April 18, 2019 / 3:28 AM / 3 months ago

Morning News Call - India, April 18

(Morning News Call - India edition will not be published on Friday, April 19, as
markets are closed for Good Friday)
    
To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    No events are scheduled for the day.
    
    LIVECHAT - BONDS UPDATE 
    Reuters interest rate reporters delve into the government bond markets at
4:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Jet Airways lenders "reasonably hopeful" of successful bids for grounded
airline
    Lenders to Jet Airways said they are "reasonably hopeful" that the bidding
process for the grounded airline will end successfully.
    • Indians begin voting in second phase of mammoth general election
    Voters across swaths of southern India began queueing up early in the second
phase of a mammoth, staggered general election in which opposition parties are
trying to stop Prime Minister Narendra Modi from winning a second
term.
    • Five million lost jobs in India between 2016 and 2018 - report
    At least five million Indians lost their jobs between 2016 and 2018, and
young urban men are being hit hardest, a Bengaluru-based private university said
in a report on Tuesday.
    • Aramco in talks to buy stake in refining business of Reliance
    Saudi Aramco, the world's biggest oil producer, is in talks to buy a stake
of at least 20 percent in the refining and petrochemicals businesses of Reliance
Industries, sources familiar with the matter said on Wednesday.
    • Reliance Industries in talks to buy British toymaker Hamleys -
Moneycontrol 
    Reliance Industries is in talks to buy British toy store chain Hamleys,
business news website Moneycontrol reported on Wednesday citing multiple
sources, as the Indian conglomerate seeks to expand its footprint in the
consumer space.
    • Wipro misses fourth-quarter profit estimates
    Indian software services exporter Wipro missed analyst estimates for
fourth-quarter profit on Tuesday, partly hurt by a rise in expenses and forecast
weak growth at its biggest business segment.
    • Indian refiners turn to OPEC, Mexico, U.S. to make up Iran oil gap
    Indian refiners are increasing their planned purchases from OPEC nations,
Mexico and the United States to make up for any loss of Iranian oil if the U.S.
enforces sanctions more harshly from next month, sources and company officials
said.

    
    GLOBAL TOP NEWS
    • Japan April manufacturing contraction slows but export slump deepens -
Flash PMI
    Japanese manufacturing activity contracted at a slightly slower pace in
April thanks to a pick up in hiring, but new export orders fell at the fastest
pace in almost three years in a sign slow global demand remains a major pressure
point for the economy.
    Japan's Aso to travel to U.S. April 25 for meeting with Mnuchin - source
    Japanese Finance Minister Taro Aso will travel to the United States on April
25 to meet Treasury Secretary Steven Mnuchin on the sidelines of a summit
between Japanese Prime Minister Shinzo Abe and U.S. President Donald Trump, a
source said.
    Amazon to close domestic marketplace business in China -sources
    Amazon.com plans to close its domestic marketplace in China by mid-July,
people familiar with the matter told Reuters, focusing efforts on more lucrative
businesses selling overseas goods and cloud services in the world's most
populous nation.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,846.50, from its
previous close.
    • The Indian rupee is expected to open higher against the dollar after
robust economic data boosted the Chinese yuan to near nine-month highs. 
    • Indian government bonds will likely open lower tracking an uptick in U.S.
Treasury yields and as crude oil prices stay elevated.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 till the auction result today, a trader with a private
bank said.   
    
        
    GLOBAL MARKETS
    • U.S. stocks ended slightly lower on Wednesday as a drop in healthcare
shares overshadowed a string of positive corporate earnings and upbeat economic
data from the United States and China.
    • Asian shares slipped after losses on Wall Street but trade was subdued as
investors awaited business surveys in Europe and largely stayed on the sidelines
ahead of the long Easter weekend holiday.
    • The euro was buoyant after more evidence of strength in China improved the
outlook for the global economy, with the market looking next to European
indicators to provide the currency with a further boost.
    • U.S. Treasury yields drifted lower from four-week highs on Wednesday, as
Wall Street shares lost steam in a holiday-shortened week and investors got back
in the market after a recent sell-off.
    • Oil prices dropped as the impact of plentiful U.S. production offset a
surprise decline in U.S. inventories, leaving international benchmark Brent
retreating from a five-month high touched in the previous session.
    • Gold prices touched their lowest this year, and were on course for a
fourth straight weekly decline, as recent economic data drove investors towards
riskier assets, with traders eyeing clues to gauge the health of global
economy.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.64/69.67  April 16         $149.71 mln  $47.91 mln
 10-yr bond yield  7.4 pct      Month-to-date    $2.07 bln    -$1.52 bln
                                Year-to-date     $8.91 bln    -$1.97 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 = 69.4 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below