March 12, 2020 / 3:25 AM / 16 days ago

Morning News Call - India, March 12

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    FACTORS TO WATCH
    4:00 pm: Finance Minister Nirmala Sitharaman to meet heads of merging banks
to review their proposed merger progress in new Delhi.
    5:30 pm: Government to release February consumer price inflation data in New
Delhi.   
   
    
    INDIA TOP NEWS
    • India cancels almost all visas, closes Myanmar border, as regional
coronavirus cases rise
    India said on Wednesday it will suspend the vast majority of visas to the
country in a wide-reaching attempt to prevent the spread of coronavirus, as
cases across the region continued to rise.
    • Malaysia aims to resolve palm oil spat with India within a month
    Malaysia has set itself a target of a month within which to resolve its
trade dispute with India over palm oil, the southeast Asian nation's new
commodities minister said on Wednesday.
    • Indigo says Jan-March quarterly profit to be hit by coronavirus outbreak
    India's biggest airline IndiGo expects its Jan-March earnings to be
materially impacted due to a sharp decline in daily bookings because of the
outbreak of coronavirus, the company said in a statement on Wednesday.

    • Jaguar Land Rover says UK employee tests positive for coronavirus
    Britain's biggest carmaker Jaguar Land Rover said an employee at one of its
British satellite facilities, a small site which is not one of the firm's
manufacturing locations, has tested positive for coronavirus and is
self-isolating.
   
    
    GLOBAL TOP NEWS
    • U.S. suspends travel from Europe as coronavirus forces Italy to tighten
lockdown
    U.S. President Donald Trump said the United States will suspend all
passenger travel from continental Europe on Friday to limit the spread of the
coronavirus after the outbreak was formally declared a pandemic, sending global
markets into a tailspin.
    • Fighting virus, ECB to run to Europe's rescue. Again.
    The European Central Bank is all but certain to unveil new stimulus measures
on Thursday, pushing policy closer to its limits to help the euro zone economy
cope with the shock of the coronavirus epidemic.
    • Boeing to separate 737 MAX wire bundles before jet's return to service
-sources
    Boeing plans to separate 737 MAX wiring bundles, flagged by regulators as
potentially dangerous, before the jet returns to service, two people familiar
with the matter told Reuters on Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 4.2% lower at 9,987.50.
    • The Indian rupee is expected to fall against the dollar as risk appetite
weakened further after U.S. President Donald Trump suspended all travel from
Europe for 30 days in a bid to prevent the spread of the coronavirus.
    • Indian government bonds are likely to open higher, tracking fall in U.S.
Treasury yields and crude oil prices. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.07%-6.14% today.
    
        
    GLOBAL MARKETS
    • Wall Street stocks plunged on Wednesday, with the Dow confirming a bear
market for the first time since the financial crisis after the World Health
Organization called the coronavirus outbreak a pandemic.
    • Global shares crumbled after U.S. President Donald Trump stunned investors
by announcing a temporary travel ban from Europe in an effort to curb the spread
of the coronavirus, threatening more disruptions to businesses and the world
economy.
    • The dollar careened against the euro and yen after U.S. President Donald
Trump rattled markets with a month-long ban on European travel to the United
States.
    • U.S. Treasury yields rose in choppy trading on Wednesday despite losses in
stocks that deepened after the World Health Organization classified the
coronavirus outbreak as a pandemic.
    • Oil prices slumped again amid a broader market rout after the United
States banned travel from Europe following a declaration that the coronavirus
outbreak is now a pandemic.
    • Gold rose as concerns about the economic impact from the coronavirus
increased after world health officials declared it a pandemic and many countries
took measures to combat the spread by restricting public gatherings.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         73.72/73.75  March 11         (7,012.27) crore  918.96 crore
 10-yr bond yield  6.12%        Month-to-date    (19,491) crore    (3,111) crore
                                Year-to-date     (5,548) crore     (12,662) 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 = 73.68 Indian rupees)

 (Compiled by Pranay Prakash in Bengaluru)
  
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