April 10, 2018 / 3:22 AM / in 6 months

Morning News Call - India, April 10

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    FACTORS TO WATCH
    11:00 am: Vice President Venkaiah Naidu and AYUSH Minister Shripad Yesso
Naik at inauguration of ‘Scientific Convention on World Homeopathy Day’ in New
Delhi.
    11:30 am: SIAM to announce auto industry sales data in New Delhi.
    
    LIVECHAT - THE GOLD AND SILVER CLUB  
Nik Kalsi and Phil Carr from The Gold and Silver Club join us to discuss all
things commodities at 2:30 pm IST. To join the conversation, click on the link:
here
    
    
    INDIA TOP NEWS
    • In surprise move, India's Axis Bank CEO to step down by end of 2018
    Axis Bank Ltd said on Monday that its long-time Chief Executive Shikha
Sharma will step down at the end of 2018, days after India's central bank was
reported to have expressed concerns about the lender giving her a three-year
extension.
    • India's Lemon Tree Hotels soars on market debut
    Shares in India's Lemon Tree Hotels Ltd closed higher on their trading debut
on Monday after the company's initial public offering raised nearly $160
million.
    • India's March gold imports halve as price rally dents demand -GFMS
    India's gold imports in March halved from a year ago to 52.5 tonnes as a
rally in local prices to 16-month high slashed demand in the world's
second-biggest consumer of bullion, provisional data from precious metals
consultancy GFMS and bank dealers showed.
    • India likely to pay cane growers to help sugar mills - sources
    India is likely to provide financial support to cane farmers for produce
sold to sugar mills, two government sources said, in a rare move to subsidise
the industry which is reeling under a glut and struggling to export because of
low global prices.
    • Labour leaders at Thyssenkrupp demand more clarity in Tata JV talks
    Labour leaders at Thyssenkrupp are seeking more clarity from management over
a planned European joint venture with India's Tata Steel, warning of possible
fallout at the German group's sites.
    • Swiss Aviation Consulting denies bid for Air India assets
    Aviation advisory firm Swiss Aviation Consulting on Monday denied it has
expressed interest in buying the debt burdened state-run carrier Air India.

    • Xiaomi pushes for smartphone component suppliers to invest in India
    China's Xiaomi said it wants its global smartphone component makers to set
up base in India, in what is likely to bring as much as $2.5 billion of
investment to the South Asian nation while also creating up to 50,000
jobs.   
    
    GLOBAL TOP NEWS
    • China's Xi promises to lower tariffs this year, open economy further 
Chinese President Xi Jinping promised to open the country's economy further and
lower import tariffs on products including cars, in a speech that comes amid
rising trade tensions between China and the United States.    
    • FBI raids offices, home of Trump's personal lawyer -sources
    The Federal Bureau of Investigation on Monday raided the offices and home of
U.S. President Donald Trump's personal lawyer Michael Cohen, law enforcement
sources said, in a dramatic new development in a series of probes involving
close Trump associates.
    Facebook's Zuckerberg faces Senate hearing but little hope for action
Facebook Chief Executive Mark Zuckerberg's No. 1 mission during his appearance
before U.S. lawmakers on Tuesday and Wednesday will be to defend against calls
to regulate internet-based companies.    
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures at 10,441, up 0.5 percent from its
previous close. 
    • The Indian rupee is expected to open higher against the dollar, after
Chinese President Xi Jinping’s speech soothed investor anxieties over a trade
war between the world’s largest two economies. 
    • Indian government bonds will likely fall in early session ahead of a
supply of state government papers, while sentiment remained subdued after a
smaller-than-expected increase in foreign investment limit in sovereign debt.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.20 percent-7.28 percent band today, a trader with a state-run bank said.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes rose on Monday as a softer stance by U.S.
policymakers on China tariffs powered a rebound from last week's selloff, but
stocks pared much of their gains late in the session after a report that the
Federal Bureau of Investigation raided the office of President Donald Trump's
lawyer.
    • U.S stock futures rallied, Asian shares bounced and the safe haven yen
fell as Chinese President Xi Jinping promised to lower import tariffs on
products including cars this year, helping soothe investor jitters over an
escalating U.S.-China trade row.
    • The dollar sagged against its peers as rhetoric from Chinese and U.S.
policymakers kept alive concerns about a trade conflict between the world's two
largest economies and undermined support for the greenback.
    • U.S. Treasury yields on most maturities edged higher on Monday, for the
fourth time in the last five sessions, as a recovery of risk appetite
accompanied a rally on Wall Street after the United States sought to ease
concerns about a trade conflict with China.
    • Oil markets added to strong gains from the previous session on hopes that
a trade dispute between the United States and China could be resolved without
greater damage to the global economy.
    • Gold prices ticked up in early Asian trade as the dollar and Asian stocks
slipped, while concerns about the prospect of an escalation in the China-U.S.
trade spat and reports of a poison gas attack in Syria offered support as
well.
   
   
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT           
 PNDF spot         64.97/65.00      April 9        - $200.15 mln  - $57.83 mln
 10-yr bond yield  7.37 pct         Month-to-date  $0.52 mln      $258.53 mln
                                    Year-to-date   $2.17 bln      $979.16 mln
    
    
    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 = 64.9500 Indian rupees)
0 : 0
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