Morning News Call - India, August 29

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08292022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage INDIA TOP NEWS • Japan's Suzuki drives deeper into India with global R&D unit Suzuki Motor will set up a global research and development company in India, its president said on Sunday, pushing deeper into a market that is set to become an electric vehicle (EV) hub for the Japanese carmaker. • POLL-India's status as world's fastest growing major economy to be short-lived India likely recorded strong double-digit economic growth in the last quarter but economists polled by Reuters expected the pace to more than halve this quarter and slow further toward the end of the year as interest rates rise. • U.S. says had constructive talks with India on Russian oil price cap plan The United States had constructive talks with Indian officials on a proposal to cap prices of Russian oil, U.S. Deputy Treasury Secretary Wally Adeyemo said on Friday, as it seeks global support for a proposal to cut Russian revenue. • Adani contests NDTV's defence as news network fights takeover India's Adani Group on Friday contested claims by New Delhi Television that regulatory curbs restricted its founders from selling their stake, prolonging the battle for control of a news network seen as bastion of independent media. • CoinSwitch cooperating with financial crime agency probe -CEO India's top crypto app CoinSwitch is cooperating with the national financial-crime agency, whose agents searched its offices this week to find out about its business model and user-onboarding processes, its CEO told Reuters on Saturday. • ArcelorMittal Nippon to buy some Essar Group assets for $2.4 billion ArcelorMittal Nippon Steel India will acquire certain infrastructure assets from Essar Group for $2.4 billion, the steel manufacturer said on Friday, a deal that will strengthen its steel making business in the country. • Maruti, India's top carmaker, open to partnerships to secure supply chain Maruti Suzuki is open to forming partnerships with auto part makers to secure its future supply chain and maintain its leadership position, the chairman of India's top-selling carmaker said in an interview. • India's state-funded helmet promises 'fresh air' in battle on winter smog As India's capital of New Delhi prepares for winter - and the accompanying season of acrid smog - the government is promoting a motorcycle helmet fitted with filters and a fan at the back that it says can remove 80% of pollutants. GLOBAL TOP NEWS • Ukraine on edge after Zaporizhzhia nuclear plant, region's towns shelled Russian artillery fired at Ukrainian towns across the river from the Zaporizhzhia nuclear power plant overnight, local officials said on Sunday, adding to residents' anguish as reports of shelling around the plant fuelled fears of a radiation disaster. • U.S. warships transit Taiwan Strait, first since Pelosi visit Two U.S. Navy warships sailed through international waters in the Taiwan Strait on Sunday, the first such operation since a visit to Taiwan by U.S. House Speaker Nancy Pelosi enraged China which regards the island as its territory. • China July industrial profits down as COVID curbs, heatwaves hit Profits at China's industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. LOCAL MARKETS OUTLOOK • The SGX Nifty nearest-month futures were trading 2.15% lower at 17,280. GLOBAL MARKETS • Wall Street ended Friday with all three benchmarks more than 3% lower, as Federal Reserve Chief Jerome Powell's signal that the central bank would keep hiking rates to tame inflation nixed nascent hopes for a more modest path among some investors. • Asian shares slid as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields higher, and tested equity and earnings valuations. • The U.S dollar surged to a 20-year high against a basket of currencies after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. • U.S. two-year Treasury yields briefly popped to their highest levels since October 2007 before stabilizing near two-month highs on Friday after Federal Reserve Chair Jerome Powell reiterated that the U.S. central bank will continue to raise interest rates to fight inflation. • Oil prices were mixed as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell saying the United States will face slow growth "for some time". • Gold prices fell as the dollar held on to gains following U.S. Federal Reserve Chair Jerome Powell's signal that the central bank will raise interest rates further to tame sky-high inflation. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.85/79.87 Aug. 26 2,361.17 (283.75) crores 10-yr bond yield 7.217% Month-to-date 49,254 crores 4,370 crores Year-to-date (1,63,115) crores (12,556) 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 = 79.97 Indian rupees) (Commpiled by Archak Sengupta)