February 6, 2019 / 3:29 AM / 3 months ago

Morning News Call - India, February 6

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    FACTORS TO WATCH
    No major events are scheduled. 
    
    LIVECHAT - MARKETS FOCUS
    We will chat with Lee Robinson, founder of Altana Wealth, to get his take on
the markets and the economy at 4:30 pm IST. To join the conversation, click on
the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    Indian steel firms seek higher duties on steel imports as prices drop
    Indian steel firms are putting pressure on the nation's government to impose
higher duties on imports as trade disputes and a global economic slowdown divert
surplus Asian steel stocks to India, industry executives and government sources
said.
    
    Amazon grocery service slowly returns in India after e-commerce disruption
    Amazon.com's grocery service is slowly returning on its India website after
the online retail giant faced disruption from revised e-commerce curbs which
kicked in on Feb. 1.
    
    Banks may have to shell out another up to $5.6 billion for bad debt – India
Ratings
    Indian banks may have to provide an additional up to 400 billion rupees
towards loans, which could potentially turn sour between October 2018 and
September 2020, according to India Ratings & Research, the domestic arm of Fitch
Ratings.
    
    Hindustan Petroleum Q3 profit dives 87 percent on higher expenses
    State-owned refiner Hindustan Petroleum on Tuesday posted an 87.3 percent
slump in third-quarter profit, dented by higher expenses.
    
    
    GLOBAL TOP NEWS
    Trump vows to build border wall that Democrats oppose
    President Donald Trump told Americans in his State of the Union address on
Tuesday that illegal immigration was an urgent national crisis and he vowed to
build a border wall as he sought funding for a project rejected by Democrats.


    U.S.' Mnuchin, Lighthizer to hold talks next week in China -sources
    Senior U.S. and Chinese officials are poised to start another round of trade
talks in Beijing next week to push for a deal to protect American intellectual
property and avert a March 2 increase in U.S. tariffs on Chinese goods, two
people familiar with the plans said on Tuesday.
    
    ABC and parks boost Disney profit above forecasts
    Walt Disney reported quarterly earnings on Tuesday that handily topped Wall
Street estimates thanks to a booming theme park business and growth at its ABC
broadcast network as the company invests in a digital media future.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.5 percent higher at
11,016.00.
    
    The Indian rupee is expected to open little changed against the dollar amid
muted regional cues. Traders await tomorrow’s interest rate decision by India’s
Monetary Policy Committee and updates on trade negotiations between the U.S. and
China.
    
    Indian government bonds are expected to trade steady, as investors await
decision on key interest rate by the nation’s rate-setting panel tomorrow,
wherein a change of stance is largely expected. Yield on India's benchmark 7.17
percent bond maturing in 2028 will likely trade in a 7.59 percent -7.64 percent
band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Tuesday as largely upbeat corporate results fueled
investor optimism.
    • Asian shares started cautiously as investors waited to see if U.S.
President Donald Trump drops any hints of progress on tariffs in his State of
the Union speech.
    • The dollar held mostly steady against its peers, moving in a narrow range,
while drawing support from a sagging euro, which was weighed by soft data.

    • Treasury yields fell on Tuesday, with the 10-year sliding from one-week
highs, as the market priced in the Federal Reserve's dovish interest rate view
amid an uncertain global economic outlook.
    • Oil prices edged higher for the first time in three sessions, although
concerns over the outlook for the global economy capped gains.
    • Gold prices held steady on after rising 0.3 percent in the previous
session, with investors looking to U.S. President Donald Trump's upcoming State
of the Union address for hints on the outlook for Sino-U.S. trade.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.70/71.73  February 5       $58.87 mln   -$144.32 mln
 10-yr bond yield  7.62 pct     Month-to-date    $44.77 mln   -$289.45 mln
                                Year-to-date     -$30.58 mln  -$1.10 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]
 
    
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