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Morning News Call - India, August 22
August 22, 2017 / 3:12 AM / a month ago

Morning News Call - India, August 22

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    FACTORS TO WATCH
    Bank unions on nationwide strike today to protest against government's PSU
bank consolidation plans.
    10:00 am: Railway Minister Suresh Prabhu, Minister of Heavy Industries Anant
Geete, Junior Defense Minister Subhash Bhamre, Heavy Industries Secretary Girish
Shankar, Adani Ports President Amit Uplenchwar, Monnet Ispat Chairman Sandeep
Jajodia at ASSOCHAM manufacturing conference in New Delhi.
 10:00 am: Food and Safety Standards Authority of India CEO Pawan Kumar
Aggarwal, Niti Aayog Advisor Health Alok Kumar, Health Ministry Additional
Secretary Manoj Jhalani at CII Public Health conference in New Delhi. 
    10:30 am: Inter-Ministerial Group on telecom sector meets in New Delhi.
    10:30 am: Hindustan Copper annual general meeting in Kolkata.
    11:00 am: Trade Minister Nirmala Sitharaman at inauguration of national
workshop on enforcement of intellectual property rights in New Delhi.
    11:00 am: Finance Minister Arun Jaitley to chair FSDC meeting with all
financial sector regulators in New Delhi.
    11:30 am: Hyundai Motor India launch of next-gen Verna in New Delhi.
    12:00 pm: Information Technology Minister Ravi Shankar Prasad at National
conference on emerging opportunities through CSC in New Delhi.
    3:00 pm: Larsen & Toubro annual general meeting in Mumbai.
    3:00 pm: Tata Motors annual general meeting in Mumbai.

    
    TRADING INDIA FORUM: CAMPAIGN MANAGEMENT- BEHIND THE SCENES
    While winners (and losers) grab all the headlines post an election, there is
an enormous amount of work that goes on behind the scenes. Do Indians still vote
only on caste/religion or have they graduated to the development plank? How does
social media play a part in today’s data driven world? To answer this and more
we have Dhruv Sharma at 11:00 am IST, who has worked as a campaign manager for
some of the India’s top politicians including Bihar’s CM Nitish Kumar. To join
the conversation, click on the link: here
    
    GMF: MARKETS FOCUS
    After a roller coaster ride amid geopolitical tensions this summer, Asian
stock markets are bracing for more uncertainties as the Federal Reserve is
expected to announce balance sheet reduction plan this Fall. Jim Walker from
Asianomics will discuss the potential risks and opportunities for the rest of
2017 at 9:30 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Rosneft seals first Asian refinery deal with Essar Oil purchase
    Russian oil major Rosneft and partners closed their $12.9 billion purchase
of Indian refiner Essar Oil on Monday, giving them a foothold in one of the
world's fastest growing oil users.
    • Tata Motors CEO says to invest $625 million to boost sales
    Tata Motors will invest more than 40 billion rupees ($625 million) to boost
sales of its passenger and commercial vehicles, its chief executive said on
Monday, as the Indian automaker looks to return to profit in its domestic
business.
    • McDonald's to shut 169 outlets in India amid dispute with local partner
    Fast food chain McDonald's said on Monday it planned to shut all 169 of its
restaurants in India's northern and eastern regions, escalating a dispute with
its local partner and potentially putting thousands of workers out of jobs.

    • Infosys shares extend losses as leadership issues outweigh share buyback
    A planned $2 billion share buyback by Infosys failed to lift shares in
India's No. 2 IT services company, which dropped on Monday for a second straight
trading day on concerns over a dispute between its board and founders.

    • 'Extremely dissatisfied' China blames India for border scuffle
    China laid the blame at India's door on Monday for an altercation along
their border in the western Himalayas involving soldiers from both of the Asian
giants.
    
    
    GLOBAL TOP NEWS
    • Trump commits to more troops in Afghanistan, vows 'fight to win' 
    President Donald Trump opened the door on Monday night to an increase in
U.S. troops in Afghanistan as part of a retooled strategy for the region,
overcoming his own doubts about America's longest war and vowing "a fight to
win."
    • BHP to quit U.S. shale business as annual profit surges 
    Global mining giant BHP Billiton committed to quitting its underperforming
U.S. shale oil and gas business on Tuesday, as it posted a surge in annual
underlying profit to $6.7 billion.
    • U.S. Navy announces fleet-wide probe after new warship collision; 10
sailors missing
    The U.S. Navy announced on Monday a fleet-wide probe and plans for temporary
halts in operations to focus on safety, as it searched for 10 sailors missing
after the fourth major accident in the U.S. Pacific fleet this year.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures was trading at 9,807.50, trading up 0.35 pct from
its previous close.
    • The Indian rupee will likely open little changed against the dollar, in
line with most Asian currencies, as investors await monetary policy cues from
the Federal Reserve’s annual central banking conference in Jackson Hole this
week. 
    • Indian government bonds are likely to trade lower in early session, ahead
of fresh supply of state bonds today, while weekly debt auction later this week
may also weigh in on demand. The yield on the benchmark 6.79 pct bond maturing
in 2027 is likely to trade in a 6.50 pct-6.54 pct band. 
        
    
    GLOBAL MARKETS
    • The benchmark U.S. S&P 500 stock index ended up slightly on Monday after
two days of declines, though a drop in oil prices weighed on energy shares and
tensions between the United States and North Korea kept investors on edge.
    • Asian shares edged higher, taking solace from modest gains on Wall Street
even as investors remained wary ahead of the annual central banking conference
in Jackson Hole later this week.
    • The dollar held steady against a basket of currencies, with traders
focusing on the annual central banking conference in Jackson Hole this week for
insights on the outlook for monetary policy.
    • U.S. Treasuries were steady on Monday as investors awaited speeches by top
global central bankers later this week for further signals about monetary
policy, with no major data releases to set market direction.
    • Oil prices inched up, lifted by indications that supply is gradually
tightening, especially in the United States.
    • Gold prices were a touch lower amid a steady dollar, with investors eying
developments on the geopolitical front and remaining cautious ahead of an annual
central banking meeting in Jackson Hole later this week.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.09/64.12  August 21        -$309.3 mln   $173.55 mln
 10-yr bond yield  6.8 pct      Month-to-date    -$1.48 bln    $1.34 bln
                                Year-to-date     $7.50 bln     $22.48 bln
 
    
    
    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 = 64.13 Indian rupees)

 (Compiled by Nivedita Balu in Bengaluru)
  

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