August 8, 2018 / 3:12 AM / 2 months ago

Morning News Call - India, August 8

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    FACTORS TO WATCH
    10:00 am: NITI Aayog CEO Amitabh Kant at Government and Business Partnership
Conclave in New Delhi.
    10:15 am: State Bank of India to announce strategic digital payments
initiative in Mumbai.
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    
    
    TRADING INDIA FORUM – INDIA EQUITY MARKETS
We speak to Pankaj Murarka, Founder-Renaissance Investment Managers and former
Head of Equities at Axis MF, on his view on Indian markets.
    To join the conversation at 11:00 am IST, click on the link: here
    Please note, Pankaj will not answer stock specific questions.
    
    
    LIVECHAT - MARKETS FOCUS
Michael Bolliger, head of EM asset allocation at UBS Global Wealth Management
Chief Investment Office, joins us to discuss impact on asset allocation in the
divergent interest rate environment, his view on emerging markets and outlook on
the dollar and emerging currencies, especially versus the yuan.
    To join the conversation at 09:30 am IST, click on the link: here
    
    
    INDIA TOP NEWS
    • Fraud-hit Indian lender PNB plots revival after second straight quarterly
loss
Punjab National Bank reported a second straight quarterly loss on Tuesday as it
earmarked more funds to cover a massive fraud, but expects faster bad loan
recovery to help it return to a profit for the full year.
    • India doubles import tax on textile products, may hit China
India doubled the import tax on more than 300 textile products to 20 percent on
Tuesday as the world's biggest producer of cotton tries to curb rising imports
from China.
    • Mahindra & Mahindra Q1 profit surges 63 percent, beats estimates
Mahindra & Mahindra reported a better-than-expected 63 percent surge in
first-quarter profit on Tuesday, underpinned by robust sales.
    • Ola to launch in Britain as Uber rivalry heats up
Indian ride-hailing firm Ola said on Tuesday it plans to launch services in
Britain this year, months after expanding operations in Australia, intensifying
its rivalry with U.S. peer Uber Technologies.
    • TVS Motor posts 13 percent rise in quarterly profit on higher sales
TVS Motor's first-quarter profit rose 13 percent on higher sales, but fell short
of analysts' estimates as raw material prices rose.
    • Motherson Sumi Q1 net profit misses estimates
Indian auto parts maker Motherson Sumi Systems net profit jumped about 59
percent in the first quarter but fell short of analysts' expectations, hurt by
higher expenses.
    
    
    GLOBAL TOP NEWS
    • U.S. finalizes next China tariff list targeting $16 billion in imports
The United States will begin collecting 25 percent tariffs on another $16
billion in Chinese goods on Aug. 23, the U.S. Trade Representative's office said
on Tuesday as it published a final tariff list targeting 279 imported product
lines.
    • China Tower in muted HK debut for world's largest IPO in 2 years
China Tower shares were little changed on their debut in Hong Kong on Wednesday,
with escalating Sino-U.S. trade tensions weighing on investor sentiment towards
the world's biggest initial public offering (IPO) in two years.
    • Toshiba posts record quarterly profit on chip unit sale, beats estimates
Toshiba reported a record quarterly net profit, thanks to the $18 billion sale
of its flash memory chip business earlier this year to a consortium led by U.S.
private equity firm Bain Capital.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,429.50.
    • The Indian rupee is expected to open slightly higher against the U.S.
currency after the dollar index retreated from more-than-one-month highs.
    • Indian government bonds are expected to open lower as crude oil prices
inched upwards for a second consecutive session yesterday, leading to fears of
local inflation gaining pace. Yield on the benchmark 7.17 percent bond maturing
in 2028 is likely to trade in a 7.75 percent-7.81 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 inched nearer to a record high on Tuesday, lifted by Amazon,
Alphabet and Microsoft, and by a strong second-quarter earnings season that
fueled optimism about the U.S. economy's strength.
    • Asian shares rose on the back of firmer Wall Street earnings while
expectations for increased Chinese stimulus helped take the edge off wider
concerns about the worsening Sino-U.S. trade dispute.
    • The U.S. dollar inched lower against a basket of currencies as its recent
rally on concerns over escalating trade tensions showed signs of fading, while
the offshore yuan held firm near a one-week high.
    • U.S. Treasury yields rose on Tuesday as investors scaled back their bond
holdings on higher Wall Street stock prices and pressure to make room for $78
billion in coupon-bearing supply from this week's quarterly government
refunding.
    • Oil prices held steady, supported by a report of rising U.S. crude
inventories as well as the introduction of sanctions against Iran.
    • Gold prices were steady, after rising in the previous session, as the U.S.
dollar softened against China's yuan and the euro.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.69/68.72  August 7         $45.90 mln    $105.50 mln
 10-yr bond yield  7.78 pct     Month-to-date    $3.24 mln     $515.52 mln
                                Year-to-date     -$576.27 mln  -$5.23 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 = 68.6200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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