January 9, 2019 / 3:15 AM / 6 months ago

Morning News Call - India, January 9

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - BREAKINGVIEWS PREDICTIONS 2019
    George Hay, Associate Editor, Reuters BreakingViews will discuss the 2019
edition of Predictions, including an outlook for emerging markets, global
markets, geopolitics, the Fed, among others at 2:30 pm IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Monsanto patent victory seen as a boost for biotech investment in India 
    India's Supreme Court ruled on Tuesday that Monsanto can claim patents on
its genetically modified cotton seeds, a victory for the U.S. company that is
expected to encourage biotechnology firms to step up investment in the country.

    • RBI asks IL&FS lenders to classify loans to firm as non-performing -
sources
    The Reserve Bank of India (RBI) has asked lenders of Infrastructure Leasing
and Financial Services Ltd (IL&FS) to classify loans extended to the bankrupt
shadow banking firm as non-performing, two sources with direct knowledge of the
matter told Reuters on Tuesday.
    • Supreme Court clears way for Vedanta to reopen copper smelter 
    The Supreme Court on Tuesday cleared the way for Vedanta to reopen its south
Indian copper smelter by refusing to stay an order from the country's
environmental court.
    • EXCLUSIVE-Indian refiners pay for Iranian oil in rupees - UCO Bank
executive 
    India has begun paying Iran for oil in rupees, a senior bank official said
on Tuesday, the first such payments since the United States imposed new
sanctions against Tehran in November.
    • Tata Steel says weak Europe output to dent third-quarter earnings 
    Tata Steel, one of the flagship companies of the salt-to-software behemoth,
said on Tuesday lower production in Europe will impact its financial results,
ahead of a planned merger with Germany's Thyssenkrupp.
    • India forms panel to deepen digital payments, led by Infosys' Nilekani
    India's central bank on Tuesday said it has constituted a panel with Infosys
chairman Nandan Nilekani as its head in a bid to deepen digital payments in
Asia's third-biggest economy.
    • India to issue new safety rules for A320neos - aviation secretary
    India will issue new safety protocols for airlines operating Airbus A320neo
aircraft fitted with Pratt & Whitney engines, the civil aviation secretary said,
after temporary grounding orders affected the planes last year.
    • India December retail passenger vehicle sales down 3 percent on year -
dealer body
    India's retail passenger vehicles sales for December fell 3 percent from a
year ago, while two-wheeler sales rose 11 percent, according to data from the
car dealers' association.
    
    
    GLOBAL TOP NEWS
    • U.S.-China trade talks extended amid some signs of progress
    The United States and China will continue trade talks in Beijing for an
unscheduled third day, U.S. officials said on Tuesday amid signs of progress on
issues including purchases of U.S. farm and energy commodities and increased
access to China's markets.
    • Trump demands U.S. border wall, sidesteps declaring emergency
    U.S. President Donald Trump called on Congress on Tuesday to give him $5.7
billion this year to help build a wall on the U.S. border with Mexico but
stopped short of declaring a national emergency to pay for the wall with
military funds.
    • EXCLUSIVE-New documents link Huawei to suspected front companies in Iran,
Syria
    The U.S. case against the chief financial officer of China's Huawei
Technologies, who was arrested in Canada last month, centers on the company's
suspected ties to two obscure companies. One is a telecom equipment seller that
operated in Tehran; the other is that firm's owner, a holding company registered
in Mauritius.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.8 percent higher at
10,920.00 from its previous close. 
    • The Indian rupee is expected to open marginally higher against the dollar
after regional currencies and equities were boosted by signs that U.S. and China
are making progress in their trade talks. 
    • Indian government bonds are expected to fall in early trade as crude oil
prices and U.S. Treasury yields extended gains, making the nation's debt less
attractive. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.43 percent -7.49 percent band today. 
    
    
    GLOBAL MARKETS
    • The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon,
Facebook and industrial shares on bets that the United States and China would
strike a deal to end their trade war.
    • Asian shares climbed to a 3-1/2-week high, supported by growing optimism
that the United States and China can strike a trade deal to avoid an all-out
confrontation that would severely disrupt the global economy.
    • The dollar eased against some of its peers, as hopes of progress in the
Sino-U.S. trade dispute boosted commodity-linked and riskier currencies.
    • U.S. Treasury yields rose for a third day on Tuesday, in line with higher
U.S. stocks, as optimism over a trade deal between the United States and China
boosted risk appetite.
    • Oil prices rose, extending gains from the previous session on hopes that
Washington and Beijing can resolve a trade dispute that has triggered a global
economic slowdown.
    • Gold held steady as a surge in risk appetite on hopes of a Sino-U.S. trade
deal offset support from expectations of a pause in U.S. Federal Reserve rate
hikes.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.06/70.09  January 8        -$79.02 mln   -$112.74 mln
 10-yr bond yield  7.45 pct     Month-to-date    -$159.96 mln  -$49.01 mln
                                Year-to-date     ---           ---
 
    
    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 = 70.1100 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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