LIVECHAT - GLOBAL ASSETS ALLOCATION SHIFTS Reuters correspondent Claire Milhench details the findings of the latest Reuters polling of global asset managers at 6:30 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • ANALYSIS-India's shadow banking scare could derail its robust growth story Manzoor Ahmad lost his job as an electrician and is struggling to make ends meet after a crucial road tunnel project shut down in Srinagar, the summer capital of Jammu and Kashmir state in the north.
• India will continue to buy Iran's oil -Iranian foreign minister India is committed to buying Iranian oil and continuing the two nations' economic cooperation, the Iranian foreign minister said after a meeting with his Indian counterpart and ahead of U.S. sanctions aimed at halting Tehran's oil exports.
• Motorcycle companies in India's "Detroit" hit by strike over wages Hundreds of workers at motorbike companies including Yamaha Corp and Eicher Motors are on strike in the southern Indian city of Chennai, demanding better wages and a right to form unions to defend their interests.
• IL&FS Financial Services misses loan repayments due this month IL&FS Financial Services, part of India's Infrastructure Leasing & Financial Services (IL&FS), said on Thursday it missed repayments on a host of bank loans and some term deposits due this month.
• India could introduce more import curbs - finance ministry source India will soon announce steps to boost exports, while not ruling out further import curbs, a senior finance ministry source said on Thursday.
• Cash rules relaxed for Indian banks as credit crunch fears persist The Reserve Bank of India eased cash requirements for banks on Thursday and said it would provide “durable liquidity”, but the relief was short-lived for markets fearful of a credit crunch arising from problems among non-banking finance companies.
• Garden Reach Shipbuilders extends IPO closure, revises price band State-owned Garden Reach Shipbuilders & Engineers Ltd revised the price band for its initial public offering (IPO) to raise up to $47.64 million and extended the subscription offer by three days.
• Indian airlines unlikely to face big hit from tariff on jet fuel imports, govt data shows Indian carriers are unlikely to face a significant hit from the government's decision this week to impose a tariff on jet fuel, as imports account for less than five percent of domestic jet fuel consumption.
GLOBAL TOP NEWS • Japan Inc's global push drives Asia M&As, offsets China slowdown Japan M&A volumes are set to break a 19-year-old record and steal the spotlight in Asia this year from cooling Chinese deals, led by blockbuster takeovers such as Takeda Pharma's $62 billion swoop on British drugmaker Shire.
• Trump's election meddling charge against China marks US pressure campaign U.S. President Donald Trump’s accusation of Chinese meddling in upcoming U.S. elections marks a new phase in an escalating pressure campaign against Beijing that Washington is pursuing on multiple fronts, senior U.S. officials said on Thursday.
• U.S. regulator sues Musk for fraud, seek to remove him from Tesla The top U.S. securities regulator on Thursday accused Tesla Inc Chief Executive Elon Musk of fraud and sought to remove him from his role in charge of the electric car company, saying he made a series of "false and misleading" tweets about potentially taking Tesla private last month.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading up 0.4 percent at 11,088.00, from its previous close.
• The Indian rupee is expected to open slightly lower against the U.S. currency after robust economic data lifted the dollar index by the most in seven weeks.
• Indian government bonds are likely to open higher, as traders await the borrowing details for the second half of this fiscal year. The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.99 percent-8.05 percent band today, a dealer with a private bank said.
GLOBAL MARKETS • Wall Street climbed on Thursday, helped by gains in Apple, Alphabet and Facebook, as well as the U.S. Federal Reserve's confidence in the strength of the economy after it raised rates for the third time this year.
• Shares in Asia inched higher, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession.
• The dollar stood tall against its peers, hovering near a nine-month high versus the yen, after data reinforced upbeat views about the U.S. economy and backed the Federal Reserve's signal for a steady course of rate increases over the next year.
• U.S. Treasury yield curve moved to its flattest level in over a week on Thursday, led by a fall in longer-dated yields, despite weak demand at a $31 billion auction of seven-year government notes.
• Oil prices inched up, with investors trying to gauge the potential impact on supply from looming U.S. sanctions on Iran's crude exports.
• Gold prices held close to near six-week lows hit in the previous session, as the dollar firmed after upbeat U.S. economic data supported the Federal Reserve's resolve for steady interest rate hikes over the next year.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.55/72.58 September 27 $76.07 mln -$58.26 mln 10-yr bond yield 8.03 pct Month-to-date -$1.17 bln -$1.48 bln Year-to-date -$2.02 bln -$6.62 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 = 72.56 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)
