To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH • 3:30 pm: Parliamentary Standing Committee on Finance meeting with finance ministry officials in New Delhi. • GMF: LIVECHAT - BONDS FOCUS Saikat Chatterjee joins us from London to discuss the latest developments in the fixed income world at 5:00 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • India grants telcos relief by deferring spectrum payments India on Wednesday allowed telecom operators to defer payments due for airwaves bought via auction until the end of March 2022, giving some respite to firms after a court ruled they must pay overdue levies and interest of nearly $13 billion. • India tightens rules on loan default disclosure for public firms India's publicly listed firms must disclose any failure to repay loans within 24 hours in cases where 30 days have passed since the default, its securities regulator said on Wednesday, tightening rules at a time when bond defaults have soared. • India to start DHFL's bankruptcy proceedings in latest shadow banking crisis India's central bank on Wednesday said it will begin bankruptcy proceedings against Dewan Housing Finance Coporation Ltd (DHFL), a move that puts the country's ailing shadow banking sector back in the spotlight. • India to offload Bharat Petroleum in state stake sell-off India has agreed to sell stakes in five state-run companies, including oil refiner Bharat Petroleum Corp (BPCL), its finance minister said on Wednesday, a move that could help bridge a widening fiscal gap. GLOBAL TOP NEWS • A U.S.-China 'Phase One' trade deal may not be inked this year Completion of a "phase one" U.S.-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own. • U.S. House passes Hong Kong rights bills, Trump expected to sign The U.S. House of Representatives on Wednesday passed two bills to back protesters in Hong Kong and send a warning to China about human rights, with President Donald Trump expected to sign them into law, despite delicate trade talks with Beijing. • 'Everyone was in the loop' about Ukraine pressure campaign A U.S. diplomat said on Wednesday that "everyone was in the loop" about a Trump administration effort to get Ukraine to carry out investigations that might ultimately benefit U.S. President Donald Trump, including Vice President Mike Pence and Secretary of State Mike Pompeo. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were 0.3% lower at 11,974.50. • The Indian rupee is expected to open lower against the dollar after mounting tensions between the U.S. and China over Hong Kong and doubts over the world's two largest economies reaching a trade deal prompted a broad selloff in Asian equities. • Indian sovereign bonds are likely to open higher, as the federal cabinet's approval for strategic disinvestment of the government’s stake in five state-run companies eased concerns about a likely fiscal slippage. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.42%-6.48%. GLOBAL MARKETS • Wall Street's main indexes ended Wednesday's session lower on concerns that a "phase one" trade deal between Washington and Beijing may not be completed this year, while minutes from the Federal Reserve's October policy meeting appeared to offer little help. • Global shares slid as a fresh row between Washington and Beijing over U.S. bills on Hong Kong could complicate their trade negotiation and delay a "phase one" deal that investors had initially hoped to be inked by now. • The yen rose against the dollar after sources close to the White House told Reuters that a U.S.-China trade deal is unlikely this year, which spurred demand for safe-haven assets. • U.S. long-dated yields fell to three-week lows on Wednesday, weighed down by renewed jitters about trade talks with China after news, citing sources, that a "phase one" or preliminary deal may not be completed this year. • Oil prices retreated as a spat over Hong Kong added to worries of a delay in any U.S.-China trade deal, after posting steep gains in the previous session on bullish U.S. crude inventory data. • Gold prices inched up, supported by concerns that U.S. bills on Hong Kong could increase tensions between the United States and China and delay an interim trade deal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 71.83/71.86 November 20 (626.39) crore (371.01) crore 10-yr bond yield 6.44% Month-to-date 12,114 crore 2,928 crore Year-to-date 80,667 crore 35,784 crore (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) 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 = 71.74 Indian rupees) (Compiled by Nayyar Rasheed in Bengaluru)
