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Morning News Call - India, August 20

·4 min read

Aug 20 (Reuters) - To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_08202020.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH No major events are scheduled. INDIA TOP NEWS • Facebook employees internally question policy after India content controversy - sources, memos Facebook and its top lobbying executive in India, Ankhi Das, are facing questions internally from employees over how political content is regulated in its biggest market, according to sources with direct knowledge and internal posts seen by Reuters. • India watchdog throws out antitrust complaint against WhatsApp India's antitrust watchdog has dismissed a case against Facebook's WhatsApp, saying the company has not abused its dominant position to expand in the country's digital payments market, according to an official order. • Indian Oil nears first Mauritius fuels export deal Indian Oil, the country's top refiner, is close to winning its first contract to export up to 720,000 tonnes of clean products to Mauritius under an annual deal from November, two sources familiar with the matter said. • One in four Indians could have been infected with the coronavirus, lab head says At least one in four people in India may have been infected with the coronavirus - a much higher number than official government figures suggest, the head of leading private laboratory says. • Bangladesh ready to trial Indian COVID-19 vaccines Bangladesh is ready to hold trials of potential COVID-19 vaccines developed by India and will receive early supplies of any successful candidate, officials said on Wednesday, as a Chinese firm continued to await assent for its trial request. GLOBAL TOP NEWS • Kamala Harris to get vice presidential nod, make history at Democratic convention U.S. Senator Kamala Harris will make history when she accepts the Democratic nomination for vice president on Wednesday, saying the country is at an inflection point and "we can do better" than four more years of President Donald Trump. • Several Fed policymakers see more easing ahead to help brace economy Several Federal Reserve policymakers say the U.S. central bank may need to ease monetary policy further to help nurse the economy through the coronavirus pandemic, minutes from their policy meeting last month showed on Wednesday. • Apple's stock market value tops $2 trillion Just two years after Apple became the first publicly listed U.S. company with a $1 trillion stock market value, the iPhone maker has now topped $2 trillion. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 1.3% lower at 11,281.00 • The Indian rupee is expected to trade lower against the U.S. currency amid a rebound on the dollar index after the Federal Reserve’s latest meeting minutes did not offer much cues about potential changes to its forward guidance. • Indian government bond yields are likely to trade largely unchanged in early session, as traders await the minutes of the rate-setting Monetary Policy Committee’s latest meeting, due later today. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 5.97%-6.03%, a trader with a private bank said. GLOBAL MARKETS • Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the U.S. economic recovery from the devastating effects of the pandemic faced a highly uncertain path. • Asian equities and U.S. futures fell, hurt by the U.S. Federal Reserve's cautious view of the economy, tensions with China and new clusters of coronavirus infections.​ • The dollar clung to overnight gains, after minutes from last month's U.S. Federal Reserve meeting gave few clues about whether an even more dovish shift in its policy framework is possible in the autumn, disappointing some dollar bears. • U.S. Treasury yields rose on Wednesday after minutes from the Federal Reserve's July meeting indicated that yield caps or targets were not on the horizon. • Oil prices fell as major producers warned of a risk to the recovery in demand if the coronavirus crisis is prolonged, while U.S. crude inventories dropped less than expected. • Gold recovered some poise after the U.S. Federal Reserve warned that a recovery from the pandemic-induced economic slump faced a highly uncertain path. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.84/74.87 August 19 1051.25 crores (168.39) crores 10-yr bond 6.01% Month-to-date 39,325 crores (186) crores yield Year-to-date 28,375 crores (1,09,621) 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 = 74.94 Indian rupees) (Reporting by Pooja Kesavan in Bengaluru)