To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here INDIA TOP NEWS • Indian court jails former MD of PMC Bank as fraud probe deepens An Indian court on Thursday sent the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, to jail as a probe into an alleged 43.55 billion rupees fraud intensifies. • India to miss fiscal deficit target by 30-50 bps - sources India is likely to miss its fiscal deficit target of 3.3% of gross domestic product for the current financial year by 30-50 basis points, two sources said, due to the sharp slowdown in the economy that has severely crimped tax collection goals. • DHFL's bondholders take shadow bank to bankruptcy court The resolution plans of debt-laden shadow lender Dewan Housing Finance Corporation Ltd (DHFL) have hit a roadblock after the custodian of DHFL bonds said on Thursday it is taking the firm to bankruptcy court on behalf of certain debenture holders. • Netflix and Amazon face censorship threat in India: source India is deliberating potential censorship on streaming platforms such as Netflix and Amazon Prime Video, a senior government source told Reuters. • BASF weighs $4 billion Indian chemicals complex with partners German chemicals maker BASF is teaming up with partners to study the feasibility of a petrochemical complex in India worth up to $4 billion, which would be the world's first to be fully powered by renewable energy. GLOBAL TOP NEWS • China Q3 GDP grows 6.0%, slowest pace in almost three decades China's economic growth slowed more than expected to 6.0% year-on-year in the third quarter, the weakest pace in almost three decades, hit by soft factory production amid a bruising Sino-U.S. trade war and lacklustre demand at home. • White House acknowledges strings attached in Trump withholding Ukraine aid President Donald Trump's withholding of $391 million in military aid to Ukraine was linked to his request that the Ukrainians look into a claim - debunked as a conspiracy theory - about the 2016 U.S. election, a senior presidential aide said on Thursday, the first time the White House acknowledged such a connection. • UK's Johnson agrees Brexit deal, but must now win over parliament European Union leaders unanimously backed a new Brexit deal with Britain on Thursday, leaving Prime Minister Boris Johnson facing a battle to secure the UK parliament's backing for the agreement if he is to take Britain out of Europe on Oct. 31. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.2% lower at 11,582.50. • The Indian rupee is expected to open little changed against the dollar as investors focus on the outlook of a U.S.-China trade deal and the weekend’s vote on the new Brexit deal. • Indian government bonds will likely open lower ahead of a weekly supply of notes, while renewed worries over fiscal slippage will weigh on investor sentiment. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a 6.68%-6.73% range until the auction outcome, a trader with a private bank said. GLOBAL MARKETS • Wall Street advanced on Thursday as investor sentiment was buoyed by a string of corporate earnings beats and encouraging geopolitical developments. • Asian stocks edged higher, tracking the global lift in sentiment after the UK and the European Union struck a long-awaited Brexit deal. • The pound traded near a five-month high against the dollar and the euro after Britain's prime minister Boris Johnson and European Union leaders agreed a new deal for Britain to exit the bloc. • U.S. Treasuries reversed earlier price weakness on Thursday as concerns grew that Britain’s parliament may not pass a deal designed to avoid a disorderly exit from the European Union. • Oil prices edged lower, dragged down by a trade dispute between China and the United States. • Gold prices held steady after Britain managed to eke out a deal for its exit from the European Union, lifting risk appetite, while a sluggish dollar provided support to the metal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 71.24/71.27 October 17 896.62 crore 384.51 crore 10-yr bond yield 6.70% Month-to-date 3,696 crore (182) crore Year-to-date 59,881 crore 29,004 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 = 71.12 Indian rupees) (Compiled by Pooja Kesavan in Bengaluru)
