Wall Street suffered its second straight rout Thursday as worries about a <a href="http://www.wionews.com/world/trump-refuses-to-sign-us-government-shutdown-legislation-over-mexico-wall-funding-185571">US government shutdown added</a> to upset at the Federal Reserve's latest interest rate hike.

The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points.

The broad-based S&amp;P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41.

A bruising December has set up Wall Street for its worst year since the financial crisis. The S&amp;P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year.

The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding.

The US government only has funding to operate through December 21, and without an agreement will have to shut down.

Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border.

The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market.

Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations.

"We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself." 
&nbsp;

Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike.

Wall Street suffered its second straight rout Thursday as worries about a US government shutdown added to upset at the Federal Reserve's latest interest rate hike. The Dow Jones Industrial Average ended 2.0 per cent lower at 22,859.60, a loss of 460 points. The broad-based S&P 500 slid 1.6 per cent to 2,467.42, while the tech-rich Nasdaq Composite Index slumped 1.6 per cent to 6,528.41. A bruising December has set up Wall Street for its worst year since the financial crisis. The S&P 500 is currently down 7.7 per cent for the year and the Nasdaq is on the verge of a "bear market," which is a drop of 20 per cent from its peak this year. The latest pullback came after Republican congressional leaders told reporters President Donald Trump would not sign a stopgap spending bill because it does not contain border wall funding. The US government only has funding to operate through December 21, and without an agreement will have to shut down. Trump's rejection sent lawmakers scrambling for a new compromise, although Democrats have stood firm saying they will not support a spending measure that funds Trump's wall on the US-Mexico border. The revived possibility of a shutdown worsened the downbeat mood on markets after the Federal Reserve announced another interest rate hike on Wednesday and made only subtle adjustments to the course of monetary policy tightening next year despite rising worries about global growth and a big pullback in the stock market. Analysts also said the US indictment of two Chinese hackers tied to Beijing's security services reminded investors of the unsettled state of US-China trade relations. "We have a trade war, the economy weakening, and now the possibility of a shutdown," said Peter Cardillo of Spartan Capital Securities. "All that is feeding by itself."

Wall Street stocks slump over US government shutdown fears

In the biggest fall in its history, <a href="http://www.wionews.com/world/asian-markets-plunge-as-wall-street-rout-spreads-31927">the &nbsp;Dow Jones Industrial Average</a> fell nearly 1,600 points at one point as Wall Street experienced a bloodbath on Monday.

The Dow&#39;s gains for 2018 were erased in a matter of hours as 4.6 per cent was wiped off the value of America&#39;s 30 largest companies as it closed at 24,345.75 ending down 1,175.21 points down.

The Dow fell over fears of Treasury bond yields and the likelihood of &nbsp;Federal Reserve interest rate hikes this year as the US economy strengthens.

The benchmark S&amp;P 500 index also saw selling pressure as all sectors, were hit. It was down 5.0 per cent which was the biggest daily percentage decline, followed by healthcare, down 4.6 per cent.

The S&amp;P 500 lost 113.19 points, or 4.10 per cent, to end at 2,648.94 on Monday.&nbsp;

&quot;It looks to me like a typical type of scenario when you see a single stock flash crash where you&#39;ll see bids just disappear, stop orders get kicked,&quot; said Joe Saluzzi, co-manager of trading at Themis Trading told Reuters.

The Nasdaq Composite also dropped 273.42 points, or 3.78 per cent to 6,967.53.

The Dow fell over fears of Treasury bond yields and the likelihood of Federal Reserve interest rate hikes this year as the US economy strengthens.

In the biggest fall in its history, the Dow Jones Industrial Average fell nearly 1,600 points at one point as Wall Street experienced a bloodbath on Monday. The Dow's gains for 2018 were erased in a matter of hours as 4.6 per cent was wiped off the value of America's 30 largest companies as it closed at 24,345.75 ending down 1,175.21 points down. The Dow fell over fears of Treasury bond yields and the likelihood of Federal Reserve interest rate hikes this year as the US economy strengthens. The benchmark S&P 500 index also saw selling pressure as all sectors, were hit. It was down 5.0 per cent which was the biggest daily percentage decline, followed by healthcare, down 4.6 per cent. The S&P 500 lost 113.19 points, or 4.10 per cent, to end at 2,648.94 on Monday. "It looks to me like a typical type of scenario when you see a single stock flash crash where you'll see bids just disappear, stop orders get kicked," said Joe Saluzzi, co-manager of trading at Themis Trading told Reuters. The Nasdaq Composite also dropped 273.42 points, or 3.78 per cent to 6,967.53.

Wall Street crash: Dow Jones plunges to historic low, S&P 500 & Nasdaq hit

The Central Statistics Office (CSO) today released India&#39;s second-quarter Gross Domestic Product(GDP) figures pegging it at&nbsp;6.3 per cent for the second quarter in July to September period.

Major gains were seen in mining and manufacturing sectors.

&quot;GDP growth has recovered to 6.3% in Q2 from a 3-year low of 5.7% in Q1,&quot; TCA Anant, chief statistician said.

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Government&rsquo;s reforms to push economic growth are working can be seen from that manufacturing has shown robust growth of 7% in Q2 and services at 7.1%. Gross fixed capital formation has increased from 1.6% in Q1 to 4.7% in Q2.
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/936221297297653760?ref_src=twsrc%5Etfw">November 30, 2017</a></blockquote>
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India&#39;s GDP figure was at a thirteen-quarter low at 5.7 for the period of April-June.

Earlier, India&#39;s finance minister Arun Jaitley speaking at a seminar had said achieving a 10 per cent GDP growth rate &quot;would be challenging&quot; and will depend on how the world is moving.

India intends to follow the glide path as far as the fiscal deficit, the finance minister had said.

NITI Aayog vice-chairman Rajiv Kumar had said Indian economy during July-September period is likely to grow at 6.2 to 6.3 per cent.&nbsp;

GDP is&nbsp;the value of all goods and services produced over a specific period and is one of the indicators of the health of an economy.

NITI Aayog vice-chairman Rajiv Kumar had said Indian economy during July-September period is likely to grow at 6.2 to 6.3 per cent

The Central Statistics Office (CSO) today released India's second-quarter Gross Domestic Product(GDP) figures pegging it at 6.3 per cent for the second quarter in July to September period. Major gains were seen in mining and manufacturing sectors. "GDP growth has recovered to 6.3% in Q2 from a 3-year low of 5.7% in Q1," TCA Anant, chief statistician said. Government’s reforms to push economic growth are working can be seen from that manufacturing has shown robust growth of 7% in Q2 and services at 7.1%. Gross fixed capital formation has increased from 1.6% in Q1 to 4.7% in Q2. — Arun Jaitley (@arunjaitley) November 30, 2017 × India's GDP figure was at a thirteen-quarter low at 5.7 for the period of April-June. Earlier, India's finance minister Arun Jaitley speaking at a seminar had said achieving a 10 per cent GDP growth rate "would be challenging" and will depend on how the world is moving. India intends to follow the glide path as far as the fiscal deficit, the finance minister had said. NITI Aayog vice-chairman Rajiv Kumar had said Indian economy during July-September period is likely to grow at 6.2 to 6.3 per cent. GDP is the value of all goods and services produced over a specific period and is one of the indicators of the health of an economy.

India's GDP climbs to 6.3 per cent in Q2, recovers from 3-year low

India on Thursday condemned the decision of a Pakistan court to release from house arrest Islamist leader Hafiz Saeed, accused of masterminding attacks on Mumbai in 2008 in which 166 people were killed.

Saeed, co-founder of dreaded militant outfit Lashkar-e-Taiba (LeT), a banned organisation in both India and the United States (US), was put under house arrest in January after years of living freely in Pakistan, one of the sore points in its fraying relationship with the US and India.

Indian foreign ministry spokesman Raveesh Kumar said that the country is outraged that a self-confessed and a United Nations proscribed terrorist was allowed to walk free and continue with his evil agenda while adding that it showcases Pakistan&#39;s &#39;lack of seriousness&#39; in handling issues concerning militancy on its soil.

Meanwhile, anti-Pakistan protest erupted in parts of India to protest the release of Saeed.

India accused Pakistan of sponsoring the attacks through the LeT, which Saeed founded in the 1990s.

Pakistan has denied any state involvement in the attack. It placed the LeT on a list of banned organizations in 2002.

Pakistan frees Hafiz Saeed

A Pakistani court Wednesday ordered the release of one of the alleged masterminds of the 2008 Mumbai attacks which killed more than 160 people, after months of US pressure on Islamabad over its alleged support for militants.

Firebrand cleric Hafiz Saeed, who heads the UN-listed terrorist group Jamaat-ud-Dawa (JuD) and has a $10 million US bounty on his head, will be freed tomorrow after less than a year in detention following the decision by the Lahore High Court, a JuD official said.&nbsp;

&quot;The review board looking into the case... has refused to extend his house arrest as the government failed to provide any evidence against the charges,&quot; a spokesman for the party, Ahmed Nadeen said.

The horror of the Mumbai carnage played out on live television around the world as commandos battled the heavily armed gunmen, who arrived by sea on the evening of November 26, 2008.

It took the authorities three days to regain full control of the city.&nbsp;

JuD, which has operated freely across Pakistan and is popular for its charity work, is considered by the US and India to be a front for Lashkar-e-Taiba (LeT), the militant group blamed for the attack on India&#39;s financial capital.&nbsp;

New Delhi has long seethed at Pakistan&#39;s failure either to hand over or prosecute those accused of planning the attacks, while Islamabad has alleged that India failed to give it crucial evidence.

India has also said there is proof that &quot;official agencies&quot; in Pakistan were involved in plotting the attack -- a charge Islamabad denies.

Analyst and retired Pakistani general Talat Masood told AFP that Saeed is given special treatment by the government &quot;because they think that his organisation was supportive in Kashmir&quot;, the disputed Himalayan territory over which India and Pakistan have fought two of their three wars.

Saeed said later in a video message that he was detained because of his association with Kashmir.

&quot;It&#39;s because of Kashmir that India is after me, but all her efforts have been in vain and Allah has set me free,&quot; he said in the video released by his party&#39;s media team.

&quot;This is a victory for Pakistan&#39;s freedom and God willing Kashmir will also be freed because I&#39;m fighting Kashmir&#39;s case,&quot; Saeed added.

India blames Pakistan for sending militant groups, including LeT, to foment unrest in the part of Kashmir controlled by New Delhi.

However, Masood said the government could seek new reasons to detain Saeed to avoid more international pressure, particularly from Washington, which has been pressuring Pakistan for months over its alleged support for militants including the Taliban in neighbouring Afghanistan.&nbsp;

US President Donald Trump in August accused Pakistan of harbouring &quot;agents of chaos&quot;, and Secretary of State Rex Tillerson said last month that the Washington has made &quot;very specific&quot; requests of Pakistan over militancy.&nbsp;

The US has also made several overtures to Pakistan&#39;s arch-enemy India for closer ties.&nbsp;

Following a brief period of house arrest in 2008, Saeed led a high-profile public life and regularly delivered fiery anti-India speeches.

He was placed under house arrest once more in January this year following years of foreign pressure, prompting demonstrations in several Pakistani cities.

Masood said that his release could see him participate in a general election set to be held sometime next year, adding that if he won a seat in the national assembly that could be &quot;very embarrassing internationally&quot;.

(With AFP inputs)&nbsp; 
&nbsp;

Last week, Moody's has upgraded India?s sovereign ratings to Baa2 from its lowest investment grade (Baa3) for the first time since 2004

India on Thursday condemned the decision of a Pakistan court to release from house arrest Islamist leader Hafiz Saeed, accused of masterminding attacks on Mumbai in 2008 in which 166 people were killed. Saeed, co-founder of dreaded militant outfit Lashkar-e-Taiba (LeT), a banned organisation in both India and the United States (US), was put under house arrest in January after years of living freely in Pakistan, one of the sore points in its fraying relationship with the US and India. Indian foreign ministry spokesman Raveesh Kumar said that the country is outraged that a self-confessed and a United Nations proscribed terrorist was allowed to walk free and continue with his evil agenda while adding that it showcases Pakistan's 'lack of seriousness' in handling issues concerning militancy on its soil. Meanwhile, anti-Pakistan protest erupted in parts of India to protest the release of Saeed. India accused Pakistan of sponsoring the attacks through the LeT, which Saeed founded in the 1990s. Pakistan has denied any state involvement in the attack. It placed the LeT on a list of banned organizations in 2002. Pakistan frees Hafiz Saeed A Pakistani court Wednesday ordered the release of one of the alleged masterminds of the 2008 Mumbai attacks which killed more than 160 people, after months of US pressure on Islamabad over its alleged support for militants. Firebrand cleric Hafiz Saeed, who heads the UN-listed terrorist group Jamaat-ud-Dawa (JuD) and has a $10 million US bounty on his head, will be freed tomorrow after less than a year in detention following the decision by the Lahore High Court, a JuD official said. "The review board looking into the case... has refused to extend his house arrest as the government failed to provide any evidence against the charges," a spokesman for the party, Ahmed Nadeen said. The horror of the Mumbai carnage played out on live television around the world as commandos battled the heavily armed gunmen, who arrived by sea on the evening of November 26, 2008. It took the authorities three days to regain full control of the city. JuD, which has operated freely across Pakistan and is popular for its charity work, is considered by the US and India to be a front for Lashkar-e-Taiba (LeT), the militant group blamed for the attack on India's financial capital. New Delhi has long seethed at Pakistan's failure either to hand over or prosecute those accused of planning the attacks, while Islamabad has alleged that India failed to give it crucial evidence. India has also said there is proof that "official agencies" in Pakistan were involved in plotting the attack -- a charge Islamabad denies. Analyst and retired Pakistani general Talat Masood told AFP that Saeed is given special treatment by the government "because they think that his organisation was supportive in Kashmir", the disputed Himalayan territory over which India and Pakistan have fought two of their three wars. Saeed said later in a video message that he was detained because of his association with Kashmir. "It's because of Kashmir that India is after me, but all her efforts have been in vain and Allah has set me free," he said in the video released by his party's media team. "This is a victory for Pakistan's freedom and God willing Kashmir will also be freed because I'm fighting Kashmir's case," Saeed added. India blames Pakistan for sending militant groups, including LeT, to foment unrest in the part of Kashmir controlled by New Delhi. However, Masood said the government could seek new reasons to detain Saeed to avoid more international pressure, particularly from Washington, which has been pressuring Pakistan for months over its alleged support for militants including the Taliban in neighbouring Afghanistan. US President Donald Trump in August accused Pakistan of harbouring "agents of chaos", and Secretary of State Rex Tillerson said last month that the Washington has made "very specific" requests of Pakistan over militancy. The US has also made several overtures to Pakistan's arch-enemy India for closer ties. Following a brief period of house arrest in 2008, Saeed led a high-profile public life and regularly delivered fiery anti-India speeches. He was placed under house arrest once more in January this year following years of foreign pressure, prompting demonstrations in several Pakistani cities. Masood said that his release could see him participate in a general election set to be held sometime next year, adding that if he won a seat in the national assembly that could be "very embarrassing internationally". (With AFP inputs)

S&P's India ratings remain unchanged, India's economic outlook 'stable'

<a href="http://www.wionews.com/world/now-fitch-places-venezuela-on-selective-default-24263">After being downgraded by rating agencies</a>, Venezuela today signed up with creditors in Russia in a bid to restructure&nbsp;its debt crisis plaguing the country.

On Wednesday, Fitch ratings <a href="http://www.wionews.com/world/sp-declares-venezuela-in-selective-default-24168">agency had downgraded the cash-strapped</a> nation to &nbsp;&#39;RD&#39; (Restricted Default), just 24 hours after S&amp;P had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

Finance minister Simon Zerpa signed a deal with Russia for a $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms.

Under the agreement, Caracas will pay back its debts over 10 years, with &quot;minimal&quot; reimbursements for the first six years, Russia&#39;s foreign ministry said in a statement.

&quot;The reduction of the burden of debt... will allow the utilisation of funds to develop the country&#39;s economy, improve the debtor&#39;s solvency and increase the chances of all creditors recovering loans already made,&quot; according to the statement on the ministry&#39;s website.

&quot;These are very favourable terms that Venezuela can honour. This deal strengthens the relations between our two countries,&quot; Venezuelan vice president for the economy Wilmar Castro Soteldo told a press conference.

Communications Minister Jorge Rodriguez said Venezuela was already catching up on the payments.

&quot;Today, we have begun interest payments on Venezuela&#39;s foreign debt and last week, PDVSA made its debt interest payments,&quot; he said on state television.

&quot;We pay our debts, despite what the ratings agencies, the US Treasury, the European Union or US President Donald Trump says.&quot;

While China did not offer any debt relief, the foreign ministry&nbsp;issued a statement saying China&#39;s cooperation with Venezuela in all areas was &quot;proceeding normally&quot;.

Venezuela has been crippled under heavy US sanctions. The Trump administration had imposed more sanctions even as the country failed to pay creditors with US targeting Maduro government officials by freezing their assets and barring them from doing business with the US. &nbsp;

The US has imposed sanctions against more than 30 Venezuelan leaders, reports said.

The European Union had imposed arms embargo against the oil-rich nation as the state-controlled oil company PDVSA bonds went on a free fall last week.

Venezuela and PDVSA have around $60 billion in outstanding bonds, according to Thomson Reuters data, while private estimates put total foreign debt between $120 billion and $140 billion.

While China did not offer any debt relief, the foreign ministry's issued a statement saying China's cooperation with Venezuela in all areas was "proceeding normally"

After being downgraded by rating agencies, Venezuela today signed up with creditors in Russia in a bid to restructure its debt crisis plaguing the country. On Wednesday, Fitch ratings agency had downgraded the cash-strapped nation to 'RD' (Restricted Default), just 24 hours after S&P had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. Finance minister Simon Zerpa signed a deal with Russia for a $3.15 billion of debt taken out in 2011 to finance the purchase of Russian arms. Under the agreement, Caracas will pay back its debts over 10 years, with "minimal" reimbursements for the first six years, Russia's foreign ministry said in a statement. "The reduction of the burden of debt... will allow the utilisation of funds to develop the country's economy, improve the debtor's solvency and increase the chances of all creditors recovering loans already made," according to the statement on the ministry's website. "These are very favourable terms that Venezuela can honour. This deal strengthens the relations between our two countries," Venezuelan vice president for the economy Wilmar Castro Soteldo told a press conference. Communications Minister Jorge Rodriguez said Venezuela was already catching up on the payments. "Today, we have begun interest payments on Venezuela's foreign debt and last week, PDVSA made its debt interest payments," he said on state television. "We pay our debts, despite what the ratings agencies, the US Treasury, the European Union or US President Donald Trump says." While China did not offer any debt relief, the foreign ministry issued a statement saying China's cooperation with Venezuela in all areas was "proceeding normally". Venezuela has been crippled under heavy US sanctions. The Trump administration had imposed more sanctions even as the country failed to pay creditors with US targeting Maduro government officials by freezing their assets and barring them from doing business with the US. The US has imposed sanctions against more than 30 Venezuelan leaders, reports said. The European Union had imposed arms embargo against the oil-rich nation as the state-controlled oil company PDVSA bonds went on a free fall last week. Venezuela and PDVSA have around $60 billion in outstanding bonds, according to Thomson Reuters data, while private estimates put total foreign debt between $120 billion and $140 billion.

Venezuela signs debt restructuring deal with Russia, gets China backing

A day after rating agency S&amp;P downgraded Venezuela over its failure to make overdue payments, Fitch ratings too downgraded the cash-strapped nation to &nbsp;&#39;RD&#39; (Restricted Default).

On Tuesday, Standard &amp; Poor&#39;s had placed the debt-ridden country in the &quot;selective default&quot; list. S&amp;P had said it had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

&quot;Fitch Ratings has downgraded Venezuela&#39;s Long-Term Foreign Currency Issuer Default Rating (IDR) to &#39;RD&#39; (Restricted Default) from &#39;C&#39; and affirmed the Long-Term Local Currency IDR at &#39;CC&#39;,&quot; the ratings agency said in a statement.

The downgrade &quot;reflects the failure of bondholders to receive overdue interest payments on Venezuela&#39;s sovereign bonds maturing Oct. 13, 2019 and Oct. 13, 2024 by the end of the 30-day grace period that ended on Nov. 13, 2017,&quot; Fitch&nbsp;said.

The downgrade comes even as the government declared on Wednesday it had successfully begun the process of refinancing its foreign debt.&nbsp;

&quot;The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela&#39;s foreign debt was started with resounding success, as a strategy to fully comply with our obligations,&quot; an official statement read.

However, creditors and rating agencies still do not know how the oil-rich nation will pay up its debts. Venezuelan Opposition has accused&nbsp;the Maduro government of wrecking the economy.

The Opposition has been demanding &quot;free&quot; and &quot;fair&quot; presidential elections in 2018 presidential election in a bid to put the economy back on track.

At least 125 people have died in the past four months in violent protests against Maduro as the country&#39;s economy has crashed to new a low with several people unable to afford food products and basic amenities with inflation at an all-time high.&nbsp;

On Tuesday, Standard & Poor's had placed the debt-ridden country in the "selective default" list.

A day after rating agency S&P downgraded Venezuela over its failure to make overdue payments, Fitch ratings too downgraded the cash-strapped nation to 'RD' (Restricted Default). On Tuesday, Standard & Poor's had placed the debt-ridden country in the "selective default" list. S&P had said it had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. "Fitch Ratings has downgraded Venezuela's Long-Term Foreign Currency Issuer Default Rating (IDR) to 'RD' (Restricted Default) from 'C' and affirmed the Long-Term Local Currency IDR at 'CC'," the ratings agency said in a statement. The downgrade "reflects the failure of bondholders to receive overdue interest payments on Venezuela's sovereign bonds maturing Oct. 13, 2019 and Oct. 13, 2024 by the end of the 30-day grace period that ended on Nov. 13, 2017," Fitch said. The downgrade comes even as the government declared on Wednesday it had successfully begun the process of refinancing its foreign debt. "The government of the Bolivarian Republic of Venezuela wants to inform the world that today, at the Miraflores Government Palace, the process of refinancing Venezuela's foreign debt was started with resounding success, as a strategy to fully comply with our obligations," an official statement read. However, creditors and rating agencies still do not know how the oil-rich nation will pay up its debts. Venezuelan Opposition has accused the Maduro government of wrecking the economy. The Opposition has been demanding "free" and "fair" presidential elections in 2018 presidential election in a bid to put the economy back on track. At least 125 people have died in the past four months in violent protests against Maduro as the country's economy has crashed to new a low with several people unable to afford food products and basic amenities with inflation at an all-time high.

Now, Fitch places Venezuela on 'selective default'

Standard &amp;<a href="http://www.wionews.com/business-economy/venezuelas-state-run-oil-firm-pdvsa-misses-debt-payment-to-ongc-24144"> Poor&#39;s, the global rating agency, has placed debt-ridden</a> Venezuela in the &quot;selective default&quot;&nbsp;list.

The oil-rich <a href="http://www.wionews.com/world/venezuela-begins-refinancing-its-foreign-debt-24155">country failed to make payments of over $200 million</a> to creditors by the end of a 30-day grace period that expired over the weekend.

S&amp;P said it had downgraded the issue ratings on Venezuela&#39;s bond which it had failed to pay to D from CC and cut the country&rsquo;s long-term foreign currency sovereign credit rating to selective default, or SD, from CC.

Although the Venezuelan government had said on Monday that it had successfully begun the process of refinancing its foreign debt during a meeting in Caracas with bondholders from various countries.

Caracas added that it has &quot;punctually&quot; paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday&#39;s meeting will help reiterate its willingness to comply with its commitments. However, S&amp;P did not agree completely with the government placing the country in the &quot;default&quot;&nbsp;list.

&ldquo;Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months,&rdquo; S&amp;P said.

Meanwhile,&nbsp;European Union(EU) foreign ministers approved economic sanctions, including an arms embargo on Venezuela on Monday. The EU said regional elections last month marred by reported irregularities had deepened the country&#39;s crisis.

Over the weekend, Maduro had termed imminent sanctions by the bloc as &quot;stupid.&quot;

Venezuela has been&nbsp;reeling under crippling US sanctions along with the fall in global oil prices has led to large-scale economic and social downturn in the country.

The oil-rich country failed to make payments of over $200 million to creditors by the end of a 30-day grace period that expired over the weekend.

Standard & Poor's, the global rating agency, has placed debt-ridden Venezuela in the "selective default" list. The oil-rich country failed to make payments of over $200 million to creditors by the end of a 30-day grace period that expired over the weekend. S&P said it had downgraded the issue ratings on Venezuela's bond which it had failed to pay to D from CC and cut the country’s long-term foreign currency sovereign credit rating to selective default, or SD, from CC. Although the Venezuelan government had said on Monday that it had successfully begun the process of refinancing its foreign debt during a meeting in Caracas with bondholders from various countries. Caracas added that it has "punctually" paid $73.35 billion for debt services in the last 36 months, and hoped that the Monday's meeting will help reiterate its willingness to comply with its commitments. However, S&P did not agree completely with the government placing the country in the "default" list. “Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months,” S&P said. Meanwhile, European Union(EU) foreign ministers approved economic sanctions, including an arms embargo on Venezuela on Monday. The EU said regional elections last month marred by reported irregularities had deepened the country's crisis. Over the weekend, Maduro had termed imminent sanctions by the bloc as "stupid." Venezuela has been reeling under crippling US sanctions along with the fall in global oil prices has led to large-scale economic and social downturn in the country.

S&P declares Venezuela in 'selective default'

India&#39;s surprise move to abolish high-value rupee notes has undermined the central bank&#39;s reputation for competence and independence, even as it remains a credible institution, Standard &amp; Poor`s director Kyran Curry said on Wednesday.

The comments come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initative in November, abolishing 500 and 1,000 rupee notes ($7.41-$14.82), which accounted for 86 per cent of the currency in circulation. 
&nbsp; 
The slow replacement of the abolished bills has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the measure. 
&nbsp; 
At the same time some policy makers, including former prime minister Manmohan Singh, now part of the opposition, has also questioned the RBI&#39;s independence for agreeing to implement the action without much preparation.&nbsp;

Curry, in a teleconference with media, said demonetisation had undermined confidence in the predictability and effectiveness of policymaking in India, including of the RBI.

&quot;Demonetisation has cast a shadow over the RBI&#39;s competence and independence,&quot; Curry said.

However, he also noted that &quot;we still think this institution is a very credible one, and in terms of the conduct of monetary policy, it&#39;s a very mature institution.&quot;

The RBI under Governor Urjit Patel has also been criticised recently after surprising investors by keeping interest rates on hold last week, the second time in a row it has wrong-footed investors with its monetary policy decision. 
&nbsp; 
(Reuters)

It remains a credible institution, said Kyran Curry

India's surprise move to abolish high-value rupee notes has undermined the central bank's reputation for competence and independence, even as it remains a credible institution, Standard & Poor`s director Kyran Curry said on Wednesday. The comments come as the Reserve Bank of India (RBI) and the government face criticism for their implementation of the demonetisation initative in November, abolishing 500 and 1,000 rupee notes ($7.41-$14.82), which accounted for 86 per cent of the currency in circulation. The slow replacement of the abolished bills has sparked a shortage of cash that has hit large parts of the economy, and the RBI and government have had to subsequently announce a series of ad hoc measures to ease the impact of the measure. At the same time some policy makers, including former prime minister Manmohan Singh, now part of the opposition, has also questioned the RBI's independence for agreeing to implement the action without much preparation. Curry, in a teleconference with media, said demonetisation had undermined confidence in the predictability and effectiveness of policymaking in India, including of the RBI. "Demonetisation has cast a shadow over the RBI's competence and independence," Curry said. However, he also noted that "we still think this institution is a very credible one, and in terms of the conduct of monetary policy, it's a very mature institution." The RBI under Governor Urjit Patel has also been criticised recently after surprising investors by keeping interest rates on hold last week, the second time in a row it has wrong-footed investors with its monetary policy decision. (Reuters)

Demonetisation undermined RBI reputation: S&P director

Wall Street was set to open higher today, setting the stage for the Dow and S&amp;P 500 to hit fresh highs, as US corporate reports continue to top expectations. 
 
Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. 
 
With the S&amp;P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. 
 
&quot;The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now,&quot; said Peter Cardillo, chief market economist at First Standard Financial in New York. 
 
Bank of America profits show corporations making money&nbsp; 
 
Bank of America, the number 2 US bank by assets, and fellow S&amp;P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. 
 
&quot;The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that&#39;s what counts,&quot; Cardillo said. 
 
Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. 
 
S&amp;P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. 
 
Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. 
 
Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. 
 
Investors favouring riskier assets? &nbsp; 
 
British chip designer ARM&#39;s US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan&#39;s SoftBank agreed to buy the company for $32.2 billion. 
 
A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. 
 
Earnings of S&amp;P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. 
 
That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. 
 
Gold prices have fallen, while the yen was lower, indicating investors&#39; favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. 
 
(Reuters)&nbsp; 
&nbsp;

Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey

Wall Street was set to open higher today, setting the stage for the Dow and S&P 500 to hit fresh highs, as US corporate reports continue to top expectations. Equity futures, which dipped after the close on Friday, shrugged off the impact of an attempted coup in Turkey. With the S&P and Dow hitting record intraday highs almost everyday last week, investors will assess the quality of second-quarter earnings to justify stock valuations. "The markets are going to be driven by earnings reports while geopolitical problems take a backseat for now," said Peter Cardillo, chief market economist at First Standard Financial in New York. Bank of America profits show corporations making money Bank of America, the number 2 US bank by assets, and fellow S&P component Hasbro posted better than expected profit for the second quarter, mirroring the results of the few companies, including big banks, that reported last week. "The handful of results that we have got have been okay and earnings have mostly beaten expectations. It shows that corporations are still making money, and that's what counts," Cardillo said. Dow e-minis were up 32 points, or 0.17 per cent at 8:27 a.m. ET (1227 GMT), with 28,500 contracts changing hands. S&P 500 e-minis were up 5.75 points, or 0.27 per cent, with 186,056 contracts traded. Nasdaq 100 e-minis were up 10.5 points, or 0.23 per cent, on volume of 25,766 contracts. Bank of America shares rose nearly 1 per cent to $13.79 premarket. Hasbro was off 0.6 pe rcent. Investors favouring riskier assets? British chip designer ARM's US-listed shares surged 43.5 per cent to $67.64 premarket, after Japan's SoftBank agreed to buy the company for $32.2 billion. A host of US chip stock such as Micron, Nvidia and Broadcom were up between 1.0 and 1.5 per cent. Earnings of S&P 500 companies are now estimated to have declined 4.7 per cent in the second quarter, less than the 5 per cent drop estimated earlier, according to Thomson Reuters data. That adds to hopes that earnings contraction bottomed out in the previous quarter, a view that could be reinforced when IBM, Yahoo and Netflix report results after markets close. Gold prices have fallen, while the yen was lower, indicating investors' favour for more riskier assets has been growing after weeks of uncertainty. Low Treasury yields in recent weeks have also helped steer investors to equities. (Reuters)

Wall Street gears up for upbeat earnings

Britain&#39;s vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook.&nbsp;

UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week&#39;s Brexit&nbsp;referendum which has resulted in the biggest blow since World War II&nbsp;to the European goal of forging greater unity.

&quot;Our economy is about as strong as it could be to confront the challenge our country now faces,&quot; Osborne told reporters.&nbsp;

&quot;It is inevitable after Thursday&#39;s vote that Britain&#39;s economy is going to have to adjust to the new situation we find ourselves in,&quot; said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister.

Boris Johnson, a leading proponent of&nbsp;Brexit&nbsp;and the frontrunner to be the next prime minister, praised Osborne for saying &quot;some reassuring things to the markets&quot;.

The former London mayor said it was now clear that &quot;people&#39;s pensions are safe, the pound is stable, markets are stable. I think that is all very good news.&quot;

But neither Osborne&#39;s nor Johnson&#39;s words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors&#39; expectations by voting to end 43 years of EU membership.

European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US&nbsp;investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever.&nbsp;

Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday.&nbsp;

Asian stocks markets opened weaker on Tuesday, with MSCI&#39;s Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan&#39;s Nikkei was off 0.7 per&nbsp;cent.

&quot;Markets already appear to be pricing in a full-blown recession in the UK&nbsp;and rising recession risk in the rest of Europe,&quot; said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management.

Ratings agency Standard &amp; Poor&#39;s (S&amp;P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow.&nbsp;

&quot;In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK,&quot; S&amp;P said in a statement.

The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the&nbsp;Brexit&nbsp;vote would trigger a Bank of England interest rate cut aimed at steadying the economy.

US&nbsp;stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London&#39;s future as the region&#39;s financial capital. Safe-haven bond and gold prices rose.

US&nbsp;Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain&#39;s decision last week, although he admitted that the result does present additional &quot;headwinds&quot; for the US&nbsp;economy.

Visiting Brussels, US&nbsp;Secretary of State John Kerry said it was important that &quot;nobody loses their head&quot; as the EU and Britain deal with the fallout from the referendum.

European Central Bank President Mario Draghi expressed &quot;sadness&quot; on Monday at Britain&#39;s vote to leave the EU.&nbsp;

Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting.&nbsp;

POLITICAL CONFUSION IN BRITAIN

With the ruling UK&nbsp;Conservative party looking for a new leader after Cameron&#39;s resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos.

&quot;There&#39;s no political leadership in the UK right when markets need the reassurance of direction,&quot; said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre.

British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also &quot;highly likely&quot; to launch a bid.&nbsp;

Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September.

The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain&#39;s departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU.

&quot;I am clear, and the cabinet agreed this morning, that the decision must be accepted,&quot; Cameron told parliament, which also faces a public petition for a new referendum.&nbsp;

While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn&#39;s team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted.

Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down.

Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many&nbsp;Brexit&nbsp;backers focused on immigration, complaining too many migrants had arrived from eastern Europe.

Piling on misery for beaten English &quot;remain&quot; voters, the country&#39;s soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland.

&quot;We embarrassed ourselves three of four days ago in the referendum, we&#39;ve embarrassed ourselves now. It&#39;s a really, really sad time to be English,&quot; lamented English soccer fan Alex in the French city of Nice.

EUROPE WANTS QUICKER RESOLUTION

Cameron&#39;s refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU&#39;s second largest economy after Germany, to leave the 28-country bloc.

&quot;It should be implemented quickly. We cannot remain in an uncertain and indefinite situation,&quot; French Finance Minister Michel Sapin said on France 2 television.

Guenther Oettinger, German member of the EU&#39;s executive European Commission, said delay would hurt Europe as well as Britain. &quot;Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets,&quot; he told Deutschlandfunk radio.

Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable.

The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people&#39;s concerns by setting clear goals to improve security, the economy and prospects for young people.

German Chancellor Angela Merkel, who has appeared to take a softer line on Britain&#39;s decision than some European leaders, said she had &quot;neither a brake nor an accelerator&quot; to control events, adding: &quot;We just don&#39;t want an impasse.&quot;

The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession.&nbsp;

South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage&nbsp;Brexit&nbsp;turmoil in financial markets. 
 
(Reuters)

European bank shares had their worst two-day fall on record and world stocks saw their worst two-day fall since the 2008 financial crisis

Britain's vote to leave the European Union (EU) continued to reverberate through financial markets, with the Pound falling to its lowest level in 31 years, despite government attempts to relieve some of the confusion about the political and economic outlook. UK finance minister George Osborne said early Monday that the British economy was strong enough to cope with the market volatility caused by last week's Brexit referendum which has resulted in the biggest blow since World War II to the European goal of forging greater unity. "Our economy is about as strong as it could be to confront the challenge our country now faces," Osborne told reporters. "It is inevitable after Thursday's vote that Britain's economy is going to have to adjust to the new situation we find ourselves in," said Osborne, who later ruled himself out of the running to succeed David Cameron as prime minister. Boris Johnson, a leading proponent of Brexit and the frontrunner to be the next prime minister, praised Osborne for saying "some reassuring things to the markets". The former London mayor said it was now clear that "people's pensions are safe, the pound is stable, markets are stable. I think that is all very good news." But neither Osborne's nor Johnson's words failed to stop the slide in stocks on world markets which began last Friday when Britons confounded investors' expectations by voting to end 43 years of EU membership. European bank shares had their worst two-day fall on record and world stocks as measured by Morgan Stanley Capital International (MSCI) index saw their worst two-day fall since the collapse of US investment bank Lehman Brothers during the 2008 financial crisis. On Friday alone about $2.8 trillion was wiped off the value of world stocks, the biggest daily loss ever. Sterling fell to a low around $1.3120, its lowest level since mid-1985. The Euro also remained weak, after falling to a three-month low around $1.0910 on Friday. Asian stocks markets opened weaker on Tuesday, with MSCI's Asia ex-Japan index extending losses for a third day, down 0.5 per cent. Japan's Nikkei was off 0.7 per cent. "Markets already appear to be pricing in a full-blown recession in the UK and rising recession risk in the rest of Europe," said David Donabedian, chief investment officer of Atlantic Trust Private Wealth Management. Ratings agency Standard & Poor's (S&P) stripped Britain of its last remaining top-notch credit rating on Monday, warning that more downgrades could follow. "In our opinion, this (referendum) outcome is a seminal event, and will lead to a less predictable, stable, and effective policy framework in the UK," S&P said in a statement. The yield on British 10-year government bonds fell below 1.0 per cent for the first time as investors bet the Brexit vote would trigger a Bank of England interest rate cut aimed at steadying the economy. US stocks ended lower for a second day also, following European markets, pulled down by banking stocks amid uncertainty over London's future as the region's financial capital. Safe-haven bond and gold prices rose. US Treasury Secretary Jack Lew on Monday said he sees no signs of a financial crisis arising from Britain's decision last week, although he admitted that the result does present additional "headwinds" for the US economy. Visiting Brussels, US Secretary of State John Kerry said it was important that "nobody loses their head" as the EU and Britain deal with the fallout from the referendum. European Central Bank President Mario Draghi expressed "sadness" on Monday at Britain's vote to leave the EU. Draghi will fly to Brussels on Tuesday, where he is expected to brief European leaders about the impact of the UK vote on the euro zone at a two-day European Council meeting. POLITICAL CONFUSION IN BRITAIN With the ruling UK Conservative party looking for a new leader after Cameron's resignation on Friday and lawmakers from the opposition Labour party stepping up a rebellion against their leader, Britain sank deeper into political chaos. "There's no political leadership in the UK right when markets need the reassurance of direction," said Luke Hickmore of Aberdeen Asset Management, expressing the view of many in the City of London financial centre. British broadcaster Sky News said work and pensions minister Stephen Crabb was also considering a bid for the Conservative party leadership, with business secretary Sajid Javid seeking to become finance minister. Both were in favour of staying in the EU. The editor of the Spectator magazine tweeted that Health Secretary Jeremy Hunt was also "highly likely" to launch a bid. Cameron says he will stay on until October as a caretaker and that his successor should trigger the formal process of leaving the EU. His Conservative Party in parliament recommended choosing a successor by early September. The prime minister sought to calm fears over the fallout of the referendum and said parliament should not try to block Britain's departure. A majority of parliamentarians, like him, had argued that Britain should stay in the EU. "I am clear, and the cabinet agreed this morning, that the decision must be accepted," Cameron told parliament, which also faces a public petition for a new referendum. While the question of whether to leave the EU has split the ruling Conservative party, divisions within the opposition are also deep. A wave of Labour lawmakers resigned from leader Jeremy Corbyn's team on Monday, adding to the 11 senior figures who quit on Sunday, saying his campaign to keep Britain in the EU was half-hearted. Corbyn, a left-winger who has strong support among ordinary party members, has said he is not stepping down. Discontent with the political establishment in general and the Conservatives in particular was a factor behind the vote to leave, although many Brexit backers focused on immigration, complaining too many migrants had arrived from eastern Europe. Piling on misery for beaten English "remain" voters, the country's soccer team on Monday crashed out of the Euro 2016 soccer competition to tiny Iceland. "We embarrassed ourselves three of four days ago in the referendum, we've embarrassed ourselves now. It's a really, really sad time to be English," lamented English soccer fan Alex in the French city of Nice. EUROPE WANTS QUICKER RESOLUTION Cameron's refusal to start formal moves to pull the country out of the EU has prompted many European leaders to demand quicker action by Britain, the EU's second largest economy after Germany, to leave the 28-country bloc. "It should be implemented quickly. We cannot remain in an uncertain and indefinite situation," French Finance Minister Michel Sapin said on France 2 television. Guenther Oettinger, German member of the EU's executive European Commission, said delay would hurt Europe as well as Britain. "Every day of uncertainty prevents investors from putting their funds into Britain, and also other European markets," he told Deutschlandfunk radio. Cameron heads to Brussels on Tuesday for a grim EU summit dinner, while the other 27 leaders will meet for the first time without him on Wednesday morning to plan their next moves. They are likely to stress a willingness to negotiate, but only after London binds itself to a tight two-year exit timetable. The leaders of France, Germany and Italy met in Berlin on Monday and said Europe needed to respond to its people's concerns by setting clear goals to improve security, the economy and prospects for young people. German Chancellor Angela Merkel, who has appeared to take a softer line on Britain's decision than some European leaders, said she had "neither a brake nor an accelerator" to control events, adding: "We just don't want an impasse." The political, economic and regulatory uncertainty is being felt across the globe at a time when economies are still slowly recovering from the 2008 economic crisis, interest rates are close to zero, and central banks have fewer tools than normal to revive demand if countries enter recession. South Korea said on Tuesday it would propose a supplementary budget of around 10 trillion Won ($8.44 billion), in part to help it manage Brexit turmoil in financial markets. (Reuters)

Post Brexit, UK political confusion keeps world markets on edge

Sterling advanced on Thursday as the campaign for Britain&#39;s vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. 
 
British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. 
 
Whether Britain will leave the European Union, dubbed &quot;Brexit,&quot; is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. 
 
&quot;Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself&quot; on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. 
 
The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. 
 
Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. 
 
US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. 
 
The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&amp;P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. 
 
The European FTSEurofirst 300 index closed down 0.5 per cent. 
 
Oil prices slumped about three per cent and were down a sixth straight day as the Dollar&#39;s rally on fears of Britain&#39;s exit from the EU hammered commodities priced in the currency. 
 
Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. 
 
Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox&#39;s death. 
 
Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

S&P and Nasdaq dropped, but Dow Jones gained as Brexit campaign was called off after the death of British lawmaker Jo Cox

Sterling advanced on Thursday as the campaign for Britain's vote on whether to leave the European Union was suspended following the murder of a British lawmaker, while US stocks cut losses. British Member of Parliament Jo Cox, who was shot dead in the street in her constituency in northern England earlier in the day, had been a vocal supporter of Britain remaining within the European Union. Whether Britain will leave the European Union, dubbed "Brexit," is an issue that will be decided in a referendum next week and could undermine decades of European integration and stoke global economic uncertainty. "Certainly, people are talking about the possibility that this does influence the Brexit vote in favour of remain. It is a tragic event all around. There is a sense, there is an immediate emotional reaction, but there is still a week before the referendum itself" on June 23, said Alan Ruskin, global co-head of FX research at Deutsche Bank in New York. The British Pound hit a US trading high after the news, and was last up slightly at $1.4207. Rival referendum campaign groups in Britain said they were suspending activities for the day and Prime Minister David Cameron said he would pull out of a planned rally in Gibraltar, the British territory on the southern coast of Spain. US stocks, which had tumbled earlier on global growth worries, cut losses and the Dow briefly traded higher. The Dow Jones industrial average was up 17.67 points, or 0.1 per cent, at 17,657.84, the S&P 500 lost 2.41 points, or 0.12 per cent, to 2,069.09 and the Nasdaq Composite dropped 10.81 points, or 0.22 per cent, to 4,824.12. The European FTSEurofirst 300 index closed down 0.5 per cent. Oil prices slumped about three per cent and were down a sixth straight day as the Dollar's rally on fears of Britain's exit from the EU hammered commodities priced in the currency. Data showing US crude stockpiles fell less than expected also weighed on oil prices. Brent crude futures were down $1.52 at $47.45, while US crude futures were down $1.61 at $46.40. Yields on most US Treasury yields rose to session highs after British campaigning for the Brexit vote was suspended following MP Cox's death. Yields on benchmark 10-year Treasury notes rose to a session high of 1.581 per cent, after earlier falling to 1.518 per cent, the lowest level since August 2012.

Sterling gains as Brexit campaign suspended

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