August 27, 2018 / 3:14 AM / a month ago

Morning News Call - India, August 27

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    FACTORS TO WATCH
    10:00 am: Election Commission of India to meet all national and state
recognized political parties in New Delhi.
    3:00 pm: Oil Minister Dharmendra Pradhan to launch online portal for
transportation of natural gas in New Delhi.
    3:30 pm: Indian Banks’ Association annual general meeting. Finance Minister
Arun Jaitley to address event through video conference in Mumbai.
    
    LIVECHAT - 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
    • GRAPHIC-India's stock market rally lacks depth
    Five Indian blue-chip companies have driven 97 percent of the stock market's
rise to record highs this year, and analysts reckon uncertainty heading into
next year's general elections will keep the rally in the months ahead just as
narrowly focused.
    • Berkshire Hathaway in talks to buy stake in Paytm -Economic Times 
    Berkshire Hathaway is in talks to invest about 20-25 billion rupees in
India's One97 Communications Ltd, the parent of digital payments firm Paytm, the
Economic Times reported.
    • Eyeing election, Rahul Gandhi sets out small business focus
    Rahul Gandhi, leader of opposition Congress party, said he would seek to
shift the focus of the country's economic policy towards supporting small and
medium-sized firms if he won power at an upcoming election.
    • INTERVIEW-Nippon Steel sees India as most promising market -executive 
    Japan's top steelmaker Nippon Steel & Sumitomo Metal Corp sees India as the
most promising market and wants to become "an insider" to capitalise on growth
of the world's third-biggest steel market, a senior executive said.
    • INTERVIEW-Motor racing-We are still Force India, says new team boss
    Force India fans should continue to refer to the Formula One team by its old
name despite the outfit's rebirth as a new mid-season entry with no Indian
involvement, boss Otmar Szafnauer said on Friday.
    
    
    GLOBAL TOP NEWS
    • Struggling Noble Group faces crucial vote for $3.5 billion restructure
    Noble Group faces a key shareholder meeting today as the shrivelled
commodity trader races to clinch a last-ditch $3.5 billion debt restructuring
deal to stay afloat and put a three-year crisis behind it.
    • John McCain, war hero and 'maverick' Republican, is dead at 81
    U.S. Senator John McCain, a former prisoner of war in Vietnam who ran for
president in 2008 as a maverick Republican and became a prominent critic of
President Donald Trump, died on Saturday. He was 81.
    • Myanmar court to deliver verdicts on jailed Reuters reporters
    A court in Myanmar is set to hand down verdicts today in the case of two
Reuters journalists accused of obtaining secret state documents.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,614.00, up 0.4 percent
from its previous close. 
    • The Indian rupee will likely open higher against the dollar after China
resumed the use of a counter-cyclical factor in yuan’s daily fixing to support
the currency reeling under the impact of a trade spat with the U.S. 
    • Indian government bonds will likely open lower today as crude oil prices
continue to rise, bringing back inflation fears that may lead to faster pace of
interest rate hikes. Yield on the benchmark 7.17 percent bond maturing in 2028
may trade in a 7.84 percent - 7.90 percent band today.
    
    
    GLOBAL MARKETS
    • The benchmark S&P 500 stock index clinched its longest bull-market run on
Friday, closing above its previous January high, as Federal Reserve Chairman
Jerome Powell affirmed the U.S. central bank's current pace of rate hikes.
    • Asian shares rose, taking support from Wall Street's gains on Friday after
U.S. Federal Reserve Chairman Jerome Powell said a gradual approach to raising
rates was best to protect the U.S. economy and job growth.
    • The dollar's safe-haven appeal faded after risk sentiment in the broader
markets picked up following a well-received speech from Federal Reserve Chairman
Jerome Powell.
    • The Treasury yield curve reached its flattest level since 2007 on Friday
as comments by Federal Reserve Chairman Jerome Powell affirmed expectations that
the U.S. central bank will continue raising rates.
    • Oil prices dipped slightly on concerns that a U.S.-China trade dispute
will erode global economic growth, although looming U.S. sanctions against
Iran's oil sector kept crude from falling further, traders said.
    • Gold prices inched up after marking their biggest one-day percentage gain
in over a year the session before, with the U.S. dollar easing on comments from
the Federal Reserve chairman in support of a gradual approach to raising rates.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.16/70.19  August 24        -$10.81 mln   $35.78 mln
 10-yr bond yield  7.87 pct     Month-to-date    $169.66 mln   $722.67 mln
                                Year-to-date     -$409.85 mln  -$5.03 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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