August 30, 2018 / 3:13 AM / a month ago

Morning News Call - India, August 30

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    FACTORS TO WATCH
    11:30 am: Transport Minister Nitin Gadkari to talk on development of
infrastructure and Ganga rejuvenation in Mumbai.
    3:00 pm: GAIL India Chairman B.C. Tripathi at a MoU signing event between
Ministry of Railways and GAIL in New Delhi.
    6:30 pm: Transport Minister Nitin Gadkari at Global Cruise Summit in Mumbai.
    
    LIVECHAT - OIL OUTLOOK
    Reuters correspondents Amanda Cooper and Jessica Resnick-Ault take your
questions about energy markets in the rapid-fire, weekly segment "Lock, Stock
and Barrel" at 7:00 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • INTERVIEW-Paytm Mall looks to deepen partnerships in fight with Flipkart,
Amazon
    Paytm Mall, the e-commerce venture backed by China's Alibaba Group, is
looking to deepen ties with regional retailers as well as partner with top
online grocer BigBasket to compete with Walmart-controlled Flipkart and Amazon's
local unit, a company executive said.
    • POLL-India's economy seen growing at steady 7.6 percent pace in April-June
    India likely grew 7.6 percent in the April-June quarter, propelled in part
by an improvement in manufacturing and exports, a Reuters poll showed.

    • Indian panel wants Johnson & Johnson to pay compensation over recalled
implants 
    A government panel has recommended that Johnson & Johnson pay compensation
of at least $28,500 to each Indian patient who suffered from artificial hip
implants the U.S. healthcare firm recalled eight years ago.
    • India expects clarity on Iran oil cut after U.S. meeting - source
    India will not completely halt Iranian oil imports and will finalise its
strategy on crude purchases from Tehran after a meeting with top U.S. officials
next week, a senior government official said.
    • Indians turned in almost all the currency notes banned in 2016 - cenbank
    Indians returned almost the entire amount of currency withdrawn in the
government's note ban of November 2016, raising fresh questions over the purpose
of a shock move that triggered a sharp slowdown in the economy.
    • Mahindra says Fiat Chrysler files patent complaint in U.S. 
    Mahindra and Mahindra said on Wednesday Fiat Chrysler Automobiles U.S. LLC
filed a patent violation complaint with the U.S. International Trade Commission
against the company.
    
    
    GLOBAL TOP NEWS
    • Trump and Trudeau upbeat about prospects for NAFTA deal by Friday
    The leaders of the United States and Canada expressed optimism on Wednesday
that they could reach new NAFTA deal by a Friday deadline as negotiators
prepared to talk through the night, although Canada warned that a number of
tricky issues remained.
    • EXCLUSIVE-Hyundai to ship China-made cars to Southeast Asia amid erratic
sales recovery
    Hyundai Motor Co plans to ship China-made cars to Southeast Asia, its China
joint venture and two people familiar with the matter told Reuters, as a plunge
in Chinese sales has left much of its massive local manufacturing capacity
idled.
    • Trump hails Kim, sees no need to resume U.S.-South Korea war games
    Days after canceling a planned visit to North Korea by his top diplomat
citing insufficient progress in denuclearization talks, U.S. President Donald
Trump hailed his personal relationship North Korean leader Kim Jong Un on
Wednesday and said there was no reason to resume war games with South Korea.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,722.00, up 0.2 percent
from its previous close.
    • The Indian rupee is expected to open little changed against the dollar
after Brent crude rose past $77 per barrel, offsetting a further decline in the
dollar index. The focus for the rupee remains on month-end dollar demand from
corporates and on the Reserve Bank of India’s efforts to prevent the currency
from rapidly declining.
    • Indian government bonds will likely edge lower today, dragged by
increasing global crude oil prices. The yield on the benchmark 7.17 percent bond
maturing in 2028 may trade in a 7.89 percent-7.95 percent band today. 
        
    
    GLOBAL MARKETS
    • Wall Street extended its rally on Wednesday, with the S&P 500 and the
Nasdaq hitting record highs for the fourth straight session as technology
companies pushed indexes higher and promising trade negotiations stoked investor
sentiment.
    • Asian stocks rose as Wall Street hit record highs in the hope that the
current North American Free Trade Agreement (NAFTA) negotiations will lead to a
further easing of global trade tensions.
    • The British pound held firm in early Asian trade, after making its biggest
gains in seven months the previous day, following comments from the European
Union's chief negotiator offering Britain close ties after Brexit. The dollar
index struggled near a four-week low of 94.434 touched on Tuesday, dragged down
by the pound's rally.
    • U.S. Treasury yields were little changed on Wednesday afternoon as an
overnight drop in longer-dated yields and a flattening of the yield curve were
mostly reversed by an upward revision of U.S. second-quarter gross domestic
product.
    • Oil prices inched up, extending solid gains from the previous session on a
fall in U.S. crude inventories and expected disruptions to supply from Iran and
Venezuela.
    • Gold prices held steady, after rising nearly half a percent in the
previous session, as the dollar edged down, but views on higher U.S. interest
rates limited gains.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.44/70.47  August 29        -$200.77 mln  -$61.28 mln
 10-yr bond yield  7.92 pct     Month-to-date    $217.12 mln   $853.20 mln
                                Year-to-date     -$362.39 mln  -$4.90 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 = 70.5300 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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