March 11, 2019 / 3:17 AM / a month ago

Morning News Call - India, March 11

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - FX STRATEGY
An impending Brexit, a global slowdown and a trade war between the world's
biggest economies. How does one traverse the currency markets during such times,
we will get the answers from David Bloom, Global Head of Forex Strategy at HSBC
Bank. To join the discussion at 04:30 pm IST, click on the link: here
    
    
    INDIA TOP NEWS
    • India to go to polls from April 11; tension with Pakistan seen boosting
Modi
India will hold a general election in seven stages starting on April 11, the
election commission said on Sunday, in what will be the world's biggest
democratic exercise with Prime Minister Narendra Modi likely to benefit from
tensions with Pakistan.
    • India's bankruptcy court clears ArcelorMittal's takeover of Essar Steel
India's bankruptcy court on Friday approved global steel giant ArcelorMittal's
bid for debt-ridden Essar Steel, potentially ending months of court battles and
opening the country's steel industry to outsiders.
    • EXCLUSIVE-India's Reliance plans major expansion of fashion store business
Reliance Industries plans to grow the number of low-cost Reliance Trends fashion
stores across India to 2,500 from 557 over the next five years and integrate
them with its online business, two people briefed on the plans said.

    • U.S. presses India to stop buying oil from Venezuela's Maduro - envoy
The United States is pressing India to stop buying oil from Venezuelan President
Nicolas Maduro's government, Washington's top envoy for Venezuela said, as the
Trump administration this week threatened more U.S. sanctions to cut off
Maduro's financial lifelines.
    • EXCLUSIVE-India investigating Philip Morris, Godfrey Phillips - source
India's main financial crime-fighting agency is investigating Philip Morris
International and its Indian partner Godfrey Phillips for alleged violation of
the country's laws, a senior directorate source told Reuters on Friday.

    • India waiting for UK reply after fugitive Nirav Modi's video surfaces
India said on Saturday it was waiting for Britain to respond to its request to
extradite fugitive billionaire jeweller Nirav Modi, after London's Telegraph
newspaper reported that he was living in an upscale apartment in London.

    
    
    GLOBAL TOP NEWS
    • China orders its airlines to suspend use of Boeing 737 Max aircraft
China's aviation regulator said it had ordered Chinese airlines to suspend their
Boeing 737 MAX aircraft operations by 6 p.m. (1000 GMT) following a deadly crash
of a 737 MAX 8 operated by Ethiopian Airlines.
    • China says working with U.S. day and night to get trade deal
China and the United States are still working day and night to achieve a trade
deal that matches the interests of both sides and the hopes of the world,
including eliminating tit-for-tat tariffs, a senior Chinese official said on
Saturday.
    • Ex-Nissan chair Ghosn seeks permission to attend Tuesday board meet
-source
Ousted Nissan boss Carlos Ghosn is seeking permission from the Tokyo District
Court to attend the automaker's board meeting this week, a person with direct
knowledge of the matter said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.1 percent at 11,043, from its
previous close.
    • The Indian rupee is expected to open higher against the dollar after data
showed that the U.S. economy added the fewest number of jobs in one-and-a-half
years.
    • Indian government bonds are likely to edge higher tracking gains in the
rupee, even as investors will await the February retail inflation data due
tomorrow. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.50 percent-7.57 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street's main indexes fell for a fifth straight session on Friday and
posted their biggest weekly declines since the market tumbled at the end of
2018, as a weak U.S. jobs report ignited more concerns about the global economy.

    • Asian shares struggled for traction after U.S. employment data raised
doubts about the strength of the global economy, while investor jitters ahead of
crucial Brexit votes in the UK parliament this week weighed on the pound.

    • The dollar edged up, hovering close to a near three-month high as
investors took cover in the currency amid global growth concerns, while sterling
extended its decline on an uncertain outlook over Britain's exit from the
European Union.
    • Treasury yields fell on Friday after U.S. job growth dropped unexpectedly
in February, with the economy creating only 20,000 jobs, a 93 percent decline
from the prior month, amid a contraction of payrolls in construction, among
other sectors.
    • Oil prices rose, lifted by Saudi oil minister Khalid al-Falih saying an
end to OPEC-led supply cuts was unlikely before June and a report of falling
U.S. drilling activity.
    • Gold inched down, after rising about 1 percent in the previous session, as
a firm dollar offset support from fading appetite for riskier assets due to
mounting global growth concerns.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.89/69.32  March 8          $156.40 mln  $619.32 mln
 10-yr bond yield  7.53 pct     Month-to-date    $672.59 mln  $669.84 mln
                                Year-to-date     $2.75 bln    -$1.50 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 = 70.0140 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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