May 16, 2018 / 3:02 AM / 2 months ago

Morning News Call - India, May 16

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    10:15 am: Minister of State for Electronics & Information Technology S.S.
Ahluwalia takes charge in New Delhi.
    10:30 am: Federal cabinet likely to meet in New Delhi. 
    11:00 am: Mines Minister Narendra Singh Tomar at an awards event in New
Delhi.
    11:45 am: Honda launches new version of Amaze model in New Delhi.
    03:30 pm: Trade Minister Suresh Prabhu at launch of IP mascot and
anti-piracy video in New Delhi.
    
    LIVECHAT- M&A 
    Dr Peter J. Clark of UCL School of Management joins for a discussion on the
M&A boom at 2:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Fraud-hit PNB suffers biggest ever quarterly loss for an Indian bank
    Punjab National Bank reported a 134.17 billion-rupee fourth-quarter net loss
on Tuesday, the biggest ever by an Indian lender as the state-run bank booked
provisions to cover a massive fraud.
    • Lupin expects U.S. drug pricing pressure to ease in 2019
    India's second-largest drugmaker Lupin it expected pressure on drug prices
in the United States, which has hit its profits, to ease this year as larger
rivals reduce their exposure there.
    • With world's worst air, Indian city struggles to track pollution 
    Kanpur, home to 3 million people, is followed by 13 other Indian cities in a
list of the places with the worst air in the world, according to rankings
released this month by the World Health Organisation.
    • Indian court allows Ericsson's insolvency plea against RCom 
    India's bankruptcy court on Tuesday admitted an insolvency plea filed by
Sweden's Ericsson against Reliance Communications, potentially delaying the
Indian firm's plans to sell assets to lighten its debt load.
    • India's April trade deficit widens to $13.7 billion - govt
India's trade deficit slightly widened to $13.72 billion in April from $13.25
billion a year ago, government data showed on Tuesday.
    
    
    GLOBAL TOP NEWS
    • N.Korea casts doubt on Trump summit, suspends talks with South
    North Korea on Wednesday threw into question an unprecedented summit between
ts leader Kim Jong Un and U.S. President Donald Trump scheduled for next month,
denouncing military exercises between South Korea and the United States as a
provocation and calling off high-level talks with Seoul.
    • Japan's Q1 GDP shrinks more than expected in setback for 'Abenomics'
    Japan's economy contracted more than expected at the start of this year,
breaking the longest run of growth seen for decades, in a blow to Prime Minister
Shinzo Abe's reflationary 'Abenomics' polices.    
    • U.S. lawmakers push back on Trump talk of helping China's ZTE
    U.S. lawmakers on Tuesday rejected any plan by President Donald Trump to
ease restrictions on China's ZTE, calling the telecommunications firm a security
threat and vowing not to abandon legislation clamping down on the company.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.7 percent at
10,745.00.
    • The Indian rupee is expected to extend losses against the U.S. currency
after an upbeat retail sales report sent long-term Treasury yields and the
dollar index higher. 
    • Indian government bonds are likely to edge lower in early trade tracking
gains in U.S. Treasury yields and firm crude oil prices. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in 7.89
percent-7.94 percent band today.
      
    
    GLOBAL MARKETS
    • A surge in U.S. government bond yields to their highest level in almost
seven years sent Wall Street shares sliding on Tuesday after strong retail sales
data stoked inflation concerns and investors fretted about looming trade talks
between the United States and China.
    • Asian markets fell in early trade after Pyongyang called off talks with
Seoul, throwing a major U.S.-North Korean summit into question, and a spike in
the U.S. 10-year Treasury yield to a seven-year high knocked sentiment on Wall
Street.
    • The dollar hovered near a five-month high against a group of major
currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield
above 3 percent reignited a rally that had lost steam last week.
    • A solid rise in U.S. retail sales in April rocked a teetering U.S.
Treasuries market on Tuesday as a wave of selling propelled the benchmark
10-year note's yield through a key technical support, sending it to a near
seven-year high.
    • Oil prices fell, weighed down by ample supplies despite ongoing output
cuts by producer cartel OPEC and looming U.S. sanctions against major crude
exporter Iran.
    • Gold prices recovered slightly early, after sliding to the lowest level
this year in the previous session on surging U.S. bond yields and a stronger
dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.91/67.94  May 15           -$76.10 mln   -$49.65 mln
 10-yr bond yield  8.05 pct     Month-to-date    -$388.56 mln  -$1.44 bln
                                Year-to-date     $793.49 mln   -$3.10 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]
    
    ($1 = 68.0700 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below