<a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group's&nbsp; </a>Hong Kong shares closed its first trading session up 6.6 per cent&nbsp;from the issue price after this year's largest stock sale.

Shares worth HK$13.99 billion&nbsp;were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed.

The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests.

The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade.&nbsp;

Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share.

On Monday its US&nbsp;American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share.

Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group&nbsp;in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed.

The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover.

The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services.

But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute.

The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other.

The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June.

"There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun.

At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming.

Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators.

The loss of the listing triggered years of argument and consultations that resulted in rule changes last year.

"Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony.

The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies&nbsp; $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s&nbsp;&nbsp;Asian brewing business in Hong Kong.

In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy.

Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China.

Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent&nbsp;of the deal.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market.

Alibaba Group's Hong Kong shares closed its first trading session up 6.6 per cent from the issue price after this year's largest stock sale. Shares worth HK$13.99 billion were traded, according to Refinitiv data, making it the third-biggest debut on record for the Hong Kong market. Alibaba is already the fifth most-traded company in New York this year, averaging $2.6 billion a day, Refinitiv data showed. The Chinese e-commerce giant has raised at least $11.3 billion from its secondary listing, which has been seen as a vote of confidence in Hong Kong's financial future amid six months of increasingly violent anti-government protests. The figure could climb to as much as $12.9 billion if Alibaba chooses to exercise an over-allotment option within 30 days of the start of trade. Alibaba shares closed at HK$187.60 which was 6.6 per cent higher than the issue price of HK$176 per share. On Monday its US American Depository Shares (ADS) closed at $190.45. With eight Hong Kong shares per ADS, that implied a price of HK$186.30 per share. Alibaba's debut ranks third in the city for a first-day turnover behind insurer AIA Group in 2010 which recorded $HK49.38 billion in turnover, China Literature was second with $HK14.17 billion when it debuted in November 2017, Refinitiv data showed. The average daily turnover on the Hong Kong Exchange this year has been $11.6 billion, according to the exchange's third-quarter earnings report, implying that Alibaba on Tuesday accounted for more than one-tenth of total market turnover. The funds raised from the Hong Kong listing will help Alibaba, Asia's biggest company by market value and the world's seventh-largest, invest more in a range of online services. But analysts also note that the establishment of a base of investors in Hong Kong and China could function as a backup for the company should its shares be hit in New York amid the US-China trade dispute. The Hong Kong and New York stocks are fungible, which means investors can buy and sell the same shares on either exchange and that pricing on the exchanges are unlikely to diverge too far from each other. The premium to New York reflects the willingness of investors in the city and Asia to take on the stock of a company they know well, market participants said. Expectations are also high that it will get a lift in valuation when it becomes eligible for trading in the Stock Connect that links Shanghai and Shenzhen with Hong Kong next June. "There will be some upside for the company's price in Hong Kong but I don't think we will see the shares double or triple in a year," said Geo Securities Chief Executive Francis Lun. At Tuesday's listing ceremony, CEO Daniel Zhang noted the Hong Kong debut had been a long time coming. Alibaba had hoped to initially list in Hong Kong but eventually chose New York for its record-breaking $25 billion initial public offerings in 2014 after its unusual governance structure failed to win acceptance from Hong Kong regulators. The loss of the listing triggered years of argument and consultations that resulted in rule changes last year. "Thank you Hong Kong and thank you HKEX. Your reform and innovation of the capital markets in the past few years have made it possible for us to realise what we missed five years ago," Zhang said at the listing ceremony. The Hong Kong listing has surpassed other large stock sales this year, ranking ahead of Uber Technologies $8.1 billion IPO and $5.7 billion IPO for Anheuser-Busch InBev’s Asian brewing business in Hong Kong. In its prospectus, Alibaba said it would use the funds raised to increase its investment in online delivery and local services platform Ele me and in online travel group Fliggy. Alibaba also plans to spend more on developing Youku, one of the leading online video platforms in China. Small retail investors were enthusiastic buyers of the deal, subscribing for 40 times the shares they were originally allotted and eventually taking 10 per cent of the deal.

Alibaba's Hong Kong shares rise 6.6% on debut in heavy volume

Know how the market performed on 5th November 2019. Watch this segment to get all updates related to stocks and shares.

Migrant risk their lives to enter EU

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's <a href="https://www.wionews.com/business-economy/international-oil-prices-surge-nearly-20-after-attack-on-saudi-oil-facilities-249978">attacks on Saudi Arabia's oil</a> facilities still pose supply risks.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India.

Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and <a href="https://www.wionews.com/opinions/saudi-oil-attacks-put-us-commitments-to-the-test-250551">US</a>&nbsp;and European shares also stood near their best levels this year.

The S&amp;P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak.

Monetary easing by the US&nbsp;Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment.

China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US&nbsp;trade war.

"The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center.

The latest <a href="https://www.wionews.com/world/mike-pompeo-says-abundantly-clear-iran-was-behind-saudi-oil-attacks-250674">US</a>&nbsp;economic data also eased worries about the slowdown in the world's largest economy.

The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August.

"Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US&nbsp;and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.

"There are hopes of an interim or partial trade deal between China as <a href="https://www.wionews.com/world/us-locked-and-loaded-after-saudi-attacks-as-oil-prices-surge-249886">US&nbsp;President Trump</a> will need to shore up the economy next year before the election," he added.

The US&nbsp;and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October.

Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US&nbsp;president is ready to raise tariffs to 50 or 100 per cent.

The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US&nbsp;repo market, a key funding market.

In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed.

Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro.

The euro was at $1.105, staying in a holding pattern this week.

The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday.

The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months.

Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations.

Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions.

Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response.

Brent crude futures rose 0.78 per cent to $64.90 a barrel while US&nbsp;West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks.

Asian share prices inched higher on Friday as economic stimulus around the world eased fears over slowing growth, while crude oil prices climbed on concerns that last weekend's attacks on Saudi Arabia's oil facilities still pose supply risks. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.15 per cent though it is on course to post its first weekly decline in five, hit by sizable losses in Hong Kong and India. Japan's Nikkei rose 0.46 per cent to come within striking distance of its year-to-date peak and US and European shares also stood near their best levels this year. The S&P 500 ended flat on Thursday, staying than less than 1 per cent below its closing record high hit in July, while the pan-European FTSEurofirst 300 index also came within sight of this year's peak. Monetary easing by the US Federal Reserve this week and by the European Central Bank last week underpinned investor sentiment. China also cut its new one-year benchmark lending rate for the second month in a row on Friday, by 5 basis points as Beijing seeks to guide borrowing costs lower for an economy hit by the Sino-US trade war. "The direct and immediate impact on the economy will be limited given the small size of the cut, but the cut has made it clear the Chinese authorities are taking an accommodative stance and should give reassurance to Chinese stock markets," said Wang Shenshen, an economist at Tokai Tokyo Research Center. The latest US economic data also eased worries about the slowdown in the world's largest economy. The number of Americans filing applications for unemployment benefits increased less than expected last week while home resales rose to a 17-month high in August. "Investors are starting to price in the possibility of re-acceleration in the global economy next year. So far this month China has taken steps to support the economy, and US and European central banks eased policy," said Nobuhiko Kuramochi, chief strategist at Mizuho Securities. "There are hopes of an interim or partial trade deal between China as US President Trump will need to shore up the economy next year before the election," he added. The US and Chinese deputy trade negotiators resumed face-to-face talks for the first time in nearly two months on Thursday, trying to lay the groundwork for high-level talks in early October. Hopes for a deal were so strong that the markets shrugged off a media report that a trade adviser to Trump has said the US president is ready to raise tariffs to 50 or 100 per cent. The New York Fed continued to inject a large amount of cash in money markets to deal with funding squeeze since the start of the week, helping to bring down interest rates in the US repo market, a key funding market. In currency markets, the British pound kept its uptrend after European Commission President Jean-Claude Juncker said a Brexit deal is possible and that if the Irish border backstop which the British government wants to be removed could be replaced with alternatives, it would not be needed. Sterling traded at $1.2533, up 0.09 per cent on the day, having hit a two-month high of $1.2560 on Thursday. The British unit stood near its highest levels in almost four months versus the euro at 88.19 pence per euro. The euro was at $1.105, staying in a holding pattern this week. The yen edged up to at 107.91 yen to the dollar, off its 1-1/2 month low of 108.48 yen hit on Wednesday. The Brazilian real fell 1.4 per cent on Thursday to 4.167 to the dollar after the central bank slashed borrowing costs to an all-time low and signalled it was prepared to do so again in the coming months. Oil prices bounced back on continued worries about the stability of oil supply as tensions between Saudi Arabia and Iran showed little sign of abating after a weekend attack on Saudi oil installations. Saudi-led forces on Friday launched a military operation in northern Yemen against what it described as "legitimate military targets", an incident that could aggravate regional tensions. Washington said on Thursday it was building a coalition to deter Iranian threats while Tehran has warned Trump against being dragged into a war in the Middle East and said it would meet any offensive action with a crushing response. Brent crude futures rose 0.78 per cent to $64.90 a barrel while US West Texas Intermediate (WTI) crude gained 1.14 per cent to $58.79 per barrel.

Economy hopes support shares, oil edges up on Mideast tensions

Asian shares turned lower on Thursday after the US&nbsp;Federal Reserve cut interest rates as expected but signalled a higher bar to further policy easings.

Treasury yields rose broadly and the curve flattened as Fed Chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.36 per cent.

Hong Kong shares shed 0.96 per cent, but Japan's Nikkei rose 1.01 per cent.

The yen rose from a seven-week low versus the dollar and held onto those gains after the Bank of Japan kept policy on hold, as expected, but signalled it could ease next month.

Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy has generally supported equities.

However, some analysts argue that a bond market rally has gone too far, saying yields have fallen too fast and curves flattened too much.

Others are worried about the growing amount of sovereign debt with negative yields.

"This is a small positive for share prices as long as there is no recession," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney.

"The only problem is a 25 basis-point cut was already expected, and the comments and dot-plot forecasts were not as dovish as the market hoped. I think the Fed will have to cut again. There are still some risks from the yield curve."

US&nbsp;stock futures fell 0.23 per cent in Asia on Thursday. The S&amp;P 500 reversed losses to end 0.03 per cent higher after Powell said he did not see an imminent recession or think the Fed will adopt negative rates.

The Fed cut interest rates for a second time this year to 1.75 per cent - 2.00 per cent in a 7-3 vote but signalled further cuts are unlikely as the labour market remains strong.

The rate cut was widely expected, but the split vote has raised some concern about predicting the future path of monetary policy.

So-called dot-plot forecasts from all 17 policymakers showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move.

The yield on benchmark 10-year Treasury notes rose to 1.8013 per cent, while the two-year yield rose to 1.7703 per cent.

The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, was near the lowest since September&nbsp;9.

The curve inverted on August&nbsp;14 for the first time since 2007 when long-term yields traded below short-term yields, a widely accepted indicator of a coming recession.

The Australian dollar fell 0.5 per cent to $0.6793 after data showed the nation's jobless rate rose slightly to 5.3 per cent in August, bolstering expectations for the central bank to cut rates.

The yen rose around 0.3 per cent to 108.14 per dollar.

The BOJ maintained its pledge to guide short-term interest rates at minus 0.1 per cent and the 10-year government bond yield around 0 per cent.

Investors will closely watch BOJ Governor Haruhiko Kuroda's post-decision press conference later on Thursday to gauge how he assesses risks to Japan's economic outlook.

The US&nbsp;crude futures rose 0.24 per cent to $58.25 per barrel.

Oil markets have stabilised after attacks on Saudi Arabia over the weekend triggered a supply shock and sent prices soaring, but the volatility is still a risk as Middle East tensions remain high.

Washington has blamed Iran for the attacks, a charge which Tehran denies.

The US&nbsp;Secretary of State Mike Pompeo has said the strike was "an act of war."

Sterling traded at 88.50 pence per euro, near its strongest level since May 30. The pound was little changed at $1.2467.

Investors are awaiting a Bank of England policy meeting later Thursday. The BOE is expected to keep rates unchanged, but uncertainty about how the UK will exit from the European Union has complicated the outlook for monetary policy.

Asian shares turned lower on Thursday after the US Federal Reserve cut interest rates as expected but signalled a higher bar to further policy easings. Treasury yields rose broadly and the curve flattened as Fed Chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall.

Asian shares turned lower on Thursday after the US Federal Reserve cut interest rates as expected but signalled a higher bar to further policy easings. Treasury yields rose broadly and the curve flattened as Fed Chairman Jerome Powell took a cautious approach to any further reductions in borrowing costs, while division among central bankers has increased uncertainty over how much further rates might fall. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.36 per cent. Hong Kong shares shed 0.96 per cent, but Japan's Nikkei rose 1.01 per cent. The yen rose from a seven-week low versus the dollar and held onto those gains after the Bank of Japan kept policy on hold, as expected, but signalled it could ease next month. Central banks around the world have been loosening policy to counter the risks of low inflation and recession. Easier monetary policy has generally supported equities. However, some analysts argue that a bond market rally has gone too far, saying yields have fallen too fast and curves flattened too much. Others are worried about the growing amount of sovereign debt with negative yields. "This is a small positive for share prices as long as there is no recession," said Shane Oliver, head of investment strategy and chief economist at AMP Capital Investors in Sydney. "The only problem is a 25 basis-point cut was already expected, and the comments and dot-plot forecasts were not as dovish as the market hoped. I think the Fed will have to cut again. There are still some risks from the yield curve." US stock futures fell 0.23 per cent in Asia on Thursday. The S&P 500 reversed losses to end 0.03 per cent higher after Powell said he did not see an imminent recession or think the Fed will adopt negative rates. The Fed cut interest rates for a second time this year to 1.75 per cent - 2.00 per cent in a 7-3 vote but signalled further cuts are unlikely as the labour market remains strong. The rate cut was widely expected, but the split vote has raised some concern about predicting the future path of monetary policy. So-called dot-plot forecasts from all 17 policymakers showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday's move. The yield on benchmark 10-year Treasury notes rose to 1.8013 per cent, while the two-year yield rose to 1.7703 per cent. The spread between two- and 10-year Treasury yields, the most commonly used measure of the yield curve, was near the lowest since September 9. The curve inverted on August 14 for the first time since 2007 when long-term yields traded below short-term yields, a widely accepted indicator of a coming recession. The Australian dollar fell 0.5 per cent to $0.6793 after data showed the nation's jobless rate rose slightly to 5.3 per cent in August, bolstering expectations for the central bank to cut rates. The yen rose around 0.3 per cent to 108.14 per dollar. The BOJ maintained its pledge to guide short-term interest rates at minus 0.1 per cent and the 10-year government bond yield around 0 per cent. Investors will closely watch BOJ Governor Haruhiko Kuroda's post-decision press conference later on Thursday to gauge how he assesses risks to Japan's economic outlook. The US crude futures rose 0.24 per cent to $58.25 per barrel. Oil markets have stabilised after attacks on Saudi Arabia over the weekend triggered a supply shock and sent prices soaring, but the volatility is still a risk as Middle East tensions remain high. Washington has blamed Iran for the attacks, a charge which Tehran denies. The US Secretary of State Mike Pompeo has said the strike was "an act of war." Sterling traded at 88.50 pence per euro, near its strongest level since May 30. The pound was little changed at $1.2467. Investors are awaiting a Bank of England policy meeting later Thursday. The BOE is expected to keep rates unchanged, but uncertainty about how the UK will exit from the European Union has complicated the outlook for monetary policy.

Asian shares turn lower on guarded Fed, yen rises after BOJ

<a href="https://www.wionews.com/business-economy/sensex-and-nifty-fall-on-recession-worries-financials-metals-drag-246328">Indian shares</a> ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment.

The broader NSE Nifty ended up 0.68 per cent at 11,023.25, while the benchmark BSE Sensex closed 0.71 per cent higher at 37,332.79.&nbsp;

For the week, the NSE Nifty gained 1.79 per cent and the BSE Sensex added 1.72 per cent.

Pharma and fast-moving consumer goods stocks led the gains, with their indexes closing 2.02 per cent and 1.76 per cent higher, respectively.

Yes Bank ended 1.11 per cent higher, while Sun Pharma closed up 3.62 per cent.

They finished the day as the top gainers among the blue-chip stocks.

Among losers, Bharti Infratel ended 3.1 per cent lower.

Indian shares ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment.

Indian shares ended higher on Friday, recording their first weekly gain in three, as investors cheered signs of progress in the US-China trade dispute, with hopes of additional government stimulus fueling the risk-on sentiment. The broader NSE Nifty ended up 0.68 per cent at 11,023.25, while the benchmark BSE Sensex closed 0.71 per cent higher at 37,332.79. For the week, the NSE Nifty gained 1.79 per cent and the BSE Sensex added 1.72 per cent. Pharma and fast-moving consumer goods stocks led the gains, with their indexes closing 2.02 per cent and 1.76 per cent higher, respectively. Yes Bank ended 1.11 per cent higher, while Sun Pharma closed up 3.62 per cent. They finished the day as the top gainers among the blue-chip stocks. Among losers, Bharti Infratel ended 3.1 per cent lower.

Nifty, Sensex end higher after two weeks of losses; pharma gains

Indian&nbsp;shares&nbsp;ended&nbsp;sharply&nbsp;lower&nbsp;on Tuesday, led by a drop in&nbsp;automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

The broader NSE Nifty&nbsp;ended 1.65 per cent&nbsp;lower&nbsp;at 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16.

The Nifty&nbsp;autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July.

Shares&nbsp;of <a href="https://www.wionews.com/business-economy/indias-biggest-carmaker-maruti-suzuki-cuts-temporary-jobs-as-sales-plunge-240343">top&nbsp;Indian&nbsp;automaker Maruti Suzuki Ltd fell 5 per cent.</a>

Shares&nbsp;of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco.

The Nifty energy index was the only&nbsp;sector&nbsp;to&nbsp;end&nbsp;higher out of 14 sub-indexes, powered largely by Reliance.

Private-sector&nbsp;lender Yes Bank Ltd fell 10.9 per cent.

The company named a new chief financial officer on Tuesday.

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown.

Indian shares ended sharply lower on Tuesday, led by a drop in automotive stocks after data showed monthly passenger vehicle sales fell at their worst pace in nearly two decades as the industry goes through a prolonged slowdown. The broader NSE Nifty ended 1.65 per cent lower at 10,925.85, while the benchmark BSE Sensex closed down 1.66 per cent at 36,958.16. The Nifty autos index slid about 4 per cent, its worst decline since 2016, as sales of passenger vehicles to car dealers plunged 30.9 per cent in July. Shares of top Indian automaker Maruti Suzuki Ltd fell 5 per cent. Shares of oil-to-telecoms conglomerate Reliance Industries Ltd climbed 9.7 per cent after it unveiled the sale of a portion of its oil to chemicals business to Saudi Aramco. The Nifty energy index was the only sector to end higher out of 14 sub-indexes, powered largely by Reliance. Private-sector lender Yes Bank Ltd fell 10.9 per cent. The company named a new chief financial officer on Tuesday.

Indian shares end sharply lower as the auto sector takes beating

<a href="https://www.wionews.com/world/us-designates-china-a-currency-manipulator-as-yuan-hits-record-low-240948">China's tumbling yuan</a> steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US&nbsp;trade tensions.

The <a href="https://www.wionews.com/business-economy/chinese-yuan-falls-to-weakest-level-against-the-dollar-since-2010-240743">currency has slumped 2.3% over the past three days</a> and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war.

On Monday, US&nbsp;Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows.

The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout.

"(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong.

"Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures."

The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar.

The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations.

The PBOC's announcement of a sale of 30 billion yuan&nbsp;worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling.

The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596.

However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession.

The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses.

"Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong

"The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac.

Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week.

"We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients.

"As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions.

China's tumbling yuan steadied on Tuesday as authorities took steps to contain its slide while stocks plunged after Washington labelled Beijing a currency manipulator, marking a sharp escalation in US trade tensions. The currency has slumped 2.3% over the past three days and broken past the symbolic 7-per-dollar level, pounding stocks and pushing bonds higher as investors feared the yuan's value has become a new front in the US-China trade war. On Monday, US Treasury Secretary Steven Mnuchin said Washington would designate China a currency manipulator, its first such move since 1994, sending both the onshore and offshore yuan to record lows. The People's Bank of China's firmer-than-expected yuan fixing on Tuesday helped pull the currency away from these lows as did an announced bond sale in the offshore market, seen as signs authorities wanted to stem the rout. "(China is) seizing the narrative on the renminbi," said Andy Wong, multi-asset senior investment manager at Pictet Asset Management in Hong Kong. "Rather than being pressured to signal that 7 is just a psychological level, they are ... saying this is something that we control rather than markets or whatever other pressures." The yuan dropped to the record low in offshore trade early in Asia, after Mnuchin's announcement, before bouncing to steady around 7.0642 per dollar. The PBOC fixed the yuan midpoint, which sets the point around which the currency is allowed to trade, at 6.9683 per dollar, firmer than market expectations. The PBOC's announcement of a sale of 30 billion yuan worth of yuan-denominated bills in Hong Kong also suggested the central bank was soaking up cash to prevent speculative short-selling. The currency opened onshore trade at 7.0699 per dollar, then firmed to 7.0515 by 0310 GMT. The offshore yuan fell to as low as 7.1397 per dollar before coming back as far as 7.0596. However, the currency's stabilisation on Tuesday was not enough assuage markets, but did halt their slide by midsession. The Shanghai Composite Index fell over 2% to 2,733.92, touching its lowest level since February, while Hong Kong's Hang Seng Index hit it's lowest since January before paring some of the losses. "Renminbi weakening pressure added uncertainty to the stock market and added pressure especially for financials and property companies," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong "The PBOC is sending signals that it would like to mitigate RMB depreciation – by fixing dollar/yuan somewhat low, and by announcing to issue offshore bills," said Frances Cheung, a strategist at Westpac. Chinese policy sources had told Reuters that the currency was allowed to slide so markets could factor in concerns over the tussle between the world's two largest economies, especially after President Donald Trump announced new tariffs last week. "We think the most important takeaway is the risk of US-China trade war escalating further has increased," UBS Economist Tao Wang said in a note to clients. "As the trade war escalates further and depreciation pressure on the renminbi intensifies, we expect the dollar/yuan to trade beyond 7 more often in the rest of the year."

China's yuan steadies but stocks plunge as trade tensions grow

<a href="https://www.wionews.com/world/amazon-founder-jeff-bezos-divorce-final-with-38-billion-settlement-report-233449">Amazon founder Jeff Bezos</a> sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion.

The move by Bezos was part of a previously adopted trading plan and was revealed in regulatory filings that also showed that his former wife Mackenzie Bezos is now the online retailer's second largest individual shareholder.

Her stake, stemming from a divorce settlement of the pair's previous joint holdings, is currently worth more than $37 billion.

The numbers mean Bezos retains his pole position among the world's billionaires, while his former wife now ranks 23rd, according to Forbes data.

The couple announced their plan to divorce in a joint Twitter statement in January, and Amazon disclosed in April that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce.

The billionaire chief executive has said previously that he would sell stock worth about $1 billion each year to fund his r<a href="https://www.wionews.com/world/amazons-jeff-bezos-unveils-lunar-lander-project-blue-moon-217363">ocket company, Blue Origin</a>.

Blue Origin aims eventually to cut the cost of space flight to levels that would allow millions of people to live and work off Earth, Bezos has said.

Amazon founder Jeff Bezos sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion.

Amazon founder Jeff Bezos sold shares worth $1.8 billion in the last three days of July, reducing the value of his stake in the world's third most valuable company to about $110 billion. The move by Bezos was part of a previously adopted trading plan and was revealed in regulatory filings that also showed that his former wife Mackenzie Bezos is now the online retailer's second largest individual shareholder. Her stake, stemming from a divorce settlement of the pair's previous joint holdings, is currently worth more than $37 billion. The numbers mean Bezos retains his pole position among the world's billionaires, while his former wife now ranks 23rd, according to Forbes data. The couple announced their plan to divorce in a joint Twitter statement in January, and Amazon disclosed in April that 4% of its outstanding stock or 19.7 million shares would be registered in MacKenzie Bezos' name after court approval of the divorce. The billionaire chief executive has said previously that he would sell stock worth about $1 billion each year to fund his rocket company, Blue Origin. Blue Origin aims eventually to cut the cost of space flight to levels that would allow millions of people to live and work off Earth, Bezos has said.

Jeff Bezos sells shares worth $1.8 billion in Amazon, still world's top billionaire

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/business-economy/asian-shares-drift-into-trade-talks-fed-test-239118&amp;sa=U&amp;ved=2ahUKEwiskeK2ktrjAhVFsY8KHaKRDH0QFjABegQIDBAC&amp;usg=AOvVaw007h4SGYlL7z1dT2b0Kwqf">Federal Reserve</a>&nbsp;signals more cuts will follow.

After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%.

The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31.

A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting.

Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move.

More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so.

MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat.

"Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood.

Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low.

Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth.

"Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM.

"While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..."

In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%.

In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some.

The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%.

Elsewhere in currencies, <a href="https://www.wionews.com/world/uk-plays-brexit-hardball-with-stubborn-european-union-pound-falls-to-a-two-year-low-239235">sterling fell</a> over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow.

Global shares steadied on Monday and the dollar hit a two-month high against a basket of currencies as markets counted down to a likely cut in US interest rates this week, with much riding on whether the Federal Reserve signals more cuts will follow. After opening lower, European shares began to gain. Deal-making and a rally in defensive sectors pushed the pan-European STOXX 600 index up 0.3%. The dollar index - which measures it against a basket of peers - was higher by 0.1% and at its highest since May 31. A stronger-than-expected US gross domestic product report on Friday gave the dollar wings, leading some investors to doubt whether the Fed will continue easing this year after its Wednesday meeting. Interest rate futures are fully priced for a quarter-point rate cut from the Fed on Wednesday, with only a small chance of a half-point move. More important will be what the central bank flags for the future, given the market implies 100 basis points of easing over the next year or so. MSCI's All-Country World Index of stocks, down by as much as 0.2% on the day, erased some losses to trade 0.02% lower. Wall Street futures were flat. "Central banks are very much the focus of attention for markets at the moment," said Rupert Thompson, head of research at Kingswood. Investors were also keeping an eye on US-China trade talks. US and Chinese negotiators meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations for a breakthrough are low. Data on the weekend showed profits earned by China's industrial firms contracted in June, fuelling concerns that the trade war will drag on economic growth. "Both parties know they are running out of time to prevent a sharper slowdown in the global economy. However, given the past experiences, investor sentiment isn’t too high," said Hussein Sayed, chief market strategist at FXTM. "While resolving their core issues seems far from reach at this stage, especially when it comes to China's subsidies and technology transfers, markets need at least a sign of goodwill to prevent a sharp, volatile reaction..." In Asia, MSCI's broadest index of Asia-Pacific shares was half a per cent lower. Japan's Nikkei dipped 0.2% and Shanghai blue chips 0.1%. In bonds, eurozone bond yields dipped as jittery investors eyed the trade talks and waited for the likely Fed rate cut after the European Central Bank's dovish signalling last week disappointed some. The benchmark German 10-year Bund yield fell more than 1 basis point to -0.3920%, not far from last week's record low of -0.422%. Elsewhere in currencies, sterling fell over half a per cent to a 28-month low of $1.2301 amid reports the government of Prime Minister Boris Johnson was preparing the ground for a "no-deal" Brexit.

Shares steady as Fed comes into focus; dollar at two-month high

Alphabet Inc shares rose about 8 per cent&nbsp;after the company reported quarterly results that eased investors' concerns about growth challenges facing its <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/australia-to-lift-veil-on-facebook-google-algorithms-to-protect-privacy-238610&amp;sa=U&amp;ved=2ahUKEwi795iK0NLjAhVdnI8KHd4yA3EQFjADegQIEBAC&amp;usg=AOvVaw0DjuqZIq45MxG5qQMQLYOz">Google</a> advertising business.

Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player <a href="https://www.google.com/url?client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;q=https://www.wionews.com/world/facebook-to-create-privacy-panel-pay-5-billion-to-us-to-settle-data-breach-allegations-238141&amp;sa=U&amp;ved=2ahUKEwin3vee0NLjAhUJuY8KHX4XCmoQFjAJegQIABAC&amp;usg=AOvVaw3oWENcDFaT7j5nwu9RI2L3">Facebook Inc</a> a day earlier, offered no worrisome guidance about increasing regulatory scrutiny.

The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years.

In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide.

Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&amp;P 500 broadly.

Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack.

Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before.

"We understand there will be scrutiny," and "we will engage constructively," he said.

WEAKENING CONCERNS

Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv.

The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago.

Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business.

Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful.

Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash.

Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years.

Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!"

Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share.

Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter.

Alphabet in its earnings release on Thursday did not mention any government investigations.

Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US&nbsp;Department of Justice's antitrust review of large internet companies.

Reuters reported last month that the US&nbsp;Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour.

Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses.

On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business.

Alphabet Inc shares rose about 8 per cent after the company reported quarterly results that eased investors' concerns about growth challenges facing its Google advertising business. Driven by ad sales, second-quarter revenue and earnings beat analysts' expectations. Also, the world's largest online search and ads firm, unlike No. 2 online ad player Facebook Inc a day earlier, offered no worrisome guidance about increasing regulatory scrutiny. The results helped Alphabet dismiss as a rare blip a $1 billion revenue miss in the first quarter, which had prompted an outburst of investor questions and the biggest one-day sell-off in its shares in about seven years. In after-hours trade on Thursday, the shares rose to $1,226.60, on track for their biggest single-day increase in four years though still down about 4% from their highs before the April slide. Alphabet's shares have lagged peers on Wall Street this year, rising about 9 per cent through Thursday's close, compared to a roughly 20% gain for the S&P 500 broadly. Questions linger about whether privacy, content moderation and antitrust rules proposed or already passed in the United States and other high-revenue countries will slash ad prices. Google also faces an industrywide slowdown in ad sales in the United States and Europe, with revenue from emerging markets not yet picking up the slack. Google Chief Executive Sundar Pichai told analysts on Thursday that advances in ad targeting and new services for consumers worldwide would spur growth. He said the company had survived calls for regulation before. "We understand there will be scrutiny," and "we will engage constructively," he said. WEAKENING CONCERNS Alphabet, which generates about 85 per cent of its revenue from sales of ad space and ad technology, reported total second-quarter revenue of $38.9 billion. That was up 19% over last year and compared with 17% growth in the first quarter. Analysts on average estimated 16.8% growth and $38.2 billion in revenue, according to IBES data from Refinitiv. The last time that Alphabet had two consecutive quarters of revenue growth below 20% was three years ago. Executives said the latest results backed their contention that the performance recently has been affected by currency exchange rates and one-off fluctuations rather than advertiser flight or some deeper challenge to its business. Alphabet's chief financial officer, Ruth Porat, appeared to dispel other analyst concerns, saying the company has seen "virtually no impact" to revenue from efforts to stop running ads on YouTube videos that some have characterized as extremist or hateful. Alphabet authorized up to $25 billion in new stock buybacks, aiming to make use of its $121 billion in cash. Pichai said quarterly revenue from licensing cloud computing services and workplace software jumped to about $2 billion, from its last disclosure of $1 billion at the end of 2017. He said the cloud unit would triple its sales staff over the next few years. Atlantic Equities analyst James Cordwell told Reuters in an email that the buyback and cloud updates "suggests that management cares about stock performance, which will be a relief to shareholders!" Net income for the second quarter rose to $9.95 billion, or $14.21 per share, compared with analysts' estimates of $8.02 billion, or $11.32 per share. Alphabet’s quarterly costs at $29.76 billion were about flat with the same period a year ago. The operating margin was 24%, up from 18% in the first quarter. Alphabet in its earnings release on Thursday did not mention any government investigations. Facebook Inc, along with the release of its earnings on Wednesday, said the FTC had informed it last month that it was under antitrust investigation. The social media giant also acknowledged a broad US Department of Justice's antitrust review of large internet companies. Reuters reported last month that the US Federal Trade Commission was gearing up to investigate Google over complaints of anti-competitive behaviour. Accusations lodged against Google by rivals and other critics span its advertising, app store, search and other businesses. On Thursday, the Texas attorney general's office announced that a bipartisan group of state attorneys general is weighing a range of antitrust actions against big tech companies.

Alphabet's revenue rebounds easing doubts on growth

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation&nbsp;(ONGC).

The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10.

Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%.

India's no. two&nbsp;IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

&nbsp;

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.

Indian shares closed lower after a volatile session on Friday, led by declines in IT firm Wipro Ltd and Oil and Natural Gas Corporation (ONGC). The broader NSE Nifty closed down 0.26% at 11,552.5, while the benchmark BSE Sensex settled 0.22% lower at 38,736.23. Both indexes saw their worst week since May 10. Wipro was the biggest percentage loser on the NSE Nifty, falling 3.3% to its worst closing level since March 29, while energy giant ONGC slipped 2.2%. India's no. two IT services firm Infosys Ltd closed up 0.7% ahead of its quarterly results.

Nifty and Sensex slip as Wipro, ONGC drag

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its <a href="https://www.wionews.com/business-economy/indigo-co-founder-turns-to-sebi-over-alleged-corporate-governance-violation-234507">co-founders alleged violation of corporate governance rules</a> at the parent group.

Interglobe shares hit their lowest since March and were on course for their worst day since January 2016.

IndiGo co-founder Rakesh Gangwal on Tuesday also asked the country's securities regulator to intervene in the matter, a move that suggests that a previously reported row between Gangwal and fellow co-founder Rahul Bhatia was escalating.

"I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in Tuesday's letter to the Securities and Exchange Board of India (SEBI), referring to Bhatia's affiliate group.

Gangwal and his affiliates own nearly 37%, while Bhatia controls about 38% in Interglobe, giving both a major say in its strategy and plans.

At the centre of Gangwal's complaint are IGE and Bhatia's significant controlling rights over IndiGo, which Gangwal says allows them to carry out "questionable" transactions between IGE and Interglobe.

The controlling rights should not enable transactions that violate the company's code of conduct and are not in its best interests, Gangwal said in a letter to Interglobe's board in May, the company's filing to the BSE Ltd stock exchange showed on Tuesday.

Gangwal's RG Group was misleading shareholders by "putting out false allegations and incomplete and incorrect facts," Bhatia told the board in January, the filing showed. 
The allegations represent a "subterfuge" to force a change of the governing structure and controlling rights at the company, Bhatia had said.

SEBI has sought a reply from Interglobe by July 19 on the matter.

Analysts at Mumbai-based ICICI Securities took note of the quarrel between the founders, but maintained their "buy" rating on Interglobe's stock, noting "strong business fundamentals".

Meanwhile, shares in IndiGo's rival SpiceJet climbed as much as 9% on Wednesday.

A representative for IndiGo did not immediately reply to a request seeking comment. 
&nbsp;

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its co-founders alleged violation of corporate governance rules at the parent group.

Shares of Interglobe Aviation Ltd, which owns India's largest airline IndiGo, fell as much as 19% on Wednesday after one of its co-founders alleged violation of corporate governance rules at the parent group. Interglobe shares hit their lowest since March and were on course for their worst day since January 2016. IndiGo co-founder Rakesh Gangwal on Tuesday also asked the country's securities regulator to intervene in the matter, a move that suggests that a previously reported row between Gangwal and fellow co-founder Rahul Bhatia was escalating. "I have vigorously attempted for almost a year to persuade the company to shore up its governance standards, and all my attempts have been thwarted by the IGE Group," Gangwal said in Tuesday's letter to the Securities and Exchange Board of India (SEBI), referring to Bhatia's affiliate group. Gangwal and his affiliates own nearly 37%, while Bhatia controls about 38% in Interglobe, giving both a major say in its strategy and plans. At the centre of Gangwal's complaint are IGE and Bhatia's significant controlling rights over IndiGo, which Gangwal says allows them to carry out "questionable" transactions between IGE and Interglobe. The controlling rights should not enable transactions that violate the company's code of conduct and are not in its best interests, Gangwal said in a letter to Interglobe's board in May, the company's filing to the BSE Ltd stock exchange showed on Tuesday. Gangwal's RG Group was misleading shareholders by "putting out false allegations and incomplete and incorrect facts," Bhatia told the board in January, the filing showed. The allegations represent a "subterfuge" to force a change of the governing structure and controlling rights at the company, Bhatia had said. SEBI has sought a reply from Interglobe by July 19 on the matter. Analysts at Mumbai-based ICICI Securities took note of the quarrel between the founders, but maintained their "buy" rating on Interglobe's stock, noting "strong business fundamentals". Meanwhile, shares in IndiGo's rival SpiceJet climbed as much as 9% on Wednesday. A representative for IndiGo did not immediately reply to a request seeking comment.

IndiGo shares slump as co-founder alleges misgovernance

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67.

In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30.

Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week.

The cash-starved airline suspended operations in April.

In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band".

There are restrictions in trading of shares that are under Trade for Trade Segment.&nbsp;

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28.

Shares of Jet Airways continued the downward trend, plunging over 18 per cent Monday as stock exchanges, last week, decided to impose restrictions on its stock trading from June 28. The scrip which has been tumbling for the 11th consecutive day further plummeted 18.28 per cent to hit a multi-year low of 67.05 on the BSE. At NSE, shares plunged 17.94 per cent to a multi-year low of Rs 67. In 11 trading days, the scrip has tumbled over 55 per cent from Rs 150.85 on May 30. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular issued last week. The cash-starved airline suspended operations in April. In a circular on Wednesday, NSE said shares of the company would be shifted from "Rolling Segment to Trade for Trade Segment, wherein the settlement in the scrip will take place on gross basis with 100 per cent upfront margin and 5 per cent price band". There are restrictions in trading of shares that are under Trade for Trade Segment.

Jet Airways shares continue to face massive selling pressure; tumble over 18%

Asian shares fell on Thursday after the United States hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain Sino-US&nbsp;trade ties.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.2%, hovering not far off its lowest since late January.

Japan's Nikkei dropped 0.6%, with banks hurt by weak earnings, while South Korean shares also lost 0.6% and Chinese blue chips were down 0.2%.

Asian shares had steadied in early trade on news that US&nbsp;President Donald Trump was planning to delay tariffs on auto imports, providing much needed relief to markets hit by a flare-up in trade tensions and weak US&nbsp;and Chinese economic data.

Bucking the downtrend, Australian stocks held steady as weaker-than-expected local job data supported expectations for a central bank rate cute.

The US&nbsp;Commerce Department said late on Wednesday it was adding Huawei Technologies Co Ltd and 70 affiliates to its "Entity List" - a move that bans the company from acquiring components and technology from US firms without government approval.

"There has been an increasing disconnect between Asian markets and US markets over the last six months," said Nick Twidale, chief operating officer at Rakuten Securities Australia in Sydney.

"US&nbsp;markets were buoyed on President Trump possibly pulling back on auto tariffs on both Europe and Japan, but really Asian markets have latched on the fact that he's not letting up in the trade war against China," he added.

On Wednesday, Wall Street shares extended a rebound, with the S&amp;P 500 gaining 0.58% and the MSCI's broadest gauge of world stocks bouncing back from a two-month low hit on Tuesday.

Also on Wednesday, less than a week after Washington slapped higher tariffs on $250 billion imports from China, US Treasury Secretary Steven Mnuchin said he will likely travel to Beijing soon to continue trade negotiations with Chinese counterparts.

The positive trade developments overnight lifted risk sentiment that had been dampened earlier in the session by weak economic data.

China reported surprisingly weaker growth in retail sales and industrial output for April, with overall retail sales posting the slowest increase since May 2003.

In the United States, retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, while industrial production fell 0.5% in April, the third drop this year.

Pricing in a rate cut

Weak data underpinned US bond prices, pushing down yields further.

The 10-year US Treasuries yield eased to 2.371%, near its 15-month low of 2.340% touched on March 28.

The two-year notes yield hit a 15-month low of 2.139% on Wednesday and last stood at 2.1616%.

Fed funds rate futures are fully pricing in a rate cut by the end of this year and more than a 50 per cent chance of a move by September.

"The markets are inching step by step in pricing in a rate cut. That is a sea change from a year ago when the consensus was three to four rate hikes a year," said Akira Takei, bond fund manager at Asset Management One.

In the foreign exchange market, the Australian dollar brushed its lowest since early January after a drop in the country's full-time jobs supported views the central bank may be forced to lower rates soon to stimulate the economy.

"Domestic data is starting to come off. We've got increased global concerns as well," said Rakuten's Twidale.

"Expectations now will be rising that we are to get a cut in June or in the (Reserve Bank of Australia's) meeting after that."

Against the yen, the dollar dipped a tenth of a per cent to 109.49.

The euro rose 0.1% to $1.1208.

Oil prices gained on the prospect of mounting tensions in the Middle East hitting global supplies despite an unexpected build in US&nbsp;crude inventories.

Brent crude rose 0.5% to $72.10 a barrel, while US West Texas Intermediate (WTI) crude fetched $62.35, also half a per cent higher.

The United States pulled staff from its embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran.

The sabotage of the tankers, for which no one has claimed responsibility, and Saudi Arabia's announcement on Tuesday that armed drones hit two of its oil pumping stations have raised concerns Washington and Tehran may be inching toward conflict.

Asian shares fell on Thursday after the United States hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain Sino-US trade ties. MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.

Asian shares fell on Thursday after the United States hit Chinese telecoms giant Huawei with severe sanctions, threatening to further strain Sino-US trade ties. MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.2%, hovering not far off its lowest since late January. Japan's Nikkei dropped 0.6%, with banks hurt by weak earnings, while South Korean shares also lost 0.6% and Chinese blue chips were down 0.2%. Asian shares had steadied in early trade on news that US President Donald Trump was planning to delay tariffs on auto imports, providing much needed relief to markets hit by a flare-up in trade tensions and weak US and Chinese economic data. Bucking the downtrend, Australian stocks held steady as weaker-than-expected local job data supported expectations for a central bank rate cute. The US Commerce Department said late on Wednesday it was adding Huawei Technologies Co Ltd and 70 affiliates to its "Entity List" - a move that bans the company from acquiring components and technology from US firms without government approval. "There has been an increasing disconnect between Asian markets and US markets over the last six months," said Nick Twidale, chief operating officer at Rakuten Securities Australia in Sydney. "US markets were buoyed on President Trump possibly pulling back on auto tariffs on both Europe and Japan, but really Asian markets have latched on the fact that he's not letting up in the trade war against China," he added. On Wednesday, Wall Street shares extended a rebound, with the S&P 500 gaining 0.58% and the MSCI's broadest gauge of world stocks bouncing back from a two-month low hit on Tuesday. Also on Wednesday, less than a week after Washington slapped higher tariffs on $250 billion imports from China, US Treasury Secretary Steven Mnuchin said he will likely travel to Beijing soon to continue trade negotiations with Chinese counterparts. The positive trade developments overnight lifted risk sentiment that had been dampened earlier in the session by weak economic data. China reported surprisingly weaker growth in retail sales and industrial output for April, with overall retail sales posting the slowest increase since May 2003. In the United States, retail sales unexpectedly fell in April as households cut back on purchases of motor vehicles and a range of other goods, while industrial production fell 0.5% in April, the third drop this year. Pricing in a rate cut Weak data underpinned US bond prices, pushing down yields further. The 10-year US Treasuries yield eased to 2.371%, near its 15-month low of 2.340% touched on March 28. The two-year notes yield hit a 15-month low of 2.139% on Wednesday and last stood at 2.1616%. Fed funds rate futures are fully pricing in a rate cut by the end of this year and more than a 50 per cent chance of a move by September. "The markets are inching step by step in pricing in a rate cut. That is a sea change from a year ago when the consensus was three to four rate hikes a year," said Akira Takei, bond fund manager at Asset Management One. In the foreign exchange market, the Australian dollar brushed its lowest since early January after a drop in the country's full-time jobs supported views the central bank may be forced to lower rates soon to stimulate the economy. "Domestic data is starting to come off. We've got increased global concerns as well," said Rakuten's Twidale. "Expectations now will be rising that we are to get a cut in June or in the (Reserve Bank of Australia's) meeting after that." Against the yen, the dollar dipped a tenth of a per cent to 109.49. The euro rose 0.1% to $1.1208. Oil prices gained on the prospect of mounting tensions in the Middle East hitting global supplies despite an unexpected build in US crude inventories. Brent crude rose 0.5% to $72.10 a barrel, while US West Texas Intermediate (WTI) crude fetched $62.35, also half a per cent higher. The United States pulled staff from its embassy in Baghdad on Wednesday out of apparent concern about perceived threats from Iran. The sabotage of the tankers, for which no one has claimed responsibility, and Saudi Arabia's announcement on Tuesday that armed drones hit two of its oil pumping stations have raised concerns Washington and Tehran may be inching toward conflict.

Global Markets: Asian shares fall after US blacklists China's Huawei

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.

US President Donald Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. That provided some support for stocks in early Asian trade though sentiment remains cautious.

MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent while Japan's Nikkei rose 0.4 per cent. E-mini futures for US&nbsp;S&amp;P500 rose 0.4 per cent in early Asian trade.

Yet with less than four hours left before the announced start of new rates at 12:01 a.m. (0401) GMT on Friday, right in the middle of two days of meetings with a Chinese delegation, some see the risk of a fresh escalation in the trade war.

"I'd say there's 50 per cent chance the tariffs will be raised as announced, which should lead to fresh selling in stocks later today," said Norihiro Fujito, chief investment in Mitsubishi UFJ Morgan Stanley Securities.

China's Vice Premier Liu He said he hopes to engage in a rational and candid exchange with the US after arriving in Washington for a new round of trade talks, China's official Xinhua news agency reported.

Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports.

Concerns about renewed escalation in the trade tensions supported safe-haven assets.

The 10-year US&nbsp;Treasuries yield stood at 2.453 per cent near its lowest levels since late March.

In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday.

The euro firmed to $1.1220 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day.

MSCI's emerging market currency index also tumbled to a four-month low.

Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now.

Brent rose 0.7 per cent to $70.86 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.9 per cent to $62.24 per barrel.

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike.

Asian shares inched up from two-month lows on Friday just hours ahead of the Trump administration's plan to raise tariffs on Chinese imports as investors looked to whether negotiators from the two countries can clinch a deal to avert the hike. US President Donald Trump said on Thursday he had received a "beautiful letter" from Chinese President Xi Jinping, stoking hopes that Washington may suspend its plan to raise tariffs on $200 billion worth of Chinese goods to 25 per cent from 10 per cent. That provided some support for stocks in early Asian trade though sentiment remains cautious. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.2 per cent while Japan's Nikkei rose 0.4 per cent. E-mini futures for US S&P500 rose 0.4 per cent in early Asian trade. Yet with less than four hours left before the announced start of new rates at 12:01 a.m. (0401) GMT on Friday, right in the middle of two days of meetings with a Chinese delegation, some see the risk of a fresh escalation in the trade war. "I'd say there's 50 per cent chance the tariffs will be raised as announced, which should lead to fresh selling in stocks later today," said Norihiro Fujito, chief investment in Mitsubishi UFJ Morgan Stanley Securities. China's Vice Premier Liu He said he hopes to engage in a rational and candid exchange with the US after arriving in Washington for a new round of trade talks, China's official Xinhua news agency reported. Trump also said on Thursday he was taking steps to authorise new tariffs on $325 billion in Chinese imports. Concerns about renewed escalation in the trade tensions supported safe-haven assets. The 10-year US Treasuries yield stood at 2.453 per cent near its lowest levels since late March. In the currency market, the yen is favoured, with the dollar changing hands at 109.71 yen, having hit a three-month low of 109.47 on Thursday. The euro firmed to $1.1220 while the Chinese yuan perked at 6.838 per dollar having hit a four-month low of 6.8638 to the dollar the previous day. MSCI's emerging market currency index also tumbled to a four-month low. Oil prices held firm after Trump's comments on Xi's letter raised hopes for a deal for now. Brent rose 0.7 per cent to $70.86 a barrel while U.S. West Texas Intermediate (WTI) crude gained 0.9 per cent to $62.24 per barrel.

Asian shares near two-month lows ahead of looming US tariff hike

The BSE benchmark Sensex rose over 100 points Wednesday led by gains in banking stocks amid continued buying by foreign investors.

The 30-share index was trading 134.95 points, or 0.36 per cent, higher at 37,670.61, while the 50-share NSE Nifty climbed 22.10 points, or 0.20 per cent, to 11,323.30.

In the previous session, the BSE gauge settled 481.56 points or 1.30 per cent, higher at 37,535.66. The broader Nifty closed with gains of 133.15 points, or 1.19 per cent, at 11,301.20.

Top gainers in early trade include HCL Tech, IndusInd Bank, HDFC Bank, HUL, Axis Bank, Bajaj Auto, RIL, SBI and Infosys, rising up to 2.58 per cent. 
While, ONGC, NTPC, Coal India, Vedanta and Bharti Airtel fell up to 2.17 per were trading in the red.

Domestic equities extended their gains for the third session, driven by positive factors like sustained foreign fund inflows, stronger rupee and chances of the incumbent NDA government coming for a second term, experts said.

On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 2,477.72 crore on Tuesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 990.48 crore, provisional data available with BSE showed.

However, investors turned cautious, capping gains on bourses, after retail inflation jumped to a four-month high of 2.57 per cent in February, and industrial growth slipped to 1.7 per cent on account of manufacturing sector slowdown, traders said.

According to the data released by the Central Statistics Office (CSO), the Index of Industrial Production (IIP) expanded by just 1.7 per cent in January, significantly down from 7.5 per cent growth in the year-ago month.

Elsewhere in Asia, Hong Kong's Hang Seng fell 0.59 per cent, Shanghai Composite Index slipped 0.37 per cent, Kospi shed 0.88 per cent, and Japan's Nikkei cracked 1.35 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.38 per cent lower on Tuesday.

The rupee, meanwhile, depreciated marginally against US dollar to 69.76. 
 
The benchmark Brent crude futures rose 0.24 per cent to USD 66.83 per barrel.

The BSE benchmark Sensex rose over 100 points Wednesday led by gains in banking stocks amid continued buying by foreign investors. The 30-share index was trading 134.

The BSE benchmark Sensex rose over 100 points Wednesday led by gains in banking stocks amid continued buying by foreign investors. The 30-share index was trading 134.95 points, or 0.36 per cent, higher at 37,670.61, while the 50-share NSE Nifty climbed 22.10 points, or 0.20 per cent, to 11,323.30. In the previous session, the BSE gauge settled 481.56 points or 1.30 per cent, higher at 37,535.66. The broader Nifty closed with gains of 133.15 points, or 1.19 per cent, at 11,301.20. Top gainers in early trade include HCL Tech, IndusInd Bank, HDFC Bank, HUL, Axis Bank, Bajaj Auto, RIL, SBI and Infosys, rising up to 2.58 per cent. While, ONGC, NTPC, Coal India, Vedanta and Bharti Airtel fell up to 2.17 per were trading in the red. Domestic equities extended their gains for the third session, driven by positive factors like sustained foreign fund inflows, stronger rupee and chances of the incumbent NDA government coming for a second term, experts said. On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 2,477.72 crore on Tuesday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 990.48 crore, provisional data available with BSE showed. However, investors turned cautious, capping gains on bourses, after retail inflation jumped to a four-month high of 2.57 per cent in February, and industrial growth slipped to 1.7 per cent on account of manufacturing sector slowdown, traders said. According to the data released by the Central Statistics Office (CSO), the Index of Industrial Production (IIP) expanded by just 1.7 per cent in January, significantly down from 7.5 per cent growth in the year-ago month. Elsewhere in Asia, Hong Kong's Hang Seng fell 0.59 per cent, Shanghai Composite Index slipped 0.37 per cent, Kospi shed 0.88 per cent, and Japan's Nikkei cracked 1.35 per cent in early trade. On Wall Street, Dow Jones Industrial Average ended 0.38 per cent lower on Tuesday. The rupee, meanwhile, depreciated marginally against US dollar to 69.76. The benchmark Brent crude futures rose 0.24 per cent to USD 66.83 per barrel.

Sensex rises over 100 points; Nifty above 11,300

The pound jumped and Asian shares rallied on Tuesday after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement.

European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it.

Sterling, which had risen ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May's plan again on Tuesday.

The pound was up 0.5 per cent, buying $1.3215 and taking its gains over two days to more than 1.5 per cent.

A lower likelihood of crashing out of the EU with no Brexit deal could help to inject some bullish sentiment into equity markets by eliminating one of the three major concerns of global investors, alongside trade and slowing global growth, said Greg McKenna, strategist at McKenna Macro.

"Take Brexit off the table and I think some of the real money flows that appear to have turned up late last week are likely to be there again. So I think it helps change the backdrop a little bit," he said.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.08 per cent, with early gains reinforced by a rise in Chinese shares and oil companies, which were buoyed by higher oil prices.

Chinese blue chips rose 1.3 per cent, extending the previous day's 2 per cent gain.

Despite slowing domestic economic growth and uncertainty about the outlook for trade negotiations between China and the United States, Chinese markets have been buoyed this year by investors' expectations of more stimulus to cushion any downturn.

The CSI300 index has risen more than 25 per cent this year.

But Oliver Jones, market economist at Capital Economics cautioned that the Chinese rally is "built on shaky foundations."

"The surge in China's mainland equity markets since the start of the year looks excessive, even allowing for renewed optimism about stimulus in China and the possibility of a US-China trade deal," he said in a note.

"Since we are anticipating more economic weakness in both China and the rest of the world regardless, we suspect that the Shanghai and Shenzhen markets will fall back sharply later in the year."

Australian shares were up 0.4per cent, while Japan's Nikkei stock index jumped 1.9 per cent, helped by a weaker yen.

The amended Brexit deal gave a further boost to investors' appetite for riskier assets, after global equity indexes climbed overnight on gains in technology stocks and expectations of more stimulus from China.

US shares rebounded from a week-long losing streak, with news that US chip supplier Nvidia Corp has agreed to buy Israeli chip designer Mellanox Technologies Ltd for $6.8 billion helping to boost tech shares.

A nearly 7 per cent gain in Nvidia shares helped to propel the Nasdaq Composite 2.02 per cent&nbsp;higher, to 7,558.06 points.

The Dow Jones Industrial Average rose 0.79 per cent, with gains tempered by a 5.3 per cent drop in Boeing shares after some airlines grounded the company's new 737 MAX 8 passenger jet following a second deadly crash of the airliner in five months.

The S&amp;P 500 gained 1.47 per cent to 2,783.3.

RISING YIELDS

The market's turn toward riskier assets lifted yields on US Treasury bonds, with benchmark 10-year Treasury notes at 2.6645 percent compared with its U.S. close of 2.641 per cent on Monday.

The two-year yield was at 2.4998 per cent compared with a US close of 2.477 per cent.

The dollar index, which measures the greenback against a basket of rivals, shed 0.2 per cent to 97.036. But rising risk appetite weighed on the safe-haven yen, pushing the dollar up 0.16 per cent to 111.37.

The euro was up 0.13 per cent on the day at $1.1262.

In commodity markets, oil prices rose on a combination of strong demand and supply cuts by the Organization of the Petrolum Exporting Countries (OPEC).

A political and economic crisis in OPEC-member Venezuela is also seen as lifting crude prices.

Venezuela's opposition-run congress on Monday declared a "state of alarm" over a five-day power blackout that has crippled the country's oil exports and left millions of citizens scrambling to find food and water.

US crude was up 0.5 per cent at $57.08 a barrel and Brent crude was 0.4 per cent higher at $66.84.

Spot gold jumped 0.2 per cent to $1,296.45 per ounce.

The pound jumped and Asian shares rallied on Tuesday after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement.

The pound jumped and Asian shares rallied on Tuesday after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement. European Commission head Jean-Claude Juncker agreed to additional assurances in an updated Brexit deal with British Prime Minister Theresa May on Monday, but warned UK lawmakers would not get a third chance to endorse it. Sterling, which had risen ahead of the talks between May and Juncker, extended gains in hopes the changes may be enough to sway rebellious British lawmakers who have threatened to vote down May's plan again on Tuesday. The pound was up 0.5 per cent, buying $1.3215 and taking its gains over two days to more than 1.5 per cent. A lower likelihood of crashing out of the EU with no Brexit deal could help to inject some bullish sentiment into equity markets by eliminating one of the three major concerns of global investors, alongside trade and slowing global growth, said Greg McKenna, strategist at McKenna Macro. "Take Brexit off the table and I think some of the real money flows that appear to have turned up late last week are likely to be there again. So I think it helps change the backdrop a little bit," he said. MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.08 per cent, with early gains reinforced by a rise in Chinese shares and oil companies, which were buoyed by higher oil prices. Chinese blue chips rose 1.3 per cent, extending the previous day's 2 per cent gain. Despite slowing domestic economic growth and uncertainty about the outlook for trade negotiations between China and the United States, Chinese markets have been buoyed this year by investors' expectations of more stimulus to cushion any downturn. The CSI300 index has risen more than 25 per cent this year. But Oliver Jones, market economist at Capital Economics cautioned that the Chinese rally is "built on shaky foundations." "The surge in China's mainland equity markets since the start of the year looks excessive, even allowing for renewed optimism about stimulus in China and the possibility of a US-China trade deal," he said in a note. "Since we are anticipating more economic weakness in both China and the rest of the world regardless, we suspect that the Shanghai and Shenzhen markets will fall back sharply later in the year." Australian shares were up 0.4per cent, while Japan's Nikkei stock index jumped 1.9 per cent, helped by a weaker yen. The amended Brexit deal gave a further boost to investors' appetite for riskier assets, after global equity indexes climbed overnight on gains in technology stocks and expectations of more stimulus from China. US shares rebounded from a week-long losing streak, with news that US chip supplier Nvidia Corp has agreed to buy Israeli chip designer Mellanox Technologies Ltd for $6.8 billion helping to boost tech shares. A nearly 7 per cent gain in Nvidia shares helped to propel the Nasdaq Composite 2.02 per cent higher, to 7,558.06 points. The Dow Jones Industrial Average rose 0.79 per cent, with gains tempered by a 5.3 per cent drop in Boeing shares after some airlines grounded the company's new 737 MAX 8 passenger jet following a second deadly crash of the airliner in five months. The S&P 500 gained 1.47 per cent to 2,783.3. RISING YIELDS The market's turn toward riskier assets lifted yields on US Treasury bonds, with benchmark 10-year Treasury notes at 2.6645 percent compared with its U.S. close of 2.641 per cent on Monday. The two-year yield was at 2.4998 per cent compared with a US close of 2.477 per cent. The dollar index, which measures the greenback against a basket of rivals, shed 0.2 per cent to 97.036. But rising risk appetite weighed on the safe-haven yen, pushing the dollar up 0.16 per cent to 111.37. The euro was up 0.13 per cent on the day at $1.1262. In commodity markets, oil prices rose on a combination of strong demand and supply cuts by the Organization of the Petrolum Exporting Countries (OPEC). A political and economic crisis in OPEC-member Venezuela is also seen as lifting crude prices. Venezuela's opposition-run congress on Monday declared a "state of alarm" over a five-day power blackout that has crippled the country's oil exports and left millions of citizens scrambling to find food and water. US crude was up 0.5 per cent at $57.08 a barrel and Brent crude was 0.4 per cent higher at $66.84. Spot gold jumped 0.2 per cent to $1,296.45 per ounce.

Pound jumps, Asian shares rise after changes to Brexit deal

The BSE Sensex climbed 481.56 points to close at 37, 535 on Tuesday.&nbsp;

The Nifty meanwhile climbed 133.15 points to close at 11,301.&nbsp;

The Sensex closed at a six-month high on Monday, after the announcement of the dates for the general elections a day earlier on Sunday. &nbsp;

New reports Tuesday said strong global cues and uninterrupted buying by foreign investors were helping prop up the surge.&nbsp;

And that a stronger rupee was contributing to the positive market sentiments.&nbsp;

The BSE Sensex climbed 481.56 points to close at 37, 535 on Tuesday. The Nifty meanwhile climbed 133.15 points to close at 11,301. The Sensex closed at a six-month high on Monday, after the announcement of the dates for the general elections a day earlier on Sunday.

The BSE Sensex climbed 481.56 points to close at 37, 535 on Tuesday. The Nifty meanwhile climbed 133.15 points to close at 11,301. The Sensex closed at a six-month high on Monday, after the announcement of the dates for the general elections a day earlier on Sunday. New reports Tuesday said strong global cues and uninterrupted buying by foreign investors were helping prop up the surge. And that a stronger rupee was contributing to the positive market sentiments.

Sensex extends surge, climbs 481.5 points 

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent.

Tata Motors also warned that the<a href="http://www.wionews.com/business-economy/tata-motors-jaguar-land-rover-to-halt-production-amid-brexit-disruption-192756"> Jaguar Land Rover (JLR) unit</a>, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker.

JLR's China retail sales almost halved in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s. The firm has also been buffeted by Brexit woes and weaker business for diesel cars that account for the bulk of its sales in Europe.

Tata Motors turned in a third-quarter loss of 269.93 billion rupees ($3.8 billion) on Thursday, more than half its current market capitalisation of $6.1 billion, mostly due to a massive impairment at JLR. Analysts were expecting a profit.

"We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future," Chief Financial Officer PB Balaji told reporters on a conference call on Thursday.

JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said.

"We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport," JLR Chief Commercial Officer Felix Brautigam said in a statement.

"With deliveries of the new Evoque due to start later this quarter, we look forward to building momentum."

But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in almost three decades in 2018.

JLR's overall retail sales in January plunged 11 per cent.

BROKERAGE SLASH PRICE TARGETS

The dour numbers prompted Tata investors to make a beeline for the exits as markets opened on Friday, with shares of the company skidding to their lowest in nine years at one point.

The stock was down about 20 per cent by 0720 GMT near 150 rupees, on track for its sharpest drop since 2003.

At least four brokerages cut their price target for Tata Motors shares after its quarterly loss.

Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR.

Tata Motors took a non-cash charge of 278.38 billion rupees for impairment at JLR in the quarter. Changes in market conditions, especially in China, technology disruptions and the rising cost of debt led to the charge.

JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has decided to halt production for a couple of weeks in April.

British Prime Minister Theresa May's Brexit deal was rejected in parliament last month and the government is trying to make changes to win the support of lawmakers even as the date for Britain's departure from the European Union looms less than two months away.

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent.

Jaguar Land Rover's owner Tata Motors Ltd stunned markets by posting the biggest-ever quarterly loss in Indian corporate history of about $4 billion on slumping China sales, sending its shares crashing as much as 30 per cent. Tata Motors also warned that the Jaguar Land Rover (JLR) unit, which brings in most of its revenue, would swing to an operating loss in the year to March versus an earlier projection for breakeven, given weak sales at the luxury British carmaker. JLR's China retail sales almost halved in the December quarter as overall demand in the world's biggest auto market contracted last year for the first time since the 1990s. The firm has also been buffeted by Brexit woes and weaker business for diesel cars that account for the bulk of its sales in Europe. Tata Motors turned in a third-quarter loss of 269.93 billion rupees ($3.8 billion) on Thursday, more than half its current market capitalisation of $6.1 billion, mostly due to a massive impairment at JLR. Analysts were expecting a profit. "We are now taking clear and decisive actions in JLR to step up its competitiveness, reduce costs and improve cash flows and make the business fit for the future," Chief Financial Officer PB Balaji told reporters on a conference call on Thursday. JLR has taken steps to address the slide in China sales by changing its strategy to focus on profits for dealers instead of sales and incentivising retail sales over wholesale, he said. "We are encouraged by continued demand for the refreshed Range Rover and Range Rover Sport," JLR Chief Commercial Officer Felix Brautigam said in a statement. "With deliveries of the new Evoque due to start later this quarter, we look forward to building momentum." But analysts expect JLR to struggle to generate profit with China's economy projected to slow further this year after growth eased to its weakest pace in almost three decades in 2018. JLR's overall retail sales in January plunged 11 per cent. BROKERAGE SLASH PRICE TARGETS The dour numbers prompted Tata investors to make a beeline for the exits as markets opened on Friday, with shares of the company skidding to their lowest in nine years at one point. The stock was down about 20 per cent by 0720 GMT near 150 rupees, on track for its sharpest drop since 2003. At least four brokerages cut their price target for Tata Motors shares after its quarterly loss. Analysts at Jefferies pegged the stock at 250 rupees, versus an earlier target of 300 rupees, citing weak performance at JLR. Tata Motors took a non-cash charge of 278.38 billion rupees for impairment at JLR in the quarter. Changes in market conditions, especially in China, technology disruptions and the rising cost of debt led to the charge. JLR, Britain's biggest carmaker, also faces disruption due to persistent uncertainty over a Brexit deal and has decided to halt production for a couple of weeks in April. British Prime Minister Theresa May's Brexit deal was rejected in parliament last month and the government is trying to make changes to win the support of lawmakers even as the date for Britain's departure from the European Union looms less than two months away.

Tata Motors posts record $4 billion loss on Jaguar woes, shares crash

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities.

The scrip of Videocon Industries Ltd went down by 2.73 per cent to close at Rs 2.85 on the BSE.

Shares of ICICI Bank fell by 0.72 per cent to end at Rs 365 apiece on the BSE.

The CBI has booked Chanda, Deepak and Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday.

The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case.

In addition to Chanda, Deepak and Dhoot, the agency has also named companies NuPower Renewables, Supreme Energy, Videocon International Electronics and Videocon Industries as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities.

Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities. The scrip of Videocon Industries Ltd went down by 2.73 per cent to close at Rs 2.85 on the BSE. Shares of ICICI Bank fell by 0.72 per cent to end at Rs 365 apiece on the BSE. The CBI has booked Chanda, Deepak and Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday. The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case. In addition to Chanda, Deepak and Dhoot, the agency has also named companies NuPower Renewables, Supreme Energy, Videocon International Electronics and Videocon Industries as accused in the FIR registered under IPC sections related to criminal conspiracy and provisions of the Prevention of Corruption Act, they said.

Videocon Industries, ICICI Bank shares fall up to 3 per cent

<a href="http://www.wionews.com/business-economy/timeline-debt-laden-jet-airways-rocky-ride-189644">Shares in India's Jet Airways</a> jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control.

CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier.

The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns.

Jet and Goyal did not immediately respond to emails seeking comment.

Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India.

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft. 
&nbsp;

The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018.

Shares in India's Jet Airways jumped over 18 per cent on Monday after a report that founder and chairman Naresh Goyal was likely to step down from the board of the embattled company and give up majority control. CNBC TV18, citing sources, reported on Monday that Jet was likely to finalise a resolution plan with its lenders this week, and that Goyal would trim his 51 per cent stake to 20-25 per cent and agree to the voting rights on his stake being capped at 10 per cent, in a bid to save the debt-laden carrier. The report also said Etihad may infuse capital into Jet and raise its stake from the 24 per cent it currently owns. Jet and Goyal did not immediately respond to emails seeking comment. Cash-strapped Jet early in the month said it had defaulted on debt payments to a consortium of Indian banks and that it was in talks with the consortium led by State Bank of India. The 25-year-old airline is facing financial difficulties and owes money to pilots, lessors, and vendors. Intense pricing competition, a weak rupee and rising fuel costs weighed on Indian airlines in 2018. Last week, Reuters reported that crisis talks between Jet and aircraft lessors had failed to ease the row over late payments, prompting some lessors to explore repossessing their aircraft.

Jet Airways shares jump after report chairman Naresh Goyal likely to step down

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels.

As the Fed's dovish stance kept a lid on the dollar, China's yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent to the highest levels since December 6, while Japan's benchmark Nikkei advanced 0.7 per cent. Shanghai Composite Index initially rose 0.8 per cent, but that was pared to just 0.1 per cent.

Wall Street extended its rally into a fifth straight day on Thursday in a whipsaw trading session as investors responded to mixed comments by Powell, while a warning from Macy's pummelled retail stocks.&nbsp;

At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes.

Major US stock indexes also quickly recovered from brief losses after Powell said that the Fed's balance sheet would be "substantially smaller".

"The word 'patient' is used often when the Fed's policy direction is still tightening but its next rate hike can wait for a considerable time. So risk assets now enjoy support from what we can call Powell put," said Tomoaki Shishido, economist at Nomura Securities.

"Similarly, Trump also softened his stance on China after sharp falls in stock prices. He has offered an olive branch to China and there's no reason China would not want to accept it," he said.

US and Chinese officials are working on arrangements for higher-level trade talks after mid-level officials this week discussed US demands that would require structural change in China to address issues such as IP theft, forced technology transfers and other non-tariff barriers.

US Treasury Secretary Steven Mnuchin said late on Thursday that Chinese Vice Premier Liu He will "most likely" visit Washington later in January for trade talks.

"For markets the upshot is that the outlook for 2019 is looking better as tensions de-escalate, creating the potential for a re-rating of risk assets as the tail risk of a near-term trade war is partially priced out," said Jeremy Lawson, chief economist at Aberdeen Standard Investments in Edinburgh.

"This is especially the case in Asia," he added.

Still, fundamental tensions between the US and China "are unlikely to go away and there is a high likelihood that any agreement to suspend tariffs eventually breaks down when it becomes clear that Trump’s objectives cannot really be met."

Some investors are also increasingly wary of lingering disputes in Washington over a wall Trump wants on the U.S.-Mexico border, which has led to a weeks-long partial government shutdown.

Flanked by border agents who are going without paychecks during the shutdown, Trump again threatened on Thursday to declare a national emergency to bypass Congress to fund a wall.

In the foreign exchange markets, the dollar was broadly soft after a small rebound from three-month lows the previous day.

The dollar index, measuring it against major peers, dipped 0.1 per cent to 95.38.

The euro firmed 0.2 per cent to $1.1523, while the dollar dipped 0.1 per cent to 108.28 yen.

The yuan, both onshore and offshore, climbed to the highest levels since late July, aided by a weaker dollar and rising hopes of progress in the US-China talks.

In onshore trade, the Chinese currency has risen 1.6 per cent this week, the biggest gain since July 2005 when Beijing abandoned the yuan's peg to the dollar.

US Treasury debt prices erased early gains after a soft 30-year bond auction and in reaction to Powell's comments on the Fed "substantially" reducing the size of its balance sheet.

The 10-year US Treasuries yield last stood at 2.728 per cent.

Crude prices held near one-month highs, but a more than week-long in oil rally slowed as optimism surrounding US-China trade talks faded a little.

In Asian trade, West Texas Intermediate crude futures slipped 0.6 per cent to $52.30 per barrel.

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels.

Asian stocks inched up to five-week highs on Friday, after Chairman Jerome Powell reiterated the Federal Reserve will be patient about raising interest rates and news that trade talks between Washington and Beijing are moving to higher levels. As the Fed's dovish stance kept a lid on the dollar, China's yuan rose to its highest levels in more than five months and was on course for its biggest weekly gains since the 2005 revaluation in onshore trade. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent to the highest levels since December 6, while Japan's benchmark Nikkei advanced 0.7 per cent. Shanghai Composite Index initially rose 0.8 per cent, but that was pared to just 0.1 per cent. Wall Street extended its rally into a fifth straight day on Thursday in a whipsaw trading session as investors responded to mixed comments by Powell, while a warning from Macy's pummelled retail stocks. At the Economic Club of Washington, Powell reiterated the views of other policymakers that the Fed would be patient about interest rate hikes. Major US stock indexes also quickly recovered from brief losses after Powell said that the Fed's balance sheet would be "substantially smaller". "The word 'patient' is used often when the Fed's policy direction is still tightening but its next rate hike can wait for a considerable time. So risk assets now enjoy support from what we can call Powell put," said Tomoaki Shishido, economist at Nomura Securities. "Similarly, Trump also softened his stance on China after sharp falls in stock prices. He has offered an olive branch to China and there's no reason China would not want to accept it," he said. US and Chinese officials are working on arrangements for higher-level trade talks after mid-level officials this week discussed US demands that would require structural change in China to address issues such as IP theft, forced technology transfers and other non-tariff barriers. US Treasury Secretary Steven Mnuchin said late on Thursday that Chinese Vice Premier Liu He will "most likely" visit Washington later in January for trade talks. "For markets the upshot is that the outlook for 2019 is looking better as tensions de-escalate, creating the potential for a re-rating of risk assets as the tail risk of a near-term trade war is partially priced out," said Jeremy Lawson, chief economist at Aberdeen Standard Investments in Edinburgh. "This is especially the case in Asia," he added. Still, fundamental tensions between the US and China "are unlikely to go away and there is a high likelihood that any agreement to suspend tariffs eventually breaks down when it becomes clear that Trump’s objectives cannot really be met." Some investors are also increasingly wary of lingering disputes in Washington over a wall Trump wants on the U.S.-Mexico border, which has led to a weeks-long partial government shutdown. Flanked by border agents who are going without paychecks during the shutdown, Trump again threatened on Thursday to declare a national emergency to bypass Congress to fund a wall. In the foreign exchange markets, the dollar was broadly soft after a small rebound from three-month lows the previous day. The dollar index, measuring it against major peers, dipped 0.1 per cent to 95.38. The euro firmed 0.2 per cent to $1.1523, while the dollar dipped 0.1 per cent to 108.28 yen. The yuan, both onshore and offshore, climbed to the highest levels since late July, aided by a weaker dollar and rising hopes of progress in the US-China talks. In onshore trade, the Chinese currency has risen 1.6 per cent this week, the biggest gain since July 2005 when Beijing abandoned the yuan's peg to the dollar. US Treasury debt prices erased early gains after a soft 30-year bond auction and in reaction to Powell's comments on the Fed "substantially" reducing the size of its balance sheet. The 10-year US Treasuries yield last stood at 2.728 per cent. Crude prices held near one-month highs, but a more than week-long in oil rally slowed as optimism surrounding US-China trade talks faded a little. In Asian trade, West Texas Intermediate crude futures slipped 0.6 per cent to $52.30 per barrel.

Global Markets: Asia stocks reach five-week high, yuan makes big weekly gains

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data.

While Europe was higher on the day with a small recovery after three sessions of heavy losses, the trade standoff between Washington and Beijing was still a major lingering worry for investors.

"Volatility is high and investors are twitchy. It has been a dreadful week for European markets, and today’s positive move can`t mask the previous losses," said David Madden, market analyst at CMC Markets UK.

The pan-European STOXX 600 index rose 0.62 per cent, while an index of London`s 100 largest listed companies rose 1.1 per cent.

The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95, the S&amp;P 500 lost 62.87 points, or 2.33 per cent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 per cent, to 6,969.25.

Wall Street saw its biggest weekly losses since March, led by declines in big internet and technology shares.&nbsp;

The fall was a reversal from earlier in the day, when stocks were higher on US&nbsp;labor data that showed employers hired fewer workers than expected in November.

That supported a view that US growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought.

Nonfarm payrolls increased by 155,000 last month, but missed economists` expectation for a rise of 200,000.

"It is still consistent with the Fed raising short-term interest rates, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "But I think the main theme here is that investors are expecting the Fed to be even more gradual, a little bit more cautious, in raising interest rates in 2019."

Oil climbed after big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.&nbsp;

US crude rose 1.42 per cent to $52.22 per barrel and Brent was last at $61.39, up 2.21 per cent on the day.&nbsp;

MSCI`s gauge of stocks across the globe shed 1.11 per cent.

Stock markets around the world tumbled on Thursday after Canadian officials announced the Dec. 1 arrest of the chief financial officer of Chinese smartphone maker Huawei for extradition to the United States. The arrest was seen as an added threat to the resolution of a trade war between the world`s top two economies.

Also contributing to this week`s sell-off were rising concerns about a US economic slowdown signaled by a flattening Treasury yield curve.

The front half of the yield curve remained inverted after two-year and three-year yields rose above five-year yields for the first time in over a decade earlier this week.

That inversion has stoked speculation about whether a US recession is looming.&nbsp;

The US dollar weakened against major currencies after the US jobs data.

The dollar index, which tracks the greenback against a basket of six other currencies, fell 0.17 per cent, with the euro up 0.24 per cent to $1.1401.

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data.

Concerns over China-US trade tensions gave European shares their worst week of losses in two months and sank US stocks on Friday, overshadowing the lift from higher oil prices and jobs data. While Europe was higher on the day with a small recovery after three sessions of heavy losses, the trade standoff between Washington and Beijing was still a major lingering worry for investors. "Volatility is high and investors are twitchy. It has been a dreadful week for European markets, and today’s positive move can`t mask the previous losses," said David Madden, market analyst at CMC Markets UK. The pan-European STOXX 600 index rose 0.62 per cent, while an index of London`s 100 largest listed companies rose 1.1 per cent. The Dow Jones Industrial Average fell 558.72 points, or 2.24 per cent, to 24,388.95, the S&P 500 lost 62.87 points, or 2.33 per cent, to 2,633.08 and the Nasdaq Composite dropped 219.01 points, or 3.05 per cent, to 6,969.25. Wall Street saw its biggest weekly losses since March, led by declines in big internet and technology shares. The fall was a reversal from earlier in the day, when stocks were higher on US labor data that showed employers hired fewer workers than expected in November. That supported a view that US growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought. Nonfarm payrolls increased by 155,000 last month, but missed economists` expectation for a rise of 200,000. "It is still consistent with the Fed raising short-term interest rates, said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. "But I think the main theme here is that investors are expecting the Fed to be even more gradual, a little bit more cautious, in raising interest rates in 2019." Oil climbed after big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market. US crude rose 1.42 per cent to $52.22 per barrel and Brent was last at $61.39, up 2.21 per cent on the day. MSCI`s gauge of stocks across the globe shed 1.11 per cent. Stock markets around the world tumbled on Thursday after Canadian officials announced the Dec. 1 arrest of the chief financial officer of Chinese smartphone maker Huawei for extradition to the United States. The arrest was seen as an added threat to the resolution of a trade war between the world`s top two economies. Also contributing to this week`s sell-off were rising concerns about a US economic slowdown signaled by a flattening Treasury yield curve. The front half of the yield curve remained inverted after two-year and three-year yields rose above five-year yields for the first time in over a decade earlier this week. That inversion has stoked speculation about whether a US recession is looming. The US dollar weakened against major currencies after the US jobs data. The dollar index, which tracks the greenback against a basket of six other currencies, fell 0.17 per cent, with the euro up 0.24 per cent to $1.1401.

Global shares mixed as trade worries loom; oil surges

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers.

The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government.

Petrol prices were regulated until 2012, while diesel prices remained so until 2014.

The government on Thursday announced a 2.50 rupees-per-litre cut in the prices of gasoline and diesel to reduce the burden on the Indian masses from a sharp rise in crude oil prices and a weak local currency that have pushed prices at fuel pumps to all-time highs.

The price cut involved a reduction in excise duty of 1.50 per litre by the government and a further cut of 1 rupee per litre by the state-owned oil marketing companies - Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd.

"The current decision could have an impact on the margins of the OMCs although one has to wait and see what course the government takes with a further fall in rupee and rise in crude prices," said Gagan Dixit, a senior oil and gas analyst at Elara Capital in Mumbai.

The price cut also hurts private fuel marketers - Nayara Energy owned by Russian oil giant Rosneft which owns close to 5,000 fuel outlets in the country and Mukesh Ambani-owned Reliance Industries Ltd which owns 1,325 outlets as they would also be forced to sell fuel at a loss to compete with the state-owned companies.

India`s Bombay Stock Exchange (BSE) oil and gas index has fallen by over 15 per cent by 0523 GMT.

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers.

Shares in India's state-owned oil marketing companies slumped more than 20 per cent to multi-year lows on Friday, a day after the government announced a cut in fuel prices that is expected to hit the state and the oil marketers. The price cut sparked fears of the country going back toward the regulated regime where the prices of diesel and petrol were controlled by the government. Petrol prices were regulated until 2012, while diesel prices remained so until 2014. The government on Thursday announced a 2.50 rupees-per-litre cut in the prices of gasoline and diesel to reduce the burden on the Indian masses from a sharp rise in crude oil prices and a weak local currency that have pushed prices at fuel pumps to all-time highs. The price cut involved a reduction in excise duty of 1.50 per litre by the government and a further cut of 1 rupee per litre by the state-owned oil marketing companies - Indian Oil Corp Ltd, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd. "The current decision could have an impact on the margins of the OMCs although one has to wait and see what course the government takes with a further fall in rupee and rise in crude prices," said Gagan Dixit, a senior oil and gas analyst at Elara Capital in Mumbai. The price cut also hurts private fuel marketers - Nayara Energy owned by Russian oil giant Rosneft which owns close to 5,000 fuel outlets in the country and Mukesh Ambani-owned Reliance Industries Ltd which owns 1,325 outlets as they would also be forced to sell fuel at a loss to compete with the state-owned companies. India`s Bombay Stock Exchange (BSE) oil and gas index has fallen by over 15 per cent by 0523 GMT.

India's oil marketing shares slump after fuel price cut

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