Reuters logo
Morning News Call - India, September 1
September 1, 2017 / 3:18 AM / 3 months ago

Morning News Call - India, September 1

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    10:00 am: Railway Minister Suresh Prabhu, Finance Secretary Ashok Lavasa,
Niti Aayog CEO Amitabh Kant and other government officials at Business & Climate
Summit 2017 in New Delhi.
    10:30 am: Bosch annual general meeting in Bengaluru.
    10:30 am: President of Swiss Confederation Doris Leuthard at CII event in
New Delhi.
    12:00 pm: Telecom companies to meet Minister Manoj Sinha to discuss easing
call drop penalty in New Delhi.
    3.30 pm: EXIM Bank Deputy Managing Director Debasish Mallick at EXIM event
in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVCHAT - QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Tests your wits and googling speed at 11:00 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • GDP growth hits three-year low in June quarter
    India's economy lost further steam in the quarter to June as growth slid to
its lowest level in more than three years. Gross domestic product grew 5.7
percent in the latest quarter, its slowest pace since the January-March quarter
2014, government data showed.
   
    • Modi's $87 billion river-linking gamble set to take off as floods hit
India
After years of foot-dragging India will begin work in around a month on an $87
billion scheme to connect some of the country's biggest rivers, government
sources say, as Prime Minister Narendra Modi bets on the ambitious project to
end deadly floods and droughts.

    • Saab picks Adani as partner for India fighter jets contract -consultant
Sweden's Saab will tie up with India's Adani Group to bid for a contract to make
fighter aircraft in India, an aerospace consultant aware of the proposed
partnership told Reuters on Thursday.
    
    • Government defers BSNL stake decision as Jio rocks sector-sources
India has deferred a decision on selling a stake in state-run telecoms firm
Bharat Sanchar Nigam Ltd as falling profits and market share in the booming
handphone sector dim the prospects of a successful sale, federal government
officials said.

    • PM plans cabinet revamp, some ministers offer to quit - sources
Indian Prime Minister Narendra Modi plans to reshuffle his cabinet over the next
two days and some mid-level ministers have offered to quit to pave the way for
changes, sources in the party and aides to the ministers said.

    • Old Mumbai building overdue for demolition collapses, killing 22
An 117-year-old condemned building collapsed in the Indian financial hub of
Mumbai on Thursday after torrential rains this week, killing at least 22 people,
with about 10 other people feared trapped, police and fire official said.


    • Paytm Payments Bank in talks to partner full-service banks - CEO
India's Paytm Payments Bank is in talks to partner with full-service banks to
offer services such as loans and term deposits which it cannot do on its own due
to regulatory restrictions, its chief executive told Reuters.

    • Flipkart fashion arm says private labels post operating profit 
Flipkart's fashion arm posted an operating profit in its private labels business
in the past two months, the chief executive of Myntra said on Thursday, boding
well for its business outlook.
    
    
    GLOBAL TOP NEWS
    • City loses water, thousands of Harvey survivors rescued, 38 dead
A Texas city lost its drinking water supply and soldiers and police rescued
thousands still stranded on Thursday as storm Harvey inflicted more suffering on
the Gulf coast after killing 38 people and displacing over a million.


    • China August factory activity picks up to 6-month high as orders surge -
Caixin PMI
China's manufacturing activity expanded at the fastest pace in six months in
August, a private survey showed on Friday, buoyed by a surge in export orders
and higher prices.

    • U.S. bombers drill over Korean peninsula after latest N.Korea launch
South Korean and Japanese jets joined exercises with two supersonic U.S. B-1B
bombers above and near the Korean peninsula on Thursday, two days after North
Korea sharply raised tension by firing a missile over Japan.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,944.00, trading up 0.1 percent
from its previous close.
    • Indian government bonds are likely to rise after the nation’s economy grew
at the slowest pace in 13 quarters, raising prospects of further rate cuts. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.49 percent-6.54 percent band, a trader with a foreign bank said. 
    • The Indian rupee will likely open slightly lower against the dollar,
dragged down by the country’s weaker-than-expected April-June growth data. 
    
    
    GLOBAL MARKETS
    • U.S. stocks closed higher on Thursday as investors reacted to economic
data and took cautious hope from Washington's latest promises for long-awaited
details of a tax reform plan.
    • Asian equities followed Wall Street's gains overnight and edged higher
while the dollar's advance slowed ahead of the U.S. jobs report due later in the
session.
    • The dollar edged down after tepid U.S. economic data casts doubts on
whether the Federal Reserve will raise rates again this year, though investors
were cautious ahead of the key monthly U.S. employment data later in the global
session.
    •  U.S. Treasury prices gained on Thursday after consumer spending data
showed continuing low inflation, and as tensions with North Korea kept up demand
for the safe haven bonds.
    • U.S. crude futures fell in early Asian trading, partly reversing sharp
gains from the previous session, amid ongoing turmoil in the oil industry with
nearly a quarter of U.S. refining capacity offline.
    • Gold prices held steady near 9-1/2 month highs touched earlier this week
as simmering tensions over the Korean peninsula fuelled safe haven demand.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         63.92/63.95  August 31        $12.14 mln  $38.81 mln
 10-yr bond yield  6.79 pct     Month-to-date    -$2.04 bln  $1.99 bln
                                Year-to-date     $6.94 bln   $23.14 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 = 63.90 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below