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Morning News Call - India, September 4

    Sept 4 (Reuters) - To access a PDF version of this newsletter, please click
here here
    
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    FACTORS TO WATCH
    4:30 pm: Finance Secretary Ajay Bhushan Pandey will participate in FICCI-ET
Markets webinar on ‘transparent taxation.’ 
    4:30 pm: CBDT Chairman P.C. Mody and Income Tax Commissioner Ashish Kumar
will participate in ASSOCHAM’s “International Tax Conference.”
    5:30 pm: Finance Commission Chairman N.K. Singh to brief media post meeting
with its economic advisory council in New Delhi. 
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Anna Irrera, Reuters Financial Technology Correspondent, discusses
innovations in banks' use of technology in terms of operations and trading,
banks' outlook on blockchain technology and the path ahead as they aim to boost
efficiency with tech. To join the conversation at 6:30 pm IST, click here. To
join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's services activity shrinks for sixth month in August, job losses
mount
    Activity in India's crippled services industry fell for a sixth straight
month in August as coronavirus restrictions continued to hurt business
operations and demand, causing the longest streak of job losses on record, an
industry survey showed.
    • Silver Lake in talks to take $1 billion stake in Reliance Retail - FT
    Private equity firm Silver Lake Partners is in talks to invest $1 billion in
the retail arm of Reliance Industries, the Financial Times reported on Thursday,
citing people with direct knowledge of the matter.
    • India's Vodafone Idea says board has no proposal from Amazon, Verizon 
    Vodafone Idea said on Thursday its board had no investment proposal to
consider from U.S. wireless carrier Verizon Communications or Amazon.com.

    • U.S. to allow Indian air carriers to conduct ground handling operations
    The U.S. Transportation Department said Thursday it planned to restore the
ability of Indian air carriers to conduct ground handling operations at U.S.
airports.
    • Speedo looking into report of human rights violations at Indian partner
Page
    Speedo International will investigate a report of possible human rights
violations by its Indian partner Page Industries, which Norway's wealth fund
dropped from its portfolio this week, the United Kingdom-based swimwear maker
told Reuters.    
    • Facebook bans Indian ruling party politician for policy violation
    Facebook has banned a member of India's ruling party for violating its
policies covering violence and hate, as Mark Zuckerberg's company finds itself
caught in a debate over how it handles political content in its biggest market.

    • Netflix India's "Bad Boy Billionaires" show on hold following court order
    The release of a Netflix series on four Indian tycoons facing fraud
allegations has been put on hold following a state court order, two sources said
on Thursday, in the latest legal tussle faced by the U.S. streaming giant in a
key market.
    
    
    GLOBAL TOP NEWS
    • Japan's Suga jumps in popularity, tops favourability poll for next PM
    Japan's Chief Cabinet Secretary Yoshihide Suga is now the most preferred
candidate among the public to become the next prime minister, surging in
popularity after he entered his party's leadership race, an Asahi Shimbun survey
showed.
    • UN experts decry Hong Kong security law in letter to China
    U.N. human rights experts have told China a new security law for Hong Kong
"infringes on certain fundamental rights" and voiced concerns that it could be
used to prosecute political activists in the former British colony.
    • UNICEF says drugmakers can produce unprecedented vaccine quantities for
COVID-19
    Unprecedented quantities of vaccines could be produced by 28 manufacturers
in 10 countries over the next two years to tackle the COVID-19 pandemic, the
U.N. children's agency UNICEF said on Thursday, as it announced it would help
lead efforts to procure and distribute them.   
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 1% lower at 11,435.50.
    • The Indian rupee is expected to trade little changed against the U.S.
currency following an abrupt halt to the rally in equities.
    • India government bond yields are likely to trade largely unchanged in
early session, ahead of a fresh supply of notes at a weekly debt auction today.
The yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a
range of 5.87%-5.93%. 
    
   
    GLOBAL MARKETS
    • Wall Street's main indexes closed sharply lower on Thursday, marking their
deepest one-day declines since June as investors dumped the high-flying
technology sector, while economic data highlighted concerns about a long and
difficult recovery.
    • Asia's stock markets slipped, following the steepest Wall Street selloff
since June, while safer bonds and the dollar found support as investors sought
shelter.
    • The dollar steadied against major currencies as traders awaited key U.S.
jobs data that may cast doubt on the strength of economic recovery from the
coronavirus outbreak.
    • U.S. Treasury yields fell as stocks plunged and the market awaited August
employment data due out for the latest indication of how the coronavirus-hit
economy is faring.
    • Oil prices slipped, on track for a weekly loss, as investors' focus
shifted to lacklustre demand and ample fuel supplies, offsetting support from a
weak dollar.
    • Gold prices rose as a slightly weaker U.S. dollar and a pullback in global
equities lifted demand for the safe-haven metal, while investors awaited the
release of U.S. non-farm payrolls data for August.
        
    
            CLOSE       FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot  73.47/73.5  September 3      1,227.71 crores  (424.24) crores
 10-yr      5.896%      Month-to-date    (556) crores     (795) crores
 bond                                                     
 yield                                                    
                        Year-to-date     35,574 crores    (1,13,540) 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 = 73.44 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  
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