GMF: MARKETS FOCUS Cliff Tan, East Asian head of global markets research at Bank of TokyoMitsubishi UFJ, discusses the global equities and commodities, expectations on central banks and his outlook for the Chinese economy at 11:30 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • India wants U.S. sanctions waiver after cutting Iran oil imports - officials India hopes to secure a waiver from U.S. sanctions on Iran before they take effect on Nov. 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday.
• BNP Paribas plans to sell part of its stake in India's SBI Life BNP Paribas, France's largest listed bank, said on Monday that it plans to sell part of its 22 percent stake in Indian insurer SBI Life over the coming quarters as local regulation requires a larger free-float for SBI Life.
• Aluminium makers win Japan sales in market shake-up Aluminium makers including Hindalco Industries and Vedanta are boosting sales to Japan as U.S. sanctions against Russia's Rusal and import tariffs shake up traditional supply routes.
• Shares in Gati tumble after credit rating downgrade Shares in Gati closed down 10 percent on Monday after ratings agency CARE downgraded the credit rating for the logistics company, citing a drop in profitability and decline in revenue from operations.
• National Housing Bank raises refinance limit National Housing Bank will raise its refinance limit to 300 billion rupees for the year to June, 2019 in an effort to make funds available to housing finance companies, the country's finance ministry said on Monday.
• Aavas Financiers falls 13.5 percent on market debut after $235 million IPO Shares of Aavas Financiers dropped as much as 13.5 percent in early trade on their market debut after the mortgage lender raised 17.34 billion rupees from its initial public offering in late September.
• NBFCs slip as cenbank plans to strengthen sector norms Shares of a few non-banking financial companies (NBFCs) took a hit on Monday after the Reserve Bank of India said on Friday it was looking at strengthening guidelines for such entities to avoid rollover risks.
• Amazon India denies it gives select sellers preferential treatment Amazon's Indian business has denied accusations that it favours select merchants and brands, responding to a complaint lodged by an Indian lobby group.
GLOBAL TOP NEWS • IMF cuts world economic growth forecasts as import tariffs, emerging market issues bite The International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.
• Alphabet to shut Google+ social site after user data exposed Alphabet's Google will shut down the consumer version of its failed social network Google+ and tighten its data sharing policies after announcing on Monday that private profile data of at least 500,000 users may have been exposed to hundreds of external developers.
• U.S. economists win Nobel for work on climate change, innovation Americans William Nordhaus and Paul Romer, pioneers in adapting the western economic growth model to focus on environmental issues and sharing the benefits of technology, won the 2018 Nobel Economics Prize on Monday.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were up 0.2 percent at 10,384.50, from its previous close.
• The Indian rupee is expected to open higher against the dollar, helped by a Chinese yuan-led recovery in regional currencies.
• Indian government bonds are likely to edge down in early trade as bets of more rate hikes by the Federal Reserve drove U.S. Treasury yields higher even as traders awaited supply of Indian state government bonds today. The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.96 percent-8.01 percent band today.
GLOBAL MARKETS • The tech-heavy Nasdaq fell on Monday for the third straight day as a sell-off in Chinese markets sparked concerns about slowing global economic growth, though the S&P 500 pared losses to end nearly flat.
• Asian shares hit 17-month lows as China allowed its currency to slip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive.
• The dollar slipped against the safe-haven yen in Asia on simmering anxiety about higher U.S. bond yields, the Sino-U.S. trade war and political turmoil in Europe.
• Oil prices held little changed, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of U.S. sanctions, while a hurricane moved across the Gulf of Mexico.
• Gold prices edged higher, drawing some safe-haven bids from risk-averse investors as Asian stocks fell amid worries over a potential slowdown in China's economic growth.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 73.97/74.00 October 8 -$243.72 mln -$304.22 mln 10-yr bond yield 7.97 pct Month-to-date -$1.42 bln -$689.41 mln Year-to-date -$3.59 bln -$7.44 bln 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 = 74.0600 Indian rupees) (Compiled by Debanjan Bose in Bengaluru)
