September 3, 2018 / 3:17 AM / in 3 months

Morning News Call - India, September 3

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    FACTORS TO WATCH
    No major events scheduled for the day.
    
    FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 6:00 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's GDP growth surges over 8 percent, boost for Modi before election
    India's annual economic growth surged to a more than two-year high of 8.2
percent in the three months through June, giving Prime Minister Narendra Modi's
government a political boost in the final year of his term before elections.
    
    • Wipro wins biggest ever contract, over $1.5 billion
    Wipro won its biggest-ever contract worth more than $1.5 billion with
U.S.-based Alight Solutions for digital services, the company said in a
statement on Sunday.    
    • EXCLUSIVE-SAIL declines dividend to govt, says has no cash -internal
document
    State-owned Steel Authority of India (SAIL) has declined a government call
for a dividend for the last financial year, saying it did not have "any cash and
bank balance" and that its debt-to-income ratio was much higher than agreed with
some lenders, showed an internal document reviewed by Reuters.    
    • Idea Cellular, Vodafone complete merger of India businesses
    Idea Cellular and Vodafone completed the merger of their India operations on
Friday, creating the country's largest telecom operator by subscribers and
revenue after the entry of a new player sparked a bitter price war.
   
    • Postmen to turn bankers with Modi's new payments bank
    Indian Prime Minister Narendra Modi launched a payments bank on Saturday to
turn postmen into bankers so they can offer financial services to the poor in
rural areas and boost digital transactions.    
    • POLL-Indian stocks set for new highs even though rated expensive
    Indian shares will hit a new record high by year-end despite being rated as
expensive, strategists polled by Reuters said, citing high oil prices and
election uncertainty as the biggest downside risks to the main index.

    
    GLOBAL TOP NEWS
    • China August manufacturing growth slows to 14-month low-Caixin PMI
    China's manufacturing activity grew at the slowest pace in more than a year
in August, with export orders shrinking for a fifth month and employers cutting
more staff, a private survey showed.
    • Japan manufacturing PMI rises, but trade protectionism poses a threat
Japanese manufacturing activity expanded in August at a slightly faster pace
than the previous month as new orders accelerated, but a decline in export
orders may raise concerns about the impact of trade protectionism.
    • JD.com's billionaire CEO released after U.S. arrest
The billionaire founder and chief executive of Chinese e-commerce firm JD.com,
Richard Liu, was arrested in the U.S. state of Minnesota on suspicion of
criminal sexual conduct and later released after what the company said was a
false accusation.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,753.50, up 0.2 percent
from its previous close.
    • The Indian rupee will likely rebound from record lows against the dollar
after Asia’s third-largest economy accelerated at its fastest pace in more than
two years.
    • Indian government bonds may trade little changed in early session today as
the local currency is expected to appreciate against the dollar after the
nation's economic growth quickened to an over two-year high in April-June. The
yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.93
percent-7.97 percent band today, a dealer with a private bank said.
    
    GLOBAL MARKETS
    • The S&P 500 ended flat while the Dow edged down and the Nasdaq closed
higher in light trading on Friday as Canada and the United States concluded
trade talks without resolution ahead of the Labor Day weekend.
    • Asian stocks dipped on worries about further escalation of the U.S-China
trade war and unstable emerging market currencies.
    • The dollar was steady on worries of a prolonged China-U.S. trade war and
after the United States and Canada ended contentious trade negotiations without
a deal.
    • Yields on longer-dated U.S. Treasuries rose on news that Canada and the
United States had failed to reach an agreement on the North American Free Trade
Agreement before the deadline on Friday set by President Donald Trump.
    • Oil prices fell amid rising supply from OPEC and the United States,
outweighing concerns that falling Iranian output will tighten markets once U.S.
sanctions bite from November.
    • Gold edged lower, with prices breaking back below the psychological $1,200
level as the dollar rose on the back of worries about escalating global trade
tensions.
  
    
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT         
 PNDF spot         70.92/70.95      August 31      $30 mln      $73.36 mln
 10-yr bond yield  7.95 pct         Month-to-date  $131 mln     $604.27 mln
                                    Year-to-date   $448.51 mln  $5.15 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 = 71.00 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
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