November 6, 2019 / 3:26 AM / 12 days ago

Morning News Call - India, November 6

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    FACTORS TO WATCH
    GMF: LIVECHAT - EQUITIES WATCH
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    INDIA TOP NEWS
    • CBI registers 42 new bank fraud cases
    The Central Bureau of Investigation said on Tuesday that they had registered
42 new cases of bank fraud amounting to about 72 billion rupees after conducting
searches in 187 places across the country.
    • India says supports FTA talks with EU after refusing to join China-led
accord
    India should hold talks with the European Union for a free trade agreement,
the government said on Tuesday, a day after it refused to join a China-backed
regional trade pact for fear of a flood of cheap Chinese imports.
    • India's October services activity contracts for second straight month
    Activity in India's dominant services industry contracted for a second
consecutive month in October due to muted demand, a private business survey
showed on Tuesday, driving business optimism to a near-three year low.

    • India gold demand to hit 3-year low as prices surge to record - World Gold
Council
    India's gold demand is expected to fall to its lowest level in three years
in 2019, the World Gold Council (WGC) said on Tuesday, as domestic prices climb
to a record against a backdrop of falling earnings in rural areas, a key source
of custom for the precious metal.
    • IndiGo, Qatar Airways to announce strategic deal
    India's largest airline, IndiGo, and Qatar Airways will make a
strategic business announcement on Thursday, which media reports said would
involve a codeshare agreement.
    • Suzuki braces for bumpy road ahead after Q2 profit tumbles on India market
woes
    Suzuki Motor Corp said quarterly profit plunged by almost a third
on slumping car demand in India, its biggest market, and Japanese automaker
slashed its full-year vehicle sales outlook.
    
    
    GLOBAL TOP NEWS
    • Iowa? Greece? Where Trump and Xi may meet becomes new trade deal issue
    The United States and China are working to narrow their differences enough
to sign a "phase one" trade deal as early as this month, but suggestions for a
signing venue range from Alaska to Greece.
    • Japan services sector shrinks for first time since 2016 as sales tax hike
kicks in - PMI
    Activity in Japan's services sector shrank for the first time in three years
in October as a powerful typhoon and a sales tax hike weighed on demand, a
survey showed, raising a red flag for the world's third-largest economy.

    • U.S. envoy Sondland ties Ukrainian aid to investigation request in new
impeachment testimony
U.S. diplomat Gordon Sondland told a Ukrainian official his country would likely
not get nearly $400 million in security aid unless they pursued investigations
demanded by President Donald Trump, revising earlier testimony to the Trump
impeachment inquiry.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were 0.2% lower at 11,934.50.
    The Indian rupee is expected to open lower against the U.S. currency after
better-than-expected U.S. services data helped the dollar index reach a
three-week high.
    Indian government bonds are likely to open lower, tracking uptick in U.S.
Treasury yields and crude oil prices overnight, while traders remain concerned
about a likely fiscal slippage. The yield on the benchmark 6.45% bond maturing
in 2029 is likely to trade in a range of 6.50%-6.55%.
    
    
    GLOBAL MARKETS
    • The benchmark S&P 500 edged lower on Tuesday, as investors paused in the
wake of a rally buoyed by hopes of a trade deal between the United States and
China that sent the three main U.S. stock indexes to record highs in the
previous session.
    • Asian shares pulled back slightly as investors awaited new developments
toward scaling back a bruising trade war between the United States and China.

    • The dollar held the upper hand against its rivals, particularly versus
traditional safe-haven currencies, on rising hopes for a U.S.-China trade deal
and a string of solid U.S. economic data.
    • Benchmark U.S. Treasury yields rose to six week highs on Tuesday on
optimism that the United States and China will reach a deal to de-escalate their
trade war, and after data showed strength in the U.S. services sector.
    • Oil prices dropped after industry data showed a larger-than-expected
build-up in U.S. crude stockpiles, but expectations for an easing of trade
tensions between the United State and China capped losses.
    • Gold prices inched up, after slipping more than 1% in the previous
session, as investors awaited further clarity on the U.S.-China trade talks.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         70.66/70.69  November 5       81.10 crore     1,037.86 crore
 10-yr bond yield  6.50%        Month-to-date    3,878 crore     3,750 crore
                                Year-to-date     72,431 crore    36,606 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 = 70.80 Indian rupees)
 

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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