Morning News Call – India, September 3

Headlines


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    FACTORS TO WATCH
    11:00 am: Finance Minister Nirmala Sitharaman to meet heads of banks and
NBFCs to review loan recast implementation in New Delhi. 
    9:00 pm: Prime Minister Narendra Modi to address leadership summit of
US-India Strategic Partnership Forum in New Delhi.

    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Arthur Shek, McKinsey’s partner for Asian Fintech, talks about the steps
banks have taken to embrace fintech and what more they could do, cross border
payments and outlook on digital lending companies given the spike in bad debts
on the part of both consumer and corporate borrowers. To join the conversation,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India bans Tencent's PUBG app as takes aim at China tech
    India on Wednesday banned another 118 mobile apps including Tencent's
popular videogame PUBG, as it stepped up the pressure on Chinese technology
companies following a standoff with Beijing at the border.
    • Twitter confirms account of PM Modi's personal website hacked
    Twitter confirmed that an account of Indian Prime Minister Narendra Modi's
personal website was hacked with a series of tweets asking its followers to
donate to a relief fund through cryptocurrency.
    • India's coronavirus case tally nears 3.8 million as country reopens
    India said on Wednesday it would allow metro services to reopen nationwide,
despite the number of novel coronavirus infections there reaching almost 3.8
million.
    • India parliament panel says to summon Facebook again on content regulation
    An Indian parliamentary panel on information technology will summon Facebook
executives again as issues regarding the social media giant's content
regulations policies could not be settled on Wednesday, the panel's chief said.
 
    • As coronavirus hits travel, Adani ready for India aviation growth
    Adani Enterprises says it is well placed to build the infrastructure needed
to support the country's expected aviation growth, which has been curtailed by
the coronavirus crisis.
    • Amazon's new offerings make India centre of fintech push
    Amazon.com has added insurance and even gold to its menu of financial
services in India, to expand its customer base and attract more subscribers to
its Prime loyalty programme in a battleground growth market.
    • Walmart's Flipkart starts wholesale e-commerce service in India
    Flipkart launched an online wholesale service for mom-and-pop stores and
other small businesses on Wednesday, as the Walmart-owned firm seeks to better
compete with Amazon and other players in a battleground market for e-commerce.

    • ONGC unlikely to buy overseas oil, gas assets at current prices
    India's top explorer Oil and Natural Gas Corporation is unlikely to buy
overseas oil and gas assets at current prices of about $45 a barrel, its finance
chief said on Wednesday.

        
    GLOBAL TOP NEWS
    • China's services sector sustains recovery as hiring picks up - Caixin PMI
    The recovery in China's service sector activity extended into a fourth
straight month in August, an industry survey showed, with companies hiring more
people for the first time since January.
    • Pompeo announces fresh restrictions on Chinese diplomats in U.S.
    The United States said on Wednesday it would require senior Chinese
diplomats to get State Department approval before visiting U.S. university
campuses or holding cultural events with more than 50 people outside mission
grounds.
    • Vaccine group says 76 rich countries now committed to "COVAX" access plan
    Seventy-six wealthy nations are now committed to joining a global COVID-19
vaccine allocation plan co-led by the World Health Organization (WHO) that aims
to help buy and fairly distribute the shots, the project's co-lead said on
Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2% higher at 11,587.20.
    • The Indian rupee is expected to weaken against the U.S. currency after the
dollar index rose by the most in about two weeks. 
    • India government bond yields are likely to trade little changed in early
session, ahead of the central bank’s so-called special open market operation due
later today. The yield on the benchmark 5.77% bond maturing in 2030 is likely to
trade in a range of 5.90%-5.96%. 
    
    
    GLOBAL MARKETS
    • The S&P 500 closed higher on Wednesday for the ninth time in the past 10
sessions, with defensive and value stocks taking their turns to lead the gains
after data showed U.S. private payrolls expanded last month, but at a much
slower pace than expected.
    • Japan's Nikkei share average hit a six-month high and reached its highest
level in three decades in dollar terms, as hopes of more global and domestic
economic stimulus boosted sentiment.        
    • The dollar clung to overnight gains, as investors trimmed bets against the
greenback and sold the euro on concerns that the European Central Bank was
worried about its rise.
    • Longer-term U.S. Treasury yields tumbled on Wednesday, flattening the
yield curve, as the market awaited the release of August employment data later
this week.
    • Oil prices were little changed in early trade, sitting near multi-week
lows hit overnight on worries about fuel demand due to a patchy U.S. economic
recovery.
    • Gold prices edged higher following a steep fall in the previous session,
as a weaker U.S. dollar and worries over the global economic outlook due to
rising COVID-19 cases underpinned the metal's appeal.
    
        
              CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot    73.02/73.05  September 2      573.82 crores   (144.89) crores
 10-yr bond   5.920%       Month-to-date    (1,784) crores  (371) crores
 yield                                                      
                           Year-to-date     34,346 crores   (1,131,16) 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 = 73.48 Indian rupees)
 

 (Reporting by Pooja Kesavan in Bengaluru)
  



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