November 27, 2018 / 3:28 AM / 13 days ago

Morning News Call - India, November 27

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    FACTORS TO WATCH
    11:00 am:RBI Governor Urjit Patel to meet the Parliamentary panel on finance
in New Delhi.
    
    LIVECHAT - ECONOMY UPDATE
    Does the equities downturn signal the end of the bull market? Will the
economy slowdown in the face of a global trade war? We chat with Berenberg
Bank’s Chief Economist, Holger Schmieding, to get the macro view on the world at
06:00 pm IST. To join the conversation, click here bit.ly/1kTxdKD
    
    
    INDIA TOP NEWS
    • RBI eases hedging rules for external commercial borrowing
    India's central bank on Monday partially eased a requirement for companies
to hedge dollars while raising funds from overseas markets - a move that will
encourage companies to raise funds offshore and reduce demand for dollars in the
domestic market.
    • IL&FS gets more than a dozen expressions of interest to buy stakes in two
units
    India's debt-laden Infrastructure Leasing & Financial Services (IL&FS) said
on Monday it received more than a dozen expressions of interest for its stakes
in subsidiaries IL&FS Securities Services, and ISSL Settlement & Transaction
Services.
    • India set to miss 2018-19 fiscal deficit target: India Ratings
    India is set to miss its fiscal deficit target for the year ending March
2019 due to a shortfall in revenues and lower-than-targeted disinvestment
proceeds, India Ratings and Research said on Monday.
    • NBFCs need more liquidity support, says govt official - Economic Times
    India's central bank should provide more liquidity to non-banking finance
companies (NBFCs) in a bid to boost lending, Economic Affairs Secretary Subhash
Chandra Garg said in an interview to the Economic Times newspaper.
    • Jet Airways taps Robin Kamark as nominee director of Etihad
    Struggling carrier Jet Airways said on Monday it has appointed Robin Kamark
as nominee director of stakeholder Etihad Airways PJSC with effect from December
1.
    • India pays tribute to victims on 10th anniversary of Mumbai attacks
    India on Monday paid tribute to the more than 160 people killed in a 2008
Islamist militant attack on the city of Mumbai, the 10th anniversary of an
assault that raised fears of war with Pakistan.
    
    
    GLOBAL TOP NEWS
    • GM to slash jobs and production, drawing Trump's ire
General Motors said on Monday it will cut production of slow-selling models and
slash its North American workforce because of a declining market for traditional
gas-powered sedans, shifting more investment to electric and autonomous
vehicles.
    • Trump says he expects to raise China tariffs -Wall Street Journal
U.S. President Donald Trump said on Monday he expected to move ahead with
raising tariffs on $200 billion in Chinese imports to 25 percent from the
current 10 percent and repeated his threat to slap tariffs on all remaining
imports from China.
    • NASA's InSight lands on Mars to peer into planet's deep interior
NASA's InSight spacecraft, the first robotic lander designed to study the deep
interior of a distant world, touched down safely on the surface of Mars on
Monday with instruments to detect planetary seismic rumblings never measured
anywhere but Earth.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    Indian government bonds are likely to open lower ahead of fresh supply via
state debt auction, while Brent crude oil recovered to trade above $60 per
barrel. The yield on the benchmark 7.17 percent 2028 bond is likely to trade in
a 7.70 percent -7.76 percent band today, a trader with a state-run bank said.
    
    
    GLOBAL MARKETS
    • Wall Street bounced back on Monday as bargain hunters returned in force
after last week's sell-off and expectations of a flurry of holiday
cyber-spending drove up shares of retailers.
    • Asian share markets struggled to extend a global rebound after U.S.
President Donald Trump seemed to quash hopes of a trade truce with China,
dampening risk appetite across the region.
    • The dollar held gains as fresh concerns about the Sino-U.S. trade war
bolstered support for safe haven currencies, although moves were tempered as
investors await possible cues from the Federal Reserve about policy
direction.
    • U.S. government bond yields rose on Monday, driven by a rally in stock
prices, and at the start of a week in which the Treasury Department will issue
$129 billion of new notes at auction.
    • Record Saudi oil production pulled down crude prices amid cautious trading
ahead of the G20 gathering that starts in Argentina on Friday and next week's
OPEC meeting in Austria.
    • Gold prices inched lower as the dollar steadied amid fears of a slowdown
in global economic growth and increasing pessimism due to a likely worsening of
U.S-China trade dispute ahead of the G20 meet.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.47/70.50  November 26      $8.86 mln    -$71.51 mln
 10-yr bond yield  7.73 pct     Month-to-date    $281.47 mln  $860.7 mln
                                Year-to-date     -$5.64 bln   -$7.24 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 = 70.81 Indian rupees)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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