December 11, 2019 / 3:07 AM / a month ago

Morning News Call - India, December 11

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    FACTORS TO WATCH
    1:00 pm: L&T Finance media briefing to announce the public issue of NCD in
Mumbai.
    
    LIVECHAT - EQUITIES WATCH
    Reuters stocks correspondents in London and New York discuss the latest
developments in European and American equities at 7:30 pm IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's automobile sales fall for 13th straight month - industry body
    India's domestic passenger vehicle sales fell in November for a 13th
consecutive month with no sign of an immediate recovery, an auto industry body
said on Tuesday.
    • India asks Japan to reduce trade surplus before Abe's visit
    India asked Japan on Tuesday to take steps to reduce the Japanese trade
surplus and sought more market access for Indian goods and services, a
government statement said, before Japanese Prime Minister Shinzo Abe's visit
next week.
    • Yes Bank yet to decide on Braich's $1.2 billion offer in crucial fund
raise
    Yes Bank said on Tuesday it was still discussing a $1.2 billion offer from
Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings as part
of a $2 billion capital raise it announced last month.
    • India's electricity demand falls for fourth straight month
    India's power demand fell 4.3% in November from a year ago, representing the
fourth straight month of decline, government data showed, potentially reflecting
a worsening industrial slowdown which has stifled overall economic growth.

    • India's privacy bill seeks access to users' data from companies
    Changes to India's privacy bill could cause trouble for Facebook, Google and
others as proposals include government powers to request user data to help forge
policies.
    • Koovs sold by administrators as Indian billionaire Biyani fails to invest
    Koovs said on Tuesday that administrators had sold its business and assets
to SGIK 3 Investments, an entity owned by the online fashion retailer's largest
secured creditor and chairman Waheed Alli.
    • ADB cuts growth views for China, developing Asia as trade war bites
    The Asian Development Bank (ADB) said it has lowered its growth forecasts
for developing Asia this year and the next, as a weaker outlook for China and
India indicated softer economic activity elsewhere in the region.
    
    
    GLOBAL TOP NEWS
    • Trump's December 15 China tariffs threaten a long list of Christmas
favorites
    U.S. President Donald Trump has days to decide whether to impose tariffs on
nearly $160 billion in Chinese consumer goods just weeks before Christmas, a
move that could be unwelcome in both the United States and China.
    • China November new loans jump more than expected, modest easing seen on
track
    New bank loans in China rebounded more than expected in November as the
central bank lowered some key lending rates and encouraged faster credit growth
to prop up the slowing economy amid Sino-U.S. trade tensions.
    • UK's Johnson now less certain of election victory - YouGov
    Britain's election race has tightened markedly over the past two weeks and
Prime Minister Boris Johnson is now likely to win only a modest majority in
Thursday's vote, according to a closely watched forecast released on Tuesday.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,910.00.
    • The Indian rupee is expected to open higher against the dollar ahead of
the U.S. Federal Reserve’s monetary policy decision.
    • Indian government bonds are likely to edge lower amid speculation that the
inflation rate may accelerate in November, raising concerns over the outlook for
further monetary easing. The yield on the benchmark 6.45% bond maturing in 2029
is likely to trade in a range of 6.70%-6.75% today, a trader with a primary
dealership said.
    
    
    GLOBAL MARKETS
    • Wall Street's main stock indexes ended slightly lower on Tuesday, though
not far from record highs, as investors awaited concrete news on whether a new
round of U.S. tariffs on Chinese goods would take effect on Dec. 15, a potential
turning point in a trade dispute between the world's two largest economies that
has convulsed markets.
    • Asian stocks flatlined as Sino-U.S. trade talks approached a weekend
deadline with little sign of progress, while a tightening of the UK election
race knocked the pound.
    • The British pound slipped after a poll showed a narrowing lead for Prime
Minister Boris Johnson's Conservative Party in an election later in the week,
while U.S. dollar movement looked to the Federal Reserve's policy meeting.

    • Most U.S. Treasury yields were modestly higher on Tuesday, as risk
appetite improved on optimism that U.S. tariffs on Chinese goods set to take
effect on Sunday might be delayed.
    • Oil prices fell after industry data showed a surprise build in crude oil
inventory in the United States and as investors waited for news on whether a
fresh round of U.S. tariffs on Chinese goods would take effect on Sunday.
    • Gold prices moved in narrow range, as cautious investors held back from
making big bets ahead of U.S. Federal Reserve's monetary policy statement later
in the day and amid a looming tariff deadline.
    
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot         70.87/70.90  December 10      733.37 crore   43.57 crore
 10-yr bond yield  6.70%        Month-to-date    (1,009) crore  1,941 crore
                                Year-to-date     92,775 crore   32,439 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 = 71.77 Indian rupees) 

 (Compiled by Nidhi C Sai in Bengaluru)
  
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