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To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08112020.pdf If you would like to receive this newsletter via email, please register at: http://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 10:00 am: Punjab & Sind Bank annual general meeting via video conference. 11:00 am: Bank of India annual general meeting via video conference. 11:00 am: Bank of Maharashtra annual general meeting via video conference. 5:30 pm: Government to release June industrial output data in New Delhi. INDIA TOP NEWS • India to promote manufacturing of some products to boost market share India's government plans to promote the manufacturing of selected products, especially lines in which China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, a cabinet minister said on Monday. • Commerce Minister Piyush Goyal says balance of payments to be "very, very strong" this year India expects its balance of payments to be "very, very strong" in the current year, on the back of stronger than expected exports and a fall in imports, Commerce Minister Piyush Goyal said on Monday. • India imposes anti-dumping duty on black toner from China and Malaysia India seeks to impose provisional anti-dumping duty on imports of black toner in powder form orginating in or exported from China, Malaysia and Chinese Taipei for six months, according to a government order issued on Monday. • IndiGo to raise up to $534 million via share sale Interglobe Aviation, which runs India's largest airline IndiGo, said on Monday it will raise up to 40 billion rupees through the sale of shares to institutional investors, as it looks to manage cash during the COVID-19 pandemic which has hit its operations. • India's equity mutual funds show first outflows in more than 4 years India’s equity mutual funds had outflows last month for the first time in more than four years as investors, worried by a share price crash in March due to the coronavirus pandemic, took their money out as stock prices recovered. GLOBAL TOP NEWS • Global coronavirus cases hit 20 million: Reuters tally Global coronavirus cases pushed past 20 million on Monday, according to a Reuters tally, with the United States, Brazil and India accounting for more than half of all known infections. • Japan's current account surplus shrinks to 5-year low as exports plunge Japan posted its smallest current account surplus in more than five years in June, Ministry of Finance data showed, mainly due to a slump in exports, highlighting the heavy hit to external demand from the coronavirus pandemic. • Chinese firms that fail U.S. accounting standards to be delisted as of 2022-Mnuchin U.S. Treasury Secretary Steven Mnuchin on Monday said companies from China and other countries that do not comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.6% higher at 11,366.80. • The Indian rupee is expected to edge higher against the dollar, tracking broadly positive Asian cues. • India bond yields are likely to trade largely unchanged in early session ahead of state debt sale, while market awaits steps from the central bank to absorb excess supply. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 5.87%-5.92%. GLOBAL MARKETS • The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a U.S. fiscal support bill. • Japanese shares rose by the most in a week on hopes for additional U.S. fiscal stimulus to bolster the world's largest economy as major countries struggle to break free from the coronavirus epidemic. • The dollar held overnight gains following seven weeks of an almost relentless fall as investors clung to hopes of a bi-partisan stimulus deal in Washington and U.S. bond yields rebounded from multi-month lows. • U.S. Treasury yields rose on Monday before the Treasury will sell record amounts of three, 10 and 30-year debt, and as the Dow Jones stocks index hit the highest in more than five months. • Crude oil gained more ground, with prices underpinned by expectations of U.S. stimulus and a rebound in Asian demand as economies reopen. • Gold prices fell, weighed down by a stronger dollar as investors focused on the fiscal stimulus plan in the United States and escalating U.S.-China tensions ahead of key trade talks later this week. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.89/74.92 August 10 1,306.48 crores 893.20 crores 10-yr bond yield 5.89% Month-to-date 9,148 crores 646 crores Year-to-date (1,802) crores (1,08,789) 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 = 74.87 Indian rupees) (Compiled by Archak Sengupta in Bengaluru)