International Monetary Fund raises Israel growth forecast

The report says that outflows could hit $100bn (£76.4bn) over a year, about 0.6% of emerging market economies' gross national income. Dow futures lost 0.5 per cent and the S&P 500 futures were down 0.6 per cent. For next year, trade is seen growing just four percent, a half point less than the prior forecast.

Medium term growth could drop below 1.4 per cent.

Australia would hit 3.2 per cent growth this year before slipping to 2.8 per cent next year, the International Monetary Fund said.

Obstfeld, who retires from the Fund later this year, said there were bright spots with some Latin American and African nations getting growth forecast upgrades. Bond markets were closed, leading US indexes to a mixed finish after a day of light trading.

"We see the future of industry as being bleak as investors are trying hard to sustain growth momentum", Syed Mazhar Ali Nasir, senior vice president of the Pakistan Chambers of Commerce and Industry, told Arab News.

For the past few days, the open market rate of the USA dollar has been Rs4-5 higher than the interbank rate.

"We have not been formally approached yet", said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali.

Acceleration in the growth rate from 2017-18 reflects a rebound from transitory shocks (the currency exchange initiative and implementation of the goods and services tax), with strengthening investment and robust private consumption, the International Monetary Fund said. The May federal budget forecast 3 per cent GDP in 2018-19 and the same the following financial year. "We have to find a way to get out of this hard situation".

"Maybe some people were expecting some reassurance from Tria, but he's not calling the shots", said Jan von Gerich, chief analyst at Nordea.

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Japan's benchmark Nikkei 225 fell 1.1 percent to 23,513.20.

A senior U.S. Treasury official on Monday had also expressed concern at the fall in the Chinese yuan, adding that it was unclear whether Treasury Secretary Steven Mnuchin would meet with Chinese officials this week.

India hopes to secure a waiver from USA sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday...

Benchmark Brent crude jumped by $1.13 a barrel to a high of $85.04 before easing back to $84.46, up 55 cents, by 1245 GMT.

CURRENCIES: The dollar slipped to 113.13 yen from 113.21 yen on Monday.

USA light crude was up 40 cents at $74.69.

Currency dealers fear the alarming increase will fan panic in the market for dollars, causing a buying frenzy for the United States dollar.

A second round of sanctions targeting Iran's oil sector is due to go into effect on November 5.

Both Iran and Russian Federation have condemned the Trump administration for withdrawing from the deal, a move that will reimpose US sanctions suspended under the accord to choke off the Iranian economy.

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