September 17, 2019 / 3:23 AM / 2 months ago

Morning News Call - India, September 17

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FACTORS TO WATCH

9:30 am: CBIC Chairman Pranab Kumar Das at Asia-Pacific Trade Facilitation Forum 2019 in New Delhi.

LIVECHAT - MIDDLE EAST OIL

Refinitiv Lead MENA Oil Analyst Capt. Ranjith Raja analyses the situation in the Strait of Hormuz and discusses developments in the Middle East. To join the conversation, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• India’s current account under threat if oil surge continues: RBI

India’s current account and fiscal deficit could take a hit if oil prices continue to rise after an attack on Saudi Arabian oil facilities over the weekend, the central bank chief said on Monday.

• India’s August inflation remains unchanged at 1.08% y/y - government

India’s annual wholesale price inflation in August was 1.08%, government data showed on Monday, remaining unchanged from the previous month.

• Restore normal life to Kashmir, Supreme Court tells government

India’s top court said on Monday the federal government should restore normal life in Kashmir as soon as possible, as a partial shutdown of the disputed region entered its 42nd day.

• India’s strategic petroleum reserve levels at 55% capacity -official

India’s strategic petroleum reserves stand at 55% of available underground storage capacity of 5.33 million tonnes, a top government official told Reuters on Monday.

GLOBAL TOP NEWS

• Trump says he does not want war after attack on Saudi oil facilities

U.S. President Donald Trump said on Monday said it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war, as the attacks sent oil prices soaring and raised fears of a new Middle East conflict.

• U.S., Chinese trade deputy talks to start on Thursday-USTR

Deputy-level U.S.-China trade talks are scheduled to start in Washington on Thursday, the U.S. Trade Representative’s office said on Monday, paving the way for high-level talks in October aimed at resolving a bitter, 14-month trade war.

• China’s home price growth slows, developers seen cutting prices

China’s new home prices grew at a slower pace in August as a cooling economy and existing curbs on speculative buying put a dent on overall demand.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• The SGX Nifty nearest-month futures were trading 0.1% lower at 10,992.00.

• The Indian rupee is expected to open lower against the dollar, tracking losses in regional currencies ahead of the two-day Federal Reserve meeting.

• Indian federal government bonds are likely to edge lower as crude oil prices stayed firm due to reduced supply. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.69%-6.75% today.

GLOBAL MARKETS

• Energy stocks spiked while most of Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities added to investors’ concerns about geopolitical risk and a stumbling global economy.

• Oil shed some of its massive gains as the United States flagged the possible release of crude reserves, but the threat of military action over the attacks on Saudi oil facilities kept prices elevated and stocks under pressure.

• Oil exporter currencies held firm while the dollar found broad support as recent attacks on Saudi oil facilities and the threat of military action in the region kept crude prices kept prices elevated.

• U.S. Treasury yields fell on Monday after weekend attacks on crude facilities in Saudi Arabia shut about 5% of the world’s oil supply, sending oil prices soaring and increasing demand for safe haven U.S. debt.

• Oil fell more than 1% as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades.

• Gold prices held steady as traders broadly remained on the sidelines ahead of an expected rate cut from the U.S. Federal Reserve this week.

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 = 71.56 Indian rupees)

Compiled by Benny Thomas in Bengaluru

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