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Morning News Call - India, September 22
September 22, 2017 / 3:17 AM / 3 months ago

Morning News Call - India, September 22

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    FACTORS TO WATCH
    9:30 am: IRDAI Chairman T.S. Vijayan, LIC Managing Director Usha Sangwan and
other insurance company executives at Global Insurance Summit in Mumbai.
    9:30 am: Housing Secretary Durga Shankar Mishra, Peninsula Land Vice
Chairman Rajeev Piramal and other real estate executives at Real Estate &
Infrastructure Investors’ Summit 2017 in Mumbai.
    9:30 am: Minister of State for Civil Aviation Jayant Sinha at National
Quality Conclave in New Delhi.
    9:30 am: Commerce & Industry Minister Suresh Prabhu at International Gold
Summit in New Delhi.
    10:00 am: Bharat Heavy Electricals annual general meeting in New Delhi.
    10:30 am: Steel Authority of India annual general meeting in New Delhi.
    11.45 am: Finance Minister Arun Jaitley to address the annual general
meeting of Indian Banks’ Association in Mumbai.
    1:15 pm: Information Technology Minister Ravi Shankar Prasad at Good
Governance seminar in New Delhi.
    2:00 pm: Environment Minister Harsh Vardhan at government scheme launch in
New Delhi. 
    3:00 pm: CG Power annual general meeting in Mumbai. 
    4:50 pm: Oil Minister Dharmendra Pradhan at National Quality Conclave in New
Delhi.
    5:00 pm: Finance Minister Arun Jaitley at Bloomberg India Economic Forum in
Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.

    LIVECHAT - G7 FX CHARTING
    TrendsetterFX's chief market strategist and GMF regular guest Wilson Leung
will highlight short-term key levels to watch for G7 currencies from a technical
analysis perspective at 9:00 am IST. To join the conversation, click on the
link: here
  
    
    INDIA TOP NEWS
    • India eyes extra $7.7 billion spending to halt economic slowdown - govt
sources 
    India's government is considering a plan to loosen its fiscal deficit target
to enable it to spend up to 500 billion rupees more to halt an economic
slowdown, two government officials with direct knowledge of the plan said on
Thursday.
    • Appeals court allows Mistry to continue action against Tata Sons
    An appeals court in India ruled on Thursday that former Tata Sons Chairman
Cyrus Mistry can press ahead with a legal battle against the salt-to-software
conglomerate that had earlier been dismissed.
    • EXCLUSIVE-Africa to get state-of-art HIV drugs for $75 a year
    India-based generic AIDS drugmakers Mylan Laboratories and Aurobindo Pharma
will start churning out millions of pills for Africa containing a
state-of-the-art medicine widely used in rich countries, after securing a
multi-million dollar guarantee that caps prices at just $75 per patient a year.

    • India presses on with Myanmar defence supplies in show of support 
    India is considering supplying arms to Myanmar's government in a sign of
strong support for a neighbour that faces criticism for its crackdown on
Rohingya Muslims.

    
    GLOBAL TOP NEWS
    • North Korea's Kim says will make "deranged" Trump pay dearly for UN speech
    North Korean leader Kim Jong Un blasted U.S. President Donald Trump as
"mentally deranged" and vowed to make him pay dearly for threatening to destroy
his country, hours after Trump ordered fresh sanctions over Pyongyang's weapons
programmes.
    • S&P downgrades China, says rising debt is stoking economic, financial
risks
    S&P Global Ratings downgraded China's long-term sovereign credit rating on
Thursday, less than a month ahead of one of the country's most sensitive
political gatherings, citing increasing risks from its rapid build-up of debt.

    • EXCLUSIVE-U.S. Homeland Security found SEC had 'critical' cyber weaknesses
in January
    The U.S. Department of Homeland Security detected five "critical" cyber
security weaknesses on the Securities and Exchange Commission's computers as of
January 23, 2017, according to a confidential weekly report reviewed by Reuters.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,093.50, trading down 0.5 percent
from its previous close.
    • Indian government bonds are likely to edge lower as the possibility of
North Korea testing another hydrogen bomb adds to geopolitical concerns in the
region, damping demand for emerging market assets. The yield on the benchmark
6.79 percent bond maturing in 2027 is likely to trade in a 6.65 percent-6.70
percent band.
    • The Indian rupee will likely open lower against the dollar, as investors
remained cautious on likelihood of North Korea conducting another hydrogen bomb
test, after U.S. President Donald Trump called for fresh sanctions for the
nuclear-armed nation.
    
    
    GLOBAL MARKETS
    • U.S. stock indexes slipped on Thursday as investors braced for a third
interest rate hike this year and the United States ordered new sanctions against
North Korea.
    • Asian stocks fell and the Japanese yen and Swiss franc gained on the
mooted possibility of North Korea conducting another hydrogen bomb test, this
time in the Pacific Ocean.
    • The dollar edged down on the yen against a backdrop of simmering tensions
on the Korean peninsula, though the sharp divergence between U.S. and Japanese
monetary policy contained the greenback's losses.
    • The U.S. Treasury yield curve flattened to two-and-a-half month lows on
Thursday as investors adjusted for the likelihood of a December interest rate
increase, a day after the Federal Reserve struck a more-hawkish-than-expected
tone at its September meeting.
    • Oil prices were mixed in early Asian trade as the market waited to see
whether major oil producers would extend supply cuts beyond March at a meeting
in Vienna later in the day.
    • Gold edged up from a four-week low as the latest twist in tensions between
the United States and North Korea prompted investors to seek out the safe-haven
asset.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.75/64.78  September 21     -$185.96 mln  -$28.54 mln
 10-yr bond yield  6.97 pct     Month-to-date    -$761.56 mln  $555.25 mln
                                Year-to-date     $6.25 bln     $23.70 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 = 64.8000 Indian rupees)

        
    

 (Samrhitha Arunasalam)
  

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