Aug 26 (Reuters) - To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 2:30 pm: Indirect Taxes Committee’s Chairman N.K. Gupta and Co-Chairman Gaurav Gupta at PHD Chamber of Commerce’s webinar, in Mumbai. PROMOTION LIVECHAT - REUTERS GLOBAL MARKETS FORUM Paul Krishnamurty, Betfair Political Betting Expert, joins the forum to discuss how bettors are assessing the U.S. presidential elections and how this election cycle is different from those in the past. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • Indian government consumption key to growth in economy amid pandemic, RBI says Government spending will support the economy during the pandemic, but private consumption will be needed to drive any economic recovery once the coronavirus threat eases, the central bank said on Tuesday. • Tata Motors says it will significantly reduce 480 billion rupees debt over 3 years Tata Motors will significantly reduce its group automotive debt of 480 billion rupees over the next three years, the company's chairman said during its annual shareholder meeting on Tuesday. • India's new COVID cases top global tally for 18th straight day India reported on Tuesday the highest number of new coronavirus cases globally for the 18th straight day, remaining well ahead of the United States and Brazil, a Reuters tally based on official reporting showed. • Facebook plans news service launch in UK, India, Brazil Facebook said on Tuesday it plans to launch its news service in the United Kingdom, Germany, France, India and Brazil in the coming months, after having introduced the feature in the United States last year. • ICICI Bank uses space images for farm loans to cut costs ICICI Bank has begun using satellite images of farmland to help assess farmers' credit-worthiness, a move the bank says is helping cut travel costs and make faster lending decisions in a world hit by the COVID-19 pandemic. • Indian refiners' July throughput recovery slows from June Refiners processed 2.5% less oil in July compared to June, the first monthly fall since April, as renewed restrictions due to rising coronavirus cases stalled a recovery in fuel sales in the world's third largest domestic market. • India plans deep cut in thermal coal imports in coming years India plans to significantly reduce its thermal coal imports in "the next few years" to save foreign exchange and create jobs through the development of existing and new coal blocks, a senior official in the federal coal ministry said on Tuesday. • Apple to open India online store in September - Bloomberg News Apple is set to open an online store in India next month, Bloomberg News reported on Tuesday, citing a person familiar with the matter. GLOBAL TOP NEWS • U.S., China reaffirm commitment to Phase 1 trade deal in phone call Top U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which has seen China lagging on its obligations to buy American goods, giving a boost to financial markets on Tuesday. • Republicans make their case for Trump, cite his leadership on economy, religious freedom Republicans pressed their case on Tuesday for U.S. President Donald Trump's re-election over Democrat Joe Biden, arguing that Trump's leadership was crucial to revitalize the economy and preserve religious freedom. • U.S. charges Teva in generic drugs price-fixing probe The U.S. Justice Department charged Teva Pharmaceutical Industries on Tuesday with conspiring with competitors to raise prices for generic drugs. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.3% higher at 11,508.00. • The Indian rupee is expected to advance against the U.S. currency following a decline on the dollar index amid a fall in the U.S. consumer confidence to a six-year low. • India government bond yields are likely to trade largely unchanged in early session, ahead of the central bank’s so-called special open market operation tomorrow. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 6.13%-6.18%. GLOBAL MARKETS • The S&P 500 and the Nasdaq hit all-time closing highs on Tuesday, but a drop in Apple stock capped gains from positive developments in U.S.-China trade and fresh progress in the medical battle against the coronavirus pandemic. • Asian stocks eased from a two-year high, as a mixed bag of economic data had investors a touch more circumspect about the global recovery, while oil jumped to a five-month peak owing to a hurricane disrupting output in the Gulf of Mexico. • The dollar nursed losses against most currencies as traders braced for U.S. data expected to show a slowdown in durable goods orders and a key speech by Federal Reserve Chairman Jerome Powell. • Longer-term U.S. Treasury yields were higher on Tuesday and a closely watched part of the yield curve steepened as investors moved into riskier assets on trade hopes and a solid auction of 2-year notes. • The price of Brent crude oil edged higher, lifted by U.S. producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura and optimism over China-U.S. trade talks. • Gold prices were mostly unchanged, as worries over the global economic outlook from rising COVID-19 cases offset an uptick in risk sentiment driven by signs of progress in U.S.-China trade negotiations. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.31/74.34 August 25 1062.24 crores 130.33 crores 10-yr bond 6.15% Month-to-date 41,762 crores 519 crores yield Year-to-date 30,812 crores (1,08,916) crores (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) 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 = 74.22 Indian rupees) (Compiled by Pooja Kesavan in Bengaluru)
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