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TRANSCRIPT
MORNING NEWS CALL
FACTORS TO WATCH
9:00 am: Petroleum Minister Dharmendra Pradhan at ASSOCHAM’s annual conference on World Entrepreneurs Day
in New Delhi.
9:30 am: RBI Executive Director S. Ganesh Kumar, State Bank of India CFO Anshula Kant and others at FIBAC 2018
in Mumbai.
11:00 am: NITI Aayog Vice Chairman Rajiv Kumar to talk on current issues of economy and industry in New Delhi.
4:45 pm: Power Secretary Ajay Bhalla and EESL MD Saurabh Kumar at the launch of an innovation challenge by
World Resources Institute in New Delhi.
LIVECHAT - U.S. YIELD CURVE COLLATERAL DAMAGE
U.S. strategist Jack Ablin of Cresset Wealth Advisors lays out the implications for the world economy of the flattening
U.S. yield curve at 8:30 pm IST. To join the conversation, click here
INDIA TOP NEWS
Independent committee to decide fate of Vedanta copper smelter in India
The National Green Tribunal said on Monday an independent judicial committee would decide in about six weeks
whether to allow Vedanta to reopen its copper smelter, which was shut by the southern state of Tamil Nadu on
environmental grounds.
COLUMN-India's surging coal imports driven by captive power users: Russell
India's coal imports appear headed for another strong month in August, raising the question as to why the usually cost-
sensitive market hasn't scaled back purchases given a surge in prices to the highest in nearly seven years.
TPG Capital in talks to invest in India's Jet Airways - sources
Private equity firm TPG Capital is considering investing in Jet Airways but is not close to finalising a deal, two sources
with knowledge of the matter said, a plan that could raise money for the beleaguered airline.
GLOBAL TOP STORIES
EXCLUSIVE-Trump demands Fed help on economy, complains about interest
rate rises
U.S. President Donald Trump said on Monday he was "not thrilled" with the Federal Reserve under his own appointee,
Chairman Jerome Powell, for raising interest rates and said the U.S. central bank should do more to help him to boost
the economy.
China defies U.S. pressure as EU parts ways with Iranian oil
China, seeking to skirt U.S. sanctions, will use oil tankers from Iran for its purchases of that country's crude, throwing
Tehran a lifeline while European companies such as France's Total are walking away due to fear of reprisals from
Washington.
Foreign automakers oppose Trump NAFTA plan as U.S-Mexico talks resume
Foreign-brand automakers with U.S. plants do not support Trump administration rules to raise the amount of local
content in North American-made vehicles, a group representing companies including Toyota Motor Corp, Volkswagen
AG and Hyundai Motor Co has told key U.S. lawmakers.
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STATE OF THE MARKETS
SGX Nifty nearest-month futures were trading at 11,576.50, down almost 0.1 percent from its previous close. -
NewsRise
The Indian rupee is expected to open higher against the dollar as the U.S. currency came under pressure after
President Donald Trump criticized the Federal Reserve’s interest rate increases. -NewsRise
Indian government bonds will likely open higher as the rupee is expected to recover further against the dollar, with
lower U.S. Treasury yields also providing support. Yield on the benchmark 7.17 percent bond maturing in 2028 may
trade in a 7.80 percent - 7.85 percent band today. -NewsRise
Wall Street's major indexes rose on Monday on optimism over trade talks between the United States and China, though
they fell from session highs after President Donald Trump criticized the Federal Reserve's raising interest rates.
Asian stocks were capped and the dollar dipped after U.S. President Donald Trump accused China and Europe of
manipulating their currencies and said he was "not thrilled" with the Federal Reserve for hiking interest rates.
The dollar slipped against the yen and a basket of major peers after U.S. President Donald Trump said he was "not
thrilled" with Federal Reserve Chairman Jerome Powell for raising interest rates.
U.S. Treasury yields fell to six-week lows on Monday as investors waited on minutes from the Federal Reserve's
August meeting on Wednesday and a speech by Fed Chairman Jerome Powell on Friday.
Oil prices edged up, supported by expectations of supply cuts once U.S. sanctions against Iran bite in November, but
capped by worries a Sino-U.S. trade dispute will drag on fuel demand growth.
Gold prices rose on the back of a weaker U.S. dollar, extending gains into a third session after U.S. president Donald
Trump said he was "not thrilled" with the U.S. Federal Reserve for raising interest rates.
(Morning News Call - India edition will not be published on Wednesday, August 22 as markets are closed for Bakri Eid)
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 69.65/69.68 August 20 -$68.91 mln -$33.25 mln
10-yr bond yield 7.84 pct Month-to-date $30.10 mln $582.25 mln
Year-to-date -$549.41 mln -$5.17 bln
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PICTURE OF THE DAY
Judges watch competitors approaching a target during the FAI World Hot Air Balloon Championship near Gross-
Siegharts, Austria, August 20. REUTERS/Heinz-Peter Bader