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Morning News Call - India, September 9

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    FACTORS TO WATCH
    12:00 pm: ICRA Senior Vice President and Group Head Karthik Srinivasan will
participate in a webinar on moratorium and loan restructuring.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Frank Benzimra, Head of Asia equity strategy and global asset allocation at
Societe Generale in Hong Kong, joins us to discuss markets as global investment
banks revise earnings estimates to less negative, amid what look like worsening
U.S.-China relations with the latest focus on the tech war between the two
giants. To join the conversation at 9:30 am IST, click here here
​
    
    
    INDIA TOP NEWS
    • India, China accuse each other of firing in the air on tense border
India and China have accused each other of firing in the air during a new
confrontation on their border in the western Himalayas, in a further escalation
of military tension between the nuclear-armed nations.
    • Indian economy projected to contract 11.8% year over year, Fitch domestic
arm says
India's economy is projected to contract 11.8% on the year in the current fiscal
year beginning from April, before bouncing back in the next fiscal year, India
Ratings and Research, a domestic arm of ratings agency Fitch, said on Tuesday.

    • India court remands former ICICI Bank CEO's husband in police custody
An Indian court on Tuesday allowed the country's financial crime fighting agency
to take 10-day custody of former ICICI Bank CEO Chanda Kochhar's husband, two
lawyers familiar with the matter said.
    • Sri Lanka spots oil slick from fire-stricken supertanker
Sri Lanka's navy said on Tuesday that an oil slick had been spotted a kilometre
from a loaded supertanker off the country's east coast, as efforts to extinguish
a fire on board continued.
    • India weighing Russian offer for Sputnik-V vaccine trial, manufacturing
India has received an offer from Russia to conduct a trial and manufacture its
"Sputnik-V" COVID-19 vaccine, with several Indian companies currently studying
the proposal, an Indian government official said on Tuesday.
    • India pushes state-run banks to step up loans to street vendors, say
sources
Banks in Madhya Pradesh state are scrambling to boost lending to street vendors
in a bid to bolster numbers ahead of a visit this week by Prime Minister
Narendra Modi, according to sources and letters seen by Reuters.
    • India aims for half of state-run fuel stations to be solar-powered in five
years
India aims for 50% of fuel stations owned by public sector oil companies to be
operated by solar power within five years under the government's green energy
drive, its oil minister said on Tuesday.
    • PUBG Corp says Tencent not to publish mobile game in India
PUBG Corp, the unit of a South Korean company behind PlayerUnknown's
Battlegrounds (PUBG), will no longer give Tencent Games the rights to publish
its popular mobile game in India, it said in a blog.
    
    
    GLOBAL TOP NEWS
    • AstraZeneca puts leading COVID-19 vaccine trial on hold over safety
concern
AstraZeneca on Tuesday said it has paused a late-stage trial of one of the
leading COVID-19 vaccine candidates after an unexplained illness in a study
participant.
    • China factory prices fall more slowly in August with recovery on track
China's factory gate prices fell for the seventh straight month in August but at
the slowest annual pace since March, suggesting the industries of the world's
No. 2 economy continued to recover from the sharp coronavirus-induced downturn.

    • At campaign rally, Trump steps up attacks on Biden over China
President Donald Trump on Tuesday escalated his efforts to make China a central
theme of the U.S. presidential race, accusing Democratic rival Joe Biden of
being a “globalist sellout” who helped engineer the widespread loss of American
jobs.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.4% lower at 11,260.50.
    • The Indian rupee is expected to open lower against the U.S. currency after
Wall Street extended losses, boosting demand for the safe-haven dollar.
    • Indian government bond yields will likely edge higher in early session as
sentiment continues to be weak on concerns over a supply glut of papers. The
yield on the benchmark 5.77% bond maturing in 2030 is likely to trade in a
6.04%-6.10% range.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed lower for a third straight session on Tuesday as
heavyweight technology names extended their sell-off to send the Nasdaq into
correction territory, while Tesla suffered its biggest daily percentage drop
after the stock was passed over for inclusion in the S&P 500.
    • Asian shares fell and oil prices hit lows not seen since June after a rout
of technology shares sank Wall Street for a third consecutive day and a major
drugmaker delayed testing of a coronavirus vaccine.
    • The dollar held its gains, as a stockmarket slide spilled over into
selling of riskier currencies and an oil slump weighed on commodity currencies,
while fresh Brexit turmoil pushed the pound to a six-week low.
    • U.S. Treasury yields fell on Tuesday as tumbling stocks boosted demand for
the safe haven U.S. debt, and before the United States government will sell $35
billion in 10-year notes on Wednesday.
    • Gold prices were steady as the metal was caught between a strengthening
U.S. dollar and a pullback in global equities, with investors awaiting monetary
policy strategies from central banks.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot         73.58/73.61  September 8      169.2 crores   (188.1) crores
 10-yr bond yield  6.056 pct    Month-to-date    (3313) crores  760 crores
                                Year-to-date     32,817 crores  (111,985) 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 = 73.79 Indian rupees)
 

 (Compiled by Yoganand KN in Bengaluru)
  
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