President Donald Trump on Monday renewed his verbal<a href="http://www.wionews.com/world/trump-has-discussed-firing-us-federal-reserve-chairman-powell-report-185879"> assault on the US Federal Reserve</a>, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer.

"The only problem our economy has is the Fed," Trump tweeted. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

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The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1077231267559755776?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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The Federal Reserve is meant to be independent from the White House but Trump has trampled those barriers in his frustration at what he sees as the bank's poor interest rate policies.

A lifelong real estate developer, Trump has touted the booming US economy as one of his presidency's main achievements.&nbsp;

But the stock market is in steep retreat as investor nerves grow over the fallout from Trump's erratic style and his trade war with China.

Trump said the Fed has no "feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders."

President Donald Trump on Monday renewed his verbal assault on the US Federal Reserve, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer.

President Donald Trump on Monday renewed his verbal assault on the US Federal Reserve, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer. "The only problem our economy has is the Fed," Trump tweeted. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!" The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt! — Donald J. Trump (@realDonaldTrump) December 24, 2018 × The Federal Reserve is meant to be independent from the White House but Trump has trampled those barriers in his frustration at what he sees as the bank's poor interest rate policies. A lifelong real estate developer, Trump has touted the booming US economy as one of his presidency's main achievements. But the stock market is in steep retreat as investor nerves grow over the fallout from Trump's erratic style and his trade war with China. Trump said the Fed has no "feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders."

Central bank US economy's 'only problem', tweets Trump

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront.

With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down.

Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell.

Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China.

Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so."

The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances.

"The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls.

"We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday.

'More panic and fear'&nbsp;

Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters.

"Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News.

"I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence."

Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis&nbsp;has spooked markets worldwide.

Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly.

Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect.

However, analysts said prospects for a global economic slowdown in the coming year&nbsp;which would weaken crude demand&nbsp;and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows.

Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand.

In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade.

Asian stocks fell in early trade Monday despite a weekend call by Treasury Secretary Steven Mnuchin to top US banking executives aimed at stemming market panic which saw Wall Street experienced its worst week in a decade. The Dow and the Nasdaq ended Friday with their biggest weekly drop since the start of the global financial crisis as investors took fright over a government shutdown in Washington, President Donald Trump's public feuding with the Federal Reserve and the US-China trade war returning to the forefront. With Tokyo closed for a public holiday on Monday, Hong Kong and Shanghai set the tone with both exchanges seeing losses in early trading. Sydney was up slightly while Seoul was down. Mnuchin spent much of the weekend in damage control mode after multiple media outlets reported that Trump had privately asked cabinet members if he has the authority to fire Fed Chairman Jerome Powell. Last week, the central bank hiked rates, infuriating Trump who has ignored the traditional respect for the Fed's independence, calling it "crazy", "out of control" and a greater economic threat than China. Mnuchin denied the reports of Trump seeking Powell's scalp, tweeting on Saturday that the president told him: "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so." The following day, Mnuchin announced he had called senior executives from six of the largest American banks to discuss the market turmoil and received assurances. "The banks all confirmed ample liquidity is available for lending to consumer and business markets," the Treasury said in a statement attached to a tweet from Mnuchin announcing the calls. "We continue to see strong economic growth in the US economy with robust activity from consumers and business," Mnuchin was quoted in the statement as saying, adding that he would convene a call with the President's Working Group on financial markets later Monday. 'More panic and fear' Analysts expressed both surprise and alarm at Mnuchin's Sunday statement, saying it might do the opposite of calming current jitters. "Nothing says don't panic like saying 'I'm calling the plunge protection team tomorrow'," Michael O'Rourke, JonesTrading's chief market strategist, told Bloomberg News. "I honestly think that's the type of event that's going to startle markets and create more panic and fear when it's meant to create confidence." Last week's turmoil in Washington which included a government shutdown that appears likely to last until at least Thursday and the abrupt resignation of Defense Secretary Jim Mattis has spooked markets worldwide. Japan's Nikkei hit a fresh 15-month low on Friday with its fourth consecutive day of losses, while European bourses were flat or rising slightly. Oil inched higher in Asian trade after crude-producing nations said they expect prices will arrest their recent slide and rebalance early next year when a deal on new production cuts takes effect. However, analysts said prospects for a global economic slowdown in the coming year which would weaken crude demand and rising US shale output are dampening sentiment and limiting any rebound from the current 15-month lows. Prices have plunged by around 40 per cent from four-year peaks reached in early October on concerns about oversupply and weaker demand. In foreign exchange markets, the yen rose 0.2 per cent to 111.02 per dollar, the euro was up 0.1 per cent at $1.1379 and the pound was at $1.2658, a 0.1 per cent rise.

Asia stocks fall despite Mnuchin's weekend triage

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

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

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

Wall Street stocks slump over US government shutdown fears

<a href="http://www.wionews.com/business-economy/asian-markets-rise-ahead-of-key-meetings-in-china-and-us-184789">Asian share markets </a>slumped on Tuesday as heightened concerns about a <a href="http://www.wionews.com/business-economy/imf-says-trade-war-already-hurting-asia-may-cut-global-growth-forecasts-184777">slowing global economy</a> sent Wall Street stocks skidding to their lowest levels in more than a year.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3 per cent in mid-morning trade while Japan's Nikkei tumbled 1.2 per cent by the midday break.

Chinese shares opened in negative territory with the blue-chip index down 0.3 per cent and Hong Kong's Hang Seng index flat, while Australian shares fell 0.8 per cent.

MSCI's broadest gauge of the world's stock markets, ACWI, was down 0.05 per cent on Tuesday, after having hit its weakest level since May 2017 the previous day. It has declined 16 per cent from a top hit on January 29.

US stock futures rose 0.4 per cent in Asia following the previous session's sharp sell-off.

On Monday, the S&amp;P 500 lost 2.08 per cent to hit its lowest since October 2017 as it breached lows reached during a sell-off in February, having wiped out about $3.4 trillion of market value since late September.

The Nasdaq Composite dropped 2.27 per cent, with Amazon, one of the best performing shares this year, sliding 4.5 per cent.

A profit warning from ASOS, a previously high-flying UK online-clothing retailer, shocked investors, sending US consumer discretionary shares down 2.8 per cent

"US retailers have been stocking up consumer goods from China before hikes in tariff, piling up inventories. From now their costs are seen rising next year. That may have been kind of known to everyone but it's becoming reality," said Tatsushi Maeno, senior strategist at Okasan Asset Management.

In addition, the National Association of Home Builders Housing Market Index indicated U.S. homebuilder sentiment had fallen to a three-and-a-half-year low. It was the second consecutive month of disappointing reading.

The gloomy data came after weak economic news from China and Europe late last week.

The 10-year US&nbsp;Treasuries yield dropped to 2.853 per cent, edging near a Dec. 10 low of 2.825 per cent, its lowest level since late August.

FOCUS SHIFTS TO FED

The Federal Reserve is widely expected to raise interest rates on Wednesday, which would be its fourth hike this year.

But many investors now expect signs of economic turbulence to prompt the Fed to signal a slowdown in the pace of tightening next year.

On Monday, US President Donald Trump and his top trade adviser ratcheted up their criticism of the central bank's monetary tightening.

"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!" Trump wrote in a tweet.

White House trade adviser Peter Navarro amplified those remarks a few hours later, calling the Fed "crazy" for having signalled that it would continue to raise rates next year.

The Fed said in September that its policymakers see three more rate hikes in 2019 while money market futures are pricing in less than one such move.

"The major event between now and the end of the year is going to be what the Fed does tomorrow," said Jim McCafferty, Hong Kong-based head of Asia-ex-Japan equity research at Nomura.

"Given the pace of change of sentiment seen from not just companies but (also) from major macro-economies, I think there might be an outside chance that the Fed gives a more muted message in terms of growth and how aggressive it will be in terms of future rate hikes," he added.

The spectre of a "dovish rate hike" kept the dollar in check.

The euro traded slightly higher at $1.1355, after having gained 0.40 per cent on Monday.

The greenback gave up 0.1 per cent against the Japanese yen to 112.70 yen, adding to Monday's fall of nearly half a per cent.

The offshore Chinese yuan was slightly stronger at 6.8900 to the dollar.

Investors are awaiting details of a speech by President Xi Jinping to mark the 40th anniversary of China's market reforms.

China is also expected to hold its annual Central Economic Work Conference later this week, where key growth targets and policy goals for 2019 will be discussed.

Oil prices extended losses on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand.

<a href="http://www.wionews.com/business-economy/rupee-rises-37-paise-to-7119-against-us-dollar-on-falling-crude-prices-184949">US crude fell as low</a> as $49.01 per barrel on Monday, its lowest since September last year and last stood at $49.37, down 1.0 per cent on the day.

Brent crude oil futures lost 65 cents, or 1.1 percent, to $58.96 per barrel.

Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year.

Asian share markets slumped on Tuesday as heightened concerns about a slowing global economy sent Wall Street stocks skidding to their lowest levels in more than a year. MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.3 per cent in mid-morning trade while Japan's Nikkei tumbled 1.2 per cent by the midday break. Chinese shares opened in negative territory with the blue-chip index down 0.3 per cent and Hong Kong's Hang Seng index flat, while Australian shares fell 0.8 per cent. MSCI's broadest gauge of the world's stock markets, ACWI, was down 0.05 per cent on Tuesday, after having hit its weakest level since May 2017 the previous day. It has declined 16 per cent from a top hit on January 29. US stock futures rose 0.4 per cent in Asia following the previous session's sharp sell-off. On Monday, the S&P 500 lost 2.08 per cent to hit its lowest since October 2017 as it breached lows reached during a sell-off in February, having wiped out about $3.4 trillion of market value since late September. The Nasdaq Composite dropped 2.27 per cent, with Amazon, one of the best performing shares this year, sliding 4.5 per cent. A profit warning from ASOS, a previously high-flying UK online-clothing retailer, shocked investors, sending US consumer discretionary shares down 2.8 per cent "US retailers have been stocking up consumer goods from China before hikes in tariff, piling up inventories. From now their costs are seen rising next year. That may have been kind of known to everyone but it's becoming reality," said Tatsushi Maeno, senior strategist at Okasan Asset Management. In addition, the National Association of Home Builders Housing Market Index indicated U.S. homebuilder sentiment had fallen to a three-and-a-half-year low. It was the second consecutive month of disappointing reading. The gloomy data came after weak economic news from China and Europe late last week. The 10-year US Treasuries yield dropped to 2.853 per cent, edging near a Dec. 10 low of 2.825 per cent, its lowest level since late August. FOCUS SHIFTS TO FED The Federal Reserve is widely expected to raise interest rates on Wednesday, which would be its fourth hike this year. But many investors now expect signs of economic turbulence to prompt the Fed to signal a slowdown in the pace of tightening next year. On Monday, US President Donald Trump and his top trade adviser ratcheted up their criticism of the central bank's monetary tightening. "It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!" Trump wrote in a tweet. White House trade adviser Peter Navarro amplified those remarks a few hours later, calling the Fed "crazy" for having signalled that it would continue to raise rates next year. The Fed said in September that its policymakers see three more rate hikes in 2019 while money market futures are pricing in less than one such move. "The major event between now and the end of the year is going to be what the Fed does tomorrow," said Jim McCafferty, Hong Kong-based head of Asia-ex-Japan equity research at Nomura. "Given the pace of change of sentiment seen from not just companies but (also) from major macro-economies, I think there might be an outside chance that the Fed gives a more muted message in terms of growth and how aggressive it will be in terms of future rate hikes," he added. The spectre of a "dovish rate hike" kept the dollar in check. The euro traded slightly higher at $1.1355, after having gained 0.40 per cent on Monday. The greenback gave up 0.1 per cent against the Japanese yen to 112.70 yen, adding to Monday's fall of nearly half a per cent. The offshore Chinese yuan was slightly stronger at 6.8900 to the dollar. Investors are awaiting details of a speech by President Xi Jinping to mark the 40th anniversary of China's market reforms. China is also expected to hold its annual Central Economic Work Conference later this week, where key growth targets and policy goals for 2019 will be discussed. Oil prices extended losses on signs of oversupply in the United States and as investor sentiment remained under pressure from concern over global economic growth and fuel demand. US crude fell as low as $49.01 per barrel on Monday, its lowest since September last year and last stood at $49.37, down 1.0 per cent on the day. Brent crude oil futures lost 65 cents, or 1.1 percent, to $58.96 per barrel.

Asia stocks slide as global growth worries deepen

<a href="http://www.wionews.com/south-asia/indian-national-hamid-nehal-ansari-set-to-cross-wagah-border-today-184927">Indian national Hamid Nehal Ansari set to cross Wagah border today</a>

As Indian national Hamid Nehal Ansari prepares to walk out of a prison today, the Pakistan foreign office said that he was an "Indian spy" who was involved in "anti-state crimes and forging documents".

<a href="http://www.wionews.com/business-economy/wall-street-stocks-crash-dow-sp-fall-over-2-per-cent-184917">Wall Street stocks crash; Dow, S&amp;P fall over 2 per cent</a>

US President Donald Trump lambasted the Federal Reserve again, calling on the central bank not to raise interest rates a day before policymakers are due to meet. Markets widely expect the Fed to ignore the political pressure and announce its fourth rate hike of 2018.

<a href="http://www.wionews.com/india-news/8-killed-in-fire-at-esic-kamgar-hospital-in-mumbais-andheri-184920">8 killed in </a><a href="http://www.wionews.com/india-news/8-killed-in-fire-at-esic-kamgar-hospital-in-mumbais-andheri-184920">fire</a><a href="http://www.wionews.com/india-news/8-killed-in-fire-at-esic-kamgar-hospital-in-mumbais-andheri-184920"> at ESIC Kamgar hospital in Mumbai's Andheri</a>

The death toll in Mumbai's Andheri hospital fire incident has increased to eight from six.

A massive fire broke out at ESIC Kamgar hospital on Monday injuring more than 100 people.

<a href="http://www.wionews.com/world/air-strikes-kill-62-shabaab-terrorists-in-somalia-us-military-184914">Air strikes kill 62 Shabaab terrorists in Somalia: US military</a>

The US military said Monday it has killed 62 terrorists from the jihadist Shabaab movement in six air strikes in Somalia.

Four strikes on Saturday killed 34 terrorists and another two on Sunday killed 28, the US Africa Command said in a statement.

<a href="http://www.wionews.com/world/google-to-invest-over-1-billion-on-new-campus-in-new-york-184915">Google to invest over $1 billion on </a><a href="http://www.wionews.com/world/google-to-invest-over-1-billion-on-new-campus-in-new-york-184915">new</a><a href="http://www.wionews.com/world/google-to-invest-over-1-billion-on-new-campus-in-new-york-184915"> campus in New York</a>

Google is investing more than $1 billion on a new campus in New York, becoming the second major technology company after Amazon to pick America's financial capital to expand and create thousands of jobs.

Indian national Hamid Nehal Ansari set to cross Wagah border today As Indian national Hamid Nehal Ansari prepares to walk out of a prison today, the Pakistan foreign office said that he was an "Indian spy" who was involved in "anti-state crimes and forging documents".

Indian national Hamid Nehal Ansari set to cross Wagah border today As Indian national Hamid Nehal Ansari prepares to walk out of a prison today, the Pakistan foreign office said that he was an "Indian spy" who was involved in "anti-state crimes and forging documents". Wall Street stocks crash; Dow, S&P fall over 2 per cent US President Donald Trump lambasted the Federal Reserve again, calling on the central bank not to raise interest rates a day before policymakers are due to meet. Markets widely expect the Fed to ignore the political pressure and announce its fourth rate hike of 2018. 8 killed in fire at ESIC Kamgar hospital in Mumbai's Andheri The death toll in Mumbai's Andheri hospital fire incident has increased to eight from six. A massive fire broke out at ESIC Kamgar hospital on Monday injuring more than 100 people. Air strikes kill 62 Shabaab terrorists in Somalia: US military The US military said Monday it has killed 62 terrorists from the jihadist Shabaab movement in six air strikes in Somalia. Four strikes on Saturday killed 34 terrorists and another two on Sunday killed 28, the US Africa Command said in a statement. Google to invest over $1 billion on new campus in New York Google is investing more than $1 billion on a new campus in New York, becoming the second major technology company after Amazon to pick America's financial capital to expand and create thousands of jobs.

News brief: Big stories of the day

US President Donald Trump lambasted the <a href="http://www.wionews.com/business-economy/wall-street-rises-on-trade-hopes-sp-nasdaq-post-best-weeks-in-seven-years-180612">Federal Reserve again, calling</a> on the central bank not to raise interest rates a day before policymakers are due to meet. Markets widely expect the Fed to ignore the political pressure and announce its fourth rate hike of 2018.

With a volatile year drawing to a close, major US stock indices touched new lows while one fell into a "bear market" - a potentially ominous moment when prices fall 20 per cent from a recent peak.

Prominent US investor Jeffrey Gundlach touched off more bloodletting around midday after telling CNBC US equities probably were already in bear market territory.

The Dow Jones Industrial Average and S&amp;P 500 both fell 2.1 per cent while the tech-heavy Nasdaq fell 2.3 per cent, with the latter two hitting new lows for the year.

The Nasdaq is now 16.7 per cent below its August peak, inching toward a bear market as well.

Quincy Krosby of Prudential Financial told AFP the S&amp;P 500 was approaching key technical levels that could trigger automated selling.

"Gundlach is considered an excellent manager," Krosby said. "He said that this market looked like a bear market and perhaps it would go lower."

Economic data released early Monday added to the growth concerns: a survey of manufacturing activity in the New York region showed an unexpected plunge while an index of sentiment among homebuilders also fell sharply.

And on Friday, a batch of dispiriting economic data from China added to Wall Street's jitters.

"This is the extension of everything that has bothered the markets for the last several weeks. The US economic news added to the selloff," said Karl Haeling of LBBW told AFP.

Earlier on Monday, major European stock markets also fell. London, already beset with Brexit concerns, took an additional knock after British online fashion retailer ASOS issued a profit warning.

London's blue-chip FTSE 100 fell 1.1 per cent, as did the CAC 40 in Paris, while the DAX 30 in Frankfurt shed 0.9 per cent.&nbsp;

The Bank of England will follow the US Fed on Thursday with its latest monetary policy decision.

ASOS chief executive Nick Beighton said November had been the "most difficult month relative to expectations for five years." He blamed Brexit, weak consumer confidence and deep price discounting for the shock warning.

The news sparked alarm among retailers already struggling with sales in their physical stores.

As a result, shares in British clothing group Next sank 4.9 per cent while bellwether Marks &amp; Spencer fell 4.6 per cent.

"Looking more broadly this is also a potential warning sign for online retailers who have hitherto held up relatively well compared to traditional High Street chains in what has no doubt been a challenging year for the sector," said David Cheetham, chief market analyst at XTB online trading firm.

Asian stock markets meanwhile mostly closed higher Monday as traders looked ahead to the Fed and a Chinese economic policy-setting conference this week.

US President Donald Trump lambasted the Federal Reserve again, calling on the central bank not to raise interest rates a day before policymakers are due to meet.

US President Donald Trump lambasted the Federal Reserve again, calling on the central bank not to raise interest rates a day before policymakers are due to meet. Markets widely expect the Fed to ignore the political pressure and announce its fourth rate hike of 2018. With a volatile year drawing to a close, major US stock indices touched new lows while one fell into a "bear market" - a potentially ominous moment when prices fall 20 per cent from a recent peak. Prominent US investor Jeffrey Gundlach touched off more bloodletting around midday after telling CNBC US equities probably were already in bear market territory. The Dow Jones Industrial Average and S&P 500 both fell 2.1 per cent while the tech-heavy Nasdaq fell 2.3 per cent, with the latter two hitting new lows for the year. The Nasdaq is now 16.7 per cent below its August peak, inching toward a bear market as well. Quincy Krosby of Prudential Financial told AFP the S&P 500 was approaching key technical levels that could trigger automated selling. "Gundlach is considered an excellent manager," Krosby said. "He said that this market looked like a bear market and perhaps it would go lower." Economic data released early Monday added to the growth concerns: a survey of manufacturing activity in the New York region showed an unexpected plunge while an index of sentiment among homebuilders also fell sharply. And on Friday, a batch of dispiriting economic data from China added to Wall Street's jitters. "This is the extension of everything that has bothered the markets for the last several weeks. The US economic news added to the selloff," said Karl Haeling of LBBW told AFP. Earlier on Monday, major European stock markets also fell. London, already beset with Brexit concerns, took an additional knock after British online fashion retailer ASOS issued a profit warning. London's blue-chip FTSE 100 fell 1.1 per cent, as did the CAC 40 in Paris, while the DAX 30 in Frankfurt shed 0.9 per cent. The Bank of England will follow the US Fed on Thursday with its latest monetary policy decision. ASOS chief executive Nick Beighton said November had been the "most difficult month relative to expectations for five years." He blamed Brexit, weak consumer confidence and deep price discounting for the shock warning. The news sparked alarm among retailers already struggling with sales in their physical stores. As a result, shares in British clothing group Next sank 4.9 per cent while bellwether Marks & Spencer fell 4.6 per cent. "Looking more broadly this is also a potential warning sign for online retailers who have hitherto held up relatively well compared to traditional High Street chains in what has no doubt been a challenging year for the sector," said David Cheetham, chief market analyst at XTB online trading firm. Asian stock markets meanwhile mostly closed higher Monday as traders looked ahead to the Fed and a Chinese economic policy-setting conference this week.

Wall Street stocks crash; Dow, S&P fall over 2 per cent

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears.

Near 1630 GMT, the Dow Jones Industrial Average was down 2.3 per cent at 24,446.09 after earlier falling more than three per cent. The blue-chip index has lost almost 1,400 points in the last two sessions.

The broad-based S&amp;P slid 2.0 per cent to 2,645.74, while the tech-heavy Nasdaq Composite Index shed 2.4 per cent to 6,998.19.

The drops, which pushed both the Dow and S&amp;P 500 into the red for 2018, came after the arrest of Huawei executive Meng Wanzhou in Canada for extradition to the United States in an investigation into suspected Iran sanctions violations by the telecom giant.

The Meng arrest stirred tensions just as the United States and China agreed to a ceasefire in their trade spat while negotiators seek a deal within three months.

"The concept of getting a quick resolution is fading," said Art Hogan, chief market strategist at B&nbsp;Riley FBR.&nbsp;

After rallying on Monday following the US-China ceasefire on tariffs announced over the weekend, US markets had fallen sharply on Tuesday on scepticism about the agreement.&nbsp;

US markets were closed on Wednesday because of the funeral of former President George HW&nbsp;Bush but resumed their downward move on Thursday following the Meng arrest.

Other headwinds facing stocks include worries over slowing US growth that is prompting greater uncertainty on whether the Federal Reserve will increase interest rates later this month.

Petroleum-linked stocks were also down amid a pullback in oil prices as OPEC members debated a production cut.

Large banks were particularly weak, with Bank of America losing four per cent, Citigroup 5.6 per cent and JPMorgan Chase 3.5 per cent as investors now view the odds of a Fed rate hike on December 19 at 69.8 per cent, down from 82.7 per cent a week ago, according to futures markets.

Boeing also suffered outsized losses, shedding 6.2 per cent on trade war fears and as the aerospace giant continues to face scrutiny following an October 29 accident in Indonesia in which 189 people died.&nbsp;

The head of the carrier, Lion Mentari Airlines, has reportedly threatened to cancel orders of additional Boeing planes.

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears.

Losses on Wall Street deepened in late-morning trade on Thursday as the arrest of a key Chinese executive at the urging of the United States exacerbated trade war fears. Near 1630 GMT, the Dow Jones Industrial Average was down 2.3 per cent at 24,446.09 after earlier falling more than three per cent. The blue-chip index has lost almost 1,400 points in the last two sessions. The broad-based S&P slid 2.0 per cent to 2,645.74, while the tech-heavy Nasdaq Composite Index shed 2.4 per cent to 6,998.19. The drops, which pushed both the Dow and S&P 500 into the red for 2018, came after the arrest of Huawei executive Meng Wanzhou in Canada for extradition to the United States in an investigation into suspected Iran sanctions violations by the telecom giant. The Meng arrest stirred tensions just as the United States and China agreed to a ceasefire in their trade spat while negotiators seek a deal within three months. "The concept of getting a quick resolution is fading," said Art Hogan, chief market strategist at B Riley FBR. After rallying on Monday following the US-China ceasefire on tariffs announced over the weekend, US markets had fallen sharply on Tuesday on scepticism about the agreement. US markets were closed on Wednesday because of the funeral of former President George HW Bush but resumed their downward move on Thursday following the Meng arrest. Other headwinds facing stocks include worries over slowing US growth that is prompting greater uncertainty on whether the Federal Reserve will increase interest rates later this month. Petroleum-linked stocks were also down amid a pullback in oil prices as OPEC members debated a production cut. Large banks were particularly weak, with Bank of America losing four per cent, Citigroup 5.6 per cent and JPMorgan Chase 3.5 per cent as investors now view the odds of a Fed rate hike on December 19 at 69.8 per cent, down from 82.7 per cent a week ago, according to futures markets. Boeing also suffered outsized losses, shedding 6.2 per cent on trade war fears and as the aerospace giant continues to face scrutiny following an October 29 accident in Indonesia in which 189 people died. The head of the carrier, Lion Mentari Airlines, has reportedly threatened to cancel orders of additional Boeing planes.

Wall Street stocks suffer losses after Huawei CFO Meng Wanzhou's arrest

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US&nbsp;President Donald Trump and Chinese leader Xi Jinping.

US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks.

"Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit.

The S&amp;P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes.&nbsp;

In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers.

MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index&nbsp;lost 0.17 per cent.

On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&amp;P 500 &nbsp;gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54.

November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago.

Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output.&nbsp;

Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day.

Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina.

"The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

"But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week."

Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to."

Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets.

The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro&nbsp;down 0.66 per cent to $1.1316.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping.

Oil prices retreated on Friday amid a global glut, racking up a 20 per cent drop for November, while world equity markets were mixed ahead of weekend talks between US President Donald Trump and Chinese leader Xi Jinping. US shares, however, turned positive midday after a Chinese official said at the Group of 20 industrialized nations summit in Argentina that the United States and China were making progress on trade talks. "Consensus is steadily increasing," Wang Xiaolong, director general of the Chinese Foreign Ministry's department of international economic affairs, told Reuters on the sidelines of the summit. The S&P 500 and Nasdaq posted their biggest weekly percentage gains in nearly seven years on trade hopes and after the US Federal Reserve hinted this week at a more dovish approach to interest rate hikes. In Europe, Frankfurt's had its worst run since late 2008, weighed by Deutsche Bank shares falling to an all-time low as police searched the bank's headquarters for a second day in a money laundering scandal linked to the Panama Papers. MSCI's gauge of stocks across the globe shed 0.10 per cent, while the pan-European STOXX 600 index lost 0.17 per cent. On Wall Street, the Dow Jones Industrial Average rose 199.62 points, or 0.79 per cent, to 25,538.46, the S&P 500 gained 22.4 points, or 0.82 per cent, to 2,760.16 and the Nasdaq Composite added 57.45 points, or 0.79 per cent, to 7,330.54. November's real humdingers have been oil and shares of Apple Inc, which have plunged 21 per cent and 18 per cent, respectively, the biggest declines for both since the financial crisis a decade ago. Swelling oil inventories depressed sentiment and oil prices, despite widespread expectations that OPEC and Russia would agree on some form of production cut next week. OPEC and its allies are meeting in Vienna next week to discuss oil output. Ucrude fell 1.69 per cent to $50.58 per barrel and Brent was last at $58.68, down 1.39 per cent on the day. Markets could have a wild December if Trump and Xi fail to de-escalate their trade rhetoric during talks at this weekend's G20 meeting in Argentina. "The three key issues that people are really focusing on are how dovish is the Fed going to be going forward, how are trade relations with China going to play out, and what's going on in the oil markets," said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis. "But as we get better news, that's helped lift the markets," Ripley added. "That's why we're seeing a week like this week." Trump pointed to positive signs in trade talks, saying on Friday, "We're working very hard. If we could make a deal, that would be good. I think they want to. I think we'd like to." Still, the dollar rose as investors prepared for fallout from the talks, which are expected to increase volatility across markets. The dollar index, tracking the greenback against six major currencies, rose 0.46 per cent, with the euro down 0.66 per cent to $1.1316.

Global markets: Oil tumbles on supply glut; Wall Street up on G20 comments

Wall Street stocks suffered a <a href="http://www.wionews.com/business-economy/wall-street-tumbles-as-apple-internet-stocks-swoon-178366">second consecutive battering</a> on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some.

The broad-based S&amp;P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82.&nbsp;

After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months.&nbsp;

"Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks."

Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute.&nbsp;

Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed.

Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting.

Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent.

The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply.

Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail.

Wall Street stocks suffered a second consecutive battering on Tuesday, with weakness in the technology sector spreading to other areas, especially energy and retail. The Dow Jones Industrial Average plunged 2.2 per cent, or more than 550 points, to finish at 24,465.64, wiping out its gains for the year and then some. The broad-based S&P 500 shed 1.8 per cent to 2,641.89, while the tech-rich Nasdaq Composite Index fell 1.7 per cent to 6,908.82. After Tuesday, the Nasdaq was the only one of the three indices still clinging to a modest gain for the year, but stood at its lowest levels in more than seven months. "Today was again a big sell-off," said JJ Kinahan, chief market strategist at TD Ameritrade. "Investors are repricing stocks." Analysts have blamed the weakness on worries about slowing global growth exacerbated by a series of Federal Reserve interest rate hikes and the burgeoning US-China trade dispute. Some market watchers have said the fall has been exacerbated by light trading volumes this week ahead of Thursday's Thanksgiving holidays when markets will be closed. Most large technology companies dropped again, including Apple and Microsoft, which shed 4.8 per cent and 2.8 per cent respectively. Amazon and Netflix fell more modestly, while Google parent Alphabet and Facebook advanced modestly in apparent bargain hunting. Petroleum-linked shares were another weak segment, with Dow members ExxonMobil and Chevron plunging nearly three per cent and Apache shedding 5.1 per cent. The losses came after benchmark US oil prices slid 6.6 per cent to $53.43 per barrel, the lowest level in more than a year, amid worries over excess supply. Leading retailers mostly fell following mixed earnings reports, with Target dropping 10.5 per cent, Lowe's 5.7 per cent and Kohl's 9.2 per cent. An exception was Best Buy, which advanced 2.2 per cent.

Wall Street stocks slum as tech, energy, retail sectors weaken

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.

Conflicting signals over the state of play between the United States and China on their trade dispute added to caution in the market.

Shares of Apple Inc fell after the Wall Street Journal reported the company had cut production orders in recent weeks for all three iPhone models launched in September.

The iPhone maker's stock dropped 4.0 per cent to $185.86 and is now down 19.9 per cent from its October 3 record closing high in the wake of a disappointing holiday quarter sales forecast and weak outlooks from several suppliers. The S&amp;P 500 technology index, down 3.8 per cent, led sector losses.

Other market leaders - including the 'FANG' stocks - also fell sharply. Shares of Facebook&nbsp;were down 5.7 per cent, Amazon.com was down 5.1 per cent, Netflix fell 5.5 per cent and Alphabet fell 3.8 per cent.

Since the FANG outperformance run peaked on August 30, the group has underperformed the S&amp;P 500 by 16.25 per cent. That is their worst underperformance since the first half of 2014 when they underperformed by around 20 per cent.

"You're seeing that rotation away from tech. Certainly, the indexes are much more growth-oriented because of the sheer size of those companies now, and they dominate the indexes," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "You're going to have more underperformance of the growth names."

The S&amp;P utilities and real estate sectors were the only two that ended in positive territory.

The Dow Jones Industrial Average fell 395.78 points, or 1.56 per cent, to 25,017.44, the S&amp;P 500 lost 45.54 points, or 1.66 per cent, to 2,690.73 and the Nasdaq Composite dropped 219.40 points, or 3.03 per cent, to 7,028.48.

Comments by New York Federal Reserve President John Williams on Monday that the US central bank is pushing ahead with gradual rate-hike plans next month as it marches towards a more normal policy stance may have added pressure to stocks.

Some investors questioned whether the Fed will be able to continue raising interest rates, possibly harming growth.

Richard Clarida, the Fed's newly appointed vice chair, said on Friday that US rates are nearing Fed estimates of a neutral rate, which "makes sense."

Over the weekend, Asia-Pacific leaders meeting in Papua New Guinea failed to agree on a communique for the first time, with US-China trade worries on the forefront.

US Vice President Mike Pence said in a blunt speech on Saturday the United States will not back down from its trade dispute with China unless Beijing bows to US demands, dampening Friday's trade optimism that was fuelled by comments from President Donald Trump.

Shares of Apple suppliers were also hit, including Lumentum Holdings Inc, Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc.

The Philadelphia SE Semiconductor index, which includes some Apple suppliers, dropped 3.9 per cent, extending losses from the previous session.

"Lots of times we get a rally started the Friday after Thanksgiving, which is this week. If some of these dominos fall on the positive side, we could see this trend reverse," said Bucky Hellwig, senior vice president at BB&amp;T Wealth Management in Birmingham, Alabama.

"But right now there are several things working against the market - the Fed, the uncertainty with regard to the trade deal with China and some sector disappointments, particularly in technology."

Trading volumes were thin at the start of the holiday-shortened week ahead of Thanksgiving on Thursday and a shorter session on Friday, which brings slight volatility to markets, traders said.

About 7.7 billion shares changed hands on US exchanges. That compares with the 8.7 billion daily average for the past 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 2.72-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured decliners.

The S&amp;P 500 posted 28 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 17 new highs and 159 new lows.

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.

US stocks dropped and the Nasdaq fell 3 per cent on Monday as investors dumped Apple, internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market. Conflicting signals over the state of play between the United States and China on their trade dispute added to caution in the market. Shares of Apple Inc fell after the Wall Street Journal reported the company had cut production orders in recent weeks for all three iPhone models launched in September. The iPhone maker's stock dropped 4.0 per cent to $185.86 and is now down 19.9 per cent from its October 3 record closing high in the wake of a disappointing holiday quarter sales forecast and weak outlooks from several suppliers. The S&P 500 technology index, down 3.8 per cent, led sector losses. Other market leaders - including the 'FANG' stocks - also fell sharply. Shares of Facebook were down 5.7 per cent, Amazon.com was down 5.1 per cent, Netflix fell 5.5 per cent and Alphabet fell 3.8 per cent. Since the FANG outperformance run peaked on August 30, the group has underperformed the S&P 500 by 16.25 per cent. That is their worst underperformance since the first half of 2014 when they underperformed by around 20 per cent. "You're seeing that rotation away from tech. Certainly, the indexes are much more growth-oriented because of the sheer size of those companies now, and they dominate the indexes," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. "You're going to have more underperformance of the growth names." The S&P utilities and real estate sectors were the only two that ended in positive territory. The Dow Jones Industrial Average fell 395.78 points, or 1.56 per cent, to 25,017.44, the S&P 500 lost 45.54 points, or 1.66 per cent, to 2,690.73 and the Nasdaq Composite dropped 219.40 points, or 3.03 per cent, to 7,028.48. Comments by New York Federal Reserve President John Williams on Monday that the US central bank is pushing ahead with gradual rate-hike plans next month as it marches towards a more normal policy stance may have added pressure to stocks. Some investors questioned whether the Fed will be able to continue raising interest rates, possibly harming growth. Richard Clarida, the Fed's newly appointed vice chair, said on Friday that US rates are nearing Fed estimates of a neutral rate, which "makes sense." Over the weekend, Asia-Pacific leaders meeting in Papua New Guinea failed to agree on a communique for the first time, with US-China trade worries on the forefront. US Vice President Mike Pence said in a blunt speech on Saturday the United States will not back down from its trade dispute with China unless Beijing bows to US demands, dampening Friday's trade optimism that was fuelled by comments from President Donald Trump. Shares of Apple suppliers were also hit, including Lumentum Holdings Inc, Universal Display Corp, Cirrus Logic Inc and Skyworks Solutions Inc. The Philadelphia SE Semiconductor index, which includes some Apple suppliers, dropped 3.9 per cent, extending losses from the previous session. "Lots of times we get a rally started the Friday after Thanksgiving, which is this week. If some of these dominos fall on the positive side, we could see this trend reverse," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama. "But right now there are several things working against the market - the Fed, the uncertainty with regard to the trade deal with China and some sector disappointments, particularly in technology." Trading volumes were thin at the start of the holiday-shortened week ahead of Thanksgiving on Thursday and a shorter session on Friday, which brings slight volatility to markets, traders said. About 7.7 billion shares changed hands on US exchanges. That compares with the 8.7 billion daily average for the past 20 trading days. Declining issues outnumbered advancing ones on the NYSE by a 2.72-to-1 ratio; on Nasdaq, a 2.94-to-1 ratio favoured decliners. The S&P 500 posted 28 new 52-week highs and 18 new lows; the Nasdaq Composite recorded 17 new highs and 159 new lows.

Wall Street tumbles as Apple, internet stocks swoon

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget.

Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones.

"The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector.

"With a weaker global growth, tech companies are starting to get repriced lower."

But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade.

The Dow and S&amp;P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent.

Treasury bond markets closed for a public holiday.

By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections.

"The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote.

Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower.

Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget.

The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017.

The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc.

Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December.

Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019.

Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports.

Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April.

Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes.

British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones.

American tobacco producers likewise headed south on the news.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output.

Wall Street crumbled on Monday as fears for demand in the tech sector turned into a broader retreat from stocks while oil prices slid to an 11th straight day of losses despite a Saudi offer to limit output. European equities also closed lower with Frankfurt and Paris weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU-deadline for Rome to revise its 2019 budget. Trading got off to a bad start in New York, with Apple shares declining after a key parts supplier said a client had cut orders significantly, stoking fears of waning demand for iPhones. "The ecosystem of the supply chain around Apple is starting to feel the slide of demand," Matt Miskin of John Hancock told AFP, noting that he still expected robust holiday season performance in the tech sector. "With a weaker global growth, tech companies are starting to get repriced lower." But a general rout ensued for stocks. Investment bank Goldman Sachs also fell 7.5 per cent, weighing on the financial sector, while embattled engineering giant General Electric had its lowest close in nearly a decade. The Dow and S&P 500 both lost two per cent or more while the tech-heavy Nasdaq dropped 2.8 per cent. Shares in Apple closed down more than five per cent. Treasury bond markets closed for a public holiday. By mid-afternoon, the broad-based slide prompted President Donald Trump to point the finger, while citing no evidence, at congressional Democrats, who won control of the House of Representatives in last week's elections. "The prospect of Presidential Harassment by the Dems is causing the Stock Market big headaches!" he wrote on Twitter. Markets had rallied the day after the vote. Meanwhile, Bloomberg reported Monday afternoon that Trump was considering unveiling fresh auto tariffs, erasing gains by General Motors and helping push markets even lower. Earlier in the Eurozone, the Frankfurt and Paris stock markets had dropped as well, weighed down in part by lingering concerns over Italy's high debt and Tuesday's EU deadline for Rome to revise its 2019 budget. The dollar continued to strengthen against its major rivals, meanwhile, hitting its highest levels since the first half of 2017. The European Union's chief Brexit negotiator warned ministers from the other 27 member states on Monday that no deal has been sealed on Britain's departure from the bloc. Elsewhere, Saudi Arabia's energy minister called for a global output cut of a million barrels per day to re-balance the market, as Riyadh unveiled plans to trim its own production by 500,000 barrels per day from December. Khalid al-Falih's comments follow a meeting in Abu Dhabi at the weekend, where the OPEC group and its allies had already started laying the groundwork to reduce supply in 2019. Benchmark crude prices still finished lower in New York and London. Oil prices have shed about one-fifth of their value over the past month on oversupplies and signs of a softer-than-expected impact from US sanctions on Iranian crude exports. Last week, higher US energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent dropped below $70 a barrel for the first time since April. Tobacco stocks also suffered following media reports that US health regulators expect to announce plans as soon as this week to seek a ban on menthol cigarettes and to limit sales of e-cigarettes. British American Tobacco shedding 10.62 per cent to £29.96 and Imperial Tobacco losing almost 2.2 per cent on reports of a planned US ban on menthol cigarettes, which researchers have said pose a greater health risk than traditional ones. American tobacco producers likewise headed south on the news.

Wall Street stocks: Dow & Nasdaq tumble; oil prices continue to slide

Goldman Sachs "cheated" Malaysia, leader Mahathir Mohamad said, after two former bankers from the Wall Street titan were charged over a scandal that allegedly saw billions looted from state coffers.&nbsp;

The US Justice Department unveiled criminal charges this month against ex-Goldman bankers Tim Leissner and Ng Chong Hwa, accusing them of working with a Malaysian financier to launder huge sums allegedly stolen from Malaysian sovereign wealth fund 1MDB.

They are accused of involvement in a sophisticated fraud linked to former leader Najib Razak, allegations that played a big factor in the shock defeat of his long-ruling government at polls in May.&nbsp;

In an interview with broadcaster CNBC, Prime Minister Mahathir said that "obviously we've been cheated", when asked about Goldman's dealings in Malaysia.&nbsp;

"There is evidence that Goldman Sachs has done things which are wrong," said the 93-year-old, who is in his second stint as premier after coming out of retirement to take on Najib, his former protege.

Asked about Goldman's compliance controls -- which are supposed to monitor and prevent risky behaviour at the bank -- Mahathir responded: "It does not work very well."

Goldman Sachs did not immediately respond to requests for comment.

Leissner and Ng have been charged with money-laundering and conspiring to bribe officials in Malaysia and Abu Dhabi to hire Goldman for lucrative consulting contracts.&nbsp;

Goldman underwrote US $6.5 billion of bonds issued by 1MDB but US authorities allege that more than US $2.7 billion was siphoned off.&nbsp;

Goldman earned US $600 million in fees for the bond issue.

Leissner pleaded guilty and has agreed to pay US $43.7 million in restitution of ill-gotten gains. Ng has been arrested in Malaysia.

Malaysian financier Low Taek Jho was also charged by the DoJ. Low, allegedly a central figure in looting 1MDB, remains at large.

Goldman Sachs has not been charged over the scandal but its shares fell heavily this week after Malaysia's finance minister said he wanted a full refund of fees paid to the bank.

In a further blow to the bank's image, it has emerged that former chief Lloyd Blankfein met with Low at a private reception in a New York hotel in 2009.

Goldman Sachs "cheated" Malaysia, leader Mahathir Mohamad said, after two former bankers from the Wall Street titan were charged over a scandal that allegedly saw billions looted from state coffers.

Goldman Sachs "cheated" Malaysia, leader Mahathir Mohamad said, after two former bankers from the Wall Street titan were charged over a scandal that allegedly saw billions looted from state coffers. The US Justice Department unveiled criminal charges this month against ex-Goldman bankers Tim Leissner and Ng Chong Hwa, accusing them of working with a Malaysian financier to launder huge sums allegedly stolen from Malaysian sovereign wealth fund 1MDB. They are accused of involvement in a sophisticated fraud linked to former leader Najib Razak, allegations that played a big factor in the shock defeat of his long-ruling government at polls in May. In an interview with broadcaster CNBC, Prime Minister Mahathir said that "obviously we've been cheated", when asked about Goldman's dealings in Malaysia. "There is evidence that Goldman Sachs has done things which are wrong," said the 93-year-old, who is in his second stint as premier after coming out of retirement to take on Najib, his former protege. Asked about Goldman's compliance controls -- which are supposed to monitor and prevent risky behaviour at the bank -- Mahathir responded: "It does not work very well." Goldman Sachs did not immediately respond to requests for comment. Leissner and Ng have been charged with money-laundering and conspiring to bribe officials in Malaysia and Abu Dhabi to hire Goldman for lucrative consulting contracts. Goldman underwrote US $6.5 billion of bonds issued by 1MDB but US authorities allege that more than US $2.7 billion was siphoned off. Goldman earned US $600 million in fees for the bond issue. Leissner pleaded guilty and has agreed to pay US $43.7 million in restitution of ill-gotten gains. Ng has been arrested in Malaysia. Malaysian financier Low Taek Jho was also charged by the DoJ. Low, allegedly a central figure in looting 1MDB, remains at large. Goldman Sachs has not been charged over the scandal but its shares fell heavily this week after Malaysia's finance minister said he wanted a full refund of fees paid to the bank. In a further blow to the bank's image, it has emerged that former chief Lloyd Blankfein met with Low at a private reception in a New York hotel in 2009.

Wall Street titan Goldman Sachs 'cheated' Malaysia: PM

Wall Street was back in aggressive sell-off mode on Friday, with major stock indices losing more than two per cent following disappointing earnings announcements from Amazon and Google parent Alphabet.

Near 1455 GMT, the Dow Jones Industrial Average was down 2.1 per cent at 24,470.18.

The broad-based S&amp;P 500 shed 2.8 per cent to 2,631.14, while the tech-rich Nasdaq Composite Index tumbled 3.4 per cent to 7,066.69.

Wall Street was back in aggressive sell-off mode on Friday, with major stock indices losing more than two per cent following disappointing earnings announcements from Amazon and Google parent Alphabet.

Wall Street was back in aggressive sell-off mode on Friday, with major stock indices losing more than two per cent following disappointing earnings announcements from Amazon and Google parent Alphabet. Near 1455 GMT, the Dow Jones Industrial Average was down 2.1 per cent at 24,470.18. The broad-based S&P 500 shed 2.8 per cent to 2,631.14, while the tech-rich Nasdaq Composite Index tumbled 3.4 per cent to 7,066.69.

US stocks losses deepen amid tech selloff; Dow -2.1%, Nasdaq: -3.4%

Asian shares wobbled in early Friday trade, struggling to shake off the previous day`s global markets rout, after weak results from tech giants Alphabet Inc and Amazon.com heightened concerns over world trade and economic growth.

The shaky start for regional bourses came despite a bounce on Wall Street overnight, which was helped by bargain-hunting and positive earnings from Microsoft Corp.&nbsp;

Those gains were put into perspective, however, as shares of both Amazon.com Inc and Alphabet Inc fell sharply after the closing bell on disappointing earnings.&nbsp;

Predictably, the Nasdaq futures turned down 0.9 per cent and S&amp;P E-mini futures fell 0.6 per cent, underscoring broad worries about US corporate earnings, and the outlook for the economy, which triggered a rout on Wall Street on Wednesday and sent global markets into a tailspin.&nbsp;

In Asia, MSCI`s broadest index of Asia-Pacific shares outside Japan was flat after pushing slightly lower in the opening hour.&nbsp;

The index has been bruised by a heavy sell-off in the past several days, tumbling more than 3 per cent this week.

South Korea`s Kospi was also down 0.6 per cent, and Australia`s shares were hanging on to modest gains of 0.2 per cent. Japan`s Nikkei stock index was the biggest gainer, up 0.5 per cent, though that only partially erased Thursday`s 3.7 per cent slide.

Financial markets have been whipsawed in recent sessions on concerns over global growth as investors fretted over Sino-U.S. trade frictions, a mixed bag of US corporate earnings, Federal Reserve rate hikes and Italian budget woes. A slowdown in China has been particularly worrying for policy makers and investors, hitting asset markets from stocks to currencies and commodities.&nbsp;

Analysts at Capital Economics sounded a cautious note, suggesting that the bounce in the S&amp;P 500 index on Thursday was only temporary as investors worries about the economic outlook worsen.

"The first, and most important (worry) is that Fed tightening and fading fiscal stimulus will cause the US economy to take a turn for the worse ... The second is that China`s economy will continue to struggle," the analysts said in a note to clients.&nbsp;

"As we have been arguing for a while now, these worries are likely to get worse over the next twelve months or so."&nbsp;

Investors will get a chance to check the US economic pulse later Friday when the government releases third-quarter GDP data.&nbsp;

ANZ analysts highlighted weak US core durable goods data as suggesting that "investment is not taking off, even with the apparent tailwind from tax cuts and USD repatriation."

"This indicates that the boost to GDP growth from the fiscal stimulus could be fairly transitory," the analysts said.

In currency markets, the euro edged lower, extending weakness after European Central Bank President Mario Draghi said the bank`s 2.6 trillion euro ($2.96 trillion) asset purchase program will end this year and interest rates could rise after next summer, despite fears about the monetary union`s economic and political future.

The single currency was 0.04 per cent lower at $1.1370.

The dollar dropped 0.1 per cent against the yen to 112.29. The dollar index, which tracks the greenback against a basket of six major rivals, was also 0.1 per cent lower at 96.594.

The yield on benchmark 10-year Treasury notes rose to 3.1073 per cent compared with its US close of 3.136 per cent on Thursday.&nbsp;

Oil prices gave up some ground after earlier rising on signals from Saudi Arabia`s energy minister that there could be a need for intervention to reduce oil stockpiles.

US crude dipped 0.85 percent at $66.76 a barrel. Brent crude fell 0.6 per cent to $76.43 per barrel.&nbsp;

Spot gold was flat at $1,231.75 per ounce.&nbsp;

Asian shares wobbled in early Friday trade, struggling to shake off the previous day`s global markets rout, after weak results from tech giants Alphabet Inc and Amazon.

Asian shares wobbled in early Friday trade, struggling to shake off the previous day`s global markets rout, after weak results from tech giants Alphabet Inc and Amazon.com heightened concerns over world trade and economic growth. The shaky start for regional bourses came despite a bounce on Wall Street overnight, which was helped by bargain-hunting and positive earnings from Microsoft Corp. Those gains were put into perspective, however, as shares of both Amazon.com Inc and Alphabet Inc fell sharply after the closing bell on disappointing earnings. Predictably, the Nasdaq futures turned down 0.9 per cent and S&P E-mini futures fell 0.6 per cent, underscoring broad worries about US corporate earnings, and the outlook for the economy, which triggered a rout on Wall Street on Wednesday and sent global markets into a tailspin. In Asia, MSCI`s broadest index of Asia-Pacific shares outside Japan was flat after pushing slightly lower in the opening hour. The index has been bruised by a heavy sell-off in the past several days, tumbling more than 3 per cent this week. South Korea`s Kospi was also down 0.6 per cent, and Australia`s shares were hanging on to modest gains of 0.2 per cent. Japan`s Nikkei stock index was the biggest gainer, up 0.5 per cent, though that only partially erased Thursday`s 3.7 per cent slide. Financial markets have been whipsawed in recent sessions on concerns over global growth as investors fretted over Sino-U.S. trade frictions, a mixed bag of US corporate earnings, Federal Reserve rate hikes and Italian budget woes. A slowdown in China has been particularly worrying for policy makers and investors, hitting asset markets from stocks to currencies and commodities. Analysts at Capital Economics sounded a cautious note, suggesting that the bounce in the S&P 500 index on Thursday was only temporary as investors worries about the economic outlook worsen. "The first, and most important (worry) is that Fed tightening and fading fiscal stimulus will cause the US economy to take a turn for the worse ... The second is that China`s economy will continue to struggle," the analysts said in a note to clients. "As we have been arguing for a while now, these worries are likely to get worse over the next twelve months or so." Investors will get a chance to check the US economic pulse later Friday when the government releases third-quarter GDP data. ANZ analysts highlighted weak US core durable goods data as suggesting that "investment is not taking off, even with the apparent tailwind from tax cuts and USD repatriation." "This indicates that the boost to GDP growth from the fiscal stimulus could be fairly transitory," the analysts said. In currency markets, the euro edged lower, extending weakness after European Central Bank President Mario Draghi said the bank`s 2.6 trillion euro ($2.96 trillion) asset purchase program will end this year and interest rates could rise after next summer, despite fears about the monetary union`s economic and political future. The single currency was 0.04 per cent lower at $1.1370. The dollar dropped 0.1 per cent against the yen to 112.29. The dollar index, which tracks the greenback against a basket of six major rivals, was also 0.1 per cent lower at 96.594. The yield on benchmark 10-year Treasury notes rose to 3.1073 per cent compared with its US close of 3.136 per cent on Thursday. Oil prices gave up some ground after earlier rising on signals from Saudi Arabia`s energy minister that there could be a need for intervention to reduce oil stockpiles. US crude dipped 0.85 percent at $66.76 a barrel. Brent crude fell 0.6 per cent to $76.43 per barrel. Spot gold was flat at $1,231.75 per ounce.

Asian shares struggle to shake off rout despite Wall Street bounce

Wall Street rebounded strongly on Thursday from the prior session's rout, with tech shares leading a broad-based rally following a series of mostly good earnings reports.

The tech-rich Nasdaq Composite Index jumped 3.0 per cent to 7,318.34, a day after the index suffered its biggest decline in seven years.

The Dow Jones Industrial Average gained 1.6 per cent to 24,984.55, while the broad-based S&amp;P 500 advanced 1.9 per cent to 2,705.57.

Analysts said the gains were unsurprising after Wednesday's ugly finale, especially after strong earnings from Microsoft, Tesla Motors and others reassured investors.

"We are seeing what we call a bottom fishing today," said Howard Silverblatt, senior analyst at S&amp;P Dow Jones Indices.

Major US indices lost more than two per cent Wednesday in a bruising sell-off precipitated by fears over slowing corporate earnings growth.

Other issues that have pressured stocks include worries about rising US interest rates and uncertainty over the fallout from the murder of Saudi Arabian journalist Jamal Khashoggi.

Companies with big gains after earnings Thursday included Microsoft, which rebounded 5.8 per cent, Tesla, up 9.1 per cent, American Airlines, up 6.7 per cent, Ford, up 10.0 per cent and Twitter, up 15.5 per cent.

"After a severe sell-off its perfectly normal to see the market rebound," analyst Adam Sarhan said. "The key question: Is it a one-or two-day rally or is it a new trend?"

<iframe width="560" height="315" src="https://www.youtube.com/embed/hYX7PVhz7bY" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe>

Wall Street rebounded strongly on Thursday from the prior session's rout, with tech shares leading a broad-based rally following a series of mostly good earnings reports.

Wall Street rebounded strongly on Thursday from the prior session's rout, with tech shares leading a broad-based rally following a series of mostly good earnings reports. The tech-rich Nasdaq Composite Index jumped 3.0 per cent to 7,318.34, a day after the index suffered its biggest decline in seven years. The Dow Jones Industrial Average gained 1.6 per cent to 24,984.55, while the broad-based S&P 500 advanced 1.9 per cent to 2,705.57. Analysts said the gains were unsurprising after Wednesday's ugly finale, especially after strong earnings from Microsoft, Tesla Motors and others reassured investors. "We are seeing what we call a bottom fishing today," said Howard Silverblatt, senior analyst at S&P Dow Jones Indices. Major US indices lost more than two per cent Wednesday in a bruising sell-off precipitated by fears over slowing corporate earnings growth. Other issues that have pressured stocks include worries about rising US interest rates and uncertainty over the fallout from the murder of Saudi Arabian journalist Jamal Khashoggi. Companies with big gains after earnings Thursday included Microsoft, which rebounded 5.8 per cent, Tesla, up 9.1 per cent, American Airlines, up 6.7 per cent, Ford, up 10.0 per cent and Twitter, up 15.5 per cent. "After a severe sell-off its perfectly normal to see the market rebound," analyst Adam Sarhan said. "The key question: Is it a one-or two-day rally or is it a new trend?"

Wall Street rebounds after rout, Nasdaq +3.0%

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

Selling in the region erased gains made in the previous two sessions' rally, which were led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 1.3 per cent.

South Korea's Kospi fell as much as 2.5 per cent and was on course to hit a 1-1/2-year low. In Japan, the Nikkei fell 2.3 per cent.

US stock futures dropped 0.8 per cent in early Tuesday trade. On Monday the S&amp;P 500 lost 0.43 per cent as investors kept a wary eye on earnings amid global growth worries. Enthusiasm over some of the upbeat results was also tempered by the growing political uncertainty around the world.

"In short, the world seems to be getting into chaos," said Akira Takei, bond fund manager at Asset Management One.

US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing of journalist Jamal Khashoggi at its consulate in Turkey.

Trump has expressed reluctance to punish the Saudis economically. But while Saudi Arabia has sought to shield its powerful crown prince from the killing, many officials have cast doubt on Riyadh's narrative.

Several countries, including Germany, Britain, France and Turkey, have pressed Saudi Arabia to provide all the facts.

An immediate market focus is on Turkish President Tayyip Erdogan, who said he will release information about the investigation in a speech on Tuesday.

Any signs of instability in Saudi Arabia, a major oil producer as well as a big investor in financial markets, could have wide-ranging repercussions.

"I would think this issue could drag on for some time," said Asset Management One's Takei.

In Europe, Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules.

The European Commision will decide on its response on Tuesday.

The euro traded at $1.1466, having lost 0.44 per cent the previous day to edge near its October&nbsp;9tth low of $1.14325, its lowest level since mid-August.

Although Italian bond prices rose on relief after Moody's did not slap on a negative outlook as the market had feared, European stock markets were less enthused.

France's CAC closed at the lowest level in more than a year while Italian shares hit 1-1/2-year lows and Spanish shares ended at their weakest level since late 2016.

The British pound stood at $1.2965, hovering just above this month's low of $1.2922 on fears the Irish border issue and disagreements within Britain's ruling Conservatives over Brexit could see Prime Minister Theresa May face a serious leadership challenge.

The yen eased to 112.82 per dollar, touching its lowest levels in about two weeks.

The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Trump on tariffs.

Chinese shares also lost steam after two days of strong gains following guidance from Chinese officials, including Vice Premier Liu He, to major investors to support the sagging stock market.

"Any stimulus by China should be viewed not as a boost but as a cushion against a slowing economy against external headwinds," said analysts at DBS in Singapore.

"This reality was better reflected in the Chinese yuan which continued to trade weaker against the central parity in both the onshore and offshore markets."

Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US&nbsp;sanctions against Iran's crude exports that start next month.

Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over Khashoggi's killing, easing fears Riyadh may use oil production as its diplomatic weapons.

Front-month Brent crude oil futures were at $79.60 a barrel, down 0.3 per cent.

US West Texas Intermediate(WTI) crude futures were at $69.22 a barrel, dropping 0.2 per cent.

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

Asian shares fell on Tuesday as earnings season nerves in the US dented Wall Street, while a cocktail of negative drivers from Saudi Arabia's diplomatic isolation to concerns over Italy's budget and Brexit talks depressed sentiment. Selling in the region erased gains made in the previous two sessions' rally, which were led by China stimulus hopes, with the MSCI's broadest index of Asia-Pacific shares outside Japan dropping 1.3 per cent. South Korea's Kospi fell as much as 2.5 per cent and was on course to hit a 1-1/2-year low. In Japan, the Nikkei fell 2.3 per cent. US stock futures dropped 0.8 per cent in early Tuesday trade. On Monday the S&P 500 lost 0.43 per cent as investors kept a wary eye on earnings amid global growth worries. Enthusiasm over some of the upbeat results was also tempered by the growing political uncertainty around the world. "In short, the world seems to be getting into chaos," said Akira Takei, bond fund manager at Asset Management One. US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing of journalist Jamal Khashoggi at its consulate in Turkey. Trump has expressed reluctance to punish the Saudis economically. But while Saudi Arabia has sought to shield its powerful crown prince from the killing, many officials have cast doubt on Riyadh's narrative. Several countries, including Germany, Britain, France and Turkey, have pressed Saudi Arabia to provide all the facts. An immediate market focus is on Turkish President Tayyip Erdogan, who said he will release information about the investigation in a speech on Tuesday. Any signs of instability in Saudi Arabia, a major oil producer as well as a big investor in financial markets, could have wide-ranging repercussions. "I would think this issue could drag on for some time," said Asset Management One's Takei. In Europe, Italy told the European Commission on Monday it would stick to its contested 2019 budget plans in defiance of EU fiscal rules. The European Commision will decide on its response on Tuesday. The euro traded at $1.1466, having lost 0.44 per cent the previous day to edge near its October 9tth low of $1.14325, its lowest level since mid-August. Although Italian bond prices rose on relief after Moody's did not slap on a negative outlook as the market had feared, European stock markets were less enthused. France's CAC closed at the lowest level in more than a year while Italian shares hit 1-1/2-year lows and Spanish shares ended at their weakest level since late 2016. The British pound stood at $1.2965, hovering just above this month's low of $1.2922 on fears the Irish border issue and disagreements within Britain's ruling Conservatives over Brexit could see Prime Minister Theresa May face a serious leadership challenge. The yen eased to 112.82 per dollar, touching its lowest levels in about two weeks. The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Trump on tariffs. Chinese shares also lost steam after two days of strong gains following guidance from Chinese officials, including Vice Premier Liu He, to major investors to support the sagging stock market. "Any stimulus by China should be viewed not as a boost but as a cushion against a slowing economy against external headwinds," said analysts at DBS in Singapore. "This reality was better reflected in the Chinese yuan which continued to trade weaker against the central parity in both the onshore and offshore markets." Oil prices fell on Tuesday after Saudi Arabia pledged to play a "responsible role" in energy markets, although sentiment remained nervous in the run-up to US sanctions against Iran's crude exports that start next month. Saudi Arabia has pledged to keep markets supplied despite its increasing isolation over Khashoggi's killing, easing fears Riyadh may use oil production as its diplomatic weapons. Front-month Brent crude oil futures were at $79.60 a barrel, down 0.3 per cent. US West Texas Intermediate(WTI) crude futures were at $69.22 a barrel, dropping 0.2 per cent.

Asian stocks fall on Wall Street earnings fear, Khashoggi

World stocks rose on Friday, lifted by strong share price gains for tech giants such as Amazon and Facebook and growing hopes of a lasting peace on the Korean peninsula after a ground-breaking meeting of North and South Korean leaders.

European shares were set to end the week with a flourish too with a pan-European index set to post its fifth week of gains in a row, with the tech sector outperforming.

The latest gains are being partly spurred by forecast-beating first-quarter earnings from two of the so-called FANG tech stocks -- some of the world's largest and most influential companies by market capitalisation -- which has boosted sentiment on the technology sector worldwide.

Still, US&nbspstock futures pointed to a weaker open for Wall Street after Thursday's earnings-driven rally.

Amazon.com Inc shares jumped more than 6 per cent in after-market trading while Facebook surged 9.1 per cent on Thursday, calming worries about the fallout from its use of consumer data.

"Macroeconomic data has been soft in a number of key economies, so it is reassuring that amidst those concerns we are still seeing strong earnings numbers coming through from big ticket corporates such as Amazon and Facebook," said Investec economist Victoria Clarke.

"This is a good gauge of the broad drivers of sentiment particularly when there are those concerns about demand holding up in the face of weak economic data," Clarke added.

European tech shares rose 1 per cent to the highest in more than five weeks, buoyed also by gains in local IT and chipmaking firms such as Capgemini, ASML and Infineon.

Sterling slides

Sterling slumped to its lowest since March 9 against the dollar after data showed Britain's economy slowed much more sharply than expected in the first quarter of 2018, slashing market expectations of a Bank of England rate hike in May.

The currency was last down 1 per cent at $1.3770. It also fell 1 per cent against the euro to 87.85 pence and was on track for its worst day since November.

"A May rate hike is off the table now this pushes the hike back to August at the earliest and more likely November," said Jake Trask, a currencies analyst at OFX.

However, sterling's slide helped shares on Britain's FTSE index to rise 0.7 per cent with gains led by multi-national earners which earn a big chunk of their revenues overseas but report profits in pounds.

The weak data adds to concerns that economic growth across the developed world is running out of steam, especially after lacklustre euro zone figures earlier in the week and data on Friday showing French economic growth slowed more than expected in the first quarter.

The European Central Bank on Thursday played down concerns over softness in the euro zone economy as it sought to bolster expectations for a gradual withdrawal of monetary stimulus.

On Friday, Japan's central bank kept policy unchanged but ditched a time frame it had set for hitting its inflation target, in a surprise move analysts say is aimed at keeping market expectations for more stimulus in check.

"Within a 12 hour period it seems like the expectations are three key central banks will delay any tightening of monetary policy from what was previously expected... Equity markets should be comforted by that," said Bob Michele, CIO and head of global fixed income, currency and commodities at JPMorgan Asset Management.

Historic moment for Korea

South Korea's won led a rebound in emerging market currencies as comments from North Korea's Kim Jong Un of a "new history" between the two sides helped end a brutal week for emerging market currencies on a positive note.

North and South Korea agreed on Friday to pursue the "complete denuclearisation of the Korean peninsula" and work towards declaring an official end this year to the 1950s Korean war.

The won rose as much as 0.6 per cent against the dollar, while Asian stock markets also revelled in the glow of the summit between North and South Korea.

Seoul shares briefly rise more than 1 per cent to a one-month high, while MSCI's index of Asian shares outside Japan rallied 0.8 per cent and Japan's Nikkei share average rose 0.7 percent to two-month peaks.

The dollar meanwhile hit its highest since Jan. 12 against a basket of currencies, having benefited from the recent run in US&nbspTreasury yields -- 10-year yields hit 3 per cent this week for the first time since January 2014.

With a weekly gain of more than 1.5 per cent, the greenback is set for its best weekly performance since late 2016.

European shares were set to end the week with a flourish too with a pan-European index set to post its fifth week of gains in a row, with the tech sector outperforming

World stocks rose on Friday, lifted by strong share price gains for tech giants such as Amazon and Facebook and growing hopes of a lasting peace on the Korean peninsula after a ground-breaking meeting of North and South Korean leaders. European shares were set to end the week with a flourish too with a pan-European index set to post its fifth week of gains in a row, with the tech sector outperforming. The latest gains are being partly spurred by forecast-beating first-quarter earnings from two of the so-called FANG tech stocks -- some of the world's largest and most influential companies by market capitalisation -- which has boosted sentiment on the technology sector worldwide. Still, US&nbspstock futures pointed to a weaker open for Wall Street after Thursday's earnings-driven rally. Amazon.com Inc shares jumped more than 6 per cent in after-market trading while Facebook surged 9.1 per cent on Thursday, calming worries about the fallout from its use of consumer data. "Macroeconomic data has been soft in a number of key economies, so it is reassuring that amidst those concerns we are still seeing strong earnings numbers coming through from big ticket corporates such as Amazon and Facebook," said Investec economist Victoria Clarke. "This is a good gauge of the broad drivers of sentiment particularly when there are those concerns about demand holding up in the face of weak economic data," Clarke added. European tech shares rose 1 per cent to the highest in more than five weeks, buoyed also by gains in local IT and chipmaking firms such as Capgemini, ASML and Infineon. Sterling slides Sterling slumped to its lowest since March 9 against the dollar after data showed Britain's economy slowed much more sharply than expected in the first quarter of 2018, slashing market expectations of a Bank of England rate hike in May. The currency was last down 1 per cent at $1.3770. It also fell 1 per cent against the euro to 87.85 pence and was on track for its worst day since November. "A May rate hike is off the table now this pushes the hike back to August at the earliest and more likely November," said Jake Trask, a currencies analyst at OFX. However, sterling's slide helped shares on Britain's FTSE index to rise 0.7 per cent with gains led by multi-national earners which earn a big chunk of their revenues overseas but report profits in pounds. The weak data adds to concerns that economic growth across the developed world is running out of steam, especially after lacklustre euro zone figures earlier in the week and data on Friday showing French economic growth slowed more than expected in the first quarter. The European Central Bank on Thursday played down concerns over softness in the euro zone economy as it sought to bolster expectations for a gradual withdrawal of monetary stimulus. On Friday, Japan's central bank kept policy unchanged but ditched a time frame it had set for hitting its inflation target, in a surprise move analysts say is aimed at keeping market expectations for more stimulus in check. "Within a 12 hour period it seems like the expectations are three key central banks will delay any tightening of monetary policy from what was previously expected... Equity markets should be comforted by that," said Bob Michele, CIO and head of global fixed income, currency and commodities at JPMorgan Asset Management. Historic moment for Korea South Korea's won led a rebound in emerging market currencies as comments from North Korea's Kim Jong Un of a "new history" between the two sides helped end a brutal week for emerging market currencies on a positive note. North and South Korea agreed on Friday to pursue the "complete denuclearisation of the Korean peninsula" and work towards declaring an official end this year to the 1950s Korean war. The won rose as much as 0.6 per cent against the dollar, while Asian stock markets also revelled in the glow of the summit between North and South Korea. Seoul shares briefly rise more than 1 per cent to a one-month high, while MSCI's index of Asian shares outside Japan rallied 0.8 per cent and Japan's Nikkei share average rose 0.7 percent to two-month peaks. The dollar meanwhile hit its highest since Jan. 12 against a basket of currencies, having benefited from the recent run in US&nbspTreasury yields -- 10-year yields hit 3 per cent this week for the first time since January 2014. With a weekly gain of more than 1.5 per cent, the greenback is set for its best weekly performance since late 2016.

Tech gains, Korean talks lift world stock markets; sterling tumbles 

<a href="http://www.wionews.com/world/brazils-lula-defies-prison-order-creating-standoff-128823">Brazil's Lula defies prison order, creating standoff</a>

Brazil's former President Luiz Inacio Lula da Silva defied a judge's order to turn himself into police on Friday and start serving a 12-year prison sentence for bribery that would likely end his hopes of regaining the presidency.

<a href="http://www.wionews.com/india-news/blackbuck-poaching-case-salmans-bail-likely-to-get-delayed--128821">Blackbuck poaching case: Salman's bail hearing likely to get delayed</a>

Bollywood actor Salman Khan may have to spend a few more nights in jail as the District and Sessions Judge, who was scheduled to hear the actor's bail plea in blackbuck poaching case has been transferred by the Rajasthan High Court.

<a href="http://www.wionews.com/india-news/weightlifter-sathish-claims-second-successive-cwg-gold-128840">Weightlifter Sathish claims second successive CWG gold</a>

Defending champion weightlifter Sathish Sivalingam (77kg) claimed India's third gold medal in the Commonwealth Games, coming out tops comfortably on Saturday.

<a href="http://www.wionews.com/world/schwarzenegger-back-home-after-heart-surgery-spokesman-128824">Schwarzenegger back home after heart surgery: Spokesman</a>

Action hero Arnold Schwarzenegger is back home in Los Angeles and in good spirits after undergoing open heart surgery following complications with a routine operation, his spokesman said on Friday.

<a href="http://www.wionews.com/world/wall-street-ends-down-2-percent-as-us-china-trade-fears-intensify-128830">Wall Street ends down 2 </a><a href="http://www.wionews.com/world/wall-street-ends-down-2-percent-as-us-china-trade-fears-intensify-128830">per cent</a><a href="http://www.wionews.com/world/wall-street-ends-down-2-percent-as-us-china-trade-fears-intensify-128830"> as US-China trade fears intensify</a>

US stocks dropped about 2 per cent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China. 
&nbsp;

Brazil's Lula defies prison order, creating standoff Brazil's former President Luiz Inacio Lula da Silva defied a judge's order to turn himself into police on Friday and start serving a 12-year prison sentence for bribery that would likely end his hopes of regaining the presidency. Blackbuck poaching case: Salman's bail hearing likely to get delayed Bollywood actor Salman Khan may have to spend a few more nights in jail as the District and Sessions Judge, who was scheduled to hear the actor's bail plea in blackbuck poaching case has been transferred by the Rajasthan High Court. Weightlifter Sathish claims second successive CWG gold Defending champion weightlifter Sathish Sivalingam (77kg) claimed India's third gold medal in the Commonwealth Games, coming out tops comfortably on Saturday. Schwarzenegger back home after heart surgery: Spokesman Action hero Arnold Schwarzenegger is back home in Los Angeles and in good spirits after undergoing open heart surgery following complications with a routine operation, his spokesman said on Friday. Wall Street ends down 2 per cent as US-China trade fears intensify US stocks dropped about 2 per cent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China.

News brief: Big five stories of the day

US stocks dropped about 2 per cent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China.

Stocks added to losses and hit session lows in afternoon trading after Federal Reserve Chairman Jerome Powell said the US central bank will likely need to keep hiking interest rates to keep inflation under control and said it was too soon to know if rising trade tensions would hit the US economy.

Fears of a trade war since Trump announced tariffs on steel and aluminium imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth.

"It's a reaction to concerns about the administration's approach to trade. The market has vacillated between writing it off as just talk and assuming there could be a serious problem," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey.

He and others said investors also appeared to be reducing risk ahead of the weekend.

"If the market is down it often tends to accelerate on Friday. Investors don't want to take the risk of coming in Monday after having something happen over the weekend," Meckler said.

Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike".

US companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow including Boeing down 3.1 percent. The S&P 500 industrials index down 2.7 percent, had the biggest losses among sectors, though selling was broad-based.

Chipmakers, which as a group rely on China for about a quarter of their revenue, also declined. The Philadelphia semiconductor index fell 3.1 percent.

The Dow Jones Industrial Average fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P 500 lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite dropped 161.44 points, or 2.28 percent, to 6,915.11.

The trade war worries continued to pressure stocks even as Trump administration officials sought to dampen concerns. Trump's top economic adviser Larry Kudlow said in various interviews that he learned of the new tariffs on Thursday night, but also said there are ongoing talks on trade between the United States and China.

US Treasury Secretary Steve Mnuchin in an interview on CNBC said he was cautiously hopeful the United States will reach an agreement with China on trade.

The S&P 500 ended just above its 200-day moving average after trading well below that key support level that is watched by technical analysts.

Powell, who was speaking on the U.S. economic outlook in Chicago, also said the labour market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5.

Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target.

"There was a hope that if he had a more dovish tone that that might be a counterbalance to the trade headwinds out there," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut.

For the week, the S&P 500 was down 1.4 percent, the Dow was down 0.7 percent and the Nasdaq was down 2.1 percent.

Facebook share were down 1.3 percent. It backed for the first time proposed legislation requiring social media sites to disclose the identities of buyers of online political campaign ads and introduced a new verification process for people buying "issue" ads, which have been used to sow discord online.

Declining issues outnumbered advancing ones on the NYSE by a 3.77-to-1 ratio on Nasdaq, a 3.59-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and seven new lows the Nasdaq Composite recorded 40 new highs and 64 new lows.

About 7.2 billion shares changed hands on U.S. exchanges. That compares with the 7.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Fears of a trade war since Trump announced tariffs on steel and aluminium imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth.

US stocks dropped about 2 per cent on Friday, with the Dow falling more than 570 points, as US President Donald Trump's latest tariff threat on Chinese imports fuelled increasing concern over a US trade war with China. Stocks added to losses and hit session lows in afternoon trading after Federal Reserve Chairman Jerome Powell said the US central bank will likely need to keep hiking interest rates to keep inflation under control and said it was too soon to know if rising trade tensions would hit the US economy. Fears of a trade war since Trump announced tariffs on steel and aluminium imports more than a month ago have kept investors on edge over concerns that such protectionist measures would hit global economic growth. "It's a reaction to concerns about the administration's approach to trade. The market has vacillated between writing it off as just talk and assuming there could be a serious problem," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. He and others said investors also appeared to be reducing risk ahead of the weekend. "If the market is down it often tends to accelerate on Friday. Investors don't want to take the risk of coming in Monday after having something happen over the weekend," Meckler said. Trump late Thursday threatened to slap $100 billion more in tariffs on Chinese imports, while Beijing said it was fully prepared to respond with a "fierce counter strike". US companies seen as more likely to be hit by trade tensions with China were among the biggest drags on the Dow including Boeing down 3.1 percent. The S&P 500 industrials index down 2.7 percent, had the biggest losses among sectors, though selling was broad-based. Chipmakers, which as a group rely on China for about a quarter of their revenue, also declined. The Philadelphia semiconductor index fell 3.1 percent. The Dow Jones Industrial Average fell 572.46 points, or 2.34 percent, to 23,932.76, the S&P 500 lost 58.37 points, or 2.19 percent, to 2,604.47 and the Nasdaq Composite dropped 161.44 points, or 2.28 percent, to 6,915.11. The trade war worries continued to pressure stocks even as Trump administration officials sought to dampen concerns. Trump's top economic adviser Larry Kudlow said in various interviews that he learned of the new tariffs on Thursday night, but also said there are ongoing talks on trade between the United States and China. US Treasury Secretary Steve Mnuchin in an interview on CNBC said he was cautiously hopeful the United States will reach an agreement with China on trade. The S&P 500 ended just above its 200-day moving average after trading well below that key support level that is watched by technical analysts. Powell, who was speaking on the U.S. economic outlook in Chicago, also said the labour market appeared close to full employment. It was his first speech on the economic outlook since taking over as chairman on Feb. 5. Before the session started, a Labor Department report showed nonfarm payrolls increased by a smaller-than-expected 103,000 last month. While annual growth in average hourly earnings rose to 2.7 percent, it stayed below the 3 percent that economists estimate is needed to lift inflation toward the Federal Reserve's 2-percent target. "There was a hope that if he had a more dovish tone that that might be a counterbalance to the trade headwinds out there," said Michael O'Rourke, chief market strategist at JonesTrading in Greenwich, Connecticut. For the week, the S&P 500 was down 1.4 percent, the Dow was down 0.7 percent and the Nasdaq was down 2.1 percent. Facebook share were down 1.3 percent. It backed for the first time proposed legislation requiring social media sites to disclose the identities of buyers of online political campaign ads and introduced a new verification process for people buying "issue" ads, which have been used to sow discord online. Declining issues outnumbered advancing ones on the NYSE by a 3.77-to-1 ratio on Nasdaq, a 3.59-to-1 ratio favored decliners. The S&P 500 posted two new 52-week highs and seven new lows the Nasdaq Composite recorded 40 new highs and 64 new lows. About 7.2 billion shares changed hands on U.S. exchanges. That compares with the 7.3 billion daily average for the past 20 trading days, according to Thomson Reuters data.

Wall Street ends down 2 per cent as US-China trade fears intensify

Domestic equities staged a strong comeback with the BSE Sensex rebounding by nearly 400 points and the Nifty reclaiming the 10,250-mark on receding fears of a US-China trade war.

Investors were also awaiting RBI's monetary policy outcome, scheduled later in the day.

The 30-share Sensex spurted by 393.60 points, or 1.19 per cent, to 33,412.67 in opening trade. The gauge had lost 351.56 points in the previous session.

All the sectoral indices, led by metal, realty and auto stocks, were trading in the green with gains of up to 2.26 per cent.

The broad-based NSE Nifty went up by 129.05 points, or 1.27 per cent, to 10,257.45.

Major gainers that supported the recovery were Tata Motors, Tata Steel, M&M, Adani Ports, Yes Bank, Hero MotoCorp, IndusInd Bank, Axis Bank, SBI, Coal India, L&T, Dr Reddy's, Infosys and Sun Pharma, rising up to 2.68 per cent.

A firm trend in other Asian markets and overnight gains on Wall Street buoyed the trading sentiments.

Brokers said buying by retail investors and fresh foreign fund inflows amid a firm trend in global markets led the markets higher.

Elsewhere in Asia, Japan's Nikkei was up 1.63 per cent, while Hong Kong and Shanghai markets were shut today for a public holiday today.

The US Dow Jones Industrial Average ended 0.96 per cent higher in yesterday's trade.

All the sectoral indices, led by metal, realty and auto stocks, were trading in the green with gains of up to 2.26 per cent.

Domestic equities staged a strong comeback with the BSE Sensex rebounding by nearly 400 points and the Nifty reclaiming the 10,250-mark on receding fears of a US-China trade war. Investors were also awaiting RBI's monetary policy outcome, scheduled later in the day. The 30-share Sensex spurted by 393.60 points, or 1.19 per cent, to 33,412.67 in opening trade. The gauge had lost 351.56 points in the previous session. All the sectoral indices, led by metal, realty and auto stocks, were trading in the green with gains of up to 2.26 per cent. The broad-based NSE Nifty went up by 129.05 points, or 1.27 per cent, to 10,257.45. Major gainers that supported the recovery were Tata Motors, Tata Steel, M&M, Adani Ports, Yes Bank, Hero MotoCorp, IndusInd Bank, Axis Bank, SBI, Coal India, L&T, Dr Reddy's, Infosys and Sun Pharma, rising up to 2.68 per cent. A firm trend in other Asian markets and overnight gains on Wall Street buoyed the trading sentiments. Brokers said buying by retail investors and fresh foreign fund inflows amid a firm trend in global markets led the markets higher. Elsewhere in Asia, Japan's Nikkei was up 1.63 per cent, while Hong Kong and Shanghai markets were shut today for a public holiday today. The US Dow Jones Industrial Average ended 0.96 per cent higher in yesterday's trade.

Sensex surges over 390 points in early trade

Janet Yellen visited Wall Street for a paid appearance two months after stepping down as Fed chair, discussing the economy and interest rates at an event hosted by investment bank Jefferies that included a sit-down dinner for forty.&nbsp

In a short telephone interview, Yellen, who ran the US Federal Reserve the last four years until early February, said she revealed no confidential information at Monday's gathering, put on by Jefferies CEO Richard Handler.&nbsp

One source familiar with the event told it was her first such engagement since leaving the Fed.&nbsp

"I talked about the economy and general perspectives on monetary policy," Yellen said late on Wednesday. She said she was paid but declined to say how much, and did not provide details.&nbsp

The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has also delivered since taking charge.&nbsp

Later, over dinner at the Manhattan penthouse of Jefferies' chief executive, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion.&nbsp

Cashing in after years in public service is a well-trodden path for policymakers and regulators, highlighting the demand among investors for any exclusive insights they can offer.&nbsp

In the case of former Fed chiefs, who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters, those insights could potentially move markets.&nbsp

Yellen's predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some $250,000 for a private talk in Abu Dhabi. He followed that up with similarly-priced private dinners with investors in New York, at which he predicted rates would remain low for a long time.&nbsp

Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers, the investment bank whose collapse two years later sent the global financial crisis into high gear.&nbsp

Under Yellen, who earned just more than $200,000 per year as chair, the Fed finally turned the corner from its crisis-era policies of near-zero interest rates and trillions of dollars of bond-buying.

At Monday's larger forum for Jefferies clients, she expressed the view that three or four rate rises were likely this year, and that recent US tax cuts and a boost in government spending posed at least some risk of running the economy hot, according to the first source, who requested anonymity.&nbsp

Reuters was not able to reach David Zervos, the Jefferies Group LLC chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram.&nbsp

"An amazing evening last night hosting Janet Yellen for our clients in NY," read the tweet, posted Tuesday.&nbsp

The Fed raised rates last month at its first meeting under Powell, and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising.&nbsp

Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy. Last month she discussed her Fed tenure at the University of Pennsylvania.&nbsp

In recent months she was listed as a speaker-for-hire by the Washington Speakers Bureau, which did not immediately respond to a request for comment. 
&nbsp 
Her profile page, alongside that of Bernanke and Greenspan, says she travels from Washington and fees vary based on event location.&nbsp

One source familiar with the event told it was her first such engagement since leaving the Fed

Janet Yellen visited Wall Street for a paid appearance two months after stepping down as Fed chair, discussing the economy and interest rates at an event hosted by investment bank Jefferies that included a sit-down dinner for forty. In a short telephone interview, Yellen, who ran the US Federal Reserve the last four years until early February, said she revealed no confidential information at Monday's gathering, put on by Jefferies CEO Richard Handler. One source familiar with the event told it was her first such engagement since leaving the Fed. "I talked about the economy and general perspectives on monetary policy," Yellen said late on Wednesday. She said she was paid but declined to say how much, and did not provide details. The program included a question-and-answer session with more than 100 Jefferies clients, where according to the source she stuck close to the gradual rate-hike message that her successor, Jerome Powell, has also delivered since taking charge. Later, over dinner at the Manhattan penthouse of Jefferies' chief executive, Yellen told executives from hedge funds, private equity firms and other companies that she considered inflation to be in check and unlikely to spike, so rates would stay relatively low, according to a second person familiar with the discussion. Cashing in after years in public service is a well-trodden path for policymakers and regulators, highlighting the demand among investors for any exclusive insights they can offer. In the case of former Fed chiefs, who can earn an annual salary in one night and have no constraints on expressing their views provided they do not broach confidential matters, those insights could potentially move markets. Yellen's predecessor Ben Bernanke waited just over a month after leaving the Fed in 2014 before earning some $250,000 for a private talk in Abu Dhabi. He followed that up with similarly-priced private dinners with investors in New York, at which he predicted rates would remain low for a long time. Former Fed Chair Alan Greenspan waited only a week after stepping down before addressing a private dinner in 2006 hosted by Lehman Brothers, the investment bank whose collapse two years later sent the global financial crisis into high gear. Under Yellen, who earned just more than $200,000 per year as chair, the Fed finally turned the corner from its crisis-era policies of near-zero interest rates and trillions of dollars of bond-buying. At Monday's larger forum for Jefferies clients, she expressed the view that three or four rate rises were likely this year, and that recent US tax cuts and a boost in government spending posed at least some risk of running the economy hot, according to the first source, who requested anonymity. Reuters was not able to reach David Zervos, the Jefferies Group LLC chief strategist who conducted the forum and who later tweeted a link to a photograph of him with a smiling Yellen on Instagram. "An amazing evening last night hosting Janet Yellen for our clients in NY," read the tweet, posted Tuesday. The Fed raised rates last month at its first meeting under Powell, and forecasts showed policymakers were split between three or four total hikes this year as economic growth and inflation were seen rising. Yellen joined the Brookings Institution think tank immediately after stepping down and spoke publicly there in February about the economy. Last month she discussed her Fed tenure at the University of Pennsylvania. In recent months she was listed as a speaker-for-hire by the Washington Speakers Bureau, which did not immediately respond to a request for comment. Her profile page, alongside that of Bernanke and Greenspan, says she travels from Washington and fees vary based on event location.

Yellen gets post-Fed payday in private meetings with Wall Street elite

Earlier this week, we came across Ms. Bhattacharyya&#39;s emotionally charged essay, &#39;Why an Indian girl chose to become an American woman&#39; (published in Quartz) on her challenging journey to become a naturalised American citizen. She describes the alienation and disaffection she felt from her home country and how this largely stemmed from the fact that India had failed its women (and by extension her) due to the widespread sexual violence within our society. Finally, this disaffection led her to pursue a strategy of extending her stay in the United States (or literally anywhere else) in an attempt to escape the horrifically morbid fate Indian women are preordained. While we largely share her concerns about widespread violence against women, we find her characterisation of India&#39;s society misinformed, laced with generalities and therefore incredibly problematic.

As Indians studying and working in the United States, we are confronted by a similar array of choices as Ms. Bhattacharyya. The US is inarguably a melting pot of diversity - a country that prides itself as the land of immigrants; attracting the best and brightest from every corner of the world. And yet, this fantastical &#39;land of the free&#39; too suffers its own set of major issues ranging from mass gun violence to racism. The insidious culture of sexual harassment and assault is ubiquitous in the US too, spanning Wall Street, Hollywood and college campuses across the country. It is misleading to suggest that a woman can leave her house and drive for a 100 miles without a single care in the world. If one is to believe economist Amartya Sen, even if we multiply the instances of reported rape by 10 (to account for underreporting), estimates of its occurrence would still be substantially lower than in the UK, US, Sweden or South Africa.

The fight for gender inequality and violence against women has miles to go in India as it does in the rest of the world, but despair and a defeatist attitude is not the way to win any battle, least of all this one. In her essay, Bhattacharyya laments that even change would be unable to undo the damage done by our history of oppression. It seems as if she hasn&#39;t examined the history of the very country she holds in such high regards. If India has a history for regressive practices, Western history is also replete with similar repression of women&#39;s rights right up to the early twentieth century. It was only after a long struggle that women were able to win the right to vote. And yet, if, as the writer herself argues, she feels safe enough to drive across the country at 3am, it is clear that things have changed. India on the other hand, being a relatively younger democracy and several years behind the United States in economic development cannot be dismissed as incapable of change or progress. We may be the world&#39;s &#39;smelliest&#39; and most &#39;interesting&#39; melting pot as frivolously put by Ms Bhattacharyya, but at least we broke the glass ceiling long before any of us even called it that with the reign of Indira Gandhi. As of 2018, this feat is yet to be accomplished by the world&#39;s oldest democracy, a country where she feels safer and more empowered in.

The inscrutable Americans-esque analysis of her personal experience in the United States of feeling &#39;poor&#39; and like an &#39;outsider&#39; goes against the very spirit of why we moved to the US - a country that thrives on its immigrants&#39; confidence and relentless will to stand out. She not only perpetuates the Indian stereotype of being secondary in America, but also reaffirms the superiority of someone up in the West determining just how hipster you had to be to be considered cool, or how much of your intellectual prowess authors like Hegel determine. While it may make for a catchy statement to call India a country that doesn&#39;t know what to do with its women, it&#39;s utterly careless to do so because of how dangerously wrong this narrative is. For starters, the Indian government through one of its landmark schemes MUDRA Yojana, provides small businesses across the country with seed capital in the form of loans, and almost 75 per cent of its beneficiaries are female entrepreneurs, thereby not making India a country that &quot;doesn&#39;t know what to do with its women&quot; as claimed by Ms. Bhattacharya. We are also the first country in the region to have a purely women-led railway station in Rajasthan affirming public female confidence in a state that is traditionally known for nothing but its textiles and rates of child marriage. Further initiatives to boost women participation have also been kickstarted by the private sector. While there are several challenges we need to scale in order to become the country we deserve to be, we are eternally optimistic about our ability to surmount them.

The overall comparison of a global super power with one of the oldest civilisations in the world is not only irresponsible but also blatantly ignorant. Our nation stands at the cusp of awakening and ever growing polarisation, much like the United States. We use our rather fantastical, emotionally charged and inspiring films to inculcate a culture of openness and make big budget movies about periods, homosexuality, and religious tolerance. In her 70 young years, India has kept one finger on the pulse of social change. The transactional approach she has adopted when assessing her loyalty to any country, be it the United States or India, is disheartening and just the kind of spirit a nation that thrives on unconditional patriotism-fueled progress does not need. As Indians living in the United States, the only parting advice we can give her is to continue texting friends and family while being out and about on American streets at 3 in the morning; for these roads too are rife with thorns, some much sharper than the ones in India.

(Mansi has written the piece along with her fellow NYU graduate Abhishek Dalal)

(Disclaimer: The opinions expressed above are the personal views of the authors and do not reflect the views of ZMCL)

The insidious culture of sexual harassment and assault is ubiquitous in the US too, spanning Wall Street, Hollywood and college campuses across the country.

Earlier this week, we came across Ms. Bhattacharyya's emotionally charged essay, 'Why an Indian girl chose to become an American woman' (published in Quartz) on her challenging journey to become a naturalised American citizen. She describes the alienation and disaffection she felt from her home country and how this largely stemmed from the fact that India had failed its women (and by extension her) due to the widespread sexual violence within our society. Finally, this disaffection led her to pursue a strategy of extending her stay in the United States (or literally anywhere else) in an attempt to escape the horrifically morbid fate Indian women are preordained. While we largely share her concerns about widespread violence against women, we find her characterisation of India's society misinformed, laced with generalities and therefore incredibly problematic. As Indians studying and working in the United States, we are confronted by a similar array of choices as Ms. Bhattacharyya. The US is inarguably a melting pot of diversity - a country that prides itself as the land of immigrants; attracting the best and brightest from every corner of the world. And yet, this fantastical 'land of the free' too suffers its own set of major issues ranging from mass gun violence to racism. The insidious culture of sexual harassment and assault is ubiquitous in the US too, spanning Wall Street, Hollywood and college campuses across the country. It is misleading to suggest that a woman can leave her house and drive for a 100 miles without a single care in the world. If one is to believe economist Amartya Sen, even if we multiply the instances of reported rape by 10 (to account for underreporting), estimates of its occurrence would still be substantially lower than in the UK, US, Sweden or South Africa. The fight for gender inequality and violence against women has miles to go in India as it does in the rest of the world, but despair and a defeatist attitude is not the way to win any battle, least of all this one. In her essay, Bhattacharyya laments that even change would be unable to undo the damage done by our history of oppression. It seems as if she hasn't examined the history of the very country she holds in such high regards. If India has a history for regressive practices, Western history is also replete with similar repression of women's rights right up to the early twentieth century. It was only after a long struggle that women were able to win the right to vote. And yet, if, as the writer herself argues, she feels safe enough to drive across the country at 3am, it is clear that things have changed. India on the other hand, being a relatively younger democracy and several years behind the United States in economic development cannot be dismissed as incapable of change or progress. We may be the world's 'smelliest' and most 'interesting' melting pot as frivolously put by Ms Bhattacharyya, but at least we broke the glass ceiling long before any of us even called it that with the reign of Indira Gandhi. As of 2018, this feat is yet to be accomplished by the world's oldest democracy, a country where she feels safer and more empowered in. The inscrutable Americans-esque analysis of her personal experience in the United States of feeling 'poor' and like an 'outsider' goes against the very spirit of why we moved to the US - a country that thrives on its immigrants' confidence and relentless will to stand out. She not only perpetuates the Indian stereotype of being secondary in America, but also reaffirms the superiority of someone up in the West determining just how hipster you had to be to be considered cool, or how much of your intellectual prowess authors like Hegel determine. While it may make for a catchy statement to call India a country that doesn't know what to do with its women, it's utterly careless to do so because of how dangerously wrong this narrative is. For starters, the Indian government through one of its landmark schemes MUDRA Yojana, provides small businesses across the country with seed capital in the form of loans, and almost 75 per cent of its beneficiaries are female entrepreneurs, thereby not making India a country that "doesn't know what to do with its women" as claimed by Ms. Bhattacharya. We are also the first country in the region to have a purely women-led railway station in Rajasthan affirming public female confidence in a state that is traditionally known for nothing but its textiles and rates of child marriage. Further initiatives to boost women participation have also been kickstarted by the private sector. While there are several challenges we need to scale in order to become the country we deserve to be, we are eternally optimistic about our ability to surmount them. The overall comparison of a global super power with one of the oldest civilisations in the world is not only irresponsible but also blatantly ignorant. Our nation stands at the cusp of awakening and ever growing polarisation, much like the United States. We use our rather fantastical, emotionally charged and inspiring films to inculcate a culture of openness and make big budget movies about periods, homosexuality, and religious tolerance. In her 70 young years, India has kept one finger on the pulse of social change. The transactional approach she has adopted when assessing her loyalty to any country, be it the United States or India, is disheartening and just the kind of spirit a nation that thrives on unconditional patriotism-fueled progress does not need. As Indians living in the United States, the only parting advice we can give her is to continue texting friends and family while being out and about on American streets at 3 in the morning; for these roads too are rife with thorns, some much sharper than the ones in India. (Mansi has written the piece along with her fellow NYU graduate Abhishek Dalal) (Disclaimer: The opinions expressed above are the personal views of the authors and do not reflect the views of ZMCL)

Opinion: India hasn't failed you, you failed India

The benchmark BSE Sensex drifted <a href="http://www.wionews.com/business-economy/money-market-rupee-opens-higher-against-dollar-35751">150 points lower and the NSE Nifty</a> slipped below the 10,400-mark in early deals today on selling in metal, PSU and realty counters amid weak global cues.

Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his Secretary of State Rex Tillerson with CIA Director Mike Pompeo, extending a shake-up of his administration, spurring concerns about a one-sided approach to international trade.

The 30-share index dropped 166.17 points or 0.49 per cent to 33,690.61. The gauge had lost 61.16 points in the previous session.

Similarly, the NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95.

Sectoral indices led by metal, PSU, realty, oil &amp; gas, auto, power and bank stocks were trading in the negative zone, falling up to 0.87 per cent.

Banking shares such as SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank also declined up to 2.30 per cent.

However, TCS, Infosys, Maruti Suzuki, Dr Reddy&#39;s, L&amp;T and Asian Paints trading in the green, gaining up to 0.74 per cent.

PNB stocks fell 4.23 per cent to Rs 93.85 after reports that the bank&#39;s exposure to alleged fraud may be over $2 billion.

Shares of Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for quarter-ended 31 December.

Brokers said that the sentiment remained negative on weak trend in other Asian markets following a drop in Wall Street as US President Donald Trump replaced his secretary of state, and plans to impose new tariffs on China.

Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,613.39 crore while foreign portfolio investors (FPIs) also bought shares worth Rs 7,028.42 crore yesterday, provisional data showed.

In the Asian region, Japan&#39;s Nikkei fell 1.03 per cent, Hong Kong&#39;s Hang Seng shed 1.18 per cent in early trade. China&#39;s Shanghai Composite index too down 0.46 per cent.

NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95

The benchmark BSE Sensex drifted 150 points lower and the NSE Nifty slipped below the 10,400-mark in early deals today on selling in metal, PSU and realty counters amid weak global cues. Asian stocks declined following an overnight slide in US equities after President Donald Trump replaced his Secretary of State Rex Tillerson with CIA Director Mike Pompeo, extending a shake-up of his administration, spurring concerns about a one-sided approach to international trade. The 30-share index dropped 166.17 points or 0.49 per cent to 33,690.61. The gauge had lost 61.16 points in the previous session. Similarly, the NSE Nifty fell 37.90 points or 0.36 per cent to 10,388.95. Sectoral indices led by metal, PSU, realty, oil & gas, auto, power and bank stocks were trading in the negative zone, falling up to 0.87 per cent. Banking shares such as SBI, ICICI Bank, Axis Bank, Bank of India, Yes Bank, Andhra Bank and Canara Bank also declined up to 2.30 per cent. However, TCS, Infosys, Maruti Suzuki, Dr Reddy's, L&T and Asian Paints trading in the green, gaining up to 0.74 per cent. PNB stocks fell 4.23 per cent to Rs 93.85 after reports that the bank's exposure to alleged fraud may be over $2 billion. Shares of Gitanjali Gems cracked 4.90 per cent to Rs 13.60 after National Stock Exchange (NSE) levied penalty on the company for failure to file financial results for quarter-ended 31 December. Brokers said that the sentiment remained negative on weak trend in other Asian markets following a drop in Wall Street as US President Donald Trump replaced his secretary of state, and plans to impose new tariffs on China. Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 1,613.39 crore while foreign portfolio investors (FPIs) also bought shares worth Rs 7,028.42 crore yesterday, provisional data showed. In the Asian region, Japan's Nikkei fell 1.03 per cent, Hong Kong's Hang Seng shed 1.18 per cent in early trade. China's Shanghai Composite index too down 0.46 per cent.

Sensex, Nifty fall in early trade

In a heavy blow to the financial markets worldwide on Thursday, the US president Donald Trump increased the tariff up to 25 percent on the steel exports, which is expected to impact the South Korean manufacturers of steel.

While addressing a meeting with the business executives at the White House, he further intended to impose 10 percent tariff on the aluminium imports within the next week.This announcement impacted the stock markets as the equity indices recorded a steep flow.

At the close of trading in New York, the S&amp;P 500 had fallen 1.3 percent and the Dow Jones Industrial Average was off 1.7 percent.

This move of the Trump government has been opposed by the European Union and is further mooted to be in favour of the trade policies of US.Donald Trump is taken this step as part of national security investigation that allows him to invoke a loophole in the international trade rules enabling countries to impose trade restrictions during the war times.&nbsp;

At the close of trading in New York, the S&P 500 had fallen 1.3 percent and the Dow Jones Industrial Average was off 1.7 percent.

In a heavy blow to the financial markets worldwide on Thursday, the US president Donald Trump increased the tariff up to 25 percent on the steel exports, which is expected to impact the South Korean manufacturers of steel. While addressing a meeting with the business executives at the White House, he further intended to impose 10 percent tariff on the aluminium imports within the next week.This announcement impacted the stock markets as the equity indices recorded a steep flow. At the close of trading in New York, the S&P 500 had fallen 1.3 percent and the Dow Jones Industrial Average was off 1.7 percent. This move of the Trump government has been opposed by the European Union and is further mooted to be in favour of the trade policies of US.Donald Trump is taken this step as part of national security investigation that allows him to invoke a loophole in the international trade rules enabling countries to impose trade restrictions during the war times.

US: Stock Exchange tumbles after steel tariff announcement

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