October 10, 2019 / 3:22 AM / 10 days ago

Morning News Call - India, October 10

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    LIVECHAT - BONDS UPDATE
    Reuters Senior European Government Bonds Correspondent Dhara Ranasinghe
delves through what is happening in the market for govvies at 5.00 pm IST. To
join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • RBI blocks Lakshmi Vilas-Indiabulls merger
    Indian lender Lakshmi Vilas Bank said on Wednesday the central bank had not
approved its merger with Indiabulls Housing Finance, making it the latest bank
to face struggles in an already troubled sector.
    • Reliance to resume Venezuela oil loadings after 4-month pause 
    Refiner Reliance Industries is scheduled to resume loading Venezuelan crude
in October after a four-month pause, according to sources and internal documents
from PDVSA seen by Reuters, a move that could help Venezuela's state-run company
drain its large oil inventories.
    • Reliance Jio does U-turn on call charges
    Reliance Industries' telecom arm Jio said on Wednesday it will charge its
customers for voice calls made through its network to other operators as it
racks up fees to rivals.
    • Modi to host China's Xi at summit with ties strained by Kashmir 
    Prime Minister Narendra Modi will welcome Chinese President Xi Jinping at an
informal summit this week, the Indian foreign ministry said on Wednesday, their
talks coming at a time of strained ties over the disputed region of Kashmir.

    • Coal India says lost 2.1% of annual output due to strikes at eastern
Indian unit
    Coal India has lost 13 million tonnes, or 2.1%, of its annual output this
financial year, due to strikes at eastern Indian Talcher coalfields, one of
India's biggest, a spokesman for the company's unit said on Wednesday.

    
    
    GLOBAL TOP NEWS
    • China lowers expectations for U.S. trade talks after blacklist 
    Surprised and upset by the U.S. blacklisting of Chinese companies, China has
lowered expectations for significant progress from this week's trade talks with
the United States, Chinese government officials told Reuters, even as President
Donald Trump on Wednesday expressed fresh optimism.
    • Turkey opens ground assault on Syria's Kurds; U.S. Republicans turn on
Trump
    Turkish troops and their Syrian rebel allies attacked Kurdish militia in
northeast Syria on Wednesday, pounding them with air strikes and artillery
before starting a cross-border ground operation that could transform an
eight-year-old war.
    • As Biden calls for impeachment, Trump adds legal muscle, lashes out at
whistleblower
    U.S. President Donald Trump added muscle to the legal team defending against
an impeachment investigation led by congressional Democrats on Wednesday, after
2020 re-election rival Joe Biden called for the first time for his
impeachment.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.5% lower at 11,283.00.  
    • The Indian rupee is expected to open higher against the dollar amid a
Chinese yuan-led advance in Asian peers following a report that the White House
is considering a currency accord with China
    • Indian government bonds are likely to open largely unchanged as traders
await fresh triggers from the high-level trade talks between the U.S. and China
that starts today. The yield on the benchmark 7.26% bond maturing in 2029 is
likely to trade in a 6.63%-6.68% range today.
    

    GLOBAL MARKETS
    • Wall Street rose on Wednesday on hopes of progress in U.S.-China trade
talks, though stocks pared gains late after Chinese officials said Beijing had
lowered expectations for negotiations this week.
    • Global stocks tumbled and the safe haven yen and Swiss franc gained in
early Asian trade, on signs Washington and Beijing were still wide apart on
trade issues and were making no progress in deputy-level talks.
    • The yen rose and the yuan fell, after a news report said deputy-level
trade talks between Chinese and U.S. officials in Washington had failed to make
much headway, sending investors scurrying for safety.
    • U.S. Treasury yields rose on Wednesday, a day that saw a flood of supply
and on optimism for progress in U.S.-China trade negotiations that begin in
Washington on Thursday.
    • Oil prices slid as hopes faded for any significant progress in U.S.-China
trade talks that could dispel clouds over the global economy and gloom over
prospects for weaker oil demand.
    • Gold prices scaled a one-week peak as diminishing hopes of progress at the
ongoing Sino-U.S. trade talks sent stock markets lower and prompted investors to
seek bullion's safety.
   
    
                   CLOSE        FII INVESTMENTS*  EQUITIES        DEBT
 PNDF spot         70.97/71.00  October 9         (367.74) crore  357.49 crore
 10-yr bond yield  6.65%        Month-to-date     (4,192) crore   153 crore
                                Year-to-date      51,993 crore    29,339 crore
 
    
    (Source: National Securities Depository Limited / * FII investment numbers
are in Indian rupees)
    
    
    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 = 71.11 Indian rupees)
    
    

 (Compiled by Pooja Kesavan in Bengaluru)
  
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