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10:00 am: Prime Minister’s Economic Advisory Council Chairman Bibek Debroy will be at SKOCH Summit in New Delhi.
12:00 pm: RBI is set to release its annual report in Mumbai.
LIVECHAT - BONDS UPDATE Reuters Senior European Government Bonds Correspondent Dhara Ranasinghe joins us to discuss sovereign fixed income markets at 5:00 pm IST. To join the conversation, click here refini.tv/2P8N0Wp
• India eases foreign investment rules for several sector to boost growth India’s federal cabinet on Wednesday approved further liberalizing of foreign direct investment (FDI) rules in four sectors, in an effort to get economic growth back on track. • India set to outlaw six single-use plastic products on October 2 -sources India is set to impose a nationwide ban on plastic bags, cups and straws on October 2, officials said, in its most sweeping measure yet to stamp out single-use plastics from cities and villages that rank among the world’s most polluted. • Rate cuts not enough to re-fire damp India housing market India’s liquidity-starved economy will restrain housing market activity and price rises in coming months and into 2020, according to a Reuters poll of property market experts who were skeptical aggressive interest rate cuts will revive it. • India to provide subsidy to export 6 million tonnes sugar in 2019/20 India’s cabinet has approved incentives of 62.68 billion rupees to encourage cash-strapped mills to export 6 million tonnes of sugar in the 2019/20 marketing year starting from October 1. • Kenya anti-graft body halts Telkom, Airtel merger to conduct probe Kenya’s anti-corruption commission said on Wednesday it had suspended a planned merger of Airtel Kenya with partly state-owned Telkom Kenya pending a probe into allegations about the misappropriation of public funds at Telkom. • India’s top court to hear legal challenges on Kashmir in October India’s Supreme Court said on Wednesday it will hear challenges in October to a government order revoking the autonomy of contested Kashmir, and it allowed an opposition politician to visit the region that has been under lockdown for weeks. • Indian Oil plans $28 billion investment by 2023-24 - chairman Indian Oil plans to invest $27.98 billion in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday.
• Retailers howl as U.S. trade agency locks in 15% tariffs on September 1 The Trump administration on Wednesday made official its extra 5% tariff on $300 billion in Chinese imports and set collection dates of September 1 and December 15, prompting hundreds of U.S. retail, footwear, toy and technology companies to warn of price hikes. • China rotates Hong Kong garrison as protesters call for democracy China rotated troops in its People’s Liberation Army garrison in Hong Kong, days before protesters plan to hold a march and rally calling for full democracy for the Chinese-ruled city after three months of sometimes violent demonstrations. • Samsung heir braces for top court ruling in ex-president bribery case Samsung Group will discover the fate of its de facto leader on Thursday as South Korea’s Supreme Court rules whether to uphold the bribery conviction of Jay Y. Lee, in a scandal that unseated the president and trained public ire on corporate untouchables.
(As reported by NewsRise)
• SGX Nifty nearest-month futures were trading 0.2% lower at 11,018.50. • The Indian rupee is expected to open lower against the dollar amid persistent weakness in the Chinese yuan ahead of a scheduled increase in tariffs by the U.S. and China on each other’s shipments. • The Indian government bonds are likely to trade largely unchanged as investors await clarity on how the federal government will use the funds to be transferred by the Reserve Bank of India. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.54%-6.60% today.
• U.S. stocks climbed on Wednesday, recovering from early declines on gains in energy and financial shares, but investors remained leery about the potential for another flare-up in the U.S.-China trade war.
• Global bond yields flirted with record low levels while stocks struggled to recover as economic turbulence from intensifying U.S-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours.
• The dollar held gains against the safe-haven yen as ebbing recession worries soothed markets after earlier volatility although the pound nursed its losses as investors became increasingly worried about a hard Brexit.
• U.S. Treasury debt yields fell on Wednesday, with 30-year yields setting all-time lows, as fears about a recession and trade tensions between China and the United States stoked unrelenting demand for low-risk government debt.
• Oil prices fell for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of U.S. economy.
• Gold prices climbed up, as fears of an economic slowdown continued, amid the protracted Sino-U.S. trade conflict and expectations of monetary stimulus, keeping the save-haven metal in demand.
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 Siddharth Athreya V in Bengaluru