September 12, 2017 / 3:28 AM / 12 days ago

Morning News Call - India, September 12

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    FACTORS TO WATCH
    9:00 am: Coal Secretary Sushil Kumar, NTPC Chairman Gurdeep Singh and other
executives at Coal Markets conference in Kolkata 
    9:45 am: Environment Minister Harsh Vardhan at a campaign launch in New
Delhi.
    9:45 am: IT Minister Ravi Shankar Prasad at e-governance application launch
in New Delhi.  
    10:00 am: Information & Broadcasting Minister Smriti Irani to inaugurate
Inclusive India Summit 2017 in New Delhi. 
    10:30 am: Bharat Petroleum annual general meeting in Mumbai.
    10:30 am: GAIL India annual general meeting in New Delhi.
    11.30 am: Steel Minister Chaudhary Birendra Singh, Steel Secretary Aruna
Sharma, JSW Steel Director Jayant Acharya, SAIL Chairman PK Singh and other
industry executives at conference on raw materials for steel & power in New
Delhi.
    3:30 pm: Federal Cabinet scheduled to meet in New Delhi.
    5:30 pm: Government to release August consumer price inflation data in
Mumbai.
    5:30 pm: Government to release July Industrial output data in Mumbai.
    
    LIVECHAT - FX FOCUS
    The latest Reuters survey shows the yuan will weaken at a more modest pace
than expected earlier after having risen more than 6 percent this year, provided
the Fed continues to tighten policy giving the dollar a lift. Similarly, bets in
favour of the Indian rupee were in place, though strategists see it softening
over the next 12 months. Reuters polling editor in charge Rahul Karunakar will
walk us through the findings and what they signal at 9:30 am IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • POLL-India Aug inflation seen at 5-month high on rising food costs
    India's retail inflation is expected to have picked up to a five-month high
in August, largely driven by higher food costs, a Reuters poll showed, easing
pressure on the central bank to cut interest rates again after poor growth data.

    • Thyssenkrupp may reach preliminary Tata Steel deal this month 
    Thyssenkrupp may reach an agreement in principle this month to merge its
European steel business with that of Tata Steel, the group said on Monday,
adding talks were constructive and had entered the final stretch.
    • Supreme Court moves to protect Jaypee Infratech home buyers
    The Supreme Court moved on Monday to protect buyers of homes sold by builder
Jaypee Infratech, which is being pursued in a bankruptcy court over unpaid
loans, telling its parent Jaiprakash Associates to deposit 20 billion rupees
with it by Oct. 27.
    • IndusInd Bank in talks to buy microlender Bharat Financial
    IndusInd Bank Ltd has entered into exclusive talks to acquire microlender
Bharat Financial Inclusion Ltd, in a deal that will help the private sector bank
to expand its consumer business.
    • Janalakshmi Financial raises $161 million from TPG, others
    Microlender Janalakshmi Financial Services, which is setting up a so-called
small finance bank, has raised 10.30 billion rupees from existing and new
investors in a fresh round of funding led by TPG.
    
    
    GLOBAL TOP NEWS
    • U.N. Security Council unanimously steps up sanctions on North Korea 
    The United Nations Security Council unanimously stepped up sanctions against
North Korea on Monday over the country's sixth and most powerful nuclear test
conducted on Sept. 3, imposing a ban on the country's textile exports and
capping imports of crude oil.
    • Floridians return to storm-battered homes as Irma flooding spreads 
    Storm-shocked Floridians returned to shattered homes on Monday as the
remnants of Hurricane Irma pushed inland, leaving more than half of all state
residents without power and city streets underwater from Orlando and
Jacksonville into coastal Georgia and South Carolina. 
    • U.S. high court justice temporarily preserves Trump refugee ban
    U.S. Supreme Court Justice Anthony Kennedy on Monday provided a temporary
reprieve for President Trump's order blocking most refugees from entering the
United States, putting on hold a lower court's ruling loosening the prohibition.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,062.50, trading up 0.4 percent from its
previous close.
    • Indian government bonds are likely to edge lower ahead of a fresh supply
of notes and inflation data due today. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.52 percent-6.58 percent band.
    • The Indian rupee will likely open slightly lower against the dollar, in
line with most other Asian currencies, as Hurricane Irma turned out to be less
calamitous than initially feared and North Korea decided against conducting
another missile test over the weekend, pushing back demand for safe havens and
lifting the greenback.
    
    
    GLOBAL MARKETS
    • The S&P 500 surged over 1 percent to a record high close on Monday as
tropical storm Irma caused less damage than expected in Florida, and after North
Korea did not test-fire missiles over the weekend, which some had feared.
    • Asian shares hit a 10-year peak with investors breathing a sigh of relief
as North Korean fears eased slightly and the worst-case scenario from Hurricane
Irma looked to have been avoided.
    • The dollar held to large gains following a sharp rebound against the yen
and euro, lifted by improving investor risk sentiment as worries over North
Korea and Hurricane Irma receded.
    • U.S. Treasury yields rose on Monday after a quiet weekend unmarred by
expectations of negative news about North Korea that had pushed risk appetite
higher, and a lackluster three-year note auction also pressured bond
prices.
    • Oil prices edged down in early Asian trading, as traders weighed up the
dampening effect on demand of Hurricane Irma versus refinery restarts following
Hurricane Harvey that should lead to more crude oil processing.
    • Gold extended losses from the previous session, with equities
strengthening and the dollar holding gains as investor appetite for risk showed
signs of picking up.

     
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.86/63.89  September 11     -$61.47 mln   $51.78 mln
 10-yr bond yield  6.82 pct     Month-to-date    -$551.69 mln  $380.46 mln
                                Year-to-date     $6.46 bln     $23.52 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 = 63.9300 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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