September 9, 2019 / 3:16 AM / 9 days ago

Morning News Call - India, September 9

(Morning News Call - India edition will not be published on Tuesday, September 10 as markets are closed for Muharram)

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FACTORS TO WATCH

10:00 am: India-China Strategic Economic Dialogue event in New Delhi.

LIVECHAT - MARKETS UPDATE

Reuters EMEA markets editor Mike Dolan joins the forum to discuss events and trends to look out for in the week ahead at 3:30 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• India imposes curfews in Kashmir after clashes during religious procession

India on Sunday imposed curfews in several parts of the contested Kashmir region, after clashes between security forces and Shi'ite Muslims taking part in a procession, officials and eyewitnesses said.

• India loses contact with spacecraft on mission to the moon

India lost contact with a spacecraft it was trying to land on the moon on Saturday, its space agency said, in a setback for the nation's ambitious plans to become the first country to probe the unexplored lunar south pole.

GLOBAL TOP NEWS

• Japan downgrades second-quarter GDP as trade war dulls business investment

Japan's economy grew at a slower pace than initially estimated in the second quarter as the U.S.-China trade war prompted a downward revision of business spending, intensifying calls for the central bank to deepen stimulus this month.

• Nissan to discuss Saikawa successors at meeting on Monday - source

Nissan Motor's nominating committee will discuss potential successors for Chief Executive Hiroto Saikawa at a meeting, after he privately signalled his readiness to resign, a source with knowledge of the matter said.

• IAEA found uranium traces at Iran "atomic warehouse" - diplomats

Samples taken by the U.N. nuclear watchdog at what Israel's prime minister called a "secret atomic warehouse" in Tehran showed traces of uranium that Iran has yet to explain, two diplomats who follow the agency's inspections work closely say.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were little changed at 10,958.50.

• The Indian rupee is expected to open little changed against the dollar, tracking range-bound Asian peers following mixed China trade data and U.S. job numbers.

• Indian government bonds are likely to trade largely unchanged as investors await clarity on whether New Delhi will boost spending to support growth amid concerns over fiscal slippage. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.58%-6.63% today.

GLOBAL MARKETS

• The S&P 500 and Dow industrials closed slightly higher on Friday as investors digested a mixed U.S. jobs report and bet on a Federal Reserve interest rate cut this month, while China's stimulus plan helped ease some concerns around global growth.

• Asian stocks tip-toed higher amid a cautious market mood as investors hoped for stimulus to support growth in the world's major economies.

• The euro was on the back foot ahead of a European Central Bank meeting later this week at which policymakers are expected to deliver new stimulus to bolster a flagging regional economy.

• A mixed employment report on Friday morning and an even-keel message from U.S. Federal Reserve Chair Jerome Powell left yields modestly lower, firming up market expectations the central bank will cut interest rates by the expected 25 basis points at its September meeting.

• Oil rose after a Saudi official said there would be no change in Saudi Arabia's OPEC policy as Prince Abdulaziz bin Salman was made the new energy minister for the world's biggest crude exporter over the weekend.

• Gold prices edged higher, after falling nearly 1% in the previous session, on expectations of monetary policy easing by the world's major economies amid soft economic data, although an uptick in equities limited gains.

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 = 71.63 Indian rupees Compiled by Swathi Nair in Bengaluru.

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