August 19, 2019 / 3:21 AM / a month ago

Morning News Call - India, August 19

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FACTORS TO WATCH

09:30 am: RBI Governor Shaktikanta Das, IBA Chairman Sunil Mehta and other bank officials will be present at FIBAC 2019 in Mumbai.

LIVECHAT - FX WEEK AHEAD FX Buzz Analyst Jeremy Boulton analyses G7 currencies and select EM currencies at 5:00 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

• RSS' economic wing sees Chinese telecom firms as security risk for India

A Hindu nationalist group close to Prime Minister Narendra Modi’s ruling party has stepped up criticism of Chinese telecom equipment makers, warning that their presence in India posed “an unacceptable security risk”.

• ANZ slashes forecast for India's GDP growth in 2019/20 to 6.2%

The Australia and New Zealand Banking Group slashed its forecast for India's economic growth to 6.2% in the financial year ending next March from a previous estimate of 6.5%, warning it would be tough for authorities to engineer a turnaround.

• India reimposes some curbs in Kashmir as stone-throwing spreads

Indian authorities reimposed restrictions on movement in parts of Kashmir's biggest city, Srinagar, on Sunday after overnight clashes between residents and police in which dozens were injured, two senior officials and eyewitnesses said.

• India says probing jump in refined palm oil imports from Malaysia

India has initiated a probe into whether a jump in refined palm oil shipments from Malaysia is causing serious injury to domestic industry, the trade ministry's investigative arm said in a statement.

GLOBAL TOP NEWS

• Trump 'not ready' for China trade deal, dismisses recession fears

U.S. President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying on Sunday they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States.

• Iranian tanker at centre of standoff with West leaves Gibraltar, shipping data shows

The Iranian tanker caught in a standoff between Tehran and the West left Gibraltar on Sunday night, shipping data showed, hours after the British territory rejected a U.S. request to detain the vessel further.

• More mass protests planned in Hong Kong after peaceful weekend of rallies

Hong Kong is gearing up for more protests this week after hundreds of thousands of anti-government demonstrators braved heavy rain to rally peacefully on Sunday, marking a change to what have often been violent clashes.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were trading 0.2% higher at 11,075.

• The Indian rupee is expected to open little changed against the dollar amid improved risk appetite and potential foreign fund outflows from local assets.

• The Indian government bonds will likely open largely unchanged as investors await fresh development over the prospects of a fiscal stimulus package to revive the nation’s economic growth. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a 6.51%-6.57% range today.

GLOBAL MARKETS

• U.S. stocks rebounded on Friday as an ebbing bond rally and news of potential German economic stimulus brought buyers back to the equities market, closing the book on a tumultuous week.

• Asian stocks rose as hopes of more stimulus from central banks around the world and steps being taken by major economies such as Germany and China soothed investors' fears of a sharp global economic slump.

• Safe-haven currencies such as the yen and Swiss franc were under pressure as expectations policymakers would unleash new stimulus eased immediate concerns about a slowing global economy.

• Benchmark U.S. Treasury yields rose on Friday on a report that Germany may be open to running a deficit to boost growth, while stronger stock markets also reduced demand for safe haven debt.

• Crude oil prices rose following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease.

• Gold prices dipped on a stronger U.S. dollar and a recovery in equities markets, as hopes of stimulus from major central banks eased fears of a steep global economic downturn.

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 = 71.15 Indian rupees

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