August 6, 2019 / 3:18 AM / 15 days ago

Morning News Call - India, August 6

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FACTORS TO WATCH

11:00 am: Parliament session continues in New Delhi.

LIVECHAT - ON THE CHARTS

J.C. Parets, Chief Market Strategist at Allstarcharts.com joins us to give his technical view on global indices and FX at 10:00 am IST. To join the conversation, click here refini.tv/2P8N0Wp

INDIA TOP NEWS

• India scraps special status for Kashmir in step Pakistan calls illegal India on Monday revoked the special status of Kashmir, the Himalayan region that has long been a flashpoint in ties with neighbouring Pakistan, moving to grasp its only Muslim-majority region more tightly.

• DHFL’s bondholders get three-week deadline to be on board with rescue plan Bondholders of troubled shadow lender Dewan Housing Finance have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters.

• Blackstone may buy out Indiabulls Real Estate’s commercial properties -ET Blackstone is set to buy the remaining 50% stake in Indiabulls Real Estate’s commercial properties for about 48 billion rupees, the Economic Times reported on Monday.

• India’s July gold imports hit 3-yr low on record prices -government source India’s gold imports in July plunged 55% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes curtailed demand, a government source said on Monday.

• State Bank of India seeks bids for Videocon’s overseas oil, gas assets The State Bank of India has invited bids for overseas oil and gas assets of Videocon Industries, a newspaper advertisement showed on Monday, as India seeks to recover billions of dollars in loans from the beleaguered private firm.

• Walmart’s Flipkart to add free movies, videos streaming to its app Walmart’s Indian unit Flipkart is set to roll out a free video service for all of its 160 million customers this month as the ecommerce company looks for new ways to increase its user base in smaller towns and cities, it said on Monday.

GLOBAL TOP NEWS

• Offshore yuan hits record low after U.S. brands China a currency manipulator China’s offshore yuan hit a record low, fuelling fresh selling in global financial markets, after the United States branded Beijing a “currency manipulator” in a rapidly escalating trade war between the world’s two biggest economies.

• North Korea threatens to take ‘new road’, launches more missiles North Korea fired missiles into the sea off its east coast for the fourth time in less than two weeks, the South Korean military said, as Pyongyang protested that joint U.S.-South Korea military drills violated diplomatic agreements.

• Japan’s June household spending rises for 7th straight month Japan’s household spending rose for a seventh consecutive month in June, suggesting resilient consumer spending could help counter the effects of weak global demand, but falls in real wages cloud the outlook for overall domestic consumption.

LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

• SGX Nifty nearest-month futures were trading 0.7% lower at 10,791.50.

• The Indian rupee is expected to extend losses against the dollar after the U.S. upped the ante on its trade war with China by labeling the Asian nation as a currency manipulator.

• The Indian government bonds will likely open higher, tracking a slump in U.S. Treasury yields as well as crude oil prices amid a worsening trade spat between America and China.However, any major gains will be capped ahead of sale of state debt and following the sharp depreciation of the Indian rupee, dealers said. The yield on the benchmark 7.26% bond maturing in 2029 will likely trade in a 6.35%-6.42% range today.

GLOBAL MARKETS

• Wall Street slumped on Monday and futures pointed to more losses to come after a fall in China’s yuan currency and U.S. President Donald Trump’s vow to impose additional tariffs on Chinese goods sparked an escalation of the U.S.-China trade war.

• Global stocks extended already substantial losses as China’s yuan currency dropped to an 11-year low after Washington designated Beijing a currency manipulator in a rapid escalation of the U.S.-China trade war.

• U.S. longer-dated Treasury yields on Monday recorded their steepest one-day drop in more than 14 months as investors scooped up low-risk government debt due to a worsening trade spat between China and the United States.

• Oil prices edged up, but remained under pressure as the escalating U.S.-China trade war stoked concerns over global economic growth and future demand for crude.

• Gold prices continued to rise as the protracted trade war between the United States and China intensified after Washington designated Beijing a currency manipulator, prompting a flight towards safe-haven assets.

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 = 69.39 Indian rupees Compiled by Priyanka Das in Bengaluru

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