August 17, 2018 / 3:30 AM / 3 months ago

Morning News Call - India, August 17

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    FACTORS TO WATCH
    2:00 pm: IBA CEO V.G. Kannan at FICCI’s press conference on FIBAC 2018 in
Mumbai.
    
        
    INDIA TOP NEWS
    • RBI's monetary policy panel cites inflationary risks as reason for rate
hike
    The Reserve Bank of India’s monetary policy committee members cited possible
risks of inflation in the second half of the year as one of the key drivers for
raising interest rates in August, according to minutes of the meeting released
on Thursday. 
    • Japan, South Korea steel exports to India surge on tariffs, high-end
demand
    India is being hit by a wave of steel from producers in Japan and South
Korea, a government document showed, as mills there redirect supply after U.S.
President Donald Trump slapped an import duty on the alloy earlier this year.

    • Indian streaming firm Hotstar sees blended revenues as winning strategy
    Indian video streaming service Hotstar sees its blended revenue model that
relies on both subscription fees and ad sales as a winning formula in India's
fast-growing market, home to tens of millions of price-sensitive new internet
users.
    • Floods hit rubber output in southern Indian state as death toll rises to
79
    The death toll from the southern Indian state of Kerala's worst floods in a
century has risen to 79, a government official said, with rising water levels
likely to impact rubber and other plantations in the region.
    • Reliance cancels VGO cargo buy from Nayara on FCC shutdown- sources
    Reliance Industries, operator of the world's biggest refining complex, has
cancelled lifting of vacuum gas oil cargo from local refiner Nayara Energy due
to shutdown of its gasoline making unit, three sources said on Thursday.

    • ANALYSIS-If rupee slump persists, it can hurt India's Modi
    The rupee's plunge to a record low has worried a wide cross-section of
India's society: companies, importers, those going on vacation and students
planning to study overseas. But if the weakness persists, Prime Minister
Narendra Modi's job could become a lot harder just before big state and national
elections.
    
            
    GLOBAL TOP NEWS
    • Pentagon says China military 'likely training for strikes' on U.S. targets
    China's military has expanded its bomber operations in recent years while
"likely training for strikes" against the United States and its allies, a
Pentagon report released on Thursday said.
    • Japan's manufacturers most confident in 7 mths despite trade war worries
-Reuters Tankan
    Business confidence among Japanese manufacturers was at its highest in seven
months in August thanks to a firm global economy, a Reuters poll showed, but the
service sector's mood hit its lowest since 2016, casting doubt on the robustness
of domestic demand.
    • U.S. says more sanctions await if Turkey does not free pastor
    The United States warned Turkey on Thursday to expect more economic
sanctions unless it hands over detained American pastor Andrew Brunson, as
relations between the two countries took a further turn for the worse.

    
           
    GLOBAL MARKETS
    • U.S. stocks rebounded on Thursday with the Dow posting its biggest
percentage gain in over four months, as positive earnings and waning trade
jitters buoyed investor confidence.
    • Asian shares won a modest reprieve after China and the United States
agreed to hold their first trade talks since June next week and as the Turkish
lira extended gains from its record low earlier this week.
    • The dollar was little changed against other major currencies on Friday
after nudging away from 13-1/2-month highs amid easing risk aversion and as
investors awaited the next developments in the U.S.-China trade saga.
    • U.S. Treasury yields rose on Thursday after reports of new trade talks
between the United States and China boosted risk appetite and reduced demand for
safe-haven bonds.
    • Oil prices fell, with U.S. crude heading for a seventh weekly decline amid
increasing concerns about slowing global economic growth that could hit demand
for petroleum products.
    • Gold prices edged higher in early trade as dollar held steady, but the
metal remained on track to post its biggest weekly decline since May 2017.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.31/70.34  August 16        -$117.72 mln  -$90.43 mln
 10-yr bond yield  7.86 pct     Month-to-date    $220.28 mln   $615.50 mln
                                Year-to-date     -$359.23 mln  -$5.13 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 = 70.0800 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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