While the disruption in oil markets due to the Saudi attacks might ease soon enough, something has changed forever. The strike, which caused the single worst sudden disruption ever for oil markets ever since Saddam Hussein's Kuwait invasion in August 1990, has led to a sharp escalation in threat perception for the global oil supply infrastructure. These attacks showed that the strongly-guarded oil facilities, historically seen as a stable source of crude, are ultimately vulnerable. That risk perception is here to stay!
STREET PULSE: Where we stand While crude oil prices eased, the threat of military action over the attacks on Saudi oil facilities kept stocks under pressure.
Read More  | SGX Nifty traded 13 points lower at 7 am (IST), signalling dull trade ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan was down 0.1%. Japanese stocks slid 0.48%, while Australian shares were down 0.18%. |
| US stocks ended lower overnight after a weekend attack on Saudi's oil facilities unsettled global markets. The Dow fell 142.7 points to end an eight-day winning streak. The S&P500 shed 9.43 points while the Nasdaq dropped 23.17 points |
Oil fell more than 1% on Tuesday as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities. Brent crude fell 77 cents, or 1.1%, to $68.25 a barrel while WTI crude slipped 82 cents, or 1.3%, to $62.08.
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Bonanza!... Oil traders built heavy bullish bets on MCX crude futures intraday on Monday amid a 10% price surge after the drone attacks on Saudi oilfields. Intraday options data showed crude, which rallied 10.3% from Friday to Rs 4,319 a barrel on Monday, could potentially jump as much as 5% on Tuesday, when the options expire. Domestic oil punters take trading cues from the WTI contract offered by the New York Mercantile Exchange.
Read More | Govt woos Apple, Samsung for India electronics hub >>> |
| WPI remains unchanged at 1.08% in August >>> |
Silver Lining… RBI governor Shaktikanta Das says other arms of policy making have an equal role in stimulating the economy where the growth rate has plunged to multi-year lows. "Everybody has a role and the three rounds of announcements made by the government for the automobile sector, real estate, exports and few other sectors should play a positive role," Das told ET Now in an interview. "There are silver linings for the economy, but the impact of Saudi oil crisis on domestic oil prices and on inflation will have to be taken into consideration," he said.
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Merger Under Lens… RBI has intensified its "fit and proper" checks on the managements of merger candidates Lakshmi Vilas Bank and Indiabulls Housing Finance following fresh accusations of wrongdoing and the sudden exit of the bank's CEO. It has also told the companies not to exchange information and barred management interaction pending approval. The heightened scrutiny followed a PIL in Delhi High Court seeking a special probe into the alleged irregularities, diversion of funds and other violations said to have been committed by the promoters of IHF.
Read More Equitas Setback... Shares of Equitas Holdings slumped nearly 13% to Rs 102.10 after the market regulator Sebi returned the company's draft scheme with regard to Equitas Small Finance Bank. The company had filed a draft scheme of arrangement between the company and Equitas Small Finance Bank, but the markets regulator returned it, saying the same was not in compliance with regulatory provisions. Sebi has advised the company to resubmit the proposal after ensuring compliance with provisions mentioned in its circular.
Read More Shrinking Sizes... Market realities of ongoing liquidity crisis, changing buyer preferences and growing affordability concerns have forced realtors to significantly reduce apartment sizes across important property markets. Mumbai, the country's most expensive property market, has seen the highest decline in apartment size by 45 per cent, followed by Pune with 38 per cent reduction in average unit size.
Read More Meanwhile...A day before the US Fed goes into its rate-setting meeting, President Trump repeated his sharp criticism of the US central bank on Monday. In a pair of tweets, he questioned whether the Fed would "ever get into the game" and said the central bank and its chairman, Jerome Powell, "don't have a clue." He again badgered the Fed to lower the interest rate, citing a strong dollar's harmful effect on US exporters. He said he wants to see a "big" drop in interest rates.
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