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    Market Movers: China ready to talk with US; All eyes on US mid-term poll; oil dips & more

    Synopsis

    A look at top macro triggers that may move market on Tuesday

    market3
    Here’s a lowdown on top macro triggers that may move market on Tuesday. This report was compiled from agency feeds.

    China V-P says Beijing Ready for Talks with US
    China is ready to have discussions with the United States and work to resolve trade issues because the world’s two largest economies stand to lose from confrontation, Vice President Wang Qishan said on Tuesday. “The Chinese side is ready to have discussions with the US on issues of mutual concern and work for a solution on trade acceptable to both sides,” Wang told the Bloomberg New Economy Forum held in Singapore.

    US Mid-term Polls
    On Tuesday, US voters head to the polls with control of Congress at stake. With Democrats threatening to take over the House of Representatives and key governors’ offices, the success of his legislative agenda over the next two years hinges on whether he can energize his backers around candidates who are not named Trump. The biggest question of the 2018 mid-term elections is if Democrats can gain the net 23 seats they need to take the House.

    Oil Prices Dip on Economic Slowdown Concerns
    Oil prices dipped on Tuesday as concerns that an economic slowdown may curb fuel demand growth overshadowed the reintroduction of sanctions on Iran. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $62.93 a barrel at 0021 GMT, down 17 cents, or 0.3%, from their last settlement. International Brent crude oil futures LCOc1 were down 21 cents, or 0.3%, at $72.96 a barrel. Currency weakness is putting pressure on key growth economies in Asia, including India and Indonesia. At the same time, the US-China is threatening growth in the world’s two biggest economies.


    board game
    RBI vs Govt Update

    The government will insist, through its nominees, that a resolution be passed by the board of the Reserve Bank of India (RBI) on issues it has raised and a firm decision be reached at a meeting on November 19, said people with knowledge of the matter.


    US Reimposes Iran Sanctions
    The United States on Monday restored sanctions targeting Iran’s oil, banking and transportation sectors and threatened more action to stop its “outlaw” policies, steps the Islamic Republic called economic warfare and vowed to defy. The United States gave temporary exceptions to eight importers - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - allowing them to keep buying from Iran.

    Steel Sector Growth May Top GDP Numbers
    The steel sector's growth in the first half of the current fiscal could surpass that of the country's GDP numbers, a senior official of a metallurgists' body said on Monday. The official of Indian Institute of Metals (IIM) also said long and short-term demand outlook for the sector remains robust with many government initiatives and global cues.

    The Politics of Oil in Changing Times

    Watch: India-Iran oil trade and politics of oil in changing times

    As US decides to give India a waiver to buy oil from Iran while their toughest sanctions against the nation get invoked, there's a fast changing scenario in global oil politics. Dipanjan Roy Chaudhury explains the nuances and what could be the major strength of Indian geo-political strategy in this situation.



    October Fest
    Services Sector Grows In Oct
    India's services sector in October expanded at the quickest pace since July, driven by significant increase in new business orders, which in turn led to robust workforce expansion, a monthly survey said Monday. The seasonally adjusted Nikkei India Services Business Activity Index rose to 52.2 in October, from 50.9 in September. The services PMI was expanding for the fifth straight month.



    POLICIES & MORE

    • Finance Minister Arun Jaitley on Monday acknowledged the need for healthy competition in the markets even as he warned against excessive competition, which he said could lead to financial stress in the whole sector. Speaking at an event organised by the Competition Commission of India, he said the competition regulator was created to ensure effective competition so that consumer interest could be protected.
    • The government is mulling the sale of crisis-hit Infrastructure Leasing and Financial Services (IL&FS) as one of the options to resolve issues facing it, Corporate Affairs Secretary Injeti Srinivas said Monday.
    • President Xi Jinping promised on Monday to open China's growing consumer market wider at a fair designed to help counter charges that Beijing abuses the global trading system

    Top Video
    Large Capital Alone Cannot Create Wealth for you in the Stock Market: Vijay Kedia

    The quality of the management, the quality of the business is the first thing: Vijay Kedia

    The quality of the management, the quality of the business is the first thing and I still believe that that is the only thing which can really help you make wealth in stock market. Your money cannot make wealth for you.


    Top Quote

    'This Diwali, Forget Gold ETFs as Titan is a Better Bet'


    FUNDAMENTALS

    Rupee Down: After two sessions of massive gains, the Indian rupee tumbled by 67 paise to close at 73.12 against the US dollar on Monday on increased demand for the American currency from importers and unabated foreign fund outflows.

    10-yr Bond Yields Down: India 10-year bond yield rose 0.03% to 7.81% on Monday, November 5, from 7.78% in the previous trading session, reports Bloomberg.

    Call Rates: The overnight call money rate weighted average was 6.01% on Monday, according to RBI data. It moved in a range of 4.60-6.50%.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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