November 2, 2018 / 3:30 AM / 16 days ago

Morning News Call - India, November 2

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    FACTORS TO WATCH
    4:00 pm: Prime Minister Narendra Modi and Finance Minister Arun Jaitley to
attend MSME Support and Outreach Program launch in New Delhi.
    
    GMF: LIVECHAT - U.S. MIDTERMS FOCUS
    Dave Levinthal, Federal politics editor at the Center for Public Integrity,
joins us to discuss the elections at 0930 IST. o join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    • Mastercard lodged U.S. protest over Modi's promotion of Indian card
network
    Mastercard told the United States government in June that Indian Prime
Minister Narendra Modi was using nationalism to promote the use of a domestic
payments network, and New Delhi's protectionist policies were hurting foreign
payment companies, a document seen by Reuters showed.
    • October manufacturing activity grows at quickest pace in four months on
strong orders
    Indian manufacturers defied expectations for a slowdown and expanded
activity at the fastest pace in four months in October, boosted by increasing
new orders, a private survey showed on Thursday.
    • India delays imposition of retaliatory tariffs on U.S. goods till Dec. 17
    India has delayed the implementation of higher tariffs on some goods
imported from the United States to Dec. 17, according to a government order that
put off for a third time retaliatory action against U.S. import tariffs on steel
and aluminium.
    • Hindustan Petroleum Corp Q2 profit dives, misses estimate
    State-owned refiner Hindustan Petroleum posted a 37.1 percent fall in
second-quarter profit on Thursday, dented by rising costs amid higher raw
material and forex expenses. Separately, the company said it may
resume buying Iranian oil if New Delhi secures a waiver from U.S. sanctions, its
chairman M K Surana said on Thursday.
    • India likely to announce measures to help small and medium-sized
businesses on November 2 - government
    India is likely to announce new steps to support small and medium-sized
businesses, such as increased access to credit and financial markets, at an
industry event on Nov. 2, the finance ministry said in a tweet.
    • RBI head should work with Indian government or quit, says official at key
Hindu group RSS
    The governor of India's central bank should work in sync with the nation's
government to support economic growth or he should resign, said the head of the
economic wing of the Hindu nationalist group that is the fountainhead of Prime
Minister Narendra Modi's ruling party.
        • Jaguar Land Rover to open technical engineering office in Hungary 
    Britain's biggest carmaker Jaguar Land Rover (JLR) will create 100 jobs with
a new technical engineering office in Hungary to allow for close collaboration
with suppliers in central and Eastern Europe, the firm said.

    
    GLOBAL TOP NEWS
    • Apple warns on holiday sales, sending value below $1 trillion
    Apple on Thursday warned that sales for the crucial holiday quarter would
likely miss Wall Street expectations, which Chief Executive Tim Cook blamed on
weakness in emerging markets and foreign exchange costs.
    • Trump, Xi upbeat on U.S.-China trade; U.S. targets more Chinese firms
    U.S. President Donald Trump and Chinese President Xi Jinping both expressed
optimism on Thursday about resolving their bitter trade disputes ahead of a
high-stakes meeting planned for the two leaders at the end of November in
Argentina.
    • U.S. charges financier, former Goldman bankers for 1MDB
    U.S. prosecutors unveiled criminal charges on Thursday against two former
Goldman Sachs bankers and Malaysian financier Low Taek Jho tied to the alleged
theft of billions from Malaysian sovereign wealth fund 1MDB.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.7 percent higher at 10,483.50, from
its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency in
the wake of broad dollar losses and a slide in Brent crude to a two-month low.
    • Indian government bonds may open higher, as crude oil prices extended
their losses easing inflation concerns, while likely gains in rupee will further
help. The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in
a 7.78 percent-7.84 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose for a third straight session on Thursday as President
Donald Trump said trade talks with China were "moving along nicely," reviving
hopes that the two countries can resolve their trade dispute.
    • Asian equity markets rose as China and the United States expressed
optimism about resolving their bruising trade war, though a warning from tech
giant Apple Inc on holiday sales amid emerging market weakness could weigh on
technology shares.
    • The dollar sagged against its peers, pulling away from a 16-month peak hit
earlier this week as returning confidence in financial markets reduced the
appeal for safe haven assets and as investors awaited the closely-watched U.S.
jobs report.
    • Reports of a slowdown in U.S. manufacturing, construction and productivity
left yields lower ahead of Friday's monthly jobs report which will inform the
Federal Reserve's decision on whether to raise interest rates in December.
    • Oil prices dipped as record crude output by the world's top-three
producers offset supply concerns from the start of U.S. sanctions next week
against Iran's petroleum exports.
    • Gold prices were steady in early Asian trade, after rising about 1.5
percent in the previous session, while the dollar inched up ahead of the U.S.
payrolls data due later in the day.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.54/73.57  November 1       $51.06 mln  -$87.54 mln
 10-yr bond yield  7.82 pct     Month-to-date    -$3.75 bln  -$8.19 mln
                                Year-to-date     -$5.92 bln       -
 
    
    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 = 73.4500 Indian rupees)
0 : 0
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