Dollar extends gains on rate hike prospects

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Friday amid expectations the Federal Reserve next week will trim its bond-buying program and release a monetary policy statement possibly hinting at when benchmark interest rates may rise.

In U.S. trading on Friday, EUR/USD was up 0.23% at 1.2952, mainly as investors felt the greenback had risen too high against the single currency in recent sessions and sold the dollar for profits.

The euro has come under pressure in recent sessions on expectations for European and U.S. monetary policies to diverge.

While the European Central Bank recently cut interest rates and announced plans to purchase asset-backed securities to shore up the economy, the Federal Reserve is expected to close its bond-buying program next month and begin hiking interest rates in 2015, likely sooner than once anticipated.

The Fed will meet next week to review monetary policy, and markets are hoping for hints as to when benchmark interest rates will rise.

The Fed is also expected to cut its quantitative easing program to $10 billion in Treasury and mortgage-backed securities purchased each month from $15 billion before closing the program in October.

Still, by Friday investors felt the greenback's gains over the single currency grown somewhat frothy, and sold the U.S. currency for profits despite upbeat U.S. data.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to a 14-month high of 84.6 this month from 82.5 in August. Analysts had expected the index to rise to 83.3 in September.

The report came after official data showed that U.S. retail sales rose 0.6% last month, in line with expectations. Retail sales for July were revised to a 0.3% gain from a previously estimated flat reading.

Core retail sales, which exclude automobiles, increased by 0.3% in August, also in line with market expectations and growing at the fastest pace since April. July's figure was revised to a 0.3% gain from a previously estimated 0.1% rise.

The dollar was up against the yen, with USD/JPY up 0.23% at 107.34, and down against the Swiss franc, with USD/CHF down 0.22% at 0.9340.

The yen remained in negative territory after BoJ Governor Haruhiko Kuroda said Thursday monetary authorities would be prepared to immediately loosen monetary policy or implement other measures if its 2% inflation target becomes difficult to meet.

Earlier this week official data showed that Japan's second quarter economic contraction was larger than initially estimated, and another report showed that the country's current account surplus fell short of expectations in July.

The lackluster data indicated the economy is struggling to gain momentum and fuelled expectations for more stimulus from the Japanese central bank.

The greenback was down against the pound, with GBP/USD up 0.12% at 1.6258.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.51% at 1.1093, AUD/USD down 0.63% at 0.9043 and NZD/USD down 0.42% at 0.8148.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.09% at 84.39.

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Gold dips on strong U.S. data, Fed prospects

Investing.com - Investing.com - Gold prices edged lower on Friday after upbeat U.S. data fueled speculation that the Federal Reserve will make fresh cuts to its bond-buying program at a policy meeting next week, with added hopes that language may hold clues as to when rates may rise also pushing the yellow metal lower.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,229.10 a troy ounce during U.S. trading, down 0.80%, up from a session low of $1,228.20 and off a high of $1,242.20.

The December contract settled down 0.51% at $1,239.00 on Thursday.

Futures were likely to find support at $1218.60 a troy ounce, the low from Jan. 8, and resistance at $1,279.20, last Thursday's high.

The Thomson Reuters/University of Michigan preliminary consumer sentiment index rose to a 14-month high of 84.6 this month from 82.5 in August. Analysts had expected the index to rise to 83.3 in September.

The report came after official data showed that U.S. retail sales rose 0.6% last month, in line with expectations. Retail sales for July were revised to a 0.3% gain from a previously estimated flat reading.

Core retail sales, which exclude automobiles, increased by 0.3% in August, also in line with market expectations and growing at the fastest pace since April. July's figure was revised to a 0.3% gain from a previously estimated 0.1% rise.

Friday's data fueled already growing expectations that the Federal Reserve will hike interest rates earlier than markets were expecting, with tightening seen taking place now in mid-2015.

A study released by the San Francisco Feb on Monday indicated that central bank officials see rates rising sooner than markets expect.

Loose monetary policies such as stimulus programs bolster gold due to its appeal as a hedge to a weaker dollar, while talk of tightening has the opposite effect.

The Fed's monthly bond-buying program currently stands at $25 billion, though markets are expecting that figure to fall to $15 billion at next week's meeting and close in October.

Investors also hope the Fed's Sept. 17 statement on monetary policy will hold clues as to when rates may rise.

Meanwhile, silver for December delivery was down 0.09% at $18.583 a troy ounce, while copper futures for December delivery were up 0.27% at $3.101 a pound.

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Crude rises as U.S. slaps fresh sanctions on Russia

Investing.com - Investing.com - Oil prices shot up on Wednesday after the U.S. said it would join its European allies and slapped fresh sanctions on Russia on accusation of meddling in the Ukraine conflict, which stoked fears a ceasefire could end and allow fighting to disrupt crude supply.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 1.39% at $92.95 a barrel during U.S. trading. New York-traded oil futures hit a session low of $90.46 a barrel and a high of $92.98 a barrel.

The October contract settled down 1.16% at $91.67 a barrel on Wednesday.

Nymex oil futures were likely to find support at $90.46 a barrel, the session low, and resistance at $93.94 a barrel, Tuesday's high.

U.S. President Barack Obama said earlier Washington will join the European Union and slap fresh sanctions on Russia, accusing it of meddling in neighbor Ukraine's internal conflict.

Sanctions will target Russia's financial, energy, and defense sectors and will take effect on Friday, when further details will be released.

The move, which stoked fears of conflict-related supply disruptions from Russia if the move ends a ceasefire, offset bearish data.

Earlier Thursday, the International Energy Agency lowered its forecast for oil demand growth this year for the third month in a row, calling the recent slowdown in demand 'nothing short of remarkable.'

The agency said it expects global oil demand to grow by 900,000 barrels a day in 2014, a decrease of 65,000 barrels a day compared with last month's forecast and down by 300,000 barrels a day since July.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were up 0.12% at US$98.16 a barrel, while the spread between Brent and U.S. crude contracts stood at US$5.21 a barrel.

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Gold dips as Fed meeting draws closer

Investing.com - Investing.com - Gold prices slipped on Thursday as investors avoided the yellow metal ahead of the Federal Reserve's statement on monetary policy meeting next week, which many bet will see further cuts to the U.S. central bank's monthly bond-buying program.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,239.50 a troy ounce during U.S. trading, down 0.47%, up from a session low of $1,235.80 and off a high of $1,250.80.

The December contract settled down 0.26% at $1,245.30 on Wednesday.

Futures were likely to find support at $1,235.20 a troy ounce, the low from Jan. 23, and resistance at $1,279.20, last Thursday's high.

Gold extended multi-session losses on expectations for the Federal Reserve to wind down its bond-buying program in October and hike interest rates in 2015, likely sooner than later.

Loose monetary policies such as stimulus programs bolster gold due to its appeal as a hedge to a weaker dollar, while talk of tightening has the opposite effect.

The Fed is widely seen cutting its monthly bond-buying program by $10 billion to $15 billion at its Sept. 16-17 meeting before possibly closing it in October.

A Federal Reserve Bank of San Francisco report published on Monday suggested rate hikes may come sooner than markets may be expecting, and investors hope next week's statement will provide similar clues.

Despite disappointments here and there, U.S. economic indicators collectively point to a recovery that is gaining steam.

Still, losses were somewhat limited, as expectations for physical demand to rise in Asia due to seasonal factors gave the commodity some support.

Meanwhile, silver for December delivery was down 1.58% at $18.627 a troy ounce, while copper futures for December delivery were down 0.57% at $3.093 a pound.

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Gold inches up though gains limited on Fed expectations

Investing.com - Investing.com - Gold prices inched up in cautious trading on Wednesday as investors snapped up nicely-priced positions in the commodity, though expectations that the Federal Reserve remains on track to hike interest rates sooner next year than once anticipated capped the precious metal's gains.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,248.70 a troy ounce during U.S. trading, up 0.02%, up from a session low of $1,244.60 and off a high of $1,258.50.

The December contract settled down 0.46% at $1,248.50 on Tuesday.

Futures were likely to find support at $1,241.20 a troy ounce, the low from June 5, and resistance at $1,279.20, last Thursday's high.

Gold has fallen in recent sessions due to growing expectations for the Federal Reserve to wind down its bond-buying program in October and hike interest rates in 2015, likely sooner than later.

Loose monetary policies support gold, while talk of tightening sends the yellow metal falling, though bargain hunters on Wednesday brought the commodity off earlier lows and poking up into positive territory at times.

Gains were limited, however, as expectations for changing U.S. monetary policy within a year supported the dollar, which trades inversely with gold.

The dollar firmed on expectations that U.S. retail sales and consumer-sentiment reports will come in solid this Friday, while the Federal Reserve will conclude a two-day policy meeting next week winding down asset purchases and moving closer to hiking benchmark interest rates.

A Federal Reserve Bank of San Francisco report published on Monday suggested rate hikes may come sooner than markets may be expecting.

The Fed is widely seen cutting its monthly bond-buying program by $10 billion to $15 billion at its Sept. 16-17 meeting before possibly closing it in October.

Many market participants are hoping the U.S. central bank's statement on monetary policy next week will hint at when rates may rise.

Despite disappointments here and there, U.S. economic indicators collectively point to a recovery that is gaining steam.

Meanwhile, silver for December delivery was up 0.33% at $18.983 a troy ounce, while copper futures for December delivery were up 0.31% at $3.112 a pound.

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Dollar extends gains as market bets on 2015 rate hike

Investing.com - Investing.com - The dollar traded largely higher against most major currencies on Wednesday as investors continued to take up positions betting that the Federal Reserve will raise interest rates sooner in 2015 than once anticipated.

In U.S. trading on Wednesday, EUR/USD was down 0.27% at 1.2904.

In a session void of major economic indicators, the dollar found support on expectations that U.S. retail sales and consumer-sentiment reports will come in solid this Friday, while the Federal Reserve will conclude a two-day policy meeting next week winding down asset purchases and moving closer to hiking benchmark interest rates.

A Federal Reserve Bank of San Francisco report published on Monday suggested rate hikes may come sooner than markets may be expecting.

The Fed is widely seen cutting its monthly bond-buying program by $10 billion to $15 billion at its Sept. 16-17 meeting before possibly closing it in October.

Many market participants are hoping the U.S. central bank's statement on monetary policy next week will hint at when rates may rise.

Despite disappointments here and there, U.S. economic indicators collectively point to a recovery that is gaining steam.

The euro, meanwhile, continued to come under pressure in wake of a European Central Bank decision to trim interest rates and roll out an asset-backed securities purchasing program.

The dollar was up against the yen, with USD/JPY up 0.63% at 106.86, and up against the Swiss franc, with USD/CHF up 0.54% at 0.9378.

The greenback was down against the pound, with GBP/USD up 0.54% at 1.6193.

The pound has come under heavy selling pressure after a weekend YouGov/Sunday Times found that 51% in Scotland favored voting for independence from the U.K. in a referendum set to take place on Sept. 18.

Another poll is due out Wednesday evening, though bottom fishers snapped up nicely-priced positions ahead of time in a session void of major economic indicators on both sides of the Atlantic.

Elsewhere, Bank of England Governor Mark Carney said earlier that the point at which interest rates will need to rise has moved closer.

Speaking in front of Parliament's Treasury committee Carney also said the BoE has a contingency plan to support financial stability in the U.K. if Scotland votes for independence, which added to Wednesday's gains.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.32% at 1.0945, AUD/USD down 0.50% at 0.9158 and NZD/USD down 0.17% at 0.8232.

The US Dollar Index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.21% at 84.44.

On Thursday, the U.S. is to produce its weekly report on initial jobless claims.

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Crude gains on hopes for upbeat U.S. supply data

Investing.com - Investing.com - Oil prices moved off nine-month lows on Tuesday, brushing off weak Chinese import data and Friday's soft U.S. jobs report on hopes weekly supply data will reflect solid demand in the world's largest consumer of crude.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in October traded up 0.29% at $92.93 a barrel during U.S. trading. New York-traded oil futures hit a session low of $92.53 a barrel and a high of $93.94 a barrel.

The October contract settled down 0.68% at $92.66 a barrel on Monday.

Nymex oil futures were likely to find support at $91.24 a barrel, the low from Jan. 9, and resistance at $93.62 a barrel, Monday's high.

Oil prices took a hit on Monday after data revealed China's imports dropped in August when markets were expecting them to expand, while Friday's disappointing jobs report in the U.S. also dampened demand for the growth-sensitive commodity.

While the U.S. economy continues to improve, fears the hiccups here and there coupled with concerns that global supply remains ample have sent oil prices tumbling in the past three sessions.

By Tuesday, investor bet that a global supply glut has been now priced into trading, which allowed crude prices to rise ahead of weekly U.S. supply data.

The American Petroleum Institute will release its inventories report later in the day, while Wednesday's government report could show crude stockpiles fell by 1.5 million barrels in the week ended Sept. 5.

Gains were limited due to ongoing expectations U.S. interest rates to rise sooner rather than later, which bolstered the dollar.

Oil prices typically weaken when the U.S. currency strengthens as the dollar-priced commodity becomes more expensive for holders of other currencies.

Separately, on the ICE Futures Exchange in London, Brent oil futures for October delivery were down 0.81% at US$99.39 a barrel, while the spread between Brent and U.S. crude contracts stood at US$6.46 a barrel.

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U.S. stocks dip on rate hike concerns, Apple fades; Dow falls 0.57%

Investing.com - Investing.com - U.S. stocks fell on Tuesday as concerns brewed that the Federal Reserve will hike interest rates sooner than later, though Apple stocks advanced earlier after the tech giant unveiled two new phone models as well as a smartwatch.

At the close of U.S. trading, the Dow 30 fell 0.57%, the S&P 500 index fell 0.65%, while the NASDAQ Composite index fell 0.87%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 6.64% at 13.50.

Expectations that borrowing costs are poised to rise in the U.S. took their toll on Wall Street Tuesday, especially as Treasury yields rose.

A Federal Reserve Bank of San Francisco report released on Monday hinted that markets may be underestimating the pace at which rates may rise, evidenced by low volatility.

"Recently, subdued levels of volatility in financial markets have received some attention. For example, Federal Reserve Chair Janet Yellen (2014) noted that 'indicators of expected volatility in some asset markets have fallen to low levels, suggesting that some investors may underappreciate the potential for losses and volatility going forward,''" the report read.

"Prices of financial assets, such as stocks and bonds, are sensitive to unexpected changes in interest rates because their present values are determined by discounting future cash flows. Thus, the low volatility in asset markets could, in part, reflect market participants' relative certainty about the future course of interest rates."

Stocks fell as investors repositioned themselves for the end of ultra-loose monetary policies that have remained in place since the 2008 financial crisis.

Retail sales and consumer sentiment reports are due out on Friday, and expectations for solid readings also fueled talk that the Federal Reserve at its Sept. 16-17 meeting may hint or even unveil at a timetable as to when rates may rise.

Apple Inc (NASDAQ:AAPL) shares rose after the company unveiled two larger-screen phones and a smartwatch, though by closing, prices ended down 0.38%, mainly on concerns that while Wall Street applauded the new products, macroeconomic factors took center stage for Apple and most other stocks.

Leading Dow Jones Industrial Average performers included UnitedHealth Group Incorporated (NYSE:UNH), up 0.74%, Microsoft Corporation (NASDAQ:MSFT), up 0.62%, and Coca-Cola Company (NYSE:KO), up 0.38%.

The Dow Jones Industrial Average's worst performers included Home Depot Inc (NYSE:HD), down 2.08%, McDonald's Corporation (NYSE:MCD), down 1.52%, and Goldman Sachs Group Inc (NYSE:GS), down 1.50%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.69%, France's CAC 40 fell 0.50%, while Germany's DAX fell 0.49%. Meanwhile, in the U.K. the FTSE 100 fell 0.08%.

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Coal-Gate: Cost of De-Allocation?

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Mon, Sep 08,2014 | 22:55, Updated at Mon, Sep 08 at 22:55Source : CNBC-TV18 

Tomorrow the Supreme Court will resume hearings on what to do about the 218 illegally granted coal blocks. Companies will argue that large scale de-allocation will be disastrous. The petitioners will argue the impact is not that big and worth the clean up effort. Will de-allocation hurt power generation? Would costs go up if de-allocation & re-allocation takes place? Would consumers have to pay more for power? What about the possible increase in bank NPAs if de-allocation leads to break in coal linkage for end use plant? To answer these questions. 'The Firm' spoke to the petitioner in the coal block allocation case- Sudiep Srivastava.

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U.S. stocks mixed to lower on slumping energy firms; Dow falls 0.15%

Investing.com - Investing.com - U.S. stocks fell on Monday on the coattails of falling energy companies, whose shares took a dive on slumping oil prices, while a general bout of profit taking sent broader indices edging lower as well.

At the close of U.S. trading, the Dow 30 fell 0.15%, the S&P 500 index fell 0.31%, while the NASDAQ Composite index rose 0.20%.

The Volatility S&P 500 index, which measures the outlook for market volatility, was up 4.71% at 12.66.

Oil prices tumbled earlier after data revealed that China's imports fell unexpectedly, underlining concerns over the health of the world's second largest economy.

Chinese exports climbed 9.4% from a year earlier, beating expectations for an 8% increase, however imports declined 2.4% last month, disappointing forecasts for a 1.7% gain, which pushed oil prices lower.

The country's trade surplus widened to a record high of $49.8 billion in August from $47.3 billion in July, compared to estimates for a surplus of $40.0 billion.

Oil prices continued to come under pressure from Friday's weak U.S. jobs report.

The Department of Labor reported that the U.S. economy added 142,000 jobs in August, far less than the expected increase of 225,000.

The report also showed that the U.S. unemployment rate ticked down to 6.1% last month, from 6.2%, in line with expectations.

Persistent concerns that the global economy still faces headwinds while oil supply remains ample have battered crude prices in recent sessions, which hit equities markets on Monday, especially on sentiments that military conflicts in Ukraine, Iraq and elsewhere in the Middle East have not disrupted shipments as once feared.

Profit taking sent stocks falling as well.

Recent factory gauges, service-sector reports, retail sales figures, broader economic growth numbers and other indicators have suggested the U.S. economy is on the mend despite hiccups here and there, which have pushed stock indices to record highs.

In company news, Yahoo! Inc (NASDAQ:YHOO) shares advanced on hopes for a strong Alibaba initial public offering. Yahoo owns a 22.4% stake in Alibaba.

Boeing Company (NYSE:BA) stocks rallied after Irish low-cost-carrier Ryanair Hldgs (NASDAQ:RYAAY) announced an order for 100 Boeing 737 aircraft with options to buy another 100.

Leading Dow Jones Industrial Average performers included Boeing Company (NYSE:BA), up 2.64%, Microsoft Corporation (NASDAQ:MSFT), up 1.22%, and Intel Corporation (NASDAQ:INTC), up 0.94%.

The Dow Jones Industrial Average's worst performers included Exxon Mobil Corporation (NYSE:XOM)l, down 1.50%, Wal-Mart Stores Inc (NYSE:WMT), down 1.26%, and Dupont Fabros Technology Inc (NYSE:DFT), down 0.97%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.29%, France's CAC 40 fell 0.26%, while Germany's DAX rose 0.11%. Meanwhile, in the U.K. the FTSE 100 fell 0.30%.

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Arabs vow to confront Islamic State, cooperate with international efforts

By Lin Noueihed and Omar Fahmy

CAIRO (Reuters) - Arab League foreign ministers agreed on Sunday to take all necessary measures to confront Islamic State and cooperate with international, regional and national efforts to combat militants who have overrun swathes of Iraq and Syria.

The Arab League also endorsed in the closing statement of its meeting in Cairo a UN Security Council resolution passed last month calling on member states to "act to suppress the flow of foreign fighters, financing and other support to Islamist extremist groups in Iraq and Syria".

Baghdad had earlier submitted a draft resolution endorsing its own efforts to confront militants who have seized large areas for a cross-border caliphate and to condemn Islamic State's actions as war crimes and crimes against humanity.

Diplomatic sources said before the meeting that Arab foreign ministers were set to endorse a U.S. aerial campaign against the group and Egypt's official Mena news agency said the ministers would agree to coordinate with the United States.

The final text did not directly endorse either the Iraqi or U.S. campaign against Islamic State, but diplomatic sources said the wording clearly offered Arab cooperation to U.S. and Iraqi efforts and could be read as a tacit agreement to back Washington's campaign against the group.

At the opening session, several foreign ministers spoke of the gravity of the challenge posed by Islamic State in Iraq as well as the violence that has engulfed Libya and other regions.

Arab League chief Nabil al-Arabi told the session that the rise of the group in Iraq challenged not merely the authority of the state but "its very existence and the existence of other states" and called for a decisive resolution to confront terrorism militarily, politically, economically and culturally.

Arabi suggested that military action could take place under the umbrella of an Arab League joint defence pact.

It was not clear whether the Arab commitment to take all necessary action against Islamic State and other militant groups would include direct military involvement in Iraq or Syria.

President Barack Obama declared last week that the United States was ready to "take out" leaders of Islamic State, and said NATO allies were prepared to join military action against a movement that he labelled a major threat to the West.

U.S. warplanes carried out four strikes against Islamic State militants threatening western Iraq's Haditha Dam early on Sunday, witnesses and senior officials said, broadening Washington's campaign against the fighters.

Obama would like Gulf Arab states to consider military action, but also to support Sunni Muslim moderates in Iraq and Syria who could undermine the appeal of Islamic State. He also wants Islamic State's sources of funding cut off, a point on which the closing statement touched.

U.S. Secretary of State John Kerry is to travel to Saudi Arabia and Jordan in the coming week for talks with Gulf leaders to determine whether they are prepared to back up their anti-jihadist rhetoric with action.

In a change of position, the Arab League statement also called for Syrian opposition groups to hold talks with the state aimed at creating a reconciliation government.

As the Syrian conflict has dragged on and Islamic militants have taken the upper hand, early Arab League support for opponents of Bashar al-Assad has given way to a more cautious tone.

(Editing by Rosalind Russell)

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Morgan smashes England to thrilling T20 victory

BIRMINGHAM England (Reuters) - Skipper Eoin Morgan found his form at the right time to lead England to a thrilling three-run victory over India in a one-off T20 international at Edgbaston on Sunday.

Morgan, who had scored only 198 runs in 10 one-day international innings since returning from injury in March, smashed 71 off 31 balls including seven sixes and three fours, as England posted a daunting 180 for seven wickets in their 20 overs.

In reply, another batsman out of sorts this summer - Virat Kohli - led the India charge but his 66 off 41 balls and 27 off 18 by India captain Mahendra Singh Dhoni at the death could not clinch victory for India who finished on 177 for five.

Ajinkya Rahane took a T20 record-equalling four catches, including a stunning running, diving effort to dismiss Alex Hales (40) but India's bowling took a battering late on, conceding 81 runs off the last five overs as Morgan and Ravi Bopara ran riot.

Bopara added 21 off 9 balls with three fours and a six while Mohammed Shami was the pick of the Indian attack, taking three for 38.

England smashed 17 runs off the first over with 24-year-old debutant Jason Roy and Hales starting aggressively. But South Africa-born Roy was first to go for eight, chipping to Rahane at cover off Shami.

Two balls later Moeen Ali fell for a duck - caught again by Rahane off Mohit Sharma - then Hales and Joe Root steadied the ship, putting on 48 before Hales fell.

Root, a century-maker in the final one-day international between the sides, was well caught by Ambati Rayudu for 26 as Morgan led the final onslaught.

India's reply got off to a poor start, Rahane lasting four balls, bowled by Ali, before Kohli and Shikhar Dhawan led the India charge.

Kohli and Dharwan put on 79 in nine overs before Chris Woakes bowled Dharwan.

Kohli survived a difficult catch to Harry Gurney when on 65 but fell one run later, tucked up by Steve Finn and caught in the deep by Hales.

India were always up with the scoring rate but a mix-up between Dhoni and Ravindra Jadaja seemed to have ended their hopes before Dhoni set about Woakes in the final over with India still 17 runs short.

Dhoni smashed 12 off the first four balls before Woakes managed to subdue the India skipper and Englnd scraped home before a packed crowd.

(Reporting By Tony Goodson; editing by Justin Palmer)

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Expenditure panel to look to boost capital spending: FinMin

The newly-constituted Expenditure Management Commission (EMC) appointed by the National Democratic Alliance government will look to review major areas of central government spending and suggest ways to improve fiscal discipline and create more space for spending development projects, the Finance Ministry has said.

The newly-constituted Expenditure Management Commission (EMC) appointed by the National Democratic Alliance government will look to review major areas of central government spending and suggest ways to improve fiscal discipline and create more space for spending development projects, the Finance Ministry has said.

The announcement of the EMC was made by Finance Minister Arun Jaitley during the July budget.

The EMC whose chairman (currently former RBI governor Bimal Jalan) will enjoy union-minister status, will also have a mandate to review the rules pertaining to the Fiscal Responsibility & Budget Management (FRBM) Act.

Also read: Bimal Jalan to head govt's panel on expenditure management

One the poll promises of the Bhartiya Janata Party, whose NDA coalition swept to power on a historic mandate this May, was to review government spending, which had increasingly tilted towards greater subsidies and more revenue expenditures in the past several years.

The Finance Ministry said it expects the EMC to get full support from state governments.

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UTI MF's focussed equity fund mops up more than Rs 770cr

UTI Mutual Fund today said its 'Focussed Equity Fund - Series I' closed with an overwhelming response and garnered more than Rs 770 crore.

UTI Mutual Fund today said its 'Focussed Equity Fund - Series I' closed with an overwhelming response and garnered more than Rs 770 crore.

"UTI's Focussed Equity Fund - Series I (1,100 days) received an overwhelming response from investors during the NFO period of August 13-27. The scheme has attracted more than 67,000 applications and garnered over Rs 770 crore," UTI MF said in a statement today.

UTI MF managing director Leo Puri said, "The excellent mobilisation is a reflection of the continued trust reposed by the investors in UTI's fund management capabilities".

UTI MF's Sales and Marketing President Suraj Kaeley said, "With this fund, we have set a new benchmark in close-ended equity funds. It also signals the revival of the interest of
retail investors in the equity market."

The Focused Equity Fund - Series I is a 1,100-day close-ended equity oriented scheme. The scheme would be invested in a compact portfolio of up to 30 securities.

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