December 4, 2018 / 3:33 AM / 14 days ago

Morning News Call - India, December 4

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    FACTORS TO WATCH
    GMF: Henning Gloystein, Reuters Asia deputy editor for commodities, joins us
ahead of the December 6 OPEC and non-OPEC meeting to discuss what to expect in
terms of supplies and how the market will price in all this information at 9:30
am IST. To join the conversation, click on the link: here
    

    INDIA TOP NEWS
    • Unilever swallows GSK's Indian Horlicks business for $3.8 billion
Unilever is to buy GlaxoSmithKline's Horlicks nutrition business for $3.8
billion, boosting the Anglo-Dutch group's position in India by adding the
popular malted drink.
    • Jet Airways to stop free meals for most domestic economy passengers
Jet Airways will stop providing free meals to most domestic economy class
passengers from January, in the debt-laden airline's latest move to cut costs
and boost revenues. 
    • Sun Pharma tumbles after report of probe
Shares of Sun Pharmaceutical Industries sank on Monday after a report of a
regulatory probe against the country's biggest drug manufacturer by market
value. 
    • Grab invests $100 million in Indian hotel startup OYO - source
Singapore-based ride-hailing firm Grab has invested $100 million in Indian
hotel-reservations startup OYO, a source with knowledge of the matter told
Reuters on Monday.
    • EXCLUSIVE-Delhi city government bars Bloomberg-funded charity from tobacco
control work
A small Indian non-profit funded by Bloomberg Philanthropies will not be allowed
to carry out tobacco-control work in New Delhi after it failed to disclose its
funding, according to a city government official and a memo seen by Reuters.

    
    
    GLOBAL TOP NEWS
    • U.S. expects immediate action from China on trade commitments
The United States expects China to take immediate action to cut tariffs on U.S.
car imports and end intellectual property theft and forced technology transfers
as the two countries move toward a broader trade deal, a White House official
said on Monday.
    • Gas-focused Qatar to exit OPEC in swipe at Saudi influence
Qatar said it will quit OPEC to focus on gas in a swipe at Saudi Arabia, the de
facto leader of the oil exporting group which is trying to show unity in
tackling an oil price slide. 
    • Britain's May launches high-stakes parliamentary debate on Brexit plan
Prime Minister Theresa May will urge parliament to back her Brexit deal at the
start of a high-stakes five-day debate that could determine her fate and whether
Britain leaves the European Union without a deal.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.1 percent at 10,923.00, from
the previous close. 
    • The Indian rupee is expected to open little changed against the dollar as
investors await new triggers, especially the upcoming meeting of OPEC and its
allies. 
    • Indian government bonds are likely to trade lower in early session ahead
of a fresh supply of state papers, while crude oil prices trading higher for a
second day will also weigh on sentiment. Yield on the benchmark 7.17 percent
2028 bond is likely to trade in a 7.60 percent-7.65 percent band today. 
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes rallied on Monday following a truce between
the United States and China in their trade dispute, which has clouded the
outlook for the stock market for much of the year.
    • Asian shares fell in early trade as a relief rally sparked by a truce in
the U.S.-China trade war gave way to doubts on whether the two countries are
able to resolve their differences before a 90-day deadline.
    • The dollar weakened against its major peers, as the thaw in trade tensions
between Washington and Beijing supported investor confidence though concerns
about the fragility of the Sino-U.S. truce capped wider gains in risk assets.

    • Benchmark U.S. Treasury yields fell back below 3 percent on Monday, and
yields on two maturities at the front of the curve dove below longer-dated
5-year notes for the first time in more than decade, as risk appetite sparked by
a U.S.-China trade agreement faded.
    • Oil prices rose, extending strong gains from the previous day amid
expected OPEC-led supply cuts and a mandated reduction in Canadian output.
    • Gold prices held firm, having hit a more than three-week high in the
previous session, as the dollar stumbled after the United States and China
agreed to a temporary truce in their trade conflict.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.18/70.21  December 3       $41.60 mln   -$20.93 mln
 10-yr bond yield  7.63 pct     Month-to-date    $868.40 mln       --
                                Year-to-date     -$5.06 bln   -$7.17 bln
    
  
    (In Monday’s version of India Morning Newsletter, the headline of the second
story in global top stories should have read November instead of October.)
    
    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 = 70.4300 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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