October 16, 2018 / 3:23 AM / a month ago

Morning News Call - India, October 16

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    FACTORS TO WATCH
    9:00 am: NITI Aayog CEO Amitabh Kant to be present at the India Energy Forum
in New Delhi.
    10:00 am: Finance Minister Arun Jaitley to attend ASSOCHAM’s Annual Session
in New Delhi.

    
    GMF: ECONOMY WATCH
    What is happening with the world economy? What will be the impact of trade
wars and rising global tensions? We will find out with Richard Dunbar, head of
economic and thematic research at Aberdeen Standard Investments.To join the
conversation at 02:30 pm IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Trade deficit hits 5-month low of $13.98 billion in Sept - ministry
    India's trade deficit narrowed to $13.98 billion in September from $17.4
billion in August, the trade ministry said on Monday, the lowest figure in five
months.
    • IL&FS secures moratorium against all creditor actions
    Infrastructure Leasing & Financial Services Ltd (IL&FS) said the country's
appellate company law tribunal has passed an interim order granting a moratorium
on all creditor actions against the company and its units, providing some relief
to the debt-laden firm.
    • Saudi to meet India's oil demand, absorb supply shocks -Falih
Saudi Arabia is committed to meeting India's rising oil demand and is the "shock
absorber" for supply disruptions in the oil market, Energy Minister Khalid
al-Falih said on Monday.
    • FOCUS-Labour strife in India's manufacturing hubs may undermine Modi's
jobs push 
Labour unrest is on the rise at two centres in India where motorcycles and
components are manufactured, underlining the problems Prime Minister Narendra
Modi's government faces in creating new manufacturing jobs that are sustainable
and pay attractive wages.
    • India nears resolution on trade disputes with U.S. - trade ministry source
India and the United States have resolved most of their bilateral trade
disputes, a trade ministry source said on Monday, though agreements on some
issues have yet to be finalised.
    • IndusInd Bank Q2 profit rises 4.6 percent
IndusInd Bank posted a 4.6 percent rise in second-quarter profit on Monday,
helped by higher interest income.
    • INTERVIEW-Amazon India say services boosting large appliance sales
Amazon's investment in an extensive delivery network, and offering installation
services and monthly payment plans, helped make large appliances a major
category during its annual festive sale, the head of its Indian business said on
Monday.
    • Dassault to deliver Rafale fighter jets to India from 2019: CEO
Dassault Aviation will deliver its Rafale fighter jets to India from 2019 and
may see new orders in coming months, Chief Executive Eric Trappier told Reuters
ahead of the world's largest business jet show in Orlando on Monday.

    
    
    GLOBAL TOP NEWS
    • Trump sends Pompeo to Riyadh over Khashoggi; Saudis may blame official
    Saudi Arabia is preparing to acknowledge the death of Saudi journalist Jamal
Khashoggi in a botched interrogation, CNN and the New York Times said on Monday,
after U.S. President Donald Trump speculated "rogue killers" may be responsible.

    • China's factory-gate inflation cools for 3rd month, points to slackening
demand
    China's factory-gate inflation cooled for a third straight month in
September amid ebbing domestic demand, pointing to more pressure on the world's
second biggest economy as it remains locked in an intensifying trade war with
the United States.
    • INSIGHT-The burning truth: as farmers set fire to fields, Delhi braces for
choking smog
    Hours after a mechanised harvester chugged through the rice paddy, flames
and a thick plume of black smoke rose into the twilight sky in India's northern
Haryana state as farmers burned the residue to prepare for the next season's
planting. Similar fires seen by a Reuters reporter last week in the nation's
farm states of Haryana and neighbouring Punjab suggest that efforts by
authorities to stave off a massive spike in pollution in nearby New Delhi in the
next few weeks may fail.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.2 percent higher at 10,539.50, from
its previous close.
    • The Indian rupee is expected to open higher against the dollar after
lower-than-expected September U.S. retail sales data prompted a broad decline in
the U.S. currency.
    • Indian government bonds will likely edge higher in early trade as the
central bank said that it will buy notes in an open market operation tomorrow.
The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a
7.88 percent-7.94 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended lower in a choppy trading session on Monday, dragged
down by technology stocks amid lingering worries over interest rates and
corporate earnings.
    • Asian stocks bounced modestly, gaining a toe-hold after a week of heavy
losses, although increasing tensions between Saudi Arabia and the West fanned
geopolitical concerns and capped gains.
    • The U.S. dollar was on the defensive after weak retail sales data, with
the safe-haven yen and Swiss franc benefiting from tensions between the West and
Saudi Arabia and amid a standoff on Brexit talks over Britain's plan to exit the
EU.
    • U.S. Treasury yields rose on Monday despite stock market volatility
stemming from rising borrowing costs and geopolitical risks, while the outlook
for U.S. economic growth was tempered by weaker-than-expected data on domestic
retail sales.
    • Oil prices rose on signs of falling Iran oil exports ahead of U.S.
sanctions against Tehran in November, while geopolitical tensions remain over a
missing Saudi journalist.
    • Gold prices inched higher early, hovering near a 2-1/2 month high hit in
the previous session, as risk averse investors sought a safe haven amid rising
political tensions and economic uncertainty.
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         73.98/74.01  October 15       $9.20 mln   $8.26 mln
 10-yr bond yield  7.92 pct     Month-to-date    -$2.35 bln  -$1.48 bln
                                Year-to-date     -$4.52 bln  -$8.23 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 = 73.7600 Indian rupees)

 (Compiled by Debanjan Bose in Bengaluru)
  
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