September 11, 2018 / 3:11 AM / 3 months ago

Morning News Call - India, September 11

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    FACTORS TO WATCH
    9:45 am: SEBI Chairman Ajay Tyagi and Insolvency and Bankruptcy Board of
India Chairman M.S. Sahoo at FICCI’s Annual Capital Market Conference in Mumbai.
    2:30 pm: ICRA webinar on state government finances in Mumbai.
    
    LIVECHAT - GLOBAL MARKETS
    As the Fed has set itself on the tightening path and global trade wars show
few signs of abating, are markets finally getting in touch with reality? Is the
rout in emerging markets here to stay, and will the contagion spread? We speak
to one of the most well-known names in global finance, Mohamed A. El-Erian,
Chief Economic Advisor, Allianz SE, who was on Foreign Policy's list of "Top 100
Global Thinkers" for four consecutive years till 2012. 
    To join the conversation at 3:30 am IST on Wednesday, click on the link: here
    Send your questions to divya.chowdhury@tr.com. 
    
    
    INDIA TOP NEWS
    • India opposition block roads, offices shut in fuel price protests
    Nationwide protests against record high petrol and diesel prices shut down
businesses, government offices and schools in many parts of India on Monday, and
in some places protesters blocked trains and roads and vandalised vehicles.

    • SpiceJet to launch air cargo services from September 18 
    SpiceJet said on Monday it would launch dedicated air cargo services from
Sept. 18 as the low-cost airline looks to boost revenue and expand its footprint
beyond commercial passenger operations.
    • POLL-India's August inflation seen easing below RBI's mid-term target
    Indian inflation likely eased below the Reserve Bank of India's medium-term
target in August on softer food prices, a Reuters poll showed, raising the
probability the central bank will keep interest rates on hold at its next rate
review.
    • Eros elbows way into China through content licensing deal with iQiyi
    Movie production house Eros International on Monday said it partnered with
China streaming service iQiyi to provide Indian movies such as Bollywood
blockbusters "Dabangg" and "Devdas" in the country.
    
    
    GLOBAL TOP NEWS
    • North Korea's Kim asks Trump for another meeting in new letter
    U.S. President Donald Trump received a letter from North Korean leader Kim
Jong Un asking for a second meeting and the White House is already looking at
scheduling one, White House spokeswoman Sarah Sanders said on Monday.
 
    • U.S. Republicans urge more tax cuts as elections near
    With congressional elections looming, Republicans in the U.S. House of
Representatives on Monday proposed more deficit-expanding tax cuts, an effort
seen by some tax experts as unlikely to become law and geared chiefly toward
winning votes.
    • Japan's Renesas to buy U.S. chipmaker IDT for $6.7 billion
    Japanese chipmaker Renesas Electronics said it had agreed to buy U.S. peer
Integrated Device Technology for about $6.7 billion, aiming to boost its
expertise in self-driving car technologies. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,474.00, down 0.1
percent from its previous close.
    • The Indian rupee is expected to fall further against the dollar in the
wake of a Chinese yuan-led decline in regional currencies. 
    • Indian government bonds will likely fall today as crude oil prices
continued to rise and as an expected weakness in the local currency may impact
investor appetite. The yield on the benchmark 7.17 percent bond maturing in 2028
may trade in a 8.13 percent-8.19 percent band today, a dealer with a private
bank said. 
    
    
    GLOBAL MARKETS
    • U.S. stocks mostly edged higher on Monday, with the S&P 500 and Nasdaq
rebounding to snap a four-day losing streak, although a drop in Apple kept gains
in check.
    • Asian shares were struggling to snap an eight-session losing streak as
investors decided no news was good news on tariffs, while the pound touched a
five-week top on hints a Brexit deal might be nearer.
    • The euro and sterling held onto overnight gains against the dollar after
the European Union's chief negotiator raised hopes of a deal for Britain to
leave the economic bloc being struck in the coming weeks.
    • U.S. government bond yields were steady on Monday at levels reached on
Friday, as investors resisted making big trades ahead of Treasury auctions this
week, the release of August consumer price index data and a meeting of the
European Central Bank.
    • Oil was steady, supported by looming U.S. sanctions against Iran's
petroleum industry.
    • Gold inched lower as the dollar firmed on worries over a potential new
trade action from the United States against China and expectations of a U.S.
interest rate increase this month by the Federal Reserve.
    
    
                   CLOSE            FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         72.19/72.22      September 10     -$116.22 mln  $44.88 mln
 10-yr bond yield  8.2 pct          Month-to-date    $285.90 mln   $692.66 mln
                                    Year-to-date     $571.56 mln   $5.84 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 = 72.45 Indian rupees)

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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