December 10, 2018 / 3:27 AM / 6 months ago

Morning News Call - India, December 10

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    FACTORS TO WATCH
    4:00 pm: NSE CEO Vikram Limaye at NSE-NYU Conference on Indian Financial
Markets 2018 in Mumbai.
    
    GMF: LIVECHAT - MARKETS UPDATE. 
    EMEA Markets Editor Mike Dolan analyses the state of the European markets at
4:30 pm IST. To join the conversation, click on the link: here
    
    INDIA TOP NEWS
    • Thyssenkrupp, Tata Steel near decision on steel JV board - sources
    Germany's Thyssenkrupp and India's Tata Steel are close to deciding who will
lead their planned European steel joint venture, four people familiar with the
matter said on Friday.
    • Buffett's Berkshire eyes stake in India's Kotak Mahindra Bank -report
    Billionaire global investor Warren Buffett's Berkshire Hathaway is looking
to pick up a 10 percent stake in Kotak Mahindra Bank, according to a media
report on Friday, a plan the Indian bank said it was unaware of.
    • India court panel extends hearing on Vedanta smelter case
India's environmental court said it will resume hearing Vedanta's case on Monday
to decide whether to re-open the company's copper smelter, which was closed
earlier this year after 13 people died when police fired on protesters.

    • SEBI in talks with industry on mutual funds norms
Securities and Exchange Board of India (SEBI) is in talks with industry to deal
with fears of contagion effect on mutual funds due to a liquidity crisis faced
by the country's non-banking finance companies (NBFC), its chief said on Friday.

    • India government meets with WhatsApp over tracing of fake news -source
    Indian tech ministry officials met with senior WhatsApp executives this week
to ask the Facebook unit to start tracing the origins of misinformation spread
through its messaging platform, a senior government official said on Friday.

    
    GLOBAL TOP NEWS
    • Japan Q3 GDP contracts at fastest pace since 2014, trade war dims outlook
    The Japanese economy contracted the most in over four years in the third
quarter as capital expenditure tumbled, raising concerns about demand at home
and overseas as the export-reliant nation grapples with global trade frictions.

    • U.S. says March 1 'hard deadline' for trade deal with China
    U.S.-China trade negotiations need to reach a successful end by March 1 or
new tariffs will be imposed, U.S. Trade Representative Robert Lighthizer said on
Sunday, clarifying there is a "hard deadline" after a week of seeming confusion
among President Donald Trump and his advisers.
    • Huawei CFO seeks bail on health concerns; Canada wants her in jail
    A top executive of China's Huawei Technologies argued that she should be
released on bail while awaiting an extradition hearing, citing fears for her
health while incarcerated in Canada along with other factors, court documents
showed on Sunday.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading down 1.2 percent at 10,616,
from its previous close
    The Indian rupee is expected to open lower against the dollar, weighed by
another U.S. equity selloff amid mounting growth and trade worries.
    Indian government bonds are expected to gain in early trade tracking a fall
in the U.S. Treasury yields, as weaker-than-expected U.S. jobs growth in
November boosted view that the Federal Reserve may hike interest rates at a
slower pace. The yield on the benchmark 7.17 percent bond maturing in 2028 is
expected to trade in a 7.43 percent-7.48 percent band today, a trader with a
private bank said.
    
    GLOBAL MARKETS
    • Wall Street's main indexes fell more than 2 percent on Friday in a broad
sell-off led by declines in big Internet and technology shares, and posted their
largest weekly percentage drops since March as concerns over U.S.-China trade
tensions and interest rates convulsed Wall Street.
    • Global stocks extended their slump, with U.S. equity futures and Asian
shares sliding on worries over slowing growth and fears that a fresh flare-up in
tensions between Washington and Beijing could quash any chances of a trade deal.

    • The dollar slipped against the yen and the euro after soft U.S. payrolls
data fuelled speculation that the Federal Reserve may stop raising interest
rates sooner than previously expected.
    • The margin between short- and long-end U.S. Treasury yields grew on Friday
as weaker-than-expected data on domestic jobs growth in November bolstered the
view that the Federal Reserve may tap the brakes on raising interest rates
sooner than previously thought.
    • Oil prices rose, extending gains from Friday when producer club OPEC and
some non-affiliated producers agreed a supply cut of 1.2 million barrels per day
(bpd) from January.
    • Gold traded firm near a five-month peak hit, supported by a disappointing
U.S. jobs data that fuelled speculation that the Federal Reserve may stop
raising interest rates sooner than expected.
   
    
                   CLOSE            FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.63/70.66      December 7       -$115.31 mln  $82.60 mln
 10-yr bond yield  7.46 pct         Month-to-date    -$77.94 mln   $430.02 mln
                                    Year-to-date     -$5.13 bln    -$6.72 bln
 
    
    
    For additional data:
    India govt bond market volumes                 
    Stock market reports                
    Non-deliverable forwards data              
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 
($1 = 70.85 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
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