November 7, 2019 / 3:21 AM / 6 days ago

Morning News Call - India, November 7

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    FACTORS TO WATCH
    11:00 am: Financial Stability and Development Council (FSDC) meeting in New
Delhi.
    
    GMF: LIVECHAT - BONDS UPDATE
    Dhara Ranasinghe, Reuters senior European government bonds correspondent,
discusses trends in European govvies at 5:00 pm IST. To join the conversation,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India approves $1.4 billion for fund to help stalled housing projects
    India's cabinet has approved 100 billion rupees ($1.4 billion) for a fund to
help clear stalled housing projects, Finance Minister Nirmala Sitharaman said
late on Wednesday.
    • China says RCEP trade deal could provide opportunities for India's exports
    China on Wednesday sought to assure India over the Regional Comprehensive
Economic Partnership (RCEP), saying the trade deal could provide many
opportunities for India's exports.
    • India seeks foreign investments in oil and gas sector - minister
    India, the world's third-largest oil importer, wants more foreign
investments in its oil and gas sector, oil minister Dharmendra Pradhan said on
Wednesday, as the country takes steps to woo companies, including a recent cut
in corporate taxes.
    • Boeing says India will order 2,380 jets from planemakers over 20 years
    Boeing forecast Indian airlines will order up to 2,380 planes from
global planemakers over the next 20 years, 80 more than it predicted last year.

    • Britain's AstraZeneca to distribute Sun Pharma cancer drugs in China
Top Indian drugmaker Sun Pharmaceutical Industries Ltd said on
Wednesday Britain's AstraZeneca would distribute some of Sun's cancer
treatment drugs in China, the world's second-largest pharmaceutical market.

    • India cabinet to review BPCL sale proposal next week - govt source
    India's cabinet is expected to evaluate a proposal to sell the government's
stake in state-run Bharat Petroleum next week, a government source
said.
    
    
    GLOBAL TOP NEWS
    • U.S.-China trade deal signing could be delayed to December; London a
possible venue-source
    A meeting between U.S. President Donald Trump and Chinese President Xi
Jinping to sign a long-awaited interim trade deal could be delayed until
December as discussions continue over terms and venue, a senior official of the
Trump administration told Reuters on Wednesday.
    • SoftBank's Son admits mistakes after Vision Fund's $8.9 billion loss
    SoftBank plunged to its first quarterly loss in 14 years on
Wednesday, dragged down by an $8.9 billion hit at its giant Vision Fund, as CEO
Masayoshi Son admitted poor investment judgment and turning a blind eye to
problems at startup WeWork.
    • Xerox in $33 billion bid for HP -sources
    U.S. printer maker Xerox Holdings Corp has made a roughly $33
billion cash-and-stock offer for personal computer maker HP Inc, a
company more than three times its size, people familiar with the matter said on
Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 12,016.50.
    • The Indian rupee is expected to open lower against the dollar, tracking
losses on the Chinese yuan and other Asian currencies following reports that
signing of the U.S.-China interim trade deal could be delayed until next month.
    • Indian government bonds are likely to open higher, as traders expect
further purchases by foreign investors. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.45%-6.50%.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended little changed on Wednesday as a report the U.S.-China
trade deal could be delayed until December was offset by gains in healthcare
shares.
    • Asian shares managed to cling near multi-month peaks while bonds eked out
a bounce as reports of delays in sealing a preliminary Sino-U.S. trade deal left
investors frustrated at the lack of concrete progress.
    • The dollar inched lower against the yen as lingering doubts about when the
United States and China will sign a preliminary trade deal discouraged traders
from taking big positions.
    • U.S. Treasury prices gained on Wednesday on a report that a U.S.-China
meeting to sign a trade deal could be delayed until December, while some
investors also repositioned after a three-day sell-off.
    • Oil prices were unchanged, holding on to most of their losses from the
previous session, on worries that a long-awaited interim deal to dial back a
crippling U.S.-China trade war could be delayed.
    • Worries that a long-awaited trade deal between the United States and China
could be delayed until December made investors cautious, keeping gold prices
steady.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.95/70.98  November 6       398.99 crore  221.69 crore
 10-yr bond yield  6.54%        Month-to-date    4,277 crore   3,972 crore
                                Year-to-date     72,830 crore  36,828 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 = 71.00 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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