February 15, 2019 / 3:31 AM / 5 months ago

Morning News Call - India, February 15

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    FACTORS TO WATCH
    • 10:00 am: Prime Minister Narendra Modi to flag off India's first semi-high
speed train in New Delhi.
    • 1:30 pm: Insolvency and Bankruptcy Board of India Chairperson M.S. Sahoo
at an event in Mumbai.
    • 5:00 pm: RBI to release weekly foreign exchange data in Mumbai.

      
    INDIA TOP NEWS
    • Jet Airways approves rescue deal to plug $1.2 billion gap
Jet Airways said on Thursday its board had approved a rescue deal which will
make its lenders its largest shareholders and fix a near 85 billion rupee ($1.2
billion) funding gap.
    • Kashmir car bomb kills 44; India demands Pakistan act against militants
A suicide bomber rammed a car into a bus carrying Indian paramilitary police in
Kashmir on Thursday, killing 44 of them in the deadliest attack in decades on
security forces in the disputed region, raising tensions with arch foe Pakistan.

    • January WPI inflation eases to 10-month low of 2.76 percent y/y
India's annual wholesale price inflation eased to a 10-month low of 2.76 percent
in January, helped by a smaller increase in prices of manufactured goods and
fuel products, government data showed on Thursday.
    • U.S., India seek to boost trade ties in energy, defence
The United States and India plan to boost bilateral trade in energy, aerospace,
defence, pharmaceuticals and healthcare as part of a continuing commercial
dialogue, officials from both governments said on Thursday.
    • India could extend deadline on steel import rules for automakers -sources
India is considering extending by four months a compliance deadline on tougher
import rules for steel that are aimed at forcing automakers to use locally made
alloy, said two sources familiar with the matter.
    • Ashok Leyland Q3 profit falls, but beats expectations
Ashok Leyland posted a 21.5 percent fall in its third-quarter profit on
Thursday, hurt by weak consumer demand.
    • ONGC third-quarter profit beats estimate
Oil and Natural Gas Corp on Thursday posted a 64.8 percent jump in third-quarter
profit, handily beating analysts estimates, boosted by higher revenue from
offshore operations.
    • Samsung says expects $4 billion in Indian sales of new smartphone range
Samsung Electronics expects a new range of smartphones it will launch in India
in the first half of this year to generate sales of $4 billion in 2019, a senior
company executive said on Thursday.
    
    
    GLOBAL TOP NEWS
    • Trump vows emergency declaration over wall, agrees to shutdown-averting
bill
President Donald Trump vowed on Thursday to declare a national emergency in an
attempt to fund his U.S.-Mexico border wall without congressional approval, a
step likely to plunge him into a battle with Congress over constitutional
powers.
    • U.S. trade envoys to meet China's Xi, no decision on deadline extension
The Trump administration's top two negotiators in trade talks with China will
meet on Friday with Chinese President Xi Jinping, but there has been no decision
to extend a March 1 U.S. deadline for a deal, White House economic adviser Larry
Kudlow said on Thursday.
    • Weakest U.S. retail sales since 2009 cast pall over economy
U.S. retail sales recorded their biggest drop in more than nine years in
December as receipts fell across the board, suggesting a sharp slowdown in
economic activity at the end of 2018.
    
        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.1 percent higher at
10,799.50, from its previous close.
    • The Indian rupee is expected to fall against the dollar in the wake of
Brent crude’s climb to near $65 a barrel, and losses in Asian currencies and
equities.
    • Indian government bonds are expected to open lower, as crude oil prices
continued to gain, while a weekly debt sale will add to supply in the market.
The yield on the benchmark 7.17 percent bond maturing in 2028 will likely trade
in a 7.50 percent-7.56 percent band today.
    
        
    GLOBAL MARKETS
    • The S&P 500 and the Dow slipped while the Nasdaq posted a slim gain on
Thursday as investors struggled to square grim retail sales data with hopes that
high-level talks in Beijing could resolve the ongoing U.S.-China trade dispute.

    • Asian stocks fell after weak U.S. retail sales figures raised fresh doubts
about the strength of the world's largest economy, offsetting optimism towards
trade talks between the United States and China.
    • The dollar weakened against the yen as dismal U.S. retail sales data
reinforced expectations Federal Reserve rates will not rise this year, while
investor focus shifted to trade talks between Washington and Beijing.
    • Treasury yields fell on Thursday after data showed that U.S. retail sales
recorded their biggest drop in more than nine years in December, suggesting a
slowdown in economic activity at the end of 2018.
    • Oil prices rallied, with Brent crude futures hitting fresh 2019 highs amid
U.S. sanctions against Venezuela and Iran and supply cuts led by the
Organization of the Petroleum Exporting Countries (OPEC).
    • Gold prices firmed as the dollar weakened slightly after disappointing
U.S. data indicated slowing economic momentum, supporting the U.S. Federal
Reserve's "patient" monetary policy approach.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.10/71.13  February 14      -$35.20 mln  -$103.20 mln
 10-yr bond yield  7.52 pct     Month-to-date    $453.38 mln  -$91.38 mln
                                Year-to-date     $378.03 mln  -$897.23 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 = 71.0180 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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