U.S. stocks rise on Fed implications from soft jobs data; Dow up 0.11%

Investing.com - Investing.com - U.S. stocks rose on Friday after a soft October jobs report left many concluding the Federal Reserve might hold off on raising interest rates until later in 2015 than once anticipated, leaving borrowing costs low while the economy continues to grow.

At the close of U.S. trading, the Dow 30 rose 0.11%, the S&P 500 index rose 0.03%, while the NASDAQ Composite index fell 0.13%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 3.80% at 13.15.

The Department of Labor reported earlier that the U.S. economy added 214,000 jobs in October, missing expectations for an increase of 231,000. The number of jobs added in September was revised to 256,000 from a previously estimated 248,000.

The report also revealed that the U.S. unemployment rate ticked down to 5.8% in October from 5.9% in September. Analysts had expected the unemployment rate to remain unchanged last month.

While not overwhelmingly disappointing, the less-than-stellar report did give investors room to rethink when the Federal Reserve will hike interest rates next year.

The Fed recently closed its monthly bond-buying program and is expected to raise interest rates some time in 2015, though the timing as to when next year benchmark borrowing costs may rise remains up in the air thanks to hit-or-miss U.S. data.

Leading Dow Jones Industrial Average performers included Wal-Mart Stores Inc (NYSE:WMT), up 1.33%, Verizon Communications Inc (NYSE:VZ), up 1.13%, and Visa Inc (NYSE:V), up 0.92%.

The Dow Jones Industrial Average's worst performers included UnitedHealth Group Incorporated (NYSE:UNH), down 2.71%, Walt Disney Company (NYSE:DIS), down 2.18%, and Nike Inc (NYSE:NKE), down 0.90%.

European indices, meanwhile, ended the day largely lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 1.20%, France's CAC 40 fell 0.89%, while Germany's DAX fell 0.91%. Meanwhile, in the U.K. the FTSE 100 rose 0.25%.

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Crude gains on weaker dollar, U.S. cool snap, fresh Ukraine jitters

Investing.com - Investing.com - Crude futures shot up on Friday on forecasts for falling U.S. temperatures, a weaker dollar and concerns the Ukraine ceasefire could crumble.

A weaker greenback makes oil a more attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

In the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in December traded up 1.05% at $78.73 a barrel during U.S. trading, up from a session low of $77.47 a barrel and off a high of $79.40 a barrel.

The December contract settled down 0.98% at $77.91 a barrel on Thursday.

Support for the commodity was seen at $75.84 a barrel, Tuesday's low, and resistance at $80.98 a barrel, Monday's high.

Milder weather patterns across the central and eastern U.S. will soon give way to more winter-like weather in the coming days, which should drive demand for heating oil, a crude derivative.

Elsewhere, a lackluster October jobs report weakened the dollar and gave crude futures even more room to rise.

The Department of Labor reported earlier that the U.S. economy added 214,000 jobs in October, missing expectations for an increase of 231,000. The number of jobs added in September was revised to 256,000 from a previously estimated 248,000.

The report also revealed that the U.S. unemployment rate ticked down to 5.8% in October from 5.9% in September. Analysts had expected the unemployment rate to remain unchanged last month.

While not overwhelmingly disappointing, the less-than-stellar report gave investors room to sell the greenback for profits and take time to rethink when the Federal Reserve will hike interest rates next year.

Geopolitical concerns pressured oil prices higher was well.

The Ukrainian military accused Russia of moving 32 tanks and trucks carrying troops across its border, which spooked investors on concerns a ceasefire between the two countries could end.

Fighting could potentially disrupt the flow of oil from energy-rich Russia.

Separately, on the ICE Futures Exchange in London, Brent oil futures for December delivery were up 0.63% at US$83.39 a barrel, while the spread between Brent and U.S. crude contracts stood at $4.66.

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Dollar gains on U.S. jobless claims report, dovish Draghi comments

Investing.com - Investing.com - A double shot of better-than-expected U.S. jobless claims numbers and dovish comments from European Central Bank President Mario Draghi strengthened the dollar against of its peers on Thursday.

In U.S. trading on Thursday, EUR/USD was down 0.79% at 1.2386.

Draghi said earlier that the ECB would soon begin purchasing asset-backed securities to prop up the economy.

The program will run for two years and have a 'sizeable impact' on the ECB's balance sheet, Draghi said.

He added that the governing council is unanimously committed to taking further 'timely measures' if needed, which sent the euro dropping.

The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, known as quantitative easing.

The ECB left rates on hold at record lows at its policy meeting earlier Thursday, as widely expected.

Meanwhile across the Atlantic, the dollar found support after the number of people who filed for unemployment assistance in the U.S. last week fell more than expected, fueling optimism over the strength of the labor market, official data showed on Thursday.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Nov. 1 decreased by 10,000 to 278,000 from the previous week's revised total of 288,000.

Analysts had expected jobless claims to fall by 3,000 to 285,000 last week.

The number of Americans applying for new jobless benefits held below 300,000 for the eighth consecutive week, a sign that recovery in the labor market may be gaining momentum.

Continuing jobless claims in the week ended Oct. 25 fell to 2.348 million from 2.387 million in the preceding week. Analysts had expected continuing claims to decline to 2.360 million.

The four-week moving average came to 279,000, a decline of 2,250 from the previous week's total of 281,250. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

The dollar was up against the yen, with USD/JPY up 0.23% at 114.93, and up against the Swiss franc, with USD/CHF up 0.84% at 0.9720.

The greenback was up against the pound, with GBP/USD down 0.85% at 1.5838.

The pound softened after the Bank of England's monetary policy committee voted to leave U.K. interest rates at their current record lows of 0.5%.

The MPC also made no changes to its asset purchase scheme.

The decision came a day after data revealed that the U.K. service sector expanded at the slowest rate in 17 months in October, adding to indications that the rate of the economic recovery is cooling.

While the Bank of England's decision to leave policy unchanged surprised few, lackluster indicators have many investors pushing back expectations as to when the Bank of England may begin hiking benchmark interest rates.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.33% at 1.1424, AUD/USD down 0.27% at 0.8573 and NZD/USD down 0.47% at 0.7694.

The Canadian dollar shrugged off data revealing that the number of new building permits issued in Canada rose 12.7% in September, much better than expectations for a gain of 5.2% after a sharp fall in August.

Lower oil prices largely pushed the currencies downward.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.69% at 88.14.

On Friday, expect the dollar to track the U.S. October jobs report.

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U.S. stocks rise on U.S. data, ECB assurances; Dow gains 0.40%

Investing.com - Investing.com - U.S. stocks ended Thursday higher on the coattails of better-than-expected jobless claims numbers and assurances from the European Central Bank that it will do what it takes to steer its economy away from deflationary decline.

At the close of U.S. trading, the Dow 30 rose 0.40%, the S&P 500 index rose 0.38%, while the NASDAQ Composite index rose 0.38%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was down 3.53% at 13.67.

ECB President Mario Draghi said earlier that the monetary authorities would soon begin purchasing asset-backed securities to prop up the economy and added the the program will run for two years and have a 'sizeable impact' on the ECB's balance sheet.

The bank's governing council is unanimously committed to taking further 'timely measures' if needed, which sent stocks gaining on expectations for Europe to keep monetary policy loose to prop up the economy.

The ECB's current stimulus program includes purchases of asset-backed securities and covered bonds, though markets are keeping a close eye out for plans to announce purchases of government debt, known as quantitative easing, which would boost stocks by suppressing long-term interest rates.

The ECB left rates on hold at record lows at its policy meeting earlier Thursday, as widely expected.

Meanwhile back home, stocks rose on news that the number of people who filed for unemployment assistance in the U.S. last week fell more than expected, fueling optimism over the strength of the labor market.

The U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending Nov. 1 decreased by 10,000 to 278,000 from the previous week's revised total of 288,000.

Analysts had expected jobless claims to fall by 3,000 to 285,000 last week.

The number of Americans applying for new jobless benefits held below 300,000 for the eighth consecutive week, a sign that recovery in the labor market may be gaining momentum.

Continuing jobless claims in the week ended Oct. 25 fell to 2.348 million from 2.387 million in the preceding week. Analysts had expected continuing claims to decline to 2.360 million.

The four-week moving average came to 279,000, a decline of 2,250 from the previous week's total of 281,250. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

Leading Dow Jones Industrial Average performers included General Electric Company (NYSE:GE), up 2.07%, Microsoft Corporation (NASDAQ:MSFT), up 1.74%, and Home Depot Inc (NYSE:HD), up 1.58%.

The Dow Jones Industrial Average's worst performers included American Express Company (NYSE:AXP), down 0.90%, Merck & Company Inc (NYSE:MRK), down 0.60%, and AT&T Inc (NYSE:T), down 0.59%.

European indices, meanwhile, ended the day higher.

After the close of European trade, the DJ Euro Stoxx 50 rose 0.34%, France's CAC 40 rose 0.46%, while Germany's DAX rose 0.66%. Meanwhile, in the U.K. the FTSE 100 rose 0.18%.

On Friday, expect markets to track the U.S. October jobs report.

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Natural gas extends gains on cool U.S. weather, supply expectations

Investing.com - Investing.com - Natural gas prices shot up on Tuesday on expectations that cool weather in place over the U.S. will drive demand for heating, while hopes for a bearish supply report on Thursday boosted the commodity as well.

On the New York Mercantile Exchange, natural gas futures for delivery in December were up 2.85% at $4.162 per million British thermal units during U.S. trading. The commodity hit a session low of $4.029, and a high of $4.169.

The December contract settled up 4.47% on Monday to end at $4.046 per million British thermal units.

Natural gas futures were likely to find support at $3.620 per million British thermal units, last Tuesday's low, and resistance at $4.184, the high from Oct. 1.

Cool weather currently settled over the eastern U.S. will give way to milder temperatures in the coming days, but reinforcing blasts of cold air kept natural gas prices elevated on sentiments that the heating season is gearing up with each shot of falling mercury readings.

"The initial one will bring heavy showers along the cold front, with areas of light snow and slightly cooler than normal temperatures behind it. A stronger cold blast will follow Saturday into Sunday with near or sub-freezing temperatures pushing through the Midwest and into the Tennessee Valley, although the amount of precipitation will be limited until strengthening off the Northeast coast Sunday," Natgasweather.com reported in its Tuesday midday update.

"The strongest cold blast will occur next week as an Arctic air mass pushes into southern Canada and the far northern U.S. Sub-freezing temperatures will likely struggle to push further south than the Ohio Valley, but areas to the north will see very cold overnight lows as temperatures drop into the teens, with single digits near the Canadian border."

Meanwhile, the U.S. Energy Information Administration's next storage report slated for release on Thursday is expected to show an increase of 80 billion cubic feet for the week ending Oct. 31.

Inventories rose by 35 billion cubic feet in the same week a year earlier, while the five-year average change is a build of 42 billion cubic feet.

Natural gas storage in the U.S. rose by 87 billion cubic feet last week.

Injections of gas into storage have surpassed the five-year average for 28 consecutive weeks, alleviating concerns over tightening supplies.

Total U.S. natural gas storage stood at 3.480 trillion cubic feet as of last week, narrowing the deficit to the five-year average to 8.2% from 9.1% in the preceding week and from a record 54.7% at the end of March.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 2.35% at $76.93 a barrel, while heating oil for December delivery were down 1.76% at $2.4461 per gallon.

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Dollar dips as soft U.S. data give greenback rally a breather

Investing.com - Investing.com - Less-than-stellar U.S. reports on factory orders and the country's trade balance weakened the dollar against most major currencies on Tuesday, ending several session of strong gains fueled by diverging global monetary policies.

In U.S. trading on Tuesday, EUR/USD was up 0.56% at 1.2554.

U.S. factory orders fell for a second consecutive month in September, dampening optimism over the pace of U.S. recovery, official data revealed earlier.

The U.S. Census Bureau reported earlier that factory orders declined by 0.6% in September, in line with market expectations though still a decline nonetheless.

The August figure was revised to a 10% contraction from an initial 10.1% decline.

The numbers gave investors room to sell the greenback for profits, wiping out gains stemming from divergent monetary policies coupled with upbeat U.S. manufacturing, consumer sentiment and economic growth reports.

Elsewhere in the U.S., the Bureau of Economic Analysis said the country's trade deficit widened to $43.03 billion in September from $39.99 billion in August, whose figure was revised from a previously reported deficit of $40.1 billion.

Analysts had expected the U.S. trade gap to widen to $40.0 billion in September.

The single currency held well into positive territory despite downward revisions made to the continent's growth forecasts.

The European Commission cut its forecast for euro zone economic growth to 0.8% this year from a 1.2% forecast made in the spring, while the 2015 growth forecast dipped to 1.1% from 1.7%.

The commission added it expects euro area inflation to remain below the European Central Bank's target of close to but just below 2% until after 2016 at the earliest and warned that unemployment levels will remain at their current high levels for longer than previously expected.

The dollar was down against the yen, with USD/JPY down 0.39% at 113.55, and down against the Swiss franc, with USD/CHF down 0.65% at 0.9596.

The yen bounced back after investors felt the currency had fallen far enough due to a Bank of Japan decision to raise its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.

Adding to recent pressure, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.

The policy shifts caught many investors off guard and pummeled the yen, though by Tuesday, the currency regained composure against the greenback.

The greenback was down against the pound, with GBP/USD up 0.19% at 1.6004.

Sterling held firm against a sliding greenback despite data revealing that growth in the U.K. construction sector slowed to a five-month low in October as residential building growth slowed sharply.

Research group Markit Economics reported that its construction purchasing managers' index declined to 61.4 from 64.2 in September. It was the lowest reading since May and was below forecasts of 63.5.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.37% at 1.1400, AUD/USD up 0.65% at 0.8736 and NZD/USD up 0.78% at 0.7780.

Statistics Canada reported that the country's trade balance swung into a surplus of C$0.71 billion in September from a deficit of C$0.46 billion in August, whose figure was revised from a previously estimated deficit of C$0.61 billion.

Analysts had expected the trade deficit to widen to C$0.70 billion in September.

Demand for the commodity-linked loonie remained under pressure as crude oil prices dropped more than 1% after Saudi Arabia lowered prices to buyers in the U.S. and amid ongoing concerns over the health of the global economy.

The Aussie received a boost after the Reserve Bank of Australia left rates on hold at 2.5% earlier Tuesday and indicated that monetary policy was likely to remain steady.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.41% at 87.09.

On Wednesday, expect the dollar to move on U.S. service-sector data.

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Dollar gains on rosy U.S. factory data, BoJ stimulus move

Investing.com - Investing.com - The dollar strengthened against most major currencies on Monday after a widely-watched U.S. factory barometer beat expectations, while a Bank of Japan Friday decision to beef up its stimulus programs bolstered the greenback further.

In U.S. trading on Monday, EUR/USD was down 0.26% at 1.2493.

The Institute of Supply Management reported earlier that its manufacturing purchasing managers' index rose to 59.0 in October from 56.6 in September. Analysts had expected the index to decline to 56.2 in October, and the surprise uptick sparked fresh demand for the dollar by stoking sentiments that U.S. recovery continues to gain steam.

On Friday the Thomson Reuters/University of Michigan final consumer sentiment index rose to a seven-year high of 86.9 in October from 86.4 in September. Analysts had expected the index to remain unchanged.

Also on Friday, industry data showed that the Chicago purchasing managers' index rose to a three-and-a-half year high of 66.2 in October from 60.5 in September, confounding expectations for a reading of 60.0.

Elsewhere, the greenback continued to see support against most major currencies after the Bank of Japan said last week it was raising its monetary base target to an annual increase of ¥80 trillion from ¥60-70 trillion, a preemptive move to steer the economy away from deflationary decline while improving the chances of reaching inflation goals.

Further fueling greenback demand, a Japanese government panel overseeing the Government Pension Investment Fund approved plans on Friday for the fund to raise its holding of foreign stocks to 25% of its portfolio from 12%.

Meanwhile in the euro zone, the single currency came under pressure after the U.K.-based Markit Economics research group reported that its German manufacturing PMI fell to 51.4 in October from 51.8 the previous month, disappointing expectations for the index to remain unchanged.

Markit's manufacturing PMI for the entire euro zone ticked down to 50.6 this month from 50.7 in September. Analysts had expected the index to remain unchanged, and the dollar saw added support in a rather quiet session.

The dollar was up against the yen, with USD/JPY up 1.30% at 113.78, and up against the Swiss franc, with USD/CHF up 0.27% at 0.9652.

The greenback was up against the pound, with GBP/USD down 0.08% at 1.5983.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.84% at 1.1361, AUD/USD down 1.26% at 0.8688 and NZD/USD down 0.94% at 0.7720.

The US dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.41% at 87.40.

On Tuesday, investors will track data on U.S. factory orders as well as the results of U.S. congressional elections.

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U.S. stocks fluctuate on data, slipping oil prices; Dow dips 0.14%

Investing.com - Investing.com - U.S. stocks edged lower on Monday as investors applauded an upbeat factory gauge and sold energy companies on concerns that oil prices will stay low for the foreseeable future.

At the close of U.S. trading, the Dow 30 fell 0.14%, the S&P 500 index fell 0.01%, while the NASDAQ Composite index rose 0.18%.

The CBOE Volatility Index index, which measures the outlook for market volatility, was up 4.99% at 14.73.

The Institute of Supply Management reported earlier that its manufacturing purchasing managers' index rose to 59.0 in October from 56.6 in September. Analysts had expected the index to decline to 56.2 in October, and the surprise uptick drew applause in Wall Street earlier on hopes for more robust top and bottom lines to come with an improving economy.

On Friday the Thomson Reuters/University of Michigan final consumer sentiment index rose to a seven-year high of 86.9 in October from 86.4 in September. Analysts had expected the index to remain unchanged.

Also on Friday, industry data showed that the Chicago purchasing managers' index rose to a three-and-a-half year high of 66.2 in October from 60.5 in September, confounding expectations for a reading of 60.0.

Still, lower oil prices pressured down energy and energy-related stocks.

Despite the otherwise bullish effects upbeat U.S. data would have on oil due to prospects for rising demand for fuel and energy, a stronger dollar continues to punish the commodity as the economy improves.

A stronger greenback makes oil a less attractive commodity on dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

OPEC countries are due to meet later this month, though expectations remain firm the cartel won't trim output to boost prices, with the logic being that allowing oil to fall further will prompt U.S. hydraulic fracking operations to hold off on production and stem the flow of oil into the global market.

In corporate news, French advertising company, Publicis Groupe SA (PARIS:PUBP) said it would pay $3.7 billion to buy Sapient Corporation (NASDAQ:SAPE), while medical testing giant Laboratory Corporation of America (NYSE:LH) announced plans to buy medical research supplier Covance Inc (NYSE:CVD) for $6.1 billion.

Leading Dow Jones Industrial Average performers included Merck & Company Inc (NYSE:MRK), up 1.68%, Microsoft Corporation (NASDAQ:MSFT), up 1.03%, and American Express Company (NYSE:AXP), up 0.99%.

The Dow Jones Industrial Average's worst performers included Chevron Corporation (NYSE:CVX), down 2.68%, Exxon Mobil Corporation (NYSE:XOM), down 1.54%, and Home Depot Inc (NYSE:HD), down 1.48%.

European indices, meanwhile, ended the day lower.

After the close of European trade, the DJ Euro Stoxx 50 fell 0.99%, France's CAC 40 fell 0.92%, while Germany's DAX fell 0.81%. Meanwhile, in the U.K. the FTSE 100 fell 0.89%.

On Tuesday, investors will track data on U.S. factory orders as well as the result of U.S. congressional elections.

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Benteke sent off as Villa slide to defeat by Spurs

LONDON (Reuters) - Aston Villa scored their first goal in more than nine hours but then had Christian Benteke sent off and allowed Tottenham Hotspur to come back for a 2-1 win at Villa Park on Sunday.

It meant a sixth successive Premier League defeat, despite Andreas Weimann finally breaking the scoring drought by sliding in Charles N'Zogbia's cross in the 16th minute.

But Belgian striker Benteke was sent off 20 minutes into the second half for pushing a hand into Ryan Mason's face after a melee involving several players.

Nacer Chadli equalised from a corner six minutes from the end and just before stoppage time substitute Harry Kane drove in a deflected free kick.

That moved Spurs up into eighth place, and left Villa 15th, two points above the relegation places.

(Reporting By Steve Tongue; editing by Martyn herman)

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Fellaini not a 'spitting figure', says Van Gaal

By Ian Chadband

MANCHESTER England (Reuters) - Louis Van Gaal defended Marouane Fellaini against suggestions that Manchester United's Belgian midfielder may have spat at Manchester City's Sergio Aguero during the derby at the Etihad Stadium on Sunday.

Social media was left abuzz, speculating over whether footage of a first half incident in which Fellaini stood over the fallen Aguero, accusing him angrily of having dived in the area, also featured him spitting at the Argentine striker, City's match-winner in the 1-0 win.

Yet United manager Van Gaal insisted that Fellaini was not a "spitting figure" and that viewers of the incident may have actually seen merely a tirade of anger from his player.

Fellaini had certainly been enraged by Aguero's tumble in the box under his challenge, turning to remonstrate angrily with him after the referee Michael Oliver had turned down the appeal.

"I've heard that it is a question on social media but already that if he (Fellaini) is shouting and sometimes when you shout, there's a little bit of - how do you call it, saliva? - with it. I don't think he's a spitting figure," said Van Gaal.

(Editing by Martyn Herman)

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Why lobbying Smriti Irani may not be the way to go for RSS

R Jagannathan
Firstpost.com

The Rashtriya Swayamsevak Sangh (RSS) has been pressuring the Union HRD Minister, Smriti Irani, to make some changes in historytext-books. At a meeting yesterday (30 October), representatives from various RSS front organisations told her that she must "correct" school history textbooks so that children were taught "true" history and learn about "real Indian heroes."

While the RSS' regular meetings with Irani have been criticised for turning into an NDA version of� Sonia Gandhi 's National Advisory Council – an extra-constitutional influence on government policy – the purpose of this article is not to dwell on that aspect, but to dispel notions about what history really is, and what school curricula should or should not be about.

In calling for the writing of "correct" history, the RSS is falling into the same trap that the earlier Nehruvian consensus on history-writing led us into. If there is any incorrect thing that needs debunking in history, it is this: there is no such thing as "correct" history. All histories are versions of the truth. The more the kinds of histories we write, the closer we will get to the truth.

Let me illustrate this point with recent history. If there is one correct version of recent history, which we have all seen on TV screens or read about in newspapers or have witnessed personally, there should be only one narrative emerging from it. For example: did� Narendra Modi �win the 2014 election or did UPA lose it? Or is a third factor responsible for the results we got. There are enough reasons to believe that both points have some relevance. If Modi partisans were to write history, they would call it the triumph of one man's vision on development, or some such thing. If his detractors were to write it, they would say communal scare-mongering was a key factor in his victory. A third version may say it wasn't about Modi or Manmohan, changing demographics had everything to do with it.

If we cannot agree on recent history which we have all had direct access to, how can we ever expect to agree on what is our "true" ancient history, as deduced from broken pottery or shards of glass or defaced coins or religious literature? If there can be 300 Ramayanas, surely there can be 300 versions of history?

So, to repeat, there is no such thing as "correct" history. What there can be are many versions of history, and here the RSS is surely right to think its version should also have its day in the sun. Thus, there need not be only a Marxist-Left-Secular version of history, but a Hindu version of history, just as there can be histories told from the gender, underclass, regional or tribal perspectives.

What the RSS should not do is try and pretend that only its version is correct. It can't be.

The second issue one needs to address is this: should the party in power seek to use its control of government resources to write (or rewrite) history? I don't believe so.

If Nerhuvian-Marxist scholars like Romila Thapar and Bipan Chandra could shove their version of history down our throats, and we felt suffocated by this insistence that theirs was the only right version, it hardly makes sense for the RSS to impose the same tyranny on us. I believe that all attempts at writing history with different perspectives should be left to private think-tanks and scholars. The HRD ministry or the central government should not be involved in the process.

What does this imply? The RSS should fund independent historical research that empathises with its world view and then let these versions compete for attention and dominance with the public. If it is based on evidence, logic and research, it will hold its own against the Romila Thapar version. Writing history top-down from a position of governmental strength will never have validity – just as the Thapar version did not have authenticity with many sections of the country.

This leaves us with the question of school text-books: if what we now have is only one version of Nehru-Marxist-influenced history, why should it be retained? If it is not right to thrust a saffron version of history down our children's throats, how is the Thapar version more palatable?

Clearly, our history text-books need to be re-written – but not by replacing one bias with another.

Any rewriting should attempt to present history as a version, with references to other versions too being made at various points where there are sharp differences. Our children need to be taught that history is about looking at all versions of the truth and then making up one's mind. History is not god's truth.

If the RSS is interested in a better version of history, it should build the credibility of its approach by putting its money where its mouth is. It should invest in scholarship and research. Lobbying Smriti Irani for it is not the way to go.

The writer is editor-in-chief, digital and publishing, Network18 Group

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Tata Bolt: Checkout the finer details

Overdrive chat with Girish Wagh, Tata Motors' Vice President and Head of Small Car Project, to know more about the soon to be launched Tata Bolt.

Overdrive chat with Girish Wagh, Tata Motors ' Vice President and Head of Small Car Project, to know more about the soon to be launched Tata Bolt.

For entire chat watch accompanying video

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