May 29, 2019 / 3:16 AM / 4 months ago

Morning News Call - India, May 29

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    FACTORS TO WATCH
    5:30 pm: Chief Economic Advisor Krishnamurthy Subramanian attends a Dun &
Bradstreet Corporate Awards event in Mumbai.

    
    GMF: LIVECHAT - EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 6:30 pm IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Amazon, Walmart's Flipkart unlikely to respond to key queries in antitrust
study: sources
    Amazon.com and Walmart's Flipkart is unlikely to fully participate in an
Indian antitrust body's study of the e-commerce sector for fear of revealing
trade secrets, two people with direct knowledge of the matter said.
    • SpiceJet posts 22% jump in fourth-quarter profit, sees strong year ahead
    Indian budget airline SpiceJet posted a 22% jump in fourth-quarter profit on
Tuesday, as it flew more customers and was able to raise prices at a time when
the industry benefited from the collapse of Jet Airways.
    • Electric scooter startup Ather raises $51 million in fresh funding round
    Electric scooter maker Ather Energy raised $51 million in a fresh round of
funding, the startup said on Tuesday, at a time when rising pollution levels
have prompted the Indian government to push for more electric vehicles on the
road.
    • Blackstone-backed tech company, Bitfury team up on trade finance project
    Mphasis, an Indian technology firm majority-owned by Blackstone Group, has
teamed up with blockchain startup Bitfury to create either a digital token or a
platform aimed at automating financial services such as payments in
international trade transactions between countries, an Mphasis executive said.

    • Airtel Africa looks at $1 billion London listing
    Airtel Africa, a subsidiary of Indian telecoms group Bharti Airtel, is
considering a stock market flotation in London, it said on Tuesday, as part of
efforts to expand its data and mobile money services across Africa.
   
    
    
    GLOBAL TOP NEWS
    • EU leaders agree to pick new 'Mr or Ms Europe' next month
    European Union leaders engaged in a first skirmish on Tuesday over who
should become the next chief of the European Commission, giving themselves a
short deadline to agree on the bloc's top jobs and a target of assigning half of
them to women.
    • U.S. Treasury says nine trade partners deserve scrutiny over currency
practices
    The Trump administration said on Tuesday that no major trading partner met
its currency manipulation criteria but nine countries, including China, required
close attention as Washington presses tariffs and negotiations to address trade
deficits.
    • J&J's greed helped fuel U.S. opioid crisis, Oklahoma claims at trial
    Johnson & Johnson's greed led the drugmaker to use deceptive marketing to
create an oversupply of painkillers that fueled the U.S. opioid epidemic, the
state of Oklahoma alleged at the start of the first trial to result from
lawsuits over the drug crisis.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.1% at 11,912.00.
    • The Indian rupee is expected to open lower against the dollar amid a
further decline in equities worldwide on simmering U.S.-China trade tensions.
    • Indian government bonds will likely gain in early trade tracking an
overnight fall in U.S. Treasury yields. The yield on the benchmark 7.26% bond
maturing in 2029 is likely to trade in a range of 7.13%-7.18% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed lower on Tuesday, with initial gains giving way to
declines as the likelihood of a prolonged trade war between the United States
and China once again kept risk appetite in check.
    • Asian shares stumbled and global bonds rallied as investors fretted over
the outlook for world growth with trade tensions between Washington and Beijing
showing no signs of abating.
    • The dollar managed to hold on to most of its overnight gains after
investors scooped up safe-haven assets, including U.S. Treasuries, on lingering
fears of a further escalation in the Sino-U.S. trade dispute.
    • Concerns about the U.S.-China trade war and Italy's budget policy sent
benchmark U.S. Treasury yields to their lowest levels since September 2017 on
Tuesday and helped fuel demand for Treasury Department debt auctions.
    • Oil prices fell on concerns the Sino-U.S. trade war could trigger a global
economic downturn, but relatively tight supply amid OPEC output cuts and
political tensions in the Middle East offered some support.
    • Gold held steady as worries about the global economic outlook kept
investors focused on safe-haven assets, with no signs of an easing in the
Sino-U.S. trade-war.   
  
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.68/69.71  May 28           -$71.90 mln  $147.42 mln
 10-yr bond yield  7.15%        Month-to-date    $326.84 mln  $242.41 mln
                                Year-to-date     $10.09 bln   -$2.31 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 = 69.68 Indian rupees)
    
    

 (Compiled by Karthick Arvinth in Bengaluru)
  
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