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 9:15 am: Gland Pharma virtual listing ceremony. 12:30 pm: Commerce Minister Piyush Goyal at CII Asia Heath 2020 digital conference. 2:30 pm: Textiles Minister Smriti Irani at FICCI Global Young Leaders summit. 3:00 pm: SIAM webinar on automotive aftermarket parts. 3:30 pm: RRG Research BV Director Trevor Neil at Refinitiv webinar. 5:00 pm: RBI to release weekly foreign exchange data. 6:40 pm: Delhi Chief Minister Arvind Kejriwal at Hindustan Times Leadership summit. PROMOTION LIVECHAT-REUTERS GLOBAL MARKETS FORUM Brigg Macadam Partner Greg Swenson tells the forum about African private market real asset opportunities his firm is involved in as well as the outlook for African sovereign issuers given fiscal constraints due to the pandemic. To join the conversation at 9:30 pm IST, click here here INDIA TOP NEWS • Adani has no guaranteed customer for $6 billion Indian solar project - document Adani Green Energy's record $6 billion solar power project announced in June has no guaranteed customer, its deal with India's main solar-adoption agency shows, and may expose the company to higher financial risk. • Reliance says retail venture completes fundraising, rakes in $6.4 billion Reliance Industries on Thursday said its retail arm had completed its fundraising exercise as more than half a dozen investors poured $6.37 billion into a 10.09% stake in the company in two months. • Twitter faces renewed heat in India over inaction against anti-court posts Social media giant Twitter faced censure from Indian legislators for a second time in weeks for failing to take down posts critical of India's top court and judges that a parliamentary panel called "obscene". • India nears 9 million coronavirus cases India has recorded 45,576 new cases of the coronavirus health ministry data showed on Thursday, taking total infections in the country to 8.96 million. • Indian regulator demands $8.4 billion from Sahara in Supreme Court petition India's market regulator has filed a petition with the Supreme Court asking it to direct embattled Sahara conglomerate chief Subrata Roy and two of his companies to deposit $8.4 billion that it said was due to its investors. • India aims to reduce diesel use with $1.35-billion LNG retail push Indian companies will spend $1.35 billion over three years on 1,000 liquefied natural gas (LNG) stations along main roads and industrial corridors and in mining areas, the oil minister said on Thursday, to cut diesel consumption. • East-to-west flow of gold slows as Swiss exports to India rebound The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland's imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday. • India's economy to return to normal faster than expected - Barclays Barclays lifted its fiscal 2022 growth forecast for the Indian economy to 8.5% from an earlier projection of 7%, saying the country would "return to normal" faster than expected as the COVID-19 curve in the world's second-most populous nation starts flattening. GLOBAL TOP NEWS • Mnuchin pulls plug on some pandemic lending programs that Fed considers essential U.S. Treasury Secretary Steven Mnuchin said on Thursday that key pandemic lending programs at the Federal Reserve would expire on Dec. 31, putting the outgoing Trump administration at odds with the central bank and potentially adding stress to the economy as President-elect Joe Biden organizes his administration. • WHO advises against Gilead's remdesivir for all hospitalised COVID-19 patients Gilead's drug remdesivir is not recommended for patients hospitalised with COVID-19, regardless of how ill they are, as there is no evidence it improves survival or reduces the need for ventilation, a World Health Organization panel said. • Large Boeing 737 MAX customers signal caution on orders amid COVID-19 A day after Boeing received approval for its 737 MAX to fly again following a 20-month grounding, its two largest U.S. and European customers signaled caution on their order books as they monitor demand in the midst of the coronavirus pandemic. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were 0.2% higher at 12,799.50. • The Indian rupee is expected to trade higher against the dollar tracking an uptick on most Asian currencies. • Indian federal government bond yields will likely open little changed ahead of a fresh supply of notes at a weekly auction today. The yield on the benchmark 5.77% 2030 bond is likely to trade in a 5.86%-5.92% band till the auction today. GLOBAL MARKETS • U.S. stock market futures dropped late on Thursday after Treasury Secretary Steven Mnuchin pulled the plug on some of the Federal Reserve' pandemic emergency lending programs. • World financial markets were hit by a wave of uncertainty after U.S. Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses, sparking a rare clash between the central bank and Treasury. • The dollar halted its week-long slide after U.S. Treasury Secretary Steven Mnuchin told the Federal Reserve to return money earmarked for pandemic lending to businesses, nonprofits and local governments. • U.S. Treasury yields fell on Thursday as the prospect of a weak fourth economic quarter overcame optimism that vaccines against COVID-19 are close to being rolled out and could return the economy to normal. • U.S. oil prices slipped, dropping for a second day as concerns mounted about the hit to demand from the surge in COVID-19 infections forcing new lockdowns, but prices were supported by signs of movement on a stimulus deal in Washington. • Gold prices fell, weighed by uncertainty over more U.S. stimulus measures after Treasury Secretary Steven Mnuchin said key pandemic lending programs at the Federal Reserve would expire by the end of the year. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.29/74.32 November 19 5,403.75 crores (104.82) crores 10-yr bond yield 5.88% Month-to-date 42,190 crores 1,580 crores Year-to-date 90,078 crores (1,05,566) crores (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 = 74.10 Indian rupees) (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
Our Standards: The Thomson Reuters Trust Principles.