Engineers India is negotiating with Saudi Arabia and the United Arab Emirates to build oil facilities.

Hong Kong-listed mainland property shares rose after choppy trading: SUNAC CHINA (01918.HK) up over 8%, China Vanke (02202.HK) up over 6%; Xincheng Development Holdings (01030.HK), COUNTRY GARDEN (02007.HK) and China Jinmao (00817.HK) also advanced.

JP Morgan co-head of economic research Jahangir Aziz says the Reserve Bank of India could deliver a first 25bp rate hike this year, partly because policymakers have strongly signaled such a move. Aziz warned the economy may be in a stimulus-driven sugar high that will fade and said markets may be pricing too many hikes; financial markets imply roughly 100bp of tightening this year. He urged caution, saying authorities should wait to assess the impact of initial hikes on domestic financial conditions and real activity before declaring a hiking cycle.