September 4, 2018 / 3:09 AM / 2 months ago

Morning News Call - India, September 4

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    FACTORS TO WATCH
    9:30 am: NITI Aayog Vice Chairman Rajiv Kumar at conference on ‘E-Mobility
in Indian Railways’ in New Delhi.
    11:30 am: PwC India Partner & Leader Sanjeev Krishan to share views on
Indian bankruptcy code and the stressed assets space in Mumbai.
    12:15 pm: Tata Capital Financial Services to announce the forthcoming public
issue of secured redeemable non-convertible debentures in Mumbai.
    
    LIVECHAT - CHINA FOCUS
    Alicia Garcia-Herrero, chief economist at Natixis, joins us at 9:30 am IST
to discuss leverage/deleverage in China, what to expect next in the trade war
with the United States, and her outlook on the RMB. To join the conversation,
click on the link: here
    
    INDIA TOP NEWS
    • India manufacturing growth eases in August on softer domestic demand-PMI
    Growth in India's manufacturing sector unexpectedly slowed in August as
domestic demand softened, a private business survey showed on Monday.

    • Indian airline losses could reach $1.9 bln this year -CAPA India
    Indian airlines are expected to post combined losses of up to $1.9 billion
this financial year led by full-service carriers like Air India and Jet Airways
driven by rising costs and low air fares, aviation consulting firm CAPA India
said.
    • EXCLUSIVE-India allows state refiners to use Iran tankers, insurance for
oil imports
    India is allowing state refiners to import Iranian oil with Tehran arranging
tankers and insurance after firms including the country's top shipper Shipping
Corp of India halted voyages to Iran due to U.S. sanctions, sources said.

    • Anil Agarwal succeeds with Vedanta Resources buyout
    Vedanta Resources' Chairman Anil Agarwal will take the London-listed miner
private on Oct. 1, his family trust said on Monday, a step seen by some in the
industry as a prelude to a potentially broader deal with bigger miner Anglo
American.
    • FOCUS-In India, Google races to parry the rise of Facebook
    Google retains only a slight lead over Facebook in the competition for
digital ad dollars in the crucial India market, sources familiar with the
figures say, even though the search giant has been in the country far longer and
has avoided the controversies that have dogged its rival.
    • IKEA apologises after customer reports caterpillar in his food
    IKEA has issued an apology to a customer in Hyderabad after he reported
finding a caterpillar in his food at the store and posted a photograph of it on
Twitter.
    
    GLOBAL TOP NEWS
    • Argentina unveils 'emergency' austerity measures, grain export taxes
    Argentine President Mauricio Macri on Monday announced new taxes on exports
in the world's third-biggest soy producer and steep cuts to spending in an
"emergency" bid to balance next year's budget, as his center-right government
aims to persuade the IMF to speed up a $50 billion loan program.
    • Nike features NFL's Kaepernick among athletes in 'Just Do It' campaign
    Nike has chosen Colin Kaepernick, the first NFL player to kneel during the
national anthem as a protest against racism, as one of the faces for
advertisements commemorating the 30th anniversary of its "Just Do It" slogan, a
move that could draw U.S. President Donald Trump's ire.
    • Myanmar court jails Reuters reporters for seven years in landmark secrets
case
    A Myanmar judge on Monday found two Reuters journalists guilty of breaching
a law on state secrets and jailed them for seven years, in a landmark case seen
as a test of progress towards democracy in the Southeast Asian country.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading flat at 11,630.50.
    • The Indian rupee will likely slip to fresh record lows against the U.S.
dollar amid continuing pressure on emerging market currencies and persistent
offshore demand for the dollar.
    • Indian government bonds will likely edge lower tracking higher crude oil
prices and after the rupee fell to yet another record low against the dollar
yesterday. The yield on the benchmark 7.17 percent bond maturing in 2028 may
trade in a 7.98 percent-8.03 percent band today, a dealer with a private bank
said. 
    
    
    GLOBAL MARKETS
    • Asian shares fell in early trade, amid growing concerns over escalating
international trade disputes and as emergency austerity measures in Argentina
highlighted turbulence in emerging markets.
    • The dollar and the yen strengthened as investors bid up safe haven assets
amid tensions around global trade and strains in emerging market currencies.

    • U.S. oil prices edged up, rising back past $70 per barrel, after two Gulf
of Mexico oil platforms were evacuated in preparation for a hurricane.
    • Gold inched down as the dollar remained firm near a one-week high on the
back of intensifying global trade tensions, but analysts said growing emerging
market worries could benefit the metal.
        
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT          
 PNDF spot         70.91/70.94      September 3    -$2.97 mln    -$100.58 mln
 10-yr bond yield  8.0 pct          Month-to-date  -$277.95 mln  --
                                    Year-to-date   -$857.46 mln  -$5.25 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 = 71.21 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
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