EM ASIA CREDIT: JSW STEEL: Courts agree Bushan Power to stay in JSW hands.
(JSTLIN, Ba1/NR/BB)
"*INDIA'S TOP COURT UPHOLDS JSW'S ACQUISITION OF BHUSHAN POWER" - BBG
"*JSW STEEL SHARES RISE AS MUCH AS 1.7% IN MUMBAI" - BBG
JSW avoids sale of Bhushan Power, positive for spreads
The Indian Supreme Court had earlier rejected the resolution plan submitted by JSW Steel to acquire bankrupt Bhushan Power and Steel Ltd (BPSL), which was previously approved by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) in 2019. The Court ruled that the plan violated provisions of the Insolvency and Bankruptcy Code (IBC) and was therefore illegal. Subsequently, the Supreme Court heard a review petition filed by JSW Steel and has upheld its original decision.
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GBPUSD TECHS: Bullish Signal Remains In Play
- RES 4: 1.3753 High High Jul 2
- RES 3: 1.3681 High Jul 4
- RES 2: 1.3636 76.4% retracement of the Jul 1 - Aug1 downleg
- RES 1: 1.3544/3595 High Aug 22 / 14
- PRICE: 1.3450 @ 06:25 BST Aug 27
- SUP 1: 1.3391 Low Aug 22
- SUP 2: 1.3315 61.8% retracement of the Aug 1 - 14 bull leg
- SUP 3: 1.3249 76.4% retracement of the Aug 1 - 14 bull leg
- SUP 4: 1.3142 Low Aug 1 and a key support
A rally on Aug 22 in GBPUSD continues to signal the end of the recent corrective phase - last Friday’s reversal pattern is a bullish engulfing candle. An extension higher would open the short-term bull trigger at 1.3595, the Aug 14 high. Clearance of this level would signal scope for a climb towards 1.3636, the 76.4% retracement of the bear leg between Jul 1 and Aug 1. Key short-term support has been defined at 1.3391, the Aug 22 low.
LOOK AHEAD: UK Timeline of Key Events (Times BST)
| Date | UK | Period | Event |
| 27-Aug | 1100 | Aug | CBI Distributive Trades |
| 29-Aug | 0730 | --- | DMO to release FQ3 (Oct-Dec) issuance ops calendar |
| 01-Sep | 0930 | Jul/Aug | BOE Lending to Individuals / M4 / S&P Manuf PMI (f) |
| 03-Sep | 0830 | --- | BOE Mann at Signum's London Westminster Day roundtable |
| 03-Sep | 0915 | --- | BOE Breeden at Money and Payments Conference |
| 03-Sep | 0930 | Aug | S&P Global Services / Composite PMI (Final) |
| 04-Sep | 0930 | Aug | BOE Decision Maker Panel data / S&P Construction PMI |
| 05-Sep | 0700 | Jul | Retail Sales |
| 08-Sep | 0001 | --- | KPMG / REC Report on Jobs |
| 09-Sep | 0001 | Aug | BRC-KPMG Shop Sales Monitor |
| 12-Sep | 0700 | Jul | GDP / Services / Production / Trade / Construction |
| 12-Sep | 0930 | Aug | Bank of England/Ipsos Inflation Attitudes Survey |
| 16-Sep | 0700 | Aug | Labour Market Survey |
| 17-Sep | 0700 | Aug | Consumer inflation report |
| 18-Sep | 1200 | --- | Bank Of England Interest Rate |
| 19-Sep | 0001 | Sep | Gfk Monthly Consumer Confidence |
| 19-Sep | 0700 | Aug | Public Sector Finances / Retail Sales |
CHINA: Country Wrap: Industrial Profit Declines Continue:
- Africa has become a new hotspot for Chinese exports as Donald Trump’s tariffs redraw trade for the world’s biggest manufacturing nation. With a 25% on-year jump to $122 billion, growth in sales to the continent of 1.5 billion people has far outpaced other major markets this year while orders from the US slumped. China’s exports to Africa so far in 2025 are more than in the whole of 2020 and on track to exceed $200 billion for the first time. Although the trading relationship shows no sign of becoming less lopsided, with China running a far wider surplus with Africa than last year, Beijing is cracking open its domestic market while seizing on the chance to meet the continent’s infrastructure needs. (source BBG)
- China's Industrial Profit in July declined, marking a third consecutive month. China Industrial Profits YoY contracted -1.5%, following -4.3% in June.
- This is the seventh monthly decline out of the prior 12. The Year to date result of -1.70% was in line with the prior month's result of -1.8%. The Year to date Industrial Company's Profit was CNY4.02tn. (source MNI)
- President Xi Jinping said on Tuesday that promoting the high-level development of China-Russia relations with tireless efforts serves the fundamental interests of the two peoples and provides a source of stability for world peace. Xi made the remarks during a meeting with Vyacheslav Volodin, chairman of the Russian parliament's lower house, the State Duma, at the Great Hall of the People in Beijing. The president said that in today's world of turbulence and transformation, the China-Russia relationship is unparalleled in terms of stability, maturity and strategic significance among major-country relation. (source China Daily)
- Whilst the Hang Seng hovered around where it opened, the onshore offshore divide continues with the CSI 300 up +0.72%, Shanghai up +0.33% and Shenzhen one of the best regional performers up +0.80%.
- Yuan Reference Rate at 7.1108 Per USD; Estimate 7.1546
- Government bond yields are steady with the CGB 10yr at 1.77%
