 "10 things you need to know before the opening bell")
Global cues:
Asian shares slipped and the dollar firmed on Tuesday as an unexpectedly strong U.S. factory activity gauge bolstered expectations the Federal Reserve will soon reduce its stimulus, while the yen tumbled on speculation of further central bank easing.MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS eased 0.1 percent.
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Representational Image. Reuters[/caption]
US stocks closed lower on Monday, with investors unable to find new reasons to keep pushing shares higher after eight straight weeks of gains, while the mining sector slid alongside sharp drops in precious metals prices.
The yen remained on the backfoot early in Asia on Tuesday, having succumbed to further selling pressure on prospects of more stimulus from the Bank of Japan.
Business/Stock news:
Wipro Ltd, India’s No. 3 IT services provider, has agreed to purchase U.S.-based mortgage services provider Opus Capital Markets Consultants LLC for $75 million to boost its offerings for financial services clients.
Bharti Airtel is eyeing a five-year maturity for its upcoming euro-denominated bond offering. The issuer is yet to release initial price guidance on the deal, but much of the early investor feedback is in the region of low 300bp over mid-swaps according to one of the lead managers. (IFR)
State-owned ONGC Videsh has sent out a request for proposals for a US$1bn five-year term loan just days after mandating a like-sized US dollar bond and a few weeks after mandating a US$1.5bn 12-month bridge loan, sources said.
Auto sales dipped again in November. Most auto makers reported a sharp decline in sales as consumer sentiment remained tepid because of inflation, increased fuel costs and slow economic growth.
Economy news:
India’s current account gap narrowed sharply in the September quarter, thanks to steps to curb gold imports, the latest in a run of positive signs for a sluggish economy.
The Indian economy is expected to grow 5 percent in the current fiscal year and manufacturing data is evidence that a recovery is under way, the country’s finance minister said on Monday.
The Reserve Bank of India will sell 150 billion rupees of bonds on Dec. 6, it said in a statement on Monday.