November 28, 2018 / 3:20 AM / in 19 days

Morning News Call - India, November 28

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    INDIA TOP NEWS
    • Wave of refinery shutdowns may push India into importing fuel next year
    A wave of shutdowns will hit Indian state-owned refineries next year as the
country prepares for cleaner fuels from April 2020, company officials said, in
moves that could temporarily dent oil demand and push up imports of refined
fuels.
    • ICICI Pru Life sees banks, capital goods driving 2019 growth
    India's largest private sector insurer, ICICI Prudential Life Insurance,
expects private banks and big capital goods companies to drive growth next year,
as lenders get on top of their bad loans and oil prices come off their
highs.
    • GSK in exclusive discussions with Unilever about Indian Horlicks unit -FT
    GlaxoSmithKline is in exclusive talks to sell its Indian Horlicks nutrition
business to Unilever, putting an end to an auction that is expected to fetch
more than $4 billion, Financial Times reported on Tuesday.
    • HSBC warms up to India ahead of general polls
    Brokerage firm HSBC upgraded Indian equities to "neutral" from "underweight"
on Tuesday, saying valuations were more reasonable, investors' holdings were
very low and strong earnings growth would continue next year.
    
    
    GLOBAL TOP NEWS
    • China envoy warns of dire consequences if U.S. hardliners hold sway
    China is going to this week's G-20 summit hoping for a deal to ease a
damaging trade war with the United States, Beijing's ambassador to Washington
said on Tuesday, while warning of dire consequences if U.S. hardliners try to
separate the world's two largest economies.
    • Trump threatens to cut GM subsidies in retaliation for U.S. job cuts
    U.S. President Donald Trump threatened on Tuesday to eliminate subsidies for
General Motors Co in retaliation for the automaker cutting U.S. jobs and plants,
and the automaker also took fire from Canadian political and labor leaders for
cutbacks there.
    • Trump says 'not even a little bit happy' with Fed's Powell -report
    U.S. President Donald Trump on Tuesday kept up his criticism of Federal
Reserve Chairman Jerome Powell, saying rising interest rates and other Fed
policies were damaging the U.S. economy, the Washington Post said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.3 percent higher at
10,718.00, from its previous close. 
    The Indian rupee is expected to open lower against the U.S. currency after
the dollar index extended its advance amid latest comments by the Federal
Reserve vice chairman and uncertainty over Sino-American trade talks.
    Indian government bonds are likely to open higher after the central bank
announced fresh rounds of open market note purchases for this week and for
December. The yield on the benchmark 7.17 percent 2028 bond is likely to trade
in a 7.65 percent-7.70 percent band today, a trader with a state-run bank said. 
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow Jones Industrial Average edged higher on Tuesday
after White House economic adviser Larry Kudlow said a meeting between President
Donald Trump and his Chinese counterpart on Saturday was an opportunity to "turn
the page" on a trade war.
    • Asian shares dithered and the dollar jumped to a near 1-1/2-year top as
risk assets rowed back amid conflicting signals on prospects for de-escalating
the Sino-U.S. trade dispute.
    • The dollar held near two-week highs after a senior Federal Reserve
official reaffirmed the need for further rate increases and as investors sought
shelter in the currency thanks to simmering Sino-U.S. trade tensions.
    • Treasury yields fell on Tuesday afternoon after $40 billion of new
five-year notes were sold to strong demand and on resurgent worries about
U.S.-China trade tensions.
    • Oil prices rose ahead of an OPEC meeting next week at which the producer
club is expected to decide some form of supply cut to counter an emerging glut.

    • Gold prices steadied after hitting their lowest in nearly two weeks in the
previous session, with the U.S. dollar firm as a senior Federal Reserve official
reaffirmed the need for further rate increases.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.76/70.79  November 27      $114.72 mln  $47.64 mln
 10-yr bond yield  7.73 pct     Month-to-date    $463.18 mln  $908.34 mln
                                Year-to-date     -$5.46 bln   -$7.20 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 = INR 70.78)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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