war.

Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past.

The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE&nbsp;Sensex&nbsp;fell 0.13 per cent&nbsp;to 40,286.34. The rupee was 0.11 per cent&nbsp;firmer at 71.365 against the dollar.

The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent&nbsp;gain in Bank of Baroda, which reported a rise in September quarter profit on Friday.

Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent.

Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

Britannia Industries rose 1.2 per cent&nbsp;ahead of their quarterly results later in the day.

Indian markets will be closed on Tuesday for a public holiday.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound.

Indian shares were volatile on Monday, leading to a holiday-shortened week after Moody's Investors Service cut its rating outlook for the country last week and as the absence of fresh triggers kept markets range-bound. Asian shares reversed gains on Monday, the yen ticked higher and gold jumped as fresh violence broke out in Hong Kong, while uncertainty still remained over whether the United States and China could end their damaging trade war. Moody's on late Thursday lowered India's ratings outlook to "negative" from "stable" on Thursday, citing increasing risks that growth in Asia's third-largest economy will remain lower than in the past. The broader NSE Nifty inched 0.1 per cent lower at 11,898, as of 0420 GMT, while the benchmark BSE Sensex fell 0.13 per cent to 40,286.34. The rupee was 0.11 per cent firmer at 71.365 against the dollar. The Nifty PSU Bank index, which tracks state-run lenders, was the top gainer among NSE sectoral indexes, rising nearly 0.8%. The index was led by a 3.4 per cent gain in Bank of Baroda, which reported a rise in September quarter profit on Friday. Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.7 per cent. Late on Wednesday, the government approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects. Britannia Industries rose 1.2 per cent ahead of their quarterly results later in the day. Indian markets will be closed on Tuesday for a public holiday.

Nifty, Sensex volatile; Nifty PSU gains

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

The BSE S&amp;P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913.&nbsp;

Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent.&nbsp;

The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta.&nbsp;

Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia.&nbsp;

Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did.&nbsp;

(With inputs from ANI)

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data.

Domestic stock markets closed with minor gains on Monday as investors traded cautiously ahead of the release of September industrial production and manufacturing output data. The BSE S&P Sensex closed 21 points up at 40,345 while the Nifty 50 moved higher by 5 points to 11,913. Sectoral indices at the National Stock Exchange were mixed with Nifty auto, FMCG, IT, metal and pharma in the red while private bank gained by 1.38 per cent and realty by 0.7 per cent. Among stocks, private lenders showed handsome gains with Yes Bank moving up by 5.7 per cent, ICICI Bank by 1.6 per cent, IndusInd Bank by 1.5 per cent and Kotak Mahindra Bank by 1.1 per cent. The other prominent gainers were Zee Entertainment, Bharat Petroleum Corporation, GAIL, Tata Motors and Bharti Infratel. But Nestle India declined by 2.3 per cent along with Reliance Industries, Grasim and Asian Paints. So did auto majors like Hero MotoCorp and Eicher Motors besides metal majors Hindalco and Vedanta. Meanwhile, shares across the globe fell as escalating violence in Hong Kong pushed Asian stocks to their worst day since August. With continuing pro-democracy unrest, Hong Kong police shot and wounded a protester. The MSCI world equity index which tracks shares in 47 countries slipped by 0.2 per cent with Hong Kong's Hang Seng index falling by 2.7 per cent and leading losses across Asia. Investors were also focused on the US-China trade talks after President Donald Trump said on Saturday that talks with China have moved more slowly than he would have liked. He said reports that the United States is willing to lift tariffs are incorrect, adding that Beijing wanted a deal more than he did. (With inputs from ANI)

Sensex closes in the green at 40,345, Nifty bank gains by 1.2 per cent

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement.

Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries.

But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said.

Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said.

Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year.

The future of the Ansbach plant's 160 workers is unclear at the moment.&nbsp;

The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project.

Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout.

But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles.

Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.&nbsp;

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead.

Sportswear maker Adidas announced Monday it was closing two niche but flagship factories in Germany and the United States that use robots and 4D printing to make sneakers, shifting the manufacturing to cheaper Asian factories instead. The production of high-tech running shoes at its so-called speed factories in Germany's Ansbach and in the US city of Atlanta "will be discontinued by April 2020 at the latest", Adidas said in a statement. Just three years ago, the Bavaria-based group had hailed its speed factory concept, which uses highly automated processes to make shoes more quickly, more customised and closer to sales outlets, as proof that manufacturing jobs could return to high-wage countries. But from the end of this year, the speed factor shoes will join Adidas' other models and be produced by existing suppliers in Asia, the group said. Citing "advancements" made at the suppliers, the move would make the production of the shoes "more flexible and economic while simultaneously expanding the range of products available", Adidas executive board member Martin Shankland said. Both the speed factories churn out just a million of the roughly 400 million athletic shoes made by the group each year. The future of the Ansbach plant's 160 workers is unclear at the moment. The factory is operated by the German technology firm Oechsler, which has collaborated with Adidas on the project. Oechsler CEO Claudius Kozlik said in the same statement that he regretted Adidas' pullout. But he stressed that the two companies would continue to work together on soles for football shoes and 4D-printed soles. Like 3D printing, 4D printing produces three-dimensional objects at the touch of a button but then goes further by creating materials that change properties when they come into contact with triggers such as water or heat.

Adidas shifts German, United States smart factories to Asia

India's power demand fell 13.2 per cent&nbsp;in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy.

The country needs electricity to fuel its expanding economy but a&nbsp;third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024.

India's June quarter GDP grew at its weakest pace in six years as consumer demand and government spending slowed, and economists see the falling electricity demand as a reflection of a further slowdown.

"The slowdown seems to be deep-rooted, especially in the industrial sector. That would certainly increase the anxiety with regard to growth prospects in the current year," said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi.

Consumption in heavily industrialized states such as Maharashtra and Gujarat led the decline. Last month, power demand in Maharashtra declined by 22.4 per cent&nbsp;and in Gujarat by 18.8 per cent, the data from the Central Electricity Authority (CEA) showed. Barring four small states in the country's north and the east, demand fell across regions, the data showed.

India's infrastructure output in September contracted 5.2 per cent, the worst in 14 years, adding to the worries of the government that has been unable to revive demand in the economy despite several steps in the last few months.

Its fuel demand growth - also seen by economists as an indicator of economic activity - is on track for the slowest pace in six years.

Economists said India's growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment. India's central bank last month cut its growth forecast by 80 basis points for the year ending March 2020 to 6.1 per cent.

Slower economic activity has resulted in a fall in sales of everything from cars to cookies, with some large scale industries resorting to large job cuts.

India's automobile sector, for instance, has cut hundreds of thousands of jobs, citing an unprecedented decline in sales.

"Now we are talking about a sub 6 per cent&nbsp;growth for the current fiscal year," Bhanumurthy told Reuters.

The government, which has not revised its growth forecast of 7 per cent&nbsp;for the financial year, is expected to release data on economic growth by the end of this month. Information on electricity demand prior to January 2006 is not publicly available.

Populous states such as Uttar Pradesh (UP) and Madhya Pradesh (MP) saw demand fall - with MP's electricity requirement falling by over a fourth and UP seeing a decline of 8.3 per cent.

India's power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy.

India's power demand fell 13.2 per cent in October from a year ago, posting its steepest monthly decline in over 12 years, government data showed, reflecting a deepening growth slowdown in Asia's third-largest economy. The country needs electricity to fuel its expanding economy but a third decline in power consumption in as many months points to tapering industrial activity in the nation that aims to become a $5 trillion economy by 2024. India's June quarter GDP grew at its weakest pace in six years as consumer demand and government spending slowed, and economists see the falling electricity demand as a reflection of a further slowdown. "The slowdown seems to be deep-rooted, especially in the industrial sector. That would certainly increase the anxiety with regard to growth prospects in the current year," said N.R. Bhanumurthy, a professor at the National Institute of Public Finance and Policy in New Delhi. Consumption in heavily industrialized states such as Maharashtra and Gujarat led the decline. Last month, power demand in Maharashtra declined by 22.4 per cent and in Gujarat by 18.8 per cent, the data from the Central Electricity Authority (CEA) showed. Barring four small states in the country's north and the east, demand fell across regions, the data showed. India's infrastructure output in September contracted 5.2 per cent, the worst in 14 years, adding to the worries of the government that has been unable to revive demand in the economy despite several steps in the last few months. Its fuel demand growth - also seen by economists as an indicator of economic activity - is on track for the slowest pace in six years. Economists said India's growth could fall as low as 5.8 per cent, dragged down by a slump in consumer demand and investment. India's central bank last month cut its growth forecast by 80 basis points for the year ending March 2020 to 6.1 per cent. Slower economic activity has resulted in a fall in sales of everything from cars to cookies, with some large scale industries resorting to large job cuts. India's automobile sector, for instance, has cut hundreds of thousands of jobs, citing an unprecedented decline in sales. "Now we are talking about a sub 6 per cent growth for the current fiscal year," Bhanumurthy told Reuters. The government, which has not revised its growth forecast of 7 per cent for the financial year, is expected to release data on economic growth by the end of this month. Information on electricity demand prior to January 2006 is not publicly available. Populous states such as Uttar Pradesh (UP) and Madhya Pradesh (MP) saw demand fall - with MP's electricity requirement falling by over a fourth and UP seeing a decline of 8.3 per cent.

India's electricity demand falls at fastest pace in at least 12 years

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US&nbsp;trade deal left investors frustrated at the lack of concrete progress.

In early European trades, the pan-region Euro Stoxx 50 futures&nbsp;were up slightly while those for German DAX were flat. London's FTSE futures&nbsp;rose 0.2 per cent.

MSCI's broadest index of Asia-Pacific shares outside Japan&nbsp;dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week.

Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent&nbsp;after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent.

E-Mini futures for the S&amp;P 500 eased 0.1 per cent.

Reuters reported on Wednesday a meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be <a href="https://www.wionews.com/world/us-china-trade-deal-signing-could-be-delayed-to-december-london-a-possible-venue-report-260422">delayed until December</a> as discussions continue over terms and venue.

Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.

"One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank.

"But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal."

Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&amp;P 500&nbsp;gained 0.07 per cent&nbsp;and the Nasdaq&nbsp;dropped 0.29 per cent.

HP Inc&nbsp;rose over 6 per cent&nbsp;after Reuters reported US&nbsp;printer maker Xerox Holdings Corp&nbsp;has made a roughly $33 billion cash-and-stock offer for the computer group.

The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US&nbsp;10-year notes&nbsp;fell back to 1.81 per cent&nbsp;from a two-month top of 1.87 per cent.

That, in turn, restrained the dollar, which eased to 108.74 yen&nbsp;from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965.

The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060.

Spot gold was little changed at $1,490.38 per ounce&nbsp;and well within recent tight trading ranges.

Oil prices nursed losses after taking a hit from a surprisingly large build in US&nbsp;crude inventories.

US&nbsp;crude&nbsp;was 6 cents lower at $56.29 a barrel, while Brent crude&nbsp;slipped 7 cents to $61.67.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress.

Asian shares napped near multi-month peaks on Thursday while bonds eked out a bounce as reports of delays in sealing a preliminary Sino-US trade deal left investors frustrated at the lack of concrete progress. In early European trades, the pan-region Euro Stoxx 50 futures were up slightly while those for German DAX were flat. London's FTSE futures rose 0.2 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan dipped a slight 0.2 per cent, just off a six-month highs hit earlier in the week. Japan's Nikkei dithered either side of flat in very quiet trade, having touched a 13-month top on Wednesday. South Korean stocks eased 0.15 per cent after hitting their highest since May, while Shanghai blue chips lost 0.08 per cent. E-Mini futures for the S&P 500 eased 0.1 per cent. Reuters reported on Wednesday a meeting between US President Donald Trump and Chinese President Xi Jinping to sign an interim trade deal could be delayed until December as discussions continue over terms and venue. Among various suggestions was to sign a deal after a scheduled NATO meeting in early December. "One could take the view that by not committing to meet the original deadline it gives more time for a somewhat more comprehensive agreement to be thrashed out," said Ray Attrill, head of FX strategy at National Australia Bank. "But markets have understandably jumped the other way, exhibiting a slight loss of confidence that anything more substantial than an agreement not to further lift tariffs, in return for some increase in US agricultural purchases, can be agreed by way of an initial deal." Wall Street was underwhelmed by the news and the Dow ended Wednesday all but flat, while the S&P 500 gained 0.07 per cent and the Nasdaq dropped 0.29 per cent. HP Inc rose over 6 per cent after Reuters reported US printer maker Xerox Holdings Corp has made a roughly $33 billion cash-and-stock offer for the computer group. The pause in the risk rally helped bonds recoup a little of their recent losses. Yields on benchmark US 10-year notes fell back to 1.81 per cent from a two-month top of 1.87 per cent. That, in turn, restrained the dollar, which eased to 108.74 yen from a weekly high of 109.24. The dollar was steady on a basket of currencies at 97.965. The euro was struggling to sustain any bounce at $1.1061, perilously close to chart support at $1.1060. Spot gold was little changed at $1,490.38 per ounce and well within recent tight trading ranges. Oil prices nursed losses after taking a hit from a surprisingly large build in US crude inventories. US crude was 6 cents lower at $56.29 a barrel, while Brent crude slipped 7 cents to $61.67.

Asia stocks frustrated as trade doubts resurface

Malaysia has detained Cambodian former minister Mu Sochua, rights groups said on Thursday, after Phnom Penh sought her arrest on grounds that she and other self-exiled members of the banned opposition were plotting a coup in trying to return home.

The detention came as Sam Rainsy, the founder of the opposition party, prepared to fly from Paris to Bangkok, vowing to return to Cambodia on Saturday to lead demonstrations against the one-party rule of longtime Prime Minister Hun Sen.

It was unclear if any of the opposition figures abroad would reach Cambodia. Thailand has said it will not allow transit for Sam Rainsy, and Malaysia this week detained two other opposition leaders who were trying to fly to Thailand.

A dual US-Cambodian citizen and former women's minister, Mu Sochua, 65, is vice president of the banned Cambodia National Rescue Party (CNRP) and one of the highest-profile opposition leaders detained in Hun Sen's efforts to prevent their return.

Thailand had denied her entry.

On Wednesday, she held a news conference in Indonesia to denounce a crackdown by Cambodian authorities, who have arrested dozens of opposition activists at home and deployed troops along the borders ahead of the leaders' planned return.

"What do they fear?" she asked. "They totally fear the determination of the people of Cambodia, who are responding positively to our appeal, which is that together we will build a better Cambodia."

Sochua later flew to Malaysia, only to be detained. She was being held at the airport in its capital, said Jerald Joseph, an official of the Malaysian Human Rights Commission.

Joseph said he had spoken with Sochua, who had been told she would not be deported to Cambodia. It was not immediately clear where authorities would send her next.

Malaysia's immigration department did not immediately respond to questions from Reuters.

Sochua had fled Cambodia in 2017 under threat of arrest amid a mass crackdown on the opposition. The party's leader, Kem Sokha, was arrested on treason charges and remains under house arrest. The Supreme Court later dissolved the CNRP.

Sochua's news conference in the Indonesian capital was interrupted by the Cambodian ambassador, who urged that she should not be given a forum.

The Cambodian embassy asked Indonesia, as a fellow member of the <a href="https://www.wionews.com/india-news/pm-modi-discusses-sustainable-development-with-asean-leaders-259811">Association of Southeast Asian Nations</a> (ASEAN) grouping, to detain her.

The embassy sought her deportation to Cambodia "in the true spirit of ASEAN," it said in a statement, adding that similar requests had been made to neighbouring countries.

Instead, Sochua flew to Malaysia, where she said she knew she could also be arrested.

"They will follow me, they will follow us, all the way," she said on Wednesday.

Sochua has been charged in a plot to topple the Cambodian government, national police spokesman Chhay Kim Khoeun said.

"There is an arrest warrant for her, we really want her but we don't know what is Malaysia's position," he added.

Sochua's detention in Malaysia is unacceptable, said New York-based <a href="https://www.wionews.com/world/human-rights-watch-report-on-uighurs-full-of-prejudice-says-china-164872">Human Rights Watch (HRW)</a>.

"She's done nothing wrong and should be immediately released and allowed to undertake the consultations she planned with the Malaysia government and civil society groups," said Phil Robertson, the group's deputy director for Asia.

Malaysia has detained Cambodian former minister Mu Sochua, rights groups said on Thursday, after Phnom Penh sought her arrest on grounds that she and other self-exiled members of the banned opposition were plotting a coup in trying to return home.

Malaysia has detained Cambodian former minister Mu Sochua, rights groups said on Thursday, after Phnom Penh sought her arrest on grounds that she and other self-exiled members of the banned opposition were plotting a coup in trying to return home. The detention came as Sam Rainsy, the founder of the opposition party, prepared to fly from Paris to Bangkok, vowing to return to Cambodia on Saturday to lead demonstrations against the one-party rule of longtime Prime Minister Hun Sen. It was unclear if any of the opposition figures abroad would reach Cambodia. Thailand has said it will not allow transit for Sam Rainsy, and Malaysia this week detained two other opposition leaders who were trying to fly to Thailand. A dual US-Cambodian citizen and former women's minister, Mu Sochua, 65, is vice president of the banned Cambodia National Rescue Party (CNRP) and one of the highest-profile opposition leaders detained in Hun Sen's efforts to prevent their return. Thailand had denied her entry. On Wednesday, she held a news conference in Indonesia to denounce a crackdown by Cambodian authorities, who have arrested dozens of opposition activists at home and deployed troops along the borders ahead of the leaders' planned return. "What do they fear?" she asked. "They totally fear the determination of the people of Cambodia, who are responding positively to our appeal, which is that together we will build a better Cambodia." Sochua later flew to Malaysia, only to be detained. She was being held at the airport in its capital, said Jerald Joseph, an official of the Malaysian Human Rights Commission. Joseph said he had spoken with Sochua, who had been told she would not be deported to Cambodia. It was not immediately clear where authorities would send her next. Malaysia's immigration department did not immediately respond to questions from Reuters. Sochua had fled Cambodia in 2017 under threat of arrest amid a mass crackdown on the opposition. The party's leader, Kem Sokha, was arrested on treason charges and remains under house arrest. The Supreme Court later dissolved the CNRP. Sochua's news conference in the Indonesian capital was interrupted by the Cambodian ambassador, who urged that she should not be given a forum. The Cambodian embassy asked Indonesia, as a fellow member of the Association of Southeast Asian Nations (ASEAN) grouping, to detain her. The embassy sought her deportation to Cambodia "in the true spirit of ASEAN," it said in a statement, adding that similar requests had been made to neighbouring countries. Instead, Sochua flew to Malaysia, where she said she knew she could also be arrested. "They will follow me, they will follow us, all the way," she said on Wednesday. Sochua has been charged in a plot to topple the Cambodian government, national police spokesman Chhay Kim Khoeun said. "There is an arrest warrant for her, we really want her but we don't know what is Malaysia's position," he added. Sochua's detention in Malaysia is unacceptable, said New York-based Human Rights Watch (HRW). "She's done nothing wrong and should be immediately released and allowed to undertake the consultations she planned with the Malaysia government and civil society groups," said Phil Robertson, the group's deputy director for Asia.

Malaysia detains Cambodian opposition leader Mu Sochua

The Chinese Communist Party said on Tuesday it would "perfect" the system for choosing the leader of Hong Kong after months of anti-government protests, as police in the ex-British colony fired water cannon to break up a <a href="https://www.wionews.com/world/after-gatecrashing-halloween-hong-kong-protesters-plot-guy-fawkes-protests-260085">Guy Fawkes-themed march</a>.

The party said in a statement it would support its "special administrative region" of Hong Kong, which returned to China in 1997, and not tolerate any "separatist behaviour" either there or in neighbouring Macau, an ex-Portuguese colony that was handed back to Chinese rule two years later.

Some protesters in Hong Kong, angry at perceived Chinese meddling in its freedoms, have called for independence in sometimes violent unrest, a red line for Beijing. China denies interference.

As the party statement was released by Xinhua news agency, <a href="https://www.wionews.com/world/hong-kong-official-deeply-regrets-civil-servants-taking-part-in-protests-259980">Hong Kong leader Carrie Lam</a> said she had held a short meeting with Chinese President Xi Jinping in Shanghai.

"He expressed care and concern about Hong Kong, especially given the social disturbances that we have seen in the last five months and he expressed support for the various actions taken by Hong Kong Special Administrative Region government," she told reporters.

Referring to the foundation of the 1997 deal under which Hong Kong reverted to Chinese rule, Lam said: "...In strict accordance with the principle of 'one country, two systems' (we will continue) upholding the rule of law and trying to put an end to the violence."

The "one country, two systems" formula guarantees Hong Kong's freedoms, including an independent judicial system, for 50 years.

Lam denied widely reported rumours that her government was considering an amnesty for protesters charged with offences, one of the demands of the protesters. "In simple terms, it will not happen," she said. 
 
Bonfire night protests

After gatecrashing fancy-dress Halloween festivities on October&nbsp;31, hundreds of <a href="https://www.wionews.com/world/xi-voices-high-degree-of-trust-in-hong-kong-leader-over-unrest-259961">Hong Kong protesters</a> marked Guy Fawkes Day on Tuesday in the Tsim Sha Tsui tourist district of Kowloon by wearing the white, smiling Guy Fawkes masks made popular by anti-establishment hackers, the film "V for Vendetta" and protesters globally.

Some protesters vandalised traffic lights and a restaurant perceived as being pro-Beijing, prompting police to move in with the water cannon, near the science museum, as they have done on many nights during five months of demonstrations. Some protesters were detained while others ran off.

Guy Fawkes Day, also called Bonfire Night, is celebrated with fireworks and bonfires every Nov. 5 in Britain. Effigies of "guys" are burnt, marking the night in 1605 when Fawkes was arrested for a "gunpowder plot" to blow up parliament.

“We are here to tell the government that we are not afraid of them and that they should be afraid of us," masked protester Pete, 27, said in front of the huge, harbourfront neon Christmas decorations.

Lam banned face masks last month, invoking colonial-era emergency powers for the first time in more than 50 years, but protesters have largely ignored the ruling.

China's Communist Party, in a lengthy statement about decisions reached at a key leadership meeting known as a plenum last week, said it would improve the national security system in Hong Kong, as well as in Macau, though it gave no details.

The party decided to "establish a robust legal system and enforcement mechanism to safeguard national security in the special administrative regions and support them to strengthen law enforcement".

The party will "perfect" the appointment and dismissal mechanisms for the leaders and senior officials of the two territories, it added, reiterating comments from a Chinese parliament official last week. Again, no details were given.

It will also perfect the system under which the party has full jurisdictional power over Hong Kong, in accordance with the constitution, Xinhua said.

The demonstrations in Hong Kong began over a since-scrapped extradition bill and escalated in mid-June against China. Protesters have kept up their calls for universal suffrage and an independent inquiry into alleged police brutality, among other demands.

The protests, which pose the gravest challenge to Xi since he came to power in 2012, have received broad support.

The number of people who take part in the mostly weekend rallies has dwindled from the millions who participated in June, but violence and vandalism have escalated. Authorities have refused permits for many recent protests, making them illegal from the outset and activists liable to be arrested.

There have been many injuries in the protests, but no deaths. A 22-year-old student at a Hong Kong university who fell during protests at the weekend was in critical condition on Tuesday, hospital authorities said.

A man stabbed at least two people on Sunday and bit off part of a politician's ear before being beaten by protesters. A 48-year-old suspect has been charged with wounding.

Lam expressed her sympathies for the wounded, singling out the 22-year-old student.

The Chinese Communist Party said on Tuesday it would "perfect" the system for choosing the leader of Hong Kong after months of anti-government protests, as police in the ex-British colony fired water cannon to break up a Guy Fawkes-themed march.

The Chinese Communist Party said on Tuesday it would "perfect" the system for choosing the leader of Hong Kong after months of anti-government protests, as police in the ex-British colony fired water cannon to break up a Guy Fawkes-themed march. The party said in a statement it would support its "special administrative region" of Hong Kong, which returned to China in 1997, and not tolerate any "separatist behaviour" either there or in neighbouring Macau, an ex-Portuguese colony that was handed back to Chinese rule two years later. Some protesters in Hong Kong, angry at perceived Chinese meddling in its freedoms, have called for independence in sometimes violent unrest, a red line for Beijing. China denies interference. As the party statement was released by Xinhua news agency, Hong Kong leader Carrie Lam said she had held a short meeting with Chinese President Xi Jinping in Shanghai. "He expressed care and concern about Hong Kong, especially given the social disturbances that we have seen in the last five months and he expressed support for the various actions taken by Hong Kong Special Administrative Region government," she told reporters. Referring to the foundation of the 1997 deal under which Hong Kong reverted to Chinese rule, Lam said: "...In strict accordance with the principle of 'one country, two systems' (we will continue) upholding the rule of law and trying to put an end to the violence." The "one country, two systems" formula guarantees Hong Kong's freedoms, including an independent judicial system, for 50 years. Lam denied widely reported rumours that her government was considering an amnesty for protesters charged with offences, one of the demands of the protesters. "In simple terms, it will not happen," she said. Bonfire night protests After gatecrashing fancy-dress Halloween festivities on October 31, hundreds of Hong Kong protesters marked Guy Fawkes Day on Tuesday in the Tsim Sha Tsui tourist district of Kowloon by wearing the white, smiling Guy Fawkes masks made popular by anti-establishment hackers, the film "V for Vendetta" and protesters globally. Some protesters vandalised traffic lights and a restaurant perceived as being pro-Beijing, prompting police to move in with the water cannon, near the science museum, as they have done on many nights during five months of demonstrations. Some protesters were detained while others ran off. Guy Fawkes Day, also called Bonfire Night, is celebrated with fireworks and bonfires every Nov. 5 in Britain. Effigies of "guys" are burnt, marking the night in 1605 when Fawkes was arrested for a "gunpowder plot" to blow up parliament. “We are here to tell the government that we are not afraid of them and that they should be afraid of us," masked protester Pete, 27, said in front of the huge, harbourfront neon Christmas decorations. Lam banned face masks last month, invoking colonial-era emergency powers for the first time in more than 50 years, but protesters have largely ignored the ruling. China's Communist Party, in a lengthy statement about decisions reached at a key leadership meeting known as a plenum last week, said it would improve the national security system in Hong Kong, as well as in Macau, though it gave no details. The party decided to "establish a robust legal system and enforcement mechanism to safeguard national security in the special administrative regions and support them to strengthen law enforcement". The party will "perfect" the appointment and dismissal mechanisms for the leaders and senior officials of the two territories, it added, reiterating comments from a Chinese parliament official last week. Again, no details were given. It will also perfect the system under which the party has full jurisdictional power over Hong Kong, in accordance with the constitution, Xinhua said. The demonstrations in Hong Kong began over a since-scrapped extradition bill and escalated in mid-June against China. Protesters have kept up their calls for universal suffrage and an independent inquiry into alleged police brutality, among other demands. The protests, which pose the gravest challenge to Xi since he came to power in 2012, have received broad support. The number of people who take part in the mostly weekend rallies has dwindled from the millions who participated in June, but violence and vandalism have escalated. Authorities have refused permits for many recent protests, making them illegal from the outset and activists liable to be arrested. There have been many injuries in the protests, but no deaths. A 22-year-old student at a Hong Kong university who fell during protests at the weekend was in critical condition on Tuesday, hospital authorities said. A man stabbed at least two people on Sunday and bit off part of a politician's ear before being beaten by protesters. A 48-year-old suspect has been charged with wounding. Lam expressed her sympathies for the wounded, singling out the 22-year-old student.

China to 'perfect' Hong Kong system as water cannon breaks up Guy Fawkes protest

US Commerce Secretary Wilbur Ross insisted Monday that his country remained "extremely engaged" with Asia despite Donald Trump skipping a regional leaders summit.

Ross and US national security advisor Robert O'Brien are the most senior members of the Washington delegation in Bangkok for the Association of Southeast Asian Nations (ASEAN) meeting, also attended by Indian, South Korean and Japanese leaders.&nbsp;

Previous meetings have been attended by the president or vice president.

Trump is accused of retreating from the region after pulling out of a major Asia-Pacific trade pact almost immediately after taking office.&nbsp;

But Ross pushed back against criticism that America has turned its back on Asian allies.

"The Trump administration is extremely engaged in and fully committed to this region," he said at a business forum on the sidelines of the ASEAN meeting Monday.&nbsp;

"We continue to negotiate trade deals with countries in this region."

At the US-ASEAN meeting later in the day, O'Brien addressed several Southeast Asian foreign ministers after some leaders failed to turn up.&nbsp;

Only the leaders of Thailand, Vietnam and Laos were in attendance, a departure from earlier ASEAN meetings over the weekend that heads-of-state were present for.&nbsp;

Trade disputes

Trump has railed against countries in Asia for building massive trade surpluses with the US and has vowed to pursue bilateral deals in the region in favour of sprawling pacts.

He signed a free trade agreement with Japan earlier this year and also renegotiated the terms of a trade deal with South Korea. &nbsp;

Soon after he took office Trump pulled out of the Trans-Pacific Partnership (TPP) -- which would have been the world's biggest free-trade pact -- calling the deal a "job killer". &nbsp;

It has since been reborn as a watered-down deal without the US, and another China-backed trade pact is now set to be the world's largest when it is signed.&nbsp;

The 16-nation Regional Comprehensive Economic Partnership (RCEP), which could be finalised next year, includes 30 per cent of global GDP and half of the world's people.

It includes all 10 ASEAN states plus China, India, Japan, South Korea, Australia and New Zealand -- notably excluding the US.

Washington remains locked in its bruising trade war with China, with both slides slapping tit-for-tat tariffs on billions of dollars worth of goods.&nbsp;

Ross said an agreement to row back some of those tariffs was "very far along".

Trump has said the deal could be soon signed with Chinese leader Xi Jinping, possibly in the US state of Iowa.&nbsp;

Trump attended the ASEAN summit in the Philippines in 2017 while Vice President Mike Pence appeared last year.

A senior White House official denied that Washington had snubbed this year's event, saying Trump and Pence are unavailable because they are "very engaged in campaigning" for a string of governors' races.

US Commerce Secretary Wilbur Ross insisted Monday that his country remained "extremely engaged" with Asia despite Donald Trump skipping a regional leaders summit.

US Commerce Secretary Wilbur Ross insisted Monday that his country remained "extremely engaged" with Asia despite Donald Trump skipping a regional leaders summit. Ross and US national security advisor Robert O'Brien are the most senior members of the Washington delegation in Bangkok for the Association of Southeast Asian Nations (ASEAN) meeting, also attended by Indian, South Korean and Japanese leaders. Previous meetings have been attended by the president or vice president. Trump is accused of retreating from the region after pulling out of a major Asia-Pacific trade pact almost immediately after taking office. But Ross pushed back against criticism that America has turned its back on Asian allies. "The Trump administration is extremely engaged in and fully committed to this region," he said at a business forum on the sidelines of the ASEAN meeting Monday. "We continue to negotiate trade deals with countries in this region." At the US-ASEAN meeting later in the day, O'Brien addressed several Southeast Asian foreign ministers after some leaders failed to turn up. Only the leaders of Thailand, Vietnam and Laos were in attendance, a departure from earlier ASEAN meetings over the weekend that heads-of-state were present for. Trade disputes Trump has railed against countries in Asia for building massive trade surpluses with the US and has vowed to pursue bilateral deals in the region in favour of sprawling pacts. He signed a free trade agreement with Japan earlier this year and also renegotiated the terms of a trade deal with South Korea. Soon after he took office Trump pulled out of the Trans-Pacific Partnership (TPP) -- which would have been the world's biggest free-trade pact -- calling the deal a "job killer". It has since been reborn as a watered-down deal without the US, and another China-backed trade pact is now set to be the world's largest when it is signed. The 16-nation Regional Comprehensive Economic Partnership (RCEP), which could be finalised next year, includes 30 per cent of global GDP and half of the world's people. It includes all 10 ASEAN states plus China, India, Japan, South Korea, Australia and New Zealand -- notably excluding the US. Washington remains locked in its bruising trade war with China, with both slides slapping tit-for-tat tariffs on billions of dollars worth of goods. Ross said an agreement to row back some of those tariffs was "very far along". Trump has said the deal could be soon signed with Chinese leader Xi Jinping, possibly in the US state of Iowa. Trump attended the ASEAN summit in the Philippines in 2017 while Vice President Mike Pence appeared last year. A senior White House official denied that Washington had snubbed this year's event, saying Trump and Pence are unavailable because they are "very engaged in campaigning" for a string of governors' races.

US says 'extremely engaged' in Asia after Trump skips ASEAN meet

The signing of the world's largest trade pact will likely be kicked back to 2020, according to a draft statement by <a href="https://www.wionews.com/world/china-says-ready-to-work-with-asean-for-south-china-sea-peace-259624">Southeast Asian leaders</a>, delaying a deal craved by China to offset a painful tariff war with the US.

The 16-nation Regional Comprehensive Economic Partnership (RCEP) spans from India to New Zealand and includes 30 per cent of global GDP and half of the world's people.

Objections by India have dashed hopes of finalising the pact at this weekend's Association of Southeast Asian Nations (ASEAN) summit in Bangkok, where members of the 10-nation bloc have been joined by the premiers of India and China.

"Most market access negotiations have been completed and the few outstanding bilateral issues will be resolved by Feb 2020," said a draft agreement obtained by AFP.&nbsp;

Negotiations have sputtered for several years, but the statement said the text of all 20 chapters&nbsp;was now complete "pending the resolution of one" member, believed to be India. &nbsp;

But it said all members were "committed to sign the RCEP" next year in Vietnam, which will take over the ASEAN chair. &nbsp;

New Delhi is worried its small businesses will be hard hit by any flood of cheap Chinese goods creating "unsustainable trade deficits" -- Indian Prime Minister Narendra Modi said in an interview published by the Bangkok Post.

Beijing sees RCEP as a central pillar of its trade strategy for its Asian neighbourhood, and it is backed by the leaders of ASEAN and who represent a 650 million-strong market.

Concluding the deal has been made more pressing by the brutal tit-for-tat trade war with the US, which has chipped back at the growth in China, the world's second-largest economy.

RCEP,&nbsp;which includes the 10-nation <a href="https://www.wionews.com/world/asean-leaders-hanker-for-trade-deal-as-economy-sags-due-to-united-states-china-spat-259534">ASEAN bloc</a> along with China, India, Japan, South Korea, Australia and New Zealand,&nbsp;accounts for 40 per cent of global commerce.

The tit-for-tat tariffs lobbed by the US and China on billions of dollars worth of goods could drag growth to the lowest rate in over a decade, according to the IMF.

US President Donald Trump said he hopes to sign a deal with China's Xi Jinping in order to roll back some of the tariffs, telling reporters over the weekend an agreement could be signed in the US state of Iowa.&nbsp;

Chinese premier Li Keqiang said earlier in the day his country remained "firmly committed to supporting ASEAN centrality" as part of its regional ties.

The signing of the world's largest trade pact will likely be kicked back to 2020, according to a draft statement by Southeast Asian leaders, delaying a deal craved by China to offset a painful tariff war with the US.

The signing of the world's largest trade pact will likely be kicked back to 2020, according to a draft statement by Southeast Asian leaders, delaying a deal craved by China to offset a painful tariff war with the US. The 16-nation Regional Comprehensive Economic Partnership (RCEP) spans from India to New Zealand and includes 30 per cent of global GDP and half of the world's people. Objections by India have dashed hopes of finalising the pact at this weekend's Association of Southeast Asian Nations (ASEAN) summit in Bangkok, where members of the 10-nation bloc have been joined by the premiers of India and China. "Most market access negotiations have been completed and the few outstanding bilateral issues will be resolved by Feb 2020," said a draft agreement obtained by AFP. Negotiations have sputtered for several years, but the statement said the text of all 20 chapters was now complete "pending the resolution of one" member, believed to be India. But it said all members were "committed to sign the RCEP" next year in Vietnam, which will take over the ASEAN chair. New Delhi is worried its small businesses will be hard hit by any flood of cheap Chinese goods creating "unsustainable trade deficits" -- Indian Prime Minister Narendra Modi said in an interview published by the Bangkok Post. Beijing sees RCEP as a central pillar of its trade strategy for its Asian neighbourhood, and it is backed by the leaders of ASEAN and who represent a 650 million-strong market. Concluding the deal has been made more pressing by the brutal tit-for-tat trade war with the US, which has chipped back at the growth in China, the world's second-largest economy. RCEP, which includes the 10-nation ASEAN bloc along with China, India, Japan, South Korea, Australia and New Zealand, accounts for 40 per cent of global commerce. The tit-for-tat tariffs lobbed by the US and China on billions of dollars worth of goods could drag growth to the lowest rate in over a decade, according to the IMF. US President Donald Trump said he hopes to sign a deal with China's Xi Jinping in order to roll back some of the tariffs, telling reporters over the weekend an agreement could be signed in the US state of Iowa. Chinese premier Li Keqiang said earlier in the day his country remained "firmly committed to supporting ASEAN centrality" as part of its regional ties.

World's biggest trade deal to be delayed to 2020: Draft ASEAN statement

The United Nations chief on Saturday warned Asia to quit its "addiction" to coal, as climate change threatens hundreds of millions of people vulnerable to rising sea levels across the region.

The warning follows fresh research this week predicting that several Asian megacities, including Bangkok, Ho Chi Minh City and Mumbai, are at risk of extreme flooding linked to global warming.

Antonio Guterres said Asian countries need to cut reliance on coal to tackle the climate crisis, which he called the "defining issue of our time".

"There is an addiction to coal that we need to overcome because it remains a major threat in relation to climate change," he told reporters ahead of a meeting of the Association of Southeast Asian Nations (ASEAN) in Bangkok on Saturday.

He said countries in the region need to be on "the front line" of the fight by introducing carbon pricing and reforming energy policies.

"We are lagging behind," he said, adding that the rollback of coal could help curb rising global temperatures.

Coal remains a major source of power across Southeast Asia, where breakneck economic development has spurred soaring energy demands -- but at a cost to the environment.

About one-third of Vietnam's energy comes from coal power with a slew of new plants set to come online by 2050, while Thailand is investing in fossil fuels.&nbsp;

Coastal areas across Southeast Asia have already seen major floods and seawater incursion linked to climate change.

New research this week showed that at least 300 million people worldwide are living in places at risk of inundation by 2050, a much bleaker picture than previous data predicted.

Destructive storm surges fuelled by increasingly powerful cyclones and rising seas will hit Asia hardest, according to the study in the journal Nature Communications.

The UN chief also spoke on Myanmar's persecuted Rohingya Muslims, nearly three-quarters of a million of whom were driven into Bangladesh in 2017.

He urged Myanmar's government to "address the root causes of displacement and allowing of the return, voluntary and in safety and dignity" to Myanmar.&nbsp;

"Some steps have been done but they are too small. We need to do much more," he said.

Myanmar's de facto leader Aung San Suu Kyi is also in Bangkok for the summit and is likely to face pressure over her country's treatment of the Rohingya, particularly from Muslim-majority Malaysia and Indonesia.

Myanmar has rebuffed all international pressure so far while only hundreds of Rohingya have returned to Myanmar, due to fear of further repression.

The United Nations chief on Saturday warned Asia to quit its "addiction" to coal, as climate change threatens hundreds of millions of people vulnerable to rising sea levels across the region.

The United Nations chief on Saturday warned Asia to quit its "addiction" to coal, as climate change threatens hundreds of millions of people vulnerable to rising sea levels across the region. The warning follows fresh research this week predicting that several Asian megacities, including Bangkok, Ho Chi Minh City and Mumbai, are at risk of extreme flooding linked to global warming. Antonio Guterres said Asian countries need to cut reliance on coal to tackle the climate crisis, which he called the "defining issue of our time". "There is an addiction to coal that we need to overcome because it remains a major threat in relation to climate change," he told reporters ahead of a meeting of the Association of Southeast Asian Nations (ASEAN) in Bangkok on Saturday. He said countries in the region need to be on "the front line" of the fight by introducing carbon pricing and reforming energy policies. "We are lagging behind," he said, adding that the rollback of coal could help curb rising global temperatures. Coal remains a major source of power across Southeast Asia, where breakneck economic development has spurred soaring energy demands -- but at a cost to the environment. About one-third of Vietnam's energy comes from coal power with a slew of new plants set to come online by 2050, while Thailand is investing in fossil fuels. Coastal areas across Southeast Asia have already seen major floods and seawater incursion linked to climate change. New research this week showed that at least 300 million people worldwide are living in places at risk of inundation by 2050, a much bleaker picture than previous data predicted. Destructive storm surges fuelled by increasingly powerful cyclones and rising seas will hit Asia hardest, according to the study in the journal Nature Communications. The UN chief also spoke on Myanmar's persecuted Rohingya Muslims, nearly three-quarters of a million of whom were driven into Bangladesh in 2017. He urged Myanmar's government to "address the root causes of displacement and allowing of the return, voluntary and in safety and dignity" to Myanmar. "Some steps have been done but they are too small. We need to do much more," he said. Myanmar's de facto leader Aung San Suu Kyi is also in Bangkok for the summit and is likely to face pressure over her country's treatment of the Rohingya, particularly from Muslim-majority Malaysia and Indonesia. Myanmar has rebuffed all international pressure so far while only hundreds of Rohingya have returned to Myanmar, due to fear of further repression.

Asia must quit 'coal addiction': United Nations chief

A<a href="https://www.wionews.com/videos/philippines-earthquake-65-magnitude-earthquake-hits-davao-city-258984"> powerful earthquake</a> struck the southern Philippines on Thursday, killing at least four people and sparking searches of seriously damaged buildings that had already been rattled by two previous deadly tremors in recent weeks.&nbsp;

The 6.5 magnitude quake hit the island of Mindanao, the US Geological Survey said, causing locals to run to safety in the same area where a strong tremor killed eight&nbsp;people on Tuesday.

The powerful shaking caused serious damage to a condominium building in the major southern city of Davao, which was about 45 kilometres&nbsp;from the epicentre.

At least nine people were hurt at the building, and rescuers had launched a search to determine if residents might be trapped inside, police told AFP.&nbsp;

Four people were killed in nearby Cotabato province by the quake, including a local official who was crushed to death, a police official said. &nbsp;

A hotel partially collapsed in another area, but a disaster official said the building had already been evacuated.

Locals have been left terrified by a string of powerful quakes, and hundreds of aftershocks since the first powerful tremor struck on October 16.

"I panicked and I rushed outside. I was afraid the building might collapse," said Beth Lancian, a restaurant cashier in Davao. "There's been an earthquake almost every week."

President Rodrigo Duterte was in his hometown of Davao when the shaking began, but his spokesman said he was unharmed.&nbsp;

Some 12,000 people were already in shelters on Mindanao island before Thursday's quake hit, the government said, either because their homes have been destroyed or they were too afraid to return to their residences.

The Philippines suffers regular tremors as part of the Pacific "Ring of Fire", an arc of intense seismic activity that stretches from Japan through Southeast Asia and across the Pacific basin.

In the <a href="https://www.wionews.com/world/magnitude-66-earthquake-strikes-off-southern-philippines-258606">6.6 magnitude quake </a>on Tuesday, a teenage boy was crushed by a falling wall as he tried to escape his school in Magsaysay, the town spokesman told AFP.&nbsp;

Rock and landslides unleashed by the violent shaking killed four others, while a collapsed wall crushed a man, authorities said.

Nearly 400 people were hurt, including some seven pupils and teachers hurt escaping their collapsed elementary school.

The area was still suffering the effects of a 6.4-magnitude quake that hit less than two weeks ago, killing at least five people and damaging dozens of buildings.

Residents fled homes across the Mindanao region and a mall caught fire in the city of General Santos shortly after the quake struck on October 16.

Hundreds of people were still displaced two weeks after that quake when the second one struck earlier this week, forcing thousands more from their homes.

One of the deadliest quakes to hit the Philippines recently was in April, when 16 people were killed as a building near the capital Manila collapsed and the secondary Clark airport was shut down after damage to the passenger terminal.

High-rise structures in the capital swayed after the April quake, leaving some with large cracks in their walls.

&nbsp;

A powerful earthquake struck the southern Philippines on Thursday, killing at least four people and sparking searches of seriously damaged buildings that had already been rattled by two previous deadly tremors in recent weeks.

A powerful earthquake struck the southern Philippines on Thursday, killing at least four people and sparking searches of seriously damaged buildings that had already been rattled by two previous deadly tremors in recent weeks. The 6.5 magnitude quake hit the island of Mindanao, the US Geological Survey said, causing locals to run to safety in the same area where a strong tremor killed eight people on Tuesday. The powerful shaking caused serious damage to a condominium building in the major southern city of Davao, which was about 45 kilometres from the epicentre. At least nine people were hurt at the building, and rescuers had launched a search to determine if residents might be trapped inside, police told AFP. Four people were killed in nearby Cotabato province by the quake, including a local official who was crushed to death, a police official said. A hotel partially collapsed in another area, but a disaster official said the building had already been evacuated. Locals have been left terrified by a string of powerful quakes, and hundreds of aftershocks since the first powerful tremor struck on October 16. "I panicked and I rushed outside. I was afraid the building might collapse," said Beth Lancian, a restaurant cashier in Davao. "There's been an earthquake almost every week." President Rodrigo Duterte was in his hometown of Davao when the shaking began, but his spokesman said he was unharmed. Some 12,000 people were already in shelters on Mindanao island before Thursday's quake hit, the government said, either because their homes have been destroyed or they were too afraid to return to their residences. The Philippines suffers regular tremors as part of the Pacific "Ring of Fire", an arc of intense seismic activity that stretches from Japan through Southeast Asia and across the Pacific basin. In the 6.6 magnitude quake on Tuesday, a teenage boy was crushed by a falling wall as he tried to escape his school in Magsaysay, the town spokesman told AFP. Rock and landslides unleashed by the violent shaking killed four others, while a collapsed wall crushed a man, authorities said. Nearly 400 people were hurt, including some seven pupils and teachers hurt escaping their collapsed elementary school. The area was still suffering the effects of a 6.4-magnitude quake that hit less than two weeks ago, killing at least five people and damaging dozens of buildings. Residents fled homes across the Mindanao region and a mall caught fire in the city of General Santos shortly after the quake struck on October 16. Hundreds of people were still displaced two weeks after that quake when the second one struck earlier this week, forcing thousands more from their homes. One of the deadliest quakes to hit the Philippines recently was in April, when 16 people were killed as a building near the capital Manila collapsed and the secondary Clark airport was shut down after damage to the passenger terminal. High-rise structures in the capital swayed after the April quake, leaving some with large cracks in their walls.

New powerful quake hits South Philippines

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a <a href="https://www.wionews.com/world/united-states-china-close-to-finalising-part-of-a-phase-one-trade-deal-report-258209">trade deal </a>and strong US&nbsp;corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

European shares are expected to edge up, with pan-European Euro Stoxx 50 futures&nbsp;and German DAX futures&nbsp;traded up slightly ahead of European trade.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent&nbsp;for its third straight day of gains to the highest since late July.

Leading the gains were Chinese and Hong Kong shares. The CSI300&nbsp;of blue-chip mainland shares were up 0.6 per cent&nbsp;and Hong Kong's Hang Seng index&nbsp;jumped 1.0 per cent.

Japan's Nikkei&nbsp;was also upbeat, rising 0.3 per cent&nbsp;to a one-year high.

The gains came after a positive session in US&nbsp;and European markets on Friday.

US&nbsp;and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US&nbsp;Trade Representative's office and China's Commerce Ministry said, with talks to continue.

US&nbsp;President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile.

The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms.

"Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo.

Optimism that Beijing and Washington were finally close to resolving their dispute led the S&amp;P500&nbsp;to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&amp;P 500's total return index&nbsp;posted an all-time high.

E-mini futures for the S&amp;P 500 started firm on Monday, up 0.15 per cent.

Strong results from companies including Intel&nbsp;also boosted sentiment in equities markets. More than 81 per cent&nbsp;of US&nbsp;companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war.

Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon.

Activity later in the week will be dominated by the US&nbsp;Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting.

The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US&nbsp;manufacturing will be released.

"The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank.

"We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added.

"That means the 27.6 per cent&nbsp;pricing for an additional 25 bps cut in December will quickly evaporate, sending US&nbsp;yields and the USD higher."

In currencies, the dollar index&nbsp;was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar.

Sterling&nbsp;was last trading at $1.2822, a tad below Friday's close.

The European Union agreed to London's request for a<a href="https://www.wionews.com/videos/european-union-agrees-in-principle-to-extend-brexit-258217"> Brexit deadline extension</a> but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election.

Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible.

The euro trod water too at $1.1083.

"It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone.

Oil prices eased after strong gains last week.

US&nbsp;crude&nbsp;slipped 14 cents to $56.52 a barrel, while Brent&nbsp;edged down 12 cents to $61.90.

Spot gold&nbsp;quoted at $1,506.3 an ounce.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision.

Asian shares rose to a three-month high on Monday, as risk assets got a fillip from hopes of a trade deal and strong US corporate earnings, while major currencies marked time as focus shifted to a Federal Reserve rate decision. European shares are expected to edge up, with pan-European Euro Stoxx 50 futures and German DAX futures traded up slightly ahead of European trade. MSCI's broadest index of Asia-Pacific shares outside Japan added 0.5 per cent for its third straight day of gains to the highest since late July. Leading the gains were Chinese and Hong Kong shares. The CSI300 of blue-chip mainland shares were up 0.6 per cent and Hong Kong's Hang Seng index jumped 1.0 per cent. Japan's Nikkei was also upbeat, rising 0.3 per cent to a one-year high. The gains came after a positive session in US and European markets on Friday. US and Chinese officials are "close to finalising" some parts of a trade agreement after high-level telephone discussions on Friday, the US Trade Representative's office and China's Commerce Ministry said, with talks to continue. US President Donald Trump has said he hopes to sign the deal with China's President Xi Jinping next month at a summit in Chile. The protracted trade war between the world's largest economies has hurt manufacturing activity, exports and business confidence globally while denting profits of many major industrial firms. "Up until now, uncertainties from the US-China trade have held companies from spending and hiring. But if they will come to a deal, that will mark a major turning point in economic sentiment," said Tatsushi Maeno, senior strategist at Okasan Asset Management in Tokyo. Optimism that Beijing and Washington were finally close to resolving their dispute led the S&P500 to surpass its July 26 closing record of 3,025.86, though it ended a tad below that level on Friday. The S&P 500's total return index posted an all-time high. E-mini futures for the S&P 500 started firm on Monday, up 0.15 per cent. Strong results from companies including Intel also boosted sentiment in equities markets. More than 81 per cent of US companies have beaten Wall Street expectations so far this earnings season despite concerns about the trade war. Investors next await earnings from the likes of Alphabet Inc, Apple, Facebook and Exxon. Activity later in the week will be dominated by the US Federal Reserve, which markets expect is all but certain to lower interest rates at its Wednesday meeting. The Bank of Japan meets on Thursday. On Friday, indicators for Chinese and US manufacturing will be released. "The outcome of the FOMC policy meeting will most likely draw the largest market reaction," said Richard Grace, Sydney-based chief currency strategist at Commonwealth Bank. "We also think the risk is the FOMC will articulate a pause," for future rate decisions, Grace added. "That means the 27.6 per cent pricing for an additional 25 bps cut in December will quickly evaporate, sending US yields and the USD higher." In currencies, the dollar index was flat at 97.817 against a basket of six major currencies. The Japanese yen was little changed at 108.73 to the dollar. Sterling was last trading at $1.2822, a tad below Friday's close. The European Union agreed to London's request for a Brexit deadline extension but set no new departure date. That gave Britain's divided parliament time to decide on Prime Minister Boris Johnson's call for a snap election. Earlier, sources told Reuters the 27 European Union countries that will remain after Brexit hope to agree on Monday to delay Britain's divorce until Jan. 31 with an earlier departure possible. The euro trod water too at $1.1083. "It feels like the calm before a potential storm, where the event risk heats up with political twists and turns, key economic data and central bank meetings," said Chris Weston, Sydney-based strategist at Pepperstone. Oil prices eased after strong gains last week. US crude slipped 14 cents to $56.52 a barrel, while Brent edged down 12 cents to $61.90. Spot gold quoted at $1,506.3 an ounce.

Asian shares climb to three-month high, currencies mark time

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">China trade deal</a> wore off, while the pound was boosted by a report saying a <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit </a>deal was taking shape.

While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place.

And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign.

Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday.

But they struggled to build on that as questions swirled over the value of the deal.

"It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement."

He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action".

"Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality."

Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC.

"There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close.

In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent.

Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia.

Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent.

On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape,<a href="https://www.wionews.com/world/eu-and-uk-bid-to-save-brexit-talks-before-key-summit-255299"> EU and British negotiators </a>hailing a positive day of talks on the Northern Ireland issue.

The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week.

The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week.

Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week".

He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK.

"In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape.

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape. While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place. And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign. Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday. But they struggled to build on that as questions swirled over the value of the deal. "It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement." He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action". "Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality." Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC. "There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close. In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent. Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia. Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent. On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape, EU and British negotiators hailing a positive day of talks on the Northern Ireland issue. The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week. The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week. Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week". He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK. "In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets edge up but caution keeps traders in check

Asian share markets firmed on Monday as signs of progress in the Sino-US&nbsp;trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September.

Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent&nbsp;in light trade.

Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips&nbsp;added 1.6 per cent.

While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&amp;P 500 nudged up 0.2 per cent&nbsp;after jumping on Friday.

Sentiment had been boosted when US&nbsp;President Donald Trump outlined the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a deal </a>to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months.

Analysts, however, advised caution.

"We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management.

"The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides."

The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession.

The progress on trade was still enough to slug safe-haven bonds with yields on US&nbsp;10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent.

The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system.

The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday.

The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies&nbsp;after losing 0.5 per cent last week.

The dollar also slipped on the Chinese yuan to stand at 7.0646.

The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union.

However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc.

The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday.

The general improvement in risk sentiment saw spot gold ease another 0.2 per cent&nbsp;to $1,486.85 per ounce.

Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea.&nbsp;

Investors were also anxiously watching<a href="https://www.wionews.com/videos/day-5-of-turkeys-military-operation-in-syria-255702"> Turkey's incursion into Syria</a> as the White House threatened to impose heavy sanctions on Ankara.

Brent crude&nbsp;futures eased 31 cents at $60.20, while US&nbsp;crude&nbsp;lost 30 cents to $54.40 a barrel.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy.

Asian share markets firmed on Monday as signs of progress in the Sino-US trade standoff whetted risk appetite, though investors were wary of the damage already done to the global economy. Indeed, data out from China underlined the pain felt with dollar-denominated exports and imports both falling by more than expected in September. Liquidity was also lacking with Japan off and a partial market holiday in the United States for Columbus Day. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1 per cent in light trade. Australia's main index gained 0.7 per cent and South Korea 1.3 per cent. Shanghai blue chips added 1.6 per cent. While Tokyo was on holiday, Nikkei futures were trading at 22,075 compared with a Friday close of 21,798 in the Nikkei cash index. E-Mini futures for the S&P 500 nudged up 0.2 per cent after jumping on Friday. Sentiment had been boosted when US President Donald Trump outlined the first phase of a deal to end a trade war with China and suspended a threatened tariff hike, though officials on both sides said much more work needed to be done. The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months. Analysts, however, advised caution. "We have seen a truce established, and then broken, before," said Tai Hui, chief market strategist for Asia at JPMorgan Asset Management. "The threat to global growth is weak corporate capex, and potentially spilling over into the consumer sector," Hui added. "CEOs are not going to restart investing again merely because of the latest round of agreement between the two sides." The drag from the trade war was a major reason Singapore's central bank eased monetary policy on Monday for the first time in three years as data showed the city-state's economy had only narrowly dodged recession. The progress on trade was still enough to slug safe-haven bonds with yields on US 10-year Treasury notes climbing 23 basis points last week to stand at 1.74 per cent. The yield curve also steepened as short-term rates were held down by news the Fed would start buying about $60 billion per month in Treasury bills to ensure "ample reserves" in the banking system. The rally in risk assets had seen the yen ease across the board, leaving the dollar holding at 108.32 on Monday after hitting a 10-week top around 108.61 on Friday. The dollar fared less well elsewhere, partly due to a jump in sterling, and was last at 98.435 against a basket of currencies after losing 0.5 per cent last week. The dollar also slipped on the Chinese yuan to stand at 7.0646. The pound was trading cautiously at $1.2598 having surged to a 15-week high around $1.2705 on Friday on optimism Britain could reach a deal on Brexit with the European Union. However, officials from Downing Street and the EU said on Sunday a lot more work would be needed to secure an agreement on Britain's departure from the bloc. The two sides will hold more talks on Monday ahead of a summit of EU leaders in Brussels on Thursday and Friday. The general improvement in risk sentiment saw spot gold ease another 0.2 per cent to $1,486.85 per ounce. Oil prices pared gains made on Friday when reports surfaced that an Iranian state-owned oil tanker had been attacked in the Red Sea. Investors were also anxiously watching Turkey's incursion into Syria as the White House threatened to impose heavy sanctions on Ankara. Brent crude futures eased 31 cents at $60.20, while US crude lost 30 cents to $54.40 a barrel.

Asia relieved at latest trade truce, China data disappoints

Most&nbsp;Asian&nbsp;currencies&nbsp;firmed on Thursday, as a volatile&nbsp;dollar&nbsp;weakened broadly on&nbsp;mixed&nbsp;signals&nbsp;over the state of<a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">&nbsp;trade&nbsp;talks between Washington and Beijing.</a>

Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Traders also took note of a New York Times report that Washington will issue licenses allowing some US&nbsp;companies to supply non-sensitive goods to China's Huawei, as the&nbsp;dollar&nbsp;eased against a basket of major&nbsp;currencies.

"News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US&nbsp;could be at hand," a Maybank note said.

US&nbsp;Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact.

The yuan&nbsp;strengthened 0.3 per cent&nbsp;and the Singapore&nbsp;dollar&nbsp;firmed 0.2per cent.

The Philippine peso&nbsp;firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit.

Taiwan's financial markets were closed for a holiday.

The Korean won&nbsp;bucked the trend to slip 0.3 per cent&nbsp;ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World&nbsp;Trade&nbsp;Organisation.

The won is the worst performer among&nbsp;Asian&nbsp;currencies&nbsp;this year.

The prolonged Sino-US&nbsp;trade&nbsp;conflict and the dispute with Japan has dealt a huge blow to South Korea's&nbsp;trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal.

Most Asian currencies firmed on Thursday, as a volatile dollar weakened broadly on mixed signals over the state of trade talks between Washington and Beijing. Dampened sentiment following suggestions that the Chinese delegation might cut the ministerial-level talks short and leave Washington on Thursday were offset by a Bloomberg report that the United States is weighing a currency pact with China as part of a partial deal. Traders also took note of a New York Times report that Washington will issue licenses allowing some US companies to supply non-sensitive goods to China's Huawei, as the dollar eased against a basket of major currencies. "News of Huawei and the currency pact released together with the strong (yuan) fix, underscores the fact that PBoC (People's Bank Of China) is (ready) ...to give a strong guidance for the CNY as a potential pact with the US could be at hand," a Maybank note said. US Federal Reserve meeting minutes released on Wednesday were largely in line with expectations and had little market impact. The yuan strengthened 0.3 per cent and the Singapore dollar firmed 0.2per cent. The Philippine peso firmed marginally. Data showed that August exports rose 0.6 per cent, while imports slumped 11.8 per cent, narrowing the country's August deficit. Taiwan's financial markets were closed for a holiday. The Korean won bucked the trend to slip 0.3 per cent ahead of talks with Japan on Friday over tighter export controls from Tokyo. The talks are part of a dispute settlement process through the World Trade Organisation. The won is the worst performer among Asian currencies this year. The prolonged Sino-US trade conflict and the dispute with Japan has dealt a huge blow to South Korea's trade-reliant economy. In September, exports slumped 11.7 per cent, shrinking for the 10th consecutive month.

Most Asian currencies rise as dollar slips; trade signals mixed

The Asian Development Bank (ADB) has approved a $2.7 billion lending programme which will provide $ 2.7 billion in approved financing to <a href="https://www.wionews.com/south-asia/pakistan-prime-minister-imran-khan-discusses-bilateral-issues-with-chinese-president-xi-jinping-254769">Pakistan</a> during the outgoing calendar year. 
 
The ADB announced via a tweet that it "recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to 2.4 billion dollars a year -&nbsp;showing a whopping increase from the 1.4 billion on average from 2015 to 2018," Dawn said in a news report. 
 
It also stated that ADB will leverage Islamabad's lending through the mobilisation of co-financing and funding from other sources, including regional concessional resources. 
 
"The new COBP will support <a href="https://www.wionews.com/south-asia/pak-opposition-parties-call-cpecas-formation-as-illegal-254704">Pakistan's development goals</a> and complement efforts by other development partners," it added. 
 
Earlier in July, the ADB had announced to extend up to 10 billion dollars indicative lendings to Pakistan for various development projects and programmes during the next five years. 
 
Meanwhile, on Tuesday it was reported that the Pakistan government has accumulated a record level of debt under the first year of Imran Khan's prime ministership. 
 
Islamabad has accumulated a record public debt of PKR 7,509 billion during its first year in power, as per local media reports.

The Asian Development Bank (ADB) has approved a $2.7 billion lending programme which will provide $ 2.7 billion in approved financing to Pakistan during the outgoing calendar year.

The Asian Development Bank (ADB) has approved a $2.7 billion lending programme which will provide $ 2.7 billion in approved financing to Pakistan during the outgoing calendar year. The ADB announced via a tweet that it "recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to 2.4 billion dollars a year - showing a whopping increase from the 1.4 billion on average from 2015 to 2018," Dawn said in a news report. It also stated that ADB will leverage Islamabad's lending through the mobilisation of co-financing and funding from other sources, including regional concessional resources. "The new COBP will support Pakistan's development goals and complement efforts by other development partners," it added. Earlier in July, the ADB had announced to extend up to 10 billion dollars indicative lendings to Pakistan for various development projects and programmes during the next five years. Meanwhile, on Tuesday it was reported that the Pakistan government has accumulated a record level of debt under the first year of Imran Khan's prime ministership. Islamabad has accumulated a record public debt of PKR 7,509 billion during its first year in power, as per local media reports.

Asian Development Bank approves lending $2.7 billion to Pakistan

<div style="border:0px; margin:0px; padding:0px; text-align:start; -webkit-text-stroke-width:0px">
<a href="https://www.wionews.com/india-news/mamallapuram-gets-a-facelift-ahead-of-modi-xi-informal-summit-254322">Ahead of the second Indo-China informal summit</a> that will happen in Mahabalipuram in Tamil Nadu over the weekend, China has said that ties have seen "sound momentum" and has suggested a dialogue between India and Pakistan to solve the Kashmir issue.

Chinese Foreign Ministry Spokesperson Geng Shuang said, "China and India are important neighbours to each other. Both are large developing countries as well as major emerging markets. Since the Wuhan Informal Summit last year, China-India relations have shown sound momentum of development."

"The two sides have steadily advanced cooperation in various fields and properly manage differences and sensitive issues", Shuang added.&nbsp;

"Both sides are also in communication on the next stage of bilateral high-level exchanges. The two sides should jointly create a favourable atmosphere and environment for high-level exchanges", Shuang said.

The first India China informal summit took place in Wuhan in April of 2018.

On Kashmir, Chinese foreign ministry spokesperson said that both India and Pakistan must "strengthen dialogue". The Pakistani Prime Minister is currently in China and to hold talks with Chinese Premier Li Keqiang.

India has always maintained that New Delhi and Islamabad have to bilaterally resolve all matters in accordance with the Simla and Lahore agreements.

China, along with Pakistan has been very vocal at the international stage on Kashmir since New Delhi revoked the special status for the region.&nbsp;

Meanwhile, Chinese envoy to India, Sun Weidong in a series of tweets highlighted how China's imports from India have increased by five per cent. Trade deficit has been a major issue for India. The country has asked China many times to open its market for Indian goods especially the pharma sector.&nbsp;

<a href="https://www.wionews.com/india-news/mahabalipuram-preparations-in-full-swing-for-informal-summit-between-modi-jinping-254576">Other than trade, both sides will discuss multiple issues.&nbsp;</a>

During last year's Wuhan informal summit, leaders of both India and China gave strategic guidance to forces of both the countries to avoid the repetition of the Doklam crisis.&nbsp;

Other key outcomes of the Wuhan summit included the establishment of the India-China High-Level Mechanism on Cultural and People-to-People Exchanges (HLM). The second meet of the mechanism happened earlier this year during External Affairs Minister Jaishankar's China visit. Both sides have also decided to jointly train Afghan diplomats, with the first batch trained last year, and the second due this year.
</div>

Ahead of the second Indo-China informal summit that will happen in Mahabalipuram in Tamil Nadu over the weekend, China has said that ties have seen "sound momentum" and has suggested a dialogue between India and Pakistan to solve the Kashmir issue.

Ahead of the second Indo-China informal summit that will happen in Mahabalipuram in Tamil Nadu over the weekend, China has said that ties have seen "sound momentum" and has suggested a dialogue between India and Pakistan to solve the Kashmir issue. Chinese Foreign Ministry Spokesperson Geng Shuang said, "China and India are important neighbours to each other. Both are large developing countries as well as major emerging markets. Since the Wuhan Informal Summit last year, China-India relations have shown sound momentum of development." "The two sides have steadily advanced cooperation in various fields and properly manage differences and sensitive issues", Shuang added. "Both sides are also in communication on the next stage of bilateral high-level exchanges. The two sides should jointly create a favourable atmosphere and environment for high-level exchanges", Shuang said. The first India China informal summit took place in Wuhan in April of 2018. On Kashmir, Chinese foreign ministry spokesperson said that both India and Pakistan must "strengthen dialogue". The Pakistani Prime Minister is currently in China and to hold talks with Chinese Premier Li Keqiang. India has always maintained that New Delhi and Islamabad have to bilaterally resolve all matters in accordance with the Simla and Lahore agreements. China, along with Pakistan has been very vocal at the international stage on Kashmir since New Delhi revoked the special status for the region. Meanwhile, Chinese envoy to India, Sun Weidong in a series of tweets highlighted how China's imports from India have increased by five per cent. Trade deficit has been a major issue for India. The country has asked China many times to open its market for Indian goods especially the pharma sector. Other than trade, both sides will discuss multiple issues. During last year's Wuhan informal summit, leaders of both India and China gave strategic guidance to forces of both the countries to avoid the repetition of the Doklam crisis. Other key outcomes of the Wuhan summit included the establishment of the India-China High-Level Mechanism on Cultural and People-to-People Exchanges (HLM). The second meet of the mechanism happened earlier this year during External Affairs Minister Jaishankar's China visit. Both sides have also decided to jointly train Afghan diplomats, with the first batch trained last year, and the second due this year.

Chinese foreign ministry says Indo-China ties have shown 'sound momentum' ahead of second informal summit

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-yuan-off-to-calm-start-focus-on-china-252723">Asian currencies strengthened</a> against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

The market's focus now shifts to a key US&nbsp;jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback.

"Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore).

"With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note.

Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent&nbsp;for the day and was set to close the week 0.5 per cent&nbsp;higher.

The Philippine peso&nbsp;was 0.2 per cent&nbsp;higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years.

Malaysia's ringgit&nbsp;cut earlier gains to trade slightly higher after a surprise fall in August exports.

India's rupee&nbsp;gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations.

The Korean won outperformed Asian peers to notch up a 0.8 per cent&nbsp;gain, after having declined for three out of four sessions this week.

Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though <a href="https://www.wionews.com/world/north-korea-launches-missiles-ahead-of-nuclear-talks-253157">missile launches by the country</a> earlier this week had upped the risk ante in the region and pressured the won.

A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year.

The unit was set to close the week 0.5 per cent&nbsp;stronger.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown.

Asian currencies strengthened against the dollar on Friday, with South Korea's won leading the pack, as bets increased that the US Federal Reserve would cut rates further after a host of weak data deepened fears of a slowdown. The market's focus now shifts to a key US jobs report due later in the day, and any signs of weakness in the print will boost rate-cut expectations and pressure the greenback. "Slightly lower dollar, some adjustments in market positioning ahead of the weekend and expectations of Fed rate cuts are supporting Asian currencies," said Irene Cheung, a senior strategist for Asia at ANZ Banking Group (Singapore). "With markets already fully loaded for an October FOMC (Federal Open Market Committee) rate cut, it may require an outsized positive surprise from the NFP (non-farm payroll) numbers to shake out the very short-term dollar bears," OCBC said in a note. Thailand's baht, Asia's best-performing currency so far this year, added 0.3 per cent for the day and was set to close the week 0.5 per cent higher. The Philippine peso was 0.2 per cent higher as investors shrugged off data showing September inflation came in at its slowest in more than 3 years. Malaysia's ringgit cut earlier gains to trade slightly higher after a surprise fall in August exports. India's rupee gained marginally, showing little reaction to a 25 basis point rate cut that was in line with expectations. The Korean won outperformed Asian peers to notch up a 0.8 per cent gain, after having declined for three out of four sessions this week. Japanese Prime Minister Shinzo Abe on Friday maintained an offer to talk to North Korea's leader even though missile launches by the country earlier this week had upped the risk ante in the region and pressured the won. A bitter feud with Japan over history, trade and territory has added to the fallout from the US-Sino trade war to pull down the trade-sensitive won, making it Asia's worst-performing currency so far this year. The unit was set to close the week 0.5 per cent stronger.

Asian currencies rise as markets 'fully loaded' for Federal rate cut

Iraqi police fired live rounds to disperse crowds that defied a pre-dawn curfew to protest on Thursday after 11 people were killed overnight in <a href="https://www.wionews.com/world/curfew-imposed-in-baghdad-after-deadly-protests-253397">clashes that have escalated </a>into one of the worst security challenges since the defeat of Islamic State.

Troops patrolled main roads and public spaces in Baghdad, but by morning small, sporadic demonstrations had begun again in defiance of the open-ended curfew imposed in the capital from 5 a.m.

Clashes overnight in southern cities more than doubled the death toll of three days of unrest, bringing it to 18. The demonstrations began in Baghdad on Tuesday and quickly grew and spread to other cities, mainly in Iraq's south. Police fired live rounds, tear gas and water cannon to disperse protesters.

Protesters directed their anger at a government and political class they say is corrupt and doing nothing to improve their lives. They demanded jobs, better services and called for the "downfall of the regime".

<a href="https://www.wionews.com/videos/iraq-declares-curfew-in-baghdad-until-further-notice-pm-adel-abdul-mahdi-253478">Curfews imposed </a>in southern Iraqi cities overnight were lifted, local police said. Clashes during the night between protesters and security forces killed seven people including a policeman in Nassiriya, and four people in Amara, police and medics said.

Iraq has struggled to recover from the battle against the Sunni Muslim hardline Islamic State group between 2014 and 2017. Its infrastructure has been laid to waste by decades of sectarian civil war, foreign occupation, two U.S. invasions, U.N. sanctions and war against its neighbours.

With the country at last at peace and free to trade, many Iraqis say their government has failed to rebuild the nation.

Similar demonstrations that began in oil-rich Basra last year prompted a heavy crackdown by security forces, killing nearly 30 people.

Prime Minister Adel Abdul Mahdi chaired an emergency national security council meeting and ordered Thursday's curfew in Baghdad. Only travellers to and from the airport, ambulances, some government employees and religious pilgrims were to be allowed on the streets.

Separately, police and medical sources said a couple who had been involved in the Basra protests last year were shot dead in their home late on Wednesday. Security sources said they had received threats from powerful militia groups in Basra last year.

Iraq has the world's fourth-largest reserves of oil, according to the International Monetary Fund, but much of its population of 40 million lives in poverty and without decent healthcare, education or power and water supply.

Iraqi police fired live rounds to disperse crowds that defied a pre-dawn curfew to protest on Thursday after 11 people were killed overnight in clashes that have escalated into one of the worst security challenges since the defeat of Islamic State.

Iraqi police fired live rounds to disperse crowds that defied a pre-dawn curfew to protest on Thursday after 11 people were killed overnight in clashes that have escalated into one of the worst security challenges since the defeat of Islamic State. Troops patrolled main roads and public spaces in Baghdad, but by morning small, sporadic demonstrations had begun again in defiance of the open-ended curfew imposed in the capital from 5 a.m. Clashes overnight in southern cities more than doubled the death toll of three days of unrest, bringing it to 18. The demonstrations began in Baghdad on Tuesday and quickly grew and spread to other cities, mainly in Iraq's south. Police fired live rounds, tear gas and water cannon to disperse protesters. Protesters directed their anger at a government and political class they say is corrupt and doing nothing to improve their lives. They demanded jobs, better services and called for the "downfall of the regime". Curfews imposed in southern Iraqi cities overnight were lifted, local police said. Clashes during the night between protesters and security forces killed seven people including a policeman in Nassiriya, and four people in Amara, police and medics said. Iraq has struggled to recover from the battle against the Sunni Muslim hardline Islamic State group between 2014 and 2017. Its infrastructure has been laid to waste by decades of sectarian civil war, foreign occupation, two U.S. invasions, U.N. sanctions and war against its neighbours. With the country at last at peace and free to trade, many Iraqis say their government has failed to rebuild the nation. Similar demonstrations that began in oil-rich Basra last year prompted a heavy crackdown by security forces, killing nearly 30 people. Prime Minister Adel Abdul Mahdi chaired an emergency national security council meeting and ordered Thursday's curfew in Baghdad. Only travellers to and from the airport, ambulances, some government employees and religious pilgrims were to be allowed on the streets. Separately, police and medical sources said a couple who had been involved in the Basra protests last year were shot dead in their home late on Wednesday. Security sources said they had received threats from powerful militia groups in Basra last year. Iraq has the world's fourth-largest reserves of oil, according to the International Monetary Fund, but much of its population of 40 million lives in poverty and without decent healthcare, education or power and water supply.

Iraqi police fire live rounds as protesters defy curfew

Hong Kong is set to enact an emergency law to ban face masks at rallies, media reported on Thursday, as authorities grapple with nearly four months of <a href="https://www.wionews.com/world/hong-kong-flash-mob-rallies-erupt-as-anger-mounts-over-shot-protester-253229">anti-government protests.</a>

Many demonstrators wear face masks to hide their identities and shield themselves from tear gas.

The Hong Kong stock market jumped to a one-week high on the news, reported by media outlets TVB and Cable TV.

The unrest, which began over opposition to a now-withdrawn extradition bill that would have allowed people to be sent to mainland China for trial, shows no sign of letting up.

Demonstrators, angry over the <a href="https://www.wionews.com/east-asia/police-shoot-hong-kong-protester-in-chest-during-clashes-253085">shooting of an 18-year-old</a> this week by police, clashed with police into the early hours of Thursday.

Demonstrators threw petrol bombs and police responded with tear gas.

Police have also urged the government to impose curfews to help curb the escalating violence in the Chinese-ruled city, where officers have become a target of protesters amid accusations of excessive force.

Hong Kong is set to enact an emergency law to ban face masks at rallies, media reported on Thursday, as authorities grapple with nearly four months of anti-government protests.

Hong Kong is set to enact an emergency law to ban face masks at rallies, media reported on Thursday, as authorities grapple with nearly four months of anti-government protests. Many demonstrators wear face masks to hide their identities and shield themselves from tear gas. The Hong Kong stock market jumped to a one-week high on the news, reported by media outlets TVB and Cable TV. The unrest, which began over opposition to a now-withdrawn extradition bill that would have allowed people to be sent to mainland China for trial, shows no sign of letting up. Demonstrators, angry over the shooting of an 18-year-old this week by police, clashed with police into the early hours of Thursday. Demonstrators threw petrol bombs and police responded with tear gas. Police have also urged the government to impose curfews to help curb the escalating violence in the Chinese-ruled city, where officers have become a target of protesters amid accusations of excessive force.

Hong Kong set to ban face masks in bid to curb violence: Report

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv.

Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.

A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher.

As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month.

Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September.

"Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday.

MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent&nbsp;during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78.

China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv.

Regional shares still trade at a slight discount to their global peers, the data showed.

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks.

India and Malaysian equities were the most expensive in Asia on October 2, based on their price-to-earnings valuation metrics, according to Refinitiv. Most other regional markets saw a rise in valuations over the past month, thanks to some easing US-China trade tensions and rate cuts by major central banks. A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher. As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1 per cent last month. Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75 per cent decline in September. "Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4 per cent against a 1 per cent contraction as of end June." said brokerage Jefferies in a report on Tuesday. MSCI's broadest index of Asia-Pacific shares gained 2.13 per cent during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78. China, Hong Kong, and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv. Regional shares still trade at a slight discount to their global peers, the data showed.

India, Malaysia priciest share markets in Asia: Report

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Strife torn <a href="https://www.wionews.com/world/hong-kong-flash-mob-rallies-erupt-as-anger-mounts-over-shot-protester-253229">Hong Kong</a> has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax.

But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout.

New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before.

Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better.

Tuesday witnessed the worst clashes of the summer as China celebrated <a href="https://www.wionews.com/photos/peoples-republic-of-china-celebrates-70th-anniversary-in-beijing-253128">70 years of Communist Party</a> rule with a massive military parade in Beijing.

The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party.

Usually, the first week of October is a bumper time for retailers.

Hong Kong Protest: Video shows police shooting protester

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/hong-kong-protest-video-shows-police-shooting-protester-253158/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday.

But tourist arrivals from the mainland have tumbled as <a href="https://www.wionews.com/videos/china-marks-70th-national-day-with-military-parade-253164">Beijing</a> takes a hardline with protesters and police fight near-weekly battles against demonstrators.

On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half.

Luxury goods are thought to have been hit particularly hard.

Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers.

Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer.

The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests.

Strife torn Hong Kong has suffered a record slump in retail sales, data showed Wednesday, as the city reels from four months of increasingly violent pro-democracy protests. The international finance hub is a major international tourist destination and especially popular with mainland Chinese shoppers hoping to snap up bargains in a city with no sales tax. But this summer's protests, sparked by rising public anger towards Beijing's rule, has battered the economy which was already struggling with the US-China trade war fallout. New figures released Wednesday showed retail sales declined by a record 23 per cent year on year in August, compounding an 11.5 per cent slump the month before. Both police and protesters have only escalated their violence since then so there is little chance September's figures will fair any better. Tuesday witnessed the worst clashes of the summer as China celebrated 70 years of Communist Party rule with a massive military parade in Beijing. The spiralling clashes underscored seething public anger against Beijing's rule and shifted the spotlight from China's carefully choreographed birthday party. Usually, the first week of October is a bumper time for retailers. Hong Kong Protest: Video shows police shooting protester Huge numbers of Chinese mainland tourists visit during the so-called Golden Week holiday. But tourist arrivals from the mainland have tumbled as Beijing takes a hardline with protesters and police fight near-weekly battles against demonstrators. On-year tourist arrivals fell 40 per cent in the last month, led by a collapse in visitors from the mainland, by far the largest group, with hotel occupancy rates down around half. Luxury goods are thought to have been hit particularly hard. Many of the clashes have taken place in the districts of Tsim Sha Tsui and Causeway Bay, both areas of the city that are packed with luxury malls and retailers. Multiple shops in Causeway Bay told AFP last month their takings were down by as much as 30 per cent over the summer. The city's economy likely entered a technical recession in the third quarter, Financial Secretary Paul Chan said in September.

Hong Kong's August retail sales hammered by summer of rage

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