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 9:30 am: State Bank of India MD Arijit Basu at ‘Financial Innovation in Practice’ event in Mumbai. LIVECHAT - BONDS FOCUS Saikat Chatterjee joins us from Reuters in London to discuss moves in the European government debt market at 5 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • SBI's credit card business plans IPO to raise nearly $1.25 billion SBI Cards and Payment Services Ltd, the credit card subsidiary of State Bank of India (SBI), India's largest lender, filed plans for an initial public offering (IPO) with the markets regulator and stock exchanges on Wednesday. • Modi's loss in state election raises questions about bullet train India's richest state is set to be ruled by parties opposed to Prime Minister Narendra Modi's nationalist Bharatiya Janata Party, jeopardising a Japanese-backed bullet-train project opposed by farmers. • Air India will have to close if not privatised - aviation minister India's state-run airline will have to cease operations if it is not privatised, the country's junior minister for civil aviation said in parliament on Wednesday, in response to a lawmaker's question on the subject. • India's July-Sept economic growth likely to be around 4% - tv channels, citing government sources India's July-September economic growth is likely to be around 4%, two television channels reported, citing government sources. • Cost of India refinery project with Aramco, ADNOC estimated at $70 billion The cost of a giant oil and petrochemicals refinery project to be built jointly by Saudi Aramco and Abu Dhabi National Oil Co in India is expected to reach $70 billion, WAM news agency reported on Wednesday. • Tata Steel locks horns with union over 3,000 job cuts Tata Steel Europe said on Wednesday it had begun talks with its workers on a "transformation programme" that involves up to 3,000 job cuts, prompting an angry response from union leaders who said the plan needed to be revised. GLOBAL TOP NEWS • U.S. economy picks up in Q3; data surprise on the upside U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close. • Japan's retail sales post sharpest fall since 2015 as tax hike hits demand Japan's retail sales tumbled at their fastest pace in more than 4-1/2 years in October as a sales tax hike prompted consumers to cut spending, raising a red flag over the strength of domestic demand. • China warns U.S. of retaliation for law backing Hong Kong protesters China warned the United States it would take "firm counter measures" in response to U.S. legislation backing anti-government protesters in Hong Kong, and said attempts to interfere in the Chinese-ruled city were doomed to fail. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.2% lower at 12,101.50. • The Indian rupee is expected to open little changed against the dollar amid tepid risk appetite after U.S. President Donald Trump signed a bill in support of Hong Kong pro-democracy protestors, a step that could possibly derail trade talks with China. • Indian government bonds are likely to open lower as comments from the nation’s finance minister indicated the possibility of fiscal slippage in the current financial year. The yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of 6.47%-6.53% today, a trader with a state-run bank said. GLOBAL MARKETS • Wall Street's main indexes closed at record levels for a third straight day in a muted volume session on Wednesday ahead of the Thanksgiving holiday, as fresh data pointed to an economy on solid footing, while investors remained cautiously optimistic about a resolution to U.S.-China trade tensions. • Asian share markets wobbled as concerns that tensions over Hong Kong may stymie a U.S.-China trade deal cast a pall over Thanksgiving cheer from positive U.S. economic data. • The safe-haven yen rose against the dollar after U.S. President Donald Trump signed into law support for anti-government protesters in Hong Kong, which could complicate efforts to end the U.S.-China trade war. • U.S. Treasury yields rose on Wednesday after data showed that new orders for key U.S.-made capital goods increased by the most in nine months in October, boosting confidence that the U.S. economy is solid. • Oil prices fell, extending losses from the previous session after official data showed U.S. crude and gasoline stocks rose against expectations and production hit a record. • Gold rose as investors bought the safe-haven metal amid new doubts about whether the United States and China will sign a trade deal after President Donald Trump signed legislation supporting protesters in Hong Kong, irking Beijing. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 71.32/71.35 November 27 4,515.33 crore (1,219.03) crore 10-yr bond yield 6.47% Month-to-date 24,656 crore (1,000) crore Year-to-date 93,209 crore 31,856 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 = 71.25 Indian rupees) (Compiled By Nidhi C Sai in Bengaluru)
