November 19, 2019 / 3:21 AM / 17 days ago

Morning News Call - India, November 19

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    FACTORS TO WATCH
    • 11:00 am: Winter session of Parliament continues in New Delhi
    • 12:00 pm: CSB Bank IPO press conference in Mumbai
        
    
    INDIA TOP NEWS
    • OPEC's share of Indian oil imports in October hits lowest since 2011
    OPEC'S share of India's oil imports fell to 73% in October, its lowest
monthly share since at least 2011, tanker data from sources showed, as refiners
shipped in fuel from the United States and other suppliers.
    • Fiscal stimulus needed to revive India's stuttering economy - analysts
    India has depended on monetary policy to support its economy growing at its
slowest pace in six years but the government must now deploy more direct fiscal
stimulus or risk a long period of stagnation, analysts and experts say.

    • Tata Steel plans to cut up to 3,000 European jobs
    Tata Steel plans to cut up to 3,000 jobs across its European
operations, the company said on Monday, as the sector wrestles with excess
supply, weak demand and high costs.
    • Replacing Pratt engines in IndiGo fleet by end of January a challenge -
CEO
    Replacing all Pratt & Whitney engines on IndiGo's fleet of almost
100 Airbus planes by Jan. 31, as ordered by India's aviation watchdog,
will be challenging but the airline aims to complete the work, its chief
executive officer said on Monday.
    • India says e-cigarette ban implies use of devices also prohibited
    The Indian government has told a court that its federal ban on the sale of
electronic cigarettes implies that their use is also prohibited, legal documents
seen by Reuters showed, in a further clampdown on the devices.
    • India plans strategic stake sales in 28 state-run companies - minister
    India's cabinet has given 'in-principle' approval for the sale of strategic
stakes in 28 state-run companies including state carrier Air India, junior
finance minister Anurag Singh Thakur told lawmakers on Monday.
    • Police round up students in India's capital as fee protests grow
    Indian police said they briefly detained around 50 students in New Delhi on
Monday as protests against proposed fee hikes at a prestigious public university
entered a second week and degenerated into clashes.
    • India makes advance payment for Russian missile system - Rostec CEO
    India has made an advance payment of $800 million for Russia's S-400
anti-aircraft missile systems, the head of Russian conglomerate Rostec Sergey
Chemezov told reporters on Monday.
    
    
    GLOBAL TOP NEWS
    • Fears of bloodshed as Hong Kong university standoff enters third day
    Hong Kong's new police chief called for the support of all citizens to end
social unrest that has disrupted the city for more than five months, while
protesters remained trapped by his officers at a university for a third day.

    • U.S. backs Israel on settlements, angering Palestinians and clouding peace
process
    The United States on Monday effectively backed Israel's right to build
Jewish settlements in the occupied West Bank by abandoning its four-decade-old
position that they were "inconsistent with international law," a stance that may
make Israeli-Palestinian peace even more elusive.
    • U.S. grants Huawei new 90-day license extension 
    The Trump administration on Monday issued a new 90-day extension allowing
U.S. companies to continue doing business with China's Huawei Technologies Co
Ltd          as U.S. regulators continue crafting rules on telecommunications
firms that pose national security risks.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.3% lower at 11,891.00.
    • The Indian rupee is expected to open lower against the dollar, tracking
decline in most regional currencies, as fund flows and U.S.-China trade
negotiations continue to remain in focus.
    • Indian government bonds are likely to open little changed, ahead of state
debt auction, while traders await clarity on the fiscal position. The yield on
the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.46%-6.52%.
    
    
    GLOBAL MARKETS
    • Wall Street's three main indexes on Monday barely extended the previous
session's closing records as investors waited for concrete progress on
U.S.-China trade relations after mixed headlines.
    • Asian shares started softer as another day awaiting clearer news on the
progress of U.S-China trade negotiations weighed on jaded investors' sentiment.

    • The dollar fell against the yen as receding hopes for a preliminary trade
deal between the United States and China hurt demand for the greenback.
    • U.S. long-dated Treasury yields fell to two-week lows on Monday, after a
report triggered fresh doubts about a trade deal between the United States and
China.
    • U.S. oil prices fell for the second straight day amid market jitters over
limited progress between China and the United States on rolling back trade
tariffs, exacerbated by a rise in U.S. inventories.
    • Gold inched up to its highest in more than 1-1/2 weeks, as fresh doubts
about a trade deal between the United States and China dented appetite for
riskier assets.
        
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.76/71.79  November 18      (1,166.87)      (570.09) crore
                                                 crore           
 10-yr bond yield  6.50%        Month-to-date    13,269 crore    4,767 crore
                                Year-to-date     81,822 crore    37,053 crore
 
    
    
    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 = 71.94 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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