August 6, 2018 / 3:17 AM / 3 months ago

Morning News Call - India, August 6

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    FACTORS TO WATCH
    9:30 am: NITI Aayog CEO Amitabh Kant at an event in New Delhi.
    11:00 am: Monsoon session of Parliament continues in New Delhi.
 
 
    TRADING INDIA FORUM – INDIA EQUITY MARKETS
We speak to Pankaj Murarka, Founder-Renaissance Investment Managers and former
Head of Equities at Axis MF, on his view on Indian markets.
    To join the conversationat 11:00 am IST, click on the link: here
    Please note, Pankaj will not answer stock specific questions.
    
    
    LIVECHAT - FX MONTH AHEAD 
John Noonan, Head of IFR FX Watch Asia, analyses cues and views for market moves
for the month ahead, including all the central bank meetings this week.
    To join the conversationat 09:30 am IST, click on the link: here
 
    
    
    INDIA TOP NEWS
    • India panel wants localisation of cloud storage data in possible blow to
big tech firms
A panel working on the Indian government's cloud computing policy wants data
generated in India to be stored within the country, according to its draft
report seen by Reuters, a proposal that could deal a blow to global technology
giants such as Amazon and Microsoft who offer such services.
    • Jet Airways confident in prospects despite reports cash running out
Jet Airways said on Friday it was confident that it would be able to cut costs
and keep flying, despite reports that it had warned staff it was running out of
cash.
    • India to impose delayed tariffs on some U.S. goods in September
India said on Saturday that delayed higher tariffs against some goods imported
from the United States will go into force on September 18.
    • Steel Authority of India misses profit estimates
Steel Authority of India missed analysts' estimates for quarterly profit on
Friday, as it booked a one-time charge of 2.77 billion rupees, including a
provision for royalty payment to Odisha state government.
    • Edible oil traders use free-trade pact to get around India's import tax
hike
Edible oil traders are sourcing exports of palm oil and other cooking oils to
India from neighbouring countries, designating the supplies as duty-free under a
regional free-trade pact and circumventing India's import tax hike on the oils.

    
    
    GLOBAL TOP NEWS
    • China state media attacks Trump on trade in unusually harsh terms
China's state media lashed out at the policies of U.S. President Donald Trump in
an usually direct attack, accusing him of "starring in his own carefully
orchestrated street fighter-style deceitful drama".
    • Powerful quake kills 82 on Indonesia's Lombok island, thousands flee homes
At least 82 people were killed when Indonesia's resort island of Lombok was hit
by a powerful magnitude 7.0 earthquake on Sunday, triggering widespread panic as
thousands fled their homes for emergency shelters as buildings collapsed.

    • White House to detail implementation of new Iran sanctions Monday -Pompeo
The United States intends to fully enforce sanctions due to be reimposed against
Iran early this week on orders from U.S. President Donald Trump, Secretary of
State Mike Pompeo said on Sunday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,438.00, up 0.4 percent
from its previous close.
    • The Indian rupee is expected to open higher against the dollar amid a
yuan-led broad advance in regional currencies after China’s central bank took
measures to discourage speculators.
    • Indian government bonds will likely open little changed amid lack of major
triggers, while traders may eye the rupee’s movement for intraday direction.
Yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
a 7.73 percent-7.78 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks advanced on Friday as upbeat earnings helped investors shrug
off heightened trade anxieties and weaker-than-expected July jobs growth.
    • Asian stocks rose after China's central bank took steps to try to drag the
yuan away from 14-month lows, but the tit-for-tat conflict over Sino-U.S. trade
hung heavily on markets.
    • The dollar remained steady against a basket of its peers after the U.S.
job data reinforced investors' expectations the Federal Reserve will gradually
raise interest rates this year.
    • The middle of U.S. yield curve fell faster than the short and long ends on
Friday as China unveiled retaliatory tariffs on $60 billion of U.S.-made goods
and the White House said President Donald Trump's resolve was firm on China
trade matters.
    • Oil prices rose after Saudi crude production registered a surprising dip
in July and as American shale drilling appeared to plateau.
    • Gold prices held onto the last session's gains, extending a rally from a
17-month low, as the U.S. dollar traded largely steady.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.76/68.79  August 3         -$0.85 mln    $51.90 mln
 10-yr bond yield  7.76 pct     Month-to-date    -$121.07 mln  $352.49 mln
                                Year-to-date     -$700.58 mln  -$5.40 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 = 68.5400 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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