September 30, 2019 / 3:17 AM / 15 days ago

Morning News Call - India, September 30

To access a PDF version of this newsletter, please click here here

If you would like to receive this newsletter via email, please register at: here

FACTORS TO WATCH

9.30 am: Junior Finance Minister Anurag Thakur at inauguration of PNB Heritage Museum in New Delhi.

5:00 pm: Government to release August Infrastructure output data in New Delhi.

LIVECHAT - FX WEEK AHEAD

FX Buzz analyst Jeremy Boulton discusses G7 and select EM currencies. To join the conversation at 5:00 pm IST, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• No vaping ban U-turn, says Indian official, as protests fizzle

India’s government has no plan to roll back a ban on electronic cigarettes, an official told Reuters on Saturday, as protests against the move by vapers in six cities drew scant support.

• Indian government may seek $4.3 billion interim dividend from central bank -media reports

The Indian government may request an interim dividend of around 300 billion rupees from the central bank in order to meet its fiscal deficit target, Mint newspaper reported on Sunday citing news agency Press Trust of India.

• India bans onion exports as prices stay elevated

India on Sunday banned exports of onions, a common ingredient in Indian cooking, as prices remain high due to a seasonal shortage which has been worsened by flooding in several states.

• DHFL proposes converting debt to equity under draft resolution plan

India’s crisis-hit shadow bank Dewan Housing Finance has submitted a draft resolution plan proposing to convert debt to equity while seeking to sell assets and raise more capital.

• India looks to ease foreign investment limits in government bonds - sources

India is looking to ease foreign investment limits in government bonds, as it seeks to get its securities included in global bond indexes in the next two years, three government officials with knowledge of the matter told Reuters.

• RBI imposes constraints on Lakshmi Vilas Bank amid police probe India’s central bank issued a regulatory action on Lakshmi Vilas Bank, the lender said in a statement on Saturday, at the same time that police have started probing the bank’s directors for alleged misappropriation of funds.

• India’s monsoon set for delayed retreat

Current weather conditions indicate that India’s monsoon is unlikely to start receding before early October, more than a month later than usual, the head of the weather office said on Friday.

GLOBAL TOP NEWS

• Nasdaq cracks down on IPOs of small Chinese companies

Nasdaq is cracking down on initial public offerings of small Chinese companies by tightening restrictions and slowing down their approval, according to regulatory filings, corporate executives and investment bankers.

• China September factory activity surprises, expands fastest in 19 months -Caixin PMI

China’s factory activity unexpectedly expanded at the fastest pace in 19 months in September as plants ramped up production and new orders rose, a private business survey showed, suggesting a modest recovery in the manufacturing sector.

• Giuliani says Trump did not pay for his globetrotting push for Biden probe

Rudy Giuliani, President Donald Trump’s personal attorney, says he met Ukrainian officials in Madrid, Paris and Warsaw this year as he pushed an investigation into one of Trump’s main political rivals in the 2020 presidential election, former Vice President Joe Biden.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• The SGX Nifty nearest-month futures were little changed at 11,578.00.

• The Indian rupee is expected to open little changed against the U.S. dollar amid tepid regional cues following reports that the U.S. is considering limiting American investments in Chinese companies.

• India government bonds are likely to trade largely unchanged as New Delhi is expected to release its 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 6.72%-6.77% range today.

GLOBAL MARKETS

• U.S. stocks fell on Friday after reports that the Trump administration was considering delisting Chinese companies from U.S. stock exchanges, raising worries about a further escalation in the U.S.-China trade war.

• Asian shares and the Chinese yuan were off to a cautious start as investors looked to how Chinese financial markets will react to the news the U.S. administration is considering delisting Chinese companies from U.S. stock exchanges.

• The dollar was supported in cautious trade as worries of an immediate widening of the Sino-U.S. trade war eased.

• The U.S. Treasury yield curve steepened on Friday afternoon following reports that President Donald Trump’s administration is considering delisting Chinese companies from U.S. stock exchanges, a source briefed on the matter said.

• Oil prices edged higher, rebounding from a two-week low in the previous session, although gains were checked by concerns about the outlook for the global economy.

• Gold prices inched down as concerns over an escalation in the U.S.-China trade war eased, boosting the dollar.

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 = 70.52 Indian rupees Compiled by Nidhi C Sai 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