Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. <o:p></o:p>

Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&amp;P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters)<o:p></o:p>

Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. 

The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures.<o:p></o:p>

On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. <o:p></o:p>

Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing.<o:p></o:p>

Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. <o:p></o:p>

The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.

Asian markets rallied on Monday, with Japan taking the lead, propelled by the tech sector's enthusiasm for artificial intelligence (AI). The Nikkei surged to a fresh 34-year peak, up 8.3 per cent in January, fuelled by strong performances in chip stocks following Taiwan Semiconductor Manufacturing's optimistic profit outlook. Chipmakers, including Nvidia and Advanced Micro Devices, reaped the benefits of the AI-driven rally. As investors brace for a week packed with central bank meetings, economic data releases, and corporate earnings, attention turns to results from Intel, IBM, Tesla, Netflix, Lockheed Martin, and others. The S&P 500 and Nasdaq futures in the US showed marginal gains after reaching record highs last week. (Source: Reuters) Amid the broader Asian rally, MSCI's broadest index of Asia-Pacific shares outside Japan rose by 0.3 per cent, rebounding from last week's downturn influenced by weakness in China's markets. China experienced a five-year low, sparking speculation about state funds supporting stocks. Despite concerns about China's economic stability, Beijing appears hesitant to implement aggressive stimulus measures. The Bank of Japan, meeting on Tuesday, is expected to maintain super-easy monetary policies, supported by a second consecutive month of slowing consumer prices. Analysts anticipate the central bank's cautious stance, awaiting the outcomes of the spring wage rounds before considering any tightening measures. On the global stage, the European Central Bank (ECB) is set to meet on Thursday, expected to maintain its current stance amid recent hawkish commentary from top officials. While a March rate cut seems logical, the ECB's recent resistance makes a June cut more probable. Futures indicate a 76 per cent chance of a first cut in May, with 40 basis points of easing priced in by June. Central banks in Canada and Norway are also scheduled to meet this week, with no anticipated changes to interest rates. In the United States, market expectations for a March cut from the Federal Reserve have decreased to 49 per cent, influenced by recent hawkish rhetoric. Attention now turns to US economic growth and core inflation data, which could shape the prospects for early easing. Global financial markets witnessed a notable shift last week, with 10-year Treasury yields rising nearly 20 basis points to 4.13 per cent. This strengthened the dollar, reaching a five-week high against a basket of currencies. The dollar stood at 148.13 yen, having gained 2.2 per cent last week. The euro held steady at $1.0893. Gold, a non-yielding asset, lost appeal at $2,028 an ounce in the face of rising yields. In the oil market, concerns about global demand offset tensions in the Middle East. Brent crude dipped to $78.33 a barrel, while US crude for January eased to $73.16 per barrel, reflecting ongoing uncertainties in the energy market. (With inputs from Reuters)

Japan leads Asian stocks amid AI surge; global markets await Central Bank decisions

Investors worldwide are reevaluating their strategies amid china's economic struggles, regulatory uncertainties, and a property crisis. China's share of the msci emerging markets index has hit a historic low. The value plummeted to 23.77% as of december 31, according to bloomberg calculations. This marks a significant decline from its peak weight of 2020, now trailing by approximately 16 percentage points.

China's diminishing weight in emerging markets index

Pakistan’s stock market is witnessing a red-hot surge as foreign investors flock to the country amid easing financial & political tensions

Pakistan's stocks emerge as top choice in emerging markets

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation".

During a conversation hosted by the High Commission of India in London, titled 'How a billion people see the world,' Jaishankar discussed India's impactful position in global affairs.

EAM Jaishankar said, "So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you."

The minister explained that India's approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market.

He elaborated, "When it comes to the purchase...I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us."

While acknowledging India's significance in the global markets,&nbsp;Jaishankar noted, "We saw that in the LNG markets where actually many supplies which were traditionally coming into Asia were diverted to Europe and in fact at least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them."

"They have bigger fish to fry," the EAM added.

In addressing India's stance on the Russia-Ukraine war, Jaishankar highlighted the balance between principles and interests.

"We have learned the hard way that people speak of principles...But they are tempered by interest. In this particular case, we have a very powerful interest to keep our relationship with Russia."

The conversation, part of Mr Jaishankar's five-day visit to the UK, took place at the Royal Over-Seas League Club and was moderated by journalist Lionel Barber.

In the conversation, the EAM also underscored India's pivotal role in reforms of the global institutions like the G20 and BRICS, saying that "we are partly evolutionary, partly revolutionary." Addressing the audience, EAM Jaishankar emphasised India's unique position in the evolving global landscape.

Barber questioned Mr Jaishankar, "How do you see India's role in trying to either reform the post 1945 global institutions of governance or building alternatives?"

To this the EAM replied, "We are partly evolutionary, partly revolutionary. We want change without excessive disruption."

Barber also noted that "it has become almost conventional wisdom to say that this is India's most moment."

"But also India seems to find itself in a geopolitical sweet spot between east and west. So perhaps you could talk a little is about how India suddenly appears to be top of the heat, and then how is India going to exploit that position?" he asked Jaishankar.

In response, the EAM said, "I would say there's a momentum because there's a certain process which we are in the middle of at this point of time."

He also went on to elucidate several notable recent achievements of India ranging from handling of "COVID to the economic changes, the recapitalisation of banks, the effort to boost exports, the renewed business confidence, the socioeconomic changes, and a massive embrace of digital technology."

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation".

Asserting India's role in stabilising global oil and gas markets through its strategic purchase policies amid the Russia-Ukraine war, External Affairs Minister S Jaishankar noted that the purchase policies of India managed "global inflation". During a conversation hosted by the High Commission of India in London, titled 'How a billion people see the world,' Jaishankar discussed India's impactful position in global affairs. EAM Jaishankar said, "So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you." The minister explained that India's approach to oil purchases prevented a surge in global oil prices, preventing potential competition with Europe in the market. He elaborated, "When it comes to the purchase...I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us." While acknowledging India's significance in the global markets, Jaishankar noted, "We saw that in the LNG markets where actually many supplies which were traditionally coming into Asia were diverted to Europe and in fact at least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them." "They have bigger fish to fry," the EAM added. In addressing India's stance on the Russia-Ukraine war, Jaishankar highlighted the balance between principles and interests. "We have learned the hard way that people speak of principles...But they are tempered by interest. In this particular case, we have a very powerful interest to keep our relationship with Russia." The conversation, part of Mr Jaishankar's five-day visit to the UK, took place at the Royal Over-Seas League Club and was moderated by journalist Lionel Barber. In the conversation, the EAM also underscored India's pivotal role in reforms of the global institutions like the G20 and BRICS, saying that "we are partly evolutionary, partly revolutionary." Addressing the audience, EAM Jaishankar emphasised India's unique position in the evolving global landscape. Barber questioned Mr Jaishankar, "How do you see India's role in trying to either reform the post 1945 global institutions of governance or building alternatives?" To this the EAM replied, "We are partly evolutionary, partly revolutionary. We want change without excessive disruption." Barber also noted that "it has become almost conventional wisdom to say that this is India's most moment." "But also India seems to find itself in a geopolitical sweet spot between east and west. So perhaps you could talk a little is about how India suddenly appears to be top of the heat, and then how is India going to exploit that position?" he asked Jaishankar. In response, the EAM said, "I would say there's a momentum because there's a certain process which we are in the middle of at this point of time." He also went on to elucidate several notable recent achievements of India ranging from handling of "COVID to the economic changes, the recapitalisation of banks, the effort to boost exports, the renewed business confidence, the socioeconomic changes, and a massive embrace of digital technology."

'I am waiting for thank you': S Jaishankar lauds India's purchase policies that managed 'global inflation'

This morning, global markets reflected the aftermath of Wall Street's tech-fueled surge, with Asian shares generally on the rise as investors awaited the pivotal US Inflation report scheduled for Tuesday. Japanese and Hong Kong stocks experienced gains, contrasting with modest declines in mainland Chinese and Australian markets. The positive momentum followed Friday's NASDAQ 100 upswing of over 2%, driven by Microsoft's new high. However, early Asian trading hours saw a dip in US Market futures. Note: Singapore and Malaysian markets are closed today due to holidays.

Global markets in morning hours: Asia responds to tech-driven wall street gains

Asian markets are under pressure after US Federal Reserve hinted that interest rates may need to rise further.

Global markets roundup | Asian markets under pressure

Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices. 
 
South Korea's Kospi index had experienced a 3.24 per cent&nbsp;drop in the past two sessions, erasing over half of its gains earlier in the week when a short-selling ban was reintroduced. 
 
On the other side of the world, U.S. markets showed resilience as the S&amp;P 500 extended its winning streak for an eighth day, marking its longest run in two years. The Nasdaq Composite also continued its upward trend, notching its longest string of gains in two years. However, the Dow Jones Industrial Average saw a marginal decline, ending its best win streak since July. 
 
Oil prices ticked upward despite deflationary signals from China. Investors remained on the lookout for further insight into demand from the world's two largest oil consumers. This followed a previous drop of more than 2 per cent&nbsp;in both benchmarks to their lowest levels since mid-July, as concerns over supply disruptions in the Middle East eased and worries about U.S. and Chinese demand intensified. 
 
In the world of precious metals, gold prices retreated at the opening bell. This came after the precious metal had declined for a third consecutive session as investors sought fresh signals regarding the U.S. central bank's stance on interest rates. At the same time, palladium hit a five-year low. 
 
Within the palladium market, analysts are observing a rapid evaporation of demand, primarily due to reduced production of internal combustion engines and a growing shift toward using platinum in auto catalyst components. It's important to note that both metals play a crucial role in emissions-controlling devices in automobiles.

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Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices.

Asia-Pacific markets saw a mixed start to the day, with some indexes rebounding after consecutive declines. Meanwhile, China reported a faster-than-expected decline in consumer prices. South Korea's Kospi index had experienced a 3.24 per cent drop in the past two sessions, erasing over half of its gains earlier in the week when a short-selling ban was reintroduced. On the other side of the world, U.S. markets showed resilience as the S&P 500 extended its winning streak for an eighth day, marking its longest run in two years. The Nasdaq Composite also continued its upward trend, notching its longest string of gains in two years. However, the Dow Jones Industrial Average saw a marginal decline, ending its best win streak since July. Oil prices ticked upward despite deflationary signals from China. Investors remained on the lookout for further insight into demand from the world's two largest oil consumers. This followed a previous drop of more than 2 per cent in both benchmarks to their lowest levels since mid-July, as concerns over supply disruptions in the Middle East eased and worries about U.S. and Chinese demand intensified. In the world of precious metals, gold prices retreated at the opening bell. This came after the precious metal had declined for a third consecutive session as investors sought fresh signals regarding the U.S. central bank's stance on interest rates. At the same time, palladium hit a five-year low. Within the palladium market, analysts are observing a rapid evaporation of demand, primarily due to reduced production of internal combustion engines and a growing shift toward using platinum in auto catalyst components. It's important to note that both metals play a crucial role in emissions-controlling devices in automobiles. WATCH WION LIVE HERE

Global Markets Roundup | S&P 500 extends winning streak for 8th straight session 

This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up. Investors are also awaiting a rate decision by the reserve bank of Australia.

South Korea’s kospi erased Monday’s gains when the index posted its best session since late march 2020 after the country re-imposed a ban on short selling.

In Japan, the nikkei 225 slipped in its first hour of trade and extended those losses.

Overnight in the U.S., all three indexes eked out narrow gains to build on last week’s strong rally. The Nasdaq composite jumped to finish higher, &nbsp;notching its longest positive streak since January.

Oil prices eased, giving up most of the gains from the previous day, on concerns over weak demand in China.

Gold eased as investors cautiously turned back to riskier assets, and positioned for a host of federal reserve speakers this week including Jerome Powell for clarity on U.S. rate cuts.

Risk appetite is a bit better and there have been no major surprise developments from the Israel-Hammas war, and this is taking away a little bit of the safe-haven bidding for gold and silver.

Remember, bullion gained over 7 per cent in October as the West Asia conflict boosted safe-haven demand.

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This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up.

This morning, South Korean stocks fell over 2 per cent, leading losses in the wider Asia-Pacific as trade data posted by China showed exports lowered more than expected while imports ticked up. Investors are also awaiting a rate decision by the reserve bank of Australia. South Korea’s kospi erased Monday’s gains when the index posted its best session since late march 2020 after the country re-imposed a ban on short selling. In Japan, the nikkei 225 slipped in its first hour of trade and extended those losses. Overnight in the U.S., all three indexes eked out narrow gains to build on last week’s strong rally. The Nasdaq composite jumped to finish higher, notching its longest positive streak since January. Oil prices eased, giving up most of the gains from the previous day, on concerns over weak demand in China. Gold eased as investors cautiously turned back to riskier assets, and positioned for a host of federal reserve speakers this week including Jerome Powell for clarity on U.S. rate cuts. Risk appetite is a bit better and there have been no major surprise developments from the Israel-Hammas war, and this is taking away a little bit of the safe-haven bidding for gold and silver. Remember, bullion gained over 7 per cent in October as the West Asia conflict boosted safe-haven demand. WATCH WION LIVE HERE

Global Markets Roundup | China's lower than expected exports leads to sell-off in Asian markets

Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today.

Japan's Nikkei 225, returning from a long weekend, opened with a 2 per cent gain, while South Korea’s kospi led early gains in the region.

US stocks closed higher on Friday, benefiting from the soft jobs report that drove bond yields lower, resulting in the best week for major indexes in 2023.

The S&amp;P 500 marked its first five-day winning streak since June.

Crude oil prices increased in early trade, partly due to reduced concerns about more federal reserve rate hikes. However, traders remain cautious with several key economic readings, especially from China, scheduled for this week.

Chinese trade data, to be released on Tuesday, is expected to offer insights into commodity demand in the country.

Safe-haven buying eased, causing gold prices to drop in early trading. Although US weekly jobless claims pushed gold above $2,000 per ounce, it couldn't sustain this level. Investors seem to believe that the Israel-Hamas conflict will likely remain contained. On the other hand, the perception that the global interest rate cycle may be nearing an end could support gold moving forward.

In the cryptocurrency markets, ripple, an enterprise-grade cryptocurrency, is sending strong bullish signals as it tests the $1 per token mark. Ripple surprised crypto enthusiasts with a 30 per cent surge in less than two weeks, while bitcoin experienced a 15 per cent surge during the same period.

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Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today.

Asian markets saw gains at the open due to a softer US jobs report, reducing expectations of further interest rate hikes by the Federal Reserve. Investors are also keeping an eye on Japan’s business activity in October, with the data expected later today. Japan's Nikkei 225, returning from a long weekend, opened with a 2 per cent gain, while South Korea’s kospi led early gains in the region. US stocks closed higher on Friday, benefiting from the soft jobs report that drove bond yields lower, resulting in the best week for major indexes in 2023. The S&P 500 marked its first five-day winning streak since June. Crude oil prices increased in early trade, partly due to reduced concerns about more federal reserve rate hikes. However, traders remain cautious with several key economic readings, especially from China, scheduled for this week. Chinese trade data, to be released on Tuesday, is expected to offer insights into commodity demand in the country. Safe-haven buying eased, causing gold prices to drop in early trading. Although US weekly jobless claims pushed gold above $2,000 per ounce, it couldn't sustain this level. Investors seem to believe that the Israel-Hamas conflict will likely remain contained. On the other hand, the perception that the global interest rate cycle may be nearing an end could support gold moving forward. In the cryptocurrency markets, ripple, an enterprise-grade cryptocurrency, is sending strong bullish signals as it tests the $1 per token mark. Ripple surprised crypto enthusiasts with a 30 per cent surge in less than two weeks, while bitcoin experienced a 15 per cent surge during the same period. WATCH WION LIVE HERE

Global Markets Roundup | Safe-haven buying eases, risk sentiment improves

Asian stock markets kicked off the day with a positive note, opening in the green, while U.S. stocks faced losses for the third consecutive month. Oil prices made a marginal climb, and the price of gold dropped below $2,000 per ounce. These market dynamics set the stage for a day filled with economic activity and events to watch closely.

One of the key cues to keep an eye on today is the U.S. Federal Reserve's policy decision. The Federal Reserve is concluding its two-day monetary policy meeting, and the prevailing expectation in the markets is that the central bank will maintain the status quo by keeping interest rates unchanged.

In the Asian markets, Japan's Nikkei 225 Index opened with a significant rise of over 2 per cent, indicating strong early trading activity. South Korea's KOSPI also opened nearly 1 per cent higher. In contrast, Hong Kong and mainland Chinese stocks opened relatively flat.

In the U.S., the situation is a bit different. U.S. stocks closed higher on Tuesday, regaining some lost ground after a challenging month. However, it's important to note that U.S. stocks posted losses for the third straight month, which is a concerning trend in the financial markets.

The oil market saw a slight uptick in prices during early Asian trading hours. This increase comes as the market closely monitors the latest developments in the Israel-Hamas conflict. It's essential to remember that the trajectory of interest rates plays a critical role in the oil market. Interest rate hikes, aimed at curbing inflation, have the potential to slow down economic growth and reduce oil demand. Conversely, rate cuts, which are intended to stimulate spending, could increase oil consumption.

Meanwhile, the price of gold witnessed a decline, falling below the $2,000 per ounce mark. This drop followed a significant rally of over 8 per cent in the previous week. The primary reason for this decline is the anticipation of higher interest rates for a more extended period, which is impacting the demand for non-yielding assets like gold. Additionally, the strengthening U.S. dollar is contributing to the downward pressure on gold prices.

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Asian stock markets kicked off the day with a positive note, opening in the green, while U.S. stocks faced losses for the third consecutive month. Oil prices made a marginal climb, and the price of gold dropped below $2,000 per ounce.

Asian stock markets kicked off the day with a positive note, opening in the green, while U.S. stocks faced losses for the third consecutive month. Oil prices made a marginal climb, and the price of gold dropped below $2,000 per ounce. These market dynamics set the stage for a day filled with economic activity and events to watch closely. One of the key cues to keep an eye on today is the U.S. Federal Reserve's policy decision. The Federal Reserve is concluding its two-day monetary policy meeting, and the prevailing expectation in the markets is that the central bank will maintain the status quo by keeping interest rates unchanged. In the Asian markets, Japan's Nikkei 225 Index opened with a significant rise of over 2 per cent, indicating strong early trading activity. South Korea's KOSPI also opened nearly 1 per cent higher. In contrast, Hong Kong and mainland Chinese stocks opened relatively flat. In the U.S., the situation is a bit different. U.S. stocks closed higher on Tuesday, regaining some lost ground after a challenging month. However, it's important to note that U.S. stocks posted losses for the third straight month, which is a concerning trend in the financial markets. The oil market saw a slight uptick in prices during early Asian trading hours. This increase comes as the market closely monitors the latest developments in the Israel-Hamas conflict. It's essential to remember that the trajectory of interest rates plays a critical role in the oil market. Interest rate hikes, aimed at curbing inflation, have the potential to slow down economic growth and reduce oil demand. Conversely, rate cuts, which are intended to stimulate spending, could increase oil consumption. Meanwhile, the price of gold witnessed a decline, falling below the $2,000 per ounce mark. This drop followed a significant rally of over 8 per cent in the previous week. The primary reason for this decline is the anticipation of higher interest rates for a more extended period, which is impacting the demand for non-yielding assets like gold. Additionally, the strengthening U.S. dollar is contributing to the downward pressure on gold prices. WATCH WION LIVE HERE

Global Markets Roundup | Markets await US Fed's monetary policy decision today

In the Asia-Pacific region, the majority of markets saw declines ahead of a significant monetary policy decision by the Bank of Japan. Investors were also evaluating manufacturing data from China. The Bank of Japan is set to conclude its two-day policy meeting later today, and market participants are closely monitoring for any indications of the central bank raising its inflation forecasts. Further adjustments to its bond yield control may also be discussed.

Japan's Nikkei 225 dipped in anticipation of the central bank's inflation forecasts. On the other hand, South Korea's KOSPI continued its upward momentum for a second consecutive session.

Hong Kong's Hang Seng Index started the day in negative territory, mirroring the performance of mainland Chinese stocks.

Meanwhile, in the United States, stocks rallied on Monday, with the S&amp;P 500 moving out of correction territory. This sets the stage for a significant week that includes the Federal Reserve rate decision, employment report, and Apple's earnings.

The Dow Jones Industrial Average gained over 1 per cent, marking its best day since June 2. The S&amp;P 500 also recorded an increase of over 1 per cent, representing its most robust performance since late August.

Turning to the commodities market, oil prices rose during early Asian trading, amid global central bank meetings and ongoing high tensions in the Middle East. Notably, oil had fallen more than 3 per cent in the previous session due to escalated conflicts involving Israel's attacks on Gaza. However, concerns eased regarding disruptions in the region's oil supply caused by the Israel-Hamas war.

In the realm of precious metals, gold prices remained near the psychologically significant $2,000 level, supported by safe-haven demand driven by the Middle East conflict. Market participants are keenly watching this week's U.S. Federal Reserve policy meeting. It's worth noting that spot gold prices reached $2,009 per ounce on Friday, surpassing the $2,000 level for the first time since mid-May. Gold has been a standout performer this month, surging over 8 per cent since the onset of the war in Gaza on October 7th.

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In the Asia-Pacific region, the majority of markets saw declines ahead of a significant monetary policy decision by the Bank of Japan. Investors were also evaluating manufacturing data from China.

In the Asia-Pacific region, the majority of markets saw declines ahead of a significant monetary policy decision by the Bank of Japan. Investors were also evaluating manufacturing data from China. The Bank of Japan is set to conclude its two-day policy meeting later today, and market participants are closely monitoring for any indications of the central bank raising its inflation forecasts. Further adjustments to its bond yield control may also be discussed. Japan's Nikkei 225 dipped in anticipation of the central bank's inflation forecasts. On the other hand, South Korea's KOSPI continued its upward momentum for a second consecutive session. Hong Kong's Hang Seng Index started the day in negative territory, mirroring the performance of mainland Chinese stocks. Meanwhile, in the United States, stocks rallied on Monday, with the S&P 500 moving out of correction territory. This sets the stage for a significant week that includes the Federal Reserve rate decision, employment report, and Apple's earnings. The Dow Jones Industrial Average gained over 1 per cent, marking its best day since June 2. The S&P 500 also recorded an increase of over 1 per cent, representing its most robust performance since late August. Turning to the commodities market, oil prices rose during early Asian trading, amid global central bank meetings and ongoing high tensions in the Middle East. Notably, oil had fallen more than 3 per cent in the previous session due to escalated conflicts involving Israel's attacks on Gaza. However, concerns eased regarding disruptions in the region's oil supply caused by the Israel-Hamas war. In the realm of precious metals, gold prices remained near the psychologically significant $2,000 level, supported by safe-haven demand driven by the Middle East conflict. Market participants are keenly watching this week's U.S. Federal Reserve policy meeting. It's worth noting that spot gold prices reached $2,009 per ounce on Friday, surpassing the $2,000 level for the first time since mid-May. Gold has been a standout performer this month, surging over 8 per cent since the onset of the war in Gaza on October 7th. WATCH WION LIVE HERE

Global Markets Roundup | S&P 500 rebounds after correction

Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures.

Japan's Nikkei 225 began the week on a down note, sliding over 1 per cent at the open, coinciding with the commencement of the Bank of Japan's two-day monetary policy meeting. On the other hand, South Korean markets opened on a positive note, thanks to a rally in small-cap stocks.

Hong Kong's Hang Seng index experienced a marginal decline, while mainland Chinese stocks traded close to the flatline.

In the United States, the previous trading session saw mixed results in the major stock indexes. The S&amp;P 500 entered correction territory as renewed selling pressure emerged on Wall Street due to concerns about a potential recession. The Dow Jones Industrial Average saw a decline, while the Nasdaq Composite held its ground, with Amazon outperforming expectations for revenue and earnings in the third quarter.

Oil prices dipped by over 1 per cent&nbsp;as investors exercised caution ahead of the Federal Reserve's policy meeting and China's upcoming manufacturing data. These declines offset the support from geopolitical tensions in the Middle East.

Investors are closely monitoring the Federal Reserve's monetary policy meeting, U.S. employment data, and tech giant Apple Inc.'s earnings for any signs of an economic slowdown that could affect fuel demand, especially in the world's leading oil-consuming nation.

Gold prices edged higher, buoyed by sustained safe-haven demand driven by tensions in the Middle East. The precious metal has gained approximately 8 per cent, equivalent to over $140, since the onset of the conflict in Israel on October 7th.

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Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures.

Asia-Pacific markets had a mixed start to the week as they brace for a slew of key economic data releases in the region. The week's highlights include monetary policy decisions from Japan and Malaysia, South Korea's inflation data, and Taiwan and Hong Kong's gross domestic growth figures. Japan's Nikkei 225 began the week on a down note, sliding over 1 per cent at the open, coinciding with the commencement of the Bank of Japan's two-day monetary policy meeting. On the other hand, South Korean markets opened on a positive note, thanks to a rally in small-cap stocks. Hong Kong's Hang Seng index experienced a marginal decline, while mainland Chinese stocks traded close to the flatline. In the United States, the previous trading session saw mixed results in the major stock indexes. The S&P 500 entered correction territory as renewed selling pressure emerged on Wall Street due to concerns about a potential recession. The Dow Jones Industrial Average saw a decline, while the Nasdaq Composite held its ground, with Amazon outperforming expectations for revenue and earnings in the third quarter. Oil prices dipped by over 1 per cent as investors exercised caution ahead of the Federal Reserve's policy meeting and China's upcoming manufacturing data. These declines offset the support from geopolitical tensions in the Middle East. Investors are closely monitoring the Federal Reserve's monetary policy meeting, U.S. employment data, and tech giant Apple Inc.'s earnings for any signs of an economic slowdown that could affect fuel demand, especially in the world's leading oil-consuming nation. Gold prices edged higher, buoyed by sustained safe-haven demand driven by tensions in the Middle East. The precious metal has gained approximately 8 per cent, equivalent to over $140, since the onset of the conflict in Israel on October 7th. WATCH WION LIVE HERE

Global markets roundup | Gold shines for third straight week

Tata Group will start manufacturing Apple iPhones for domestic and global markets in India in the next two and a half years, stated India's Electronics and Technology Minister Rajeev Chandrasekhar on Friday (Oct 27), in a sign of increasing confidence of global players in the South Asian giant's booming tech manufacturing sector.&nbsp;

"@GoI_MeitY stands fully in support in growth of Global Indian Electronics companies that will in turn support global Electronic brands that want to make India their trusted manufacturing and talent partner and to realize PM's goal of making India a global electronics power," posted Minister Chandrasekhar on X.&nbsp;

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PM <a href="https://twitter.com/narendramodi?ref_src=twsrc%5Etfw">@narendramodi</a> Ji's visionary PLI scheme has already propelled India into becoming a trusted &amp; major hub for smartphone manufacturing and exports. 
 
Now within just two and a half years, <a href="https://twitter.com/TataCompanies?ref_src=twsrc%5Etfw">@TataCompanies</a> will now start making iPhones from India for domestic and global markets from… <a href="https://t.co/kLryhY7pvL">pic.twitter.com/kLryhY7pvL</a>
— Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) <a href="https://twitter.com/Rajeev_GoI/status/1717852648064598105?ref_src=twsrc%5Etfw">October 27, 2023</a></blockquote>
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The conglomerate had taken up the operations of Apple supplier Wistron Corp, which had made the announcement regarding the development in a board meeting on Friday, as per the company statement.

Wistron was further thanked by the union minister for "building a global supply chain from India with Indian companies at its helm".

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/apple-aims-to-boost-manufacturing-and-invest-40-billion-in-india-report-639391">Apple aims to boost manufacturing and invest $40 billion in India: Report</a>

The move towards manufacturing iPhones in India emphasises the country's growing production prowess, and is a major backstep by Apple from its previous strategy of selling most of the iPhone devices, made in China, to its frenzied customers across the world.

<h2>India emerges as major player in &nbsp;in diversification drive of iPhone-making</h2>

The financial incentives of Indian Prime Minister Narendra Modi to boost local manufacturing and the strategy of Apple to look beyond China, as a trade war continues between Beijing and Washington, has helped India become an increasingly important destination in the diversification drive of the iPhone maker.&nbsp;

"PM Modi Ji's visionary PLI scheme has already propelled India into becoming a trusted &amp; major hub for smartphone manufacturing and exports," said Chandrasekhar.&nbsp;

WATCH |&nbsp;Apple identifies issues causing overheating iPhones 15

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The PLI (production-linked incentive) scheme, which is aimed at creating jobs, supporting exports and boosting domestic manufacturing, was announced for 14 sectors in 2021.

This included large-scale electronic manufacturing, textiles, manufacturing of medical devices, speciality steel, food products, &nbsp;advanced chemistry cell batteries, white goods, automobiles, high-efficiency solar PV modules, drones and pharmaceuticals. &nbsp;

Earlier this year, India's Commerce and Industry Minister Piyush Goyal stated that Apple exported goods - worth $5 billion - from India in 2022, while adding that the company has plans to produce 25 per cent of global units in the next four to five years in the country.

(With inputs from agencies)

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Tata Group will start manufacturing Apple iPhones for domestic and global markets in India in the next two and a half years, stated India's Electronics and Technology Minister Rajeev Chandrasekhar on Friday (Oct 27), in a sign of increasing confidence of global players in the South Asian giant's booming tech manufacturing sector.

Tata Group will start manufacturing Apple iPhones for domestic and global markets in India in the next two and a half years, stated India's Electronics and Technology Minister Rajeev Chandrasekhar on Friday (Oct 27), in a sign of increasing confidence of global players in the South Asian giant's booming tech manufacturing sector. "@GoI_MeitY stands fully in support in growth of Global Indian Electronics companies that will in turn support global Electronic brands that want to make India their trusted manufacturing and talent partner and to realize PM's goal of making India a global electronics power," posted Minister Chandrasekhar on X. PM @narendramodi Ji's visionary PLI scheme has already propelled India into becoming a trusted & major hub for smartphone manufacturing and exports. Now within just two and a half years, @TataCompanies will now start making iPhones from India for domestic and global markets from… pic.twitter.com/kLryhY7pvL — Rajeev Chandrasekhar 🇮🇳 (@Rajeev_GoI) October 27, 2023 × The conglomerate had taken up the operations of Apple supplier Wistron Corp, which had made the announcement regarding the development in a board meeting on Friday, as per the company statement. Wistron was further thanked by the union minister for "building a global supply chain from India with Indian companies at its helm". ALSO READ | Apple aims to boost manufacturing and invest $40 billion in India: Report The move towards manufacturing iPhones in India emphasises the country's growing production prowess, and is a major backstep by Apple from its previous strategy of selling most of the iPhone devices, made in China, to its frenzied customers across the world. India emerges as major player in in diversification drive of iPhone-making The financial incentives of Indian Prime Minister Narendra Modi to boost local manufacturing and the strategy of Apple to look beyond China, as a trade war continues between Beijing and Washington, has helped India become an increasingly important destination in the diversification drive of the iPhone maker. "PM Modi Ji's visionary PLI scheme has already propelled India into becoming a trusted & major hub for smartphone manufacturing and exports," said Chandrasekhar. WATCH | Apple identifies issues causing overheating iPhones 15 The PLI (production-linked incentive) scheme, which is aimed at creating jobs, supporting exports and boosting domestic manufacturing, was announced for 14 sectors in 2021. This included large-scale electronic manufacturing, textiles, manufacturing of medical devices, speciality steel, food products, advanced chemistry cell batteries, white goods, automobiles, high-efficiency solar PV modules, drones and pharmaceuticals. Earlier this year, India's Commerce and Industry Minister Piyush Goyal stated that Apple exported goods - worth $5 billion - from India in 2022, while adding that the company has plans to produce 25 per cent of global units in the next four to five years in the country. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

India's Tata group to manufacture iPhones for domestic and global markets

Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams. Let's delve into the inspiring journey of Nikhil Kamath.

The early struggles

Nikhil's path to success was far from conventional. He openly admitted to despising school, and, as a teenager, he chose to sell phones, much to his mother's dismay. His lack of interest in education led to his school denying him the opportunity to sit for the class 10 board exams, eventually pushing him to drop out.

Unconventional choices continued as he moved in with his girlfriend and began working at a call centre during the evenings, earning a monthly salary of&nbsp;8,000 rupees. In the mornings, he dabbled in trading, self-educating, and honing his skills away from the family ecosystem and societal judgment.

The turning point

In 2006, Nikhil had a fateful encounter with an American man who entrusted him with the responsibility of managing his money. This experience served as a stepping stone for Nikhil, leading him to establish a brokerage firm named "Kamath &amp; Associates." However, it was in 2010 that Nikhil took a monumental leap and founded Zerodha, a disruptive trading platform. Shortly after, he was joined by his elder brother, Nithin Kamath, in this ambitious endeavour.

The Zerodha revolution

Zerodha was founded with the mission to simplify retail trading for everyday investors, and the timing couldn't have been more perfect. Approximately 15 per cent&nbsp;of India's total retail trading volume now flows through Zerodha, with a staggering daily turnover of over $10 billion. The platform's accessibility, discounts, and user-friendly interface attracted millions, and it thrived, especially during the pandemic.

Billionaire status

The success of Zerodha catapulted Nikhil Kamath to billionaire status, making him the youngest billionaire in India at the age of 37. According to Forbes ' latest rankings, his combined net worth with his brother Nithin now stands at a remarkable $5.5 billion, securing him the 40th position among India's richest individuals.

Giving back and future endeavours

Nikhil Kamath has pledged to donate 25 per cent&nbsp;of his wealth to philanthropic causes and $100 million toward combating climate change, echoing the generosity of Warren Buffett.

He recently unveiled the 'WTF Fund' initiative, an innovative endeavour to empower budding entrepreneurs to thrive within the sectors of fashion, beauty, and home brands. This initiative boasts a collaboration with luminaries such as Kishore Biyani, the founder of Future Group, Ananth Narayanan, the mind behind Mensa Brands, and Raj Shamani, a content creator renowned for his House of X and the Figuring Out Podcast.

As he said in an interview with South China Morning Post (SCMP),&nbsp;'The idea is to move the central focus away from doing well for oneself, to being a more significant part of the various communities I am a part of; businesses that are not just for profit but have an impact element.'

Nikhil Kamath's rise is a story of financial success and an inspiring tale of determination, risk-taking, and the importance of timing in entrepreneurship. His journey serves as a beacon of hope and motivation for younger entrepreneurs, emphasising that dreams can be realised through relentless pursuit and the courage to step away from the conventional.

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Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams.

Nikhil Kamath's journey in finance and entrepreneurship is nothing short of a modern-day legend. From a school dropout who sold phones at the age of 14 to becoming the co-founder of India's largest stockbroker, Zerodha, and the country's youngest billionaire, his story is a testament to the power of determination, timing, and the pursuit of dreams. Let's delve into the inspiring journey of Nikhil Kamath. The early struggles Nikhil's path to success was far from conventional. He openly admitted to despising school, and, as a teenager, he chose to sell phones, much to his mother's dismay. His lack of interest in education led to his school denying him the opportunity to sit for the class 10 board exams, eventually pushing him to drop out. Unconventional choices continued as he moved in with his girlfriend and began working at a call centre during the evenings, earning a monthly salary of 8,000 rupees. In the mornings, he dabbled in trading, self-educating, and honing his skills away from the family ecosystem and societal judgment. The turning point In 2006, Nikhil had a fateful encounter with an American man who entrusted him with the responsibility of managing his money. This experience served as a stepping stone for Nikhil, leading him to establish a brokerage firm named "Kamath & Associates." However, it was in 2010 that Nikhil took a monumental leap and founded Zerodha, a disruptive trading platform. Shortly after, he was joined by his elder brother, Nithin Kamath, in this ambitious endeavour. The Zerodha revolution Zerodha was founded with the mission to simplify retail trading for everyday investors, and the timing couldn't have been more perfect. Approximately 15 per cent of India's total retail trading volume now flows through Zerodha, with a staggering daily turnover of over $10 billion. The platform's accessibility, discounts, and user-friendly interface attracted millions, and it thrived, especially during the pandemic. Billionaire status The success of Zerodha catapulted Nikhil Kamath to billionaire status, making him the youngest billionaire in India at the age of 37. According to Forbes ' latest rankings, his combined net worth with his brother Nithin now stands at a remarkable $5.5 billion, securing him the 40th position among India's richest individuals. Giving back and future endeavours Nikhil Kamath has pledged to donate 25 per cent of his wealth to philanthropic causes and $100 million toward combating climate change, echoing the generosity of Warren Buffett. He recently unveiled the 'WTF Fund' initiative, an innovative endeavour to empower budding entrepreneurs to thrive within the sectors of fashion, beauty, and home brands. This initiative boasts a collaboration with luminaries such as Kishore Biyani, the founder of Future Group, Ananth Narayanan, the mind behind Mensa Brands, and Raj Shamani, a content creator renowned for his House of X and the Figuring Out Podcast. As he said in an interview with South China Morning Post (SCMP), 'The idea is to move the central focus away from doing well for oneself, to being a more significant part of the various communities I am a part of; businesses that are not just for profit but have an impact element.' Nikhil Kamath's rise is a story of financial success and an inspiring tale of determination, risk-taking, and the importance of timing in entrepreneurship. His journey serves as a beacon of hope and motivation for younger entrepreneurs, emphasising that dreams can be realised through relentless pursuit and the courage to step away from the conventional. WATCH WION LIVE HERE

The Art of Timing: Nikhil Kamath's entrepreneurial triumph in stocks

As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint.

This led to higher bond yields and a stronger dollar. August saw the weakest inflows since February. Due to worries about a rate hike, emerging countries have begun to pull out.

The portfolio flow data is inclusive of investments made on the primary market and in wholesale transactions. After three months of nonstop buying in the cash market, foreign portfolio investors (FPIs) were net sellers, Mint cited VK Vijayakumar, chief investment strategist at Geojit Financial Services.

According to Vijayakumar, the main factor driving FPIs to sell in the cash market has been the rise in US bond yields and the strength of the dollar index, both of which are detrimental to capital inflows. He said that the financial industry’s profit-booking practices also played a role in the selling by FPIs.

Mint cited Siddharth Khemka, head of retail research at Motilal Oswal Financial Services Ltd., who maintained that, the uncertainty is likely to persist. “There is no clear trend. Uncertainty has increased with no clear indication of the US Federal Reserve’s outlook from US jobs data. The China factor remains another major concern,” Khemka told Mint.

However, block agreements and private equity fund investments show that there is still significant wide market activity. According to analysts, market demand is still quite high as evidenced by subscriptions to initial public offerings (IPOs). Despite their positivity, the market trend is expected to continue to be erratic.

Another rate increase will affect the currency and liquidity, and there are negative risks, according to Khemka.

India is presently facing threats over rising oil prices and uncertainty, raising concerns.

“Currency volatility is again a major risk, and dry weather conditions in September could also add to concerns,” &nbsp;Vikram Cassatt, head of advising at Prabhudas Lilladher Pvt Ltd told Mint. He also pointed out that there may be additional variables, such as inflation rates.

Nishit Master, a portfolio manager at Axis Securities PMS, mentioned that depreciation in rupee versus dollar valuation arbitrage, which could push flows to the Chinese market because it is less expensive, as well as potential increases in energy prices and inflation, are factors that could have a “not very positive” impact on FPI flows in the short term.

On brighter side, FPIs have been selling in the majority of emerging economies in August, primarily as a result of the strengthening dollar and declining bond yields. However, they have performed well in India as compared to other rising markets.

According to Cassatt, Malaysia is the only other Asian market that has had inflows that are higher than those of China, South Korea, and a number of other nations that have experienced significant outflows.

“India can continue to outperform other emerging markets,” Cassatt said.

In terms of economic growth, India is doing well. The robust profit trajectory seen during the first quarter also helped to underpin the markets.

According to Master, the majority of developed markets, including the US, Japan, and the EU (European Union), are either experiencing a recession or have relatively poor growth rates. Even China’s growth has fallen short of market estimates and is predicted to continue to be weak moving forward.

The only big country that would experience substantial growth and draw FPI inflows in such a case is India, according to Master.

Master predicts that FPIs would continue to pour into India despite the dearth of investment prospects.

&nbsp;

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As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint.

As concerns about an impending rate hike in the US arise, foreign portfolio investment flows (FPIs) into Indian markets have decreased in August following a strong inflow from April to July, according to a report by Mint. This led to higher bond yields and a stronger dollar. August saw the weakest inflows since February. Due to worries about a rate hike, emerging countries have begun to pull out. The portfolio flow data is inclusive of investments made on the primary market and in wholesale transactions. After three months of nonstop buying in the cash market, foreign portfolio investors (FPIs) were net sellers, Mint cited VK Vijayakumar, chief investment strategist at Geojit Financial Services. According to Vijayakumar, the main factor driving FPIs to sell in the cash market has been the rise in US bond yields and the strength of the dollar index, both of which are detrimental to capital inflows. He said that the financial industry’s profit-booking practices also played a role in the selling by FPIs. Mint cited Siddharth Khemka, head of retail research at Motilal Oswal Financial Services Ltd., who maintained that, the uncertainty is likely to persist. “There is no clear trend. Uncertainty has increased with no clear indication of the US Federal Reserve’s outlook from US jobs data. The China factor remains another major concern,” Khemka told Mint. However, block agreements and private equity fund investments show that there is still significant wide market activity. According to analysts, market demand is still quite high as evidenced by subscriptions to initial public offerings (IPOs). Despite their positivity, the market trend is expected to continue to be erratic. Another rate increase will affect the currency and liquidity, and there are negative risks, according to Khemka. India is presently facing threats over rising oil prices and uncertainty, raising concerns. “Currency volatility is again a major risk, and dry weather conditions in September could also add to concerns,” Vikram Cassatt, head of advising at Prabhudas Lilladher Pvt Ltd told Mint. He also pointed out that there may be additional variables, such as inflation rates. Nishit Master, a portfolio manager at Axis Securities PMS, mentioned that depreciation in rupee versus dollar valuation arbitrage, which could push flows to the Chinese market because it is less expensive, as well as potential increases in energy prices and inflation, are factors that could have a “not very positive” impact on FPI flows in the short term. On brighter side, FPIs have been selling in the majority of emerging economies in August, primarily as a result of the strengthening dollar and declining bond yields. However, they have performed well in India as compared to other rising markets. According to Cassatt, Malaysia is the only other Asian market that has had inflows that are higher than those of China, South Korea, and a number of other nations that have experienced significant outflows. “India can continue to outperform other emerging markets,” Cassatt said. In terms of economic growth, India is doing well. The robust profit trajectory seen during the first quarter also helped to underpin the markets. According to Master, the majority of developed markets, including the US, Japan, and the EU (European Union), are either experiencing a recession or have relatively poor growth rates. Even China’s growth has fallen short of market estimates and is predicted to continue to be weak moving forward. The only big country that would experience substantial growth and draw FPI inflows in such a case is India, according to Master. Master predicts that FPIs would continue to pour into India despite the dearth of investment prospects. WATCH WION LIVE HERE

Uncertainty surrounding India's FPI likely to continue as it hits its six-month low: Report

Asian markets open lower; Markets await China's inflation figures. Watch the video to know more.

Asian markets open lower; Markets await China's inflation figures

Why have foreign institutional investors started to return to the Indian market in a big way? Global investor mark mobius explains.

How are global financial markets fairing?

After India's budget, the market's focus shift to the US Federal Reserve's decision later today with mounting evidence of easing inflation. Watch this report to know more.

After India's budget, the markets focus shift to US Fed decision

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022.

The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too.

SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc.

Also Read |&nbsp;<a href="http://www.wionnews.com/world/top-swiss-bank-credit-suisse-fined-over-drugs-gang-money-laundering-492505" hreflang="en">Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering</a>

Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters.

According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation.

Watch | No claimants for Swiss Bank accounts

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While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg.

The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022.

It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6.

(With inputs from agencies)

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The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets.

The Swiss National Bank (SNB) estimated on Monday the largest yearly loss in its 116-year existence. The bank lost $143 billion (132 billion Swiss francs) in 2022, as the value of its share and bond portfolio was negatively impacted by declining equity and fixed-income markets. The loss means that the SNB will not be able to distribute any profits to central and regional Swiss governments for 2022. The preliminary figure released on Monday was far higher than the previous record loss of 23 billion francs recorded in 2015. It represented a reversal from a profit of 26 billion francs in 2021, The Star reported. The loss indicates that the payments to its shareholders will be affected too. SNB suffered a loss of 131 billion francs from its foreign exchange positions after it purchased over 800 billion francs in stocks and bonds during a protracted drive to devalue the Swiss franc. Also Read | Top Swiss Bank 'Credit Suisse' fined over drugs gang money laundering Last year, as central banks all over the world, increased interest rates to fight inflation, global stock markets weakened and bond prices plunged. Exchange rate losses were caused by the strong Swiss franc, which in July surged above parity against the euro, as per Reuters. According to analysts, SNB Chairman Thomas Jordan also increased interest rates three times in 2022 in an effort to reduce excessive Swiss inflation. Watch | No claimants for Swiss Bank accounts While the loss is “regrettable,” interim profits had predicted such an outcome, the conference of cantonal finance chiefs told SDA, according to Bloomberg. The SNB's gold holdings were the only bright spot -- they totalled 1,040 tonnes at the end of 2021 and increased in value by $400 million francs in 2022. It’s unlikely that the SNB will make amends in its policy, Reuters reported. The bank is slated to release the detailed annual figures on March 6. (With inputs from agencies) WATCH WION LIVE HERE:

Swiss National Bank estimates record $143 billion loss in 2022

Pakistani authorities on Wednesday ordered shopping malls and markets to close by 8.30 pm as part of a new energy conservation plan aimed at easing country's economic crisis.

Pakistan orders malls, markets to close early amid economic crisis

Apple Inc's stock market value shrank sharply on Tuesday following its steep drop last year, leaving it below $2 trillion for the first time since March 2021. Watch this video to know more.

World Business Watch: Apple's stock market value falls below $2 trillion

Christmas 2022 in London: Everyone is looking for great spots to spend their Christmas. There are various spots where you can enjoy the Christmas markets and lights in London.

Christmas 2022 in London: Everyone is looking for great spots to spend their Christmas. There are various spots where you can enjoy the Christmas markets and lights in London. Here is a selection of places that have been carefully chosen to make you feel merry this Christmas 2022. 1. Covent Garden View this post on Instagram A post shared by Covent Garden (@coventgardenldn) × Covent Garden Square is perhaps the most festive location in all of London during the holidays. The famous 60-foot Christmas tree would be lighted up with 30,000 shimmering lights, bathing the cobblestones in a festive glow in addition to the giant ornaments and mistletoe-styled decorations hanging from the market rooftop. 2. Kew Gardens View this post on Instagram A post shared by Kew Gardens (@kewgardens) × As you wander around Kew Gardens' Christmas path, you may take in the astounding variety of audio-visual performances. Along this two-kilometer walk, there are almost a million lights that sparkle in the shrubs and trees, and there is a sparkling bell tunnel. Along the way, one can stop for hot chocolate, cakes, roasted chestnuts, mini doughnuts, marshmallows, and other snacks. Santa and his elves are present, along with vintage carnival games and lighting displays. Visitors may enjoy the yearly events after dark while marvelling at the sparkling light tunnels, bouncing lakeside shadows, and jewel-like-hued trees. 3. Oxford Street The three avenues that receive the most attention for lighting displays in London—Oxford Street, Regent Street, and Bond Street—are among the best places to see these breathtaking bursts of glimmer. This broad boulevard is a great place to do Christmas shopping in addition to giving more than 1700 installations to admire. 4. Ice Skating at Somerset House View this post on Instagram A post shared by Somerset House (@somersethouse) × At one of the several outdoor ice rinks in the city, glide through this holiday season. There are several options, but Skate at Somerset House may be the most well-known in London. This year, it's turning up the heat (or, more appropriately, the freezing power), with a larger skate area situated in the neo-classical courtyard of the estate. To keep the party going late into the night, there will be food, beverages, and rinkside DJs. 5. London’s Leicester Square festive fair Christmas Markets Christmas markets are in full swing right now, and locals have a tonne of options for the best street food, drunken pop-up bars, and sparkling baubles. This winter, several of these renowned markets are returning, including the festive fair in downtown London's Leicester Square, the Covent Garden Christmas market with its fabled 60-foot tree, and the holiday treats along the Thames at the Southbank Center.

Christmas 2022 in London: 5 best places to visit and things to do in London to celebrate Christmas eve

According to a group of computer-chip manufacturers the global semiconductor market is expected to shrink in 2023 for the first time in four years, following a surge during the pandemic.

World Business Watch | Global semiconductor markets expected to shrink in 2023

The fuel pump prices are surging in the UK. To check the hike in price and looming inflation, the competition watchdog has ordered a review of fuel markets.

UK orders review of fuel markets as fuel pump prices surge

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. &nbsp;

The current situation threatens to push inflation, squeezing the global economy even more. &nbsp;

Stocks fell initially on Thursday. The prices have also surged for wheat, oil and other commodities. &nbsp;

This comes as the world is worried that the conflict may disrupt global supplies. &nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/for-premeditated-ukraine-conflict-us-uk-hit-russia-with-new-sanctions-456254">For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions</a>

But as the day progressed, things started to look better. &nbsp;&nbsp;

The S&amp;P 500 nosedived 2.6 per cent on Wall Street at the start of trading. Soon, it recovered the drop and flipped to a gain of 1.5 per cent. &nbsp;&nbsp;

In Europe, the heaviest losses hit stocks. The German DAX also went down 4 per cent. &nbsp;

The conflict also looked to push prices even higher at gasoline pumps and grocery stores around the world. &nbsp;

On both sides of the Atlantic, the prices of oil briefly went above USD 100 per barrel to its highest levels since 2014. But soon it came down and the price of oil in the US settled at USD 92.81. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/in-russia-police-arrest-thousands-participating-in-anti-war-protests-threaten-with-legal-repercussions-456259">In Russia, police arrest thousands for participating in 'anti-war' protests</a>

For natural gas, the spot price in Europe also jumped over 50 per cent. &nbsp;

The FTSE 100 in London tumbled 3.9 per cent while the Russian indexes plunged by a third or more after stock exchange in Moscow briefly suspended trading on all its markets on Thursday morning. &nbsp;&nbsp;

In Paris, the CAC 40 lost 3.8 per cent, and Asian markets also fell by nearly 2 per cent or more. &nbsp;

(With inputs from agencies)&nbsp;

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. The current situation threatens to push inflation, squeezing the global economy even more.

After breaking out of Russia's conflict with Ukraine, the markets have shuddered and then swung wildly. The current situation threatens to push inflation, squeezing the global economy even more. Stocks fell initially on Thursday. The prices have also surged for wheat, oil and other commodities. This comes as the world is worried that the conflict may disrupt global supplies. Also Read: For 'premeditated' Ukraine conflict, US, UK hit Russia with new sanctions But as the day progressed, things started to look better. The S&P 500 nosedived 2.6 per cent on Wall Street at the start of trading. Soon, it recovered the drop and flipped to a gain of 1.5 per cent. In Europe, the heaviest losses hit stocks. The German DAX also went down 4 per cent. The conflict also looked to push prices even higher at gasoline pumps and grocery stores around the world. On both sides of the Atlantic, the prices of oil briefly went above USD 100 per barrel to its highest levels since 2014. But soon it came down and the price of oil in the US settled at USD 92.81. Also Read: In Russia, police arrest thousands for participating in 'anti-war' protests For natural gas, the spot price in Europe also jumped over 50 per cent. The FTSE 100 in London tumbled 3.9 per cent while the Russian indexes plunged by a third or more after stock exchange in Moscow briefly suspended trading on all its markets on Thursday morning. In Paris, the CAC 40 lost 3.8 per cent, and Asian markets also fell by nearly 2 per cent or more. (With inputs from agencies)

Russia-Ukraine conflict makes markets fall, oil prices soar

New Year 2022 has begun with new hopes and expectations. Some analysts are hopeful, while others are cautiously optimistic about the year ahead.

The Year 2022 for financial markets amid the COVID-19 pandemic & Omicron mutant strain threat

Global financial markets were spooked on Tuesday after Moderna’s chief executive warned that the existing COVID-19 vaccines are unlikely to be effective against the Omicron variant.

Leading European stock markets fell about 1.5 per cent in early trade, shares in Asia-Pacific fell during Tuesday’s trade, led by declines of 2.4 per cent for South Korea’s Kospi and 1.6% for Hong Kong’s Hang Seng index. Japan’s Nikkei 225 also shed 1.6 per cent

In New York, the Dow Jones Industrial Average and the S&amp;P 500 respectively opened 0.2% and 0.3% lower, while crude oil futures shed more than 3 per cent.

“There is no world, I think, where (the effectiveness) is the same level…we had with Delta,” Moderna CEO Stephane Bancel told the Financial Times.

“I think it’s going to be a material drop. I just don’t know how much because we need to wait for the data. But all the scientists I’ve talked to…are like ‘this is not going to be good’,” he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-omicron-variant-causing-mild-disease-says-south-african-medical-association-slams-hype-432552">Covid: Omicron variant causing mild disease, says South African Medical Association, slams hype&nbsp;</a>

However, European Medicines Agency (EMA) and the University of Oxford, which helped AstraZeneca to develop Covid vaccine, asserted that was no evidence that the current vaccines would not work against Omicron.

EMA executive Director Emer Cooke told the European Parliament that even if the new variant becomes more widespread, existing vaccines will continue to provide protection.

Expressing similar views, the University of Oxford said it was ready to work with AstraZeneca to prepare a booster shot.

Also read |&nbsp;<a href="https://www.wionews.com/science/moderna-says-current-vaccines-not-effective-against-the-omicron-variant-432697">Moderna says current vaccines not effective against the Omicron variant</a>

"Despite the appearance of new variants over the past year, vaccines have continued to provide very high levels of protection against severe disease and there is no evidence so far that Omicron is any different," the university's statement read.

"However, we have the necessary tools and processes in place for rapid development of an updated COVID-19 vaccine if it should be necessary."

The World Health Organization and scientists have said it could take weeks to understand whether Omicron is likely to cause severe illness or escape protection against immunity induced by vaccines.

Meanwhile, several major drugmakers have already announced that they are preparing a “Omecron-specific” vaccine.

Pfizer CEO Albert Bourla has said they have already started working on a version of its COVID-19 vaccine specifically targeting the new Omicron variant.

Moderna Inc has said it was developing a booster shot against the new variant. While Johnson &amp; Johnson announced on Monday that it is “pursuing an Omicron-specific variant vaccine and will progress it as needed.”

(With inputs from agencies)

Global financial markets were spooked on Tuesday after Moderna’s chief executive warned that the existing COVID-19 vaccines are unlikely to be effective against the Omicron variant.

Global financial markets were spooked on Tuesday after Moderna’s chief executive warned that the existing COVID-19 vaccines are unlikely to be effective against the Omicron variant. Leading European stock markets fell about 1.5 per cent in early trade, shares in Asia-Pacific fell during Tuesday’s trade, led by declines of 2.4 per cent for South Korea’s Kospi and 1.6% for Hong Kong’s Hang Seng index. Japan’s Nikkei 225 also shed 1.6 per cent In New York, the Dow Jones Industrial Average and the S&P 500 respectively opened 0.2% and 0.3% lower, while crude oil futures shed more than 3 per cent. “There is no world, I think, where (the effectiveness) is the same level…we had with Delta,” Moderna CEO Stephane Bancel told the Financial Times. “I think it’s going to be a material drop. I just don’t know how much because we need to wait for the data. But all the scientists I’ve talked to…are like ‘this is not going to be good’,” he said. Also read | Covid: Omicron variant causing mild disease, says South African Medical Association, slams hype However, European Medicines Agency (EMA) and the University of Oxford, which helped AstraZeneca to develop Covid vaccine, asserted that was no evidence that the current vaccines would not work against Omicron. EMA executive Director Emer Cooke told the European Parliament that even if the new variant becomes more widespread, existing vaccines will continue to provide protection. Expressing similar views, the University of Oxford said it was ready to work with AstraZeneca to prepare a booster shot. Also read | Moderna says current vaccines not effective against the Omicron variant "Despite the appearance of new variants over the past year, vaccines have continued to provide very high levels of protection against severe disease and there is no evidence so far that Omicron is any different," the university's statement read. "However, we have the necessary tools and processes in place for rapid development of an updated COVID-19 vaccine if it should be necessary." The World Health Organization and scientists have said it could take weeks to understand whether Omicron is likely to cause severe illness or escape protection against immunity induced by vaccines. Meanwhile, several major drugmakers have already announced that they are preparing a “Omecron-specific” vaccine. Pfizer CEO Albert Bourla has said they have already started working on a version of its COVID-19 vaccine specifically targeting the new Omicron variant. Moderna Inc has said it was developing a booster shot against the new variant. While Johnson & Johnson announced on Monday that it is “pursuing an Omicron-specific variant vaccine and will progress it as needed.” (With inputs from agencies)

Global markets spooked after Moderna says Covid vaccine less effective against Omicron

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India,&nbsp;had everyone's eyed glued to the stock market.

But the IPO hit headlines, not as much for the money it raised,&nbsp;but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November&nbsp;18.

The offer price was Rs 2,150&nbsp;but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher.

What happened?

Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market.

Then what went wrong with Paytm IPO?

"Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters.

Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe.

The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year.

It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times.

Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations.

"Most of the domestic institutional investors appear to have skipped the IPO,"&nbsp;&nbsp;Aequitas Research director Sumeet Singh was quoted by Reuters as saying.

He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd.

He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%.

Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters.

Paytm's reaction to the IPO debacle

Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day.

"One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants."

Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future.

(With inputs from agencies)

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation.

Paytm is one of India's most recognisable brands especially in post-demonetisation era. The payments platform has seen explosive growth in years after demonetisation. And this is the reason performance of its IPO, biggest ever in India, had everyone's eyed glued to the stock market. But the IPO hit headlines, not as much for the money it raised, but for the spectacular fall in share price during the trading in Bombay Stock Exchange (BSE) on November 18. The offer price was Rs 2,150 but by afternoon the shares changed hands at 1,614 rupees a piece. The shares even hit lower circuit limit of 1,564 rupees. When a share hits this limit, BSE restricts purchases by investors to that price or higher. What happened? Paytm is the big fish in online payments market in India. Its backers include biggest names with deep pockets like SoftBank and Ant Group. The brand has high recognisability in India, the third-largest economy in Asia and a prominent global market. Then what went wrong with Paytm IPO? "Paytm's financials are not very impressive and the growth prospects seem limited... obviously the company lacks a clear path to profits," Shifara Samsudeen, a LightStream Research analyst told Reuters. Although Paytm's $2.5 billion offering was priced at the top of the indicative range, demand was much weaker than other recent stock sales, as Paytm has lost some market share to Google and Flipkart's PhonePe. The company reported a loss of 3.82 billion rupees ($51.5 million) in the quarter ended in June, wider than a loss of 2.84 billion rupees for the same period last year. It raised $1.1 billion from institutional investors and last week it received $2.64 billion worth of bids for the remaining shares on offer, or a relatively low oversubscription level of 1.89 times. Many market participants saw the stock's horrendous debut as a sign that investors had become disillusioned with a recent string of IPOs with inflated valuations. "Most of the domestic institutional investors appear to have skipped the IPO," Aequitas Research director Sumeet Singh was quoted by Reuters as saying. He said that the stock was offered at 27 times enterprise value/gross profit for fiscal 2024, more expensive than the 21.3 times for Zomato Ltd and 23 times for Sea Ltd. He also noted both Ant and SoftBank had cut their shares in the offering. Ant reduced its stake to 23% from 28% and SoftBank's Vision Fund pared its holding by 2.5 percentage points to 16%. Paytm's listing could bring "an end to obnoxious pricing in IPO markets", said Mumbai-based investment adviser Sandip Sabharwal. He was quoted by Reuters. Paytm's reaction to the IPO debacle Paytm founder and CEO Vijay Shekhar Sharma who was visibly crying with joy at the opening ceremony at the start of the trading maintained a brave face later in the day. "One day does not decide what our future is," he told Reuters. "It is new business model and it takes a lot for somebody to understand it straightforward... there is a lot for us to bring to the markets and the market participants." Paytm expects it could break even by late next year or early 2023, a source familiar with the matter told Reuters in July, though the company said in its prospectus it expected to make losses for the foreseeable future. (With inputs from agencies)

Paytm: India's largest IPO tanks on debut - what really happened?

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. 
 
The US&nbsp;and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US&nbsp;President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. 
 
Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US&nbsp;President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. 
 
That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. 
 
As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. &nbsp; 
 
This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. 
 
"Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. 
 
An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. 
 
Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 &nbsp;pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return.

"From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. 
 
Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. 
 
"We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. 
 
"A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added.

(With inputs from agencies)

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources.

Iran could quickly export millions of barrels of oil it is holding in storage if it reaches a deal with the United States on its nuclear programme and has been moving oil into place to prepare for an eventual restart, Reuters news agency reported citing traders and industrial sources. The US and Iran began in mid-June their sixth round of indirect talks on reviving a 2015 nuclear deal that former US President Donald Trump pulled out of in 2018. Trump reimposed sanctions on Iran’s energy sector, leading refiners in many countries to shun Iranian crude and forcing Tehran to pump well below capacity. Iran sits on the world’s fourth-largest oil reserves and relies heavily on oil revenues. If and when the administration of US President Joe Biden and the Iranian government agree a deal that results in the lifting of sanctions, Iran plans to increase output to 3.8 million barrels per day (bpd) from the current 2.1 million bpd, according to oil ministry officials. That would return the country’s production level to where it was before the sanctions, but would take time because of years of low investment in mature oilfields and heavily reduced output. As a stopgap measure while it works on boosting production, the National Iranian Oil Company (NIOC) is expected to export from onshore and offshore storage that contains as much as 200 million barrel, according to energy consultancy and monitoring firms. This could allow the country to export an extra 1 million bpd, or 1% of global supply, for more than six months. "Iran will be using its nearly 60 million barrels of crude inventory, of which 30-35 million barrels are built during the past two years, within a few months of sanctions removal," said Iman Nasseri, managing director for the Middle East with FGE consultancy. An increase of 1 million bpd of Iranian crude would put downward pressure on benchmark global oil prices, but investment bank Goldman Sachs said last month that the global oil market should be able to absorb the additional supply relatively quickly. Fuel demand is rising as global economic activity recovers from the impact of the COVID-19 pandemic, and OPEC producers and their allies have been cautious about increasing supply to the market in part to avoid a shock should Iranian supply return. "From a macro perspective, a return of Iranian barrels to the market should not derail OPEC+ intentions to gradually increase production as long as demand in Europe and the United States continues to recover," said Florian Thaler, the CEO and co-founder of consultancy OilX. Iran has boosted the volume of crude it has stored on oil tankers in recent months, according to data intelligence firm Kpler, in what may be a preparation for a restart to exports. Some of those tankers are already in Asia, historically the biggest market for Iran’s oil. "We currently estimate around 78 million barrels of oil and condensate are stored on water and this compares against only 41 million barrels at the same time last year," said Homayoun Falakshahi, a senior analyst at Kpler. "A lot of tankers are already parked close to East Asian markets, so it could be a question of days," he added. (With inputs from agencies)

Iran stores more oil on tankers as it counts days to enter markets

French luxury goods giant LVMH and U.S. jewelry chain Tiffany will give themselves another three months to complete their $16.2 billion tie-up

LVMH and Tiffany push back deal deadline by 3 months

Virgin Atlantic has filed for bankruptcy in the United States as the global airline industry reels from the coronavirus pandemic.

Virgin Atlantic files for bankruptcy in US

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