November 21, 2018 / 3:18 AM / 21 days ago

Morning News Call - India, November 21

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    FACTORS TO WATCH
    No major events are scheduled.
    
    
    INDIA TOP NEWS
    • RBI move boosts Indian banks' lending ability by up to $42 billion -
sources
The Reserve Bank of India estimates that Indian banks will have capacity to lend
an extra 2.5 trillion rupees to 3.0 trillion rupees ($35 billion to $42 billion)
over the next year after it decided to relax a deadline for lenders to boost
capital ratios, two sources aware of discussions on the matter said on Tuesday.

    • U.S. court allows generic version of Indivior opioid abuse drug
A U.S. appeals court on Tuesday allowed generic drug company Dr. Reddy's
Laboratories to sell a copycat version of the Indivior opioid treatment Suboxone
Film, sending Indivior's stock price down more than 40 percent.
    
    
    GLOBAL TOP NEWS
    • Japan prosecutors weigh bringing case against Nissan after Ghosn arrest
-Asahi
Japanese prosecutors are considering bringing a case against Nissan Motor after
Chairman Carlos Ghosn's arrest on suspicion of financial misconduct, the Asahi
Shimbun daily said.
    • Britain's May seeks to cut deal on future EU ties in Brussels
British Prime Minister Theresa May arrives in Brussels to attempt to agree a
blueprint of Britain's post-Brexit ties with the European Union, which the
bloc's diplomats said was being held up by disagreements over Gibraltar,
fisheries and trade.
    • Trump stands by Saudi prince despite journalist Khashoggi's murder
President Donald Trump vowed on Tuesday to remain a "steadfast partner" of Saudi
Arabia despite saying that Saudi Crown Prince Mohammed bin Salman may have known
about the plan to murder dissident journalist Jamal Khashoggi last month.

    
    
    LOCAL MARKETS OUTLOOK
    • SGX Nifty nearest-month futures were trading 0.08 percent lower at
10,661.00, from its previous close.
    
    
    GLOBAL MARKETS
    • U.S. stocks sold off for a second day on Tuesday as energy shares dropped
with oil prices, and retailers including Target and Kohl's sank after weak
earnings and forecasts, fueling worries about economic growth.
    • Asian stocks fell, weighed by a renewed bout of selling on Wall Street,
and crude oil struggled after a sharp slide as economic growth concerns gripped
global markets.
    • The dollar firmed against its major peers, extending overnight gains as
investors shunned riskier assets in favour of safe haven currencies on
heightened concerns about slowing global growth and the U.S.-Sino trade
war.
    • Benchmark U.S. Treasury yields fell to seven-week lows on Tuesday as
global stock market declines boosted demand for safe haven debt, before giving
up some price gains as investors closed positions before Thursday's Thanksgiving
holiday.
    • Oil prices clawed back some of the previous day's more than 6 percent
fall, supported by a report of an unexpected drop in U.S. commercial crude
inventories as well as record Indian crude imports.
    • Gold prices dropped slightly, as the U.S. dollar got a boost from
safe-haven demand amid heightened risk aversion.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.47/71.50  November 20      -$105.43 mln  -$17.86 mln
 10-yr bond yield  7.79 pct     Month-to-date    $723.36 mln   $842.31 mln
                                Year-to-date     -$5.20 bln    -$7.26 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 = 71.4200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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