August 21, 2018 / 3:16 AM / a month ago

Morning News Call - India, August 21

(Morning News Call - India edition will not be published on Wednesday, August 22 as markets are
closed for Bakri Eid) 

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    FACTORS TO WATCH
    9:00 am: Petroleum Minister Dharmendra Pradhan at ASSOCHAM’s annual conference on World
Entrepreneurs Day in New Delhi.
    9:30 am: RBI Executive Director S. Ganesh Kumar, State Bank of India CFO Anshula Kant and
others at FIBAC 2018 in Mumbai.
    11:00 am: NITI Aayog Vice Chairman Rajiv Kumar to talk on current issues of economy and
industry in New Delhi.
    4:45 pm: Power Secretary Ajay Bhalla and EESL MD Saurabh Kumar at the launch of an
innovation challenge by World Resources Institute in New Delhi.
    
    LIVECHAT - U.S. YIELD CURVE COLLATERAL DAMAGE
    U.S. strategist Jack Ablin of Cresset Wealth Advisors lays out the implications for the
world economy of the flattening U.S. yield curve at 8:30 pm IST. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • Independent committee to decide fate of Vedanta copper smelter in India 
    India's environment court said on Monday an independent judicial committee would decide in
about six weeks whether to allow Vedanta to reopen its copper smelter, which was shut by the
southern state of Tamil Nadu on environmental grounds.
    • COLUMN-India's surging coal imports driven by captive power users: Russell 
    India's coal imports appear headed for another strong month in August, raising the question
as to why the usually cost-sensitive market hasn't scaled back purchases given a surge in prices
to the highest in nearly seven years.
    • TPG Capital in talks to invest in India's Jet Airways - sources
    Private equity firm TPG Capital is considering investing in Jet Airways but is not close to
finalising a deal, two sources with knowledge of the matter said, a plan that could raise money
for the beleaguered airline.
    
    
    GLOBAL TOP NEWS
    • EXCLUSIVE-Trump demands Fed help on economy, complains about interest rate rises
    U.S. President Donald Trump said on Monday he was "not thrilled" with the Federal Reserve
under his own appointee, Chairman Jerome Powell, for raising interest rates and said the U.S.
central bank should do more to help him to boost the economy.
    • China defies U.S. pressure as EU parts ways with Iranian oil
    China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of
that country's crude, throwing Tehran a lifeline while European companies such as France's Total
are walking away due to fear of reprisals from Washington.
    • Foreign automakers oppose Trump NAFTA plan as U.S-Mexico talks resume
    Foreign-brand automakers with U.S. plants do not support Trump administration rules to raise
the amount of local content in North American-made vehicles, a group representing companies
including Toyota Motor Corp, Volkswagen AG and Hyundai Motor Co has told key U.S. lawmakers.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,576.50, down almost 0.1 percent from
its previous close. 
    • The Indian rupee is expected to open higher against the dollar as the U.S. currency came
under pressure after President Donald Trump criticized the Federal Reserve’s interest rate
increases. 
    • Indian government bonds will likely open higher as the rupee is expected to recover
further against the dollar, with lower U.S. Treasury yields also providing support. Yield on the
benchmark 7.17 percent bond maturing in 2028 may trade in a 7.80 percent - 7.85 percent band
today. 
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes rose on Monday on optimism over trade talks between the United
States and China, though they fell from session highs after President Donald Trump criticized
the Federal Reserve's raising interest rates.
    • Asian stocks were capped and the dollar dipped after U.S. President Donald Trump accused
China and Europe of manipulating their currencies and said he was "not thrilled" with the
Federal Reserve for hiking interest rates.
    • The dollar slipped against the yen and a basket of major peers after U.S. President Donald
Trump said he was "not thrilled" with Federal Reserve Chairman Jerome Powell for raising
interest rates.
    • U.S. Treasury yields fell to six-week lows on Monday as investors waited on minutes from
the Federal Reserve's August meeting on Wednesday and a speech by Fed Chairman Jerome Powell on
Friday.
    • Oil prices edged up, supported by expectations of supply cuts once U.S. sanctions against
Iran bite in November, but capped by worries a Sino-U.S. trade dispute will drag on fuel demand
growth.
    • Gold prices rose on the back of a weaker U.S. dollar, extending gains into a third session
after U.S. president Donald Trump said he was "not thrilled" with the U.S. Federal Reserve for
raising interest rates.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         69.65/69.68  August 20        -$68.91 mln   -$33.25 mln
 10-yr bond yield  7.84 pct     Month-to-date    $30.10 mln    $582.25 mln
                                Year-to-date     -$549.41 mln  -$5.17 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 = 70.0900 Indian rupees)
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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