November 20, 2019 / 3:13 AM / 15 days ago

Morning News Call - India, November 20

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    • GMF: LIVECHAT - COMMODITIES FOCUS
Harry Tchilinguirian, BNP Paribas' Head of Commodity Strategy, discusses trends
in the commodities markets, 3:30 pm IST. To join the conversation, click on the
link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's Finance Commission likely to reject $12 billion package to help
utilities cut pollution - source
    India's Finance Commission has told the power ministry that its proposal to
award utilities 835 billion rupees ($11.6 billion) in incentives to install
equipment to curb emissions is "unviable," a senior official at the ministry
told Reuters on Tuesday.
    • India's state-run banks report fraud of more than $13 billion in 6 months
    India's state-run banks reported fraud worth 958 billion rupees ($13.3
billion) from April to end-September of this year, the country's finance
minister said on Tuesday, as the government struggles to help banks recoup
losses.
    • Kashmir shutdown caused losses of more than $1 billion, trade body says
    Economic losses in Kashmir have run well over a billion dollars since India
revoked its autonomy and statehood in August, the main trade body in the
Himalayan region said, adding that it planned to sue the government for damages.

    • Airtel, Vodafone Idea jump on price hikes announcement
    Shares of Indian telecom operators Bharti Airtel Ltd and Vodafone
Idea Ltd surged on Tuesday after the companies announced tariff hikes
that will take effect next month.
    • India may extend onion export ban to Feb to cap domestic prices
    India may keep a ban on onion exports until February because domestic prices
have risen after the harvest of summer-sown crops, which were expected to
augment supplies, was delayed and damaged by untimely rains, a government
official said.
    • Tata Steel faces battle with unions over plans to cut up to 3,000 European
jobs
    Steelworkers in Britain and the Netherlands said on Tuesday they would fight
Tata Steel's plans to cut up to 3,000 jobs across its European
operations, as the sector wrestles with excess supply, weak demand and high
costs.
    
    
    GLOBAL TOP NEWS
    • Couldn't believe what I was hearing': White House aides testify in
impeachment probe
    Senior U.S. officials told impeachment investigators in Congress on Tuesday
they were concerned by President Donald Trump's effort to get Ukraine to
investigate a political rival, with one White House official calling it a
"shock."
    • Without a China trade deal, the U.S. will hike tariffs - Trump
    The United States would raise tariffs on Chinese imports if no deal is
reached with Beijing to end a trade war, U.S. President Donald Trump said on
Tuesday, threatening an escalation of the spat that has damaged economic growth
worldwide.
    • U.S. Senate passes HK rights bill backing protesters, angers Beijing
    The U.S. Senate, in a unanimous vote, passed legislation on Tuesday aimed at
protecting human rights in Hong Kong amid a crackdown on a pro-democracy protest
movement, drawing condemnation from Beijing.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.1% lower at 11,968.50.
    • The Indian rupee is expected to open lower against the dollar, tracking
losses in regional currencies and equities amid mounting tensions between the
U.S. and China.
    • Indian government bonds are likely to open higher, as crude oil prices and
U.S. Treasury yields fell overnight amid lingering uncertainty about U.S.-China
trade negotiations. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.45%-6.50%.
    
    
    GLOBAL MARKETS
    • The Dow Jones Industrial Average and the S&P 500 fell from record levels
on Tuesday as dour forecasts from retailers Home Depot and Kohl's fueled worries
about consumer spending and the U.S.-China trade dispute dragged on.
    • Asian shares stumbled as the Sino-U.S. trade talks produced nothing but a
stream of conflicting messages, while concerns about a glut of supply left oil
prices nursing their biggest one-day loss in seven weeks.
    • The dollar and the safe-haven yen found support as a lack of clarity on
U.S.-China trade talks kept investors cautious ahead of the release of minutes
from the U.S. Federal Reserve's last policy meeting.
    • U.S. long-dated Treasury yields fell to fresh two-week lows on Tuesday,
with risk appetite weaker overall amid persistent uncertainty over U.S.-China
trade negotiations.
    • Oil prices were steady, after falling the past two days, as a surge in
U.S. stockpiles reinforced concerns about lacklustre global economic growth amid
the trade war between the United States and China, the world's two biggest oil
consumers.
    • Gold prices rose on heightened worries that a Sino-U.S. trade deal could
hit a snag after President Donald Trump threatened fresh tariffs on Beijing and
as the U.S. Senate passed a bill supporting Hong Kong anti-government
protesters.
    

                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         71.84/71.87  November 19      (528.86) crore    (898.09) crore
 10-yr bond yield  6.50%        Month-to-date    12,740 crore      3,299 crore
                                Year-to-date     81,293 crore      36,155 crore
    
    
    
    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 = 71.82 Indian rupees)
 

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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