Morning News Call - India, August 17

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08172022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage PROMOTION LIVECHAT - REUTERS GLOBAL MARKETS FORUM Reuters equities correspondents in London and New York examine how a busy corporate earnings week is playing out on bourses on both sides of the Atlantic. To join this discussion at 1930 IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • India's July WPI inflation eases to 13.93% y/y India's wholesale inflation rose 13.93% in July from a year earlier, helped by a lower increase in food prices, but it stayed in double digits for a 16th month, amid expectations that the central bank will again raise policy rates next month. • Digit Insurance eyes $440 million in IPO -filing, source India's Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, aims to raise around $440 million through an initial public offering (IPO), according to a source with direct knowledge and regulatory documents filed on Tuesday. • India inflation may remain elevated despite July dip – analysts India's headline retail inflation that eased for the third straight month in July is expected to remain above the central bank's upper tolerance range in the near term, necessitating more rate hikes in coming months, analysts said. • SpiceJet settles with lessors for Boeing aircraft Indian low-cost carrier SpiceJet said on Tuesday it has entered into a settlement agreement with aircraft lessor Goshawk Aviation and its affiliates related to three Boeing aircraft. • Rains dampen Indian state retailers' Aug. 1-15 gasoil sales Gasoil sales by Indian state fuel retailers in the first half of August were subdued from levels seen in the prior month, as monsoon rains hit mobility and construction work, preliminary sales data showed, while gasoline sales recovered marginally. • Sri Lanka grants Adani Green Energy provisional approvals for wind projects Adani Green Energy was issued provisional approvals for an investment of over $500 million in two wind projects in Sri Lanka, the country's power and energy minister Kanchana Wijesekera tweeted on Tuesday. GLOBAL TOP NEWS • Biden signs inflation act, hands pen to Manchin President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in U.S. history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices and high inflation. • Japan trade gap widens as imports surge, capex solid for now Japan's imports jumped to a record amount in July, boosted by global fuel inflation and a weak yen, outweighing exports and deepening the trade deficit, in a sign of a further worsening in the terms of trade for the export-oriented economy. • Elon Musk says he is buying Manchester United Elon Musk, the world's richest person, on Tuesday tweeted that he was buying football club Manchester United, without offering any details. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.24% higher at 17,898.50. GLOBAL MARKETS • The Dow and S&P 500 rose on Tuesday as stronger-than-expected results and outlooks from Walmart and Home Depot bolstered views on the health of consumers, while technology shares declined and weighed on the Nasdaq. • Asian shares tracked solid Wall Street performance as strong overnight earnings for U.S. retail giants pointed to further scope for the Federal Reserve to tackle inflation with rate hikes. • The New Zealand dollar rallied after the central bank reinforced its hawkish policy stance alongside its seventh straight rate hike, while the Australian dollar tumbled after wage growth data missed forecasts. • U.S. Treasury yields edged higher on Tuesday on the back of encouraging data from American retail giants, which suggested the Federal Reserve has room to further tighten financial conditions as it battles four-decade-high inflation. • Oil prices rose, recovering from six-month lows hit the previous day, as a larger-than-expected drop in U.S. oil and gasoline stocks reminded investors that demand remains firm, if overshadowed by the prospect of a global recession. • Gold prices were flat, as investors awaited the release of the minutes of the U.S. Federal Reserve's last policy meeting later in the day that could offer clues on further interest rate hikes. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.64/79.66 August 16 --- --- 10-yr bond yield 7.289% Month-to-date --- --- Year-to-date --- --- 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 = 79.19 Indian rupees)