May 7, 2019 / 3:22 AM / 5 months ago

Morning News Call - India, May 7

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    GMF: LIVECHAT - FED WATCH 
    Reuters reporters and editors tracking the Federal Reserve take questions on
the economics, politics, trade matters and rates policies facing America's
central bank and others whose decisions drive markets day in and day out at 7:30
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India, U.S. to engage regularly to resolve trade issues, says government
    India and the United States will engage regularly to resolve outstanding
trade issues, the Indian government said, after U.S. Commerce Secretary Wilbur
Ross met his Indian counterpart Suresh Prabhu on Monday.
    
    India's ICICI Bank misses forecasts with quarterly profit fall 
    ICICI Bank reported a 5 percent drop in fourth-quarter profit on Monday,
missing estimates after being hit by a rise in expenses and a higher
accumulation of bad loans.
    
    India's Bigbasket valued at over $1 bln in fresh funding round
    A group of investors, including South Korea-based Mirae-Naver and China's
Alibaba Group, led a $150 million funding round in online grocery company
Bigbasket, valuing the startup at over $1 billion, the Indian company said on
Monday.
    
    India's heartland states vote in fifth phase of elections
    India's northern heartland voted on Monday in the fifth phase of a staggered
general election, with Prime Minister Narendra Modi hoping his record on
national security will win him a second five-year term.

    
    
    GLOBAL TOP NEWS
    U.S.: China reneged on trade commitments, sparking Trump tariff hike
    China backtracked on substantial commitments it made during trade talks with
the United States, prompting President Donald Trump to impose additional tariffs
on Chinese goods slated to go into effect on Friday, top U.S. trade officials
said on Monday.
    
    Reuters reporters jailed in Myanmar freed from prison - witnesses
    Two Reuters journalists jailed in Myanmar after they were convicted of
breaking the Official Secrets Act walked free from a prison on the outskirts of
Yangon after spending more than 500 days behind bars, witnesses said.

    
              
   Japan's SoftBank set for small profit rise, Vision Fund IPO plans eyed
   Japan's SoftBank Group is expected to report a small rise in its
fourth-quarter profit, while investors look for details on whether the
conglomerate plans to monetise its almost $100 billion Vision Fund through an
IPO.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were up 0.3 percent at 11,692.    
    • The Indian rupee is expected to open higher against the dollar as regional
equities recovered from yesterday’s selloff amid hopes that China’s Vice Premier
Liu He would still visit Washington for trade talks despite escalating trade
tensions causing fresh uncertainties over the future of negotiations.    
    • Indian government bonds are likely to open lower as crude oil prices
rebounded overnight, raising inflation concerns. The yield on the benchmark 7.26
percent bond maturing in 2029 is likely to trade in a range of 7.38 percent
-7.43 percent today, a trader with a private bank said. 
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Monday after President Donald Trump pledged to raise
tariffs on Chinese goods, though Wall Street finished well off its session lows
as some investors saw Trump's comments as a bargaining tactic and expressed
confidence in an eventual trade agreement.
    • Asian shares wallowed near five-week lows after U.S. President Donald
Trump's threat to raise tariffs re-ignited worries about U.S.-China trade
tensions while Japan's Nikkei opened down after a 10-day break.
    • The dollar hung near a five-week low against the yen after worries about
U.S.-China trade tensions rekindled fears about the outlook for global growth.

    • U.S. Treasury yields fell on Monday, as investors favored low-risk
government bonds over stocks and other risky assets due to worries about a
global slowdown stemming from renewed trade tension between China and the United
States
    • Oil prices were mixed as U.S. sanctions on oil exporters Iran and
Venezuela kept markets on edge while concerns that an escalating Sino-U.S. trade
dispute could slow the global economy also kept crude somewhat in check.
    • Gold prices rose amid U.S. President Donald Trump's decision to hike
tariffs on Chinese imports, which re-escalated trade tension and pushed
investors to seek insurance in the safe-haven asset.

    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         69.40/69.43  May 6            -$136.87 mln  -$0.59 mln
 10-yr bond yield  7.39 pct     Month-to-date    $65.41 mln    -$245.35 mln
                                Year-to-date     $9.83 bln     -$2.80 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 = 69.33 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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