November 22, 2018 / 3:13 AM / 18 days ago

Morning News Call - India, November 22

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    LIVECHAT - BONDS UPDATE 
    Reuters interest rate reporter Dhara Ranasinghe delves into government bond
markets, at 1700 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Dr. Reddy's shares spike after favourable generic drug ruling
    Shares of drugmaker Dr. Reddy's Laboratories jumped on Wednesday, their
sharpest intraday gain in a year, after a U.S. court allowed the company to sell
a copycat version of Indivior's opioid treatment Suboxone Film.
    • WhatsApp hires Ezetap's Bose to be its India head
    Facebook-owned WhatsApp said on Wednesday it had hired Abhijit Bose, the
co-founder and chief executive of Indian mobile payments firm Ezetap, to be the
head of its operations in India, its biggest market by users.
    
    
    GLOBAL TOP NEWS
    • Trump praises Saudi Arabia amid pressure over ally
    U.S. President Donald Trump on Wednesday praised Saudi Arabia for helping to
lower oil prices as pressure intensified for the United States to impose tougher
sanctions on its Middle East ally over dissident Saudi journalist Jamal
Khashoggi's murder.
    • Japan inflation lacks momentum, keeps BOJ's target elusive
    Japan's annual core consumer inflation was unchanged in October from the
previous month as soft household spending kept firms from hiking prices, a sign
the economy lacks the momentum needed to achieve the central bank's 2 percent
target.
    • Prosecutors weigh competing accounts in JD.com CEO rape allegation
    On the night of Aug. 30, a 21-year-old University of Minnesota student said
she was in a chauffeured black car, trying to keep billionaire JD.com Chief
Executive Richard Liu from pulling off her clothes.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading little changed at 10,622.00.
    • The Indian rupee is expected to open higher against the dollar as Brent
crude slips to near its lowest in almost a year. The rupee will likely trade
around 71.15-71.20 at opening versus its previous close of 71.45, according to a
private bank dealer.
    • Indian government bonds are likely to open higher, as another fall in
crude oil prices eased rate hike fears, while the central bank’s open market
purchase of notes is also expected to aid. The yield on the benchmark 7.17
percent 2028 bond is likely to trade in a 7.72 percent-7.78 percent band today. 
    
    
    GLOBAL MARKETS
    • The S&P 500 ended higher on Wednesday after a brutal two-day selloff, led
by a rebound in energy and technology shares, but the market faltered toward the
session's end as Apple shares surrendered gains ahead of the Thanksgiving
holiday.
    • Asian shares stepped ahead cautiously while oil rebounded from a steep
sell-off, though rising U.S. interest rates and escalating trade tensions kept
financial markets on edge amid signs of slackening global growth.
    • The dollar was broadly lower in Asian trade as demand for safe haven
currencies declined after a rebound in global equities and the euro strengthened
on hopes for a resolution of Italy's budget dispute.
    • U.S. Treasury yields fell on Wednesday after data showed that new orders
for U.S.-made capital goods were weaker than expected, and as stock markets
pared earlier gains.
    • Oil prices dipped after U.S. crude inventories increased to their highest
level since December 2017 amid concerns of an emerging global glut, although an
expected supply cut by producer cartel OPEC prevented further drops.
    • Gold prices were steady after hitting their highest in two weeks in the
previous session, with improved appetite for risk weighing on the U.S. dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.47/71.50  November 21      -$231.70 mln  --
 10-yr bond yield  7.79 pct     Month-to-date    --            --
                                Year-to-date     --            --
 
    
    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 = 71.3000 Indian rupees)    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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