February 11, 2020 / 3:22 AM / 6 days ago

Morning News Call - India, February 11

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT- SHIPPING FOCUS 
    Charles Chasty, Research Ananlyst at shipbroker Affinity, discusses the
outlook for shipping rates, the shipbuilding cycle, and the impact of
coronavirus on the industry, with a focus on China. To join the conversation at
04:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    •India readying $2.6 billion U.S. naval helicopter deal ahead of Trump trip
    India is set to give final approval to a $2.6 billion deal for military
helicopters from U.S. defence firm Lockheed Martin ahead of a proposed visit by
U.S. President Donald Trump this month, defence and industry sources
said.
    •Amazon challenges India antitrust probe in court -filing 
    Amazon.com has begun legal action in India to quash an antitrust
investigation against the company, saying it could cause "irreparable" loss and
damage to its reputation, according to its court filing seen by
Reuters.
    •POLL-Indian inflation likely hit a near six-year high in January
    Indian retail inflation likely rose to a near six-year peak in January as
food prices stayed high, according to a small majority of economists in a
Reuters poll, which may persuade the central bank to keep interest rates on hold
in the coming months.
    •India's car sales fall in January as economy slows, ownership cost rises
    Car sales in India fell for the 15th consecutive month in January, as
slowing economic growth and rising cost of car ownership made consumers
reluctant to spend, the Society of Indian Automobile Manufacturers (SIAM) said
on Monday.

    
    GLOBAL TOP NEWS
    •China reports record daily virus death toll, but new cases fall
    China reported 108 new coronavirus deaths, a daily record, bringing the
total number of people killed in the country to 1,016, but the number of new
cases fell.
    •Trump's $4.8 trillion budget gets chilly reception from Congress
    President Donald Trump's $4.8 trillion budget plan for the coming fiscal
year drew a prompt rejection on Monday from congressional Democrats, who said it
betrayed his promise to protect popular health and safety-net
programs.
    •Hundreds of Chinese businesses seek billions in loans to contend with
coronavirus-sources
    More than 300 Chinese companies are seeking bank loans totalling at least
$8.2 billion to help to soften the impact of the coronavirus outbreak, two
banking sources said.

       
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.4% higher at 12,084.00. 
    • The Indian rupee is expected to remain little changed against the dollar
in early trades amid rising death toll from the coronavirus.
    • The Indian government bonds are likely to trade little changed ahead of an
auction of state debt today, while traders await retail inflation data for
January, due tomorrow, for further cues on interest rates.The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.42%-6.46%. 
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Nasdaq closed at record highs on Monday as Chinese
workers and factories slowly returned to business following a Lunar New Year
holiday that was protracted by the deadly coronavirus outbreak.
    • Asian share markets followed Wall Street higher even as doubts grew about
how quickly China's factories could get back to work given that the coronavirus
continues to spread and deaths mount.
    • The U.S. dollar and Japanese yen were in demand, along with the bonds of
both countries, as worries about the spread of coronavirus had investors heading
for safe harbours.
    • Continued demand for safe-haven assets from investors nervous about the
economic damage caused by the coronavirus outbreak drove U.S. Treasury yields
lower on Monday, inverting one measure of the yield curve.
    • Oil prices rose as recent sharp falls have encouraged investors holding
short positions to book profits, but the market remains jittery over the Wuhan
virus, which has now killed more than 1,000 in China.
    • Gold prices held steady after climbing to a one-week peak in the previous
session, as concerns about the coronavirus epidemic that has claimed more than
1,000 lives in China offset an uptick in equities.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.35/71.38  February 10      9,943.68 crore  3,676.51 crore
 10-yr bond yield  6.44 pct     Month-to-date    8,771 crore     7,925 crore
                                Year-to-date     20,894 crore    (3,723) crore
 
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    
    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 = 71.28 Indian rupees)
 


 (Compiled by Prajakta Gadgil in Bengaluru)
  
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