Morning News Call – India, October 10
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To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH No major events are scheduled for the day. LIVECHAT - BONDS UPDATE Reuters Senior European Government Bonds Correspondent Dhara Ranasinghe delves through what is happening in the market for govvies at 5.00 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • RBI blocks Lakshmi Vilas-Indiabulls merger Indian lender Lakshmi Vilas Bank said on Wednesday the central bank had not approved its merger with Indiabulls Housing Finance, making it the latest bank to face struggles in an already troubled sector. • Reliance to resume Venezuela oil loadings after 4-month pause Refiner Reliance Industries is scheduled to resume loading Venezuelan crude in October after a four-month pause, according to sources and internal documents from PDVSA seen by Reuters, a move that could help Venezuela's state-run company drain its large oil inventories. • Reliance Jio does U-turn on call charges Reliance Industries' telecom arm Jio said on Wednesday it will charge its customers for voice calls made through its network to other operators as it racks up fees to rivals. • Modi to host China's Xi at summit with ties strained by Kashmir Prime Minister Narendra Modi will welcome Chinese President Xi Jinping at an informal summit this week, the Indian foreign ministry said on Wednesday, their talks coming at a time of strained ties over the disputed region of Kashmir. • Coal India says lost 2.1% of annual output due to strikes at eastern Indian unit Coal India has lost 13 million tonnes, or 2.1%, of its annual output this financial year, due to strikes at eastern Indian Talcher coalfields, one of India's biggest, a spokesman for the company's unit said on Wednesday. GLOBAL TOP NEWS • China lowers expectations for U.S. trade talks after blacklist Surprised and upset by the U.S. blacklisting of Chinese companies, China has lowered expectations for significant progress from this week's trade talks with the United States, Chinese government officials told Reuters, even as President Donald Trump on Wednesday expressed fresh optimism. • Turkey opens ground assault on Syria's Kurds; U.S. Republicans turn on Trump Turkish troops and their Syrian rebel allies attacked Kurdish militia in northeast Syria on Wednesday, pounding them with air strikes and artillery before starting a cross-border ground operation that could transform an eight-year-old war. • As Biden calls for impeachment, Trump adds legal muscle, lashes out at whistleblower U.S. President Donald Trump added muscle to the legal team defending against an impeachment investigation led by congressional Democrats on Wednesday, after 2020 re-election rival Joe Biden called for the first time for his impeachment. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.5% lower at 11,283.00. • The Indian rupee is expected to open higher against the dollar amid a Chinese yuan-led advance in Asian peers following a report that the White House is considering a currency accord with China • Indian government bonds are likely to open largely unchanged as traders await fresh triggers from the high-level trade talks between the U.S. and China that starts today. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a 6.63%-6.68% range today. GLOBAL MARKETS • Wall Street rose on Wednesday on hopes of progress in U.S.-China trade talks, though stocks pared gains late after Chinese officials said Beijing had lowered expectations for negotiations this week. • Global stocks tumbled and the safe haven yen and Swiss franc gained in early Asian trade, on signs Washington and Beijing were still wide apart on trade issues and were making no progress in deputy-level talks. • The yen rose and the yuan fell, after a news report said deputy-level trade talks between Chinese and U.S. officials in Washington had failed to make much headway, sending investors scurrying for safety. • U.S. Treasury yields rose on Wednesday, a day that saw a flood of supply and on optimism for progress in U.S.-China trade negotiations that begin in Washington on Thursday. • Oil prices slid as hopes faded for any significant progress in U.S.-China trade talks that could dispel clouds over the global economy and gloom over prospects for weaker oil demand. • Gold prices scaled a one-week peak as diminishing hopes of progress at the ongoing Sino-U.S. trade talks sent stock markets lower and prompted investors to seek bullion's safety. CLOSE FII INVESTMENTS* EQUITIES DEBT PNDF spot 70.97/71.00 October 9 (367.74) crore 357.49 crore 10-yr bond yield 6.65% Month-to-date (4,192) crore 153 crore Year-to-date 51,993 crore 29,339 crore (Source: National Securities Depository Limited / * FII investment numbers are in Indian rupees) 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 = 71.11 Indian rupees) (Compiled by Pooja Kesavan in Bengaluru)
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