April 11, 2019 / 3:29 AM / 8 months ago

Morning News Call - India, April 11

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    FACTORS TO WATCH
    No major events are scheduled.

    LIVECHAT - BONDS UPDATE 
    Reuters interest rate reporters delve into the government bond markets at
5:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's giant election gets underway with voting in first of seven phases
Indians began voting in the first phase of a mammoth general election, with
Prime Minister Narendra Modi gunning for a second term having campaigned
strongly on his national security record following a flare up in tensions with
Pakistan.
    
    • Jet hits more turbulence as fleet shrinks and fuel terms tightened
Jet Airways is fighting for survival as its fleet shrinks and some refiners
tighten fuel supply terms despite efforts by the airline's lenders to find a new
investor to bail out the cash-strapped Indian carrier.

    • EXCLUSIVE-India trade ministry says no legal basis to ban e-cigarette
imports -document
India's trade ministry says it cannot impose a ban on electronic cigarette
imports as there is no legal basis for doing so, an internal government memo
viewed by Reuters shows, in a boost for those looking to tap into the country's
growing vaping market.

    • Nearly 2,000 Zambian villagers can sue Vedanta in England - Supreme Court
Nearly 2,000 Zambian villagers have the right to sue mining company Vedanta in
the English courts, London's Supreme Court said on Wednesday, raising the
prospect other companies could face legal action in England related to their
activities abroad.
    
    
    GLOBAL TOP NEWS
    • EU gives May till October for Brexit, seeking clarity
European Union leaders gave Britain six more months to leave the bloc, more than
Prime Minister Theresa May says she needs but less than many in the bloc wanted,
thanks to fierce resistance from France.

    • Citing global slowdown, Fed sees no changes to rates in 2019
The Federal Reserve is likely to leave interest rates unchanged this year given
risks to the U.S. economy from a global slowdown and uncertainty over trade
policies and financial conditions, according to the minutes from its March 19-20
policy meeting.

    • U.S., China agree to establish trade deal enforcement offices -Mnuchin
The United States and China have largely agreed on a mechanism to police any
trade agreement they reach, including establishing new "enforcement offices,"
U.S. Treasury Secretary Steven Mnuchin said on Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed, trading at 11,662.50,
form its previous close.

    • The Indian rupee is expected to open lower against the dollar after Brent
crude rose by the most in seven weeks. 
    
    • Indian government bonds are likely to edge lower in early trade tracking
overnight gains in crude oil prices. The benchmark 7.26 percent bond maturing in
2029 is expected to trade in the range of 7.35 percent-7.40 percent, a trader
with a state-run bank said.
   
        
    GLOBAL MARKETS
    • Technology stocks led Wall Street slightly higher on Wednesday, as U.S.
inflation data proved to be benign and the minutes from the Federal Reserve's
March meeting were unsurprising.
    • Asian stocks stepped back from near eight-month highs and the dollar eased
as European and U.S. central banks reinforced investor worries about the global
economic outlook and trade protectionism.
    • The dollar held near two-week lows as Federal Reserve minutes reinforced
dovish policy expectations while the pound held recent ranges after European
leaders extended the deadline for Britain to leave the union, averting a no-deal
Brexit.
    • XU.S. Treasury yields slid on Wednesday, as tame underlying U.S. inflation
data reinforced expectations that the Federal Reserve would hold interest rates
steady or cut them once by the end of the year.
    • Oil prices fell after U.S. crude stockpiles surged to their highest levels
in almost 17 months amid record production.
    • Gold hovered near a two-week peak touched in the previous session, as the
dollar struggled after the U.S. Federal Reserve and the European Central Bank
signalled steady interest rates amid a slowing global economy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.23/69.26  April 10         $206.76 mln  -$3.94 mln
 10-yr bond yield  7.36 pct     Month-to-date    $1.59 bln    -$1.24 bln
                                Year-to-date     $8.43 bln    -$1.69 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 = 69.16 Indian rupees)

 (Compiled by Avina Ajit in Bengaluru)
  
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