Dear all,
Markets dip on US rate hike concerns
Ø Indian benchmark indices fell with the uninspiring lead from Wall Street overnight, muted performance by commodities and Fed Chair Janet Yellen's Jackson Hole address due on Friday all playing out in the minds of traders.
Ø Global risk appetite was muted as investors traded cautiously ahead of the U.S. Federal Reserve's annual symposium in Jackson Hole, Wyoming, that starts later in the day.
Global Macro
Ø U.S. initial jobless claims edged down to 261,000, a decrease of 1,000 from the previous week's unrevised level of 262,000.
Ø U.S. durable goods orders surged up by 4.4% in July after tumbling by a revised 4.2% in June.
Ø U.K. retail sales balance rose to +9% from -14% in July 2016.
Ø Germany business sentiment index dropped to 106.2 in August from 108.3 in July.
Corporate Buzz
Ø Natco Pharma received the Establishment Inspection Report for its chemical division facility in Chennai from the US health regulator after closure of inspection.
Ø US retailer Bed Bath & Beyond ordered an external audit of textiles from Welspun India, putting more pressure on the embattled Indian bedding and towel maker.
Ø Tata Global Beverages (TGBL) is exploring multiple options, including restructuring or sale, for its China operations.
Ø CRISIL revised the rating of Kingfisher Airlines' banks loans from D (default grade) to "not meaningful".
Ø Patanjali Ayurved became the third largest seller of FMCG products at the shelves of Kishore Biyani-led Future Retail.
Ø Monsanto withdrew application seeking approval for the next generation genetically modified cotton seeds in India because of regulatory uncertainties.
Ø AstraZeneca agreed to sell its small molecule antibiotics business to Pfizer Inc in a deal that could be valued at more than USD 1.5bn.
Ø DHFL plans to raise INR 100bn from non-convertible debentures (NCDs) to fund business growth.
Ø ICRA estimated the GDP growth to remain flat at 7.2% in the first quarter under the gross value added (GVA) calculation.
Ø Nalco's INR 28.35bn offer to buyback 644.3mn shares will open on August 30.
Ø HDFC Ltd to issue bonds worth INR 5bn on Friday to meet long-term capital requirements.
Ø IDBI Bank opts for AT-1 bonds to raise INR 15bn.
Outlook
Ø Benchmark indices are likely to open on a cautious note ahead of Fed Chair Janet Yellen's Jackson Hole address.
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CSEC Research
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