September 28, 2018 / 3:13 AM / 20 days ago

Morning News Call - India, September 28

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
    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
    • ANALYSIS-India's shadow banking scare could derail its robust growth story
    Manzoor Ahmad lost his job as an electrician and is struggling to make ends
meet after a crucial road tunnel project shut down in Srinagar, the summer
capital of Jammu and Kashmir state in the north.
    • India will continue to buy Iran's oil -Iranian foreign minister
    India is committed to buying Iranian oil and continuing the two nations'
economic cooperation, the Iranian foreign minister said after a meeting with his
Indian counterpart and ahead of U.S. sanctions aimed at halting Tehran's oil
exports.
    • Motorcycle companies in India's "Detroit" hit by strike over wages
    Hundreds of workers at motorbike companies including Yamaha Corp and Eicher
Motors are on strike in the southern Indian city of Chennai, demanding better
wages and a right to form unions to defend their interests.
    • IL&FS Financial Services misses loan repayments due this month
    IL&FS Financial Services, part of India's Infrastructure Leasing & Financial
Services (IL&FS), said on Thursday it missed repayments on a host of bank loans
and some term deposits due this month.
    • India could introduce more import curbs - finance ministry source
    India will soon announce steps to boost exports, while not ruling out
further import curbs, a senior finance ministry source said on Thursday.

    • Cash rules relaxed for Indian banks as credit crunch fears persist
    The Reserve Bank of India eased cash requirements for banks on Thursday and
said it would provide “durable liquidity”, but the relief was short-lived for
markets fearful of a credit crunch arising from problems among non-banking
finance companies.
    • Garden Reach Shipbuilders extends IPO closure, revises price band
    State-owned Garden Reach Shipbuilders & Engineers Ltd revised the price band
for its initial public offering (IPO) to raise up to $47.64 million and extended
the subscription offer by three days.
    • Indian airlines unlikely to face big hit from tariff on jet fuel imports,
govt data shows
    Indian carriers are unlikely to face a significant hit from the government's
decision this week to impose a tariff on jet fuel, as imports account for less
than five percent of domestic jet fuel consumption.
  
    
    GLOBAL TOP NEWS
    • Japan Inc's global push drives Asia M&As, offsets China slowdown
    Japan M&A volumes are set to break a 19-year-old record and steal the
spotlight in Asia this year from cooling Chinese deals, led by blockbuster
takeovers such as Takeda Pharma's $62 billion swoop on British drugmaker
Shire.
    • Trump's election meddling charge against China marks US pressure campaign
    U.S. President Donald Trump’s accusation of Chinese meddling in upcoming
U.S. elections marks a new phase in an escalating pressure campaign against
Beijing that Washington is pursuing on multiple fronts, senior U.S. officials
said on Thursday.
    • U.S. regulator sues Musk for fraud, seek to remove him from Tesla
    The top U.S. securities regulator on Thursday accused Tesla Inc Chief
Executive Elon Musk of fraud and sought to remove him from his role in charge of
the electric car company, saying he made a series of "false and misleading"
tweets about potentially taking Tesla private last month.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.4 percent at 11,088.00,
from its previous close.
    • The Indian rupee is expected to open slightly lower against the U.S.
currency after robust economic data lifted the dollar index by the most in seven
weeks.
    • Indian government bonds are likely to open higher, as traders await the
borrowing details for the second half of this fiscal year. The yield on the
benchmark 7.17 percent bond maturing in 2028 may trade in a 7.99 percent-8.05
percent band today, a dealer with a private bank said.
    
    
    GLOBAL MARKETS
    • Wall Street climbed on Thursday, helped by gains in Apple, Alphabet and
Facebook, as well as the U.S. Federal Reserve's confidence in the strength of
the economy after it raised rates for the third time this year.
    • Shares in Asia inched higher, following gains on Wall Street overnight
after news of robust U.S. economic growth, with the chairman of the Federal
Reserve saying the United States does not face a large chance of near-term
recession.
    • The dollar stood tall against its peers, hovering near a nine-month high
versus the yen, after data reinforced upbeat views about the U.S. economy and
backed the Federal Reserve's signal for a steady course of rate increases over
the next year.
    • U.S. Treasury yield curve moved to its flattest level in over a week on
Thursday, led by a fall in longer-dated yields, despite weak demand at a $31
billion auction of seven-year government notes.
    • Oil prices inched up, with investors trying to gauge the potential impact
on supply from looming U.S. sanctions on Iran's crude exports.
    • Gold prices held close to near six-week lows hit in the previous session,
as the dollar firmed after upbeat U.S. economic data supported the Federal
Reserve's resolve for steady interest rate hikes over the next year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         72.55/72.58  September 27     $76.07 mln  -$58.26 mln
 10-yr bond yield  8.03 pct     Month-to-date    -$1.17 bln  -$1.48 bln
                                Year-to-date     -$2.02 bln  -$6.62 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 = 72.56 Indian rupees)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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