December 3, 2018 / 3:30 AM / in 12 days

Morning News Call - India, December 3

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    FACTORS TO WATCH
    9:45 am: Finance Minister Arun Jaitley to speak at the Policy Commission
meeting of World Customs Organisation in Mumbai.
    
    GMF: John Noonan, Head of IFR FX Watch Asia, analyses cues and views for
market moves for the month ahead, at 9:30 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • India's economic growth slows as Modi prepares for re-election
India's economic growth fell to a worse-than-expected 7.1 percent in the
July-September quarter, dragged down by a slower consumer spending and farm
growth, in a setback for Prime Minister Narendra Modi who faces a national
election by May.
    • India's quarterly GDP 'seems disappointing' - finmin official 
India's growth in the July-to-September quarter "seems disappointing," Economic
Affairs Secretary Subhash Chandra Garg said in a tweet on Friday.
    • INTERVIEW-HDFC Life favours high-yield Indian corporate bonds over
government debt
HDFC Standard Life Insurance is looking to invest in high-yielding Indian
corporate bonds rather than longer-term government securities, saying a recent
easing of inflation may not last and fiscal worries linger.
    • Tata Motors falls; Jaguar Land Rover to temporarily cut jobs at UK plant 
Shares of Tata Motors's fell on Friday after its British unit Jaguar Land Rover
said it is going to cut 500 jobs temporarily at its plant in central England.

    • Employees of IL&FS held by Ethiopian staff say fears for safety
Employees of Infrastructure Leasing & Financial Services (IL&FS) taken hostage
by local staff in Ethiopia say they fear for their safety, with some confined to
a company campus north of the capital Addis Ababa.
    • Angry Indian farmers march on parliament to denounce their plight
Tens of thousands of Indian farmers and rural workers marched to the Indian
parliament in the capital, New Delhi, on Friday in a protest against soaring
operating costs and plunging produce prices that have brought misery to many.

    • Maverick accountant Gurumurthy shaking up India's central bank
To his supporters, new Reserve Bank of India board member Swaminathan Gurumurthy
is a philosopher who will set India on a path of self-reliance. His detractors
paint him as an ideologue who has pushed the government into a series of policy
blunders.
 
    
    GLOBAL TOP NEWS
    • G20 sealed landmark deal on WTO reform by ducking 'taboo words'
Many delegates from the world's 20 largest economies arrived at a summit in
Argentina this week determined to clinch an agreement to reform the global trade
system, pushed to a breaking point by tensions between the United States and
China.
    • China Oct factory activity up a touch but client demand ebbs - Caixin PMI
China's factory activity grew slightly in November, a private survey showed,
though new export orders extended their decline in a further blow to the sector
already hurt by the Sino-U.S. trade frictions.
    • Australia's GrainCorp mulls $1.8 bln takeover approach, shares surge
Australia's largest listed bulk grain handler GrainCorp said it received an
unsolicited A$2.38 billion takeover approach from a little-known asset manager,
catapulting its shares nearly a third higher.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.7 percent higher at
10,981.50, from the previous close. 
    • The Indian rupee is expected to open lower against the dollar amid a jump
in crude oil prices and a weaker-than-expected domestic GDP data, which
overshadowed a ceasefire in the trade war between the U.S. and China. 
    • Indian government bonds are likely to trade lower in early session, after
posting their best month in this financial year in November, as crude oil prices
jumped sharply. Yield on the benchmark 7.17 percent 2028 bond is likely to trade
in a 7.60 percent-7.66 percent band today. 
    
    
    GLOBAL MARKETS
    • U.S. stock index futures jumped on Sunday, suggesting Wall Street was set
rise further after its biggest weekly gain last week in nearly seven years as
China and the United States agreed to shelve any new tariffs and reset
discussions.
    • Asian shares rallied after U.S. and Chinese leaders brokered a truce in
their trade conflict, a relief for the global economic outlook and a tonic for
emerging markets.
    • The dollar weakened across the board as investor demand for riskier assets
rose after China and the U.S. agreed to a ceasefire in their trade war that has
shaken global markets.
    • U.S. Treasury futures slipped as trading for the week ahead kicked off
late on Sunday with investors back in a risk-taking mood after China and the
United States agreed to shelve any new tariffs and reset discussions.
    • Oil prices shot higher after the United States and China agreed a 90-day
truce in their trade conflict and ahead of a meeting by producer club OPEC this
week that is expected to result in a supply cut
    • Gold prices were steady early as the dollar weakened on U.S.-China trade
truce that revived investor demand for riskier assets.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.87/69.90  November 30      -$47.82 mln  -$43.45 mln
 10-yr bond yield  7.61 pct     Month-to-date    $891.11 mln  $956.49 mln
                                Year-to-date     -$5.03 bln   -$7.15 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 = 69.6400 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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