May 30, 2019 / 3:25 AM / 5 months ago

Morning News Call - India, May 30

To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    10:00 am: Economic Affairs Secretary Subhash Chandra Garg attends a ICRIER
event in New Delhi.
    10:30 am: NITI Aayog CEO Amitabh Kant attends ASSOCHAM’s Fintech Summit in
New Delhi.
    2:30 pm: Economic Affairs Secretary Subhash Chandra Garg attends ASSOCHAM’s
Fintech Summit in New Delhi.
    7:00 pm: Prime Minister Narendra Modi’s swearing-in ceremony for the
consecutive second term in New Delhi.

    
    GMF: LIVECHAT - BONDS UPDATE
    Reuters interest rate reporters delve into government bond markets at 5:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Arbitration court rejects India's plea in case against Nissan: sources
    The Permanent Court of Arbitration in Singapore has rejected India's
argument that the court does not have the jurisdiction to rule on a case brought
against India by Japan's Nissan Motor, according to two people and documents
reviewed by Reuters.
    • Arun Jaitley tells Modi he wants to step aside due to ill health
    Arun Jaitley, India's finance minister, has asked Prime Minister Narendra
Modi not to give him a ministerial position in the new government due to ongoing
health problems.
    • Vedanta's Agarwal says willing to invest in Zambia
    Vedanta's Chairman Anil Agarwal said on Wednesday he was prepared to invest
in increasing Zambian copper production to 400,000 tonnes, creating another
10,000 jobs at Konkola Copper Mines, but said "the right framework" had to be in
place.
    • Samsung aims to double online smartphone sales in India
    Samsung Electronics aims to double its online smartphone sales in India this
year to $1 billion, driven largely by a new budget range of devices, the head of
its mobile business for the country said on Wednesday.
    
    
    GLOBAL TOP NEWS
    • Taking aim at U.S., China says provoking trade disputes is 'naked economic
terrorism'
    Provoking trade disputes is "naked economic terrorism", a senior Chinese
diplomat said, ramping up the rhetoric against the United States amid a bitter
trade war that is showing no signs of ending soon.
    • Mueller says he could not charge Trump as Congress weighs impeachment
    U.S. Special Counsel Robert Mueller said on Wednesday his probe into Russian
interference in the 2016 election was never going to end with criminal charges
against President Donald Trump but he did not clear him and indicated it was up
to Congress to decide whether he should be impeached.
    • Israel faces second election in months as Netanyahu fails to form
government
    Israeli lawmakers voted to dissolve parliament, paving the way for a new
election after veteran Prime Minister Benjamin Netanyahu failed to form a
coalition government before a midnight deadline.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,868.00.
    • The Indian rupee is expected to open higher against the dollar, tracking a
recovery in regional currencies.
    • Indian government bonds are likely to trade largely unchanged, as
investors await the country’s economic growth data for the January-March quarter
that is due tomorrow. The yield on the benchmark 7.26% bond maturing in 2029 is
likely to trade in a range of 7.11%-7.16% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday, with the S&P 500 and Nasdaq closing just
above key support levels, as worries that a lengthy U.S.-China trade war would
crimp global growth pushed investors into the safety of government bonds.
    • Asian stocks tracked Wall Street losses as latest exchanges between
Beijing and Washington signalled the heightened risk of a prolonged trade war,
stoking investors' concerns about the impact on global economic
growth.
    • The dollar held steady against its key rivals as escalating Sino-U.S.
trade tensions forced investors to take shelter in safe-haven assets, including
government bonds.
    • Benchmark U.S. Treasury yields dropped to 20-month lows on Wednesday as
Chinese newspapers warned of retaliation against the United States in a trade
war that investors are increasingly concerned will drag down global economic
growth.
    • Oil prices rose after an industry report showed a decline in U.S. crude
inventories that exceeded analyst expectations.
    • Gold prices were steady as the dollar hovered near a two-year high,
impeding the support from an exacerbated Sino-U.S. trade war bringing back
doubts about global economic growth.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.88/69.91  May 29           -$43.55 mln  $36.70 mln
 10-yr bond yield  7.13%        Month-to-date    $997.80 mln  $279.11 mln
                                Year-to-date     $10.77 bln   -$2.28 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 = 69.81 Indian rupees)

 (Compiled by Karthick Arvinth 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