11:15 am: State Bank of India press conference to announce a strategic initiative in Mumbai.
12:30 pm: PM Economic Advisory Council Member Rathin Roy at Skoch Summit in New Delhi.
LIVECHAT - GLOBAL MARKETS Despite the global trade war and emerging markets sell-off, the U.S. markets have stood rock steady. Is it only FAANG or are the underlying fundamentals warranting such bullishness? We speak to Matt Kessel who is a finance expert and currently part of a private equity firm. To join the conversation at 10:00 am IST, click on the link: https://forms.thomsonreuters.com/communities/ Thomson Reuters/INSEAD Asian Business Sentiment Survey 2018Q3 Thomson Reuters and graduate business school INSEAD ask Asia-Pacific companies to rate their six-month business outlook, in a survey which in Q3 yielded an optimistic sentiment index of 58. The latest survey will be released at 03:00 GMT followed by a Q&A at 04:30 GMT with Reuters reporter Gayatri Suroyo in the Global Markets Forum community chatroom. To join the conversation, click here http://bit.ly/1kTxdKD INDIA TOP NEWS • India to merge three state-owned banks to tackle sour debt India plans to merge three state-run banks, Bank of Baroda, Dena Bank and Vijaya Bank, the financial services secretary said on Monday, as part of efforts to clean up the country's banking system.
• Ugandan unit of Indian drugs firm Cipla raises $43.8 milllon in IPO - Renaissance Capital The Ugandan unit of India's pharmaceutical giant Cipla raised $43.8 million from its oversubscribed initial public offering (IPO), an investment bank that helped advise on the transaction said on Monday.
• Jaguar Land Rover to cut output at UK car plant after warnings on Brexit, diesel Jaguar Land Rover said it will go down to a three-day week at its Castle Bromwich plant in central England just days after its boss warned about the impact of Brexit and diesel policy on manufacturing.
GLOBAL TOP NEWS • Trump slaps tariffs on $200 bln in Chinese goods, spares some consumer tech U.S. President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on about $200 billion worth of Chinese imports, but sparing smart watches from Apple and Fitbit and other consumer products such as bicycle helmets and baby car seats.
• Leaders of two Koreas meet for high-stakes summit with nuclear talks in jeopardy North Korean leader Kim Jong Un greeted Moon Jae-in with hugs and smiles as the South Korean president arrived in Pyongyang for a third summit between the two, aimed at advancing faltering nuclear talks and officially ending the Korean War.
• UK PM May tells rebels: It's my Brexit deal or no deal Prime Minister Theresa May told rebels in her divided party that if they torpedoed her Brexit deal then the United Kingdom would leave the EU without any agreement, a scenario the IMF said would make the country much poorer.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures trading down 0.1 percent at 11,381.50, from its previous close.
• The Indian rupee is likely to open lower against the dollar, tracking a yuan-led decline in Asian currencies after U.S. President Donald Trump said he will impose fresh tariffs on about $200 billion of Chinese goods.
• Indian government bonds are expected to edge lower tracking a likely fall in the rupee after U.S. President said the country will impose 10 percent import tariffs on about $200 billion of Chinese goods from next week. The yield on the benchmark 7.17 percent bond maturing in 2028 may trade in a 8.09 percent - 8.15 percent band today, a dealer with a private bank said.
GLOBAL MARKETS • U.S. stock index futures extended losses in post-market trading late Monday after President Trump announced a new round of tariffs on about $200 billion worth of Chinese imports.
• U.S. stock futures and Asian shares fell after U.S. President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, in a sharp escalation of the trade conflict between the world's two biggest economies.
• The dollar was slightly higher and China's yuan fell as global markets braced for Beijing's response to new U.S. tariffs on Chinese goods.
• U.S. long-term Treasury yields inched up on Monday but came off four-month highs as investors returned to buy government debt after key technical levels were hit as global trade uncertainty persisted.
• Oil markets dropped as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support.
• Gold prices inched lower early, after rising 0.6 percent in the previous session, as the dollar rose after the United States imposed a new round of tariffs on Chinese imports, aggravating global trade worries.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.36/72.39 September 17 -$14.75 mln -$105.39 mln 10-yr bond yield 8.10 pct Month-to-date -$92.97 mln -$815.51 mln Year-to-date -$950.43 mln -$5.96 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 = 72.53 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)
