October 15, 2018 / 3:30 AM / a month ago

Morning News Call - India, October 15

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    FACTORS TO WATCH
    No major events are scheduled.
    
    
    INDIA TOP NEWS
    • Sept retail inflation picks up, remains below RBI's medium-term target
    India's retail inflation rose marginally in September, nudged up by food and
fuel prices, but short of the central bank's 4 percent medium-term target,
strengthening views it could tighten monetary policy in December following
unchanged rates last week.
    • US senators urge India to soften data localisation stance
    Two U.S. senators have called on Indian Prime Minister Narendra Modi to
soften India's stance on data localisation, warning that measures requiring it
represent "key trade barriers" between the two nations.
    • IL&FS cuts staffing costs in effort to tackle debts
    India's ailing Infrastructure Leasing and Financial Services said on Friday
its newly-appointed board had begun cutting cost in staffing and unspecified
operations as the first step in their efforts to revive the company.

    • KKR looks to buy assets from Indian NBFCs 
    U.S. private equity firm KKR & Co is seeking to buy assets from Indian
non-banking finance firms as it believes current market conditions offer
attractive opportunities, Bloomberg reported.
    • Hindustan Unilever Q2 profit jumps nearly 20 percent, beats estimates 
    Consumer major Hindustan Unilever reported a 19.5 percent rise in its
September-quarter profit, beating analysts' estimates, as sales at its home-care
segment jumped.
    • Shares in United Breweries fall following antitrust raids
Shares in United Breweries fell as much as 3 percent on Friday, a day after a
report said the brewer and two global rivals had been raided in India as part of
an investigation into price-fixing allegations.
    • Passenger vehicle sales hurt by higher fuel costs, weaker rupee
    India's domestic passenger vehicle sales fell 5.6 percent in September from
a year ago, data from the Society of Indian Automobile Manufacturers (SIAM)
showed on Friday, with demand hurt by rising fuel prices and interest rates.

    • Amazon says India customer base surges during festive sale
    U.S. online giant Amazon said its festive season sale in India had got off
to a strong start, with three times the number of people signing up to shop in
the first two days compared to last year.
    
    
    GLOBAL TOP NEWS
    • Saudi Arabia says will retaliate against any sanctions over Khashoggi case
    Saudi Arabia on Sunday warned against threats to punish it over last week's
disappearance of journalist Jamal Khashoggi, as European leaders piled on
pressure and two more U.S. executives scrapped plans to attend a Saudi investor
conference.
    • China central bank chief says plenty of room for monetary adjustments amid
trade row
    China central bank governor Yi Gang said on Sunday he still sees plenty of
room for adjustment in interest rates and the reserve requirement ratio (RRR),
as downside risks from trade tensions with the United States remain significant.

    • South Korea's Sept imports of Iran oil fall to zero ahead of U.S.
sanctions
    South Korea did not import any oil from Iran in September for the first time
in six years, before U.S. sanctions against the Middle East country take effect
in November, customs data showed on Monday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were almost flat at 10,475, from its
previous close.
    • The Indian rupee is expected to open lower against the dollar, weighed by
the rise in Brent crude amid increasing tensions over a missing journalist.
    • Indian government bonds will likely edge lower today as crude oil prices
rose amid fresh geopolitical tensions. The yield on the benchmark 7.17 percent
bond maturing in 2028 may trade in a 7.97 percent-8.03 percent band today.
    
    
    GLOBAL MARKETS
    • The U.S. benchmark S&P 500 stock index snapped a six-day losing streak on
Friday as technology stocks recovered after a week of losses, with investors
looking for bargains ahead of the third quarter earnings reporting season.
    • Asian shares slipped as worries over Sino-U.S. trade disputes, a possible
slowdown in the Chinese economy and higher U.S. borrowing costs tempered
optimism despite a rebound in global equities late last week.
    • The dollar firmed against the pound and euro as British efforts to secure
a Brexit deal ahead of a key European Union summit kept global investors'
preference to safe haven currencies.
    • U.S. Treasury yields edged higher on Friday, rising from the previous
session on Wall Street's selloff, as equities recovered globally and investors
unwound safe-haven bids.
    • Crude oil futures rose sharply as geopolitical tensions over the
disappearance of a prominent Saudi journalist stoked worries about supply,
although concerns about the long-term outlook for demand dragged on prices.

    • Gold prices rose early as Asian stocks eased due to concerns about a
potential decline in China's economic growth amid an ongoing trade war and signs
of tighter monetary policy by the U.S. Federal Reserve
    
    
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT        
 PNDF spot         73.69/73.72      October 12         -       -$159.73 mln
 10-yr bond yield  7.99 pct         Month-to-date  -$2.20 bln  -$1.49 bln
                                    Year-to-date   -$4.37 bln  -$8.24 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]
 

 (Compiled by Debanjan Bose in Bengaluru)
  
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