October 30, 2019 / 3:18 AM / 23 days ago

Morning News Call - India, October 30

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    LIVECHAT - EQUITIES WATCH
    Reuters equities correspondents in London and New York examine how a busy
corporate earnings week is playing out on bourses on both sides of the Atlantic.
To join the conversation at 6:30 pm IST, click here refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • IndiGo places historic order for 300 Airbus planes
    Indian budget carrier IndiGo has placed an order for 300 Airbus
A320neo-family jets worth at least $33 billion at recent catalogue prices,
handing the European planemaker what could be its biggest ever order from a
single carrier.
    • Modi says Saudi to invest in India's downstream oil, gas projects
    Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in
downstream oil and gas projects in India as part of a strategic partnership
between the two countries, a move that would also help the world's top oil
exporter find a stable outlet for its crude.
    • India forms panel to address telecoms woes -ministry source
    India has formed a panel of bureaucrats to suggest ways to alleviate
financial pressures on the telecoms sector, a ministry source said on Tuesday,
days after a court order that will push mobile carriers to pay overdue
government levies and interest.
    • Airtel postpones Q2 results as sector stares at massive payouts
    Bharti Airtel said on Tuesday it would need more time to release its
September-quarter earnings report, as the Indian company weighs the impact of a
recent court ruling asking telecom firms to pay $13 billion in dues to the
government.
    • Indian steelmakers face debt challenges after ill-timed bets
    India's biggest steelmakers may be suffering from buyer's remorse as assets
they bought from bankrupt rivals stretch their bottom lines while market
conditions have worsened.
    • India's competition watchdog to probe SoftBank's Oyo, MakeMyTrip
    An Indian regulator has ordered an investigation into allegations that
hotel-booking service MakeMyTrip gives special treatment to SoftBank-backed
hotel chain Oyo on its platform, stifling competition in the industry.

    
    
    GLOBAL TOP NEWS
    • U.S.-China trade deal might not be ready for signing in Chile -U.S.
official
    An interim trade agreement between the United States and China might not be
completed in time for signing in Chile next month as expected but that does not
mean the accord is falling apart, a U.S. administration official said on
Tuesday.
    • Britain set for December 12 election to break the Brexit deadlock 
    Britain will hold its first December election in almost a century after
Prime Minister Boris Johnson won approval from parliament on Tuesday for an
early ballot aimed at breaking the Brexit deadlock.
    • White House adviser tells lawmakers Trump Ukraine call raised national
security concerns
    A senior White House official testified on Tuesday he was so alarmed by
hearing U.S. President Donald Trump ask Ukraine's president to investigate a
political rival, Democrat Joe Biden, that he reported the matter to a White
House lawyer.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,809.50. 
    • The Indian rupee is expected to open little changed against the dollar, as
bets of a Federal Reserve rate cut offset concerns about a delay in the
U.S.-China trade agreement.
    • Indian government bonds are likely to trade largely unchanged in early
session, amid lack of fresh triggers and as investors await the Federal
Reserve’s interest rate decision that is due later today. The yield on the
benchmark 7.26% bond maturing in 2029 is likely to trade in a range of
6.66%-6.72% today.
    
    
    GLOBAL MARKETS
    • The S&P 500 edged lower to snap a four-session win streak on Tuesday and
it retreated from a record high as investors grappled with a flood of earnings
and the latest update on a potential trade deal between the U.S. and China.
    • A rally in global shares stalled, with Asian markets stuck in tight
ranges, as the prospect of a rate cut by the Federal Reserve was countered by
worries a Sino-U.S. first-stage trade deal could be delayed.
    • The dollar traded narrowly as markets braced for a rate cut by the Federal
Reserve, while the sterling steadied as Britain heads for an early general
election the prime minister hopes will break the deadlock over Brexit.
    • U.S. Treasury yields were lower, though moves were generally muted, on
Tuesday, the first of the two-day Federal Reserve policy meeting after which it
is expected to announce its third interest-rate cut this year. 
    • Oil prices slipped, with U.S. crude falling for a third day after an
industry report that stocks at the Cushing delivery hub for the benchmark rose
last week, shrugging off a drop in overall inventories.
    • Gold prices held steady on prospects of a delay in the U.S.-China trade
pact, while cautious investors awaited the Federal Reserve's decision on
interest rates.
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         70.82/70.85  October 29       (407.93) crore  1,434.72 crore
 10-yr bond yield  6.68%        Month-to-date    3,254 crore     1,174 crore
                                Year-to-date     59,439 crore    30,360 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 = 70.88 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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