The world has witnessed its steepest weekly slide in world stocks since March 2020. Tighter monetary rules are worrying investors. Swiss Bank had to announce the first hike in 15 years.

Steepest weekly slide in World stocks: Markets heading to recession after record inflation?

Steepest weekly slide in world stocks since March 2020 as tighter monetary rules worry investors

Today is the last trading day of the week and clearly, it's not going to be as good as it was last year. Yesterday, US stock markets closed sharply lower in a broad sell-off.

Wall Street plunges as recession fear grows

Are world stocks heading for their worst week? Asian markets have opened in the red. Amid the global market meltdown, Central banks announced a series of hikes to help stabilize their respective economies.

Global market meltdown: Series of hikes by central banks

Standard & Poor plunged more than 20% from its high in January as US stocks entered bear market territory. Is a recession now inevitable in the US? How will a US slowdown affect the world? Palki Sharma Upadhyay tells you.

Gravitas: US stocks fall into bear market territory

Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's&nbsp;expectations.&nbsp;

On&nbsp;Wall&nbsp;Street, stocks were deep in negative territory after US government data showed inflation reached 8.6 percent in the 12 months ended in May, the steepest rise in consumer prices since December 1981, on the back of surging energy and food prices.

Also read |&nbsp;<a href="https://www.wionews.com/world/asian-shares-fall-as-oil-lingers-above-usd-120-yen-sinks-486499">Asian shares fall as oil lingers above USD 120, yen sinks</a>

The S&amp;P 500 dropped 2.9%, closing out its ninth losing week in the last 10.

The data had been eagerly anticipated as investors hungrily look for clues as to the direction of US interest rates at next week's meeting of the Federal Reserve.

"The market had expected that we'd see at least a plateauing or flattening out of inflation but it seems that inflation pressures continue to build and we've seen a further broadening of price pressures", said Shaun Osborne, a foreign exchange specialist at Scotiabank.&nbsp;

"So it seems more entrenched, stickier kind of price or inflation situation", he further added.

Watch |&nbsp;Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble

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Osborne said the report will encourage investor debate on whether the US central bank will shift to a 75 basis point interest rate hike next week instead of the planned half-point increase.

But Osborne believes the Fed will go with its original plan, considering a bigger increase would look "panicky".

Adding to the unease was news that officials in China had once again locked down millions of people for Covid testing owing to another flare-up in cases, dealing a blow to hopes for an economic reopening.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/dollar-gains-as-us-stocks-fall-ecb-decision-on-tap-486375">Dollar gains as US stocks fall, ECB decision on tap</a>

"Warning signs about the economy are emerging as weekly (US) jobless claims are starting to rise, China's Covid situation will prove troublesome for supply chains over the next couple of quarters, and as inflationary pressures broaden and show no sign of easing", said Edward Moya, analyst at OANDA trading group.

"It seems reductions in global growth forecasts will become a steady theme over the next few months and that should complicate how much more tightening we see from central banks", he said.

The World Bank and Organisation for Economic Co-operation and Development this week each lowered their global economic growth forecasts for 2022.

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Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's expectations.

Stock markets plunged deeper into the red on Friday after data showed US inflation soared to the highest level in more than 40 years in May, far outpacing analyst's expectations. On Wall Street, stocks were deep in negative territory after US government data showed inflation reached 8.6 percent in the 12 months ended in May, the steepest rise in consumer prices since December 1981, on the back of surging energy and food prices. Also read | Asian shares fall as oil lingers above USD 120, yen sinks The S&P 500 dropped 2.9%, closing out its ninth losing week in the last 10. The data had been eagerly anticipated as investors hungrily look for clues as to the direction of US interest rates at next week's meeting of the Federal Reserve. "The market had expected that we'd see at least a plateauing or flattening out of inflation but it seems that inflation pressures continue to build and we've seen a further broadening of price pressures", said Shaun Osborne, a foreign exchange specialist at Scotiabank. "So it seems more entrenched, stickier kind of price or inflation situation", he further added. Watch | Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble Osborne said the report will encourage investor debate on whether the US central bank will shift to a 75 basis point interest rate hike next week instead of the planned half-point increase. But Osborne believes the Fed will go with its original plan, considering a bigger increase would look "panicky". Adding to the unease was news that officials in China had once again locked down millions of people for Covid testing owing to another flare-up in cases, dealing a blow to hopes for an economic reopening. Also read | Dollar gains as US stocks fall, ECB decision on tap "Warning signs about the economy are emerging as weekly (US) jobless claims are starting to rise, China's Covid situation will prove troublesome for supply chains over the next couple of quarters, and as inflationary pressures broaden and show no sign of easing", said Edward Moya, analyst at OANDA trading group. "It seems reductions in global growth forecasts will become a steady theme over the next few months and that should complicate how much more tightening we see from central banks", he said. The World Bank and Organisation for Economic Co-operation and Development this week each lowered their global economic growth forecasts for 2022. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Wall Street stocks sank after inflation hit a 40-year high

Major US stocks lost more than $7 trillion in the first months of 2022 amid fears of a slowdown in America. Will the US drag the world into another recession? What does the global slowdown mean for India? Palki Sharma tells you.

Gravitas: US stocks lose $7 trillion in 2022

Asian shares tumbled to their lowest in nearly two years on Tuesday as investors shed riskier assets on worries about higher interest rates and their impact on economic growth, while the dollar held near 20-year highs.

Asian stocks hit 2-year low, rate hike worries investors

Amazon has reported its first quarterly loss since 2015. While the company has reported a loss of over 3.8 billion dollars, a year ago it reported a profit of 8.1 billion dollars during the first quarter.

Amazon stocks plunge as it reports $3.8 billion quarterly loss

More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in&nbsp;Hong&nbsp;Kong&nbsp;on Friday after they failed to report annual results.

The move deepens uncertainty for China's embattled property sector, which has been struggling after a clampdown by Beijing suddenly turned off the liquidity taps.

It also comes as China's wider economy battles with sweeping lockdowns in key cities including Shanghai after a surge of coronavirus infections.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-judges-quit-hong-kongs-top-court-over-security-law-467072">UK judges quit Hong Kong’s top court over security law</a>

Major Chinese developers Shimao Group and Sunac China were among at least 33 companies suspended on Friday.

The firms had all failed to publish their unaudited annual results by a March 31 deadline. &nbsp;

This year's trading suspension figure compares with more than 50 for 2021 and at least nine for 2020, according to Bloomberg News.

In a notice to&nbsp;Hong&nbsp;Kong's stock exchange, Shimao said it could not report annual results on time because of the latest coronavirus outbreak, which resulted in the "lockdown of the office building of the company’s headquarters in Shanghai".

Some staff involved in preparing annual results have also been quarantined without a clear date of when virus-control measures will be eased, Shimao added.

Because of virus-related delays,&nbsp;Hong&nbsp;Kong's stock exchange allowed firms to submit unaudited figures by March 31 and the audited version by April 30 to avoid suspension.

The exchange had 2,570 listed companies at the end of March, with at least 138 saying they would delay reporting their audited 2021 results past the March deadline, Bloomberg said.

Chinese property firms have struggled in the wake of Beijing's ongoing drive to curb excessive debt in the real estate sector as well as rampant consumer speculation.

Also read |&nbsp;<a href="https://www.wionews.com/world/covid-19-hong-kong-says-to-halve-flight-suspension-rule-to-seven-days-465864">COVID-19: Hong Kong says to halve flight suspension rule to seven days</a>

The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades.&nbsp;

Sunac in its Friday statement said its own delay was partly because of issues related to offshore loans "arising from the recent downgrade of the company's credit ratings by international rating agencies".

On March 24, Fitch Ratings downgraded Sunac's rating to "CC", which the agency said reflected its "narrowing margin of safety for refinancing capital-market maturities".

Property developer China Aoyuan Group, whose shares were also among those suspended on Friday, said it would delay reporting annual results as it did not accurately reflect the group's financial performance and position.

"Publication of the 2021 unaudited management accounts at this stage could potentially be misleading to the shareholders and potential investors of the company," the firm said in a stock exchange notice.

The Hang Seng Index fell more than one percent in morning trade Friday and is down seven percent.&nbsp;

Watch |&nbsp;Gravitas: Hong Kong separates 2,000 Covid-positive children from parents

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More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in Hong Kong on Friday after they failed to report annual results.

More than 30 firms, including at least two major Chinese property developers, saw trading in their shares halted in Hong Kong on Friday after they failed to report annual results. The move deepens uncertainty for China's embattled property sector, which has been struggling after a clampdown by Beijing suddenly turned off the liquidity taps. It also comes as China's wider economy battles with sweeping lockdowns in key cities including Shanghai after a surge of coronavirus infections. Also read | UK judges quit Hong Kong’s top court over security law Major Chinese developers Shimao Group and Sunac China were among at least 33 companies suspended on Friday. The firms had all failed to publish their unaudited annual results by a March 31 deadline. This year's trading suspension figure compares with more than 50 for 2021 and at least nine for 2020, according to Bloomberg News. In a notice to Hong Kong's stock exchange, Shimao said it could not report annual results on time because of the latest coronavirus outbreak, which resulted in the "lockdown of the office building of the company’s headquarters in Shanghai". Some staff involved in preparing annual results have also been quarantined without a clear date of when virus-control measures will be eased, Shimao added. Because of virus-related delays, Hong Kong's stock exchange allowed firms to submit unaudited figures by March 31 and the audited version by April 30 to avoid suspension. The exchange had 2,570 listed companies at the end of March, with at least 138 saying they would delay reporting their audited 2021 results past the March deadline, Bloomberg said. Chinese property firms have struggled in the wake of Beijing's ongoing drive to curb excessive debt in the real estate sector as well as rampant consumer speculation. Also read | COVID-19: Hong Kong says to halve flight suspension rule to seven days The failure to report audited results will compound worries about the transparency of debt restructurings within troubled Chinese firms and could spark further credit rating downgrades. Sunac in its Friday statement said its own delay was partly because of issues related to offshore loans "arising from the recent downgrade of the company's credit ratings by international rating agencies". On March 24, Fitch Ratings downgraded Sunac's rating to "CC", which the agency said reflected its "narrowing margin of safety for refinancing capital-market maturities". Property developer China Aoyuan Group, whose shares were also among those suspended on Friday, said it would delay reporting annual results as it did not accurately reflect the group's financial performance and position. "Publication of the 2021 unaudited management accounts at this stage could potentially be misleading to the shareholders and potential investors of the company," the firm said in a stock exchange notice. The Hang Seng Index fell more than one percent in morning trade Friday and is down seven percent. Watch | Gravitas: Hong Kong separates 2,000 Covid-positive children from parents

Trade halted in 33 Hong Kong-listed firms on earnings no-show

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. &nbsp;

This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’. Moscow has also sent troops to these regions. &nbsp; &nbsp; &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/ukrainian-president-volodymyr-zelenskiy-addresses-nation-rejects-making-any-territorial-concessions-455197" hreflang="en">Ukrainian President Volodymyr Zelenskiy addresses nation, rejects making any territorial concessions</a>

Brent crude futures rose around 4% to $97.35. It is the highest rise since September 2014. While S&amp;P 500 futures fell 2% and Nasdaq futures dived 2.7%. &nbsp;

European equities also dropped 1.3% overnight to a four-month low. The Russian rouble tanked and Russia's MOEX equity index fell by 10.5%. Australia's ASX 200 also followed suit and fell 1.3% in early trade. On Monday, markets in the&nbsp;US were closed for a holiday.&nbsp;&nbsp;

Ray Attrill, NAB head of foreign exchange strategy, said, "In these circumstances, risk metrics are the driving force."&nbsp;&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/un-chief-antonio-guterres-voices-concern-calls-russian-move-a-violation-of-ukraines-sovereignty-455208" hreflang="en">UN chief Guterres calls Russian move a 'violation' of Ukraine’s sovereignty</a>

In the currency trade, the yen hiked by 0.2% in Asia to a nearly three-week high of 114.50 per dollar. The euro nosedived around 0.1% to a one-week low of $1.1296. The Russian rouble also touched a one-month low of 80.289 per dollar. &nbsp;&nbsp;

The tensions also drove US Treasury yields lower, with benchmark 10-year Treasury yields down 5.5 basis points (bp) to 1.8715%. &nbsp;&nbsp;

(With inputs from agencies)&nbsp;

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’.

With crisis deepening after latest Russian move in eastern Ukraine, oil jumped to a seven-year high on Tuesday. US stock futures have also nosedived. This comes as Russian President Vladimir Putin signed decrees to recognise the 'Donetsk and Luhansk People's Republics' as 'independent’. Moscow has also sent troops to these regions. Also Read: Ukrainian President Volodymyr Zelenskiy addresses nation, rejects making any territorial concessions Brent crude futures rose around 4% to $97.35. It is the highest rise since September 2014. While S&P 500 futures fell 2% and Nasdaq futures dived 2.7%. European equities also dropped 1.3% overnight to a four-month low. The Russian rouble tanked and Russia's MOEX equity index fell by 10.5%. Australia's ASX 200 also followed suit and fell 1.3% in early trade. On Monday, markets in the US were closed for a holiday. Ray Attrill, NAB head of foreign exchange strategy, said, "In these circumstances, risk metrics are the driving force." Also Read: UN chief Guterres calls Russian move a 'violation' of Ukraine’s sovereignty In the currency trade, the yen hiked by 0.2% in Asia to a nearly three-week high of 114.50 per dollar. The euro nosedived around 0.1% to a one-week low of $1.1296. The Russian rouble also touched a one-month low of 80.289 per dollar. The tensions also drove US Treasury yields lower, with benchmark 10-year Treasury yields down 5.5 basis points (bp) to 1.8715%. (With inputs from agencies)

Russian move in eastern Ukraine triggers oil jump, stocks fall

The global stock market stumbled this morning as investors concerned over escalating Ukraine-Russia tensions led to bloodbaths across stock markets from Asia to Europe.

Global stocks down on Ukraine-Russia tensions

Asian stocks suffered their sharpest drop in two months on Friday after the detection of a new and possibly vaccine-resistant coronavirus variant sent investors scurrying toward the safety of bonds, the yen and the dollar.

Stocks markets under pressure after news of new COVID variant emerges

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company. The poll appeared to be a response to a Democratic proposal to tax the unrealized gains of billionaires.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he tweeted.

Musk said he was raising the question because he does not take a cash salary as Tesla’s CEO and therefore would not have any way to pay a large tax bill without selling some of his Tesla shares, which make up the vast majority of his wealth.

Musk wrote in a follow-up tweet that he would “abide by the results of this poll, whichever way it goes.” Tesla’s shares were down a little more than 3% on the news Monday.

He closed the poll Sunday, after nearly 3.5 million votes had been cast, with 58% voting for him to sell. Musk has not confirmed what he will do, but after closing the poll, he tweeted, “I was prepared to accept either outcome.”

Either way, Musk may soon have needed to sell a big chunk of his shares. He holds nearly 23 million stock options that were awarded in 2012. Those options have since vested and will expire in August 2022. Most stock grants allow executives to avoid paying taxes for years, and perhaps forever, as long as they do not sell the shares they get from converting the option.

But Brian Foley, an executive compensation consultant, says that because of the size of Musk’s grant and the way it was structured, it is likely that much of his 2012 options do not qualify for the preferential tax treatment. That means Musk would owe income taxes when he exercises the grant, which at current prices would be worth just under $30 billion. Musk’s tax bill could top $10 billion, depending on what percentage of the options do not qualify for the preferential treatment.

“They are a ticking tax time bomb,” Foley said of Musk’s stock options. “Offhand I can’t think of any way for him to get around paying the tax.”

What’s more, Musk may need to sell even more shares than what it would take to pay his tax bill. He owns 17% of Tesla’s shares, which at its current stock price would be worth about $200 billion. That means his weekend tweets are a pledge to sell roughly $20 billion worth of Tesla’s shares.

The potential sale could roil Tesla’s stock at a time when many analysts say it is already overvalued. The company’s market value recently crossed $1 trillion, making it only one of five U.S. publicly traded companies to be worth that much.

Nonetheless, James Cox, a professor at Duke University law school and an expert in securities laws, said it might be hard for Musk to go back on his Twitter pledge.

“It’s a no-win situation,” Cox said. “In the securities law, the problem is this could be seen as a misrepresentation that was meant to mislead if another shareholder sold on Musk’s tweet.”

But Cox said it would be a hard lawsuit to win, because CEOs are allowed to make statements and change their minds, as long as they meant what they said when they said it.

It would not be the first time that Musk has gotten into trouble over his tweets. In late 2018, he and Tesla settled a lawsuit by the Securities and Exchange Commission, without admitting guilt, for tweeting about a potential sale of Tesla that never happened. Musk was also sued for defamation in 2018 after calling a diver who had helped rescue children stuck in a cave in Thailand a “pedo guy” on Twitter. Musk won the suit.

Daniel Ives, a stock analyst at Wedbush Securities who follows Tesla, called Musk’s latest Twitter pledge “bizarre” but said he thought that given Tesla’s prospects and the investor enthusiasm for the company, the stock, which is up more than 60% this year, would keep climbing, even with Musk cashing out a portion of his holdings.

“Musk was likely to sell some of his Tesla stock before year end, but no one ever imagined there would be a Twitter poll translating into a 10% sale of his ownership,” Ives said. “This weekend’s Twitter poll was a strange one even for Elon.”

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company.

Elon Musk may have already been compelled to sell a sizable portion of his Tesla shares even if he had not issued an unusual Twitter pledge over the weekend. Musk on Saturday polled Twitter users on whether he should sell 10% of his stake in his company. The poll appeared to be a response to a Democratic proposal to tax the unrealized gains of billionaires. “Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock,” he tweeted. Musk said he was raising the question because he does not take a cash salary as Tesla’s CEO and therefore would not have any way to pay a large tax bill without selling some of his Tesla shares, which make up the vast majority of his wealth. Musk wrote in a follow-up tweet that he would “abide by the results of this poll, whichever way it goes.” Tesla’s shares were down a little more than 3% on the news Monday. He closed the poll Sunday, after nearly 3.5 million votes had been cast, with 58% voting for him to sell. Musk has not confirmed what he will do, but after closing the poll, he tweeted, “I was prepared to accept either outcome.” Either way, Musk may soon have needed to sell a big chunk of his shares. He holds nearly 23 million stock options that were awarded in 2012. Those options have since vested and will expire in August 2022. Most stock grants allow executives to avoid paying taxes for years, and perhaps forever, as long as they do not sell the shares they get from converting the option. But Brian Foley, an executive compensation consultant, says that because of the size of Musk’s grant and the way it was structured, it is likely that much of his 2012 options do not qualify for the preferential tax treatment. That means Musk would owe income taxes when he exercises the grant, which at current prices would be worth just under $30 billion. Musk’s tax bill could top $10 billion, depending on what percentage of the options do not qualify for the preferential treatment. “They are a ticking tax time bomb,” Foley said of Musk’s stock options. “Offhand I can’t think of any way for him to get around paying the tax.” What’s more, Musk may need to sell even more shares than what it would take to pay his tax bill. He owns 17% of Tesla’s shares, which at its current stock price would be worth about $200 billion. That means his weekend tweets are a pledge to sell roughly $20 billion worth of Tesla’s shares. The potential sale could roil Tesla’s stock at a time when many analysts say it is already overvalued. The company’s market value recently crossed $1 trillion, making it only one of five U.S. publicly traded companies to be worth that much. Nonetheless, James Cox, a professor at Duke University law school and an expert in securities laws, said it might be hard for Musk to go back on his Twitter pledge. “It’s a no-win situation,” Cox said. “In the securities law, the problem is this could be seen as a misrepresentation that was meant to mislead if another shareholder sold on Musk’s tweet.” But Cox said it would be a hard lawsuit to win, because CEOs are allowed to make statements and change their minds, as long as they meant what they said when they said it. It would not be the first time that Musk has gotten into trouble over his tweets. In late 2018, he and Tesla settled a lawsuit by the Securities and Exchange Commission, without admitting guilt, for tweeting about a potential sale of Tesla that never happened. Musk was also sued for defamation in 2018 after calling a diver who had helped rescue children stuck in a cave in Thailand a “pedo guy” on Twitter. Musk won the suit. Daniel Ives, a stock analyst at Wedbush Securities who follows Tesla, called Musk’s latest Twitter pledge “bizarre” but said he thought that given Tesla’s prospects and the investor enthusiasm for the company, the stock, which is up more than 60% this year, would keep climbing, even with Musk cashing out a portion of his holdings. “Musk was likely to sell some of his Tesla stock before year end, but no one ever imagined there would be a Twitter poll translating into a 10% sale of his ownership,” Ives said. “This weekend’s Twitter poll was a strange one even for Elon.”

Behind Elon Musk’s Twitter poll is a tax bill coming due

Asia stocks are stumbling on weak China data. China's data is missing forecasts as retail sales fall weak.

China's data misses forecasts as retail sales fall weak

Shares of Indian food delivery giant&nbsp;Zomato&nbsp;soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/indias-zomato-files-for-111-billion-ipo-as-food-delivery-surges-in-pandemic-381024">India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic</a>

Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy.

Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week.

The stock then rocketed up 80 per cent in the opening 10 minutes, taking&nbsp;Zomato's market capitalisation across the one trillion rupee mark.

India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot.

This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April.

Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent.

This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma.&nbsp;

Many of the start-ups, though, are loss-making.

Zomato&nbsp;for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021.

"We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company,"&nbsp;Zomato's chief executive Deepinder Goyal said&nbsp;Friday.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year.

Shares of Indian food delivery giant Zomato soared on its market debut Friday, following a 93.75 billion rupee ($1.3 billion) IPO, the country's biggest this year. Around 30 Indian companies have announced plans to list shares this year, with start-ups attracting billions of dollars in investment even though many are yet to make a profit. Also read | India's Zomato files for $1.11 billion IPO as food delivery surges in pandemic Zomato, which counts as a subsidiary of Chinese tycoon Jack Ma's Ant Group and Uber among its shareholders, dominates India's booming app-based food-delivery space alongside rival Swiggy. Its shares debuted at 115 rupees on the Bombay Stock Exchange's Sensex Index, 51 per cent higher than its issue price after its IPO was subscribed 40.38 times at the end of last week. The stock then rocketed up 80 per cent in the opening 10 minutes, taking Zomato's market capitalisation across the one trillion rupee mark. India's economy has taken a battering during the pandemic, recording its worst annual recession since independence in 1947. But its start-up sector has been a rare bright spot. This year alone, around 20 "unicorns", firms valued at more than a billion dollars, have been created, including half a dozen in four days in April. Many are struggling to recruit qualified employees, with some reportedly offering incentives such as free motorbikes and tickets to cricket matches to lure talent. This year is set to be India's best for IPOs. Others set to list include digital payments firm Paytm, backed by Japan's SoftBank and Ma. Many of the start-ups, though, are loss-making. Zomato for instance, which operates in 525 Indian cities, is yet to turn profitable and reported a loss of 8.16 billion rupees in the financial year ending March 2021. "We are going to relentlessly focus on 10 years out and beyond, and are not going to alter our course for short-term profits at the cost of long-term success of the company," Zomato's chief executive Deepinder Goyal said Friday.

Frenzied appetite for India food delivery giant Zomato's IPO

Asian stocks rallied on Thursday, bonds nursed losses and oil held onto sharp gains as investors seemed to set aside virus jitters for now and looked ahead to the European Central Bank for reassurance that policy support will continue for some time.

Global Markets: Stocks shrug off virus worries, investors looking ahead to ECB

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points.&nbsp;

It soared nearly 524 points to touch an intra-day high of 49,256.52 points&nbsp;

Healthy buying was witnessed in banking and finance stocks.&nbsp;

Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55.&nbsp;

It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points.&nbsp;

The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close.&nbsp;

The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen &amp; Toubro and Titan Company were the major losers.&nbsp;

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.

The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points. It soared nearly 524 points to touch an intra-day high of 49,256.52 points Healthy buying was witnessed in banking and finance stocks. Around 10.20 am, Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55. It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points. The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close. The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen & Toubro and Titan Company were the major losers.

Sensex up 500 points; banking, finance stocks surge 

Watching the business news first thing in the morning is a new routine for 12-year-old South Korean Kwon Joon, as he dreams of becoming the next Warren Buffett after earning stellar returns of 43% from a hobby picked up just last year: buying stocks.

South Korean boy investor with 43% gains is new retail trading icon

European stocks hit two-week highs on strong earnings results and after the BofE increased its already huge bond-buying stimulus by 150 billion pounds ($195 billion), or about 50 billion pounds more than expected.

How is Europe reacting to the US presidential elections 2020?

Shares of Eastman Kodak Co sank by 27.9% on Tuesday after its $765-million loan agreement with the American government was put on hold. The company was slated to produce pharmaceutical ingredients but was stopped due “recent allegations of wrongdoing”.

Kodak, the famous maker of cameras and shooting equipment had recently stepped into the medicine industry. With camera sales on the decline, as smartphones now come equipped with high-tech camera&nbsp;technology, Kodak was eyeing the loan from the US government.

Basic ingredients&nbsp;

The company was set to produce the basic ingredients used in coronavirus drugs, especially used to treat the symptoms.

The US government had announced the loan on July 29 in a bid to reduce dependence on foreign countries for medical supplies. Most countries receive medicines from India and other Asian countries. However, with no 100 per cent effective medicine in the ropes, this remains a hit-and-trial effort.

Also read:&nbsp;<a href="https://www.wionews.com/world/modernas-covid-19-vaccine-worked-well-in-monkeys-study-316662" hreflang="en">Moderna's COVID-19 vaccine worked well in monkeys: Study</a>

In the aftermath of this announcement in July, the shares of the company had jumped by 60 per cent. Multiple Pharma companies are currently working on vaccines, with large-scale trials already underway. Russia, for instance, may make its state-backed vaccine public as early as September, making it the first in any country.

Alarm bells

Alarm bells rang when Democratic lawmakers asked federal regulators to investigate securities transactions made by the company and its executives.

Donald Trump promised to investigate the allegations go wrongdoings.

"Recent allegations of wrongdoing raise serious concerns," US International Development Finance Corp (DFC) tweeted on Friday.

Also read:&nbsp;<a href="https://www.wionews.com/world/uk-signs-up-for-sanofi-gsk-coronavirus-vaccine-316677" hreflang="en">UK signs up for Sanofi-GSK coronavirus vaccine</a>

Earlier, another camera making company Fujifilm moved on to the Pharma industry. The Japanese company has begun experiments on vaccines, with trials underway.

Kodak dates back to 1888, when it was founded as “The Eastman Kodak Company” by George Eastman. Owing to its classic cameras, it became a global household name for photography.

Owing to the shift in the industry which now favours digital photography, the company has struggled over the last two decades. In 2012, the company filed for bankruptcy protection in the US. It started making drug ingredients four years ago, but hadn’t thought of expanding production until after the pandemic hit.

Shares of Eastman Kodak Co sank by 27.9% on Tuesday after its $765-million loan agreement with the American government was put on hold. The company was slated to produce pharmaceutical ingredients but was stopped due “recent allegations of wrongdoing”.

Shares of Eastman Kodak Co sank by 27.9% on Tuesday after its $765-million loan agreement with the American government was put on hold. The company was slated to produce pharmaceutical ingredients but was stopped due “recent allegations of wrongdoing”. Kodak, the famous maker of cameras and shooting equipment had recently stepped into the medicine industry. With camera sales on the decline, as smartphones now come equipped with high-tech camera technology, Kodak was eyeing the loan from the US government. Basic ingredients The company was set to produce the basic ingredients used in coronavirus drugs, especially used to treat the symptoms. The US government had announced the loan on July 29 in a bid to reduce dependence on foreign countries for medical supplies. Most countries receive medicines from India and other Asian countries. However, with no 100 per cent effective medicine in the ropes, this remains a hit-and-trial effort. Also read: Moderna's COVID-19 vaccine worked well in monkeys: Study In the aftermath of this announcement in July, the shares of the company had jumped by 60 per cent. Multiple Pharma companies are currently working on vaccines, with large-scale trials already underway. Russia, for instance, may make its state-backed vaccine public as early as September, making it the first in any country. Alarm bells Alarm bells rang when Democratic lawmakers asked federal regulators to investigate securities transactions made by the company and its executives. Donald Trump promised to investigate the allegations go wrongdoings. "Recent allegations of wrongdoing raise serious concerns," US International Development Finance Corp (DFC) tweeted on Friday. Also read: UK signs up for Sanofi-GSK coronavirus vaccine Earlier, another camera making company Fujifilm moved on to the Pharma industry. The Japanese company has begun experiments on vaccines, with trials underway. Kodak dates back to 1888, when it was founded as “The Eastman Kodak Company” by George Eastman. Owing to its classic cameras, it became a global household name for photography. Owing to the shift in the industry which now favours digital photography, the company has struggled over the last two decades. In 2012, the company filed for bankruptcy protection in the US. It started making drug ingredients four years ago, but hadn’t thought of expanding production until after the pandemic hit.

Kodak stocks plunge by almost 30% as loan by US govt is put on hold

The Asian shares made a cautious start today morning as investors kept an eye on flaring tensions between US and China. Watch report

Asian Shares | Australian shares recover Friday's losses

Asian shares and the dollar made a cautious start to the new month on Monday as U.S. lawmakers struggled to hammer out a new stimulus plan and a global surge of new coronavirus cases showed no sign of abating.

Asia stocks off to cautious start | Oil demand suffered | Tech giants show strong results

A China-driven rally in global share, Indian shares closed higher today with banking stocks, automobile stocks gained. Watch report.

Fineprint: China-driven rally in global shares | Bank, auto shares climb

The market recorded gains for the second continuous week ending on April 17. There are expectations that infections may be peaking in Europe and that the US may ease the lockdown of business as the number of reported cases is declining daily.

Coronavirus Pandemic: Indian markets open with gain

As odds of the global recession rises the government and central banks around the world are racing to restore the economic damage from the spread of the novel coronavirus. The death toll has already landed hard on the jittery financial markets. Watch report:

Global stocks plunge on coronavirus fears

Consequences of the Coronavirus - Air travel is restricted, international business close down

<a href="https://www.wionews.com/world/royal-jordanian-gulf-air-suspend-flights-to-baghdad-after-us-strikes-kill-top-iran-commander-qasem-soleimani-272050">Gulf</a>&nbsp;stocks fell sharply in early trade on Sunday, led by&nbsp;Kuwaiti shares, on escalating&nbsp;tensions&nbsp;between the United States and&nbsp;Iran.

Iranian military commander <a href="https://www.wionews.com/world/iran-will-respond-to-soleimani-killing-any-time-in-any-manner-foreign-minister-zarif-272013">Qassem Soleimani</a>, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a&nbsp;US&nbsp;drone strike on his convoy at Baghdad airport.

The killing is seen by Tehran as an act of war that risks regional conflagration.

The&nbsp;Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8 per cent&nbsp;in early trade, Dubai stocks were down 1.8 per cent&nbsp;and the Abu Dhabi index fell 1.1 per cent.

The Saudi market&nbsp;plunged 2 per cent&nbsp;at the market open, with shares of in oil giant <a href="https://www.wionews.com/business-economy/global-markets-oil-gold-safe-haven-assets-gains-as-us-strike-kills-iranian-commander-271901">Saudi Aramco</a> down 0.7 per cent.

"A <a href="https://www.wionews.com/opinions/us-iran-tensions-and-why-india-should-care-271967">US-Iran</a>&nbsp;war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in&nbsp;Iran’s economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging&nbsp;markets&nbsp;economist at Capital Economics, said in a note last week.

He said while a&nbsp;US-Iran&nbsp;conflict would probably pressure equity and bond&nbsp;markets&nbsp;in the Middle East,&nbsp;Gulf&nbsp;countries' currency pegs to the&nbsp;US <a href="https://www.wionews.com/business-economy/safe-haven-yen-lifted-us-dollar-hits-in-grim-data-after-qassem-soleimani-strike-272054">dollar</a> would likely remain intact.

<a href="https://www.wionews.com/business-economy/us-oil-workers-leave-iraq-air-strike-on-iranian-leader-qassem-soleimani-272049">Oil prices</a> jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.&nbsp;

Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran. Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a US drone strike on his convoy at Baghdad airport.

Gulf stocks fell sharply in early trade on Sunday, led by Kuwaiti shares, on escalating tensions between the United States and Iran. Iranian military commander Qassem Soleimani, the architect of Tehran's overseas clandestine and military operations was killed on Friday in a US drone strike on his convoy at Baghdad airport. The killing is seen by Tehran as an act of war that risks regional conflagration. The Kuwaiti index, the best performer in the region in 2019, was down nearly 3.8 per cent in early trade, Dubai stocks were down 1.8 per cent and the Abu Dhabi index fell 1.1 per cent. The Saudi market plunged 2 per cent at the market open, with shares of in oil giant Saudi Aramco down 0.7 per cent. "A US-Iran war could shave 0.5 percentage points or more off global GDP, mainly due to a collapse in Iran’s economy but also due to the impact from a surge in oil prices," Jason Tuvey, senior emerging markets economist at Capital Economics, said in a note last week. He said while a US-Iran conflict would probably pressure equity and bond markets in the Middle East, Gulf countries' currency pegs to the US dollar would likely remain intact. Oil prices jumped to $63.05 a barrel on Friday, their highest level in more than three months, after Soleimani's killing sparked fears that conflict in the region could disrupt global oil supplies.

Gulf markets plunge on US-Iran tensions, Kuwait lead fall

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions&nbsp;with <a href="https://www.wionews.com/world/tesla-says-will-start-delivering-china-made-model-3s-to-public-on-january-7-271722">Wall Street</a> reaching major indexes recorded on top to open new year on Thursday.&nbsp;

China's central bank said on Wednesday it would cut the amount of cash that all banks must&nbsp;hold as reserves, the eighth such cut since early 2018. The move to inject fresh&nbsp;stimulus into the Chinese economy boosted equity markets around the globe.

The benchmark <a href="https://www.wionews.com/business-economy/indian-shares-slip-as-oil-jumps-after-us-air-strikes-in-middle-east-271832">S&amp;P 500</a> hit its 11th record high in 14 sessions and posted its largest&nbsp;daily percentage gain in three weeks. The Dow registered its biggest&nbsp;such gain in almost&nbsp;four weeks, and the Nasdaq its greatest&nbsp;in nearly three months.

Economic&nbsp;stimulus in&nbsp;China, along with the easing of&nbsp;trade&nbsp;tensions between Washington and Beijing, has bolstered optimism that the global economy will accelerate in&nbsp;2020.

"The market's been up all day because of the&nbsp;news that&nbsp;China&nbsp;is out there with monetary easing," said <a href="https://www.wionews.com/world/us-joins-other-nations-in-grounding-737-max-jets-after-second-crash-203179">Tim Ghriskey</a>, chief investment&nbsp;strategist&nbsp;at Inverness Counsel in&nbsp;New&nbsp;York. "With the&nbsp;trade&nbsp;deal as a backdrop, it's a positive factor."

Among the S&amp;P 500's sectors, technology and industrials, both of which have high exposure to the Chinese economy, rose more than 1 per cent&nbsp;and led in percentage gains. Shares of <a href="https://www.wionews.com/world/new-york-cardiologist-sues-apple-over-heartbeat-monitoring-technology-271003">Apple Inc</a>, which have been a bellwether of&nbsp;trade&nbsp;sentiment, ended 2.3 per cent&nbsp;higher and surpassed $300.

The lengthy rally on&nbsp;Wall&nbsp;Street has prompted some concerns that US&nbsp;stocks are vulnerable to a pullback, especially if economic growth does not pick up as much as expected or if <a href="https://www.wionews.com/world/us-farmers-see-another-bleak-year-despite-phase-1-trade-deal-271864">US-China&nbsp;trade</a>&nbsp;tensions reignite.

"Large-cap equities are priced for perfection," said Peter Cecchini, global chief market&nbsp;strategist&nbsp;at Cantor Fitzgerald in&nbsp;New&nbsp;York. "It feels like we're wildly overbought given the risks that we see."

The Dow Jones Industrial Average&nbsp;rose 330.36 points, or 1.16 per cent, to 28,868.8, the S&amp;P 500&nbsp;gained 27.07 points, or 0.84 per cent, to 3,257.85 and the Nasdaq Composite&nbsp;added 119.59 points, or 1.33 per cent, to 9,092.19.

Adding to positive economic sentiment, data from the US&nbsp;Labor Department showed the number of Americans filing claims for jobless benefits edged lower last&nbsp;week.

Other data from Greater&nbsp;China&nbsp;showing that gross gaming revenue in Macau fell less than expected in December boosted shares of US&nbsp;casino operators. Shares of Wynn Resorts Ltd, Las Vegas Sands Corp&nbsp;and Melco Resorts &amp; Entertainment Ltd&nbsp; rose between 2 per cent&nbsp;and 4 per cent.

Advancing issues outnumbered declining ones on the <a href="https://www.wionews.com/business-economy/world-stocks-hit-all-time-high-after-trump-tweets-close-to-china-deal-267973">NYSE</a> by a 1.74-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favoured advancers.

The S&amp;P 500 posted 59&nbsp;new&nbsp;52-week highs and one&nbsp;new&nbsp;low; the Nasdaq Composite recorded 115&nbsp;new&nbsp;highs and 15&nbsp;new&nbsp;lows.

Volume on US&nbsp;exchanges was 7.61 billion shares, compared to the 6.85 billion-share average for the full session over the last&nbsp;20 trading days.

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions with Wall Street reaching major indexes recorded on top to open new year on Thursday.

Optimism fueled in China as the fresh economy stimulates in the apogee of an improved global outlook and easing trade tensions with Wall Street reaching major indexes recorded on top to open new year on Thursday. China's central bank said on Wednesday it would cut the amount of cash that all banks must hold as reserves, the eighth such cut since early 2018. The move to inject fresh stimulus into the Chinese economy boosted equity markets around the globe. The benchmark S&P 500 hit its 11th record high in 14 sessions and posted its largest daily percentage gain in three weeks. The Dow registered its biggest such gain in almost four weeks, and the Nasdaq its greatest in nearly three months. Economic stimulus in China, along with the easing of trade tensions between Washington and Beijing, has bolstered optimism that the global economy will accelerate in 2020. "The market's been up all day because of the news that China is out there with monetary easing," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "With the trade deal as a backdrop, it's a positive factor." Among the S&P 500's sectors, technology and industrials, both of which have high exposure to the Chinese economy, rose more than 1 per cent and led in percentage gains. Shares of Apple Inc, which have been a bellwether of trade sentiment, ended 2.3 per cent higher and surpassed $300. The lengthy rally on Wall Street has prompted some concerns that US stocks are vulnerable to a pullback, especially if economic growth does not pick up as much as expected or if US-China trade tensions reignite. "Large-cap equities are priced for perfection," said Peter Cecchini, global chief market strategist at Cantor Fitzgerald in New York. "It feels like we're wildly overbought given the risks that we see." The Dow Jones Industrial Average rose 330.36 points, or 1.16 per cent, to 28,868.8, the S&P 500 gained 27.07 points, or 0.84 per cent, to 3,257.85 and the Nasdaq Composite added 119.59 points, or 1.33 per cent, to 9,092.19. Adding to positive economic sentiment, data from the US Labor Department showed the number of Americans filing claims for jobless benefits edged lower last week. Other data from Greater China showing that gross gaming revenue in Macau fell less than expected in December boosted shares of US casino operators. Shares of Wynn Resorts Ltd, Las Vegas Sands Corp and Melco Resorts & Entertainment Ltd rose between 2 per cent and 4 per cent. Advancing issues outnumbered declining ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.41-to-1 ratio favoured advancers. The S&P 500 posted 59 new 52-week highs and one new low; the Nasdaq Composite recorded 115 new highs and 15 new lows. Volume on US exchanges was 7.61 billion shares, compared to the 6.85 billion-share average for the full session over the last 20 trading days.

Wall Street begins 2020 with new records in China, catalyses economy and trade hopes

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

The NSE Nifty 50 Index fell 0.08 per cent&nbsp;to 12,211.50 as on 0400 GMT, while the S&amp;P BSE Sensex index was down 0.09 per cent&nbsp;at 41,515.96.

Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent.

Meanwhile, investors are also weighing a decision by US&nbsp;House of Representatives to impeach US&nbsp;President Donald Trump for <a href="https://www.wionews.com/world/impeached-us-president-trump-says-democrats-consumed-with-hatred-269042">abuse of power</a> and obstruction of Congress.

But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office.

In India, sentiments were also dampened by the <a href="https://www.wionews.com/india-news/finance-minister-nirmala-sitharaman-to-chair-38th-gst-council-meeting-today-268815">Goods and Services Tax</a> (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut.

The rupee strengthened by 0.06 per cent&nbsp;to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent.

The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent.

The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red.

The <a href="https://www.wionews.com/business-economy/nifty-sensex-end-higher-it-metal-stocks-shine-268969">Nifty IT index</a> rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent.

Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company.

Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets.

Indian shares were largely unchanged on Thursday, with gains in IT stocks offset by losses in financials, as investors awaited fresh cues before making new bets. The NSE Nifty 50 Index fell 0.08 per cent to 12,211.50 as on 0400 GMT, while the S&P BSE Sensex index was down 0.09 per cent at 41,515.96. Shares in broader Asia pulled away from multi-month highs, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2 per cent. Meanwhile, investors are also weighing a decision by US House of Representatives to impeach US President Donald Trump for abuse of power and obstruction of Congress. But global market reaction to the development so far has been limited as the Senate is widely expected not to vote to remove Trump from office. In India, sentiments were also dampened by the Goods and Services Tax (GST) Council's decision on Wednesday to leave tax rates unchanged, as the markets were hoping for a rate cut. The rupee strengthened by 0.06 per cent to 70.98 against the dollar, while the benchmark 10-year bond yield opened at 6.7160 per cent, versus the previous close of 6.7103 per cent. The biggest laggard on the NSE index was Yes Bank Ltd, which slipped over 2 per cent. The Nifty PSU Bank index, which tracks the country's state-run lenders, slipped 0.6 per cent, with 10 of the 12 stocks on the index trading in the red. The Nifty IT index rose as much as 0.67 per cent, with HCL Technologies gaining over 1.5 per cent. Shares in Tata Group companies eked out gains a day after Cyrus Mistry, who had been embroiled in a legal battle with the Group since being ousted in 2016, won backing from a tribunal to be reinstated as executive chairman of its holding company. Shares of both Tata Consultancy Services and Tata Motors rose over 1 per cent.

Nifty, Sensex flat as financials offset IT gains

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent&nbsp;loss it suffered as fear of a no-deal Brexit returned.

The pan-region STOXX 600&nbsp;bobbed in and out of the red. Britain's blue-chip index&nbsp;managed a 0.15 per cent&nbsp;rise before a Bank of England meeting.

Wall Street futures suggested the S&amp;P 500 would barely budge, after rising to a fifth consecutive record high on Wednesday. Earlier, Asian shares had pulled back from a one-and-a-half year peak as trading wound down before the end of the year.

Japan's <a href="https://www.wionews.com/business-economy/global-markets-asia-shares-eke-out-another-peak-pound-fears-brexit-redux-268851">Nikkei</a> fell 0.3 per cent&nbsp;and China's stocks slipped&nbsp;for the second session despite trade optimism. Australian shares ended 0.3 per cent&nbsp;lower, led lower by mining stocks.

Investors were also watching proceedings in Washington, where the Democratic-led US&nbsp;House of Representatives voted to impeach US&nbsp;<a href="https://www.wionews.com/world/us-house-votes-to-impeach-trump-for-obstruction-of-congress-269040">President Donald Trump</a> for abuse of power and obstruction of Congress.

Market reaction was limited since the Republican-controlled Senate is widely expected not to convict Trump and removed him from office.

In Sweden, the central bank raised its key rate to zero after five years in negative territory. Economists wondered whether Sweden's hot-running economy would react badly and whether other sub-zero rate central banks in the eurozone, Japan, Denmark, Switzerland and Hungary would follow suit.

The crown rose 0.2 per cent, again that had been widely flagged.

"At the end of the day, this market doesn't look at macro and earnings, it just looks at monetary developments," said Stéphane Barbier de la Serre, macro strategist at Makor Capital Markets. "If the market thinks central banks (globally) are done with being dovish then we would see some volatility."

The British pound gained after suffering heavy losses on concern Britain could still crash out of the European Union without a trade deal in place when a transition period ends in December 2020.

Traders were also waiting for the <a href="https://www.wionews.com/business-economy/hedge-funds-gained-early-access-to-boe-press-conference-feeds-269131">Bank of England</a>'s last policy meeting of the year. No change in policy is expected, but more policy-makers might signal they could vote for an interest rate cut next year.

Sterling&nbsp;rose 0.2 per cent&nbsp;to $1.3105 after falling more than 3 per cent. It had reached an 18-month high on December&nbsp;13 after UK Prime Minister Boris Johnson's Conservative Party won a majority in a general election.

Against the euro, it stood at 84.94 pence, close to its weakest since December&nbsp;4. British inflation remained at a three-year low in November, data had shown on Wednesday.

&nbsp;

Stay Easy

Germany's benchmark 10-year bond yield crept towards the six-month highs it touched last week, with bond traders focussed on the day's central bank meetings.

After Sweden's move, Norway kept its rates at 1.5 per cent&nbsp;and reiterated it was likely to stay there for some time.

The Australian dollar jumped by 0.36 per cent&nbsp;to $0.6879 after better-than-expected labour-market data made interest rate cuts less likely.

The yen barely moved from 109.58 per dollar after the Bank of Japan kept its quantitative easing in place and issued a gloomier assessment on factory output.

In commodities, <a href="https://www.wionews.com/business-economy/oil-falls-as-us-inventories-rise-but-demand-hopes-stem-bigger-drop-268973">Brent crude</a>&nbsp;dipped 0.1 per cent&nbsp;to $66.10 per barrel. US&nbsp;crude also dipped 0.01 per cent&nbsp;to $60.86 a barrel after US&nbsp;government data showed a decline in crude inventories.

Prices are likely to be supported by production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, including Russia.

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent loss it suffered as fear of a no-deal Brexit returned. The pan-region STOXX 600 bobbed in and out of the red.

European equities were little changed in early trading. Britain's pound recovered from the 3 per cent loss it suffered as fear of a no-deal Brexit returned. The pan-region STOXX 600 bobbed in and out of the red. Britain's blue-chip index managed a 0.15 per cent rise before a Bank of England meeting. Wall Street futures suggested the S&P 500 would barely budge, after rising to a fifth consecutive record high on Wednesday. Earlier, Asian shares had pulled back from a one-and-a-half year peak as trading wound down before the end of the year. Japan's Nikkei fell 0.3 per cent and China's stocks slipped for the second session despite trade optimism. Australian shares ended 0.3 per cent lower, led lower by mining stocks. Investors were also watching proceedings in Washington, where the Democratic-led US House of Representatives voted to impeach US President Donald Trump for abuse of power and obstruction of Congress. Market reaction was limited since the Republican-controlled Senate is widely expected not to convict Trump and removed him from office. In Sweden, the central bank raised its key rate to zero after five years in negative territory. Economists wondered whether Sweden's hot-running economy would react badly and whether other sub-zero rate central banks in the eurozone, Japan, Denmark, Switzerland and Hungary would follow suit. The crown rose 0.2 per cent, again that had been widely flagged. "At the end of the day, this market doesn't look at macro and earnings, it just looks at monetary developments," said Stéphane Barbier de la Serre, macro strategist at Makor Capital Markets. "If the market thinks central banks (globally) are done with being dovish then we would see some volatility." The British pound gained after suffering heavy losses on concern Britain could still crash out of the European Union without a trade deal in place when a transition period ends in December 2020. Traders were also waiting for the Bank of England's last policy meeting of the year. No change in policy is expected, but more policy-makers might signal they could vote for an interest rate cut next year. Sterling rose 0.2 per cent to $1.3105 after falling more than 3 per cent. It had reached an 18-month high on December 13 after UK Prime Minister Boris Johnson's Conservative Party won a majority in a general election. Against the euro, it stood at 84.94 pence, close to its weakest since December 4. British inflation remained at a three-year low in November, data had shown on Wednesday. Stay Easy Germany's benchmark 10-year bond yield crept towards the six-month highs it touched last week, with bond traders focussed on the day's central bank meetings. After Sweden's move, Norway kept its rates at 1.5 per cent and reiterated it was likely to stay there for some time. The Australian dollar jumped by 0.36 per cent to $0.6879 after better-than-expected labour-market data made interest rate cuts less likely. The yen barely moved from 109.58 per dollar after the Bank of Japan kept its quantitative easing in place and issued a gloomier assessment on factory output. In commodities, Brent crude dipped 0.1 per cent to $66.10 per barrel. US crude also dipped 0.01 per cent to $60.86 a barrel after US government data showed a decline in crude inventories. Prices are likely to be supported by production cuts coming from the Organization of the Petroleum Exporting Countries and its allies, including Russia.

Stocks near record highs, Sweden ends negative rates

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