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Morning News Call - India, September 14

Morning News Call - India, September 14

Reuters · 09/13/2022 23:19
Morning News Call - India, September 14

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INDIA TOP NEWS

• Vedanta, Foxconn to invest $19.5 billion in India's Gujarat for chip, display project

Vedanta and Taiwan's Foxconn will invest $19.5 billion under pacts signed on Tuesday to set up semiconductor and display production plants in Gujarat, the home state of Indian Prime Minister Narendra Modi.

• India's RBI may hike rates by 50 bps as inflation accelerates - analysts

The Reserve Bank of India may raise interest rates by another 50 basis points this month after data showed inflation rose further above the central bank's tolerance limit in August, analysts said.


• Indian states step up relief measures for households battling inflation

At least 10 Indian states have announced over 1 trillion rupees, mainly in cash transfers and electricity subsidies, for households to combat inflation, according to government officials.


• Foreign investors snap up Indian bonds set for inclusion in global indices

Foreign investors have stepped up purchases in a clutch of Indian government bonds that have limits on foreign investment ahead of an anticipated inclusion of Indian debt in global bond indexes, analysts said.


• INTERVIEW-Pace of rate hikes in India should be calibrated from here on: MPC member Goyal

The pace of interest rate increases should be calibrated from here on to ensure economic recovery in India does stall as the central bank tries to bring inflation within its tolerance band, monetary policy committee member Ashima Goyal said.


• India's JSW Steel to invest 100 billion rupees to cut carbon emissions

India's JSW Steel on Tuesday said it will collaborate with Germany's SMS group and invest 100 billion Indian rupees to cut down carbon emissions at its plants.


• India market regulator evaluating enhanced disclosure

India's market regulator is in the process of evaluating enhanced disclosure for the futures and options market, its chairperson, Madhabi Puri Buch, said on Tuesday.



GLOBAL TOP NEWS

• Stubbornly high rents, food prices boost U.S. inflation in August

U.S. consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis points interest rate hike Wednesday.


• Twitter whistleblower reveals employees concerned China agent could collect user data

The FBI informed Twitter Inc of at least one Chinese agent working at the company, U.S. Senator Chuck Grassley said during a Senate hearing on Tuesday where a whistleblower testified, raising concerns about foreign meddling at the influential social media platform.


• Taiwan hosts dozens of foreign lawmakers in Washington to push China sanctions

Taiwan's de facto ambassador in Washington, Hsiao Bi-khim, on Tuesday hosted dozens of international lawmakers who back sanctions on China for aggression toward the island, a show of support for Taipei amid military pressure from Beijing.



LOCAL MARKETS OUTLOOK

• SGX Nifty -month futures were trading 1.72% lower at 17,781.50.



GLOBAL MARKETS

• A broad sell-off sent U.S. stocks reeling on Tuesday after a hotter-than-expected inflation report dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the coming months. .N

• Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer. MKTS/GLOB

• The dollar climbed close to a 24-year peak against the yen amid a jump in U.S. yields after hotter-than-expected inflation boosted bets for even more aggressive monetary tightening by the Federal Reserve week.FRX/

• Treasury yields surged and a recession warning - the yield curve inversion - widened on Tuesday after monthly U.S consumer prices unexpectedly rose in August, signaling to the market that the Federal Reserve will crack down further on inflation. US/

• Oil prices inched higher in early trade as OPEC stuck to forecasts for robust global fuel demand growth, offsetting concerns of another U.S. Federal Reserve interest rate hike week after consumer prices unexpectedly rose in August. O/R

• Gold prices edged lower after hotter-than-expected U.S. inflation data boosted the dollar and fuelled expectations that the Federal Reserve will continue on aggressive policy tightening path. GOL/



CLOSE

FII INVESTMENTS

EQUITIES

DEBT

PNDF spot

79.59/79.61

September 13

1,696.40 crore

(288.04) crores

10-yr bond yield

7.108%

Month-to-date

9,565 crores

(81) crores



Year-to-date

(1,51,600) crores

(13,162) crores



(FII investment are in Indian rupees. Source: National Securities Depository Limited)


For additional data:

India govt bond market volumes INGOIVOL

Stock market reports .BO

Non-deliverable forwards data PNDF

Corporate debt stories [IN CORPD]

Local market closing/intraday levels [IN SNAPSHOT]

Monthly inflows [INFLOWS RTRS TABLE IN]


$1 = 79.58 Indian rupee


(Compiled by Anjana J. Nair in Bengaluru)

((AnjanaJayakrishnan.Nair@thomsonreuters.com))