September 14, 2018 / 3:24 AM / 9 days ago

Morning News Call - India, September 14

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    FACTORS TO WATCH
    12:00 pm: Government to release August wholesale price inflation data in New
Delhi.
    3:00 pm: NITI Aayog Adviser Anna Roy and Principal Economic Advisor Sanjeev
Sanyal at India Public Affairs Forum in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - GLOBAL ASSETS ALLOCATION SHIFTS 
    Reuters correspondent Claire Milhench details the findings of the latest
Reuters polling of global asset managers at 6:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India August inflation falls below RBI target despite rupee slide
    India’s retail inflation fell below the Reserve Bank of India’s medium-term
target in August, increasing the likelihood it will keep interest rates on hold
in October after raising them at its past two meetings.
        • India's July industrial output grows 6.6 percent y/y - govt
    India's industrial output in July grew 6.6 percent from a year earlier,
helped by a rise in the sales of consumer durables ahead of festive season,
government data showed on Wednesday.    
    • India bans 328 combination drugs in setback for pharma companies 
    The Indian government has banned 328 combination drugs in a blow to both
domestic and foreign pharmaceutical firms, but the ban has been cheered by
health activists worried about growing antibiotic resistance due to the misuse
of medicines.
    • ANALYSIS-For India's poorest, an ID card can be the difference between
life and death 
    Prem Malhar says his 50-year-old father died of hunger a few months ago
because he did not have the Indian government's Aadhaar identity card that would
have given him access to subsidised food.     
    • Vijay Mallya's extradition decision set for December 10
    The ruling on whether Indian tycoon Vijay Mallya can be extradited from
Britain to India to face fraud charges will be given on Dec. 10, a London judge
said on Wednesday, after she heard closing submissions in the case.
     • India says state energy companies scouting projects in Russia 
    India's state-run energy companies are looking to participate in more oil
and gas projects in Russia, India's oil minister said on Thursday, as a way to
use the sector to bolster ties with the traditional ally rich in resources.

    • India and Pakistan have driven global sugar glut - Australia's minister
for trade
    The policies of India and Pakistan have contributed to a global glut in the
world's sugar market, Australia's Minister for Trade Simon Birmingham told
Reuters.
    
    
    GLOBAL TOP NEWS
    • China says world trade system not perfect, needs reform
    The current world trade system is not perfect and China supports reforms to
it, including to the World Trade Organisation, to make it fairer and more
effective, Beijing's top diplomat said.
    • China August investment growth falls to new record low, industrial output,
retail sales up
    China’s fixed-asset investment growth slowed to 5.3 percent in the first
eight months of the year, below forecasts and hitting a new record low, data
showed.
    • Hurricane Florence deluges Carolinas ahead of Friday landfall 
    Heavy rain, gusting winds and rising floodwaters from Hurricane Florence
deluged the Carolinas on Thursday as the massive, slow-moving storm crept toward
the coastline, threatening millions of people in its path with record rainfall
and punishing surf.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.4 percent at 11,491.00,
from its previous close.
    • The Indian rupee is expected to open higher against the dollar after
lower-than-expected consumer inflation at home as well as in the U.S.
    • Indian government bonds will likely gain in early trade as crude oil
prices fell overnight and as domestic inflation slowed to a level below the
central bank’s target. The yield on the benchmark 7.17 percent bond maturing in
2028 may trade in a 8.09 percent-8.14 percent band today, a dealer with a
state-run bank said. 
   
    
    GLOBAL MARKETS
    • Apple led a rebound in technology shares and boosted all three major U.S.
stock indexes on Thursday, while trade worries eased after China welcomed new
talks with the United States.
    • Asian shares nudged higher  as moves by the United States and China to
resolve a bitter trade dispute and a sharp interest rate hike in crisis-hit
Turkey supported global risk appetite.
    • The dollar sagged after weaker-than-expected U.S. inflation data further
burdened a currency already weighed down by signs of reduced trade tensions
between the United States and China.
    • U.S. Treasury yields retraced losses on Thursday afternoon as the market
digested an earlier U.S. government report showing that consumer prices rose
less than expected in August, and after solid demand for 30-year bonds at
auction.
    • Oil clawed back some of its losses from the previous session when prices
fell the most in a month, although worries that emerging market crises and trade
disputes could dent demand continued to drag.
    • Gold prices edged higher as softer-than-expected U.S. consumer prices data
dimmed the case for a faster pace of policy tightening by the Federal
Reserve.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.97/72.00  September 12     -$150.78 mln  $59.67 mln
 10-yr bond yield  8.1 pct      Month-to-date    -$39.61 mln   -$635.76 mln
                                Year-to-date     -$897.07 mln  -$5.78 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 = 72.0250 Indian rupees)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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