August 20, 2018 / 3:18 AM / a month ago

Morning News Call - India, August 20

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    FACTORS TO WATCH
    9:30 am: RBI Deputy Governor N.S. Vishwanathan and other banking officials
at FIBAC 2018 in Mumbai.
    1:00 pm: SBI Chairman Rajnish Kumar to speak on “Role of Banks & Industry in
Building the Economy" at FICCI meet in Mumbai. 
    
    LIVECHAT - PROSPECTS FOR FIXED INCOME
    A LiveChat on world bond markets with RBC fixed-income strategist Craig
Bishop ahead of the Jackson Hole gathering of central bankers at 8:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-U.S. tech giants plan to fight India's data localisation plans
    U.S. technology giants plan to intensify lobbying efforts against stringent
Indian data localisation requirements, which they say will undermine their
growth ambitions in India, sources told Reuters.
    • Infosys says CFO Ranganath has tendered resignation 
    The Chief Financial Officer of Infosys has tendered his resignation just
seven months after India's second-biggest software services exporter appointed a
new Chief Executive Officer.
    • Jet Airways in talks to sub-lease aircraft to regional carrier 
    Jet Airways is in talks to sub-lease nearly half its ATR turboprop aircraft
to regional carrier TruJet, in a move that will reduce its presence in the
competitive domestic market as the beleaguered airline struggles to raise money.

    • India allows conditional import of petcoke; cement shares rise 
    India on Friday allowed import of petcoke for use as feedstock in some
industries, sending shares of cement manufacturers higher.
    • Sudan wants ONGC's Videsh to withdraw arbitration over oil payment dues
    Sudan wants India's ONGC Videsh Ltd (OVL) to withdraw arbitration
proceedings against the African nation as it is making efforts to mitigate
default on payment of dues, OVL said in a statement on Friday.
    
    
    GLOBAL TOP NEWS
    • Afghanistan announces Muslim Eid holiday ceasefire with Taliban
    Afghan President Ashraf Ghani announced a ceasefire with Taliban insurgents
from Monday to mark the Muslim Eid al-Adha holiday, days after fighting in the
central city of Ghazni and a northern province.
    • INSIGHT-Trade war puts new strains on America Inc's factories in China
    Larry Sloven arrived in southern China three decades ago, just as the region
was taking off as the low-cost manufacturing centre of the world. Since then, he
has exported millions of dollars of goods, ranging from power tools to LED
lights, to some of America's biggest retailers.
    • Focus shifts to rescues as rain abates in India's flood-hit Kerala
    Torrential rain finally let up in India's flood-hit Kerala state on Sunday,
giving some respite for thousands of marooned families, but authorities feared
an outbreak of disease among around 725,000 people crammed into relief camps.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,523.00, up 0.4 percent
from previous close.
    • The Indian rupee is expected to open higher against the dollar as demand
for safe-haven assets cools amid hopes of easing China-U.S. trade tensions. 
    • Indian government bonds will likely open little changed, as the rupee is
expected to recover from record-low levels, while the rate-setting Monetary
Policy Committee’s latest meeting minutes showed the authority is committed to
achieve its inflation target. Yield on the benchmark 7.17 percent bond maturing
in 2028 may trade in a 7.82 percent - 7.88 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed higher on Friday, with the S&P 500 and the Dow Jones
Industrial Average extending gains and the Nasdaq turning positive on reports of
progress in tariff disputes between the United States and its trading partners
China and Mexico.
    • Asian share markets crept cautiously higher as investors awaited
developments on proposed Sino-U.S. trade talks and the Chinese yuan rallied away
from dangerous lows.
    • The dollar sagged as investor demand for the safe-haven currency receded
on optimism over a reduction in U.S.-China trade tensions, with the focus on
discussions between the two countries due this week.
    • U.S. Treasury yields were slightly lower on Friday, as risk aversion
worsened slightly after the Turkish lira weakened again following warnings of
further U.S. tariffs, reigniting worries about an emerging market currency
crisis.
    • Oil prices dipped as concerns over slowing economic growth weighed on
markets.
    • Gold prices held steady after making up some ground from 19-month lows hit
last week, supported by mild weakness in the U.S. dollar on hopes trade tensions
between the United States and China could be easing.
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         70.31/70.34  August 17        ---       ---
 10-yr bond yield  7.86 pct     Month-to-date    ---       ---
                                Year-to-date     ---       ---
    
    
    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 = 70.0900 Indian rupees)
        

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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