April 26, 2019 / 3:16 AM / 25 days ago

Morning News Call - India, April 26

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - CHARTS & CHAT 
    Reuters Stocks Buzz writer and Chartist Terence Gabriel calls out risks and
opportunities in global markets via the charts at 8:00 pm. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Maruti Suzuki India to phase out diesel cars, sees weak year ahead
    Maruti Suzuki India said on Thursday it would stop making all diesel cars
beginning April next year and forecast a weak rate of growth for the current
fiscal year, blaming uncertain fuel prices and the onset of stricter emission
norms.
    • India alleges big multinationals did not pass on tax benefits -source
    Indian tax authorities have alleged that a number of big multinational
companies have not passed on benefits from a tax cut to customers, a senior
government official told Reuters.
    • Spotify loses access to major Indian label
    Music streaming service Spotify Technology said it will remove all songs
belonging to one of India's oldest record labels from its app after they failed
to agree on licensing terms, months after the Swedish company's launch in the
country.
    
    
    GLOBAL TOP NEWS
    • Japan's March factory output declines, rise in inventories raises concerns
    Japan's industrial output fell in January-March at the fastest pace in
almost five years, suggesting the economy may post a mild contraction in the
first quarter as manufacturers struggle with the U.S.-Sino trade war.

    • China President Xi says goal of Belt and Road is advance 'win-win
cooperation'
    China's President Xi Jinping said the aim of his Belt and Road initiative is
to advance win-win cooperation among countries and build a new platform for
international trade, while also creating development opportunities for China.

    • U.S. adds another China e-commerce site to 'notorious' IP blacklist
    The United States on Thursday added China's third-largest e-commerce
platform to its list of "notorious markets" for violations of intellectual
property rights and kept China on its priority watch list for piracy and
counterfeiting concerns.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,732.50, from its
previous close.
    • The Indian rupee is expected to open higher against the dollar amid a
broad recovery in Asian currencies after two days of losses.
    • Indian government bonds will likely open lower ahead of fresh supply of
papers via a weekly auction today, while surging crude oil prices continue to be
a major trigger. The yield on the benchmark 7.26 percent note maturing in 2029
will likely trade in a 7.44 percent-7.48 percent range till the auction results,
a trader with a private bank said. 
    
    
    GLOBAL MARKETS
    • The S&P 500 closed just barely lower on Thursday, as a dive in industrial
stocks and concerns about slowing global growth eclipsed gains in Facebook and
Microsoft.
    • Asian shares got off to a subdued start, while the dollar held near
two-year highs against the euro on speculation that data later in the day will
show the U.S. economy outperforming the rest of the developed world.
    • The dollar hovered near a two-year high against its peers, supported by
strong U.S. capital goods orders and awaiting first-quarter GDP data which could
further reinforce the greenback's bullish standing.
    • Afternoon trade saw Treasury yields rise ahead of U.S. gross domestic
product report, which is expected to show growth of 2 percent in the first
quarter, a strong outcome after a volatile start to the year in financial
markets.
    • Oil prices dipped on hopes that producer club OPEC will soon raise output
to make up for a decline in exports from Iran following a tightening of
sanctions on Tehran by the United States.
    • Gold rose on track for its first weekly gain in five weeks as investors
focused on signs of economic weakness after dismal data from Germany and Asia,
although a strong dollar ahead of U.S. GDP data kept a lid on gains.    
    
 
 
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         70.22/70.25  April 25         -          -$44.40 mln
 10-yr bond yield  7.45 pct     Month-to-date    $2.48 bln  -$1.80 bln
                                Year-to-date     $9.32 bln  -$2.25 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 = 70.13 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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