August 9, 2018 / 3:44 AM / 2 months ago

Morning News Call - India, August 9

To access the newsletter, click on the link:
 
 here
    
    

If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    10:00 am: Former RBI Deputy Governor S.S. Mundra and others at ASSOCHAM’s
National Summit on Bankers Borrowers Business Meet in Mumbai. 
    01:00 pm: Federal Cabinet likely to meet in New Delhi. Agenda not known. \
    
    
    GMF: LIVE CHAT - BONDS UPDATE
    Reuters interest rate reporter Dhara Ranasinghe delves into government bond
markets at 6:00 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEW
    Indian regulator clears Walmart's $16 billion acquisition of Flipkart
    The Competition Commission of India (CCI) has approved U.S. retail giant
Walmart's $16 billion acquisition of online marketplace Flipkart, beefing up the
competition to Amazon.com in the fast growing e-commerce market.
    
    IMF says India will need to tighten monetary policy to counter inflation
    The Reserve bank of India will need to gradually tighten monetary policy
further due to rising inflation, driven mainly driven by higher oil prices and a
falling rupee, the International Monetary Fund said on Wednesday.
    
    Lupin Q1 profit misses estimate by wide margin
    Drugmaker Lupin posted a bigger-than-expected fall in first-quarter profit
on Wednesday, hurt by declining sales in the United States and Japan.

    
    Cipla Q1 profit trumps estimates on strong domestic growth
    Indian drugmaker Cipla posted quarterly profit well above analysts'
expectations, helped by strong growth in the domestic market.
    
    Hindustan Petroleum tops profit estimates
    Hindustan Petroleum posted an 86 percent jump in first-quarter profit on
Wednesday, beating analysts' expectations, driven by strong refining margins.

    
    IKEA strives to keep prices low as opens first store in India
    IKEA will set some prices even lower in India than elsewhere when it opens
its first store in the country today, as it woos cost-conscious shoppers
unaccustomed to DIY furniture.
    
    BPCL Q1 profit rises over three-fold, beats estimates
    Bharat Petroleum reported a better-than-expected quarterly profit on
Wednesday, helped by strong refining margins. 


    
    
    GLOBAL TOP NEWS
    Chinese state media accuse U.S. of "mobster mentality", vow to fight tariffs
    Chinese state media accused the United States of a "mobster mentality" in
its move to implement additional tariffs on Chinese goods, and warned Beijing
had all the necessary means to fight back.
    
    Japan says Mazda, Suzuki, Yamaha Motor carried out improper testing
    Mazda Motor Corp, Suzuki Motor Corp and Yamaha Motor conducted improper fuel
economy and emissions tests on their vehicles, Japan's transport ministry said.
 
    
    Japan machinery orders tumble, stoke doubts on capex
    Japan's core machinery orders tumbled in June at the fastest pace in six
months, with firms expecting another modest drop in the third quarter in a sign
capital expenditure may slow, especially as international trade worries cloud
the horizon.


    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were almost flat at 11,480.50.    
    The Indian rupee is expected to open higher against the dollar after Brent
crude suffered its biggest decline in three weeks amid increasing trade tensions
and a smaller-than-expected drop in U.S. stockpiles. 
    Indian sovereign bonds are expected to open higher, driven by the central
bank’s higher-than-expected dividend payment to the government, while fall in
crude oil prices will further aid buying sentiment. Yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in a 7.72 percent -7.78 percent
band today.

    
    
    GLOBAL MARKETS
    • The S&P 500 closed slightly lower on Wednesday as falling crude prices and
trade jitters held markets in check.
    • Asian shares were subdued after a new round of tit-for-tat tariffs in the
U.S.-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled
as the U.S. slapped fresh sanctions on the country
    • The yen was broadly higher on trade tensions and on revelations the Bank
of Japan is under pressure to move away from its accommodative policy, while the
New Zealand dollar slid on a decidedly dovish policy stance by nation's central
bank.
    • U.S. Treasury yields held firm on Wednesday as investors bought a hefty
chunk of the record $26 billion sale of 10-year notes, the second leg of this
week's $78 billion in quarterly refunding.
    • Oil edged higher after it tumbled on Wednesday amid an escalated trade
dispute between the United States and China and Chinese import data which showed
a slowdown in energy demand.
    • Gold prices were steady, after gaining for two straight sessions, as the
dollar extended losses versus the yen.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.65/68.68  August 8         $82.88 mln    $78.06 mln
 10-yr bond yield  7.78 pct     Month-to-date    $19.59 mln    $593.58 mln
                                Year-to-date     -$559.92 mln  -$5.16 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 = 68.6500 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below