September 17, 2018 / 3:43 AM / 3 months ago

Morning News Call - India, September 17

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    FACTORS TO WATCH
    No major events scheduled for the day.
    
    TRADING INDIA FORUM - INDIAN GOVERNMENT  MEASURES
    Over the weekend, the government announced a number of measures to rein in
the pressure on the INR while re-affirming confidence in meeting the fiscal
deficit target at 3.3 percent of GDP. Will these measures be enough or do we
have more pain down the road? To answer this and a host of othe macro-questions
we have Sanjiv Bhatia who is the founder of www.contractwithindia.com and the
ex-Head of Glbal Strategy at Salomon Smith Barney Investment, at 11:00 am IST.To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India outlines series of measures to stem declines in rupee
    The Indian government late on Friday announced a slew of steps aimed at
stemming a steep decline in the rupee, which has fallen rapidly this year, and
it left the door open to announcing more measures.
    • EXCLUSIVE-India's Iran oil purchases to fade ahead of U.S. sanctions
    Indian refiners will cut their monthly crude loadings from Iran for
September and October by nearly half from earlier this year as New Delhi works
to win waivers on the oil export sanctions Washington plans to reimpose on
Tehran in November.
    • Arun Jaitley says confident of meeting fiscal deficit target
    Finance Minister Arun Jaitley said on Saturday that the government is
confident of meeting its fiscal deficit target of 3.3 percent of gross domestic
product in the current fiscal year, a day after outlining a number of measures
to bolster the falling rupee.
    • India needs to be vigilant over rupee - PM economic panel member
    India needs to be extremely vigilant to check weakness in the rupee and the
task was to minimise volatility and avoid contagion to other macro policies, a
member of the prime minister's economic advisory panel said on Friday.

    • Bharti Airtel picks banks for London flotation of Africa business -
sources
    Bharti Airtel has chosen UBS, JP Morgan and Citi to coordinate the London
initial public offering of its Africa business, two sources familiar with the
matter said.
    • August trade deficit narrows to $17.4 bln
    India's trade deficit narrowed to $17.4 billion in August from a five year
high of $18.02 billion hit in July, the trade ministry said on Friday, helped by
a pick up in exports after a fall in the rupee.
    • India shifts to discount; gold buying tapers off elsewhere as prices gain
    Physical gold buying waned in major Asian centres this week as bullion
prices rebounded from recent lows, with dealers in India offering the metal at a
discount for the first time in over a month as an uptick in local rates
moderated demand.

    
    GLOBAL TOP NEWS
    • Trump 'likely' to announce new China tariffs as early as Monday - source
    U.S. President Donald Trump is likely to announce new tariffs on about $200
billion on Chinese imports as early as Monday, a senior administration official
told Reuters on Saturday.
    • Growth in Chinese home prices accelerates to two-year high
    China's home prices accelerated in August at the fastest pace in nearly two
years, a sign that Beijing's efforts to boost a slowing economy may once again
be heating up frothy real estate markets.
    • Hong Kong, southern China mop up after super typhoon 
    The financial hub of Hong Kong began clearing up on Monday after being
battered by one of the strongest typhoons in recent years, with financial
markets and offices operating as normal.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.4 percent at
11,496.00, from its previous close.
    • The Indian rupee is expected open lower against the dollar after steps
planned by the government to support the local currency were seen as having
little impact on capital flows.
    • Indian government bonds will likely rise in early trade as the Reserve
Bank of India announced an open market purchase of bonds for this week. The
yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 8.07
percent-8.12 percent band today, a dealer with a private bank said. 

    
    GLOBAL MARKETS
    • U.S. stocks ended little changed on Friday as financials rose with bond
yields, while news that President Donald Trump instructed aides to proceed with
tariffs on about $200 billion of Chinese products limited gains.
    • Most Asian share markets slipped amid reports that Washington was about to
announce a new round of tariffs on Chinese imports, setting the stage for
possible reprisals by Beijing.
    • The dollar held above a recent 1-1/2 month trough against a basket of
major currencies, with investors cautiously awaiting news on the implementation
of U.S. tariffs on an additional $200 billion of Chinese imports.
    • U.S. Treasury yields retreated on Friday on reports President Donald Trump
has instructed aides to proceed with tariffs on about $200 billion more Chinese
goods, despite Treasury Secretary Steven Mnuchin's attempts to restart trade
talks with China.
    • Global oil prices eased in early Asian trading on concerns that the United
States is poised to impose additional tariffs on China, outweighing supply fears
from upcoming sanctions on Iran.
    • Gold prices were little changed, after falling 0.6 percent in the previous
session, as investors remained cautious on reports that the United States is set
impose a new round of tariffs on Chinese imports.
      
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.83/71.86  September 14     $151.80 mln   -$74.36 mln
 10-yr bond yield  8.13 pct     Month-to-date    -$187.63 mln  -$710.12 mln
                                Year-to-date     -$1.05 bln    -$5.85 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 = 71.8700 Indian rupees)

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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