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Morning News Call - India, December 4

To access a PDF version of this newsletter, please click here http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_12042019.pdf If you would like to receive this newsletter via email, please register at: http://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 10:00 am: Finance Minister Nirmala Sitharaman and Junior Finance Minister Anurag Thakur at DRI’s Foundation Day event in New Delhi. 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: https://refini.tv/2P8N0Wp INDIA TOP NEWS • India seen making sixth interest rate cut, but no cure for economy's ills Five interest rate cuts since the start of the year hasn't stopped India's economy from slowing to its weakest growth rate since 2013, but the country's central bank is expected to make its sixth cut on Thursday to give what little relief it can. • India's November gold imports jump to 5-month high as prices retreat India's gold imports in November jumped 78% from a month earlier to the highest level in five months as jewellers in the world's second-biggest market for the metal restocked after a fall in prices, a government source said on Tuesday. • India weighs tougher rules for Boeing 737 MAX on return to flying -source India is considering setting an experience threshold for pilots who fly Boeing's 737 MAX planes, as it moves to ensure safety once the aircraft returns to service, a senior official of the air safety regulator told Reuters. • China's Xiaomi launches online lending service in India Chinese smartphone maker Xiaomi launched its online lending service in India on Tuesday, widening its offering of financial products in one of the world's biggest web services markets. • Standard Life Aberdeen unit to sell 4% stake in HDFC AMC Asset manager Standard Life Aberdeen said its unit plans to sell an up to 4% stake in India-based HDFC Asset Management for as much as 258 million pounds. • Pharmacy chains sue Bausch Health, other drugmakers for overcharging for diabetes drug Three pharmacy chains, including Walgreens Boots Alliance, have filed a lawsuit against drugmakers Bausch Health, Assertio Therapeutics and Lupin, seeking damages for overcharging for Bausch's diabetes drug Glumetza. GLOBAL TOP NEWS • Trump says China trade deal may have to wait amid sticking points in talks President Donald Trump said on Tuesday a trade deal with China might have to wait until after the U.S. presidential election in November 2020, denting hopes that the two largest economies would soon reach an initial deal to ease their damaging trade war. • OPEC, Russia debate deeper oil cuts as new glut looms OPEC and its allies led by Russia are gearing up to approve deeper oil production cuts this week to prevent a new glut and a collapse on oil prices with OPEC member Iraq saying the move was supported by key members. • Google co-founders step aside as Pichai takes helm of parent Alphabet Google Chief Executive Sundar Pichai will replace Larry Page as CEO of parent Alphabet, extending a long retreat from public roles and active management by Page and Sergey Brin at the company they co-founded 21 years ago. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were down 0.3% at 12,011.50. • The Indian rupee is expected to open lower against the dollar in the wake of a selloff in Asian currencies and equities after U.S. President Donald Trump indicated a delay in signing a trade agreement with China. • Indian government bonds will likely open higher tracking sharp gains in U.S. Treasuries, while sentiment will also remain supported after S&P Global Ratings reaffirmed the country’s sovereign credit rating. The yield on the benchmark 6.45% bond maturing in 2029 will likely trade in a 6.43%-6.49% range today, a trader with a private bank said. GLOBAL MARKETS • U.S. stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising U.S.-China trade war. • Asian shares extended their losses after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 presidential election, dashing hopes for a quick preliminary agreement. • The yen and Swiss franc held gains against the dollar as appetite for safe-havens spiked after U.S. President Donald Trump warned a trade deal with China might not come until after the 2020 U.S. presidential election. • U.S. Treasury yields fell sharply on Tuesday, as tough trade talk from U.S. President Donald Trump and other world leaders triggered a flight to safety among investors. • Oil prices rose in advance of a meeting of OPEC and its allies to discuss whether to extend production curbs to support the market and following industry data showing that U.S. crude stockpiles fell more than expected. • Gold was little changed, but hovered near a one-month peak hit in the previous session, with bullion prices moderately supported after Washington dashed hopes for a quick preliminary trade deal with Beijing. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 71.62/71.65 December 3 (1,447.71) crore 29.46 crore 10-yr bond yield 6.46% Month-to-date (2,199) crore 220 crore Year-to-date 91,585 crore 30,718 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)