September 4, 2019 / 3:12 AM / 2 months ago

Morning News Call - India, September 4

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FACTORS TO WATCH

10:00 am: RBI Executive Director M. Rajeshwar Rao and SEBI Chairman Ajay Tyagi at Assocham’s National Conference on Corporate Bond Market in Mumbai.

LIVECHAT - EQUITIES WATCH

Equities reporters at Reuters covering Europe and the Americas discuss trends in stock markets at 6:30 pm. To join the conversation, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• RBI’s task force recommends moves to ease credit markets

A task force set up by India’s central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors to directly purchase distressed loans from banks.

• Court rejects AB InBev’s plea to put New Delhi ban on hold

An Indian court on Tuesday rejected a request from Anheuser-Busch InBev to stay a three-year sales ban imposed by New Delhi city authorities, dealing another setback for the world’s largest brewer in one of the country’s key markets.

• Four dead, three injured in fire at ONGC site; Mumbai gas supply affected

Four people have been killed and three seriously injured in a fire at an oil and gas processing plant on the outskirts of Mumbai run by India’s Oil and Natural Gas Corp, a local police official and a company source said on Tuesday.

GLOBAL TOP NEWS

• Opponents of ‘no-deal’ Brexit defeat PM Johnson, who promises an election British lawmakers defeated Boris Johnson in parliament on Tuesday in a bid to prevent him taking Britain out of the EU without a divorce agreement, prompting the prime minister to announce that he would immediately push for a snap election.

• China service sector activity rises to three-month high-Caixin PMI Activity in China’s services sector expanded at the fastest pace in three months in August as new orders rose, prompting the biggest increase in hiring in over a year, a private survey showed.

• Trump warns China against dragging its feet in trade talks

U.S. President Donald Trump on Tuesday warned he would be “tougher” on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a U.S. recession.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were trading 0.44% higher at 10,867.

• The Indian rupee is expected to open higher against the dollar tracking gains in other Asian currencies amid a pullback in the dollar index from more-than-two-year highs.

• Indian federal government bonds are expected to rise in early trade tracking an overnight fall in U.S. Treasury yields after weak U.S. manufacturing data. The yield on India’s benchmark 7.26% bond maturing in 2029 is expected to trade in a 6.48%-6.54% band today.

GLOBAL MARKETS

• U.S. stocks fell on Tuesday as investors worried about global growth prospects after data showed U.S. factory activity shrank in August for the first time since 2016 and the United States and China imposed new tariffs on each other over the weekend.

• Asian stocks bounced, led by Chinese markets after a report showed growth in the country’s service sector accelerating despite broader economic headwinds, while the pound halted its decline on hopes a no-deal Brexit may yet be averted.

• The dollar pulled back as weak U.S. manufacturing stoked wagers on aggressive policy easing, while the British pound recouped losses in the wake of a parliamentary vote that opened the door for another Brexit delay.

• U.S. Treasury yields fell on Tuesday, with the benchmark 10-year yield hitting its lowest since July 2016, after U.S. manufacturing data showed the first contraction since 2016 on worries about a weakening global economy and U.S.-China trade tensions.

• Gold prices held steady near a one-week high, supported by weak U.S. manufacturing data that heightened fears of an economic slowdown and soured risk sentiment.

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 = 71.49 Indian rupees Compiled by Swathi Nair in Bengaluru

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