Morning News Call – India, December 1 – Reuters India

By Reuters Staff
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FACTORS TO WATCH
10:00 am: Agriculture Minister Narendra Singh Tomar, Chemicals Minister D.V.
Sadananda Gowda at FICCI Agrochemicals conference in New Delhi.
2:00 pm: Yes Bank virtual press conference on retail banking strategy and launch
of personalized banking solution.
LIVECHAT – REUTERS GLOBAL MARKETS FORUM
Desmond Tjiang, senior portfolio manager leading the global multi-asset and
oversees equity portfolios at Conning Asia in Hong Kong will speak at the
Reuters Global Investment Outlook Summit 2020. To join the discussion at 09:30
am IST, click here refini.tv/2P8N0Wp
INDIA TOP NEWS
Modi refuses to back down on farm reforms despite huge protests
Indian Prime Minister Narendra Modi on Monday resisted calls for the repeal of
farm reforms that have ignited the biggest protests by farmers in years around
the national capital, saying they were being misled and that deregulation would
benefit them.
India’s economic contraction slows as vaccines boost recovery hopes
The contraction of the Indian economy eased off in the three months to September
amid signs of a pick up in manufacturing, and economists expect a steady
recovery next year if progress on coronavirus vaccines feeds consumer demand.
India regulators probe alleged AstraZeneca shot reaction, trial continues
The Indian Council of Medical Research (ICMR) is assisting an inquiry into an
alleged adverse reaction during AstraZeneca’s COVID-19 vaccine trial, but has
found no reason to recommend halting it, a senior official at the regulator said
on Sunday.
Pharma firm in India to make Russia’s Sputnik V COVID-19 vaccine
Indian pharmaceutical company Hetero will manufacture over 100 million doses of
the Russian Sputnik V COVID-19 vaccine per year under the terms of a deal
unveiled on Friday between it and Russia’s RDIF sovereign wealth fund.
Amundi gives bond warning to State Bank of India over coal mine
Amundi said it has warned the State Bank of India it will evict one of the
lender’s green bonds from a flagship fund if it helps finance a coal mine in
Australia that has met fierce opposition from environmental groups.
India to allow Uber and rivals to charge 20% commission
India will allow app-based taxi aggregators such as Uber and Ola to charge up to
20% commission on ride fares, according to guidelines issued on Friday, diluting
an earlier proposal to cap fees at 10%.
Singapore’s DBS says has completed takeover of Lakshmi Vilas Bank
Singapore’s DBS Group said on Monday it had completed its takeover of distressed
Lakshmi Vilas Bank, helping it shift from a largely digital presence in India to
having hundreds of branches.
India’s palm oil imports set to jump as tax cut lures refiners
India’s imports of palm oil are set to rise by as much as 100,000 tonnes a month
from December after the government slashed import tax on the tropical oil,
making it cheaper than rival edible oils, industry officials said on Friday.
GLOBAL TOP NEWS
Biden names top economic advisers as Arizona, Wisconsin certify vote
results
U.S. President-elect Joe Biden named several women to his top economic policy
team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury
secretary nominee, setting the stage for diversity and a focus on recovery from
the pandemic.
Moderna files for U.S. vaccine authorization, will seek EU nod
Moderna said on Monday it has applied for U.S. emergency authorization for its
COVID-19 vaccine after full results from a late-stage study showed it was 94.1%
effective with no serious safety concerns.
Asian factories continue recovery from COVID-19 woes as China booms
Asian factories continued to recover steadily in November thanks to a boom in
economic powerhouse China, private surveys showed on Tuesday, offering hope the
region was shaking off the drag from the COVID-19 crisis.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
SGX Nifty nearest-month futures almost flat at 12,998.50.
The Indian rupee is expected to trade little changed against the U.S.
currency amid a mild decline in Asian currencies and lesser-than-expected
contraction in Indias July-September economic output.
India bond yields are likely to open largely unchanged, as traders await the
Monetary Policy Committees interest rate decision, due later this week, after
the government reported better-than-expected gross domestic product data for the
fiscal second quarter. The yield on the benchmark 5.77% 2030 bond is likely to
trade in a 5.88%-5.93% band.
GLOBAL MARKETS
The S&P 500 index ended lower on Monday as investors took profits
following a sharp rally in recent weeks that led to the benchmark’s best
November ever.
Asian share markets opened slightly higher buoyed by the prospect of a
COVID-19 vaccine, reversing the previous day’s dips as investors took profits at
the end of a record-breaking month.
The U.S. dollar was under pressure, after closing out its worst month
since July with a little bounce and as investors reckon on even more U.S.
monetary easing.
The U.S. Treasury curve was slightly steeper on Monday afternoon even
though traders were in the process of rebalancing their portfolios for
month-end, an event which typically drives longer-dated yields lower.
Oil prices slipped amid concerns over mounting supply after leading
producers delayed talks on 2021 output policy that could extend production cuts
as the coronavirus pandemic continues to sap fuel demand.
Gold prices edged up, as investors weighed optimism over prospects for a
COVID-19 vaccine against a surge in infections and possible restrictive measures
to combat the pandemic that risk derailing a swift global economic
recovery.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 73.90 / 73.93 November 27 3,001.66 crores (445.02) crores
10-yr bond yield 5.91% Month-to-date 60,358 crores (1,806) crores
Year-to-date 1,08,246 crores (1,08,952) crores
(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 = 73.99 Indian rupees)
(Compiled by Siddharth Athreya V in Bengaluru)read more