November 22, 2019 / 3:18 AM / 24 days ago

Morning News Call - India, November 22

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    FACTORS TO WATCH
    • 10:30 am: Junior Finance Minister Anurag Thakur at CEAMA annual conference
in New Delhi.
    • 2:00 pm: Economic Affairs Secretary Atanu Chakraborty, SEBI Chairman Ajay
Tyagi and RBI Executive Director S. Ganesh Kumar at India Gold & Jewellery
Summit 2019, in New Delhi.
    • 3:00 pm: Fifteenth Finance Commission Chairman N.K. Singh to deliver L.K.
Jha Memorial Lecture on “Fiscal Federalism: Ideology and Practice” in Mumbai.
    • 4:30 pm: Principal Economic Adviser Sanjeev Sanyal to deliver R.K. Talwar
Memorial Lecture on “Beyond Risk: Policy Making for an Uncertain World” in
Mumbai.
        
    
    INDIA TOP NEWS
    • India's bankruptcy code set to face huge test in DHFL case
India's bankruptcy-resolution process has just begun to find its feet with
recent precedent-setting court rulings, but bankers, lawyers and insolvency
experts say the system is about to face a huge test.
    • India, U.S. in talks to resolve trade issues - Raveesh Kumar
    India and the United States are in talks to resolve trade issues and both
New Delhi and Washington hope to find an early solution, an Indian foreign
ministry spokesman said on Thursday.
    • India rice export prices slide to multi-year low on supply influx
    Indian rice export prices fell to their lowest in nearly three years this
week as fresh supplies from the summer-sown crop loom large, with subdued global
demand also crimping exports from other major centres.
    • Japan's Sony in talks to buy stake in India's Network18 Media - Bloomberg
    Japan's Sony Corp is in talks to buy a stake in India's Network18
Media & Investments Ltd, Bloomberg reported on Thursday, sending
shares in billionaire Mukesh Ambani's TV business higher.
    • Investors trim long bets on Asian currencies as Sino-US trade deal hopes
dwindle
    Investor sentiment towards most Asian currencies soured over the past two
weeks, a Reuters poll showed, as markets reined in hopes that an interim
Sino-U.S. trade deal would materialise soon.
    
    
    GLOBAL TOP NEWS
    • Former Trump aide calls Ukraine meddling theory fiction; Trump would
welcome Senate trial
    President Donald Trump's former Russia adviser urged lawmakers in the House
of Representatives impeachment inquiry on Thursday not to promote "politically
driven falsehoods" that cast doubt on Russia's interference in the 2016 U.S.
election.
    • Netanyahu charged with corruption, says he won't resign
    Israeli Prime Minister Benjamin Netanyahu said on Thursday he would not
resign despite being charged with bribery, fraud and breach of trust in a
corruption scandal that he denounced as an "attempted coup".
    • U.S. charges Chinese national with stealing trade secrets - Justice
Department
    A Chinese national who worked for Monsanto before it was purchased by Bayer
AG was charged in St. Louis, Missouri, on Thursday with stealing
trade secrets for China, the U.S. Justice Department said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The Indian rupee is expected to open little changed against the dollar as
improved regional risk appetite may offset impact from Brent crude rising to a
two-month high.
    Indian sovereign bonds are likely to open lower ahead of fresh supply of
debt later today and amid rising crude oil prices. The yield on the benchmark
6.45% bond maturing in 2029 is likely to trade in a range of 6.49%-6.54%.
    
    
    GLOBAL MARKETS
    • U.S. stock indexes moved slightly lower on Thursday as investors moved to
the sidelines with mixed messages and no concrete signs of progress on
U.S.-China relations.
    • Asian equities rose, bouncing from a three-week low touched a day earlier,
but gains were capped by persistent worries over the status of trade
negotiations between China and the United States.
    • The dollar held overnight gains, as investors clung to the safe-haven
pending developments in Sino-U.S. trade negotiations and amid a growing
skepticism about reports of progress in the talks.
    • U.S. Treasury yields rose on Thursday after falling for three straight
sessions, bolstered by more positive news on U.S.- China trade negotiations and
the unwinding of most of this week's safe-haven demand.
    • Oil prices were toppled from their highest in nearly two months by doubts
over future demand for crude as uncertainty continues to shroud a potential
U.S.-China trade deal, and along with it the health of the global economy.
    • Gold prices were little changed as a report of China's efforts to smooth
the way for trade talks with the United States offset worries that an interim
deal might not occur until next year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.76/71.79  November 21      427.96 crore    (2,430.22)
                                                                 crore
 10-yr bond yield  6.44%        Month-to-date    12,541 crore    498 crore
                                Year-to-date     81,094 crore    33,354 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  = 71.74 Indian rupees)
 

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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