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 8:30 am: PNB Housing Finance conference call post 2Q earnings. 9:00 am: Chief Economic Advisor Krishnamurthy Subramanian and State Bank of India Managing Director C.S. Setty at FICCI’s NBFC summit. 10:00 am: Larsen & Toubro analyst conference call post 2Q earnings. 11:00 am: Finance Ministry Additional Secretary Anand Mohan Bajaj, Life Insurance Corp. Managing Director Vipin Anand and Reserve Bank of India General Manager Manoj Kumar at ASSOCHAM webinar on India’s corporate bond market. 11:00 am: Blue Star conference call post 2Q earnings. 11:30 am: Hero MoroCorp analyst conference call post 2Q earnings. 2:30 pm: Mahindra & Mahindra Chief Executive and Managing Director Pawan Goenka at the launch webcast of its electric three-wheeler cargo. 2:30 pm: Maruti Suzuki India Chairman R.C. Bhargava, Chief Executive and Managing Director Kenichi Ayukawa at a virtual press conference post 2Q earnings. 3:30 pm: V-Guard Industries conference call post 2Q earnings. 3:45 pm: Bank of Baroda Chief Executive and Managing Director Sanjiv Chadha at a conference call post 2Q earnings. 4:00 pm: Arvind conference call post 2Q earnings. 4:00 pm: UTI Asset Management Company conference call post 2Q earnings. 5:00 pm: InterGlobe Aviation conference call post 2Q earnings. 5:00 pm: TVS Motor conference call post 2Q earnings. PROMOTION LIVECHAT - REUTERS GLOBAL MARKETS FORUM Reuters European Government Bonds Correspondent Yörük Bahçeli examines the state of play in European govvies and tells the GMF what to look out for in debt markets. To join the conversation at 5:00 pm IST, click here here INDIA TOP NEWS • Indian refiners bet on petrochems to hedge against low fuel margins Indian refiners have turned their focus to raising production of petrochemicals to cater for rising demand and help hedge against lower refined fuel margins, the country's oil secretary and company officials said on Wednesday. • China bought nearly 30% of Indian steel exports in April-Sept - data China was the top foreign buyer of Indian steel between April and September, government data showed on Wednesday, marking a rare rise in bilateral economic activity at a time of political tensions that have triggered some trade curbs. • Lloyd's insurer Apollo to stop underwriting Adani coal mine from Sept. 2021 Lloyd's of London firm Apollo has written insurance for Adani Enterprises' Carmichael thermal coal mine which expires in Sept 2021 but is not planning to provide any further insurance for the mine, according to a memo seen by Reuters. • NTPC to borrow $478 million from Japanese banks to fund clean energy India's largest electricity generator NTPC said on Wednesday it would borrow 50 billion yen ($478 million) from Japanese banks to fund the installation of emission-cutting equipment and green energy projects. • India trials of Russian Sputnik-V vaccine may end as early as March - Dr Reddy's Drugmaker Dr Reddy's Laboratories on Wednesday rolled out a preliminary timeline for the India trials of Russia's coronavirus vaccine candidate, with the late-stage expected to be completed by as early as March 2021. • Trade body urges India not to reduce import tax on edible oils A leading trade body has urged the Indian government not to reduce import taxes on edible oils as lower prices could hurt local farmers who are trying to boost production. • Indian parliamentary panel slams Twitter in China map dispute The head of an Indian parliamentary panel accused Twitter of disrespecting New Delhi's sovereignty on Wednesday, after mapping data showed Indian-ruled territory as part of China in what the social network said was a quickly resolved mistake. • U.S. pitches cheaper solar tech to India amid high dependence on China The United States wants India to explore manufacturing a cheaper alternative to silicon solar cells, U.S. Energy Secretary Dan Brouillette said on Wednesday, amid high dependence on Chinese technology. GLOBAL TOP NEWS • As COVID-19 roars back in U.S., Trump stages rallies in Arizona With less than a week before Election Day, President Donald Trump held a pair of in-person campaign rallies in Arizona on Wednesday despite a U.S. surge in COVID-19 cases and criticism he is prioritizing his re-election above the health of his supporters. • 'Who the hell elected you?' U.S. Senate tech hearing becomes political showdown A U.S. Senate hearing to reform an internet law and hold tech companies accountable for how they moderate content quickly turned into a political scuffle as lawmakers not only went after the companies but also attacked each other. • France and Germany thrust into lockdown as second COVID-19 wave sweeps Europe French President Emmanuel Macron and German Chancellor Angela Merkel ordered their countries back into lockdown on Wednesday, as a massive second wave of coronavirus infections threatened to overwhelm Europe before the winter. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.5% lower at 11,667.20. • The Indian rupee is expected to decline against the dollar, tracking a rout in equities worldwide on worries over the economic impact of new lockdowns in Europe. • Indian government bond yields are expected to edge lower in the early session, ahead of the central bank’s outright bond buyback auction today. The yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a 5.83%-5.88% band till the auction today. GLOBAL MARKETS • U.S. stocks tumbled on Wednesday, with the Dow closing at lows last seen in late July, as coronavirus cases soared globally and investors worried about the possibility of a contested U.S. presidential election next week. • Asian stock markets fell but not as sharply as Wall Street's rout overnight, while oil bounced off lows and U.S. futures jumped, as Asia's brighter economic outlook offset investor worries about fresh COVID-19 lockdowns in Europe. • The dollar held gains against a basket of major currencies as escalating coronavirus cases in Europe stoked fears across markets that fresh lockdowns would further hit the already fragile economic recovery. • U.S. Treasury yields were roughly unchanged across maturities on Wednesday afternoon, as expectations of heavy issuance of new supply offset safe-haven demand amid a dramatic stock sell-off that brought major U.S. stock indexes to one-month lows. • Oil prices rose in early trading, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana. • Gold was little changed, trading near a one-month low hit in the previous session, as fears of the economic impact from a fresh wave of the novel coronavirus in Europe kept the dollar around a one-week high it hit on Wednesday. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.86/73.89 October 28 3,589.14 crores (1,026.83) crores 10-yr bond yield 5.85% Month-to-date 20,413 crores 2,282 crores Year-to-date 48,760 crores (1,06,505) 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 = 73.94 Indian rupees) (Compiled by Pranay Prakash in Bengaluru)
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