To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_09162022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage INDIA TOP NEWS • Traffic, water shortages, now floods: the slow death of India's tech hub? In the 1990s, Bengaluru, once a genteel city of gardens, lakes and a cool climate, rapidly became India's answer to Silicon Valley, attracting millions of workers and the regional headquarters of some of the world's biggest IT companies. The untrammelled expansion came at a price. • India, Russia to discuss energy security as oil, coal trade soars India and other members of the Shanghai Cooperation Organisation (SCO) will discuss energy security at the regional security bloc's meeting in Uzbekistan, India's foreign secretary Vinay Kwatra said on Thursday. • Fitch lowers India's FY23 GDP growth forecast to 7% from 7.8% Fitch expects the Indian economy to slow down and said in a statement released late on Wednesday that it would cut the country's gross domestic product growth forecast for the current fiscal year through March 2023 to 7% from 7.8%. • Skill or chance: India panel calls for regulatory body, new law for online gaming India should create a regulatory body to classify online games as based on skill or chance, introduce rules to block prohibited formats and take a stricter stance on gambling websites, a government panel said in a report seen by Reuters. • Air India aims for 30% domestic market share over next 5 years Tata Group-owned Air India on Thursday targeted a share of at least 30% of the domestic market over the next five years as it looks to rebuild its reputation after years of losses at the former state-run carrier. • Saudi overtakes Russia to be India's No. 2 oil supplier in August Saudi Arabia emerged as the second-biggest oil supplier to India after a three-month gap, overtaking Russia by a thin margin, while Iraq retained the top spot in August, data from industry and trade sources showed. GLOBAL TOP NEWS • China's retail, factory sectors unexpectedly perk up in August China's economy showed surprising resilience in August, with an unexpected pickup in factory output and retail sales growth shoring up the recovery from the crippling effects of COVID curbs, heatwaves and a deepening property slump. • IMF sees further slowdown in global economy in third quarter Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, IMF spokesman Gerry Rice said on Thursday. • Ukraine says mass grave found in Izium where Russians ousted days ago Ukrainian authorities found a mass grave of more than 440 bodies in the northeastern town of Izium that was recaptured from Russian forces days ago, officials said, including some people killed by shelling and air strikes. LOCAL MARKETS OUTLOOK • SGX Nifty Futures - SGX Nifty nearest-month futures were trading 0.64% lower at 17,764.50. GLOBAL MARKETS • Wall Street ended sharply lower on Thursday, extending its losses in late afternoon trading as a raft of economic data failed to alter the expected course of aggressive tightening by the Federal Reserve amid growing warnings of global recession. • Asian markets were weaker on Friday as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund. • The dollar eased from multi-year highs on Friday after a strong rally earlier in the week, though expectations that the Federal Reserve would need to hike more to keep inflation in check sent Treasury yields higher and kept the greenback in demand. • Treasury yields rose on Thursday, with the two-year hitting fresh 15-year highs, after data on retail sales and jobless claims showed a resilient economy that gives the Federal Reserve ample room to aggressively hike interest rates next week. • Oil prices dipped in early trade on Friday, extending the week's losses as concern over tight supply was outweighed by escalating fear of sharp interest rate hikes slamming global growth and hitting fuel demand. • Gold prices hovered near a two-year low on Friday and were set for a weekly fall as an elevated dollar and prospects of aggressive U.S. rate hikes dented bullion's appeal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.84/79.86 Sept. 15 (1,374.66) crores 241.92 crores 10-yr bond yield 7.238% Month-to-date 12,764 crores 903 crores Year-to-date (1,48,401) crores (12,178) 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 = 79.84 Indian rupees) (Compiled by Anjana J. Nair in Bengaluru)