September 26, 2019 / 3:18 AM / 22 days ago

Morning News Call - India, September 26

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FACTORS TO WATCH

10:00 am: SEBI Chairman Ajay Tyagi at Annual Capital Market Conference - CAPAM 2019 in Mumbai.

10:30 am: Junior Finance Minister Anurag Thakur at MASCRADE 2019 in New Delhi.

5:30 pm: Finance Minister Nirmala Sitharaman to meet select private sector banks, NBFCs and HFCs in New Delhi.

LIVECHAT - MACROS FOCUS

Jawad Mian, founder and managing editor at Stray Reflections, shares his thoughts on global macros, the Fed rate cut cycle and the U.S.-China trade war. To join the conversation at 9:30 am IST, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• Modi’s big tax cut unlikely to spur job bonanza in India

With one eye on flagging demand, businesses in India are likely to bank the government’s $20.4 billion corporate tax windfall rather than unleash the investments that Prime Minister Narendra Modi hopes will create millions of jobs and revive the economy.

• Ford close to JV deal with Mahindra in India -sources

Ford and Mahindra are likely to sign a deal next week to form a joint venture in India, two sources told Reuters, in a move that will see the U.S. carmaker end most of its independent operations in the country.

• Depositors protest as curbs put on Indian co-operative bank

The Reserve Bank of India’s move to take charge of one of the country’s top five co-operative banks on Tuesday brought worried depositors out in protest and sparked renewed concerns about the health of India’s troubled banking sector.

• Maruti trims prices after government cuts corporate taxes

Top Indian automaker Maruti Suzuki said on Wednesday it lowered prices of some cars, making it one of the first major companies to respond to the government’s move to cut corporate taxes in a bid to revive economic growth.

• Indian owner of Marriott-operated hotels files for IPO

SAMHI Hotels, the owner of the largest number of Marriott and IHG-operated hotels in India, has filed for an initial public offering to raise up to 11 billion rupees by issuing new shares.

• Coal India workers strike hit production by about 56% - official

Protests by workers at Coal India on Tuesday hit output by about 56%, a senior company official told Reuters.

GLOBAL TOP NEWS

• Trump says trade deal with China could happen sooner than people think

U.S. President Donald Trump said on Wednesday a deal to end a nearly 15-month trade war with China could happen sooner than people think and that the Chinese were making big agricultural purchases from the United States, including of beef and pork.

• Seeking favors, Trump asked Ukraine president to investigate Biden

President Donald Trump pressed Ukraine’s leader to investigate Democratic presidential front-runner Joe Biden, in coordination with the U.S. attorney general and Trump’s personal lawyer, according to a summary of a telephone call released by the Trump administration on Wednesday.

• Juul boss exits in vaping crisis as Philip Morris, Altria axe merger talks

The chief executive of e-cigarette maker Juul stepped down on Wednesday as merger talks between its biggest investor Altria and Philip Morris collapsed in the face of a regulatory backlash against vaping that could reshape the industry.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• The SGX Nifty nearest-month futures were trading 0.2% higher at 11,499.50.

• The Indian rupee is expected to open little changed against the U.S. dollar as traders focus on falling crude oil prices and President Donald Trump’s comments on U.S.-China trade.

• Indian government bonds are likely to trade largely unchanged as investors await New Delhi’s borrowing plan for the second half of the financial year. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.74%-6.80% today.

GLOBAL MARKETS

• The S&P 500 notched its biggest daily gain in two weeks on Wednesday as investors shrugged off the news of an impeachment inquiry into President Donald Trump, while Nike shares jumped on upbeat quarterly results.

• Asian stocks rose as hopes the United States and China may soon end their year-long trade war boosted demand for riskier assets while worries about a U.S. presidential impeachment bid ebbed.

• The dollar found broad support as investors welcomed U.S. President Donald Trump’s hints of progress toward a trade deal with China and discounted the prospect of an impeachment probe making much headway in the short term.

• Yields on U.S. Treasury long-dated debt rallied from two-week lows on Wednesday, after falling for seven straight sessions, bolstered by strong housing data and comments by President Donald Trump about a possible trade deal with China.

• Oil prices held nearly flat after U.S. President Donald Trump said a resolution to the China-U.S. trade rift would come sooner than expected, helping to stave off pressure from rising oil supplies and worries about global growth.

• Gold prices inched higher as investors resorted to bargain hunting after a sharp drop in the previous session, although a firm dollar limited the gains.

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 = 71.03 Indian rupees Compiled by Nidhi C Sai in Bengaluru

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