September 27, 2019 / 3:15 AM / 21 days ago

Morning News Call - India, September 27

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FACTORS TO WATCH

No major events are scheduled.

INDIA TOP NEWS

• India faces first court challenges to e-cigarette ban

India’s ban on electronic cigarettes has been challenged in a court in the eastern city of Kolkata, marking the start of the first legal battle against the anti-vaping decision.

Samsung to offer financing to help to boost India smartphone sales

• Samsung is to provide finance to potential smartphone buyers, a company executive said on Thursday, in a bid to boost smartphone sales in India where it faces fierce competition from rivals such as China’s Xiaomi.

• IOC examines impact of U.S. sanctions on Cosco-linked ship charter

Indian Oil is examining the impact of U.S. sanctions on its chartering of a crude carrier owned by a subsidiary of China’s Cosco Shipping Corporation.

• Lockheed to begin supplying F-16 wings from Indian plant in 2020

Lockheed Martin will begin supplying wings for its F-16 combat jets from a facility in southern India from next year, a senior executive said on Thursday.

GLOBAL TOP NEWS

• Whistleblower report complains of White House cover-up on Trump-Ukraine scandal

A whistleblower report released on Thursday said President Donald Trump not only abused his office in attempting to solicit Ukraine’s interference in the 2020 U.S. election for his political benefit, but that the White House tried to “lock down” evidence about that conduct.

• China’s top diplomat says Beijing willing to buy more U.S. products

China’s top diplomat said on Thursday that China was willing to buy more U.S. products, and said trade talks would yield results if both sides “take more enthusiastic measures” to show goodwill and reduce “pessimistic language” in their trade dispute.

• China’s Aug industrial profits fall as headwinds hit firms

Profits at China’s industrial firms contracted in August after a brief gain the previous month, suggesting renewed pressure on corporate balance sheets as domestic demand remains weak and the trade war with the United States drags on.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• The SGX Nifty nearest-month futures were trading 0.3% lower at 11,596.00.

• The Indian rupee is expected to open little changed against the U.S. dollar amid weak risk appetite caused by U.S. political worries and uncertainty over trade.

• India government bonds are expected to fall as the Reserve Bank of India’s report on the liquidity framework raised uncertainty over the quantum and pace of open market bond purchases in the rest of the financial year. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.70%-6.77% today.

GLOBAL MARKETS

• U.S. stocks slipped on Thursday as the release of a whistleblower report tied to the Democrats’ impeachment move against President Donald Trump kept uncertainty high, while trade comments from China’s top diplomat helped to limit losses.

• Asian shares were on course for a second straight week of losses as the release of a whistleblower complaint against U.S. President Donald Trump heightened uncertainties about the global economy, already reeling from Sino-U.S. trade war.​

• The dollar stood tall, holding near multi-week highs against most major currencies as heightened risks from political tensions to the Sino-U.S. trade war increased its safe-haven lustre.

• U.S. Treasury yields dropped on Thursday as political risks escalated after a congressional panel released a whistleblower complaint that accused President Donald Trump of pressing a foreign government to investigate a potential rival at next year’s presidential election.

• Oil prices fell, erasing more of the gains realised after the Sept. 14 attacks on Saudi Arabian oil facilities, as the rapid return of production capacity from the world’s top exporter squashed risk premiums.

• Gold traded flat but the metal was poised to end the week lower, as investors preferred the safety of the dollar in the wake of political uncertainties in the United States.​

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 = 70.96 Indian rupees Compiled by Nidhi C Sai in Bengaluru

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