March 6, 2019 / 3:21 AM / 7 months ago

Morning News Call - India, March 6

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    FACTORS TO WATCH
    No major events are scheduled.
    
    
    INDIA TOP NEWS
    • India services activity accelerates in Feb as demand strengthens - PMI
Activity in India's huge service sector accelerated in February, partly due to
an increase in domestic new business which induced firms to maintain a solid
hiring pace, a private survey showed on Tuesday.
    • Indian central bank fines 19 lenders for non-compliance on SWIFT use
India's central bank has fined at least 19 lenders, including top banks such as
ICICI Bank and State Bank of India, for failing to comply with its guidelines on
the use of global payments network SWIFT.
    • India's February jobless rate climbed to 7.2 percent - CMIE
The unemployment rate in India rose to 7.2 percent in February 2019, the highest
since September 2016, and up from 5.9 percent in February 2018, according to
data compiled by the Centre for Monitoring Indian Economy (CMIE) that was
released on Tuesday.
    • India, Pakistan resume barter trade amid tension in contested Kashmir
India and Pakistan resumed barter trade at a border crossing in Kashmir on
Tuesday, an Indian official said, but tension in the contested region continued
with a general strike and more fighting between Indian security forces and
separatists.
    • Canada's Caisse pension fund to invest $255 million in Edelweiss arm
Edelweiss Group said on Tuesday CDPQ Private Equity Asia will invest over 18
billion rupees in ECL Finance Limited, the group's non-banking financial company
arm.
    • India to reimburse freight for exports of some farm products
Indian government will provide federal support for the transportation of some
farm products to make Indian goods more competitive in foreign markets, the
government said in a statement on Tuesday.
    
    
    GLOBAL TOP NEWS
    • North Korea rebuilds part of missile site it promised Trump to dismantle
North Korea has restored part of a missile launch site it began to dismantle
after pledging to do so in a first summit with U.S. President Donald Trump last
year, South Korea's Yonhap News Agency and two U.S. think tanks reported on
Tuesday.
    • Carlos Ghosn, jailed for over 100 days, set to be released on bail
Former Nissan Motor Chairman Carlos Ghosn was set to be released on an $8.9
million bail, giving the once-feted executive fresh impetus to build a defence
against what he has called "meritless" financial misconduct charges.

    • Tesla blames misprinted label for China customs hiccup
Tesla said on Tuesday that China's customs authorities have accepted the
electric carmaker's plan to resolve problems with the clearance of its Model 3
sedans that centred around misprinting of labels.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were up 0.2 percent at 11,060, from its
previous close.
    • The Indian rupee is expected to open little changed against the dollar as
better-than-expected U.S. services and housing data will likely offset
dollar-selling interest from interbank and exporters.
    • Indian government bonds are likely to open higher, as a fall in crude oil
prices raised hopes of slower inflation rate and further strengthened bets of
policy easing. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.52 percent-7.58 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street's main indexes dipped in a choppy session on Tuesday as a drop
in General Electric shares countered positive retailer earnings and investors
eyed a key resistance level for the benchmark S&P 500 after the market's strong
run.
    • Asian stocks clung to tight ranges, as investors awaited fresh directional
cues from U.S.-China trade negotiations and a weaker Wall Street finish capped
broader gains, while robust U.S. economic data supported the dollar.
    • The dollar held gains against its peers, thanks to higher U.S. yields and
better-than-expected data, while its Australian counterpart took a knock after
disappointing economic growth figures for last quarter.
    • Revived fears about the progress of U.S. trade negotiations with China
muted an earlier jump in U.S. Treasury bond yields on a report showing business
activity and spending jumped in non-manufacturing sectors in February.
    • Oil prices fell, as bullish output forecasts by two big U.S. producers and
a build in U.S. crude stockpiles outweighed ongoing OPEC-led efforts to rein in
crude production.
    • Gold held steady, after recovering from more than five-week lows in the
previous session, drawing support from choppy equities, while a stronger dollar
capped gains.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.49/70.52  March 5          $106.71 mln  $31.35 mln
 10-yr bond yield  7.55 pct     Month-to-date        -        $69.33 mln
                                Year-to-date     $2.66 bln    -$2.10 bln
 
    
    
    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 = 70.4690 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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