September 10, 2018 / 3:22 AM / 9 days ago

Morning News Call - India, September 10

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    FACTORS TO WATCH
    12:30 pm: Aadhar Housing Finance to announce forthcoming public issue of
secured redeemable non-convertible debentures in Mumbai.
    
    LIVECHAT - FX WEEKAHEAD
    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
    • Walmart unit asked to explain India business model after Flipkart buy
    India's National Company Law Appellate Tribunal, a local semi-judicial body,
has asked a Walmart unit to explain its business model in India, following an
objection raised by a traders body against its $16 billion acquisition of
e-commerce firm Flipkart.
    • RBI defends 72 rupee/dollar mark strongly - dealers
    The Reserve Bank of India (RBI) intervened heavily in the foreign exchange
market on Friday, mounting a formidable defence of the 72 rupee to the dollar
mark in a reversal of its light-handed approach in the last few weeks, dealers
said.
    • India Apr-Jun balance of payments in deficit for first time in 6 quarters
    India's overall balance of payments slipped into deficit for the first time
in six quarters in April-June on large foreign dollar outflows.
    • SEBI working group proposes relaxing foreign fund rules for non-resident
Indians
    A working group of Securities and Exchange Board of India (SEBI) on Saturday
recommended relaxing foreign fund rules for non-resident Indians.
    • Pollution regulator issues environmental notices to Coal India
    The pollution regulator for the eastern Indian state of Odisha issued
notices to Coal India mines with combined annual capacity of 20 million tonnes
over environmental failings, according to a document seen by Reuters on Friday.

    • Infosys to expand in SE Asia with Temasek JV
    India's second-largest software services exporter Infosys said on Friday it
formed a joint venture with Singapore state investor Temasek as it expands its
presence in Southeast Asia.
    • J&J to work with India on compensation for recalled hip implants
    Johnson & Johnson (J&J) said it would work with the Indian government to
compensate patients who had suffered from hip implants that were recalled by the
U.S. healthcare firm eight years ago after data showed high failure rates.

    • Suzuki to start testing EV prototype in India from Oct - chairman
    Japans's Suzuki Motor will start testing prototypes of electric vehicles in
India by October, its chairman said on Friday.
    
    
    GLOBAL TOP NEWS
    • China's August producer inflation eases, points to more pressure on
economy
    China's producer inflation cooled in August amid softening domestic demand,
pointing to a steady slowing in growth in the world's second biggest economy as
it confronts heightened risks to the outlook from a heated trade dispute with
the United States.
    • Alibaba's Jack Ma to step down in one year, Zhang to become chairman
    Jack Ma, the charismatic co-founder of China's largest e-commerce firm
Alibaba, will step down as chairman in exactly one year on Sept. 10, 2019, the
company said.
    • CBS CEO Moonves resigns amid new allegations of sexual misconduct
    Leslie Moonves, the top executive at CBS since 2006 and a major figure at
the broadcast network and media company for more than two decades, resigned on
Sunday amid a new wave of allegations against him of sexual assault and
harassment.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures trading at 11,580, down 0.5 percent from
its previous close.
    • The Indian rupee will likely fall below 72 against the dollar after
average hourly earnings in the U.S. rose by the most since mid-2009, lifting
Treasury yields.
    • Indian government bonds will likely edge lower today tracking an uptick in
U.S. Treasury yields and crude oil prices. The yield on the benchmark 7.17
percent bond maturing in 2028 may trade in an 8.02 percent-8.08 percent band
today, a dealer with a private bank said.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes fell as U.S. President Donald Trump raised the
possibility of additional tariffs on Chinese imports and Apple indicated that
some of its products could be subjected to such levies.
    • Asian shares started the week in the red, faltering for the eighth
straight day while the dollar held on to recent gains as U.S. President Donald
Trump raised the stakes in the heated trade dispute with China.
    • The dollar held largely steady against a basket of major currencies thanks
to strong U.S. August jobs data and amid fears of a possible escalation in the
China-U.S. trade conflict.
    • U.S. benchmark Treasury yields rose on Friday to their highest levels in
almost a month after the largest annual increase in wages since 2009 raised
expectations of higher inflation.
    • Oil prices rose as U.S. drilling for new production stalled and as the
market eyed tighter conditions once Washington's sanctions against Iran's crude
exports kick in from November.
    • Gold held on to a small loss from the previous session, as the dollar
firmed amid expectations of a U.S. Federal Reserve interest rate hike in
September and fears of escalating trade tensions between the United States and
China.
   
    
                   CLOSE            FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.75/71.78      September 7      $5.23 mln     -$61.06 mln
 10-yr bond yield  --               Month-to-date    $266.73 mln   -$647.78 mln
                                    Year-to-date     -$590.73 mln  -$5.79 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 = 71.78 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
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