October 23, 2018 / 3:14 AM / 2 months ago

Morning News Call - India, October 23

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    FACTORS TO WATCH
    No major events are scheduled. 
    
    GMF: FED WATCH
    Reuters reporters and editors tracking the Federal Reserve take questions at
1900 IST on the economics, politics, trade matters and rates policies facing
America's central bank and others whose decisions drive markets day in and day
out. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • IL&FS revival plan could include stake sales - govt official 
    The new board of debt-laden Infrastructure Leasing and Financial Services
will come up with a revival plan for the lender that could include selling
stakes in some of its businesses, an Indian government official said.

    • Asian Paints Q2 profit falls about 14 percent, misses estimates
    Asian Paints posted on Monday a 14.4 percent fall in second-quarter profit,
which missed analysts' estimates, hurt by higher expenses.
    • China drops ban on rapeseed meal from India 
    China has dropped a years-long ban on rapeseed meal imports from India as
the government seeks to diversify sources of protein used in animal feed, the
customs administration said on Monday.
    • Congress will not name Rahul Gandhi as PM candidate in election battle
    India's main opposition Congress party said on Monday it would not name its
leader Rahul Gandhi as the prime ministerial candidate of an alliance seeking to
defeat Prime Minister Narendra Modi in next year's general election.

    • Hindustan Zinc Q2 profit dives nearly 30 percent
    Hindustan Zinc reported a 29.8 percent fall in second-quarter profit on
Monday, dented by higher expenses.
    • Uber, Ola drivers strike in India, demanding higher fares
    Hundreds of drivers for ride-hailing giant Uber and its local rival Ola went
on strike in the two biggest Indian cities, Delhi and Mumbai, on Monday,
demanding higher fares to meet rising fuel costs that are eating away at their
incomes.
    
    
    GLOBAL TOP NEWS
    • Trump says he remains unsatisfied with Saudi accounts on Khashoggi
    U.S. President Donald Trump said on Monday that he was still not satisfied
with what he has heard from Saudi Arabia about the killing of journalist Jamal
Khashoggi in Turkey, but did not want to lose investment from Riyadh.

    • Russia pledges 'balance' if U.S. quits nuclear pact; Trump eyes more
weapons
    Russia said on Monday it would be forced to respond in kind to restore the
military balance with the United States if President Donald Trump carried
through on a threat to quit a nuclear arms treaty and began developing new
missiles.
    • Corona brewer Constellation seeks to sell U.S. wine brands-sources
    Constellation Brands, the U.S. producer of Corona and Modelo beers, is
looking to sell some of its U.S.-based wine brands, in a deal that could be
worth more than $3 billion, according to four people familiar with the matter.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.8 percent lower at 10,171.50, from
its previous close.
    • The Indian rupee is expected to open lower against the U.S. currency,
in-line with its Asian peers, after the dollar index climbed to near its highest
level since mid-August.
    • Indian government bonds are likely to edge lower today ahead of a supply
of state government papers. The yield on the benchmark 7.17 percent bond
maturing in 2028 may trade in a 7.91 percent-7.96 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow fell in choppy trading on Monday as energy and
financial stocks lost ground and caution grew ahead of a slew of earnings
reports this week.
    • Asian shares edged lower as earnings season nerves in the U.S. dented Wall
Street, while a cocktail of negative factors from Saudi Arabia's diplomatic
isolation to concerns over Italy's budget and Brexit talks depressed sentiment.

    • The dollar gained against its major peers, reining as the preferred safe
haven currency as uncertainity over Brexit negotiations and Italy's free
spending budget spooked investors away from the euro and sterling.
    • Longer-dated U.S. Treasury prices edged higher on Monday as falling stocks
boosted demand for low risk debt, though gains were limited as investors
remained on edge with rising inflation pressures and further potential interest
rate hikes by the Federal Reserve.
    • Oil prices fell after Saudi Arabia pledged to play a "responsible role" in
energy markets, although sentiment remained nervous in the run-up to U.S.
sanctions against Iran's crude exports that start next month.
    • Gold prices inched up as Asian stocks faltered, weighed down by political
tensions between Saudi Arabia and Western powers, uncertainties around Brexit
and Italy's budgetary woes.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         73.39/73.42  October 22       -$69.61 mln  -$73.34 mln
 10-yr bond yield  7.93 pct     Month-to-date    -$2.55 bln   -$1.77 bln
                                Year-to-date     -$4.72 bln   -$8.52 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 = 73.5550 Indian rupees)

 (Compiled by Debanjan Bose in Bengaluru)
  
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