December 6, 2018 / 3:24 AM / 13 days ago

Morning News Call - India, December 6

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    FACTORS TO WATCH
    2:30 pm: State Bank of India Chairman Rajnish Kumar, Bank of Baroda CEO P.S.
Jayakumar and other bankers at Business Standard Annual Banking Forum in Mumbai.
  
    GMF: Clyde Russell, Reuters Asia commodities and energy columnist, will
discuss cues to watch from the upcoming OPEC/non-OPEC meeting, and what an
impending slowdown could mean for commodities in 2019, at 9:30 am IST. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India central bank keeps rates on hold, moves to spur lending
India's central bank kept interest rates unchanged on Wednesday, in a decision
that was widely expected as inflation has eased significantly, while it took
steps to persuade banks to lend more in order to support an economy that has
lost some momentum.
    • India's strong domestic demand takes Nov services growth to 4-month high -
PMI
Business activity in India's dominant services sector expanded in November at
the quickest pace in four months, lifted by a significant rise in domestic
demand, a private survey showed on Wednesday.
    • Etihad in rescue talks with bankers for Jet Airways -sources
Jet Airways and second-largest shareholder Etihad Airways have been holding
rescue talks with bankers of the indebted Indian carrier, three people aware of
the matter told Reuters on Wednesday.
    • Indian court remands British businessman accused in AgustaWestland 'copter
deal
An Indian court on Wednesday remanded to custody a British businessman accused
of paying bribes to Indian officials to win a helicopter deal for Anglo-Italian
firm AgustaWestland, following a rare extradition.
    • Thyssenkrupp must decide on steel JV leadership soon - workers
Thyssenkrupp needs to quickly settle who will lead a planned European joint
venture with Tata Steel, a labour leader said on Wednesday.
    • Maruti Suzuki India to hike prices to combat higher costs
Maruti Suzuki India will raise prices across various car models next month to
mitigate the impact of high commodity prices and foreign exchange rates, the
automaker said on Wednesday.
    • ONGC gets $32 million payment from Venezuela's PDVSA
Oil and Natural Gas Corp has received a payment of $32 million from Petroleos de
Venezuela (PDVSA) as part of a settlement of outstanding dividend payments and
said it now hopes that Venezuela's state oil firm will be regular in making
further payments, a senior ONGC official said.

    
    GLOBAL TOP NEWS
    • China telecoms giant Huawei CFO arrested in Canada
Canada has arrested Chinese telecoms giant Huawei's global chief financial
officer in Vancouver, where she is facing extradition to the United States,
Canada's Department of Justice said on Wednesday.
    • May's Brexit deal under fire as legal advice stiffens opposition
Prime Minister Theresa May's Brexit deal came under fire from allies and
opponents alike on Wednesday after the government was forced to publish legal
advice showing the United Kingdom could be locked indefinitely in the European
Union's orbit.
    • Facebook gave data on user's friends to certain companies -documents
Facebook offered some companies, including Netflix and Airbnb, access to data
about users' friends it did not make available to most other apps in 2015,
according to documents released by a British lawmaker who said the social media
company dodged questions about privacy practices and market dominance.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.9 percent at
10,737.50, from the previous close.
    • The Indian rupee, in-line with its peers, is expected to open lower
against the dollar after regional equities extended their fall and U.S. equity
futures pointed to more losses on Wall Street.
    • Indian government bonds will likely extend gains in early session, as
sentiment remained positive after a dovish monetary policy where central bank
officials hinted at more open market purchases and reversal of policy move if
inflation risks subside. Yield on the benchmark 7.17 percent 2028 bond is likely
to trade in a 7.40 percent-7.48 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stock index futures fell late on Wednesday, following the previous
session's dramatic sell-off and lingering worries over trade and economic
growth.
    • U.S. stock futures and Asian shares tumbled after Canadian authorities
arrested a top executive of Chinese tech giant Huawei for extradition to the
United States, fanning fears of a fresh flareup in tensions between the two
superpowers.
    • The dollar dipped against the safe-haven yen amid a spike in risk
aversion, as equities continued their retreat on concerns about growth in the
world's largest economy.
    • Oil prices fell along with weak stock markets, but trading was tepid ahead
of a meeting by producer group OPEC that is expected to result in a supply cut
aimed at draining a glut that has pulled down crude prices by 30 percent since
October.
    • Gold prices edged higher as the dollar eased amid a spike in risk
aversion, while palladium further bolstered its premium over the bullion.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.42/70.45  December 5       -$50.74 mln  $140.44 mln
 10-yr bond yield  7.44 pct     Month-to-date    -$19.26 mln  -$99.40 mln
                                Year-to-date     -$5.07 bln   -$7.25 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=70.55 Indian rupees)

(1 Indian rupee = $0.0142)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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