Morning News Call - India, September 5

To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09052022.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 Mike Dolan, Reuters Editor at Large, Finance & Markets, discusses the themes in play for markets in the upcoming week.To join this discussion at 3:30 pm IST, click here https://www.refinitiv.com/en/products/refinitiv-messenger/global-markets-forum INDIA TOP NEWS • RBI chief expects inflation to ease to 5% by next spring India's inflation has peaked and is expected to moderate to around 5% by the April-June quarter of next year, Reserve Bank of India Governor Shaktikanta Das said in an interview with television channel Zee Business on Friday. • Former Tata Sons chair Cyrus Mistry dies in road accident Cyrus Mistry, the 54-year-old former chairman of Indian conglomerate Tata Sons, died in a road accident near financial capital Mumbai on Sunday, Indian police said. • RBI gives lenders till end-Nov to comply with new digital rules The Reserve Bank of India (RBI) has given lenders until the end of November to put in place systems and processes to ensure existing digital loans are in compliance with the regulator's rules issued last month. • Apple, Samsung could benefit as India aims to speed product safety approvals India will try out a strategy of parallel testing to speed up safety approvals for new electronic devices, an industry group told Reuters on Friday, a move that could boost device launch plans by the likes of Samsung and Apple. • India agency searches payment firms in Chinese lending probe India's federal financial crime-fighting agency said on Saturday it was searching the premises of online payment companies as part of an investigation of Chinese-controlled firms and individuals suspected of illicit lending practices. • Effect of Indian rate hikes still unclear - RBI MPC member Varma The success of the Reserve Bank of India's interest rate rises in controlling inflation is not yet clear, and the pace of rate adjustment will depend on the state of the economy, monetary policy committee (MPC) member J.R. Varma said on Friday. • Novelis excludes Russian aluminium from 2023 supply tender -Bloomberg Novelis, one of the world's biggest buyers of aluminium, will not accept Russian metal in potential new deals to supply its European factories in 2023, Bloomberg News reported on Friday. • Singapore's GIC funds Indian rocket startup Skyroot ahead of first launch Indian rocket startup Skyroot Aerospace said on Friday it had raised $51 million in a funding round led by Singapore sovereign investor GIC, which it plans to use to begin commercial satellite launches by the middle of next year. GLOBAL TOP NEWS • Ukraine's Zelenskiy warns of hard winter, reports war progress European leaders on Sunday sought to ease the impact of high energy prices across the continent, after Ukrainian President Volodymyr Zelenskiy warned of a difficult winter, even as he reported progress in a counter-offensive against Russian troops. • Britain's Truss expected to be named Conservative leader, new PM Liz Truss is expected to be named leader of the governing Conservative Party and Britain's next prime minister on Monday, poised to take power at a time when the country faces a cost of living crisis, industrial unrest and a recession. • OPEC+ to weigh rollover or small cut at Monday meeting, sources say OPEC+ is likely to keep oil output quotas unchanged for October at a meeting on Monday, five OPEC+ sources said, although some sources would not rule out a small production cut to bolster prices that have slid due to fears of an economic slowdown. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.2% lower at 17,500. GLOBAL MARKETS • U.S stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis. • European stock futures slid while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices. • The euro fell and was testing a two-decade low after Russia's indefinite closure of its main gas supply pipeline to Europe stoked fears of energy shortages, high prices and a hit to growth, while the U.S. dollar index hit a 20-year high. • Yields of short-term U.S. Treasuries fell from multiyear highs on Friday after a closely watched employment report showed unemployment rising and job growth slowing in August, as many on Wall Street had expected. • Oil prices jumped more than $1 a barrel, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day. • Gold prices were flat, after jumping as much as 1.2% in the previous session, as cautious investors focused on the U.S. Federal Reserve's rate-hike path following a mixed jobs data. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.78/79.80 Sept. 2 (2,296.99) crores 127.78 crores 10-yr bond yield 7.232% Month-to-date 1,963 crores 119 crores Year-to-date (1,59,202) crores (12,962) 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 = 79.72 Indian rupees) (Compiled by Archak Sengupta)