September 4, 2017 / 3:22 AM / in 3 months

Morning News Call - India, September 4

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    FACTORS TO WATCH
    10:00 am: Minister of Skill Development and Entrepreneurship Dharmendra
Pradhan and Minister of State Skill Development and Entrepreneurship Anant Kumar
Hegde to assume charge of their portfolios in New Delhi.
    11:00 am: New Trade Minister Suresh Prabhu to take charge of portfolio in
New Delhi.
    5:00 pm: New Railway Minister Piyush Goyal to take charge of portfolio in
New Delhi.
    6:15 pm: New Power Minister to take charge of portfolio in New Delhi.
    
    LIVECHAT - CHINA COMMODITIES
    Amid the surprising appreciation of the Chinese yuan against the dollar this
year, will the commodity rally in China continue to have steam? Simon Ting, a
futures trader from Strait Financials, will discuss the outlook of commodities
at 09:00 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India appoints new defence minister, rejigs cabinet to refocus on economy 
    Prime Minister Narendra Modi appointed Nirmala Sitharaman as defence
minister on Sunday as part of a cabinet reshuffle, as he seeks to get economic
growth back on track and modernise the armed forces before national elections in
2019.
    • ANALYSIS-Slowdown-hit Indian economy counts costs of stronger rupee 
    India's stronger currency has become a threat for its growth aspirations,
piling pressure on the central bank to aggressively intervene in the foreign
exchange market even at the risk of incurring the wrath of the United States.

    • India's former cenbank head says had cautioned government on
demonetization -report 
    Former central bank head Raghuram Rajan had cautioned the government that
short-term costs of a radical ban of high-value currency notes would outweigh
the long-term benefits, Times of India newspaper reported on Sunday.

    • Adani at odds over royalty negotiations for Australian coal mine -paper 
    Adani Enterprises appears to be at odds with the state of Queensland over
royalties for its Carmichael coal project, according to a media report, just
days after the Indian company said it would soon break ground on the Australian
mine.
        
    
    GLOBAL TOP NEWS
    • South Korea conducts missile drill after N.Korea nuclear test rattles
globe
    South Korea's military carried out a missile drill in response to North
Korea's sixth nuclear test, while global markets reacted to the sharp escalation
in tensions between Pyongyang and the United States.
    • Trump to scrap protection for "Dreamers," give Congress 6 months to fix
    U.S. President Donald Trump has decided to scrap a program shielding
immigrants who came to the United States illegally as children from deportation
but will give Congress six months to craft a bill to replace it, sources
familiar with the situation said.
    • Hong Kong, Singapore in talks to grab bigger share of derivatives business
    Hong Kong and Singapore are seeking to snare a bigger share of the $540
trillion global derivatives business, taking advantage of tough new UK and
European banking rules and uncertainty created by Britain's plans to leave the
European Union.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     • Indian government bonds are likely to trade higher as
weaker-than-expected domestic growth has boosted expectations of future rate
cuts.  The yield on the benchmark 6.79 percent bond maturing in 2027 is likely
to trade in a 6.45 percent-6.50 percent band.
    • The Indian rupee will likely open higher against the dollar, tracking
gains in the non-deliverable forwards trade in the previous session, even as
North Korea’s latest nuclear test over the weekend sparks risk-aversion.
    
    
    GLOBAL MARKETS
    • Wall Street gained modestly on Friday as a tepid U.S. jobs report kept
expectations muted for another interest rate hike this year, while investors
kicked off a typically dour month for stocks on a positive note.
    • The Japanese yen, gold and sovereign bonds all rose early as North Korea's
latest nuclear test provoked the usual knee-jerk shift to safe havens, while
futures pointed to a difficult day for global equities.
    • U.S. Treasury yields rose on Friday as strong manufacturing data boosted
sentiment that economic growth is solid, even after the August jobs report was
weaker than economists expected.
    • Oil markets were volatile, supported by shutdowns of U.S. production
following Hurricane Harvey, but pressured by an expected downturn in crude
demand as the storm knocked out refineries along the Gulf of Mexico coast.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.01/64.04  September 1      -$130.12 mln  -$11.87 mln
 10-yr bond yield  6.76 pct     Month-to-date    -$1.97 bln    -
                                Year-to-date     $7.01 bln     $23.13 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 = 64.0200 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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