November 8, 2019 / 3:24 AM / 7 days ago

Morning News Call - India, November 8

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    FACTORS TO WATCH
    • 9:00 am: RBI Executive Director M. Rajeshwar Rao, SEBI Chairman Ajay Tyagi
and senior bank executives at CII’s Financial Markets Summit in Mumbai
    • 10:00 am: NITI Aayog CEO Amitabh Kant at CII’s Manufacturing Summit in
Mumbai
    • 10:30 am: Finance Minister Nirmala Sitharaman at an event in Faridabad
     
    
    INDIA TOP NEWS
    • Moody's lowers India's outlook to 'negative' from 'stable'
    Moody's Investors Service on Thursday changed its outlook on India's ratings
to "negative" from "stable", citing increasing risks that the country's economic
growth will remain lower than in the past.
    • India on course for lowest fuel demand growth in 6 years
    Growth in demand for fuel in India is on course to fall to its lowest in at
least six years as the economy slows and after heavy rains impacted gasoil
consumption, which accounts for about two-fifth of the nation's overall fuel
use.
    • Slowing Indian economy spells tough times ahead for the rupee - Reuters
Poll
    A slowing domestic economy will prevent India's rupee from recouping this
year's losses against the dollar in 2020, with optimism around an easing in the
U.S.-China trade dispute not enough to give it a further boost, a Reuters poll
showed.
    • India not planning to help banks rescue shadow lender DHFL -sources
    India's government has no plans to participate in the rescue of Dewan
Housing Finance Corporation Ltd (DHFL), according to two sources involved in
talks on how to restructure the shadow bank's near 1-trillion-rupee debt.

    • IndiGo signs one-way codeshare agreement with Qatar Airways
Top Indian airline IndiGo said on Thursday it signed a one-way codeshare
agreement with Qatar Airways, letting the Middle Eastern airline get more access
to the fast-growing Indian market.
    
    
    GLOBAL TOP NEWS
    • China, U.S. agree tariff rollback if phase one trade deal is completed
    China and the United States have agreed to roll back tariffs on each others'
goods in a "phase one" trade deal if it is completed, officials from both sides
said on Thursday, sparking division among some advisers to President Donald
Trump.
    • U.S. diplomat says Giuliani waged campaign of 'lies' against envoy to
Ukraine
    A top U.S. diplomat told congressional investigators that President Donald
Trump's personal attorney Rudy Giuliani conducted a "campaign full of lies"
against the U.S. ambassador to Ukraine before she was recalled from her post,
according to a transcript of his testimony released on Thursday.
    • Hong Kong student who fell during weekend protests dies
    A student at a Hong Kong university who fell during protests at the weekend
died early on Friday morning, marking the first student death during the
anti-government demonstrations that have roiled the city and setting the stage
for fresh unrest.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were 0.5% lower at 12,004.00.
    The Indian rupee is expected to open lower against the dollar after Moody’s
Investors Service cut India’s rating outlook, citing risks of a prolonged
economic slowdown.
    India government bonds are likely to fall in early trade, as Moody's
Investors Service cut the country’s credit outlook to Negative and tracking a
sharp spike in U.S. yields overnight. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.52%-6.57%.
    
    
    GLOBAL MARKETS
    • The Dow and S&P 500 notched record closing highs on Thursday as the latest
signs of progress in U.S.-China trade relations relieved investors, but a report
raising fresh worries about the outlook for a deal limited the day's gains.
    • World stocks rallied to near record highs after China said it had agreed
with the United States to cancel tariffs in phases, a key demand of Beijing for
sealing a deal to end a trade war that has slowed economic growth and roiled
markets.
    • The dollar held on to its gains versus the yen and the Swiss franc as a
China-U.S. agreement to roll back tariffs on each others' goods supported
riskier assets, even as some reports suggest a preliminary trade pact is far
from a done deal.
    • U.S. Treasury yields surged to more than three-month highs on Thursday,
exaggerated by technical factors, as reports that a U.S.-China agreement to roll
back trade tariffs boosted global economic growth expectations.
    • U.S. crude oil futures fell amid fading hopes that a deal to end the
lingering trade war between Washington and Beijing would be signed any time
soon, the gloom compounded by rising crude inventories in the United States.

    • Gold prices hovered near a one-month low hit in the previous session after
China and the United States agreed to roll back tariffs as part of the first
phase of a trade deal, stoking investors towards riskier assets.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.93/70.96  November 7       1,261 crore   2,743.80
                                                               crore
 10-yr bond yield  6.51%        Month-to-date    5,539 crore   6,716 crore
                                Year-to-date     74,092 crore  39,572 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 = 69.39 Indian rupees)
 

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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