September 25, 2018 / 3:23 AM / 3 months ago

Morning News Call - India, September 25

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    FACTORS TO WATCH
    10:00 am: NITI Aayog CEO Amitabh Kant at Leaders of Tomorrow conclave in
Mumbai.
    6:00 pm: Finance Minister Arun Jaitley to hold annual review meeting with
CEOs of public sector banks in New Delhi.

    LIVECHAT - FED WATCH
    Reuters reporters and editors tracking the Federal Reserve take questions on
the economics, politics, trade matters and rates policies facing America's
central bank and others whose decisions drive markets day in and day out. To
join the conversation at 07:00 pm IST, click here bit.ly/1kTxdKD

    
    INDIA TOP NEWS
    • India struggles to soothe markets as liquidity concerns grow
    Indian authorities sought to calm markets on Monday but investors paid
little heed as fears that the non-banking financial sector is facing a credit
crunch hit domestic bonds, stocks and the rupee, adding to Friday's
selloff.
    • EXCLUSIVE-As oil forecasts call for $100, India considers cutting back
crude imports 
    With oil traders forecasting crude oil to rise to $100 a barrel by the end
of the year, Indian refiners are considering cutting back their imports and
relying more on cheaper crude already stored in inventories, according to
industry executives.
    • India eyes higher import duties on key items, but will spare gold -
official
    India is likely to increase import duties on precious stones, certain types
of steel and electronics but will spare gold to prevent smuggling, a finance
ministry official said on Monday.
    • India says will not scrap Rafale deal; opposition demands inquiry 
    India has vowed to stand firm on a multi-billion dollar deal to buy
warplanes from France's Dassault Aviation, as the opposition Congress party
called on Monday for an inquiry into allegations of wrongdoing.
    • TPG, Blackstone bid for Jet Airways' stake in loyalty programme - CNBC
TV18 
    Private equity firms TPG Capital and Blackstone Group have submitted bids to
buy beleaguered Indian carrier Jet Airways' stake in its frequent flyer loyalty
programme, television channel CNBC TV18 reported on Monday, citing
sources.
    • Facebook picks chief of Hotstar streaming service as India head 
    Facebook has poached the head of Indian video streaming service Hotstar to
take on the newly-created role of managing director of its Indian operations, as
the social media giant faces pressure to tackle fake news and store more data
locally.
    • India's Embassy Office Parks REIT files for IPO 
    Embassy Office Parks REIT filed for an initial public offering (IPO)
consisting of a fresh issue worth up to $722.84 million on Monday, setting the
stage for India's first real estate investment trust listing.
    • Dena Bank approves merger with Bank of Baroda, Vijaya Bank 
    Dena Bank said on Monday its board of directors approved the government's
proposed merger of the state-run lender with peers Bank of Baroda Ltd and Vijaya
Bank.
    
    
    GLOBAL TOP NEWS
    • China says U.S. trying to force it to submit on trade as new tariffs kick
in
    The United States and China imposed fresh tariffs on each other's goods on
Monday as the world's biggest economies showed no signs of backing down from an
increasingly bitter trade dispute that is expected to hit global economic
growth.
    • Trump says expects announcement of new summit with N. Korea's Kim 'pretty
soon'
    U.S. President Donald Trump said on Monday he expected a second summit with
North Korean leader Kim Jong Un to be announced "pretty soon" but that the
location had yet to be determined.
    • Some BOJ policymakers urged greater focus on dangers of prolonged easing -
July minutes
    A few Bank of Japan board members said the central bank must consider more
seriously the potential dangers of ultra-easy policy, such as the negative
impact on the country's banking system, minutes of their policy meeting in July
showed on Tuesday.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.2 percent at 11,046.50,
from its previous close.
    • The Indian rupee is expected to open lower against the dollar after crude
oil prices climbed by the most in three months to their highest since late 2014.
 
    • Indian government bonds will likely edge lower in early trade tracking the
rise in crude oil prices and as the local currency may continue to depreciate.
The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a
8.10 percent-8.17 percent band today, a dealer with a private bank said.  -
NewsRise
    
    
    GLOBAL MARKETS
    • On Wall Street the S&P and the Dow closed lower on Monday after a round of
U.S.-China trade tariffs kicked in, dampening last week's hopes for a resolution
and investors waited for an interest rate hike ahead of a U.S. Federal Reserve
meeting.
    • Asia stocks struggled as a fresh round of U.S.-China tariffs and a surge
in oil prices to near four-year highs added to worries about risks to global
growth.
    • The dollar was largely steady against its major peers as investors looked
to policy clues from the U.S. Federal Reserve, which is widely expected to hike
rates this week, as financial markets fret over a heated Sino-U.S. trade
dispute.
    • Stock markets around the world retreated on Monday amid concerns over the
potential wider impact of a trade spat between China and the United States,
while oil prices rallied to a four-year high after OPEC ignored U.S. calls to
raise supply.
    • Oil markets remained strong, with Brent crude near a four-year high
reached the previous session.
    • Gold was steady amid simmering U.S.-China trade tensions after a new set
of tariffs came into effect, while investors stuck to the sidelines ahead of a
U.S. Federal Reserve meeting.  
      
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         72.63/72.66  September 24     -$72.12 mln  -$234.51 mln
 10-yr bond yield  8.12 pct     Month-to-date    -            -$1.27 bln
                                Year-to-date     -            -$6.41 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 = 72.66 Indian rupees)
    
    

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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