Sensex, Nifty open on a positive note; DHFL gains 5%

Market opens: Benchmark indices opened on flat with positive baas on May 17 amid mixed global cues with Nifty above 11,250.

At 09:17 hrs IST, the Sensex is up 80.26 points at 37473.74, while Nifty is up 21.40 points at 11278.50. About 419 shares have advanced, 327 shares declined, and 33 shares are unchanged. 

Yes Bank, Zee Entertainment, DHFL, TCS, RIL, M&M, ITC, Wipro, Manapparum Finance and Reliance Capital are among major gainers on the indices, while losers are BPCL, NTPC, Eicher Motors, Sun Pharma, Tata Steel, SBI, PNB, PNB Housing, Interglobe Aviation and JSW Steel.

On the sectoral front IT, bank and FMCG are witnessing buying interest, while pharma, metal, infra and energy are trading lower.

Source: https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-on-a-positive-note-dhfl-gains-5-3984341.html

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Closing Bell: Nifty ends below 11,200, Sensex falls 203 points; Yes Bank, Tata Motors tank 8%

Market Close: The benchmark indices ended lower in the volatile trading on May 15 with Nifty closed below 11,200 mark.

At close, the Sensex was down 203.65 points at 37,114.88, while Nifty was down 65 points at 11,157. About 982 shares have advanced, 1544 shares declined, and 176 shares are unchanged. 

Yes Bank, Tata Motors, Zee Entertainment, JSW Steel and Gail were the top losers on the Nifty, while gainers were Bajaj Finance, Eicher Motors, UPL, IOC and Indiabulls Housing.

Among the sectors, metal index slipped 2 percent followed by auto, infra, pharma, FMCG and bank. 

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-below-11200-sensex-falls-203-points-yes-bank-tata-motors-tank-8-3974401.html

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Lupin Q4 preview: Net profit likely to fall, EBITDA margin to take a hit

Drug major Lupin is expected to report a fall in its March quarter earnings, according to research and broking firm Prabhudas Lilladher. It expects Lupin to report net profit at Rs 253.2 crore, down 62.8% year-on-year.

Net sales are expected to increase by 2.1 percent YoY (down 7.2 percent QoQ) to Rs. 4,061 crore. Earnings before interest, tax, depreciation and

amortisation (EBITDA) are likely to fall by 14.3 percent YoY (down 10.5 percent QoQ) to Rs. 560.1 crore.

Narnolia Financial Advisors expects revenue from US generics business to increase by 6 percent YoY to $212 million in Q4FY19 on account of gRanexa and Levothyroxine launch though the impact on sales will be lower this quarter as the drug was launched in the latter half of the quarter.

In the US branded business, the firm assumes the revenue to increase by 63 percent QoQ to $13 million based on the Solosec ramp up as the company is focussing on increasing the prescriptions.

The research firm expects India and APAC to grow by 14 percent and 5 percent YoY to Rs. 1097 crore and Rs 699 crore respectively. Going forward, it believes Japan will turn out be interesting market as the company has received PMDA approval for Etanercept.

Narnolia expects EBITDA margin to decline by 171 bps YoY to 15.9 percent in Q4FY19 on account of increased remediation cost related to inspection in Somerset and Mandideep facilities.

Morgan Stanley believes that earnings concentration risk has normalised and new product catalysts are in sight to revive earnings. It expects Rs 37.0 and Rs 49.7 EPS for FY20 and FY21 (a 52 percent two-year CAGR), which is 7 percent and 15 percent ahead of consensus.

The brokerage said key earnings drivers include complex products in developed markets, steady growth in emerging markets and tight cost control, which together should drive up margins.

According to Kotak Institutional the US business is likely to grow USD50 million QoQ, given Ranexa exclusivity, and supported by a stable base business as well as Tamiflu contribution. It also includes USD 3 million QoQ growth in Solosec. The firm expects the domestic business to grow 14% YoY, South Africa and Europe to grow 10% and 8% yoy respectively, and Japan to grow 7%.

Kotak expects EBITDA margins (excluding licensing income in 3QFY19) to expand by 430 bps qoq to ~17%, driven by US scale-up, particularly, Ranexa exclusivity. EPS likely to jump 112% QoQ, though, yearly EPS numbers are not comparable given Gavis write-off in 4QFY18.

Narnolia Financial Advisors expects revenue from US generics business to increase by 6% YoY to USD 212 million in Q4FY19 on account of gRanexa and Levothyroxine launch though the impact on sales will be lower this quarter as the drug was launched in the latter half of the quarter. In the US branded business, the firm assumes the revenue to increase by 63% QoQ to USD 13 million based on the Solosec ramp up as the company is focussing on increasing the prescriptions, it added.

Narnolia expects India and APAC to grow by 14% and 5% YoY to Rs 1097 crore and Rs 699 crore respectively. Going forward, it believes Japan will turn out to be interesting market as the company has received PMDA approval for Etanercept.

The research firm expects EBITDA margin to decline by 171 bps YoY to 15.9% in Q4FY19 on account of increased remediation cost related to inspection in Somerset facility and Mandideep facility which has been classified as “OAI”.

Source: https://www.moneycontrol.com/news/business/earnings/lupin-q4-preview-net-profit-likely-to-fall-ebitda-margin-to-take-a-hit-3971211.html

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Nifty opens above 11,250, Sensex gains 100 pts; Yes Bank falls 4%

Market Opens: It is a good start for the market on May 15 with Nifty opened above 11,250 level.

At 09:17 hrs IST, the Sensex is up 116.55 points at 37435.08, while Nifty is up 34.50 points at 11256.50. About 444 shares have advanced, 203 shares declined, and 21 shares are unchanged. 

SBI, IndusInd Bank, Axis Bank, ICICI Bank, Nestle India are among major gainers on the indices, while losers are Yes Bank, Dr Reddy's Lab, Bharti Airtel, JSW Steel, Pidilite and Jet Airways.

All the sectoral indices are trading in green led by energy, FMCG, auto, bank and IT.

Rupee Opens: The Indian rupee opened higher by 10 paise at 70.34 per dollar on Wednesday versus previous close 70.44.

Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-opens-above-11250-sensex-gains-100-pts-yes-bank-falls-4-3974401.html

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Closing Bell: Indices snap 9-day losing streak, Sensex gains 227 pts; PSU banks rally

Market close: Benchmark indices closed in the green after falling for nine consecutive sessions. Sensex was up 227 points at 37,318.53, while Nifty closed at 11,222, up 73.80 points. About 1223 shares have advanced, 1260 shares have declined, and 132 shares are unchanged.
 

Sun Pharma, Bharti Airtel, Indiabulls Housing and Vedanta were among top index gainers, while TCS, Tech Mahindra, HCL Technologies and Bajaj Finance were among the top losers on the index.   
 

Except IT that fell over 1 percent, all sectoral indices were trading in the green. PSU Bank is the biggest gainer, surging about 3 percent. 

Nifty Midcap 100 was up 80 points at 16737.25, while Nifty Smallcap 100 was at 6,142.80, up 43 points

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-indices-snap-9-day-losing-streak-sensex-gains-227-pts-psu-banks-rally-3969011.html

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India Yamaha Motor achieves 10 million production milestone

Japanese two-wheeler manufacturer Yamaha Motor has achieved 10 million production milestone in the country, the company said on Tuesday.

The company which has three manufacturing facilities at Surajpur (Chhattisgarh), Faridabad (Haryana) and Chennai (Tamil Nadu) jointly contributed to the overall production achievement till date.

"The 10 millionth product --a FZS-FI Version 3.0 -- was rolled out at the company's Chennai factory in the presence of senior management officials from Yamaha Motor, Yamaha Motor India Group of Companies, Mitsui and Company, vendor park companies, employees...", the statement said.

The company said it also achieved a milestone of producing five million units between 2012 and 2019. Of the 10 million units produced till date, 80 per cent of it were manufactured at Surajpur and Faridabad facilities while remaining from Chennai unit. Motorcycle models contributed to 77.88 lakh units while scooter was 22.12 lakh units, it said.

Source: https://www.moneycontrol.com/news/business/india-yamaha-motor-achieves-10-million-production-milestone-3971321.html

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Benchmark indices open flat, Nifty around 11,150; Sun Pharma up 4%

Market Opens: It is flat opening for market as Nifty has opened at 11,151.65, up 3 points. Sensex has opened at 37,146.58. 
 

About 316 shares have advanced, 713 shares have declined, and 35 shares are unchanged.

Sun Pharma, Vedanta, Reliance, IndusInd Bank, ITC, Adani Ports and Eicher Motors are among major gainers on the indices, while losers are Tata Steel, Infosys, ONGC, Asian Paints and L&T.

Among sectoral indices, FMCG, Pharma and PSU banks are trading higher.

Source: https://www.moneycontrol.com/news/business/markets/market-live-sgx-nifty-indicates-lower-opening-for-indian-indices-3969011.html

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Rupee ends 61 paise lower at 70.52 per dollar

The Indian rupee ended near day's low on May 13 as it slipped 61 paise at 70.52 per dollar versus previous close 69.91.

The domestic currency ended at lowest level against dollar since March 1, while it has posted biggest single session fall against dollar since April 4.

Rupee remained under pressure as uncertainty following trade tensions between US and China escalated. US President ordered to begin the process of imposing tariffs on all remaining imports from China, underscoring a lack of progress by US and Chinese negotiators. It said Beijing was open to talks but would not yield on important issues of principle. It is expected that leaders of both the economies could meet at the G20 summit scheduled in Japan in late June, said Motilal Oswal.

On the domestic front, India’s industrial production number was released; data showed the industrial output declined 0.1% thereby keeping the rupee under pressure.

ITC Q4 review: Cigarette volume play, broader growth levers positive; accumulate

ITC’s Q4 operating sales grew 13.3 percent YoY (year on year), buoyed by strong top line growth across segments. A key takeaway is better than expected volume growth in the cigarette business, which is estimated at 7-8 percent.

EBITDA margins, however, contracted by 103 bps on account of higher cost of goods sold and rise in employee costs.

Segmental margins in cigarette and hotels businesses were lower than last year while there was a significant improvement in margins for FMCG (others) and paperboard business. The company highlighted that FMCG (others) EBITDA margin is 7 percent  as against 5.7 percent in Q4 FY18 – still a long way off the frontline FMCG benchmarks, but fast improving.

While net profit has grown nearly 19 percent, this includes a net gain on restructuring of the Lifestyle retailing business, consisting of sale proceeds of John Players trademark/copyright amounting to Rs 70.5 crore.

Source:https://www.moneycontrol.com/news/business/moneycontrol-research/itc-q4-review-cigarette-volume-play-broader-growth-levers-positive-accumulate-3967011.html

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Closing Bell: Nifty fails to hold 11,300, Sensex falls 95 points; SBI gains 2% post Q4

Market Close: The market registered eighth consecutive day fall on May 10 with Nifty ended below 11,300.

At close, the Sensex was down 95.92 points at 37,462.99, while Nifty was down 22.90 points at 11,278.90. About 1187 shares have advanced, 1270 shares declined, and 162 shares are unchanged. 

Tata Steel, HCL Tech, Yes Bank, IndusInd Bank and IOC were among major losers on the Nifty, while gainers include Zee Entertainment, Titan Company, Bharti Airtel, SBI and Indiabulls Housing.

Metal, IT, pharma, energy, FMCG and auto witnessed selling pressure, while some buying seen in the banks and infra sectors. Midcap and smallcap index ended with marginal gains.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-fails-to-hold-11300-sensex-falls-95-points-sbi-gains-2-post-q4-3955501.html

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SBI reports Q4 profit of Rs 838 crore; asset quality improves

State Bank of India (SBI) has reported net profit of Rs 838.4 crore for the quarter ended March 31, 2019 on the back of higher provisions. The bank had reported loss of Rs 7,718 crore in a year ago period.

Its operating profit was up 6 percent at Rs 16,933 crore versus Rs 15,883 crore, YoY.

The net interest income (NII) of the bank rose 14.9% to Rs 22,954 crore versus Rs 19,974 crore.

The company's gross NPA was down at 7.53 percent against 8.71 percent, while net NPA was down at 3.01 percent versus 3.95 percent, QoQ.

In absolute terms, the gross NPA was down to Rs 1.72 lakh crore from Rs 1.88 lakh crore, while net NPA was at Rs 65,895 crore against Rs 80,944 crore, QoQ.

The bank's provision coverage ratio was at 78.73% versus 74.6%. Provisions for NPAs was at Rs 17,336 crore versus Rs 13,971 crore in the previous quarter and Rs 24,080 crore in the corresponding quarter of last year.

The bank has made a provision of Rs 3,984 crore (Total Rs 5,643.41 crore) for the year ended March 31, 2019 towards arrears of wages due for revision w.e.f November 1, 2017.

State Bank of India was quoting at Rs 299.45, up Rs 0.20, or 0.07 percent on the BSE.

Source: https://www.moneycontrol.com/news/business/earnings/sbi-reports-q4-profit-of-rs-838-crore-asset-quality-improves-3957191.html

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Sensex, Nifty open higher; HCL Tech, Voltas decline 3%

Market opens: It is a flat higher for the market on the last trading day of the week with Nifty around 11,330 level.

At 09:17 hrs IST, the Sensex is up 138.45 points at 37697.36, while Nifty is up 31.30 points or 0.28% at 11333.10. About 457 shares have advanced, 181 shares declined, and 22 shares are unchanged. 

Zee Entertainment, ICICI Bank, Yes Bank, RIL, SBI, Tata Steel, TCS are among major gainers on the indices, while losers are Asian Paints, Voltas, IOC, Wipro, HCL Tech, Infosys, Mahanagar Gas and Berger Paints.

On the sectoral front, IT and FMCG are trading marginally lower, while metal, pharma, auto and bank are witnessing buying interest.

Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-nifty-open-higher-hcl-tech-voltas-decline-3-3955501.html

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Closing Bell: Nifty ends at 11,300, Sensex falls 230 pts; RIL down 3% on MS downgrade

Market close: It is another weak closing for the Indian stock market as benchmark indices finished lower for seventh straight day. Nifty broke the 11,300 level during intraday and touched a low of 11,255.05.

At close, the Sensex was down 230.22 points at 37558.91, while Nifty was down 57.70 points at 11301.80. About 1074 shares have advanced, 1370 shares declined, and 150 shares are unchanged. 

Top losers on the Nifty were Reliance Industries, BPCL, Coal India, Asian Paints and NTPC, while gainers include Zee Entertainment, Yes Bank, Bajaj Finserv, Bajaj Finance and Hero Motocorp.

Among sectoral indices metal, infra, energy, pharma and bank ended in red, while some buying seen in the IT and FMCG.

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Source:https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-at-11300-sensex-falls-230-pts-ril-down-3-on-ms-downgrade-3950211.html

Nifty breaks 11,300, Sensex falls over 150 pts; RIL top loser

Market opens: It is weak start for the benchmark indices on May 9 with Nifty opened around 11,300 level.

At 09:17 hrs IST, the Sensex is down 150.24 points at 37638.89, while Nifty down 39.70 points at 11319.80.

Yes Bank, Adani Ports, BPCL, UPL, Grasim, Gail, Cipla, HDFC, Power Grid and RIL are trading lower, while on the other hand Hindalco, Britannia, Wipro, IOC, Coal India and Hero Motocorp are among major gainers.

Among sectors, except metal all other sectors are trading lower.

Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-hovers-around-11300-sensex-falls-over-150-pts-ril-top-loser-3950211.html

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Closing Bell: Heavy selling drags Sensex 487 pts, Nifty ends around 11,350; RIL, Zee major losers

Market close: Benchmark indices finished near day's low on Wednesday amid weak global cues.

The Sensex has closed below 38,000, while Nifty also break below 11,350 during intraday.

At close, the Sensex was down 487.50 points at 37789.13, while Nifty was down 138.40 points at 11359.50. About 685 shares have advanced, 1778 shares declined, and 148 shares are unchanged. 

Zee Entertainment, Bajaj Finance, Reliance Industries, Tata Motors and Bajaj Finserv were among major losers on the Nifty, while gainers were UPL, JSW Steel, Titan Company, BPCL and Coal India. 

All sectoral indices ended in red led by energy, pharma, auto, bank, infra, FMCG, metal and IT. Midcap and smallcap index shed 1 percent each.

Source:https://www.moneycontrol.com/news/business/markets/closing-bell-heavy-selling-drags-sensex-487-pts-nifty-ends-around-11350-ril-zee-major-losers-3945201.html

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Titan Q4 preview: Brokerages expect double-digit growth in profit, revenue

Titan Company is expected to report double-digit growth across parameters in the quarter ending March 31. The Jewellery-to-watch maker will announce its quarterly results on May 8.

Its recent guidance for FY19 also indicated that trend. While the growth in jewellery business is likely to be in double-digits, an encouraging show from watches, eye wear and other segments was the key takeaway from the company's recent guidance.

For FY19, topline growth would be close to 22 percent year-on-year (YoY) as against a revenue uptick of 24.9 percent YoY in FY18, the company said last month.

According to brokerages, profit growth for the March quarter could be in the range of 19-37 percent and revenue may rise 15-23 percent backed by jewellery as well as watch & eyewear segments.

"We model (1) 24 percent YoY growth in jewellery segment revenues, (2) 17 percent YoY growth in the watches segment revenues driven by share gains and (3) 19 percent growth in eyewear," said Kotak which expects reported PAT growth of 64 percent and adjusted PAT growth of 37 percent on a revenue growth of 23 percent.

ICICI Securities, which expects 19 percent growth in profit and 17 percent in revenue, said despite a challenging scenario for jewellery players, Titan continues to gain market share.

Prabhudas Lilladher also said though industry consumption demand remained weak on increasing gold prices and financing issues, it expects good performance led by market share gain from unorganised players and traction form product activations.

"We expect Titan to continue the pace of its store openings."

At the operating level also, the performance is expected to be strong.

Kotak expects EBITDA margins to expand 200 bps YoY to 13.6 percent with strong margin improvement likely for watches and some increase in jewellery margins as well.

"We factor in EBITDA growth of 23.5 percent YoY for the quarter, with underlying margin expansion of 70bp YoY," Motilal Oswal said while Prabhudas Lilladher expects EBITDA growth of 20.5 percent YoY.

Source: https://www.moneycontrol.com/news/business/earnings/titan-q4-preview-brokerages-expect-double-digit-growth-in-profit-revenue-3944821.html

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Nifty opens below 11,450, Sensex down about 200 pts; Vedanta slips 2%

Market Opens: It is weak start for the Indian indices on May 8 with Nifty below 11,450.

At 09:17 hrs IST, the Sensex is down 239.22 points at 38037.41, while Nifty is down 65.20 points at 11432.70. About 208 shares have advanced, 451 shares declined, and 31 shares are unchanged. 

Vedanta, Asian Paints, HDFC Bank, Tata Motors, SBI, RIL are among major losers on the indices, while gainers include Zee Entertainment, Gail, IndusInd Bank and Ceat.

All sectoral indices are trading in red led by metal, FMCG, auto, bank, energy, pharma and IT.

Rupee Opens: The Indian rupee opened lower at 69.55 per dollar on Wednesday versus Tuesday's close 69.43.

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Source:https://www.moneycontrol.com/news/business/markets/market-live-nifty-opens-below-11450-sensex-down-about-200-pts-vedanta-slips-2-3945201.html

Closing bell: Late selling drags Sensex 324 pts, Nifty ends a tad below 11,500

Nifty Ends a Tad Below 11,500

The late selling pulled Nifty50 below its crucial support of 11,500, dragged by Reliance Industries, ICICI Bank, ITC, IOC and Tata Motors which fell 2-4 percent.

The BSE Sensex closed at 38,276.63, down 323.71 points and Nifty50 fell 100.35 points to 11,497.90.

However, Infosys, HUL, L&T, Wipro, ONGC and Titan Company bucked the trend, rising 1-2 percent.

The broader markets also caught in bear trap. The Nifty Midcap index lost 1.2 percent and Smallcap index fell 1 percent.

All sectoral indices closed in the red barring IT. Nifty Bank, Metal and Realty were prominent losers, falling over a percent each.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-late-selling-drags-sensex-324-pts-nifty-ends-a-tad-below-11500-3940101.html

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Sensex gains 100 points, Nifty above 11,600; metal stocks in focus

Market Opens: It is good start for the Indian indices on May 7 after a weak closing registered on May 6.

At 09:16 hrs IST, the Sensex is up 166.55 points at 38,766.89, while Nifty is up 44 points or 0.38% at 11642.30. About 454 shares have advanced, 188 shares declined, and 25 shares are unchanged. 

Marico, Bharti Airtel, Yes Bank, HDFC Bank, Tata Steel, Vedanta, Tata Motors, IndusInd Bank, Britannia, SBI, Power Grid, are among major gainers on the indices, while lowers are ICICI Bank, IOC, ONGC, Indiabulls Housing, HPCL and BPCL

Among the sectors, except energy all other indices are trading higher.

Source:https://www.moneycontrol.com/news/business/markets/market-live-sensex-gains-100-points-nifty-above-11600-metal-stocks-in-focus-3940101.html

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Nifty ends below 11,600, Sensex falls 362 pts on weak global cues; metal stocks drag

Market close: Benchmark indices ended lower but off day's low on Monday amid fresh trade worries between US-China.

The Sensex was down 362.92 points at 38600.34, while Nifty was down 114 points at 11598.30. About 887 shares have advanced, 1581 shares declined, and 166 shares are unchanged. 

Zee Entertainment, Titan Company, Yes Bank, Tata Motors and JSW Steel were among major losers on the indices, while gainers were BPCL, TCS, ITC, Bajaj Finserv and Bharti Airtel.

Except IT, all other sectoral indices ended in red led by metal, infra, bank, auto, pharma and FMCG.

Source: https://www.moneycontrol.com/news/business/markets/closing-bell-nifty-ends-below-11600-sensex-falls-362-pts-on-weak-global-cues-metal-stocks-drag-3934261.html

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Marico to report Q4 earnings today; here's what brokerages are expecting

FMCG firm Marico, which will announce its March quarter earnings on April 6,  is expected to report net profit growth of 15-22%.

The pre-Q4FY19 commentary seems decent, while India business volume growth should be around 8 percent YoY, said CLSA.

It forecast the company to report more than 15 percent growth in EBITDA as well as net earnings. The company is a top pick due to a strong launch pipeline and margin visibility.

The global research firm has maintained a buy on the stock with a target at Rs 465 per share.

Kotak Institutional Equities expects Marico to report a consolidated net profit of Rs 211.4 crore, up 17.1 percent year-on-year (down 14.5 percent quarter-on-quarter).

Net Sales are expected to increase by 14.9 percent YoY (down 8.6 percent QoQ) to Rs. 1,700.8 crore while Earnings before interest, tax, depreciation and amortisation (EBITDA) is likely to rise 20.7 percent YoY (down 12.7 percent QoQ) to Rs 304.5 crore.

ICICI Direct expects the FMCG company to report net profit at Rs 212.2 crore, up 15.8 percent year-on-year (down 15.7 percent quarter-on-quarter).

According to Motilal Oswal, sales of Marico is likely to grow 12.1 percent YoY to ~Rs 1,660 crore, with 8.5 percent growth in domestic volumes while gross margin expansion is likely to clock 70bp YoY to 47.3 percent. EBITDA is expected to grow at 18.5 percent YoY, with margin expansion of 100bp YoY to 18.5 percent in the quarter.

Adjusted PAT is projected to grow by 22.7 percent YoY to ~Rs 220 crore, higher than EBITDA growth, due to a low tax rate in the base, Motial Oswal added

Source:https://www.moneycontrol.com/news/business/earnings/marico-to-report-q4-earnings-today-heres-what-brokerages-are-expecting-3935661.html

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Oil prices tumble by more than 2% after Donald Trump announces new tariffs on Chinese goods

Oil prices tumbled by more than 2 percent on Monday after U.S. President Donald Trump on Sunday said he would sharply hike tariffs on Chinese goods this week, risking derailing months of trade talks between the world's two biggest economies.

U.S. West Texas Intermediate (WTI) crude futures were at $60.44 per barrel at 0032 GMT on Monday, down $1.50 per barrel, or 2.4 percent, from their last settlement.

Brent crude oil futures were at $69.34 per barrel, down $1.51 per barrel, or 2.1 percent, from their last close.

Trump on Sunday said on Twitter he would drastically hike U.S. tariffs on Chinese goods this week, pulling down global financial markets, including crude oil futures.

The Wall Street Journal reported that Beijing is considering cancelling all trade talks with Washington.

"Trump has taken the proverbial sledgehammer to the walnut this morning ... by threatening to slap a 25 percent tariff on a mind-boggling $525 billion of Chinese goods by this Friday," said Jeffrey Halley, senior market analyst at futures brokerage OANDA in Singapore.

Within the oil industry, there are signs of a further rise in output from the United States, where crude production has already surged by more than 2 million barrels per day (bpd) since early 2018, to a record 12.3 million bpd. That has made the United States the world's biggest producer ahead of Russia and Saudi Arabia.

The number of rigs drilling for gas in the United States fell by 3 to 183 in the week to May 3, while oil-directed drilling rigs rose by 2 to 807, data from oil services firm Baker Hughes showed on Friday.

Source:https://www.moneycontrol.com/news/business/markets/oil-prices-tumble-by-more-than-2-after-donald-trump-announces-new-tariffs-on-chinese-goods-3934831.html

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