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Bharti Airtel (BHARTI IN) and Reliance Industries (RIL IN)
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Coal India (COAL IN)
Indian Oil (IOCL IN), Bharat Petroleum (BPCL IN) and Hindustan Petroleum (HPCL IN)
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Congressional aide says deal would ease automatic spending cuts; cuts said to be eased by USD 40bln in 1st year and USD 20bln in 2nd year
- Budget deal said to call for auctioning of government airwaves.
- Told reporters don't leave the Capitol.
Discovery Communications (DISCA) may bid bid for Scripps Networks Interactive (SNI) according to Variety
- Cushing Crude Inventory (Dec 6) W/W 693k vs. Prev. -58k
Chairman of US Senate Banking Committee says inclined to hold off on further sanctions on Iran for now
- Declares a special dividend of USD 0.50/shr.
MasterCard (MA) reports a 83% boost in quarterly dividend and a USD 3.5bln class A share buy back program
- Announces 10 for 1 stock split.
- A top Bank of England policy maker has called for a revival in the market for bundled-up debt in Britain, saying it need not be the “bogeyman” it was during the financial crash and that it could play a role in boosting flows of credit to small businesses.
- Q2 Revenue USD 134.3mln vs. Exp. USD 138.0mln.
US EQUITY WRAP: Stocks cautious amid ongoing budget talks and FOMC approaching, as Volcker rule fails to weigh on banks
US equities closed with minor losses on Tuesday amid uncertainty over the US budget negotiations, as well as participants looking ahead to next week’s final FOMC meeting of the year. Markets then pared much of the earlier losses after reports suggested a bipartisan agreement was to be finalised by the end of the day. However, Senate Majority Whip Durbin later said that no agreement has yet been reached. In specific stock news, both Cardinal Health (+3.4%) and CVS Caremark (+2%) gained after the two cos. reported the creation of the largest generic sourcing entity in a 50/50 joint venture. Elsewhere, VIPS (+0.5%) pared earlier 11% losses after Muddy Waters denied that it had issued a negative report on the co. Meanwhile, the approval of the Volcker rule failed to weigh on banking stocks after it passed through votes by five regulatory bodies including the Fed and FDIC. The rule will prohibit banks from buying and selling most investments for their own accounts, although there will be broad exemptions. Finally the DJIA finished down 0.27% at 15981.03, the S&P 500 down 0.28% at 1803.35 and the NASDAQ 100 down 0.03% at 3515.34.
- Export Price Index (Nov) Y/Y -2.5% (Prev. -4.6%)
US Senate vote on confirming Janet Yellen to head Federal Reserve likely next week according to a senior democratic aide
Market talk Australia's Oil Search could pay USD 1.2bln to join InterOil (IOC)/Total (FP FP) JV - unconfirmed
'Market talk' - Signifies information that has not been formally tested through traditional journalistic channels and therefore is to be treated as unsubstantiated. Any interpretation of the talk is taken at the readers own risk and is a representation of the rumours within the market place and never generated by ourselves.
- Long EUR/CHF – valuation concerns and deflation pressure will help maintain the floor
- Q4 revenue USD 400.2mln vs. Exp. uSD 367.4mln.