April 23, 2018 / 3:40 AM / 8 months ago

Morning News Call - India, April 23

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    FACTORS TO WATCH
    9:30 am: MSME Minister Giriraj Singh and MSME Secretary Arun Kumar Panda at
an event in New Delhi.
    10:00 am: Transport Minister Nitin Gadkari at National Road Safety Week
event in New Delhi.
    11:00 am: Trade Minister Suresh Prabhu to deliver keynote address at
International SME Convention in New Delhi.
    12:30 pm: M&M Group Executive Board Member Hemant Sikka at product launch in
Mumbai.

    LIVECHAT -  FX FOCUS
    Reuters polling editor in charge Rahul Karunakar will walk through the
findings of the latest Reuters polls and what they signal at 09:30 am IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's economy could grow at 7.4 percent in 2018/19 -RBI
    India's economy could grow at 7.4 percent in the fiscal year to March 2019
after a "resilient performance" in the second half of the previous year, central
bank Governor Urjit Patel said.
    • Walmart could buy controlling stake in Flipkart as early as next
week-sources
    Walmart could seal a deal to buy a more than 51 percent stake in Indian
online marketplace Flipkart as early as next week, two sources familiar with the
matter said on Friday.
    • Amazon to double down on groceries; foray deeper into fresh produce in
India 
    Amazon.com expects groceries and household products to account for over half
of its business in India in the next five years, as it moves to broaden
offerings in the segment and foray into areas such as fresh produce.
    • HDFC Bank net profit hits record despite bad loan rise 
    Fourth-quarter net profit at HDFC Bank slightly missed estimates as a result
of higher bad loans, although it still rose by about a fifth to a record on
Saturday.
    • India bond yields spike after monetary panel meeting minutes flag
inflation risks
    Indian bond yields spiked while the rupee dropped to its lowest in more than
a year on Friday after minutes of the monetary policy committee's last meeting
suggested it was likely to take a more hawkish stance - starting as early as
June.
    
    
    GLOBAL TOP NEWS
    • South Korea halts border propaganda broadcasts, Trump cautious on North
Korea crisis 
    South Korea halted the propaganda broadcasts it blares across the border at
North Korea on Monday ahead of the first inter-Korean summit in a decade, as
U.S. President Donald Trump cautioned the nuclear crisis on the peninsula was a
long way from being resolved.
    • Despite plunging approval ratings, Japan's Abe popular among businesses
    The public approval ratings of Japan's prime minister may have plunged to
record lows following a scandal over suspected cronyism, but a Reuters poll
shows that the Japanese business community has a much more positive view of
him.
    • Japan manufacturing picks up in April but export orders fall - flash PMI
    Japanese manufacturing activity expanded at a faster pace in April than the
previous month as output and domestic demand picked up, in a sign the economy is
recovering from an expected rough patch in the first quarter.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,536.50, down 0.6
percent from its previous close.
    • The Indian rupee is likely to extend losses against the dollar as Treasury
yields rose, boosting the U.S. currency to two-week highs.
    • Indian government bonds will likely trade lower in opening session,
tracking a surge in the U.S Treasury yields, while fears of inflation gaining
pace amid higher oil prices supported expectations of monetary tightening at
home.The yield on the 7.17 percent bond maturing in 2028 is likely to trade in
7.69 percent - 7.75 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street's three major indexes declined on Friday as investors worried
about a jump in U.S. bond yields, with technology stocks leading the decline on
nerves about upcoming earnings reports and iPhone demand.
    • Asian stocks dipped as investors braced for a bevy of earnings from the
world's largest corporations, while keeping a wary eye on U.S. bond yields as
they approach peaks that have triggered market spasms in the past.
    • The dollar traded near a two-week high against a basket of major
currencies on Monday, bolstered by rising U.S. bond yields, while easing
concerns over global political risks weighed on the safe haven yen.
    • The 10-year Treasury yield reached its highest level since March 21 as the
bond selloff continued for a second day on Friday, driving the yield curve
steeper after two weeks of flattening.
    • Oil prices dipped on Monday as a rising U.S. rig count pointed to further
increases in the country's output, underlining one of only a few factors holding
back crude markets in an otherwise bullish environment.
    • Gold prices slipped to their lowest level in nearly two weeks on Monday as
the dollar remained supported on the back of rising U.S. Treasury yields.
    
    
 PNDF spot         66.02/66.05  April 20       -$3.17 mln    -$440.11 mln
 10-yr bond yield      -        Month-to-date  -$639.54 mln  -$1.63 bln
                                Year-to-date   $1.53 bln     -$913.41 mln
 
    
    
    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 = 66.2000 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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