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Morning News Call

Written by on 30/09/2020

    Sept 1 (Reuters) - To access a PDF version of this newsletter, please click
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    FACTORS TO WATCH
    Finance Secretary Ajay Bhushan Pandey and Expenditure Secretary T.V.
Somanathan to discuss borrowing options of states with state finance secretaries
in New Delhi.
    Supreme Court to hear petition on seeking interest waiver during moratorium
period in New Delhi.
    
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Rahul Chandra, Managing Director at Arkam Ventures, discusses the evolution
of venture capital in India, what he looks for in start-ups while investing and
the investment landscape for companies aiming to build business models for the
rising Indian middle class. To join the conversation at 4:00 pm IST, click here.
To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's recovery to take time after economy shrinks 24% in June quarter
    India's economy shrank by nearly a quarter in April-June, much more than
forecast and pointing to a longer than previously expected recovery with
analysts calling for further stimulus.
    • Indian central bank announces new measures to maintain market stability
    The Reserve Bank of India announced new measures on Monday to maintain
stability in the financial system during the coronavirus pandemic, including two
more tranches of special open market bond operations in its 'Operation Twist'.

    • Brookfield Infrastructure, GIC, buy Indian telecom towers for $3.4 billion
    GIC, Singapore's sovereign wealth fund, said it and a group of investors,
including Brookfield Infrastructure Partners, bought an Indian telecom tower
company from a unit of Reliance Industries for $3.4 billion.
    • India's foreign minister says favourable U.S. visa policy would be good
for both countries
    India's foreign minister, Subrahmanyam Jaishankar, said on Monday a U.S.
visa policy that supported Indian talent would be beneficial for both countries.

    • India's July infrastructure output contracts 9.6% y/y
    India's July infrastructure output contracted 9.6% in July from a year
earlier, government data released on Monday showed, as government restrictions
in response to COVID-19 weighed on economic activities.
    • India's federal fiscal deficit crosses full year budget target in 4 months
    India's federal fiscal deficit in the four months to end July stood at 8.21
trillion rupees, or 103.1% of the budgeted target for the current fiscal year,
government data showed on Monday.
    • Former India president Mukherjee dies after developing lung infection
    Former Indian President Pranab Mukherjee, who had tested positive for
COVID-19 this month, died on Monday after weeks in hospital. He was 84.

    • Adani arm eyes controlling interest in Mumbai Airport
Adani Enterprises said on Monday it would take a controlling stake in Mumbai
International Airport through a deal in which Adani Airport Holdings Limited
will acquire the debt of GVK Airport Developers Limited.
    
        
    GLOBAL TOP NEWS
    • Asia's factories shaking off COVID gloom, China shines
    Asian factories continued to shake off the coronavirus-induced gloom in
August as more bright signs in China raised hopes of a firmer recovery in global
demand, reducing pressure on policymakers to take more radical steps to avert a
deeper recession.
    • Largest faction of Japan's ruling party backs Suga to replace Abe as PM -
NHK
    Japan's top government spokesman, Yoshihide Suga, has won the backing of the
largest faction of the ruling party to become its next leader, public
broadcaster NHK reported, making him a strong front-runner to become the next
premier.
    • U.S. increases support for Taiwan, says to counter rising China pressure
    The United States said on Monday it was establishing a new bilateral
economic dialogue with Taiwan, an initiative it said was aimed at strengthening
ties with Taipei and supporting it in the face of increasing pressure from
Beijing.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.7% higher at 11,435.50.
    • The Indian rupee is expected to rise against the dollar, recouping losses
triggered by the renewed border standoff between India and China. 
    • India government bond yields are likely to plunge in early session, on the
back of a slew of central bank announcements that are aimed at reviving bond
market appetite. The yield on the benchmark 5.77% bond maturing in 2030 is
likely to trade in a range of 5.92%-6.02%.
    
    
    GLOBAL MARKETS
    • While the S&P 500 boasted its steepest August percentage gain in more than
three decades it ended Monday slightly lower and the Dow also lost ground as
investors took a pause although the Nasdaq closed higher thanks to high-flying
stocks including Apple.
    • Japan's Nikkei share average was almost unchanged, as investors booking
profits was countered by an extended rally in stocks of trading companies. 
    • The dollar fell toward multi-year lows against most major currencies as
the Federal Reserve's new policy framework continued to fuel bets that U.S.
rates will stay lower for longer than other countries.
    • U.S. Treasury yields on the longer end of the curve fell on Monday with
investors scurrying back to the market following last week's run-up in yields in
the wake of the Federal Reserve's new policy framework announcement.
    • Oil prices rose in early trade, reversing overnight losses, as investors
shifted to risk assets and out of the safe-haven U.S. dollar, which slid to a
more than two-year low.
    • Gold held steady near a two-week high as a weaker dollar and ultra-low
interest rate environment kept demand solid for the safe-haven metal.
    
    
              CLOSE        FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot    73.61/73.64  August 31        477.20 crores  (1,884.48) crores
 10-yr bond   6.078%       Month-to-date    47,080 crores  (3,310) crores
 yield                                                     
                           Year-to-date     36,130 crores  (1,12,745) 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=73.26 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  

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