August 24, 2018 / 3:13 AM / 4 months ago

Morning News Call - India, August 24

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    FACTORS TO WATCH
    9:00 am: Finance Minister Arun Jaitley and Minister of State for Finance
Shiv Pratap Shukla at India Banking Conclave in New Delhi.
    9:00 am: Steel Minister Chaudhary Birender Singh and Steel Secretary Aruna
Sharma at a seminar in New Delhi.
    1:00 pm: Maruti Suzuki India MD & CEO Kenichi Ayukawa at launch of ‘Quick
Response Team on Bikes’ initiative in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - CHARTS & CHAT  
    Reuters Stocks Buzz writer and Chartist Terence Gabriel calls out risks and
opportunities in global markets via the charts at 8:00 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • SEBI chief calls for caution in mutual funds' debt investments
    India's debt mutual fund managers need to be vigilant and appropriately
value their investments in corporate papers, even as a bulk of the money comes
from institutional investors, the chief of the market regulator said on
Thursday.
    • Jaguar Land Rover approves launch of electric E-type
    Britain's biggest carmaker Jaguar Land Rover has given the go-ahead to
production of an electric version of its E-type sports car with first deliveries
planned for the summer of 2020, the company said on Thursday.
    • Reliance Communications sells $285 million worth assets to Reliance Jio 
    Reliance Communications said on Thursday it completed the sale of its media
convergence nodes and related infrastructure assets worth 20 billion rupees to
Reliance Jio Infocomm.
    • CreditAccess Grameen shares fall on market debut 
    CreditAccess Grameen shares dropped in their market debut, after an initial
public offering of 11.31 billion rupees.
    
    
    GLOBAL TOP NEWS
    • U.S.-China trade talks end with no breakthrough as tariffs kick in
    U.S. and Chinese officials ended two days of talks on Thursday with no major
breakthrough as their trade war escalated with activation of another round of
dueling tariffs on $16 billion worth of each country's goods.
    • Fed policymakers see rate hikes, blurring dove-hawk divide
    Increasing consensus at the Federal Reserve on the need to continue raising
U.S. interest rates was on display at the start of a global central bankers
meeting here, as the longstanding distinction between so-called policy hawks,
centrists and doves blurs in the face of falling unemployment.
    • Japan's inflation stalls, cuts in smartphone fees may threaten BOJ goal
    Japan's annual consumer inflation stalled in July and government pressure on
carriers to cut smartphone charges could undercut prices ahead, further
hindering the central bank's efforts to achieve its elusive price target.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,568, down 0.3 percent
from previous close. 
    • The Indian rupee will likely extend losses against the U.S. currency,
weighed by the recovery in the dollar index before Federal Reserve Chair Jerome
Powell’s speech. Weaker Asian currencies, led by the Chinese yuan, after trade
talks between the U.S. and China reportedly ended without any major progress is
also likely to hurt the rupee, traders said. 
    • Indian government bonds will likely open lower today ahead of a fresh
supply of notes, while a beaten-down rupee and elevated crude oil prices will
also weigh on investor appetite. Yield on the benchmark 7.17 percent bond
maturing in 2028 may trade in a 7.83 percent - 7.90 percent band today. 
        
    
    GLOBAL MARKETS
    • Wall Street's major indexes fell on Thursday as trade-sensitive stocks
were hit by a fresh round of tariffs in the trade dispute between the United
States and China.
    • Asian stocks fell after U.S.-China trade talks ended without progress,
with the markets braced for a speech by Federal Reserve Chairman Jerome Powell
for hints on the direction of U.S. monetary policy.
    • The dollar held onto recent gains in early trade after U.S. and Chinese
officials ended two days of trade talks without any major breakthroughs.
    • U.S. Treasuries were little changed on Thursday ahead of a speech by
Federal Reserve Chairman Jerome Powell on Friday, after minutes from the U.S.
central bank's most recent meeting showed that further interest rate hikes are
likely soon.
    • Oil prices rose on expectations that U.S. sanctions on Iran will cut
significant volumes of crude from the market towards the end of the year, but
trading was muted due to the unresolved trade dispute between Washington and
Beijing.
    • Gold prices held firm, after falling nearly 1 percent in the previous
session and sentiment for the yellow metal remained negative amid an outlook for
rising U.S. interest rates.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.11/70.14  August 23        $61.78 mln    $174.37 mln
 10-yr bond yield  7.88 pct     Month-to-date    $110.41 mln   $686.89 mln
                                Year-to-date     -$469.10 mln  -$5.06 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 = 70.0900 Indian rupees)
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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