October 10, 2016 / 3:52 AM / a year ago

Morning News Call - India, October 10

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(India Morning Newsletter will not be published on Tuesday, October 11 and
Wednesday, October 12, as markets are closed for Dussehra and Durga Puja
respectively.)
    
    FACTORS TO WATCH
    3:00 pm: Trade Minister Nirmala Sitharaman to launch dashboard on foreign
trade data in new Delhi.
    5:30 pm: Government to release August industrial output data in New Delhi.
        
    LIVECHAT - MACRO OUTLOOK with Carsten Brzeski, chief economist, Germany, ING
    Join ING's chief economist in Germany for a macro round up at 1430 IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     India under pressure on HFCs as world seeks third climate accord
    India will face pressure to speed up its plans for cutting greenhouse gases
used in refrigerators, air conditioning and aerosols when governments meet this
week to hammer out what would be a third key deal to limit climate change in a
month. 
     Indian cotton exports to Pakistan slump amid tensions -traders
    Rising hostilities between India and Pakistan have brought their $822
million-a-year trade in cotton to a juddering halt, as traders who are worried
about uncertainty over supplies and driven by patriotism hold off signing new
deals. 
     India to re-auction unsold airwaves when telcos' fortunes improve
    India said on Friday it will consider re-auctioning mobile phone spectrum
that remained unsold in a sale this week when the financial situation of its
telecoms companies improves. 
     India's $174 million Endurance Tech IPO oversubscribed on last day
    Indian auto parts maker Endurance Technologies' 11.6 billion rupee initial
public offering was nearly 44 times oversubscribed on Friday, stock exchange
data showed.  
    
    GLOBAL TOP NEWS
     Trump calls video 'locker room talk,' attacks Bill Clinton
    Republican presidential candidate Donald Trump vowed to put his Democratic
rival Hillary Clinton in jail if he wins the White House next month because she
operated a private email server while U.S. secretary of state. 
     Samsung recall crisis deepens; Yonhap reports Note 7 production halt
    Samsung Electronics Co Ltd has suspended production of its Galaxy Note 7
smartphones following reports of fires in replacement devices, South Korean
media said on Monday, a further setback for the tech giant trying to manage its
worst ever phone recall crisis. 
     IMF's Lipton likes Bank of Japan policy revamp, calls for more 'arrows'
    International Monetary Fund First Deputy Managing Director David Lipton
welcomed the Bank of Japan's new policy framework as a boost to its credibility,
but called for more vigorous fiscal and structural policies to reflate a fragile
economic recovery. 
       
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 8,744.00, up 0.34 pct from its
previous close.
    The Indian rupee will likely open higher against the dollar, tracking its
Asian peers, as a weaker-than-expected U.S. employment report dampened demand
for the greenback.
    Indian government bonds are poised to open higher, as data showed the U.S.
added fewer jobs in September, tempering expectations of a near-term Federal
Reserve rate increase. The yield on the benchmark 7.59 pct bond maturing in 2026
is likely to trade in a 6.81 pct-6.86 pct band.
    
    
    GLOBAL MARKETS
     U.S. stock index futures opened higher on Sunday ahead of a key U.S.
presidential debate, which will be the first time the candidates face off after
a video surfaced of Republican candidate Donald Trump making lewd comments about
women. 
     Asian shares crept higher and the Mexican peso climbed on Monday as
markets saw less chance a victory by Republican nominee Donald Trump in his U.S.
presidential bid amid a scandal over vulgar comments he made about women.
 
     The Mexican peso and Canadian dollar rose on Monday ahead of a
closely-watched U.S. presidential debate, after comments Donald Trump made about
women in a video created a firestorm around his campaign. 
     U.S. Treasuries ended little changed on Friday after data showed that U.S.
employment growth unexpectedly slowed in September but was stronger in August
than initially reported, and traders kept bets that the Federal Reserve is
likely to raise rates in December. 
     Oil prices fell over doubts that an OPEC-led plan to cut output would rein
in a global oversupply that has dogged markets for over two years. 
     Gold rose early, after marking a four-month low in the prior session,
supported by an easing dollar, with markets eyeing the second U.S. presidential
debate between candidates Hillary Clinton and Donald Trump. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.72/66.75  October 7        $8.45 mln    -$95.83 mln
 10-yr bond yield  6.90 pct     Month-to-date    $244.64 mln  -$635.94 mln
                                Year-to-date     $7.75 bln    -$601.32 mln
 
    
    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 = 66.68 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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