Hopes for a trade deal between the <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">Unit</a>ed States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Brent crude futures, which rose 1.3 per cent&nbsp;last week, were little changed, trading at above $63 per barrel at 1100 GMT.

West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent&nbsp;last week.

Oil rose on Friday as comments from a top US&nbsp;official raised optimism for a <a href="https://www.wionews.com/world/china-us-had-constructive-phone-call-on-trade-report-262656">US-China trade deal</a>, although worries about increasing crude supplies capped prices.

"In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said.

The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020.

China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details.

In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years.

The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut.

OPEC and its allies are expected to discuss output policy at a meeting on December&nbsp;5-6 in Vienna. Their existing production deal runs until March.

US&nbsp;energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains.

Hopes for a trade deal between the United States and China and expectations that OPEC would extend production cuts supported oil prices on Monday, helping them hold on to last week's gains. Brent crude futures, which rose 1.3 per cent last week, were little changed, trading at above $63 per barrel at 1100 GMT. West Texas Intermediate (WTI) crude was also flat at $57.7 a barrel, having gained 0.8 per cent last week. Oil rose on Friday as comments from a top US official raised optimism for a US-China trade deal, although worries about increasing crude supplies capped prices. "In the short term, US-China trade talks and (the) OPEC meeting in early December are the two biggest events oil traders are watching for," Margaret Yang, an analyst at CMC Markets, said. The 16-month trade war between the world's two biggest economies has slowed global growth, prompting analysts to lower forecasts for oil demand growth and raising concerns that a supply glut could develop in 2020. China and the United States had "constructive talks" on trade in a high-level call on Saturday, state media Xinhua reported on Sunday, but it gave few other details. In a signal that policymakers are ready to act to prop up slowing growth, China's central bank unexpectedly trimmed a closely-watched lending rate on Monday, the first such cut in more than four years. The Organization of the Petroleum Exporting Countries (OPEC) said last week it expected demand for its oil to fall in 2020, supporting a view that there is a case for the group and other producers like Russia - collectively known as 'OPEC+' - to maintain limits on production that were introduced to cope with a supply glut. OPEC and its allies are expected to discuss output policy at a meeting on December 5-6 in Vienna. Their existing production deal runs until March. US energy firms this week reduced the number of oil rigs operating for a fourth week in a row.

Oil prices hold above $63 on trade talk optimism, OPEC

China and the United States are holding in-depth discussions on a <a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641">"phase one" trade agreement</a>, and cancelling tariffs is an important condition to reach such a deal, the Chinese commerce ministry said on Thursday.

The degree of tariff cancellation should fully reflect the importance of a phase one agreement, ministry spokesman Gao Feng told a regular briefing.

On Tuesday, US&nbsp;President Donald Trump said a trade <a href="https://www.wionews.com/world/trump-says-china-trade-deal-close-but-dashes-hopes-for-signing-details-261767">deal with China was "close,"</a> but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without such a deal.

Trump's threat was a reference to previously announced tariffs of 15 per cent&nbsp;on about $156 billion of Chinese consumer goods set to take effect on December&nbsp;15, according to trade experts and a source close to the White House.

Those tariffs would hit video game consoles, computer monitors, Christmas decorations and items given as gifts during the approaching festive season.

Last week, White House advisers said the December&nbsp;15 tariffs would probably be averted if a phase one trade deal was reached.

Highlighting the volatile state of play in the 16-month long trade war, officials of both sides had said last week they had a deal to roll back tariffs, only to have Trump deny any deal had been agreed.

Trump has used tariffs on billions of dollars of Chinese goods as his primary weapon in the trade war, which is aimed at forcing major changes in China's trade and industrial policies.

The United States is demanding that China end the theft and forced transfer of American intellectual property and curb subsidies to state-owned enterprises, while granting US&nbsp;companies more access to China's markets.

Trump also wants China to vastly increase its purchases of US&nbsp;farm products.

China and the United States were on the brink of a deal in May when Beijing backed away, prompting Trump to raise tariff rates and embark on new rounds of punitive duties.

If an interim deal is finished and signed, it is widely expected to include a US&nbsp;pledge to scrap tariffs scheduled for December&nbsp;15.

But China was also seeking cancellation of other US&nbsp;tariffs put in place since July 2018.

Gao said last week that both countries must simultaneously cancel some tariffs on each other's goods to strike a phase one pact.

China and the United States are holding in-depth discussions on a "phase one" trade agreement, and cancelling tariffs is an important condition to reach such a deal, the Chinese commerce ministry said on Thursday.

China and the United States are holding in-depth discussions on a "phase one" trade agreement, and cancelling tariffs is an important condition to reach such a deal, the Chinese commerce ministry said on Thursday. The degree of tariff cancellation should fully reflect the importance of a phase one agreement, ministry spokesman Gao Feng told a regular briefing. On Tuesday, US President Donald Trump said a trade deal with China was "close," but offered no details and warned that he would raise tariffs "substantially" on Chinese goods without such a deal. Trump's threat was a reference to previously announced tariffs of 15 per cent on about $156 billion of Chinese consumer goods set to take effect on December 15, according to trade experts and a source close to the White House. Those tariffs would hit video game consoles, computer monitors, Christmas decorations and items given as gifts during the approaching festive season. Last week, White House advisers said the December 15 tariffs would probably be averted if a phase one trade deal was reached. Highlighting the volatile state of play in the 16-month long trade war, officials of both sides had said last week they had a deal to roll back tariffs, only to have Trump deny any deal had been agreed. Trump has used tariffs on billions of dollars of Chinese goods as his primary weapon in the trade war, which is aimed at forcing major changes in China's trade and industrial policies. The United States is demanding that China end the theft and forced transfer of American intellectual property and curb subsidies to state-owned enterprises, while granting US companies more access to China's markets. Trump also wants China to vastly increase its purchases of US farm products. China and the United States were on the brink of a deal in May when Beijing backed away, prompting Trump to raise tariff rates and embark on new rounds of punitive duties. If an interim deal is finished and signed, it is widely expected to include a US pledge to scrap tariffs scheduled for December 15. But China was also seeking cancellation of other US tariffs put in place since July 2018. Gao said last week that both countries must simultaneously cancel some tariffs on each other's goods to strike a phase one pact.

China holds in-depth talks with US on phase one of trade deal

The <a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641">US-China trade war</a> is unlikely to see a permanent truce over the coming year, and while concerns have eased over a US&nbsp;recession, an economic rebound is also not expected any time soon, according to a Reuters poll of economists.

The November&nbsp;8-13 Reuters poll of over 100 economists showed a quarter-point Federal Reserve interest-rate cut would come in the third quarter next year; a poll three weeks ago had predicted a cut early next year.

That shift in expectations came after Fed Chairman Jerome Powell indicated that while the central bank was cautious about the trade conflict and slowing growth, it would now pause after cutting rates three times&nbsp;this year to 1.50-1.75 per cent.

While most major central banks are concerned about the ongoing trade dispute, stocks on Wall Street have touched record highs over the past few months on hopes for a resolution between Washington and Beijing.

But economists do not share the same view. While the median probability of a recession for the coming year fell to 25 per cent&nbsp;from 35 per cent&nbsp;last month, the economic growth outlook remained modest.

Over three-quarters of 53 economists who answered an additional question said a permanent truce in the US-China trade war was unlikely over the coming year.

"The global economic backdrop is going to remain tough, the US&nbsp;dollar is going to remain relatively firm and we are less positive on the trade story than perhaps the market is currently pricing. The talk of (tariff) rollbacks and stuff like that – we are not as certain that will actually come through," said James Knightley, chief international economist at ING.

"So, we think there is still scope for a weaker growth environment – with inflation being pretty benign - to give the Fed the opportunity to come in with a little bit more stimulus."

<a href="https://www.wionews.com/world/trump-says-china-trade-deal-close-but-dashes-hopes-for-signing-details-261767">President Donald Trump</a> said on Friday he had not agreed&nbsp;to rollbacks of US&nbsp;tariffs sought by China. Officials from both countries on Thursday said China and the United States had agreed to roll back tariffs on each others’ goods in a “phase one” trade deal.

The US&nbsp;economy is forecast to have expanded at an annualised pace of 1.9 per cent&nbsp;in the July-Sept period, slightly down from 2.0 per cent&nbsp;in the second quarter. Growth is expected to hover around that rate in each quarter through to the second half of 2021, according to economists.

Over 80 per cent&nbsp;of 52 respondents to an additional question said the Fed had done enough to delay the next recession but that already-modest growth forecasts were largely left unchanged.

"I think in terms of the risks, they are probably still tilted towards the Fed maybe cutting rates once more at some point in the coming months if growth slows further, certainly if there is some renewed breakdown in trade talks," said Andrew Hunter, senior US&nbsp;economist at Capital Economics.

"But barring that, it does look like they have done enough to avert a recession. In our baseline forecast, there is growth slowing a little bit further over the next couple of quarters but starting to recover next year."

Economists were almost evenly split about whether there would be any interest rate cuts.

While the median showed the Fed would next trim rates in the third quarter of 2020, taking the fed funds rate to 1.25 per cent-1.50 per cent, only a small majority of economists forecast at least one cut.

A strong minority - over 46 per cent&nbsp;of 93 economists - expected rates to be unchanged until at least 2021, compared to 31 per cent&nbsp;of 84 economists in October, in line with interest rate futures.

Asked about the Fed's next interest rate move, 55 of 75 economists said it would be a cut.

The Fed's preferred measure of inflation - the change in the core personal consumption expenditures price index - is expected to be 2.0 per cent&nbsp;in the first quarter and then to remain at 1.9 per cent&nbsp;at least until the second quarter of 2021.

"Limited inflation pressure will allow the Federal Reserve to err on the side of accommodation. The Federal Open Market Committee will probably remain on the sidelines for the next several months," said Michael Moran, chief economist at Daiwa Capital Markets.

"However, if momentum begins to fade as we expect, the Fed will probably make an effort to sustain the expansion."

The US-China trade war is unlikely to see a permanent truce over the coming year, and while concerns have eased over a US recession, an economic rebound is also not expected any time soon, according to a Reuters poll of economists.

The US-China trade war is unlikely to see a permanent truce over the coming year, and while concerns have eased over a US recession, an economic rebound is also not expected any time soon, according to a Reuters poll of economists. The November 8-13 Reuters poll of over 100 economists showed a quarter-point Federal Reserve interest-rate cut would come in the third quarter next year; a poll three weeks ago had predicted a cut early next year. That shift in expectations came after Fed Chairman Jerome Powell indicated that while the central bank was cautious about the trade conflict and slowing growth, it would now pause after cutting rates three times this year to 1.50-1.75 per cent. While most major central banks are concerned about the ongoing trade dispute, stocks on Wall Street have touched record highs over the past few months on hopes for a resolution between Washington and Beijing. But economists do not share the same view. While the median probability of a recession for the coming year fell to 25 per cent from 35 per cent last month, the economic growth outlook remained modest. Over three-quarters of 53 economists who answered an additional question said a permanent truce in the US-China trade war was unlikely over the coming year. "The global economic backdrop is going to remain tough, the US dollar is going to remain relatively firm and we are less positive on the trade story than perhaps the market is currently pricing. The talk of (tariff) rollbacks and stuff like that – we are not as certain that will actually come through," said James Knightley, chief international economist at ING. "So, we think there is still scope for a weaker growth environment – with inflation being pretty benign - to give the Fed the opportunity to come in with a little bit more stimulus." President Donald Trump said on Friday he had not agreed to rollbacks of US tariffs sought by China. Officials from both countries on Thursday said China and the United States had agreed to roll back tariffs on each others’ goods in a “phase one” trade deal. The US economy is forecast to have expanded at an annualised pace of 1.9 per cent in the July-Sept period, slightly down from 2.0 per cent in the second quarter. Growth is expected to hover around that rate in each quarter through to the second half of 2021, according to economists. Over 80 per cent of 52 respondents to an additional question said the Fed had done enough to delay the next recession but that already-modest growth forecasts were largely left unchanged. "I think in terms of the risks, they are probably still tilted towards the Fed maybe cutting rates once more at some point in the coming months if growth slows further, certainly if there is some renewed breakdown in trade talks," said Andrew Hunter, senior US economist at Capital Economics. "But barring that, it does look like they have done enough to avert a recession. In our baseline forecast, there is growth slowing a little bit further over the next couple of quarters but starting to recover next year." Economists were almost evenly split about whether there would be any interest rate cuts. While the median showed the Fed would next trim rates in the third quarter of 2020, taking the fed funds rate to 1.25 per cent-1.50 per cent, only a small majority of economists forecast at least one cut. A strong minority - over 46 per cent of 93 economists - expected rates to be unchanged until at least 2021, compared to 31 per cent of 84 economists in October, in line with interest rate futures. Asked about the Fed's next interest rate move, 55 of 75 economists said it would be a cut. The Fed's preferred measure of inflation - the change in the core personal consumption expenditures price index - is expected to be 2.0 per cent in the first quarter and then to remain at 1.9 per cent at least until the second quarter of 2021. "Limited inflation pressure will allow the Federal Reserve to err on the side of accommodation. The Federal Open Market Committee will probably remain on the sidelines for the next several months," said Michael Moran, chief economist at Daiwa Capital Markets. "However, if momentum begins to fade as we expect, the Fed will probably make an effort to sustain the expansion."

Trade truce unlikely in 2020 but US recession fears recede: Study

President Donald Trump on Tuesday dangled the prospect of completing an <a href="https://www.wionews.com/world/china-us-agree-tariff-rollback-if-phase-one-trade-deal-is-completed-260641">initial trade deal with China</a> "soon," but offered no new details on negotiations in a campaign-style speech touting his administration's economic record.

<a href="https://www.wionews.com/business-economy/global-markets-asian-shares-a-sea-of-red-as-hk-chaos-hits-sentiment-261277">Markets had been on edge</a> about Trump's highly anticipated remarks to The Economic Club of New York, but barely moved after the speech, which contained no major policy announcements. Rumours early on Tuesday that Trump might announce a venue and date for signing a trade deal with Chinese President Xi Jinping proved unfounded.

Trump said US&nbsp;and Chinese negotiators were "close" to a "phase one" trade deal, but largely repeated well-worn rhetoric about China's "cheating" on trade.

"They are dying to make a deal. We're the ones that are deciding whether or not we want to make a deal," Trump said, echoing remarks he made on Saturday.

"We're close," he said. "A significant phase one trade deal with China could happen. Could happen soon. But we will only accept a deal if it's good for the United States and our workers and our great companies."

Trump said he would raise tariffs on Chinese goods "very substantially" if China does not make a deal with the United States. "And that's going to be true for other countries that mistreat us too," he added.

White House economic adviser Larry Kudlow later told CNBC that the phase one agreement could include some adjustments to tariffs already in place, but neither side would agree to such steps "until the entire deal is put together."

US&nbsp;stocks largely drifted sideways as Trump spoke, holding onto modest gains. The S&amp;P 500 was up about 0.3 per cent&nbsp;in afternoon trade, close to a record high. The response in bond and foreign exchange markets was equally subdued.

"The only thing that's maybe new is that he did not announce a date and a time for a signing ceremony," Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York, said of the speech. "Where markets had been hoping for that, those hopes were dashed," he added, saying that buying of riskier assets faded when it became apparent that no major announcement would be made.

Trump once again took aim at the Federal Reserve's monetary policy decisions that have left US interest rates higher than many other economies and said he would prefer negative rates.

The Fed has cut interest rates three times since July, following a string of nine increases since late 2015. Trump has repeatedly railed against the Fed for not lowering rates even more.

"Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loan, known as negative interest. Who ever heard of such a thing?" Trump said in his remarks.

"Give me some of that. Give me some of that money. I want some of that money. Our Federal Reserve doesn't let us do it," he said.

But Kudlow told CNBC that he did not believe negative rates were needed given the strong US&nbsp;economic performance. "I don’t think the United states needs negatives rates ... because our economy is in very good shape," Kudlow said.

Trump touted tax cuts passed by Republicans in 2017, saying they have created an unprecedented economic boom, and said there was room for further reductions in rates too. He alluded to a Republican "tax cut 2.0" plan that has been stalled by Democrats in the House of Representatives.

As he often has, Trump pointed to the stock market's run-up as a validation of his economic and trade policies.

The S&amp;P is up more than 36 per cent&nbsp;since Trump took office, though two-thirds of that gain occurred in his first year in office before he began imposing tariffs on imports from China. Stocks have found the going far more choppy since the first wave of tariffs were imposed in 2018, though all three major indexes hit record highs last week.

The latest back-and-forth between Washington and Beijing illustrates the bumpy state of play. Last week, officials from both sides said they had a deal to roll back tariffs, only to have Trump deny any deal had been agreed on.

Tuesday was Trump's second appearance at the storied Economic Club of New York, which has hosted US&nbsp;presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev&nbsp;and Chinese Premier Li Keqiang.Trump previously addressed the organization in 2016 when running for president.

President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon," but offered no new details on negotiations in a campaign-style speech touting his administration's economic record.

President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China "soon," but offered no new details on negotiations in a campaign-style speech touting his administration's economic record. Markets had been on edge about Trump's highly anticipated remarks to The Economic Club of New York, but barely moved after the speech, which contained no major policy announcements. Rumours early on Tuesday that Trump might announce a venue and date for signing a trade deal with Chinese President Xi Jinping proved unfounded. Trump said US and Chinese negotiators were "close" to a "phase one" trade deal, but largely repeated well-worn rhetoric about China's "cheating" on trade. "They are dying to make a deal. We're the ones that are deciding whether or not we want to make a deal," Trump said, echoing remarks he made on Saturday. "We're close," he said. "A significant phase one trade deal with China could happen. Could happen soon. But we will only accept a deal if it's good for the United States and our workers and our great companies." Trump said he would raise tariffs on Chinese goods "very substantially" if China does not make a deal with the United States. "And that's going to be true for other countries that mistreat us too," he added. White House economic adviser Larry Kudlow later told CNBC that the phase one agreement could include some adjustments to tariffs already in place, but neither side would agree to such steps "until the entire deal is put together." US stocks largely drifted sideways as Trump spoke, holding onto modest gains. The S&P 500 was up about 0.3 per cent in afternoon trade, close to a record high. The response in bond and foreign exchange markets was equally subdued. "The only thing that's maybe new is that he did not announce a date and a time for a signing ceremony," Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in New York, said of the speech. "Where markets had been hoping for that, those hopes were dashed," he added, saying that buying of riskier assets faded when it became apparent that no major announcement would be made. Trump once again took aim at the Federal Reserve's monetary policy decisions that have left US interest rates higher than many other economies and said he would prefer negative rates. The Fed has cut interest rates three times since July, following a string of nine increases since late 2015. Trump has repeatedly railed against the Fed for not lowering rates even more. "Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loan, known as negative interest. Who ever heard of such a thing?" Trump said in his remarks. "Give me some of that. Give me some of that money. I want some of that money. Our Federal Reserve doesn't let us do it," he said. But Kudlow told CNBC that he did not believe negative rates were needed given the strong US economic performance. "I don’t think the United states needs negatives rates ... because our economy is in very good shape," Kudlow said. Trump touted tax cuts passed by Republicans in 2017, saying they have created an unprecedented economic boom, and said there was room for further reductions in rates too. He alluded to a Republican "tax cut 2.0" plan that has been stalled by Democrats in the House of Representatives. As he often has, Trump pointed to the stock market's run-up as a validation of his economic and trade policies. The S&P is up more than 36 per cent since Trump took office, though two-thirds of that gain occurred in his first year in office before he began imposing tariffs on imports from China. Stocks have found the going far more choppy since the first wave of tariffs were imposed in 2018, though all three major indexes hit record highs last week. The latest back-and-forth between Washington and Beijing illustrates the bumpy state of play. Last week, officials from both sides said they had a deal to roll back tariffs, only to have Trump deny any deal had been agreed on. Tuesday was Trump's second appearance at the storied Economic Club of New York, which has hosted US presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev and Chinese Premier Li Keqiang.Trump previously addressed the organization in 2016 when running for president.

Trump says China trade deal 'close' but dashes hopes for signing details

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4.&nbsp;

"Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters.&nbsp;

India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending 
September on Monday and was the top gainer on Nifty today.

The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade.

The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong.&nbsp;

On Monday, the <a href="https://www.wionews.com/business-economy/sensex-closes-in-the-green-at-40345-nifty-bank-gains-by-12-per-cent-261425">Sensex </a>gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti.&nbsp;

The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday.

(with inputs from agencies)

 
&nbsp;

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today.

Indian markets led by banking and public sector undertakings (PSUs) opened with slight gains as investors awaited the retail inflation data and outcome of cabinet meeting due to be announced later today. As per the latest trends, BSE Sensex rose 19.6 points or 0.05 per cent at 40,364.71, while NSE Nifty was up 4.95 points or 0.04 per cent at 11,918.4. "Investors are expecting details about stake sale in some PSUs from today's cabinet meeting," said AK Prabhakar, head of research at IDBI Capital in Mumbai, reported Reuters. India's industrial output fell at the fastest pace in more than six years in September, which added to the series of indicators that suggest an economic slowdown. Britannia Industries share' rose upto 3.6 per cent after the company posted a higher consolidated net profit for the quarter ending September on Monday and was the top gainer on Nifty today. The shares of Yes Bank shares rose upto 3.15 per cent after a report claiming that Hero Corporate Services chairman was in talks to buy a stake in the lender. Along with Yes Bank, TCS, RIL, HCL Tech, Asian Paints, HUL and HDFC Bank, were other gainers in the Sensex pack, rising up to 2.05 per cent in morning trade. The Asian markets and Wall Street witnessed a fall amid the deadlock in the US-China trade talks and concerns about escalating unrest in Hong Kong hurt demand for risky assets. The US President Donald Trump on Tuesday dubbed China as a cheater in trade despite seeking a truce that will settle the 18-month trade tussle between the United States and China. The markets in Shanghai, Hong Kong, Tokyo and Seoul were trading up to 1.76 per cent lower due to growing protests in Hong Kong. On Monday, the Sensex gained 21.47 points or 0.05 per cent and closed at 40,345.08. Similarly, the Nifty rose 5.30 points, or 0.04 per cent, at 11,913.45. The markets were closed on Tuesday for Guru Nanak Jayanti. The Indian rupee shed 19 paise (intra-day) against the US dollar to trade at 71.66 in early session on Wednesday. (with inputs from agencies)

Indian markets steady in early trade ahead of cabinet meeting, inflation figures

A meeting between US&nbsp;President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday.

The official, who spoke on condition of anonymity, said it was still possible the "phase one" agreement aimed at ending a damaging trade war would not be reached, but a deal was more likely than not.

Dozens of venues have been suggested for the meeting, which had originally been scheduled to take place on the sidelines of a now-canceled mid-November summit of Asia-Pacific leaders in Chile, the official said.

One possible location is London, where the two leaders could meet after a NATO summit that Trump is due to attend from December 3-4, the official said. "It's under consideration but nothing decided," the official said.

Other sites are possible in Europe and Asia, but the former is more likely, with Sweden and Switzerland among the possibilities. Iowa, which Trump has suggested, appeared to have been ruled out, the official said.

China's latest push for more tariff rollbacks would be discussed, but was not expected to derail progress toward an interim deal.

The official said China was believed to see a quick deal as its best chance for favorable terms, given pressure Trump is facing from a congressional impeachment inquiry as he seeks re-election in 2020.

US&nbsp;Treasury prices gained on Wednesday on word that the talks could be delayed, while some investors also repositioned after a three-day sell-off. The dollar slid and the three-day global stock market rally paused as US&nbsp;productivity data disappointed and investors turned a bit cautious about <a href="https://www.wionews.com/world/trump-xi-meeting-in-iowa-would-be-poignant-reminder-of-better-us-china-ties-260213">US-China trade talks</a>.

"Negotiations are continuing and progress is being made on the text of the <a href="https://www.wionews.com/business-economy/china-presses-trump-for-more-tariff-roll-backs-in-phase-one-trade-deal-260005">phase one agreement</a>," White House spokesman Judd Deere said. "We will let you know when we have an announcement on a signing location.”

China's embassy in Washington did not immediately respond to requests for comment.

An interim US-China deal is widely expected to include a US&nbsp;pledge to scrap tariffs scheduled for December&nbsp;15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.

People familiar with the negotiations said on Monday that China has been pushing Trump to remove more tariffs imposed in September as part of the first phase of the deal. A US&nbsp;official said the fate of the December&nbsp;15 tariffs is being considered as part of negotiations.

A source briefed on the talks told Reuters on Tuesday that Chinese negotiators want Washington to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on September 1. They are also seeking relief from earlier 25% tariffs on about $250 billion of imports from machinery and semiconductors to furniture.

A person familiar with China's negotiating position said it is continuing to press Washington to "remove all tariffs as soon as possible."

Since Trump took office in 2017, his administration has been pressing China to curb massive subsidies to state-owned firms and end the forced transfer of American technology to Chinese firms as a price of doing business in China.

Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of US&nbsp;farm goods and intellectual property protections related to copyright and trademark issues. It will not address industrial subsidies at all.

Venues that have been talked about for the Trump-Xi meeting have ranged from Alaska to Greece.

One Chinese official said Beijing was floating the possibility of a meeting in Greece, where Xi is due to arrive this Sunday, after which he will head to Brazil for a summit of major emerging market countries which starts on November 13.

Multiple US&nbsp;sources have said a signing in Greece was unlikely.

A meeting between US President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday.

A meeting between US President Donald Trump and Chinese President Xi Jinping to sign a long-awaited interim trade deal could be delayed until December as discussions continue over terms and venue, a senior official of the Trump administration told Reuters on Wednesday. The official, who spoke on condition of anonymity, said it was still possible the "phase one" agreement aimed at ending a damaging trade war would not be reached, but a deal was more likely than not. Dozens of venues have been suggested for the meeting, which had originally been scheduled to take place on the sidelines of a now-canceled mid-November summit of Asia-Pacific leaders in Chile, the official said. One possible location is London, where the two leaders could meet after a NATO summit that Trump is due to attend from December 3-4, the official said. "It's under consideration but nothing decided," the official said. Other sites are possible in Europe and Asia, but the former is more likely, with Sweden and Switzerland among the possibilities. Iowa, which Trump has suggested, appeared to have been ruled out, the official said. China's latest push for more tariff rollbacks would be discussed, but was not expected to derail progress toward an interim deal. The official said China was believed to see a quick deal as its best chance for favorable terms, given pressure Trump is facing from a congressional impeachment inquiry as he seeks re-election in 2020. US Treasury prices gained on Wednesday on word that the talks could be delayed, while some investors also repositioned after a three-day sell-off. The dollar slid and the three-day global stock market rally paused as US productivity data disappointed and investors turned a bit cautious about US-China trade talks. "Negotiations are continuing and progress is being made on the text of the phase one agreement," White House spokesman Judd Deere said. "We will let you know when we have an announcement on a signing location.” China's embassy in Washington did not immediately respond to requests for comment. An interim US-China deal is widely expected to include a US pledge to scrap tariffs scheduled for December 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys. People familiar with the negotiations said on Monday that China has been pushing Trump to remove more tariffs imposed in September as part of the first phase of the deal. A US official said the fate of the December 15 tariffs is being considered as part of negotiations. A source briefed on the talks told Reuters on Tuesday that Chinese negotiators want Washington to drop 15% tariffs on about $125 billion worth of Chinese goods that went into effect on September 1. They are also seeking relief from earlier 25% tariffs on about $250 billion of imports from machinery and semiconductors to furniture. A person familiar with China's negotiating position said it is continuing to press Washington to "remove all tariffs as soon as possible." Since Trump took office in 2017, his administration has been pressing China to curb massive subsidies to state-owned firms and end the forced transfer of American technology to Chinese firms as a price of doing business in China. Analysts say the phase one deal will fail to adequately address these issues, focusing largely on Chinese purchases of US farm goods and intellectual property protections related to copyright and trademark issues. It will not address industrial subsidies at all. Venues that have been talked about for the Trump-Xi meeting have ranged from Alaska to Greece. One Chinese official said Beijing was floating the possibility of a meeting in Greece, where Xi is due to arrive this Sunday, after which he will head to Brazil for a summit of major emerging market countries which starts on November 13. Multiple US sources have said a signing in Greece was unlikely.

US-China trade deal signing could be delayed to December; London a possible venue: Report

Asian shares surged on Monday, with a broad regional gauge hitting more than 14-week highs, as growing optimism over US-China trade talks and upbeat US&nbsp;job data boosted global investors' appetite for riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.08%, touching its highest level since July 24, and on track for its biggest one-day gain since Oct. 11.

Equity markets in Europe were set to follow Asia higher, with pan-region Euro Stoxx 50 futures up 0.53%, German DAX futures 0.49% higher and FTSE futures&nbsp;rising 0.41% in early trading.

In Asia, Hong Kong's Hang Seng rose 1.36%, and Seoul's Kospi added 1.43%. In mainland China, blue chips were up 0.72%, and Australian shares were 0.27% higher.

Markets in Japan were closed for a holiday.

The United States and China both said on Friday that they had made progress in talks aimed at defusing their protracted trade war, and US officials said a deal could be signed this month.

But in a note to clients, analysts at National Australia Bank sounded a note of caution.

"As much as the US-China trade updates continue to point to a Phase 1 deal looking like a certainty, the contentious issues on whether the US&nbsp;will cancel the planned December tariffs and remove some of the current tariffs in line with China's demands remains an unknown and if the issue is not resolved then a deal could easily collapse," they said.

In comments on Friday, White House economic adviser Larry Kudlow said tariffs set to kick in on Dec. 15, which would cover Chinese imports such as laptops, toys and electronics, would remain on the table, and the decision whether to cancel them would be made by US&nbsp;President Donald Trump.

Any lingering uncertainty over the outlook for trade talks was not enough to keep the S&amp;P 500 from gaining 0.97% and the Nasdaq rising 1.13% to fresh record closing highs on Friday.

The Dow Jones Industrial Average&nbsp;rose 1.11%.

On Monday, U.S. S&amp;P 500 e-mini stock futures were up 0.2% at 3,067.8.

US job growth slowed less than expected in October and hiring in the prior two months was stronger than previously estimated, data from the Labor Department showed on Friday.

Those numbers followed a private survey of manufacturers in China that showed better-than-expected factory activity in October.

Rob Carnell, Asia-Pacific chief economist at ING in Singapore, said some market optimism was "probably justified" in the wake of the positive data.

"Everybody had been looking for a much worse number and it didn't materialise, so some bounce from that was entirely plausible and reasonable."

But he added that continued uncertainty over trade talks and less room for monetary easing by global central banks made for a murky outlook.

"It's difficult to see why you wouldn't be at least thinking, there is a 'good profit-taking opportunity right now' and positioning for a slightly worse outcome," he said.

While cash treasuries were not trading due to the Japanese market holiday, US&nbsp;10-year Treasury futures&nbsp;were down 0.11% amid the broadly bullish market mood.

The implied yield on the 10-year Treasury futures contract expiring in December&nbsp;was 1.65%.

Oil prices, which had surged on hopes for a US-China trade deal, pulled back on Monday. Global benchmark Brent crude was off 0.57% at $61.34 per barrel and US&nbsp;West Texas Intermediate crude was 0.55% lower at $55.89.

In the currency market, the dollar was up 0.06% against the yen at 108.23, and the euro was up 0.02% to buy $1.1167.

The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.02% at 97.222.

Those small moves contrasted with a 1.42% jump in the South African rand against the dollar. The currency rallied on relief that Moody's maintained South Africa's investment-grade rating on Friday, though the agency cut its outlook on the rating to "negative".

China's yuan also strengthened, with the positive market tone around trade talks helping it to rise to a 2-1/2 month high against the dollar. It was last up 0.15% at 7.0267 per dollar.

Gold was slightly lower as investors moved into riskier assets. Spot gold was trading at $1,511.52 per ounce, down 0.13%.

Asian shares surged on Monday, with a broad regional gauge hitting more than 14-week highs, as growing optimism over US-China trade talks and upbeat US job data boosted global investors' appetite for riskier assets.

Asian shares surged on Monday, with a broad regional gauge hitting more than 14-week highs, as growing optimism over US-China trade talks and upbeat US job data boosted global investors' appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.08%, touching its highest level since July 24, and on track for its biggest one-day gain since Oct. 11. Equity markets in Europe were set to follow Asia higher, with pan-region Euro Stoxx 50 futures up 0.53%, German DAX futures 0.49% higher and FTSE futures rising 0.41% in early trading. In Asia, Hong Kong's Hang Seng rose 1.36%, and Seoul's Kospi added 1.43%. In mainland China, blue chips were up 0.72%, and Australian shares were 0.27% higher. Markets in Japan were closed for a holiday. The United States and China both said on Friday that they had made progress in talks aimed at defusing their protracted trade war, and US officials said a deal could be signed this month. But in a note to clients, analysts at National Australia Bank sounded a note of caution. "As much as the US-China trade updates continue to point to a Phase 1 deal looking like a certainty, the contentious issues on whether the US will cancel the planned December tariffs and remove some of the current tariffs in line with China's demands remains an unknown and if the issue is not resolved then a deal could easily collapse," they said. In comments on Friday, White House economic adviser Larry Kudlow said tariffs set to kick in on Dec. 15, which would cover Chinese imports such as laptops, toys and electronics, would remain on the table, and the decision whether to cancel them would be made by US President Donald Trump. Any lingering uncertainty over the outlook for trade talks was not enough to keep the S&P 500 from gaining 0.97% and the Nasdaq rising 1.13% to fresh record closing highs on Friday. The Dow Jones Industrial Average rose 1.11%. On Monday, U.S. S&P 500 e-mini stock futures were up 0.2% at 3,067.8. US job growth slowed less than expected in October and hiring in the prior two months was stronger than previously estimated, data from the Labor Department showed on Friday. Those numbers followed a private survey of manufacturers in China that showed better-than-expected factory activity in October. Rob Carnell, Asia-Pacific chief economist at ING in Singapore, said some market optimism was "probably justified" in the wake of the positive data. "Everybody had been looking for a much worse number and it didn't materialise, so some bounce from that was entirely plausible and reasonable." But he added that continued uncertainty over trade talks and less room for monetary easing by global central banks made for a murky outlook. "It's difficult to see why you wouldn't be at least thinking, there is a 'good profit-taking opportunity right now' and positioning for a slightly worse outcome," he said. While cash treasuries were not trading due to the Japanese market holiday, US 10-year Treasury futures were down 0.11% amid the broadly bullish market mood. The implied yield on the 10-year Treasury futures contract expiring in December was 1.65%. Oil prices, which had surged on hopes for a US-China trade deal, pulled back on Monday. Global benchmark Brent crude was off 0.57% at $61.34 per barrel and US West Texas Intermediate crude was 0.55% lower at $55.89. In the currency market, the dollar was up 0.06% against the yen at 108.23, and the euro was up 0.02% to buy $1.1167. The dollar index, which tracks the greenback against a basket of six major rivals, was down 0.02% at 97.222. Those small moves contrasted with a 1.42% jump in the South African rand against the dollar. The currency rallied on relief that Moody's maintained South Africa's investment-grade rating on Friday, though the agency cut its outlook on the rating to "negative". China's yuan also strengthened, with the positive market tone around trade talks helping it to rise to a 2-1/2 month high against the dollar. It was last up 0.15% at 7.0267 per dollar. Gold was slightly lower as investors moved into riskier assets. Spot gold was trading at $1,511.52 per ounce, down 0.13%.

Asian shares climb to 14-week highs on hopes US, China getting close to trade deal

President Donald Trump still hopes to sign a trade deal with his Chinese counterpart Xi Jinping in coming weeks, despite Chile's cancellation of the APEC summit where they had been scheduled to meet, the White House said Wednesday.

"We look forward to finalizing Phase One of the historic trade deal with China within the same time frame, and when we have an announcement, we'll let you know," spokesman Hogan Gidley said in a statement.

President Sebastian Pinera announced earlier that Chile could no longer hold the Asia Pacific Economic Cooperation summit and later Cop 25 climate change conference in Santiago, due to violent unrest in the city.

Gidley said as of now there was no replacement location.

"It's our understanding the organisation does not currently have a secondary site prepared. We’re awaiting potential information regarding another location," he said.

Trump and Xi had been targeting an encounter on the sidelines of the APEC event to sign an initial agreement aimed at resolving an 18-month trade war between the world's two biggest economies.

President Donald Trump still hopes to sign a trade deal with his Chinese counterpart Xi Jinping in coming weeks, despite Chile's cancellation of the APEC summit where they had been scheduled to meet, the White House said Wednesday.

President Donald Trump still hopes to sign a trade deal with his Chinese counterpart Xi Jinping in coming weeks, despite Chile's cancellation of the APEC summit where they had been scheduled to meet, the White House said Wednesday. "We look forward to finalizing Phase One of the historic trade deal with China within the same time frame, and when we have an announcement, we'll let you know," spokesman Hogan Gidley said in a statement. President Sebastian Pinera announced earlier that Chile could no longer hold the Asia Pacific Economic Cooperation summit and later Cop 25 climate change conference in Santiago, due to violent unrest in the city. Gidley said as of now there was no replacement location. "It's our understanding the organisation does not currently have a secondary site prepared. We’re awaiting potential information regarding another location," he said. Trump and Xi had been targeting an encounter on the sidelines of the APEC event to sign an initial agreement aimed at resolving an 18-month trade war between the world's two biggest economies.

United States wants China trade deal in 'same time frame' despite APEC summit cancellation