Asian stocks were mostly sluggish on Tuesday after weakness on Wall Street, while the dollar sagged following news that investigators probing Russian interference in the 2016 U.S. election had charged President Donald Trump's former campaign manager.
Data showing a sharper-than-expected slowdown in China's October factory growth also curbed regional investors' appetite for riskier assets.
Beijing's war on winter air pollution is forcing many northern steel mills, smelters and factories to curtail production, adding to uncertainty amid early signs of a slowdown in the world's second-largest economy.
Shanghai shares lost 0.3 percent and Hong Kong's Hang Seng retreated 0.35 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent.
Japan's Nikkei lost 0.3 percent, Australian shares were effectively flat and South Korea's KOSPI added 0.3 percent.
Wall Street pulled back from record-high territory on Monday, weighed down by a drop in drugmaker Merck and a report that U.S. lawmakers are discussing a gradual phase-in corporate tax cuts rather than reducing it all at once.
"The report of the gradual corporate tax cut option came when equities were strung high, so it served as a catalyst for markets to adjust," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
"Expectations were for the corporate tax to be cut in one go. But even if the cut is implemented gradually, it still is a reduction and that won't be bad news in the long term."
The dollar hovered near a 10-day low of 113.02 yen struck overnight.
The greenback lost about 0.4 percent against the yen overnight on investor caution following news of President Trump's former campaign manager Paul Manafort facing charges.
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Asian stocks were mostly sluggish on Tuesday after weakness on Wall Street, while the dollar sagged following news that investigators probing Russian interference in the 2016 U.S. election had charged President Donald Trump's former campaign manager.
Data showing a sharper-than-expected slowdown in China's October factory growth also curbed regional investors' appetite for riskier assets.
Oil prices were stable early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged.
Brent crude futures , the international benchmark for oil prices, were at $60.84 per barrel at 0027 GMT. That was slightly below their last settlement, but close to the highest level since July 2015 and up some 36 percent since their 2017-lows last June.
U.S. West Texas Intermediate (WTI) crude futures were at $54.04 a barrel, 11 cents below their last close but near their highest level since February and up around 28 percent since 2017-lows in June.
Traders said that bullish sentiment had driven Brent above $60 per barrel, fuelled by an effort led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia to hold back about 1.8 million barrels per day (bpd) in oil production to tighten markets and prop up prices.
The pact runs to March 2018, but Saudi Arabia and Russia have voiced support to extend the agreement.
OPEC is scheduled to meet officially at its headquarters in Vienna, Austria, on Nov. 30.
"Oil is higher again as the market, and sentiment moves in OPEC's favour," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
"The fear of oversupply could easily turn to a fear of undersupply if inventories keep declining like they have been and demand continues to grow," said William O'Loughlin, investment analyst at Rivkin Securities.
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Despite the upbeat market sentiment, some analysts were cautious.
"U.S. shale output could keep a lid on prices over the medium to long-term," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.
WTI's $6.8 per barrel discount to Brent is a result of rising American crude production , which is up almost 13 percent since mid-2016 to 9.5 million barrels per day (bpd), making U.S. crude exports highly profitable.
Also, not everybody within OPEC is withholding output with the discipline of the Saudis.
Oil prices were stable early on Tuesday, supported by a tightening market due to ongoing OPEC-led efforts to cut supplies, although the prospect of rising U.S. shale output dragged.
Brent crude futures , the international benchmark for oil prices, were at $60.84 per barrel at 0027 GMT. That was slightly below their last settlement, but close to the highest level since July 2015 and up some 36 percent since their 2017-lows last June.
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Shares in embattled wireless carrier Reliance Communications Ltd rose more than 10 percent in early trade on Tuesday after the company presented a new debt repayment plan to its lenders.
The company, with $6.8 billion of net debt as of last March, said it will look to repay 170 billion rupees ($2.62 billion) of loans by selling assets such as mobile towers. It also pledged to repay another 100 billion rupees from sale or commercial development of its real estate assets.
Under a central bank debt restructuring plan, its lenders will also swap 70 billion rupees of the loans to take a 51 percent stake in the company commonly called as Rcom.
The stock was up 13 percent at 0352 GMT, compared with a 0.2 percent fall in the broader NSE Nifty.
The stock has tumbled this year, hitting a series of record lows on worries about whether it can pay back its debt.
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Shares in embattled wireless carrier Reliance Communications Ltd rose more than 10 percent in early trade on Tuesday after the company presented a new debt repayment plan to its lenders.
The company, with $6.8 billion of net debt as of last March, said it will look to repay 170 billion rupees ($2.62 billion) of loans by selling assets such as mobile towers. It also pledged to repay another 100 billion rupees from sale or commercial development of its real estate assets.
Indian ADRs ended mostly higher on Monday. Tata Motors added 1.74 percent and Wipro was up 1.16 percent.
Indian ADRs ended mostly higher on Monday. In the banking space, ICICI Bank rose 2.73 percent at USD 9.04 and HDFC Bank declined 1.36 percent at USD 90.68.
In the IT space, Wipro was up 1.16 percent at USD 5.24 and Infosys shed 0.73 percent at USD 14.89.
In the other sectors, Tata Motors added 1.74 percent at USD 33.33 and Dr Reddy's Laboratories gained 0.56 percent at USD 36.15.
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Nifty Midcap index was up 0.3 percent on positive breadth as about two shares advanced for every share falling on the NSE.
Equity benchmarks opened flat with a negative bias, led by some profit booking as investors looked for more earnings for cues.
The 30-share BSE Sensex was down 33.60 points at 33,232.56 and the 50-share NSE Nifty fell 11.50 points to 10,352.20.
SBI, IOC and HDFC were early gainers while Infosys was down over 2 percent post buyback.
ICICI Bank, GAIL, Coal India, Bharti Infratel, BPCL, Sun Pharma, Indiabulls Housing Finance and L&T were early losers.
Nifty Midcap index was up 0.3 percent on positive breadth as about two shares advanced for every share falling on the NSE.
Balaji Amines, LMW, Reliance Communications, Shriram Transport, Shriram City Union, Titan Company, Just Dial and Bharat Electronics rallied 2-10 percent.
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Nifty Midcap index was up 0.3 percent on positive breadth as about two shares advanced for every share falling on the NSE.
Equity benchmarks opened flat with a negative bias, led by some profit booking as investors looked for more earnings for cues.
Mentha oil futures were trading higher during the morning trade in the domestic market on Monday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
At the MCX, mentha oil futures for November 2017 contract was trading at Rs 1321.10 per kg, up by 0.72 per cent, after opening at Rs 1325, against the previous closing price of Rs 1311.70. It touched the intra-day high of Rs 1329.90.
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Mentha oil futures were trading higher during the morning trade in the domestic market on Monday amid pick-up in demand at domestic spot market and restricted supplies from producing regions. Market analysts said fresh positions built up by traders following pick-up in demand from consuming industries in the spot market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
The Iraqi Oil Ministry on Sunday announced it has increased the capacity to export oil from the southern port of Basra to 4.6 million barrels per day (bpd) after building a new floating terminal.
"The increase in export capacity to unprecedented levels was achieved after the completion of the fifth floating terminal, which added a new export capacity of 900,000 bpd," Iraqi Oil Minister Jabbar Luaybi said in a statement, Xinhua reported.
Iraq had plans to build five single-point mooring (SPM) with an export capacity of 850,000 to 900,000 bpd in an attempt to increase oil exports through the oil-hub of Basra.
The new terminal is one of five floating terminals with similar oil capacity the Iraqi oil ministry has been building to increase its oil export capacity via Basra port to more than 5 million bpd.
Iraq's oil exports average was about 3.13 million bpd in the first 22 days of October from Basra. The country depends on oil revenues for nearly 95 percent of its budget.
In 2010, Iraq announced its proven oil reserves had increased to 143.1 billion barrels from the previous estimation of 115 billion barrels.
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The Iraqi Oil Ministry on Sunday announced it has increased the capacity to export oil from the southern port of Basra to 4.6 million barrels per day (bpd) after building a new floating terminal.
"The increase in export capacity to unprecedented levels was achieved after the completion of the fifth floating terminal, which added a new export capacity of 900,000 bpd," Iraqi Oil Minister Jabbar Luaybi said in a statement, Xinhua reported.
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Gold inched lower on Monday as investors remained cautious ahead of policy meetings of three major central banks and the naming of the next U.S. Federal Reserve chair.
The market is awaiting cues from the meetings of the Federal Open Market Committee (FOMC) and central banks of England and Japan.
U.S President Donald Trump is also expected to announce the next head of the Federal Reserve, amid speculations that governor Jerome Powell could be the favoured candidate.
Spot gold dipped 0.1 percent, to $1,271.50 per ounce at 0408 GMT. U.S. gold futures for December delivery rose 0.1 percent, to $1,272.4.
Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.
Meanwhile, Trump is leaning towards nominating Federal Reserve Governor Jerome Powell, from a short list of five candidates, to be the next head of the U.S. central bank, two sources familiar with the matter said on Friday.
The dollar index softened against a basket of currencies, while Asian shares climbed, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.5 percent.
Spot gold may bounce moderately to a resistance at $1,278 per ounce before falling again, according to Reuters technical analyst Wang Tao.
Among other precious metals, silver slipped 0.2 percent to $16.78 an ounce.
Platinum was nearly unchanged at $914.10 an ounce, while palladium rose 0.4 percent to $969.20 an ounce.
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Gold inched lower on Monday as investors remained cautious ahead of policy meetings of three major central banks and the naming of the next U.S. Federal Reserve chair.
The market is awaiting cues from the meetings of the Federal Open Market Committee (FOMC) and central banks of England and Japan.
ONGC got USD 51.22 for every barrel of crude oil it produced in the quarter, up 6.9 per cent over USD 47.92 per barrel realisation in September quarter of the last fiscal.
State-owned energy major Oil and Natural Gas Corp (ONGC) on Saturday reported a 3.1 per cent rise in its second quarter net profit as impressive gain from rising oil prices were taken away by fall in government mandated natural gas rates.
Net profit of Rs 5,131 crore in July-September was 3.1 per cent higher than Rs 4,975 crore in the same period last year, the company said in a press statement here.Revenue was up 3.1 per cent at Rs 18,966 crore.
ONGC said oil production was up almost 1 per cent to 6.45 million tonnes in Q2 while natural gas output was up 7.7 per cent at 6.25 billion cubic metres.
The company Board approved an interim dividend of 60 per cent - Rs 3 on each equity share of Rs 5.
At the close of market hours on Friday, the stock was trading over 3.5 percent higher at Rs 184.05 on the BSE.
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Net profit of Rs 5,131 crore in July-September was 3.1 per cent higher than Rs 4,975 crore in the same period last year, the company said in a press statement here.Revenue was up 3.1 per cent at Rs 18,966 crore.
The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.7 percent each.
Equity benchmarks started off the week at record high, with the Nifty crossing earlier intraday record high. Investors continued to focus on earnings.
The 30-share BSE Sensex was up 117.35 points at 33274.57 and the 50-share NSE Nifty rose 45.80 points to 10,368.80.
ICICI Bank was down over a percent post earnings on profit booking. The stock seems to have already priced in earnings and better-than-expected slippages.
ONGC, Bharti Airtel, Tech Mahindra, HCL Technologies, Maruti Suzuki, Vedanta and Reliance Industries were early gainers.
About 1,030 shares advanced against 239 declining shares on the BSE.
The broader markets outperformed benchmarks as the BSE Midcap and Smallcap indices gained 0.7 percent each.
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Equity benchmarks started off the week at record high, with the Nifty crossing earlier intraday record high. Investors continued to focus on earnings.
ITC
Brokerage: Credit Suisse | Rating: Neutral | Target: Rs 310
Credit Suisse observed that the company’s cigarette volume weakness was in line with expectations and no negative surprises. Further, he believes that the worst is behind the company for now.
Brokerage: Kotak Sec | Rating: Add | Target: Cut to Rs 310
Kotak Securities sad that the below-expectations results were impacted by one-offs due to GST, lower volume. It also cut FY18-20 EPS estimates by 2-3 percent as it cut cigarette business assumptions.
Brokerage: Macquarie | Rating: Neutral | Target: Rs 304
The global research firm said that Q2 numbers were below our estimates led by sharp decline in cigarette volume. Further, it believes that illegal cigarettes and beedis will continue to thrive a rising price differential.
Maruti Suzuki
Brokerage: Macquarie | Rating: Outperform | Target: Increased to Rs 10,000
Macquarie said that volume growth & market share trends are key catalysts for the stock. Further, it expects net profit CAGR of 17 percent over FY17-20.
Brokerage: Credit Suisse | Rating: Neutral | Target: Raised to Rs 7,300
Credit Suisse said that the Gujarat plan is likely to ramp up to 20,000 units per month by the fourth quarter. It also believes that exports are likely to remain constrained for capacity.
Brokerage: CLSA | Rating: Buy | Target: Raised to Rs 10,000
CLSA said that volume was capped by capacity but margin outlook better. The key positive in its results was 360 bps QoQ expansion of its operating margin.
Brokerage: Kotak Sec | Rating: Add | Target: Raised to Rs 9,100
Kotak Securities said that scale benefits & standardisation are leading to margin improvement. Further, the operating margin will improve due to these scale benefits too. A richer product mix and reduction in discounts is playing out.
IOC
Brokerage: Deutsche Bank | Rating: Buy
The global financial services firms reiterated the rating due to increase in refining segment contribution. It estimates marketing segment gross margin at Rs 8,280 crore during this quarter.
Brokerage: Nomura | Rating: Buy | Target: Rs 495
Nomura highlighted that the company is its favourite OMC. Further, the outlook in both refining and marketing is good, while lower GRM is mainly due to refinery maintenance shutdowns.
ICICI Bank
Brokerage: Edelweiss | Rating: Buy | Target: Rs 357
Edelweiss said that strong franchise will enable the firm to deliver above average normalised returns by FY20. Meanwhile, corporate earnings visibility remains soft while retail is lending comfort.
Brokerage: Kotak Sec | Rating: Buy | Target: Raised to Rs 385
Kotak Securities said that stable net interest margins (NIMs), lower slippages, improvement in coverage and loan growth are key positives. Further, it said that the bank has all ingredients to rerate from current levels.
Brokerage: UBS | Rating: Buy | Target: Raised to Rs 400
The global broking firm said that operating metrics remained steady and that the management tone was positive after a long time. Going forward, the watchlist declining albeit at a slower than expected pace.
Brokerage: Goldman Sachs | Rating: Buy | Target: Rs 355
The global investment bank said that the asset quality is steady even as the RBI audit is underway. Further, fresh slippages 45% lower is against estimates.
Brokerage: Citi | Rating: Buy | Target: Rs 365
Citi also said that Q2 was stable on asset quality front, while one off gains were used to boost provisions. Importantly, domestic loan growth is healthy and the bank is confident that gross slippages during the fiscal will be lower than the previous fiscal.
Brokerage: CLSA | Rating: Buy | Target: Rs 380
CLSA said that an improvement in asset quality will drive re-rating. Further, the quality of results was better with stability in slippages and rise in NPL coverage. While stressed loans remain high at 15% of loans, 300 bps YoY Decline in RWA/asset indicates incremental de-risking.
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F&O Outlook:
Nifty PCR-OI has decreased to 1.10 from 1.13. The fall in the ratio may be due to decrease in PE of 9200 and increase in CE of 10700. PE of 10300 and CE of 10500 are the highest number of contracts traded.
Opening for the Day:
Trading of SGX Nifty futures on the Singapore stock exchange indicates that the Nifty could gain 22 points at the opening bell.
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F&O Outlook:
Opening for the Day:
The Indian rupee gained in the opening trade on Monday. It has opened higher by 17 paise at 64.88 per dollar versus 65.05 Friday.
The dollar hovered near three-month highs, while the euro is on the backfoot after the European Central Bank's dovish comments and unrest in Spain's Catalonia led it to post its worst week this year.
"However, significant slippage is unlikely as buying support can emerge at higher yields. The 10-year benchmark is likely to trade in a range of 6.79-6.84 percent today,” he added.
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The Indian rupee gained in the opening trade on Monday. It has opened higher by 17 paise at 64.88 per dollar versus 65.05 Friday.
Facebook recently announced a massive experiment that they’ve rolled out in six countries.
The social network is piloting the idea of splitting its news feed into two, which would effectively result in bucketing of posts from the pages you have ‘liked’ into a separate tab (called ‘Explore’), while updates from your friends and family remain on your primary news feed.
However, anyone can advertise with Facebook to get their content seen in the primary news feed alongside updates from friends and family.
Facebook unilaterally controls what gets seen by users on their primary feed and sells that privileged access for a price, even if that content is not liked by the user.
On the other hand, the content that the user has actually liked is relegated to a secondary tab.
Facebook is doing a commendable job in terms of their strategic acquisitions, with two extremely popular platforms in WhatsApp and Instagram sitting in its kitty.
Going by how serious they are about Oculus, their futuristic stance on augmented and virtual reality also warrants appreciation.
But it’s important to analyse a very basic facet of this social network — how content on their platform is performing, especially content that is disseminated by publishers and commercial pages.
Facebook has been grappling with some major issues in recent times.
Facebook already prioritizes paid posts.
But if there ever was a raw deal, it’s their latest pilot.
Perhaps with a larger motive to increase their advertising revenue in trying times, Facebook is virtually extorting money from publishers by telling them that if they want to be seen on the primary feed of their users (in a dual news feed world), they need to pay more.
Remember the Free Basics fiasco in India? We are seeing shades of that again.
It may seem like I am jumping the gun. Yes, it is only a pilot run after all, and it is only being tested in six countries.
Facebook’s argument is that the move will in fact increase organic reach for publishers because the Explore tab will throw up content from pages that users have not liked as well, but caters to their interests.
While the onus is on publishers to a large extent to contribute to the increase of page interactions and link clicks, Facebook should not create new barriers that render quality content irrelevant.
If it does, the very pillar on the basis of which news media should function will lose its value.
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The situation will become even more susceptible to conflict of interest if Facebook starts creating content of its own. In the game that is going on, Facebook needs to decide whether it wants to be a player, a linesman or a referee.
With Facebook’s content ranking algorithms almost being proprietary black boxes, it may also run the risk of legislators taking a contrarian view to its methodology.
And things do not seem to be moving in a healthy direction to make it easy and financially viable for independent original news and entertainment content creators.
Facebook recently announced a massive experiment that they’ve rolled out in six countries.
However, anyone can advertise with Facebook to get their content seen in the primary news feed alongside updates from friends and family.
The situation will become even more susceptible to conflict of interest if Facebook starts creating content of its own. In the game that is going on, Facebook needs to decide whether it wants to be a player, a linesman or a referee.
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