November 19, 2018 / 3:06 AM / a month ago

Morning News Call - India, November 19

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    FACTORS TO WATCH
    Reserve Bank of India’s central board meets in Mumbai.
    
    
    INDIA TOP NEWS
    • Indian government wants committees to oversee central bank, Bloomberg
reports
India's government is seeking to form panels to monitor functions of the central
bank, Bloomberg reported on Friday, citing people with knowledge of the matter,
which could escalate tensions between the finance ministry and the bank.

    • Tata Sons only in preliminary talks with Jet Airways about a deal
Tata Sons said on Friday it is in preliminary talks with struggling Jet Airways
but has not made a proposal to acquire a stake, cooling speculation that a deal
was imminent.
    • GAIL might buy some wind energy assets of IL&FS - sources
Gas utility GAIL (India) might be interested in buying some of the wind assets
of debt-laden Infrastructure Leasing and Financial Services (IL&FS) but has yet
to have any discussion on the matter, two sources from GAIL said on Friday.

    • Flipkart Group fashion unit chief denies he is quitting
The chief of Flipkart Group's Myntra-Jabong fashion business on Friday denied a
media report that he will quit after a reshuffle in the ranks following the
ouster of group CEO Binny Bansal.
    • India state may cancel NMDC's Donimalai mine lease in levy dispute
Karnataka state on Friday warned NMDC that it will cancel the lease of its
Donimalai iron ore mine if the state-owned miner refuses to pay an additional
levy on the sale of its ore.
    • Visa takes minority stake in Indian payment gateway BillDesk
Payments processor Visa said on Friday it is taking a minority stake in Indian
payment gateway BillDesk, as it seeks to grab a bigger slice of one of the
fastest growing digital payments markets in the world.
    
    
    GLOBAL TOP NEWS
    • APEC fails to reach consensus as U.S.-China divide deepens
Asia-Pacific leaders failed to agree on a communique at a summit in Papua New
Guinea on Sunday for the first time in their history as deep divisions between
the United States and China over trade and investment stymied cooperation.

    • Japan's exports rebound in October even as trade tensions rise
Japan's exports rebounded in the year to October, reversing from the prior
month's surprise drop as U.S.-bound shipments grew, although slowing global
demand and the intensifying U.S.-China trade war could cloud the outlook for
export-reliant Japan.
    • China moves closer to allowing foreigners to control insurance ventures -
sources
China will accept applications early next year from foreign insurers seeking to
take control of their local joint ventures and is even weighing giving them full
ownership earlier than flagged, people with direct knowledge of the matter said.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.6 percent higher at
10,757.00, from its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency, in
line with other regional currencies, after dollar index slipped to an over
one-week low following remarks by the Federal Reserve vice chairman.
    • Indian government bonds may edge lower in early trade tracking rise in
crude oil prices and on caution ahead of the meeting of the central bank’s board
today. The benchmark 7.17 percent bond maturing in 2028 may trade in a 7.80
percent-7.85 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and Dow Industrials rose on Friday after President Donald
Trump said the United States may not have to impose further tariffs on Chinese
goods, but falling shares of Nvidia Corp dragged down the Nasdaq.
    • Asian shares crept cautiously higher amid conflicting signals on the
chance of a truce in the Sino-U.S. trade dispute, while the Federal Reserve's
new-found concern on the global economy undermined the dollar.
    • The dollar was modestly lower against its key rivals after Federal Reserve
officials expressed caution over the global growth outlook, prompting traders to
reassess the pace of future U.S. interest rate increases.
    • U.S. Treasury yields retreated on Friday after a top Federal Reserve
official said U.S. interest rates are nearing the central bank's estimates of a
neutral level, suggesting that the current tightening cycle may soon end.
    • Oil prices rose as traders expected top exporter Saudi Arabia to push
producer club OPEC to cut supply towards the end of the year.
    • Gold prices were steady, with the dollar subdued following comments from
U.S. Federal Reserve officials that were cautious on global economic growth.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.74/71.77  November 16      $117.40 mln  $103.03 mln
 10-yr bond yield  7.81 pct     Month-to-date    $457.72 mln  $816.32 mln
                                Year-to-date     -$5.47 bln   -$7.29 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 = 71.9750 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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