Asian&nbsp;shares&nbsp;slipped on the last trading day of the&nbsp;decade, echoing falls on Wall Street, as&nbsp;investors&nbsp;locked in gains made since <a href="https://www.wionews.com/world/phase-one-trade-deal-reached-with-us-china-268186">the United States and China</a> reached a preliminary trade deal earlier this month.

Early in the&nbsp;Asian&nbsp;trading session, MSCI's broadest index of Asia-Pacific&nbsp;shares&nbsp;outside Japan was down 0.39 per cent, its weakest performance since December&nbsp;4. For the month, the index is still up 5.7 per cent.

The index has gained 16 per cent&nbsp;this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's&nbsp;global&nbsp;share index.

Australian&nbsp;shares&nbsp;were 1.69 per cent&nbsp;lower&nbsp;and Hong Kong's Hang Seng dropped 0.32 per cent.

"We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for&nbsp;investors&nbsp;into the new year.

The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US&nbsp;Trade Representative.

"We think that the&nbsp;global&nbsp;growth situation is improving, we're seeing better industrial&nbsp;profits&nbsp;in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said.

While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty,&nbsp;investors&nbsp;remain uneasy with a recession seen as inevitable in the new&nbsp;decade.

Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent&nbsp;higher, extending the more than 33 per cent&nbsp;gain seen this year.

China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could&nbsp;lower&nbsp;borrowing costs.

<a href="https://www.wionews.com/business-economy/global-markets-china-lifts-asian-shares-oil-up-on-drawdowns-mideast-tensions-270929">Markets</a>&nbsp;in Japan and South Korea were closed for a holiday.

The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent&nbsp;to 28,462.14, the S&amp;P 500 0.58 per cent&nbsp;lower&nbsp;to 3,221.29 and the Nasdaq Composite off 0.67 per cent&nbsp;to 8,945.99.

<a href="https://www.wionews.com/world/us-treasury-secretary-mnuchin-says-trade-deal-with-china-to-boost-global-economy-268327">US&nbsp;Treasury</a> futures were&nbsp;lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US&nbsp;Treasury yields on Monday that pushed the US&nbsp;two-year, 10-year yield curve to its steepest in 14 months.

The dollar continued to weaken against the yen, dropping 0.12 per cent&nbsp;to 108.73, and the euro strengthened 0.16% to buy $1.1215.

The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent&nbsp;lower&nbsp;at 96.686.

<a href="https://www.wionews.com/business-economy/oil-gains-on-us-crude-stocks-fall-opec-comments-on-slower-us-shale-growth-262061">US&nbsp;crude</a> dipped 0.18 per cent&nbsp;to $61.57 a barrel and Brent crude shed 0.15 per cent&nbsp;to $66.57 per barrel.

Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month.

Asian shares slipped on the last trading day of the decade, echoing falls on Wall Street, as investors locked in gains made since the United States and China reached a preliminary trade deal earlier this month. Early in the Asian trading session, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.39 per cent, its weakest performance since December 4. For the month, the index is still up 5.7 per cent. The index has gained 16 per cent this year, a sharp turnaround from a 16.2 per cent drop last year but lagging a 23.8 per cent year-to-date gain in MSCI's global share index. Australian shares were 1.69 per cent lower and Hong Kong's Hang Seng dropped 0.32 per cent. "We are seeing some profit-taking into year-end," said Ryan Felsman, senior economist at CommSec in Sydney, adding that progress on resolving the 17-month-long US-China trade war remained a positive factor for investors into the new year. The White House's trade adviser on Monday said the US-China Phase 1 trade deal would likely be signed in the next week, but said confirmation would come from President Donald Trump or the US Trade Representative. "We think that the global growth situation is improving, we're seeing better industrial profits in China ... green shoots in the manufacturing sector on the back of an improvement in the trade situation is a key catalyst going forward," he said. While easing trade concerns and steps toward a resolution of Britain's exit from the European Union have helped reduce some near-term market uncertainty, investors remain uneasy with a recession seen as inevitable in the new decade. Positive Chinese manufacturing data, which showed factory activity in China expanded for a second straight month in December, nudged China's blue-chip CSI300 index 0.1 per cent higher, extending the more than 33 per cent gain seen this year. China's modest gains built on Monday's rally, which was driven by a combination of strong retail sales growth and hopes that a new benchmark for floating-rate loans could lower borrowing costs. Markets in Japan and South Korea were closed for a holiday. The falls in Asia came after profit-taking pushed the Dow Jones Industrial Average down 0.64 per cent to 28,462.14, the S&P 500 0.58 per cent lower to 3,221.29 and the Nasdaq Composite off 0.67 per cent to 8,945.99. US Treasury futures were lower, reflecting an implied yield of 1.82 per cent. That followed a rise in benchmark US Treasury yields on Monday that pushed the US two-year, 10-year yield curve to its steepest in 14 months. The dollar continued to weaken against the yen, dropping 0.12 per cent to 108.73, and the euro strengthened 0.16% to buy $1.1215. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.06 per cent lower at 96.686. US crude dipped 0.18 per cent to $61.57 a barrel and Brent crude shed 0.15 per cent to $66.57 per barrel. Gold continued its rally on a weakening dollar. On the spot market, the precious metal was changing hands at $1,520.16 per ounce, up 0.33 per cent.

Global Markets: Asian shares lower as investors book decade-end profits

Every day we hear that 'data' is the new oil or 'lithium battery' is the new oil. What about 'the oil'? Is oil still the most valued asset? Is the oil industry facing a threat of extinction?&nbsp;

On WION Edit, we will try to analyse the might of the oil industry and its place in the global economy.

Recently, Forbes compiled a list of the 15 most profitable industries. Data, batteries or arms were not in the top three, but oil and gas extraction was.

You know what topped the list - accounting and legal services - they're more profitable than oil.

Whether we like it or not, the global economy is set up in a way in which oil is the prime mover, the commodity of choice and top value.&nbsp;

The tech industry dominates the wall street, but the asset prices are highly inflated and the market valuations are not the reflection of the health of the tech industry.

Oil drives the global economy. Foreign policies of countries including ours are devised to derive benefits in oil trade.

The signs of a post-oil future are visible, but that future is far away. Elon Musk, electric vehicles, battery-fuelled devices, extreme weather events, climate protests and even climate emergency - these have become phrases.

But the truth is that last year was the most profitable year for oil producers in the US in a long time.

In a world where the demand for crude oil is gradually decreasing, oil remains a very profitable commodity.

Clearly the oil and gas industry is not going away. Though the industry faces problems like volatile prices, fall in production, but these are only reflective of the broad slowdown in the global economy, not the future of the oil industry.

A recent report by Mckinsey shows that renewables account for only 19 per cent of the overall energy mix. That figure is predicted to go up to 34 per cent by 2050.

This alone shows that the oil and gas industry will be on a strong footing for the next 30 years easily. There may be a lull now, but demand will go up in future.

And renewables cannot satisfy the bulk of the energy demand. This is indeed a tricky consolidation phase for the industry, but to write obituaries for the oil industry is preposterous, academic and one-sided. The demand for energy will be the deciding factor.

(Disclaimer: WION Edit is the channel's take on the big events of the world)&nbsp; 
&nbsp;

Every day we hear that 'data' is the new oil or 'lithium battery' is the new oil. What about 'the oil'? Is oil still the most valued asset? Is the oil industry facing a threat of extinction?

Every day we hear that 'data' is the new oil or 'lithium battery' is the new oil. What about 'the oil'? Is oil still the most valued asset? Is the oil industry facing a threat of extinction? On WION Edit, we will try to analyse the might of the oil industry and its place in the global economy. Recently, Forbes compiled a list of the 15 most profitable industries. Data, batteries or arms were not in the top three, but oil and gas extraction was. You know what topped the list - accounting and legal services - they're more profitable than oil. Whether we like it or not, the global economy is set up in a way in which oil is the prime mover, the commodity of choice and top value. The tech industry dominates the wall street, but the asset prices are highly inflated and the market valuations are not the reflection of the health of the tech industry. Oil drives the global economy. Foreign policies of countries including ours are devised to derive benefits in oil trade. The signs of a post-oil future are visible, but that future is far away. Elon Musk, electric vehicles, battery-fuelled devices, extreme weather events, climate protests and even climate emergency - these have become phrases. But the truth is that last year was the most profitable year for oil producers in the US in a long time. In a world where the demand for crude oil is gradually decreasing, oil remains a very profitable commodity. Clearly the oil and gas industry is not going away. Though the industry faces problems like volatile prices, fall in production, but these are only reflective of the broad slowdown in the global economy, not the future of the oil industry. A recent report by Mckinsey shows that renewables account for only 19 per cent of the overall energy mix. That figure is predicted to go up to 34 per cent by 2050. This alone shows that the oil and gas industry will be on a strong footing for the next 30 years easily. There may be a lull now, but demand will go up in future. And renewables cannot satisfy the bulk of the energy demand. This is indeed a tricky consolidation phase for the industry, but to write obituaries for the oil industry is preposterous, academic and one-sided. The demand for energy will be the deciding factor. (Disclaimer: WION Edit is the channel's take on the big events of the world)

WION Edit: Oil drives the global economy

The world&nbsp;economy&nbsp;could&nbsp;be&nbsp;boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.

Adding an&nbsp;extra&nbsp;15&nbsp;minutes of&nbsp;daily&nbsp;walking, or jogging a steady one kilometre each day, would improve productivity and extend life expectancy - leading to more economic growth, the&nbsp;study&nbsp;by the health insurance group Vitality and the think tank RAND Europe found.

The economic&nbsp;boost&nbsp;would come from lower mortality rates - in other words keeping more people alive, working and contributing to the&nbsp;economy&nbsp;for longer, the&nbsp;study's authors said, and from employees taking fewer days off sick.

Hans Pung, RAND Europe's president, said the&nbsp;study&nbsp;highlighted "a significant relationship between inactivity and productivity loss" and should give policymakers and employers "new perspectives on how to enhance the productivity of their populations".

The WHO recommends that all adults should take at least&nbsp;150&nbsp;minutes of moderate exercise, or 75&nbsp;minutes of vigorous exercise, a week. In a&nbsp;study&nbsp;last year it found that around 40 per cent of adults in the United States, 36 per cent in Britain and 14 per cent in China did too little exercise to stay healthy.

The RAND/Vitality&nbsp;study&nbsp;was based in part on data from about 120,000 people across seven countries. It then modelled and projected the potential economic benefits of increased physical activity&nbsp;globally and for 23 individual countries.

It found that if all adults aged between 18 and 64&nbsp;walked&nbsp;15&nbsp;more&nbsp;minutes a day, it&nbsp;could&nbsp;increase world economic output by some $100 billion&nbsp;years on year.

It also found that physically inactive 40-year-olds&nbsp;could&nbsp;increase their life expectancy, on average, by 3.2 years, by introducing 20&nbsp;minutes of jogging a day.

The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity.

The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet World Health Organization guidelines on exercise, according to an analysis of the economic impact of activity. Adding an extra 15 minutes of daily walking, or jogging a steady one kilometre each day, would improve productivity and extend life expectancy - leading to more economic growth, the study by the health insurance group Vitality and the think tank RAND Europe found. The economic boost would come from lower mortality rates - in other words keeping more people alive, working and contributing to the economy for longer, the study's authors said, and from employees taking fewer days off sick. Hans Pung, RAND Europe's president, said the study highlighted "a significant relationship between inactivity and productivity loss" and should give policymakers and employers "new perspectives on how to enhance the productivity of their populations". The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week. In a study last year it found that around 40 per cent of adults in the United States, 36 per cent in Britain and 14 per cent in China did too little exercise to stay healthy. The RAND/Vitality study was based in part on data from about 120,000 people across seven countries. It then modelled and projected the potential economic benefits of increased physical activity globally and for 23 individual countries. It found that if all adults aged between 18 and 64 walked 15 more minutes a day, it could increase world economic output by some $100 billion years on year. It also found that physically inactive 40-year-olds could increase their life expectancy, on average, by 3.2 years, by introducing 20 minutes of jogging a day.

An extra 15 minute daily walk could boost global economy: Study

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

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives.

At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.

She further stated that the International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum.

The Union Minister also stressed that IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies.

On the 15th Round of the IMF`s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, Sitharaman was of the view that work on the 16th Round should begin in right earnest and should have a tight timeframe.

Sitharaman also participated in the 100th Meeting of the Development Committee Plenary and stated, "As we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner.

These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation.

But there is a common approach: to improve incomes, reduce deprivation and enhance living standards.

"She also stated that in pursuing investment-led growth, one should not neglect sustainability, efficiency and transparency in debt and tax policies.

"Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth," Sitharaman added.

The Union Minister also encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment multilateral development bank (MDB) financing into developing countries.

Nirmala Sitharaman is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings.

She is accompanied by RBI Governor Shaktikanta Das, Secretary Economic Affairs Atanu Chakraborty, and other officials.&nbsp; 
&nbsp;

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives.

In her intervention during International Monetary and Financial Committee (IMFC) Plenary Session, Union Finance Minister Nirmala Sitharaman said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives. At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added. She further stated that the International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. The Union Minister also stressed that IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF`s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, Sitharaman was of the view that work on the 16th Round should begin in right earnest and should have a tight timeframe. Sitharaman also participated in the 100th Meeting of the Development Committee Plenary and stated, "As we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner. These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation. But there is a common approach: to improve incomes, reduce deprivation and enhance living standards. "She also stated that in pursuing investment-led growth, one should not neglect sustainability, efficiency and transparency in debt and tax policies. "Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth," Sitharaman added. The Union Minister also encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment multilateral development bank (MDB) financing into developing countries. Nirmala Sitharaman is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings. She is accompanied by RBI Governor Shaktikanta Das, Secretary Economic Affairs Atanu Chakraborty, and other officials.

Global economic risks reinforce need to strengthen global cooperation: Sitharaman

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

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit</a>.

The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money.

The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures.

"London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year.

In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market.

Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives.

That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year <a href="https://www.wionews.com/business-economy/uk-economy-starts-to-shows-cracks-under-brexit-and-global-strains-254409">Brexit crisis.</a>

The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU.

It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan.

Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum.

Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone.

And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture.

The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent&nbsp;pay cut to remain in the city.

"If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said.

A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business.

The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s.

But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed.

Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement.

The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London.

Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse&nbsp;and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London.

All banks said they were prepared for a no-deal Brexit, and had been since the first quarter.

Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said.

British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period.

It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink.

Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman.

Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet.

Bruegel did not respond to a request for comment.

Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres.

"There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said.

Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year.

London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October.

Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most.

"It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said.

After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely.

One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union.

But there is scepticism in the market about the longevity of such pledges.

"Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS.

"I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks."

Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit.

"I do stand by my statement," he said of the potential job losses.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit.

From the pinnacle of the City of London's largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit. The 76-year-old property developer is not alone. Bankrolled by a host of global investors, including France's Axa, his big-ticket gamble in London's financial district is - so far - on the money. The cataclysmic warnings during the 2016 referendum that London would lose its financial throne if it voted to leave the European Union (EU) have, so far, been proven wrong. London is still the world's banker, only bigger by some measures. "London is extraordinarily resilient and its future as a finance centre is secure because what we have here is unique," Lipton told Reuters on the 61st floor of 22 Bishopsgate, set to become western Europe's second tallest skyscraper when it opens next year. In the year to June, London has attracted more cross border commercial real estate investment than any other city. It has overtaken New York as a destination for fintech investment and it has increased its dominance of the world's $6.6 trillion daily foreign exchange market. Since the vote to leave the EU, Britain has leapfrogged the United States to become the largest centre for trading interest rate swaps, despite calls by ex-French President Francois Hollande to end London's dominance in clearing euro-denominated derivatives. That London has expanded its influence as an international finance centre is one of the biggest riddles of the United Kingdom's tortuous three-year Brexit crisis. The city's standing ensures the United Kingdom keeps one of its last big chips at the top table of world politics just as it splits from the EU. It also means EU companies will still come to London to raise finance outside the bloc after Brexit, a fact not lost on Wall Street heavyweights such as Goldman Sachs and JP Morgan. Just a mile away from 22 Bishopsgate, Goldman opened its new 1 million square foot European headquarters - complete with mothers' rooms and wildflowers on the roof - in July, three years on from the 2016 referendum. Largely abandoned by the British government during Brexit talks, ten senior industry officials told Reuters London's financial services sector has grown since 2016 because there is no realistic competitor in its time zone. And high-rolling bankers are too attached to its Anglo-Saxon, work-hard, play-hard culture. The chief executive of the British division of one of Europe's largest banks said although some business will move to the EU, most senior bankers will be reluctant to leave London. He would consider taking a 20 per cent pay cut to remain in the city. "If you are an Italian banker, who moved out to London 20 years ago, and your kids go to private school around the corner then you are not going to move to Frankfurt," he said. A global hub for trading, lending and investing, London is the largest net exporter of financial services in the world, with the EU accounting for a quarter of the business. The 2016 referendum shocked many of the masters of London's financial universe, triggering the biggest one-day fall of the pound since the era of free-floating exchange rates was introduced in the early 1970s. But so far, most major financial institutions have opted against moving large numbers of people and activities until the loss of access to the EU's lucrative single market is confirmed. Banks, insurers and asset managers have shifted over a trillion euros of assets such as derivatives and bonds from London to the continent and opened new EU hubs as a hedge against London suddenly being cut off from the bloc if Britain exits the EU without a formal agreement. The Bank of England estimates around 4,000 people may have moved by the time Britain has exited the EU. But the key decisions are still taken in London. Reuters contacted JP Morgan and Goldman, and rivals Citi, Bank of America, UBS, Morgan Stanley, Credit Suisse and Deutsche Bank, to seek details on how a 'no-deal Brexit' might accelerate the transfer of resources and activities from London. All banks said they were prepared for a no-deal Brexit, and had been since the first quarter. Earlier this year, Morgan Stanley's chief executive, James Gorman, said that he scarcely worried about Brexit. "That's not in my top 200 issues," he said. British data shows the total number of people employed in the City between 2016 and 2018 overall rose by 31,000, though the total number of people employed specifically in banking and insurance is down 3,000 over the period. It is not clear how much of that drop is due to Brexit and how much is due to new regulations or structural changes, such as higher numbers of tech specialists at lenders while traditional banking jobs shrink. Initial estimates of potential job losses ranged from about 30,000 roles within a year of Britain leaving the EU, estimated by the Brussels-based Bruegel research group, to up to 75,000 by 2025 by Oliver Wyman. Oliver Wyman said they stand by their predictions because it is important to distinguish between job losses on the first day of Brexit and over the longer term. The final number will depend upon the level of market access, which is not clear yet. Bruegel did not respond to a request for comment. Financial capitals such as London have remarkable longevity and their rise and fall typically happens at a glacial pace, said Youssef Cassis, a professor of economic history who specialises in financial centres. "There is no precedent for decoupling between a major economic power- in this case, the European Union- and its financial centre, London," he said. Some key activities have moved out of London ahead of Brexit. Eurozone government bond and repurchase agreements trading worth around 230 billion euros a day, along with clearing, switched to Amsterdam, Milan and Paris earlier this year. London-based CBOE Europe, the EU's largest share trading venue, began trading euro shares at its new Amsterdam hub at the start of October. Nicolas Mackel, who heads a body promoting Luxembourg's financial centre, said it would be a shift in activities and not jobs that will affect London most. "It's not between now and Christmas you have to look, but on a five, 10, 15 and 20-year framework. It's a false comfort that you are providing by only focusing on jobs," Mackel said. After Brexit, the $15.9 trillion EU 27 economy will still be reliant on a financial capital outside its borders, which could be politically hard for Brussels to stomach indefinitely. One European Commission official, speaking on condition of anonymity, told Reuters that the EU had no intention of smothering Britain's financial sector to accelerate its own plans for an EU capital markets union. But there is scepticism in the market about the longevity of such pledges. "Why should one expect the EU to give an economic answer to what is a political challenge?" said Xavier Rolet, former head of London Stock Exchange and CEO of investment manager CQS. "I would expect them to respond politically, even if those answers are not necessarily in the best economic interests of EU-based investors, corporates and banks." Rolet, who said in the aftermath of the referendum that half of all finance jobs in London may disappear if derivatives clearing left the capital, said it was too early to assess the implications of Brexit. "I do stand by my statement," he said of the potential job losses.

London retains global finance throne amid Brexit chaos

Oil prices eased on Monday as scant details on the <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">first phase of a trade deal </a>between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Brent crude futures&nbsp;edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US&nbsp;West Texas Intermediate (WTI) crude futures&nbsp;was at $54.45 a barrel, down 25 cents.

Both contracts rose more than 3 per cent&nbsp;last week, their first weekly gain in three.

"There is an argument that the oil market trading during US&nbsp;hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy.

"So traders are reluctant to push it further given those very strong gains."

Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed.

The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday.&nbsp;

But investors remained cautious given that few details emerged from the talks.

"Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note.

The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent&nbsp;from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters.

China's imports from the United States, on the other hand, have fallen 26.4 per cent&nbsp;in dollar terms during the first nine months.

China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent&nbsp;rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent.

Oil prices eased on Monday as scant details on the first phase of a trade deal between the United States and China undercut last week's optimism over the thaw that helped to lift crude markets by 2 per cent. Brent crude futures edged down by 25 cents to $60.26 a barrel by 0436 GMT, while US West Texas Intermediate (WTI) crude futures was at $54.45 a barrel, down 25 cents. Both contracts rose more than 3 per cent last week, their first weekly gain in three. "There is an argument that the oil market trading during US hours on Friday have already had a chance to price (in) the news on the trade dispute and the better outlook for global demand," said CMC Markets chief strategist Michael McCarthy. "So traders are reluctant to push it further given those very strong gains." Most of the gains posted on Friday, however, had come after an Iranian oil tanker was attacked off Saudi Arabia's coast in the Red Sea. Investigations are under way to determine if the tanker was hit by missiles, which could ratchet up tensions between Tehran and Riyadh if confirmed. The emergence of a "Phase 1" trade deal between the United States and China and a goodwill move by Washington to suspend threatened tariffs on Chinese products also helped to lifted global financial markets on Monday. But investors remained cautious given that few details emerged from the talks. "Traders view the deal in a tentative light ... This baby-step agreement could take weeks to iron out," said Stephen Innes, Asia Pacific market strategist at AxiTrader in a note. The trade war has pressure China's trade, with its exports to the United States falling 10.7 per cent from a year earlier in dollar terms over January-September, Chinese customs spokesman Li Kuiwen told reporters. China's imports from the United States, on the other hand, have fallen 26.4 per cent in dollar terms during the first nine months. China's demand for oil remains strong, however, with its September imports reflecting a 10.8 per cent rise from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand.

Oil prices ease on scant details of US-China trade deal

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the<a href="https://www.wionews.com/world/us-expands-blacklist-to-include-chinas-top-ai-startups-ahead-of-trade-talks-254672"> trade war between them</a>, adding to anxieties about the global economy.

China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US&nbsp;President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent&nbsp;from 25 per cent&nbsp;on October&nbsp;15 if some signs of progress are not seen.

The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption.

Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US&nbsp;West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel.

"Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore.

Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer.

US&nbsp;crude stocks rose 2.9 million barrels in the week to October&nbsp;4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels.

Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply.

OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said.

OPEC member Venezuela will also increase its exports despite <a href="https://www.wionews.com/world/us-ready-to-target-other-countries-for-supporting-venezuelas-maduro-241275">US&nbsp;economic sanctions </a>that have curtailed shipments from the country.

Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy.

Oil prices fell on Thursday on concerns of lower fuel demand as talks this week between the United States and China, the world's two largest oil users, are not expected to help end the trade war between them, adding to anxieties about the global economy. China, the world's biggest oil importer, has lowered its expectations for talks on Thursday and Friday to end the 15-month-old trade dispute with the United States. US President Donald Trump is set to raise the tariff rate on about $250 billion of Chinese goods to 30 per cent from 25 per cent on October 15 if some signs of progress are not seen. The trade dispute between the world's two largest economies has disrupted global supply chains and slowed the growth of both countries, limiting the growth of their fuel consumption. Global benchmark Brent crude futures fell 11 cents, or 0.2 per cent, to $58.21 a barrel by 0354 GMT, while US West Texas Intermediate (WTI) futures were down 11 cents, or 0.2 per cent, at $52.48 per barrel. "Should US-China trade negotiations take a turn for the worst, market pessimism will impose sharp negative pressures on oil prices, said Benjamin Lu, commodities analyst at Phillip Futures in Singapore. Prices were also weighed down by a report of rising stockpiles in the United States, which is also currently the world's biggest oil producer. US crude stocks rose 2.9 million barrels in the week to October 4, the Energy Information Administration (EIA) said on Wednesday, more than double analysts' expectations of an increase of 1.4 million barrels. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) quietly adjusted its production pact to allow Nigeria to raise its output, adding more supply. OPEC granted Nigeria raised the quota to 1.774 million barrels per day (bpd) from 1.685 million bpd, three OPEC delegates with knowledge of the matter said. OPEC member Venezuela will also increase its exports despite US economic sanctions that have curtailed shipments from the country. Indian refiner Reliance Industries Ltd plans to start loading Venezuelan crude after a four-month pause, in a further sign of expanding crude supply to the market.

Oil prices fall as hopes for US-China trade progress wilt

Gold&nbsp;prices scaled&nbsp;one-week&nbsp;highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about <a href="https://www.wionews.com/world/us-china-trade-talks-to-resume-thursday-white-house-254346">US-China&nbsp;trade&nbsp;talks.</a>

Spot&nbsp;gold&nbsp;gained 0.1 per cent&nbsp;to $1,506.78 per ounce as of 0724 GMT, having notched a&nbsp;peak&nbsp;of $1,516.77 early in the session, its highest since October&nbsp;3. US&nbsp;gold&nbsp;futures dropped 0.1 per cent&nbsp;to $1,511.80.

"Gold&nbsp;is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China&nbsp;trade&nbsp;talks fail once again,&nbsp;gold&nbsp;prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares &amp; Stock Brokers.

"Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460."

A report from the New York Times said Washington would soon issue licences permitting some US&nbsp;firms to supply non-sensitive goods to China's Huawei Technologies.

A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets.

The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since.

Gold&nbsp;is often used by investors as a hedge against political and financial uncertainty.

"Gold&nbsp;ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the&nbsp;gold&nbsp;market.

Indicative of investor interest, holdings of the SPDR&nbsp;Gold&nbsp;Trust, the world's largest&nbsp;gold-backed exchange-traded fund, have been at their highest since November 2016.

Spot&nbsp;gold&nbsp;looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said.

Investors also sought further cues on the US&nbsp;Federal Reserve's trajectory on monetary easing later in the month.

"Global&nbsp;trade&nbsp;uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note.

Silver rose 0.1 per cent&nbsp;to $17.72 per ounce, palladium inched 0.2 per cent&nbsp;higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks.

Gold prices scaled one-week highs on Thursday, holding ground above $1,500 an ounce, as investors flocked to the safety of bullion following contradictory reports about US-China trade talks. Spot gold gained 0.1 per cent to $1,506.78 per ounce as of 0724 GMT, having notched a peak of $1,516.77 early in the session, its highest since October 3. US gold futures dropped 0.1 per cent to $1,511.80. "Gold is holding strong above $1,500 because of healthy inflows by ETFs (exchange-traded funds). If the US-China trade talks fail once again, gold prices could rally," said Jigar Trivedi, a commodities analyst at Mumbai-based Anand Rathi Shares & Stock Brokers. "Prices are not falling, because of strong investment demand and fundamental factors. $1,490 is the current support, and if prices drop below this, there could be an extended fall till $1,460." A report from the New York Times said Washington would soon issue licences permitting some US firms to supply non-sensitive goods to China's Huawei Technologies. A report by Bloomberg, saying the White House was looking at rolling out a currency pact with China, raised hopes of a partial deal and helped to lift risk assets. The South China Morning Post had reported earlier in the session that a Chinese delegation was planning to leave Washington after just a day of minister-level meetings, instead of Friday as planned, sending Asian stocks toppling. However, risk sentiment has recovered slightly since. Gold is often used by investors as a hedge against political and financial uncertainty. "Gold ETF holdings are at three-year highs and lots of central banks are also buying, which is keeping prices supported," said Argonaut Securities analyst Helen Lau, adding that some volatility could be expected in the gold market. Indicative of investor interest, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have been at their highest since November 2016. Spot gold looks neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, Reuters technical analyst Wang Tao said. Investors also sought further cues on the US Federal Reserve's trajectory on monetary easing later in the month. "Global trade uncertainties along with subdued global growth will remain supportive towards safe-haven assets in the current term," Phillip Futures analyst Benjamin Lu said in a note. Silver rose 0.1 per cent to $17.72 per ounce, palladium inched 0.2 per cent higher to $1,684.91 and platinum was little changed at $891.49 an ounce.

Gold rises to one-week peak amid trade anxiety

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents.

Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession.

US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal.

On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.

"The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp.

In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government.

Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note.

"Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said.

"While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy."

Global supply also faces facility repair and maintenance pressures.

The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures.

Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war.

Oil prices fell on Monday, extending last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war. Brent crude futures edged down 28 cents to $58.09 a barrel by 0300 GMT, while US West Texas Intermediate (WTI) crude was at $52.64, down 17 cents. Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world's top economies hurts global growth and raises the risk of recession. US and Chinese officials will meet in Washington on October 10-11 in the next, much-anticipated fresh effort to work out a deal. On the supply side, a faster-than-expected resumption in Saudi Arabia's production after a September 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense. "The macro headwinds outweigh supply concerns for oil now, despite tensions in the Middle East and a reduced spare capacity pillow," said Stephen Innes, Asia Pacific market strategist at AxiCorp. In Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries, deadly anti-government unrest is posing the biggest security and political challenge so far to Prime Minister Adel Abdul Mahdi's year-old government. Iraq's oil exports of 3.43 million barrels per day (bpd) from Basra terminals could be disrupted if instability lasts for weeks, Ayham Kamel, Eurasia Group's practice head for Middle East and North Africa, said in a note. "Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity)," he said. "While Saudi oil production is now close to 9.9 million bpd, it is not clear that the capacity is fully operational at 11.3 million bpd and the (attacked) Abqaiq facility has lost a significant part of its redundancy." Global supply also faces facility repair and maintenance pressures. The Buzzard oil field in the British North Sea has been shut for pipe repair work, a spokesman from China's CNOOC said on Friday. Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures. Meanwhile Libya's National Oil Corporation (NOC) said on Sunday it will close the Faregh oil field at Zueitina port for scheduled maintenance from Monday until October 14.

Oil prices on ebb tide as gloom gathers over global economy

The United States won approval on Wednesday (October 2) to impose tariffs on $7.5 billion worth of European goods over illegal EU subsidies handed to Airbus, threatening to trigger a tit-for-tat transatlantic trade war as the global economy falters. Watch this video to know more.

US wins backing for $7.5 bln tariffs on EU in jet subsidy clash

Arvind Panagariya On Global Economy, Trade War, Indian Economy & Reforms

Best of WION Global Summit: State of The Economy

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%.

US stock futures reversed early losses and rose 1%.

The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell.

China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing.

China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September&nbsp;in preparation for negotiations in early October, hinting at progress in reducing trade friction.

Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details.

"Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo.

"It's the same about Brexit, which means less downside risk."

Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub.

In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31.

But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour.

Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan.

US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets.

The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%.

The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug&nbsp;21 on Wednesday but narrowed slightly in Asian trade.

The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession.

US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy.

Asian shares extended gains on Thursday and US stock futures jumped after China said it will hold trade talks with the United States in early October, raising hopes they can de-escalate their trade war before it inflicts further damage on the global economy. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%, while the Shanghai composite index surged 1.8%. Japan's Nikkei added 2.4%. US stock futures reversed early losses and rose 1%. The Chinese yuan jumped versus the dollar in offshore trade, while safe-haven assets such as gold and the yen fell. China's confirmation of trade talks added to upbeat geopolitical news overnight. A parliamentary vote in Britain put the brakes on the nation's no-deal exit from the European Union, Hong Kong withdrew a contentious extradition bill that sparked recent protests and political turmoil in Italy appeared to be easing. China's Commerce Ministry said its trade team will consult with their US counterparts in mid-September in preparation for negotiations in early October, hinting at progress in reducing trade friction. Both sides had agreed to take actual actions to create favourable conditions, the ministry added, without giving more details. "Since yesterday, there has been a limited downside in markets because of what happened in Hong Kong, but now the US-China talks are the story," said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management Co in Tokyo. "It's the same about Brexit, which means less downside risk." Hong Kong shares erased early losses to rise 0.5%. They had jumped in afternoon trade on Wednesday after leader Carrie Lam said she was withdrawing an extradition bill that had triggered months of often violent protests in the Asian financial hub. In currency markets, sterling held onto gains against the dollar in Asia after rallying the most in more than five months on Wednesday after lawmakers voted to prevent Prime Minister Boris Johnson taking Britain out of the European Union without a deal on Oct. 31. But, more than three years since the United Kingdom voted narrowly to leave the EU, the outcome of Brexit is still unclear, with possible outcomes ranging from a crash out of the EU to abandoning the whole endeavour. Against the offshore yuan, the dollar fell 0.2% to 7.1324 yuan. US Treasury yields extended gains in Asia and the yield curve steepened, both signs that investors were willing to take on riskier assets. The 10-year yield rose to 1.4758%, while two-year yields rose to 1.4519%. The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, rose to its highest since Aug 21 on Wednesday but narrowed slightly in Asian trade. The curve inverted on Aug 14 for the first time since 2007 when long-term yields traded below short-term yields, which is a widely accepted indicator of the coming recession. US West Texas Intermediate crude also reversed losses to trade up 0.2%.

Confirmation of US: China trade talks buoys global shares, investor spirit

Can the global economy regain strength? Watch the video for the detailed information.

WION Dispatch: Can global economy regain strength?

Washington and Beijing are working actively to revive negotiations aimed at ending the<a href="https://www.wionews.com/business-economy/oil-edges-down-on-lower-demand-outlook-us-china-trade-dispute-242428"> trade war that has rattled world markets</a>, Donald Trump's chief economic advisor said Sunday.

If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on "Fox News Sunday," "then we are planning to have China come to the USA and meet with our principals to continue the negotiations."

That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July.

Watch: Beijing ready to fight US on trade, says China's new UN envoy

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But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks -- involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan -- were "a lot more positive than has been reported in the media."

World financial markets have been on edge amid a series of signs pointing to a slowing of the global economy -- notably because of the trade war between the world's two largest economies -- and have been reacting to even the slightest new indicator.

No fear of 'optimism'

But Kudlow insisted that the outlook was far from gloomy. "Let's not be afraid of optimism," he said, adding that "I sure don't see a recession."

The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached. &nbsp;

But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments.&nbsp;

The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping.

But markets were hit with a fresh surprise when Trump suddenly announced that as of September 1 he was imposing punitive 10-per cent tariffs on $300 billion in Chinese goods that had so far been spared.&nbsp;

And then came the announcement Tuesday that Trump -- already campaigning for re-election in 2020 -- had decided to delay imposing the tariffs until December 15 so as not to cast a shadow on the Christmas shopping plans of Americans.

The delay was seen as a concession to China and a backhanded admission that the tariffs -- despite Trump's repeated insistence to the contrary -- could in fact have an impact on US consumers.

Impact on US denied

Nonetheless, the president's chief trade advisor, Peter Navarro, firmly rejected that notion in several television appearances on Sunday.

He said Trump had decided on the postponement only after several company heads told him their contracts with Chinese suppliers were denominated in dollars, meaning they got no benefit from the weakening of the Chinese yuan and their orders ahead of the year-end holidays would be hard-hit.&nbsp;

Navarro said the executives also insisted they were increasingly looking to suppliers outside of China.

He vigorously rejected the notion that the tariff war is hurting American consumers, saying no data supported that view -- despite studies to the contrary by the International Monetary Fund, Harvard University and the Federal Reserve Bank of Boston.

"We're seeing production investment and supply-chain sourcing move -- hemorrhaging from China," Navarro said, with Southeast Asia and the US benefiting.

Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said Sunday.

Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump's chief economic advisor said Sunday. If teleconferences between both sides' deputies pan out in the next 10 days "and we can have a substantive renewal of negotiations," Larry Kudlow said on "Fox News Sunday," "then we are planning to have China come to the USA and meet with our principals to continue the negotiations." That left it uncertain, however, whether a Chinese delegation would be coming to Washington next month, as a White House spokesperson predicted after US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin left a round of trade talks in Shanghai in July. Watch: Beijing ready to fight US on trade, says China's new UN envoy × But Kudlow emphasized that phone conversations held last week to follow up on the Shanghai talks -- involving Lighthizer, Mnuchin and two senior Chinese negotiators, Vice Premier Liu He and Commerce Secretary Zhong Shan -- were "a lot more positive than has been reported in the media." World financial markets have been on edge amid a series of signs pointing to a slowing of the global economy -- notably because of the trade war between the world's two largest economies -- and have been reacting to even the slightest new indicator. No fear of 'optimism' But Kudlow insisted that the outlook was far from gloomy. "Let's not be afraid of optimism," he said, adding that "I sure don't see a recession." The US-China negotiations began in earnest in January and seemed at first to make substantial progress, raising hopes that a trade deal could be rapidly reached. But during the spring, the US president abruptly called off the talks, saying the Chinese had reneged on earlier commitments. The discussions resumed again in June at the highest levels in the margins of the G-20 summit meeting in Osaka, Japan between Trump and his Chinese counterpart Xi Jinping. But markets were hit with a fresh surprise when Trump suddenly announced that as of September 1 he was imposing punitive 10-per cent tariffs on $300 billion in Chinese goods that had so far been spared. And then came the announcement Tuesday that Trump -- already campaigning for re-election in 2020 -- had decided to delay imposing the tariffs until December 15 so as not to cast a shadow on the Christmas shopping plans of Americans. The delay was seen as a concession to China and a backhanded admission that the tariffs -- despite Trump's repeated insistence to the contrary -- could in fact have an impact on US consumers. Impact on US denied Nonetheless, the president's chief trade advisor, Peter Navarro, firmly rejected that notion in several television appearances on Sunday. He said Trump had decided on the postponement only after several company heads told him their contracts with Chinese suppliers were denominated in dollars, meaning they got no benefit from the weakening of the Chinese yuan and their orders ahead of the year-end holidays would be hard-hit. Navarro said the executives also insisted they were increasingly looking to suppliers outside of China. He vigorously rejected the notion that the tariff war is hurting American consumers, saying no data supported that view -- despite studies to the contrary by the International Monetary Fund, Harvard University and the Federal Reserve Bank of Boston. "We're seeing production investment and supply-chain sourcing move -- hemorrhaging from China," Navarro said, with Southeast Asia and the US benefiting.

US and China seeking to revive trade talks: Trump's chief economic advisor

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

"Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday.

"General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added.

In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth.

"It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said.

Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation.

The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability.

"The coming year will test the IMF for its policy advice on these areas," he added.

Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase.

Reserve Bank of India (RBI) Governor Shaktikanta Das has listed out a set of challenges for the global economy, which, he said, is moving towards a new and unsettling phase. "Solutions are turning difficult to come by as global economy seems to be moving into a new and unsettling phase in an environment of stressed trade negotiations, rising geopolitical confrontation and limited policy space, and high debt levels in several economies," Das said at an event here on Friday. "General government debt of advanced economies as a group has surpassed 100 per cent of GDP. Fiscal space is also constrained in many of the advanced economies," he added. In light of the challenges that lie ahead for the economy, Das said monetary and fiscal policies need to be well-calibrated to support growth. "It is important, in the backdrop of slowing global growth, that policies of monetary and fiscal authorities are well-calibrated so they support growth without further build-up of leverage and asset price bubbles. Prudent policies are critical to growth with macroeconomic stability," he said. Das also said globally, there is a need to focus on policy space, judiciously use it and simultaneously take structural reforms to undertake productivity, innovation and job creation. The central bank governor also said how the International Monetary Fund (IMF) and central banks provide guidance will be the key to sustaining global economic growth while maintaining financial stability. "The coming year will test the IMF for its policy advice on these areas," he added. Das was speaking at the launch of a book titled 'India's Relations with International Monetary Fund' authored by V Srinivas.

Global economy seems to be moving into 'new, unsettling phase': RBI Governor Shaktikanta Das

Greece's incoming prime minister <a href="https://www.wionews.com/world/greece-polls-opposition-leader-kyriakos-mitsotakis-wins-vows-to-make-country-proud-233849">Kyriakos Mitsotakis</a> is a hard-nosed reformer from a <a href="https://www.wionews.com/world/greek-conservatives-take-strong-lead-in-exit-poll-233844">conservative political dynasty</a> with controversial civil service job cuts on his resume.

Three years after taking over the leadership of the conservative New Democracy party once headed by his father, the 51-year-old Harvard graduate and former McKinsey consultant have promised to "steamroll" obstacles to business.

"The people must entrust the helm of <a href="https://www.wionews.com/world/polls-open-in-greeces-first-post-bailout-general-election-233710">Greece</a> to a strong hand," he said on the campaign trail.

And on election night after winning a landslide victory, he vowed that Greece would "proudly" enter a post-bailout period of "jobs, security, and growth".

"A painful cycle has closed," Mitsotakis said in a televised address, adding that Greece would "proudly raise its head again" on his watch

His critics argue that his pro-business platform and promised tax cuts can only credibly come at the expense of social benefits to crisis-hit families.

In his sole ministerial stint in charge of administrative reform in 2014, he was tasked with eliminating 15,000 civil service posts under pressure from Greece's creditors.

The downsising was cut short by-elections, but Mitsotakis's tag as a hatchet man has endured.

During the campaign, Mitsotakis told AFP his priority would be to "restart" the economy.

"Greece will restore ambitious growth driven by private investments, exports, and innovation. All our energy is focused in that direction."

He also wants to renegotiate Greece's tight fiscal targets in talks with the country's international creditors.

"If we present a comprehensive reforms package, (the creditors) will be open to a discussion that will gradually lower Greece's primary surpluses, which everybody acknowledges are too high," he says.&nbsp;

"And it will benefit both Europeans and the Greek economy," he adds.

Outgoing PM Alexis Tsipras has warned that his successor would unleash "Armageddon" on workers.

"When Mitsotakis says reforms... it entails human blood... he has personally fired thousands," Tsipras told CNN Greece on June 22.

"The (2012-2015) government he was part of wiped out the middle class," he said.

Fearful of alienating Greek civil servants and their families who account for a hefty percentage of the electorate Mitsotakis has been forced to publicly abjure further civil servant layoffs.

"No civil servants will be fired... but this does not mean we will be taking on more than we need... I will not tolerate pointless hirings," he told Star TV in June.

'Judge me not by my name'&nbsp;

Mitsotakis has long struggled to shake off his elitist image.&nbsp;

In a country with a long tradition of nepotism, Mitsotakis swears by meritocracy and has vowed not to put any relatives in his cabinet.

But few people in Greece have a pedigree as exclusive as his.

He is the son of former prime minister Constantine Mitsotakis, one of the country's longest-serving parliamentarians. His sister is former minister Dora Bakoyannis, Athens' first female mayor. And new Athens mayor Costas Bakoyannis, elected in May, is his nephew.

Since 2016, when he ran as a candidate for the leadership of New Democracy, Mitsotakis has consistently fought to distance himself from his status as a member of Greece's leading political dynasty and he considers himself a "maverick". "Judge me by my CV, not by my name," he insists.

Far-right transfers&nbsp;

Mitsotakis has sought to modernize the party, casting a wide net for candidates under the age of 40 and pledging to govern with people of "my generation or younger."

But leftist critics say Mitsotakis has turned New Democracy into a "hybrid" of nationalism and extreme neoliberalism in an unholy alliance to keep internal party balances intact.

Immediately after his election in 2016, the new leader raised eyebrows by naming Adonis Georgiadis, a recent transfer from the far-right LAOS party, as deputy chairman.

A firebrand TV book salesman, Georgiadis publicly apologized in 2017 for energetically promoting an anti-Semitic tome on his shows as "dynamite" and "my favourite book."

Another recently-arrived LAOS cadre who once headed a pro-Greek junta youth group, the lawyer Makis Voridis, was named shadow interior minister by Mitsotakis.

Before joining LAOS, Voridis had headed the Hellenic Front, a short-lived party with close links to the far-right National Front party in France.

Mitsotakis is given credit for restoring the fortunes of New Democracy, a demoralised party that had lost three successive elections to the charismatic Tsipras in the last five years.

"Citizens put their trust in us not only for our basic promises, to reduce taxes and to create good jobs and security for all, but for a different ethos and style of power," Mitsotakis said after winning European Parliament elections in May by a margin of nearly 9.5 points.&nbsp;

A basketball lover, Mitsotakis has three children with Mareva Grabowski, a co-founder of luxury clothes label Zeus+Dione.&nbsp;

Greece's incoming prime minister Kyriakos Mitsotakis is a hard-nosed reformer from a conservative political dynasty with controversial civil service job cuts on his resume.

Greece's incoming prime minister Kyriakos Mitsotakis is a hard-nosed reformer from a conservative political dynasty with controversial civil service job cuts on his resume. Three years after taking over the leadership of the conservative New Democracy party once headed by his father, the 51-year-old Harvard graduate and former McKinsey consultant have promised to "steamroll" obstacles to business. "The people must entrust the helm of Greece to a strong hand," he said on the campaign trail. And on election night after winning a landslide victory, he vowed that Greece would "proudly" enter a post-bailout period of "jobs, security, and growth". "A painful cycle has closed," Mitsotakis said in a televised address, adding that Greece would "proudly raise its head again" on his watch His critics argue that his pro-business platform and promised tax cuts can only credibly come at the expense of social benefits to crisis-hit families. In his sole ministerial stint in charge of administrative reform in 2014, he was tasked with eliminating 15,000 civil service posts under pressure from Greece's creditors. The downsising was cut short by-elections, but Mitsotakis's tag as a hatchet man has endured. During the campaign, Mitsotakis told AFP his priority would be to "restart" the economy. "Greece will restore ambitious growth driven by private investments, exports, and innovation. All our energy is focused in that direction." He also wants to renegotiate Greece's tight fiscal targets in talks with the country's international creditors. "If we present a comprehensive reforms package, (the creditors) will be open to a discussion that will gradually lower Greece's primary surpluses, which everybody acknowledges are too high," he says. "And it will benefit both Europeans and the Greek economy," he adds. Outgoing PM Alexis Tsipras has warned that his successor would unleash "Armageddon" on workers. "When Mitsotakis says reforms... it entails human blood... he has personally fired thousands," Tsipras told CNN Greece on June 22. "The (2012-2015) government he was part of wiped out the middle class," he said. Fearful of alienating Greek civil servants and their families who account for a hefty percentage of the electorate Mitsotakis has been forced to publicly abjure further civil servant layoffs. "No civil servants will be fired... but this does not mean we will be taking on more than we need... I will not tolerate pointless hirings," he told Star TV in June. 'Judge me not by my name' Mitsotakis has long struggled to shake off his elitist image. In a country with a long tradition of nepotism, Mitsotakis swears by meritocracy and has vowed not to put any relatives in his cabinet. But few people in Greece have a pedigree as exclusive as his. He is the son of former prime minister Constantine Mitsotakis, one of the country's longest-serving parliamentarians. His sister is former minister Dora Bakoyannis, Athens' first female mayor. And new Athens mayor Costas Bakoyannis, elected in May, is his nephew. Since 2016, when he ran as a candidate for the leadership of New Democracy, Mitsotakis has consistently fought to distance himself from his status as a member of Greece's leading political dynasty and he considers himself a "maverick". "Judge me by my CV, not by my name," he insists. Far-right transfers Mitsotakis has sought to modernize the party, casting a wide net for candidates under the age of 40 and pledging to govern with people of "my generation or younger." But leftist critics say Mitsotakis has turned New Democracy into a "hybrid" of nationalism and extreme neoliberalism in an unholy alliance to keep internal party balances intact. Immediately after his election in 2016, the new leader raised eyebrows by naming Adonis Georgiadis, a recent transfer from the far-right LAOS party, as deputy chairman. A firebrand TV book salesman, Georgiadis publicly apologized in 2017 for energetically promoting an anti-Semitic tome on his shows as "dynamite" and "my favourite book." Another recently-arrived LAOS cadre who once headed a pro-Greek junta youth group, the lawyer Makis Voridis, was named shadow interior minister by Mitsotakis. Before joining LAOS, Voridis had headed the Hellenic Front, a short-lived party with close links to the far-right National Front party in France. Mitsotakis is given credit for restoring the fortunes of New Democracy, a demoralised party that had lost three successive elections to the charismatic Tsipras in the last five years. "Citizens put their trust in us not only for our basic promises, to reduce taxes and to create good jobs and security for all, but for a different ethos and style of power," Mitsotakis said after winning European Parliament elections in May by a margin of nearly 9.5 points. A basketball lover, Mitsotakis has three children with Mareva Grabowski, a co-founder of luxury clothes label Zeus+Dione.

Kyriakos Mitsotakis, Greece's pro-business 'steamroller'

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday.

Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+.

"Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers."

New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns.

The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week.

That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy.

Countering the downward pressure, ongoing tensions in the Middle East also offered some support.

British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday. Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+. "Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers." New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns. The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week. That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy. Countering the downward pressure, ongoing tensions in the Middle East also offered some support. British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fall 1% on fears for global economy

Warning that there are growing risks to the global economy, leaders of the group of<a href="https://www.wionews.com/world/g20-stops-short-of-denouncing-protectionism-warns-of-global-slowdown-231451"> 20 major economies</a> on Saturday called for a free and stable trade environment and reform of the World Trade Organisation (WTO).

The G20 bloc said it will play a lead role in the global efforts to prevent fight against corruption by denying safe haven to persons sought for corruption and "work more closely" on asset recovery cooperation.

The group also agreed to apply the recently amended <a href="https://www.wionews.com/india-news/absolute-possibility-pakistan-could-blacklisted-fatf-president-billingslea-230015">Financial Action Task Force (FATF) </a>Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism.

G20 Summit Day 2: PM Modi meets Widodo, Bolsonaro

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/g20-summit-day-2-pm-modi-meets-widodo-bolsonaro-231475/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

"...growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks and stand ready to take further action," the G20 leaders said in a declaration at the end of a two-day summit held here.

The group decided to step up "dialogue and actions to enhance confidence" and use all policy tools to achieve strong and inclusive growth and safeguard against downward risks.

In order to foster global economic growth, the group said, "We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open".

Emphasising the need to improve the functioning of the WTO, the G20 members decided to work constructively with other trade body members in the run-up to the 12th WTO Ministerial Conference.

"We agree that action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by WTO members. Furthermore, we recognize the complementary roles of bilateral and regional free trade agreements that are WTO-consistent. We will work to ensure a level playing field to foster an enabling business environment," the declaration said.

To enhance cooperation, the G20 members called for carefully calibrated macroeconomic and structural policies "tailored to country-specific circumstances" to address excessive current account imbalances and mitigate the risks to achieving the G20 goal of strong and inclusive growth.

Stating that cross-border flow of data and information was raising challenges of privacy, security and intellectual property rights, the G20 stressed on continuing addressing these issues besides respecting the legal frameworks, both domestic and international.

The group decided to work on advancing elements to develop infrastructure as an asset class, including by exploring possible indicators on quality infrastructure investment, the declaration said.

Calling on the International Monetary Fund to expedite its work on its resources and governance reform on a priority basis, the G20 urged the IMF and World Bank Group to continue their efforts to strengthen borrowers' capacity in the area of debt recording, monitoring and reporting among others under their multi-pronged approach.

The group further said that it will redouble its efforts for a consensus-based solution on tax challenges arising from digitalisation with a report by 2020.

"We call on all jurisdictions to sign and ratify the multilateral convention on mutual administrative assistance in tax matters. We reiterate our support for tax capacity building in developing countries," the declaration said.

Stating that crypto-assets do not pose a threat to global financial stability at this point, the members said, however, "we are closely monitoring developments and remain vigilant to existing and emerging risks".

To tackle corruption, the group said it is committed to implement the G20 Anti-Corruption Action Plan 2019-2021 and intensify efforts to combat foreign bribery and ensure that each member in the bloc has a national law in force for criminalising foreign bribery as soon as possible.

Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Mexico, Republic of Korea, South Africa, Russia, Saudi Arabia, Turkey, the UK, the US, Chile, Egypt, Estonia, Netherlands, Nigeria, Senegal, Singapore, Spain and Vietnam are members of the G20 bloc. WTO, World Bank and other seven global bodies are also part of it.

Warning that there are growing risks to the global economy, leaders of the group of 20 major economies on Saturday called for a free and stable trade environment and reform of the World Trade Organisation (WTO).

Warning that there are growing risks to the global economy, leaders of the group of 20 major economies on Saturday called for a free and stable trade environment and reform of the World Trade Organisation (WTO). The G20 bloc said it will play a lead role in the global efforts to prevent fight against corruption by denying safe haven to persons sought for corruption and "work more closely" on asset recovery cooperation. The group also agreed to apply the recently amended Financial Action Task Force (FATF) Standards to virtual assets and related providers for anti-money laundering and countering the financing of terrorism. G20 Summit Day 2: PM Modi meets Widodo, Bolsonaro "...growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks and stand ready to take further action," the G20 leaders said in a declaration at the end of a two-day summit held here. The group decided to step up "dialogue and actions to enhance confidence" and use all policy tools to achieve strong and inclusive growth and safeguard against downward risks. In order to foster global economic growth, the group said, "We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open". Emphasising the need to improve the functioning of the WTO, the G20 members decided to work constructively with other trade body members in the run-up to the 12th WTO Ministerial Conference. "We agree that action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by WTO members. Furthermore, we recognize the complementary roles of bilateral and regional free trade agreements that are WTO-consistent. We will work to ensure a level playing field to foster an enabling business environment," the declaration said. To enhance cooperation, the G20 members called for carefully calibrated macroeconomic and structural policies "tailored to country-specific circumstances" to address excessive current account imbalances and mitigate the risks to achieving the G20 goal of strong and inclusive growth. Stating that cross-border flow of data and information was raising challenges of privacy, security and intellectual property rights, the G20 stressed on continuing addressing these issues besides respecting the legal frameworks, both domestic and international. The group decided to work on advancing elements to develop infrastructure as an asset class, including by exploring possible indicators on quality infrastructure investment, the declaration said. Calling on the International Monetary Fund to expedite its work on its resources and governance reform on a priority basis, the G20 urged the IMF and World Bank Group to continue their efforts to strengthen borrowers' capacity in the area of debt recording, monitoring and reporting among others under their multi-pronged approach. The group further said that it will redouble its efforts for a consensus-based solution on tax challenges arising from digitalisation with a report by 2020. "We call on all jurisdictions to sign and ratify the multilateral convention on mutual administrative assistance in tax matters. We reiterate our support for tax capacity building in developing countries," the declaration said. Stating that crypto-assets do not pose a threat to global financial stability at this point, the members said, however, "we are closely monitoring developments and remain vigilant to existing and emerging risks". To tackle corruption, the group said it is committed to implement the G20 Anti-Corruption Action Plan 2019-2021 and intensify efforts to combat foreign bribery and ensure that each member in the bloc has a national law in force for criminalising foreign bribery as soon as possible. Argentina, Australia, Brazil, Canada, China, European Union, France, Germany, India, Indonesia, Italy, Mexico, Republic of Korea, South Africa, Russia, Saudi Arabia, Turkey, the UK, the US, Chile, Egypt, Estonia, Netherlands, Nigeria, Senegal, Singapore, Spain and Vietnam are members of the G20 bloc. WTO, World Bank and other seven global bodies are also part of it.

G20 calls for free, stable trade environment; warns of slowing global economy

Leaders to discuss Global Economy, Environment and Employment in G20 Summit 2019

G20 Summit: Leaders to discuss Global Economy, Environment and Employment

The United Nations on Tuesday downgraded its forecast for world economic growth, announcing that it expects overall growth of 2.7 per cent this year and 2.9 per cent in 2020.

In a revision of its earlier economic outlook, the international body modified downward the figures it had published in January when it said that it expected the world economy to grow by 3.0 per cent both in 2019 and in 2020.

The downward adjustment came as a result of trade tensions and political uncertainty, a complicated confluence of internal and external factors affecting most of the developed and developing economies, the UN said.

Thus, after growing at a 3.0 per cent clip in 2018, according to UN figures, the world economic growth rate is predicted to slow slightly to 2.7 per cent this year, taking these adjusted figures into account, a situation that reinforces the theory that the current cycle of growth has reached its peak.

The UN predicts for 2019 that the United States' economy will grow at 2.3 per cent, while the European Union's overall economy will expand at 1.5 per cent, Japan at 0.8 per cent and Russia at 1.4 per cent.

Meanwhile, the developing economies as a group will expand at 4.1 per cent, with Latin America and the Caribbean bringing up the rear with growth of just 1.1 per cent.

The UN also emphasized the existence of several risks that could slow economic growth even more, mainly increased trade tensions but also a deterioration in financial conditions and the effects of climate change.

Amid the widening trade war between the US and China, the UN projects that world trade will grow in 2019 by 2.7 per cent, significantly below the 3.6 per cent growth achieved in that area last year.

The international organization warned that if big governments continue raising tariffs and ratcheting up the trade war the less developed economies could suffer, too, above all those whose exports depend in large measure on the larger economies.

At the same time, the UN said that the flexibility of monetary policies adopted by some central banks in response to slower growth could produce financial imbalances if they continue for a prolonged period.

The United Nations on Tuesday downgraded its forecast for world economic growth, announcing that it expects overall growth of 2.7 per cent this year and 2.9 per cent in 2020.

The United Nations on Tuesday downgraded its forecast for world economic growth, announcing that it expects overall growth of 2.7 per cent this year and 2.9 per cent in 2020. In a revision of its earlier economic outlook, the international body modified downward the figures it had published in January when it said that it expected the world economy to grow by 3.0 per cent both in 2019 and in 2020. The downward adjustment came as a result of trade tensions and political uncertainty, a complicated confluence of internal and external factors affecting most of the developed and developing economies, the UN said. Thus, after growing at a 3.0 per cent clip in 2018, according to UN figures, the world economic growth rate is predicted to slow slightly to 2.7 per cent this year, taking these adjusted figures into account, a situation that reinforces the theory that the current cycle of growth has reached its peak. The UN predicts for 2019 that the United States' economy will grow at 2.3 per cent, while the European Union's overall economy will expand at 1.5 per cent, Japan at 0.8 per cent and Russia at 1.4 per cent. Meanwhile, the developing economies as a group will expand at 4.1 per cent, with Latin America and the Caribbean bringing up the rear with growth of just 1.1 per cent. The UN also emphasized the existence of several risks that could slow economic growth even more, mainly increased trade tensions but also a deterioration in financial conditions and the effects of climate change. Amid the widening trade war between the US and China, the UN projects that world trade will grow in 2019 by 2.7 per cent, significantly below the 3.6 per cent growth achieved in that area last year. The international organization warned that if big governments continue raising tariffs and ratcheting up the trade war the less developed economies could suffer, too, above all those whose exports depend in large measure on the larger economies. At the same time, the UN said that the flexibility of monetary policies adopted by some central banks in response to slower growth could produce financial imbalances if they continue for a prolonged period.

UN forecasts global economy to grow 2.7% in 2019, 2.9% in 2020

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy.

The three-day China Development Forum, which opened Saturday, focuses on key issues such as the supply-side structural reform, new measures of proactive fiscal policy, and the opening-up of the financial sector and financial stability.

More than 50 officials from the Chinese central government departments and over 150 overseas delegates have participated in the forum, including 96 executives from the world's leading companies and nearly 30 globally well-known scholars.

China has set its GDP growth target for 2019 at between six per cent and 6.5 per cent, according to the annual Government Work Report delivered by Premier Li Keqiang at the opening meeting of the second session of the 13th National People's Congress in Beijing.

The target is lower than last year's goal of around 6.5 per cent, as the country pursues higher-quality development amid mounting uncertainties in the international economic landscape. And experts believe that China will continue to be a key contributor to the world economic growth.

"Though the target of China's economic growth rate is a little bit lower, the economic quality will improve in exchange. Besides, China's influence on the world economy is still growing. In the past ten years, the Chinese economy contributed about 30 to 50 per cent of the world economic growth. Such a figure was stood at 50 per cent in 2009 and is expected to reach up to 30 per cent this year. So China is still an important impetus for the world economic growth," said Zhu Min, Chairman of the National Institute of Financial Research of Tsinghua University.

"We're always looking for opportunities in China. And so we look at China as very investable, and we have funds available. China will continue to occupy a major growth role in the global economy," said Stephen Allen Schwarzman, CEO of the Blackstone Group, a global private equity firm.

A similar idea is also shared by Liu Shijin, deputy director of the Economic Committee of the National Committee of Chinese People's Political Consultative Conference.

"China has always been a key force in promoting economic globalisation. That's not only because China has provided the world with more opportunities in trade investment and technology after its opening-up, but also because it will become an important and active force in improving the structure of global governance," said Liu.

Many businessmen also expressed their willingness to invest in China as the country is pursuing high-level opening-up of its financial sector.

"I think China has to be really commended in the way that it's managed that path of economic growth, and it's been very successful as we have seen over really a very long term now. I think as we go forward from here, what's been interesting is to see how many more areas China is willing and indeed leading the way in terms of developing new thinking internally, which has become very attractive to external investors," said Anne Richards, chief executive officer of Fidelity International, a company that provides investment management services.

"We are always investing in the market place, and we do it through a variety of ways. We have a physical location, a massive manufacturing facility, already in place, but we continue to invest through innovation and through building up our partnerships in the market place so that we can increase our approach to the consumers, to the market place and our operational support. So we continue to invest and see great potential in the market here in China. And we are going to do our best to compete in the market place," said Doug DeVos, co-chairman of the board of directors of Amway, one of the world's leading direct selling companies.

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy.

Many attendees to the economic summit of the ongoing China Development Forum are bullish about the Chinese economy and believe that it will continue to be a key driver of the global economy. The three-day China Development Forum, which opened Saturday, focuses on key issues such as the supply-side structural reform, new measures of proactive fiscal policy, and the opening-up of the financial sector and financial stability. More than 50 officials from the Chinese central government departments and over 150 overseas delegates have participated in the forum, including 96 executives from the world's leading companies and nearly 30 globally well-known scholars. China has set its GDP growth target for 2019 at between six per cent and 6.5 per cent, according to the annual Government Work Report delivered by Premier Li Keqiang at the opening meeting of the second session of the 13th National People's Congress in Beijing. The target is lower than last year's goal of around 6.5 per cent, as the country pursues higher-quality development amid mounting uncertainties in the international economic landscape. And experts believe that China will continue to be a key contributor to the world economic growth. "Though the target of China's economic growth rate is a little bit lower, the economic quality will improve in exchange. Besides, China's influence on the world economy is still growing. In the past ten years, the Chinese economy contributed about 30 to 50 per cent of the world economic growth. Such a figure was stood at 50 per cent in 2009 and is expected to reach up to 30 per cent this year. So China is still an important impetus for the world economic growth," said Zhu Min, Chairman of the National Institute of Financial Research of Tsinghua University. "We're always looking for opportunities in China. And so we look at China as very investable, and we have funds available. China will continue to occupy a major growth role in the global economy," said Stephen Allen Schwarzman, CEO of the Blackstone Group, a global private equity firm. A similar idea is also shared by Liu Shijin, deputy director of the Economic Committee of the National Committee of Chinese People's Political Consultative Conference. "China has always been a key force in promoting economic globalisation. That's not only because China has provided the world with more opportunities in trade investment and technology after its opening-up, but also because it will become an important and active force in improving the structure of global governance," said Liu. Many businessmen also expressed their willingness to invest in China as the country is pursuing high-level opening-up of its financial sector. "I think China has to be really commended in the way that it's managed that path of economic growth, and it's been very successful as we have seen over really a very long term now. I think as we go forward from here, what's been interesting is to see how many more areas China is willing and indeed leading the way in terms of developing new thinking internally, which has become very attractive to external investors," said Anne Richards, chief executive officer of Fidelity International, a company that provides investment management services. "We are always investing in the market place, and we do it through a variety of ways. We have a physical location, a massive manufacturing facility, already in place, but we continue to invest through innovation and through building up our partnerships in the market place so that we can increase our approach to the consumers, to the market place and our operational support. So we continue to invest and see great potential in the market here in China. And we are going to do our best to compete in the market place," said Doug DeVos, co-chairman of the board of directors of Amway, one of the world's leading direct selling companies.

China continues to be key driver of global economy: Experts

Anpanman is a Japanese cartoon character whose head is made of red bean bread. The superhero, who shares parts of his bean bread face (in Japanese ‘pan’ is bread and ‘anko’ is red bean paste) with people in need is ‘Anpanman’, the world’s weakest superhero.&nbsp;

Lacking all the superpowers associated with American superhero characters like Superman or Spiderman, he hovers nearby ready to help.&nbsp;

The significance of the arrival of Anpanman, as the alternative Asian superhero, which resulted from the publicity received from the song ‘Anpanman’ sung by the iconic Korean Pop (K Pop) group BTS (Bangtan Sonyeondan) goes beyond the globalisation of a Japanese comic book character.&nbsp;

It heralds what Parag Khanna in his recent book, The Future is Asian calls ‘the Asianisation of the world’. In music for instance, BTS, an Asian pop group, represents one of the most significant departures in global pop culture of the 21st century. As a venture, BTS began with exploring neighbouring Asian markets in Taiwan, Japan and China and finally captured American audiences with the album Love Yourself in 2018.&nbsp;

‘Why Asia Matters’, has been the topic of discussion for some years now, not just because of the projection of the 21st century as the Asian Century, but also because of China’s emerging role in the global arena, the resilience of Asian economies in the face of a global downturn, its growing and young population, its advent as both the largest producer and consumer of goods and a plethora of other factors that would follow these developments.&nbsp;

It is today also space where new strategic geographies, that challenge traditional geopolitical divisions, are being imagined and where alternative economic institutions that predict a transition of the centre of global economics eastward are being framed.&nbsp;

This transition is emerging in the background of a deep sense of dissatisfaction with globalisation, fear of immigrants and emergence of populist politics, exemplified by a growing divide between cosmopolitan and non-cosmopolitan populations, deepening cultural differences between rural and urban populations and widening opinion among those favouring an open society that is welcoming to immigrants and other supporting closed borders.&nbsp;

The ‘new world order’ is in flux and Asia seems to be at its centre.

In recent years fundamental assumptions underlying the global world order have been politically, economically, socially and culturally challenged.&nbsp;

Typically stable territorial formations (nation-states, ideological blocks, global markets) have devolved into chaos while typically unstable extraterritorial flows (communication networks, trade arrangements, cultural codes or capital reserves) are evolving into consistent cohesions prompting the argument that globally there are shifts that are moving towards de-territorialisation and re-territorialisation at the same time.&nbsp;

The ‘new normal’, in economic terms, on the other hand, is a position that is likely to disrupt openness to trade on the part of the world that was its most vocal proponent and its support from states like China, which is stepping into the role of ‘globalisation’s biggest supporter’. &nbsp;

This was reflected in President Trump’s pullout from the 12-nation mega trade deal (the Trans-Pacific Partnership TPP) and increasing numbers of states opting to join the China-led Regional Comprehensive Economic Partnership (RCEP).&nbsp;

Begun as a free trade agreement between the ten member states of the ASEAN and the six states with which the ASEAN has existing free trade agreement, RCEP will in all probability be expanded with the inclusion of states like Peru and Chile bringing into question the spatial aspect of the ‘regional’ economic partnership.&nbsp;

As trade flows compete with military power for influence, geopolitics becomes an extension of geo-economics and infrastructural developments and institutions assume increasing significance logistical connects will move towards creating new frontiers of governance and new peripheries on the outskirts of logistical connects.&nbsp;

It is assumed that this will eventually create a space where the distinction between the economic and the institutional, the public and the private, the national and the supranational, and the local and the global will blur or even vanish. It would also probably herald the arrival of an Asianised future reflected hopefully in the lines ‘Waiting for you, Anpanman!’ 
&nbsp;

(This article was originally published on The DNA. Read the<a href="https://www.dnaindia.com/analysis/column-new-world-order-is-in-flux-and-asia-seems-to-be-at-its-centre-2727082"> original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

Anpanman is a Japanese cartoon character whose head is made of red bean bread. The superhero, who shares parts of his bean bread face (in Japanese ‘pan’ is bread and ‘anko’ is red bean paste) with people in need is ‘Anpanman’, the world’s weakest superhero.

Anpanman is a Japanese cartoon character whose head is made of red bean bread. The superhero, who shares parts of his bean bread face (in Japanese ‘pan’ is bread and ‘anko’ is red bean paste) with people in need is ‘Anpanman’, the world’s weakest superhero. Lacking all the superpowers associated with American superhero characters like Superman or Spiderman, he hovers nearby ready to help. The significance of the arrival of Anpanman, as the alternative Asian superhero, which resulted from the publicity received from the song ‘Anpanman’ sung by the iconic Korean Pop (K Pop) group BTS (Bangtan Sonyeondan) goes beyond the globalisation of a Japanese comic book character. It heralds what Parag Khanna in his recent book, The Future is Asian calls ‘the Asianisation of the world’. In music for instance, BTS, an Asian pop group, represents one of the most significant departures in global pop culture of the 21st century. As a venture, BTS began with exploring neighbouring Asian markets in Taiwan, Japan and China and finally captured American audiences with the album Love Yourself in 2018. ‘Why Asia Matters’, has been the topic of discussion for some years now, not just because of the projection of the 21st century as the Asian Century, but also because of China’s emerging role in the global arena, the resilience of Asian economies in the face of a global downturn, its growing and young population, its advent as both the largest producer and consumer of goods and a plethora of other factors that would follow these developments. It is today also space where new strategic geographies, that challenge traditional geopolitical divisions, are being imagined and where alternative economic institutions that predict a transition of the centre of global economics eastward are being framed. This transition is emerging in the background of a deep sense of dissatisfaction with globalisation, fear of immigrants and emergence of populist politics, exemplified by a growing divide between cosmopolitan and non-cosmopolitan populations, deepening cultural differences between rural and urban populations and widening opinion among those favouring an open society that is welcoming to immigrants and other supporting closed borders. The ‘new world order’ is in flux and Asia seems to be at its centre. In recent years fundamental assumptions underlying the global world order have been politically, economically, socially and culturally challenged. Typically stable territorial formations (nation-states, ideological blocks, global markets) have devolved into chaos while typically unstable extraterritorial flows (communication networks, trade arrangements, cultural codes or capital reserves) are evolving into consistent cohesions prompting the argument that globally there are shifts that are moving towards de-territorialisation and re-territorialisation at the same time. The ‘new normal’, in economic terms, on the other hand, is a position that is likely to disrupt openness to trade on the part of the world that was its most vocal proponent and its support from states like China, which is stepping into the role of ‘globalisation’s biggest supporter’. This was reflected in President Trump’s pullout from the 12-nation mega trade deal (the Trans-Pacific Partnership TPP) and increasing numbers of states opting to join the China-led Regional Comprehensive Economic Partnership (RCEP). Begun as a free trade agreement between the ten member states of the ASEAN and the six states with which the ASEAN has existing free trade agreement, RCEP will in all probability be expanded with the inclusion of states like Peru and Chile bringing into question the spatial aspect of the ‘regional’ economic partnership. As trade flows compete with military power for influence, geopolitics becomes an extension of geo-economics and infrastructural developments and institutions assume increasing significance logistical connects will move towards creating new frontiers of governance and new peripheries on the outskirts of logistical connects. It is assumed that this will eventually create a space where the distinction between the economic and the institutional, the public and the private, the national and the supranational, and the local and the global will blur or even vanish. It would also probably herald the arrival of an Asianised future reflected hopefully in the lines ‘Waiting for you, Anpanman!’ (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL.)

‘New world order’ is in flux and Asia seems to be at its centre

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