November 26, 2018 / 3:38 AM / in 5 months

Morning News Call - India, November 26

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    • India govt does not need central bank funds yet - FinMin to TV
    India does not need money from the central bank in the next six months, the
finance minister said in a TV interview telecast on Friday, rejecting opposition
charges the government was seeking access to the bank's reserves to fund schemes
ahead of the 2019 general election.
    • EXCLUSIVE-Trafigura, BP increase loans to Russia-backed Indian refiner to
$3 bln
    Russian-backed Indian refiner Nayara Energy is set to secure its biggest
fuel-backed loan, a $1.5 billion advance from Trafigura, BP BP.L and some banks,
according to industry and banking sources familiar with the matter.
    • Narendra Modi targets gas exchange to ease shift from oil
    India is working to establish a natural gas trading exchange, its Prime
Minister Narendra Modi said on Thursday, as part of a shift away from a reliance
on crude oil based products which are blamed for much of the country's pollution
    • Jet Airways' independent director resigns
    Debt-laden carrier Jet Airways (India) Ltd's independent director Ranjan
Mathai resigned late on Thursday, citing rising pressure from other commitments.

    • Hindu temple site protest ends peacefully as 200,000 disperse 
    More than 200,000 Hindu activists and monks protesting near a disputed
religious site in northern India dispersed peacefully on Sunday after demanding
the government build a temple at the site of a 16th-century mosque.
    • Sotheby's sends India head on leave pending probe into #MeToo claims
    Auction house Sotheby's has sent its top India executive on a leave of
absence pending a probe into anonymous allegations of sexual misconduct.

    • Japan Nov factory activity expands at slowest pace in 2 years - flash PMI.
    Japanese manufacturing activity expanded at the slowest pace in two years in
November and new orders contracted for the first time since September 2016, a
preliminary survey showed, raising doubt about growth prospects for the current
    • Renault-Nissan leaders to meet amid tensions over Ghosn ouster
    Renault-Nissan executives will attempt this coming week to shield their
joint operations from a looming power struggle between the carmakers, following
alliance boss Carlos Ghosn's shock arrest over misconduct allegations.

    • EU agrees 'best possible' Brexit deal, urges Britons to back May
    European Union leaders finally sealed a Brexit deal on Sunday, saying the
package agreed with Prime Minister Theresa May was the best Britain will get in
a warning to the British parliament not to reject it.

    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,576.00, from its previous close. - NewsRise
    • The Indian rupee is likely to open higher against the dollar as crude oil
prices extended their decline to below $60 per barrel, trading at a
more-than-one-year low. - NewsRise
    • Indian government bonds are likely to open higher, as Brent crude oil
extended fall below $60 per barrel, easing inflation as well as rate hike
concerns for the medium term. The yield on the benchmark 7.17 percent 2028 bond
is likely to trade in a 7.64 percent-7.70 percent band today, a trader with a
state-run bank said. - NewsRise
    • U.S. stocks closed lower in a shortened post-holiday trading session on
Friday as the energy sector tumbled on continued weakness in oil prices, and the
benchmark S&P 500 confirmed its second correction of 2018.
    • Asian shares edged higher, though investors were cautious as plunging oil
prices fanned worries about a dimming outlook for the global economy.

    • The dollar rose versus its major peers, as investors sought shelter in
safe haven currencies as fears of a global growth slowdown and U.S.-Sino trade
tensions sapped risk appetite.
    • Benchmark U.S. Treasury yields fell to eight-week lows on Friday and the
yield curve flattened as falling stock and oil prices increased safe-haven
buying of long-dated U.S. government bonds.
    • Oil prices steadied after plunging nearly 8 percent in the previous
session, but remain under pressure with Brent crude below $60 per barrel amid
weak fundamentals and struggling financial markets.
    • Gold prices were little changed with investors looking to a G20 meeting
this week for signs of a thaw in the Sino-U.S. trade conflict, although a
stronger dollar amid fears of a slowdown in global growth weighed on bullion.

                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         71.06/71.09  November 22      $63.13 mln  $89.9 mln
 10-yr bond yield  7.71 pct     Month-to-date    $43.72 mln  $932.21 mln
                                Year-to-date     -$5.88 bln  -$7.17 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 = 70.65 Indian rupees)

 (Compiled by Siddharth Athreya V in Bengaluru)
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