April 16, 2019 / 3:15 AM / 2 months ago

Morning News Call - India, April 16

(Morning News Call - India edition will not be published on Wednesday, April 17
as markets are closed for Mahavir Jayanti)
    
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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - EMERGING MARKETS OUTLOOK
    Standard Chartered Bank analyst Ilya Gofshteyn comes to the forum to call
out potential bond bargains in emerging markets shunned by some institutional
investors complaining of relatively low risk-adjusted returns at 6:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Jet Airways extends international flight suspension 
    Jet Airways plans to extend its suspension of international flights until
Thursday having not received any interim funding from lenders, the company said
in a letter to employees on Monday.
    • Arun Jaitley says extreme poverty falling, to end by 2031
    India's finance minister said on Monday fast economic growth and rapid
urbanisation would slash the number of people in extreme poverty by 2021 and end
it completely in the decade after that.
    • India gold smuggling slowed by election seizures of cash, bullion 
    India's gold smugglers have slowed their operations over worries their
shipments will be caught up in seizures of cash, bullion, booze and drugs that
are aimed at controlling vote-buying in the country's national elections,
industry officials told Reuters.
    • Yogi Adityanath banned from election campaign after anti-Muslim comment
    India's election commission on Monday banned a Hindu state chief minister
from campaigning for three days after anti-Muslim comments in an election that
will end next month.
    • India's March exports pick up, help contain trade deficit
    India's goods exports picked up in March, boosted by the weaker rupee
despite a slowdown in global trade growth, helping the country to contain its
trade deficit despite a surge in oil imports.
    • India set to see average monsoon rains this year
    India is likely to see average monsoon rains this year, the state-run
weather office said on Monday, which should support agricultural production and
economic growth in Asia's third-biggest economy, where half of the farmland
lacks irrigation.
        
    
    GLOBAL TOP NEWS
    • Trump on China trade spat: 'We're going to win either way'
    President Donald Trump said on Monday he believed the United States would
emerge from its trade dispute with China as a winner, no matter what happened.

    • Goldman offers fresh details on overhaul progress as revenue slides
Goldman Sachs Group offered new tidbits about its sweeping operational overhaul
when reporting first-quarter results on Monday, but investors focused on revenue
declines across nearly all its main businesses.
    • China March new home prices rise 0.6 pct m/m, quickening from Feb
    China's new home prices in March rose 0.6 percent from a month earlier,
accelerating from 0.5 percent growth in February, Reuters calculated from
National Bureau of Statistics data published.
    
   
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.1 percent at 11,754.00,
from its previous close. 
    • The Indian rupee is expected to open little changed against the dollar
after trade deficit in Asia’s third-largest economy widened more than expected
in March. 
    • Indian government bonds are likely to open little changed amid lack of
triggers, while traders await minutes of the latest policy meeting of the
Monetary Policy Committee, due later this week, for further cues on rates.  The
yield on the benchmark 7.26 percent bond maturing in 2029 is likely to trade in
a range of 7.37 percent-7.42 percent band today, a trader with a private bank
said. 
    
    
    GLOBAL MARKETS
    • Wall Street lost ground on Monday, dragged down by financials as
underwhelming bank earnings curbed investor enthusiasm.
    • Asian stocks hovered below a nine-month high after disappointing bank
earnings dented Wall Street, though recent signs the global economy is likely to
avoid a sharper downturn helped limit the losses.
    • Major currencies remained confined to well-trodden ranges, as markets look
next to European and Chinese data for more evidence that the worst may be over
for the global economy.
    • U.S. long-dated Treasury yields slipped from four-week highs on Monday in
choppy trading, ahead of U.S. data in a holiday-shortened week that will give
some guidance on whether the world's largest economy could tip into recession in
the near future.
    • Oil prices edged down after a Russian minister said the nation and OPEC
may boost crude output to fight for market share, checking a recent sharp rally
driven by tighter global production.
    • Gold slipped for a fourth straight session as optimism over the U.S.-China
trade talks helped investors retain risk appetite despite dismal quarterly
results from Wall Street.    
    
                   CLOSE       FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.37/69.4  April 15         $102.72 mln  -$15.92 mln
 10-yr bond yield  7.4 pct     Month-to-date    $2.01 bln    -$1.57 bln
                               Year-to-date     $8.85 bln    -$2.02 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 = 69.41 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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