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Here’s a lowdown on top macro triggers that may move market on Tuesday. This report was compiled from agency feeds.

India to Buy Iranian Oil in November

Oil Minister Dharmendra Pradhan Monday said two state refiners have placed orders for importing crude oil from Iran in November, the month when US sanctions on Iranian oil purchases take effect. He sais: “We do not know if we will get waiver (from US sanctions) or not.” US sanctions against Iran will kick in from November 4, which will block payment routes. Paying in rupee is an option. Iran can use the rupee to settle its imports of pharmaceuticals and other goods from India.

Single Investment Regime for NRIs Soon

India may soon have one investment avenue for non-resident Indians (NRIs), reports ET. A Securities and Exchange Board of India panel is set to suggest that the NRI and portfolio investment scheme (PIS) routes be merged with that of foreign portfolio investors (FPIs).

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IMF Cuts Global Growth Forecast

The International Monetary Fund said the world economy is plateauing as the lender cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets. The fund projected a global expansion of 3.7% this year and next, down from the 3.9% projected three months ago. IMF said India will grow 7.3% in FY19 and 7.4% in FY20. It had in January forecast FY20 growth at 7.5%.

Indian Consumers Turn Pessimistic: RBI

Consumers don’t think the economy is doing well or enough jobs are there. But they are hopeful of improvement after a year. RBI’s September round of the Consumer Confidence Survey showed the consumers are pessimistic about the current situation. Consumer Confidence Index slipped to 94.8 points, down from 98.3 in the June 2018 round of the survey. However, one-year-ahead expectations rose to 121.1 points from 119.8 points in the June 2018 round.

Oil Prices Steady A Crude Exports from Iran Decline

Oil prices held little changed on Tuesday, as more evidence emerged that crude exports from Iran are declining in the run-up to the reimposition of US sanctions, while a hurricane moved across the Gulf of Mexico. Brent crude was down 7 cents at $83.84 a barrel by 0020 GMT. US crude was down by 1 cent at $74.28 a barrel. Last week, Saudi Arabia announced plans to lift crude output next month to 10.7 million bpd, a record. Iran’s Oil Minister Bijan Zanganeh on Monday called a Saudi claim that the kingdom could replace Iran’s crude exports “nonsense.”

Guarantors In Insolvency Net

The insolvency regulator is readying rules that will enable creditors to go after guarantors of ailing companies to recover dues, a move that will tighten the grip around companies as well as their promoters who had given personal covers. The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that will help banks and individuals recover dues from guarantors where they have failed to have the entire claims settled during the resolution process.

POLICIES & MORE

  • The government is looking at allowing 100% FDI in insurance broking. A committee comprising senior officials from finance ministry and department of industrial policy and promotion (DIPP) will review the idea.
  • About two crore consumers who had given up cooking gas subsidy or never received one can get the benefit by asking their gas agency at a time when rapidly rising crude oil price is making the kitchen fuel expensive, oil company executives said.
  • The government’s sovereign gold bond scheme for 2018-19 will be open for subscription from mid-October, running up to five tranches till February, the Reserve Bank said Monday. The Sovereign Gold Bonds will be issued every month from October 2018 to February 2019 as per the calendar specified, the RBI said in a release.

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FUNDAMENTALS

Rupee Closes Below 74: The rupee hit a record low on Monday as it closed at an all-time low of 74.07 against dollar by falling 30 paise, following unabated foreign fund outflows. The local currency opened the day at lower at 73.96 against Friday’s closing level of 73.77.

10-year Bonds Down: India 10-year bonds decreased 0.13% or 0.13% to 7.97% on Monday, October 8 from 8.02% in the previous trading session.

© copyright — The Economic Times


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