August 28, 2018 / 3:06 AM / 4 months ago

Morning News Call - India, August 28

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    FACTORS TO WATCH
    10:30 am: Railway Minister Piyush Goyal to address Smart Railways Conclave in New Delhi.
    1:30 pm: Transport Minister Nitin Gadkari and Railway Minister Piyush Goyal at signing of
MoU for railway project in New Delhi.
    2:30 pm: ICRA webinar on Indian banking sector in Mumbai.
    
    LIVECHAT - NAFTA OVERHAUL TALKS, A YEAR ON
    Reuters Breakingviews Washington columnist Gina Chon walks the GMF through the intricacies,
hazards and possibilities in the high-stakes NAFTA trade negotiations among Canada, Mexico and
the United States at 8:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Jet Airways posts first-quarter loss; draws up strategy to cut costs
    India's biggest full-service airline, Jet Airways, posted its second consecutive quarterly
loss on Monday, and said it would inject funds and cut costs in excess of 20 billion rupees in
two years as it seeks to turnaround the business.
    • Axis Bank arm offers trading in commodity derivatives 
    The stock-broking arm of Axis Bank on Monday began offering commodity derivatives trading on
the Multi Commodity Exchange platform, making it the first subsidiary of a bank to offer the
service.
    
    
    GLOBAL TOP NEWS
    • U.S., Mexico reach NAFTA deal, turn up pressure on Canada
    The United States and Mexico agreed on Monday to overhaul the North American Free Trade
Agreement (NAFTA), putting pressure on Canada to agree to new terms on auto trade and dispute
settlement rules to remain part of the three-nation pact.
    • UN calls for Myanmar generals to be tried for genocide, blames Facebook for incitement
    Myanmar's military carried out mass killings and gang rapes of Muslim Rohingya with
"genocidal intent", and the commander-in-chief and five generals should be prosecuted for the
gravest crimes under international law, United Nations investigators said.
    • Toyota to invest $500 million in Uber for self-driving cars
    Toyota Motor Corp will invest $500 million in Uber to jointly work on developing
self-driving cars, the companies said on Monday, a bid by both to catch up to rivals in the
hotly competitive autonomous driving business.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,754.50, up 0.3 percent from its
previous close. 
    • The Indian rupee will likely open higher against the U.S. currency amid a further decline
in the dollar index in the wake of Federal Reserve Chairman Jerome Powell’s comments on
inflation. Month-end dollar demand from corporates, however, is expected to limit the potential
upside on the rupee, a dealer said. 
    • Indian government bonds are likely to edge lower today tracking overnight gain in crude
oil prices. The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.86
percent-7.92 percent band today.
    
    
    GLOBAL MARKETS
    • A broad-based rally pushed the S&P 500 and the Nasdaq to record-high closes for the second
straight session on Monday as a trade agreement reached between the United States and Mexico
buoyed investor sentiment.
    • Asian shares advanced again while major currencies held on to gains amid hopes global
tariff tensions were abating as the United States and Mexico made a deal to overhaul the North
American Free Trade Agreement.
    • The dollar was steady against the euro and a basket of major currencies after the United
States and Mexico agreed to overhaul the North American Free Trade Agreement, boosting optimism
for an easing of global trade tensions.
    • U.S. Treasury yields rose on Monday as Mexico and the United States reached a deal on
bilateral issues in the renegotiation of the North American Free Trade Agreement (NAFTA),
stoking some selling of safe-haven Treasuries holdings.
    • Oil prices rose as risks of supply disruptions from places such as Venezuela, Africa and
Iran triggered expectations of a tightening market.
    • Gold prices held steady after hitting a two-week high in the previous session, with the
dollar under pressure in the wake of a trade deal between the United States and Mexico.  
 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.03/70.06  August 27        $36.10 mln    -$59.55 mln
 10-yr bond yield  7.89 pct     Month-to-date    $161.85 mln   $663.12 mln
                                Year-to-date     -$417.66 mln  -$5.09 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 = 70.0900 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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