September 18, 2018 / 3:32 AM / a month ago

Morning News Call - India, September 18

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    FACTORS TO WATCH
    10:30 am: Finance Minister Arun Jaitley at a book release event in New
Delhi.
    11:15 am: State Bank of India press conference to announce a strategic
initiative in Mumbai.
    12:30 pm: PM Economic Advisory Council Member Rathin Roy at Skoch Summit in
New Delhi.
    
    LIVECHAT - GLOBAL MARKETS
    Despite the global trade war and emerging markets sell-off, the U.S. markets
have stood rock steady. Is it only FAANG or are the underlying fundamentals
warranting such bullishness? We speak to Matt Kessel who is a finance expert and
currently part of a private equity firm. To join the conversation at 10:00 am
IST, click on the link: here
    
    Thomson Reuters/INSEAD Asian Business Sentiment Survey 2018Q3
    Thomson Reuters and graduate business school INSEAD ask Asia-Pacific
companies to rate their six-month business outlook, in a survey which in Q3
yielded an optimistic sentiment index of 58. The latest survey will be released
at 03:00 GMT followed by a Q&A at 04:30 GMT with Reuters reporter Gayatri Suroyo
in the Global Markets Forum community chatroom. To join the conversation, click
here bit.ly/1kTxdKD
    
    
    INDIA TOP NEWS
    • India to merge three state-owned banks to tackle sour debt
    India plans to merge three state-run banks, Bank of Baroda, Dena Bank and
Vijaya Bank, the financial services secretary said on Monday, as part of efforts
to clean up the country's banking system.
    • Ugandan unit of Indian drugs firm Cipla raises $43.8 milllon in IPO -
Renaissance Capital
    The Ugandan unit of India's pharmaceutical giant Cipla raised $43.8 million
from its oversubscribed initial public offering (IPO), an investment bank that
helped advise on the transaction said on Monday.
    • Jaguar Land Rover to cut output at UK car plant after warnings on Brexit,
diesel
    Jaguar Land Rover said it will go down to a three-day week at its Castle
Bromwich plant in central England just days after its boss warned about the
impact of Brexit and diesel policy on manufacturing.

    
    GLOBAL TOP NEWS
    • Trump slaps tariffs on $200 bln in Chinese goods, spares some consumer
tech
    U.S. President Donald Trump escalated his trade war with China on Monday,
imposing 10 percent tariffs on about $200 billion worth of Chinese imports, but
sparing smart watches from Apple and  Fitbit and other consumer products such as
bicycle helmets and baby car seats.
    • Leaders of two Koreas meet for high-stakes summit with nuclear talks in
jeopardy
    North Korean leader Kim Jong Un greeted Moon Jae-in with hugs and smiles as
the South Korean president arrived in Pyongyang for a third summit between the
two, aimed at advancing faltering nuclear talks and officially ending the Korean
War.
    • UK PM May tells rebels: It's my Brexit deal or no deal
    Prime Minister Theresa May told rebels in her divided party that if they
torpedoed her Brexit deal then the United Kingdom would leave the EU without any
agreement, a scenario the IMF said would make the country much
poorer.
       

    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures trading down 0.1 percent at 11,381.50,
from its previous close.
    • The Indian rupee is likely to open lower against the dollar, tracking a
yuan-led decline in Asian currencies after U.S. President Donald Trump said he
will impose fresh tariffs on about $200 billion of Chinese goods.
    • Indian government bonds are expected to edge lower tracking a likely fall
in the rupee after U.S. President said the country will impose 10 percent import
tariffs on about $200 billion of Chinese goods from next week. The yield on the
benchmark 7.17 percent bond maturing in 2028 may trade in a 8.09 percent - 8.15
percent band today, a dealer with a private bank said.
    
    GLOBAL MARKETS
    • U.S. stock index futures extended losses in post-market trading late
Monday after President Trump announced a new round of tariffs on about $200
billion worth of Chinese imports.
    • U.S. stock futures and Asian shares fell after U.S. President Donald Trump
said he will impose tariffs on an additional $200 billion worth of Chinese
imports, in a sharp escalation of the trade conflict between the world's two
biggest economies.
    • The dollar was slightly higher and China's yuan fell as global markets
braced for Beijing's response to new U.S. tariffs on Chinese goods.
    • U.S. long-term Treasury yields inched up on Monday but came off four-month
highs as investors returned to buy government debt after key technical levels
were hit as global trade uncertainty persisted.
    • Oil markets dropped as the latest escalation in the Sino-U.S. trade war
clouded the outlook for demand, although concerns over tightening supply offered
prices some support.
    • Gold prices inched lower early, after rising 0.6 percent in the previous
session, as the dollar rose after the United States imposed a new round of
tariffs on Chinese imports, aggravating global trade worries.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         72.36/72.39  September 17     -$14.75 mln   -$105.39 mln
 10-yr bond yield  8.10 pct     Month-to-date    -$92.97 mln   -$815.51 mln
                                Year-to-date     -$950.43 mln  -$5.96 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 = 72.53 Indian rupees)

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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