September 13, 2017 / 3:29 AM / 11 days ago

Morning News Call - India, September 13

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    FACTORS TO WATCH
    10:00 am: Finance Minister Arun Jaitley at Financial Inclusion conclave in
New Delhi.
    3:00 pm: Hindalco Industries annual general meeting in Mumbai.
    4:15 pm: Electronics & IT Minister Ravi Shankar Prasad at Financial
Inclusion conclave in New Delhi.

    
    TRADING INDIA FORUM - CHATBOTS AND INDIAN AI
    Chatbots for the unitiated are programs designed to simulate human
conversation. While this might be seem like a scene right of Minority report,
the truth is that chatbots have already started entering our lives. In March
this year, HDFC Bank launched EVA, India's first AI based chatbot. Aakrit Vaish,
Co-founder and CEO of Haptik, a 24/7 chat-based Personal Assistant app, speaks
to us at 11:00 am IST. To join the conversation, click on the link: here
    
    LIVECHAT - FIXED INCOME 
    Hurricane Harvey, Irma and heightened North Korea tensions seem to have had
little impact on markets, and now U.S. Treasury Secretary Steven Mnuchin’s
confidence in a tax reform plan being implemented by year-end and soft inflation
data point against near-term Fed tightening. With the looming balance sheet
unwinding by the Fed at its September meeting, Evan Pearce, Senior Investment
Manager at Pictet joins us at 11:30 am IST to discuss what is next for the
markets. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Rising food prices push August retail inflation to five-month high
    India's consumer price inflation rose more than expected to a five-month
high in August, fuelled by strong gains in prices of food items, dampening
chances of a rate cut by the central bank in a policy review next month amid
weak economic growth.
    • SBI Life to launch India's first billion dollar IPO in seven years
    SBI Life Insurance Co Ltd will launch an initial public offering next week
to raise as much as $1.3 billion, sources with direct knowledge told Reuters, in
what will be the country's first billion-dollar IPO in nearly seven years.

    • Japan's Abe to launch $17-billion Indian bullet train project as ties
deepen
    Japan's Prime Minister Shinzo Abe will lay the foundation stone for India's
first bullet train in Prime Minister Narendra Modi's home state this week, in a
tightening of ties just days after New Delhi ended a dangerous military
confrontation with China.
    • Thyssenkrupp labour leaders ready to talk as Tata decision looms
    Labour leaders at Thyssenkrupp are willing to talk to management about an
overhaul of the group's European steel operations, they said on Tuesday, but
warned they remained opposed to a merger with Tata Steel.
    • Jet Airways Q1 profit more than doubles 
    Jet Airways (India) Ltd, the country's second largest airline by market
share, on Tuesday said its first-quarter net profit more than doubled.

    • Banks need $65 billion capital to meet Basel rules by March 2019 - Fitch  
    Banks will need additional capital of $65 billion to meet all of global
Basel III banking rules by March 2019, with state-run lenders accounting for 95
percent of the requirements, Fitch Ratings said on Tuesday.
    • India's fuel demand falls the most in over 14 years
    India's fuel consumption fell 6.1 percent in August, its fastest rate of
decline since April 2003, as heavy rainfall across the country cut the use of
diesel for irrigation pumps and curbed demand for auto fuels.
    • IndiGo parent to privately place up to 33.6 million shares
    InterGlobe Aviation Ltd, the owner of IndiGo airlines, said its board had
approved issuance of equity shares up to 33.6 million to qualified institutional
buyers.
    
    
    GLOBAL TOP NEWS
    • Apple launches $999 iPhone X in bid to regain innovation lead
    Apple Inc on Tuesday rolled out its much-anticipated iPhone X, a glass and
stainless steel device with an edge-to-edge display that Chief Executive Tim
Cook called "the biggest leap forward since the original iPhone."
    • N.Korea defiant over UN sanctions as Trump says tougher steps needed
    North Korea remained defiant over new U.N. sanctions imposed for its latest
nuclear test, vowing to redouble efforts to fight off what it said was the
threat of a U.S. invasion.
    • Toshiba favours Bain group for chip sale; Western Digital talks
stall-sources 
    Toshiba Corp now favours a group led by Bain Capital LP and SK Hynix Inc to
buy its prized semiconductor business, as it failed to bridge key gaps with its
business partner and rival bidder Western Digital Corp, two people briefed on
the matter said on Tuesday.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 10,103.50, trading little changed from its
previous close.
    • Indian government bonds are likely to fall in early trade after inflation
in August quickened to a five-month high, denting hopes of a monetary easing
next month. The yield on the benchmark 6.79 percent bond maturing in 2027 will
likely trade in a 6.54 percent-6.60 percent band today.
    • The Indian rupee will likely edge higher against the dollar, as regional
equities joined a global rally amid ebbing North Korea-led tensions and the
impact of Hurricane Irma turning out to be less destructive than anticipated. 
    
    
    GLOBAL MARKETS
    • The major Wall Street indexes hit record closing highs on Tuesday, with
financial stocks leading the charge, but gains were stunted by a decline in
Apple Inc shares after it unveiled its latest line of iPhones.
    • Asian shares inched up to a 10-year high, cheered by record highs on Wall
Street, while the dollar's rise against the yen helped boost Japanese shares.

    • U.S. long-dated Treasury yields rose for a third straight session as tepid
demand for benchmark 10-year notes pressured overall bond prices.
    • Oil prices were mixed, but largely held on to gains in the previous
session after OPEC said it expected higher demand for its crude next year.
    • Gold prices held steady as the dollar remained firm, with safe-haven
demand for the metal buoyed after U.S. President Donald Trump's latest comments
on tensions over North Korea.  
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         63.99/64.02  September 12     -$192.27 mln  -$14.05 mln
 10-yr bond yield  6.81 pct     Month-to-date    -$616.73 mln  $366.41 mln
                                Year-to-date     $6.39 bln     $23.51 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 = 64.0260 Indian rupees)
        
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  

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