February 14, 2019 / 3:14 AM / 2 months ago

Morning News Call - India, February 14

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    FACTORS TO WATCH
    12:00 pm: Government to release January wholesale price inflation data in
New Delhi.
    
    LIVECHAT - BONDS FOCUS
    Reuters interest rate reporters delve into government bond markets at 6:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Indian auditor says Rafale jet deal cheaper than original
India's federal auditor said on Wednesday that 36 fighter jets bought from
France's Dassault Aviation were cheaper than an earlier local deal, offering
respite for Prime Minister Narendra Modi.
    • Thyssenkrupp employees will not support Tata JV at any price
Labour leaders, who hold half the seats on Thyssenkrupp's supervisory board,
will not support a planned joint venture with Tata Steel if concessions in
ongoing antitrust proceedings go too far, a union representative said.
 
    • IndiGo to cut number of flights in February, March
IndiGo Airlines, the country's largest domestic carrier, said on Wednesday it
would cut the number of flights it operates by 2 percent in February due to bad
weather. 
    • Venezuela turns to India for oil exports as U.S. sanctions bite
Venezuelan oil company PDVSA is looking to double exports to India as U.S.
sanctions hobble deliveries to the United States and Europe.
    • U.S. Commerce Secretary Ross cancels India trip -spokesman
U.S. Commerce Secretary Wilbur Ross has canceled plans to visit India this week
for a business forum due to "inclement weather" and other logistical issues, a
spokesman for the agency said in a statement on Wednesday.
    • India high court overturns 2017 arbitration award to HPCL for $113 million
An Indian high court has set aside an arbitration award of more than 8 billion
rupees ($113.19 million) owed to India's Hindustan Petroleum by Malaysia’s
M3nergy, according to a court document reviewed by Reuters.

    
    GLOBAL TOP NEWS
    • Trump: China trade talks going 'very well' before high-level parley
U.S. President Donald Trump said on Wednesday trade talks with China were "going
along very well" as the world's two largest economies try to resolve their
seven-month tariff war ahead of a March 1 deadline for a deal.
    • Japan Q4 GDP rebounds but trade frictions remain a concern
Japan's economy expanded in the fourth quarter as business and consumer spending
recovered from natural disasters, however global trade protectionism remained a
concern for the country. 
    • U.S. charges former top Apple lawyer with insider trading
The former top corporate lawyer at Apple was criminally charged by the U.S.
Department of Justice on Wednesday with insider trading ahead of six of the
iPhone maker's quarterly earnings announcements.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.3 percent higher at
10,767.00, from its previous close.
    • The Indian rupee is expected to slip against the U.S. currency after the
dollar index climbed back to two-month highs amid higher-than-expected core U.S.
inflation data. 
    • Indian government bonds are expected to edge lower in early trade as crude
oil prices rose for the third consecutive session. The yield on the benchmark
7.17 percent bond maturing in 2028 will likely trade in a 7.44 percent-7.49
percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street closed higher on Wednesday as investor optimism was stoked
over hopes the United States and China could iron out a trade deal, and benign
inflation data suggested the Federal Reserve would hold interest rates steady in
the near term.
    • Asian stock markets started in a cautious mood as investors hoped for
progress in the latest Sino-U.S. tariff talks while bracing for China trade data
that are expected to show further falls in both exports and imports.
    • The dollar held near 3-month highs against the euro, benefiting from
sustained strength in core U.S. inflation and weak data out of Europe.
    • U.S. benchmark Treasury debt yields rose to one-week highs on Wednesday
and the yield curve flattened after data showed that core consumer prices rose
in January, easing concerns about a drop in inflation.
    • Oil prices rose, buoyed by hopes that potential progress in the latest
Sino-U.S. tariff talks would improve the global economic outlook.
    • Gold prices inched up on expectations that the U.S. Federal Reserve will
hold rates steady this year, while investors hoped for developments in trade
talks between Washington and Beijing.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.69/70.72  February 13      -$95.53 mln  $245.79 mln
 10-yr bond yield  7.47 pct     Month-to-date    $574.76 mln  $11.82 mln
                                Year-to-date     $499.41 mln  -$794.03 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 = 70.8700 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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