September 21, 2018 / 3:26 AM / 3 months ago

Morning News Call - India, September 21

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    9:30 am: Corporate Affairs Secretary Injeti Srinivas at Insolvency Summit in
Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - GLOBAL ASSETS ALLOCATION SHIFTS
    Reuters correspondent Claire Milhench details the findings of the latest
Reuters polling of global asset managers at 6:30 pm IST. To join the
conversation, click here: here
    
    
    INDIA TOP NEWS
    • India may look to lock in oil futures to stem rupee slide
    India's government is planning to ask state oil firms to lock in their crude
futures purchase prices, a government source said on Thursday, anticipating a
spike when U.S. sanctions on Iran snap back again in November.
    • As petrol prices sky-rocket, Indians look for ways to ease the pain
    Many Indians are switching off air conditioners in cars and going to gas
pumps across state borders in a bid to save money, as petrol prices across the
country hover at record-high levels.
    • EXCLUSIVE-India considers raising import duty on steel to support
rupee-document 
    India's steel ministry has proposed increasing the effective import duty on
some steel products to 15 percent from current rates ranging from 5 percent to
12.5 percent, according to two sources and a government document reviewed by
Reuters, as the country looks to support the rupee.
    • India engages with U.S. to ensure energy security amid Iran sanctions
    India is engaged with the United States and other stakeholders to ensure its
energy security and national interest, the foreign ministry spokesman said on
Thursday, as Washington is set to tighten sanctions on Iran's oil and banking
sector.
    • Amazon buys stake in owner of Indian supermarket chain More
    Amazon and Indian private equity firm Samara Capital are making a joint
investment that will give the online retail giant a stake in Indian supermarket
chain More, the U.S. company said on Thursday.
    • Blackstone sole bidder to offer all-cash deal for PNB Housing Finance
    U.S. private equity firm Blackstone Group is the sole bidder to offer an
all-cash deal to buy India-based housing finance company PNB Housing Finance,
the Economic Times reported on Wednesday.
    • Thyssenkrupp to keep on implementing steel JV with Tata-CEO
    Thyssenkrupp's interim chief executive dismissed speculation that it would
pull out of its steel joint venture with India's Tata Steel in the wake of
management upheaval at the German industrial conglomerate.
    • Global tech firms gear up to fight India's planned data law
    Global tech companies plan to oppose new legislation in India that would
require Facebook, PayPal and others to store user data in the country, arguing
it will hurt investment and the business models of foreign and domestic firms.

    
    
    GLOBAL TOP NEWS
    • Japan inflation ticks up but BOJ's target still out of reach
    Japan's annual core consumer inflation ticked up slightly in August but
remained distant from the central bank's 2 percent target, suggesting that
monetary policy will stay ultra-loose for the time being.
    • U.S. sanctions China for buying Russia war planes, missiles
    The Trump administration imposed sanctions on the Chinese military on
Thursday for buying fighter jets and missile systems from Russia, in breach of a
sweeping U.S. sanctions law punishing Moscow for meddling in the 2016 U.S.
election.
    • N.Korea's Kim wants another Trump summit to speed denuclearisation
-S.Korea's Moon
    North Korea's Kim Jong Un wants a second summit with U.S. President Donald
Trump soon to hasten denuclearisation, but a key goal is declaring an end this
year to the 1950-53 Korean War, the South's President Moon Jae-in said on
Thursday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.4 percent at 11,357.50,
from its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency
after upbeat risk appetite prompted the biggest drop in the dollar index in a
month. 
    • Indian government bonds will likely open higher as the local currency is
expected to appreciate against the dollar, even as market awaits fresh supply of
papers later today. The yield on the benchmark 7.17 percent bond maturing in
2028 may trade in a band of 8.03 percent-8.08 percent today, a dealer with a
private bank said. 
    
    
    GLOBAL MARKETS
    • Trade-sensitive industrial stocks led the Dow Jones Industrial Average to
a record closing high on Thursday, the last of Wall Street's main indexes to
fully regain ground since a correction that began in January.
    • Asian stocks extended gains after Wall Street's S&P 500 set a new all-time
high, while the dollar slipped as investors viewed Beijing's and Washington's
fresh exchange of import tariffs as less harmful than initially feared.

    • The dollar struggled near two-month lows, while the yen also sagged on
reduced safe haven demand amid a switch in investors' view that the Sino-U.S.
trade conflict would be less damaging to global growth than initially feared.

    • U.S. long-dated Treasury yields fell on Thursday, as persistent U.S.-China
trade tensions and uncertainty over Brexit spurred investors to seek the safety
of government bonds.
    • Oil prices dipped after falling in the previous session as U.S. President
Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria
this weekend.
    • Gold prices edged up to a one-week high as the dollar weakened on receding
fears of a full-blown Sino-U.S. trade war, keeping the yellow metal on track for
its first weekly gain in four.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         72.77/72.80  September 19     -$303.43 mln  -$296.04 mln
 10-yr bond yield  8.10 pct     Month-to-date    -$232.27 mln  -$1.14 bln
                                Year-to-date     -$1.09 bln    -$6.29 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 = 72.01 Indian rupees)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below