September 6, 2018 / 3:04 AM / 16 days ago

Morning News Call - India, September 6

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    FACTORS TO WATCH
    9:30 am: NITI Aayog CEO Amitabh Kant at Coal Summit in New Delhi.
    
    LIVECHAT - CRUDE FOCUS
    David Maher, managing director for energy at the RCMA Group, joins us at
9:30 am IST to discuss his outlook on crude oil, and how he views the
OPEC/non-OPEC agreements as well as compliance going into the next year. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • INSIGHT-India's tax effect: Hundreds of thousands laid off despite growth
    India launched the Goods and Services Tax just over a year ago, its biggest
ever tax reform, aiming to replace more than a dozen federal and state levies
and unify the sprawling economy. The move improved economic efficiency but
critics say the complexities of the new regime have driven many small
enterprises out of business and forced hundreds of thousands out of jobs.

    • India's services growth slows in August on weaker demand, rising input
prices
    India's dominant services sector expanded at a slower pace last month than
in July as weaker demand and rising input costs kept a lid on hiring, a private
survey showed on Wednesday.
    • India to surpass Brazil as top sugar producer, eyes bigger export share
    India will surpass Brazil as the world's top sugar producer next year, with
the South American country losing its lead for the first time since the 1990s as
its mills allocate increasingly more cane for ethanol production and as low
investments dent cane yields.
    • Farmers' protest disrupts capital as opposition targets Modi
    Thousands of farmers and labourers paralysed the Indian capital on Wednesday
in a protest against what they called the anti-people policies of Prime Minister
Narendra Modi's government, as opposition parties step up pressure ahead of key
elections.
    • ANALYSIS-India soars above global average in hiring female airline pilots
    India has the highest proportion of female commercial pilots in the world at
12 percent, despite the country's patriarchal society, which typically frowns on
women in such jobs.
    • India's August imports of Iran oil down a third month-on-month - sources
    India imported about 523,000 barrels per day (bpd) of oil from Iran in
August, down 32 percent on a month earlier, preliminary tanker arrival data
showed, as the United States steps up pressure on buyers to halt Iranian energy
imports from November.
    • India set to approve military communications deal with U.S. - Indian
defence sources
    India is likely to give its approval to a landmark military communications
agreement with the United States during high-level talks on Thursday, two Indian
government defence sources said, laying the ground for Washington to sell
sensitive defence equipment.
    • SEBI says will review tighter norms on foreign funds
    The Securities and Exchange Board of India (SEBI) on Wednesday said it would
review an order tightening rules on foreign funds ownership by entities of
Indian origin, after some fund managers said it could lead to massive dollar
outflows.
    
    
    GLOBAL TOP NEWS
    • U.S. Justice Department probes whether social media is 'stifling' speech
    The U.S. Department of Justice and state attorneys general will meet this
month to discuss concerns that social media platforms are "intentionally
stifling the free exchange of ideas," the department said on Wednesday.

    • North, South Korea leaders to hold summit on Sept 18-20, Seoul says
    North and South Korea have agreed to hold a summit in Pyongyang on Sept.
18-20 to discuss "practical measures" toward the denuclearisation of the Korean
peninsula, a senior South Korean official said.
    • In quick reversal, Trump threatens shutdown over border wall
    President Donald Trump said on Wednesday he would be willing to shut down
the U.S. government if Congress does not provide enough funding for border
security, reversing a stance he took a day earlier.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,548.50, up 0.4 percent
from its previous close. 
    • The Indian rupee is expected to open higher against the dollar following
an across-the-board decline in the U.S. currency and the biggest fall in Brent
crude in three weeks. 
    • Indian government bonds may edge higher in early trade tracking an
overnight fall in crude oil prices and as the rupee is expected to gain against
the dollar. The yield on the benchmark 7.17 percent bond maturing in 2028 may
trade in an 8.02 percent-8.07 percent band today, a dealer with a private bank
said.
    
    
    GLOBAL MARKETS
    • The Nasdaq fell more than 1 percent on Wednesday, dented by technology
stocks after Facebook and Twitter executives defended their companies before
skeptical U.S. lawmakers.
    • Asian shares fell for the sixth straight session as oil skidded and
safe-haven gold gained, with investor confidence shaken by turmoil in emerging
markets and jitters over a potentially severe escalation in the U.S.-China trade
war.
    • The dollar sagged, pressured by the pound which rose after fears of
Britain leaving the European Union with no comprehensive agreement faded,
although skittish emerging market currencies helped limit the greenback's
retreat.
    • U.S. Treasury prices reversed earlier losses on Wednesday after a German
spokesman contradicted an earlier report that the British and German governments
had abandoned key Brexit demands.
    • Oil prices fell as emerging market woes weighed on sentiment, while a
deadline neared for a potential new round of U.S. tariffs on another $200
billion of Chinese goods.
    • Gold held on to gains from the previous session, when it rose 0.5 percent,
as the dollar remained weak amid a looming deadline in the U.S.-China trade
conflict.
        
                   CLOSE            FII INVESTMENTS   EQUITIES      DEBT
 PNDF spot         71.82/71.85      September 5       -$53.52 mln   -$252.68 mln
 10-yr bond yield  8.0 pct          Month-to-date     $430.32 mln   -$506.06 mln
                                    Year-to-date      -$427.14 mln  -$5.65 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 = 71.75 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
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