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Morning News Call - India, October 4
October 4, 2016 / 3:16 AM / a year ago

Morning News Call - India, October 4

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    FACTORS TO WATCH
    9:15 am: Junior Finance Minister Arjun Ram Meghwal and SEBI Chairman U.K.
Sinha at capital markets conference in Mumbai.
    2:30 pm: Monetary policy statement to be released in Mumbai.
    4:30 pm: RBI holds teleconference call with analysts in Mumbai.
    
    EMEA LIVECHAT - FX MARKETS with independent trader Jeremy Wilkinson-Smith
    Join one of GMF's youngest guests, independent FX trader Jeremy
Wilkinson-Smith at 1430 IST, for an alternative view on FX markets. Jeremy first
joined the forum when he was just 18 years old, having successfully traded his
own book and come to the attention of his older market peers. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Indian manufacturing growth cools in Sept on weakening demand
    Indian factory activity cooled in September on slowing growth in new orders
and production and as manufacturers charged slightly higher prices, although
muted inflation should give the central bank room to ease policy further, a
survey showed. 
     Reliance ties up with Dassault after fighter jet deal 
    Reliance Group said on Monday it had tied up with Dassault Aviation SA to
help the French company spend up to 300 billion rupees that it must invest in
India as part of a recent fighter jet deal it clinched. 
     India's gold imports drop for ninth straight month in Sept -GFMS 
    India's gold imports fell for a ninth straight month in September as weak
retail demand and higher discounts prompted banks and refineries to cut overseas
purchases of the bullion, provisional data from consultancy GFMS showed on
Monday. 
     Canadian fund Caisse partners with Edelweiss for India stressed assets
investment 
    Canada's second-biggest pension fund Caisse de depot et placement du Quebec
said on Monday it had partnered with Indian financial services firm Edelweiss
Group to invest up to $700 million over the next four years in stressed assets
and private debt opportunities in India. 
     Militant attack on Indian army base in Kashmir kills one
    At least six militants attacked an Indian army camp in Kashmir on Sunday
night, killing one border guard, Indian officials said, two weeks after a
similar attack killed 19 soldiers and ratcheted up tension between India and
Pakistan. 
    
    
    GLOBAL TOP NEWS
     Stronger yen, not inflation, will trigger BOJ easing
    The Bank of Japan would deepen negative interest interest rates to thwart
any sharp spikes in the yen, which the central bank sees as an obstacle to
stoking inflation and economic growth, sources familiar with its thinking say.
 
     Trump says he 'brilliantly' used U.S. tax laws 
    Republican presidential nominee Donald Trump said on Monday he "brilliantly
used" U.S. tax rules to his advantage in trying to limit the amount he paid in
taxes, arguing it helped him survive a difficult period in the real estate
market. 
     U.S. suspends Syria ceasefire talks with Russia, blames Moscow
    The United States broke off talks with Russia on Monday on implementing a
ceasefire agreement in Syria and accused Moscow of not living up to its
commitments under the Sept. 9 deal to halt fighting and ensure aid reached
besieged communities. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,778, little changed from its
previous close.
     The Indian rupee is poised to open higher against the dollar, helped by
mounting expectations of a rate cut by the nation's Monetary Policy Committee.
     Indian government bonds will likely edge higher in early trade, as
investors expect the Monetary Policy Committee to deliver a rate cut and unveil
other liquidity-boosting measures today. The yield on the benchmark 7.59 pct
bond maturing in 2026 is likely to trade in a 6.87 pct-6.92 pct band.
    
    
    GLOBAL MARKETS
     The fourth quarter got off to a weak start for U.S. stock investors on
Monday, with financials, consumer staples and utilities pulling the S&P 500
lower. 
     Asian shares wobbled after fading hopes for a reduced Deutsche Bank fine
and rising expectations of a U.S. interest rate hike pressured Wall Street.
 
     The dollar rose against the yen after receiving a boost from upbeat U.S.
economic data, while the pound wallowed near a three-decade low on concerns over
a potential "hard Brexit" for Britain. 
     U.S. Treasury yields rose on Monday after data showed that U.S. factories
ramped up activity in September, boosting expectations of economic growth before
Friday's highly anticipated jobs report. 
     Oil prices dipped, weighed down by a rise in Iranian exports that adds to
a global supply overhang, although a planned OPEC-led supply cut later this year
has lent crude some support. 
     Gold held on to losses, after falling slightly in the previous session, on
a firmer dollar after an upbeat U.S. economic data. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         66.38/66.41  October 3        $5.15 mln  -$113.53 mln
 10-yr bond yield  6.96 pct     Month-to-date    -          -
                                Year-to-date     $7.51 bln  -$78.91 mln
    
    For additional data:
    India govt bond market volumes       
    Stock market reports                 
    Non-deliverable forwards data        
    Corporate debt stories               [IN CORPD]
    Local market closing/intraday levels [IN SNAPSHOT]
    Monthly inflows                      [INFLOWS RTRS TABLE IN]
 


($1 = 66.59 Indian rupees)

 (Compiled by Nivedita Balu in Bengaluru)

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