September 16, 2019 / 3:20 AM / a month ago

Morning News Call - India, September 16

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FACTORS TO WATCH

12:00 pm: Government to release August wholesale price inflation data 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. To join the conversation, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• India sets up fund to complete stalled housing projects

India on Saturday announced a series of measures to revive the housing sector and boost exports as the government tries to kick-start an economy hit by a lending crisis and a slowdown in demand.

• India's top trader body seeks ban on Amazon, Flipkart's festive season sale A leading Indian trader body asked the government on Friday to ban upcoming festive sales on Amazon's local unit and its rival Flipkart, saying their deep discounts violate the country's foreign investment rules for online retail.

• Trump to meet with India, Australia leaders in U.S. next week

U.S. President Donald Trump will meet next week with the leaders of India and Australia at events in Texas and Ohio to promote trade and investment.

• India's August trade deficit narrows to $13.45 billion - government

India's trade deficit in August narrowed to $13.45 billion from $17.92 billion a year ago, the trade ministry said in a statement on Friday, helped by lower oil import bill.

• New Delhi to slash use of cars in November to cut pollution -chief minister

India's capital New Delhi will enforce strict restrictions on use of private cars from Nov. 4-15 to curb pollution, its chief minister said on Friday, in an effort to help improve air quality that tends to deteriorate sharply in winter months.

• India police probing AB InBev in New Delhi tax evasion case

Police in India's capital New Delhi are probing a case of alleged tax evasion involving Anheuser-Busch InBev, according to a police officer and a document seen by Reuters, a setback for the brewer already battling a three-year city ban.

• Pakistan summons Afghan, Indian diplomats after soldiers, civilian killed

Pakistan has summoned diplomats from Afghanistan and India after several shooting incidents along two different borders killed four Pakistani soldiers and a civilian woman.

GLOBAL TOP NEWS

• Trump says U.S. 'locked and loaded' for potential response to Saudi oil attack

U.S. President Donald Trump said on Sunday that the United States was "locked and loaded" for a potential response to the attack on Saudi Arabia's oil facilities, after a senior official in his administration said Iran was to blame.

• China's August industrial output growth grinds to 17-1/2 year low

The slowdown in China's factory and consumer sectors deepened in August, with industrial production growing at the weakest pace in 17-1/2 years, a sign of increasing weakness in an economy lashed by trade headwinds and soft domestic demand.

• Australia concluded China was behind hack on parliament, political parties – sources

Australian intelligence determined China was responsible for a cyber-attack on its national parliament and three largest political parties before the general election in May, five people with direct knowledge of the matter told Reuters.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were trading 0.9% lower at 11,009.50.

• The Indian rupee is expected to open lower against the dollar after crude oil prices soared following an attack on a major facility in Saudi Arabia, which cut oil production of the Middle East nation by half.

• India government bonds are expected to fall tracking the sharp rise in crude oil prices after a drone strike on a Saudi Arabian oil facility removed about 5% of world supplies. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.62%-6.67% today.

GLOBAL MARKETS

• The S&P 500 ended the day down slightly on Friday but less than 1% below its all-time high as a drop in Apple stock countered cooling U.S.-China trade tensions.

• Oil prices surged to six-month highs while Wall Street futures fell and safe-haven bets returned after weekend attacks on Saudi Arabia's crude facilities knocked out more than 5% of global oil supply.

• The dollar fell while safe-havens and currencies of oil producing countries rallied, following an attack on Saudi Arabian refining facilities that disrupted global oil supply and heightened Middle East tensions.

• U.S. Treasury yields climbed to multi-week peaks on Friday, as trade tensions between the United States and China eased further after more conciliatory measures, with U.S. recession risks continuing to diminish after stronger-than-expected retail sales data.

• Oil prices retreated after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia's oil facilities on Saturday that cut more than 5% of global oil supply.

• Gold prices jumped more than 1% as investors scurried for safe-haven assets after weekend attacks on Saudi Arabia's oil facilities risked disrupting global energy supplies and increasing tensions in the Middle East.

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 = 71.01 Indian rupees Compiled by Benny Thomas in Bengaluru

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