February 22, 2019 / 3:25 AM / in 2 months

Morning News Call - India, February 22

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    FACTORS TO WATCH
    7:45 pm: Finance Minister Arun Jaitley at Global Business Summit in New
Delhi.
    
    
    GMF: LIVECHAT - GLOBAL ASSETS ALLOCATION SHIFTS
Reuters correspondents detail the findings of the latest Reuters polling of
global asset managers at 6:30 pm IST. To join the conversation, click on the
link: refini.tv/2P8N0Wp

    
    
    INDIA TOP NEWS
    India needs to spur growth amid low inflation outlook - RBI monetary policy
committee
    India needs to take steps to boost economic growth as the inflation outlook
remains low, the Reserve Bank of India's monetary policy committee said in
minutes released on Thursday.
    
    RCom looks to real estate assets, Jio deal to pay Ericsson dues
    Business tycoon Anil Ambani is planning to use a payment from his brother's
company and the sale of real estate assets to pay what he owes to Sweden's
Ericsson following a court ruling this week, a source familiar with the matter
said.
    
    Adani Enterprises could wait up to two years for Carmichael mine approval
    Adani Enterprises might have to wait up to two years to get two
environmental approvals to start construction at its controversial Carmichael
coal mine in Australia, a Queensland government official told Reuters.

    
    Indian state-run banks jump after government announces fund infusion
    Shares of India's state-run banks jumped on Thursday, a day after the
government said it will inject 482.39 billion rupees ($6.79 billion) into some
lenders as part of its recapitalisation programme.
    
    Lessors doubt Jet Airways rescue plan, pull out more planes -sources
    International lessors have grounded more Jet Airways planes prior to
potentially moving them out of India, as scepticism builds whether a state-led
bailout of the carrier can clear their dues on time, sources familiar with the
matter said.
    
    Reliance Capital offers to sell stake in asset management firm to Nippon
Life Insurance
    Reliance Capital said it had asked partner Nippon Life Insurance to buy its
entire 42.88 percent stake in Reliance Nippon Life Asset Management.

    
    India overhauls oil and gas exploration rules to lift output
    India revamped rules for future exploration and production of oil and gas
blocks in its efforts to attract private investment and increase domestic
production.

      
    
    GLOBAL TOP NEWS
    U.S., China haggle over toughest issues in trade war talks
    Top U.S. and Chinese trade negotiators haggled over the details of a set of
agreements aimed at ending their trade war, just one week before a
Washington-imposed deadline for a deal expires and triggers higher U.S. tariffs.

    
    China sees "enormous potential" in Saudi economy as crown prince visits
    China sees "enormous potential" in Saudi Arabia's economy and wants more
high-tech cooperation, the Chinese government's top diplomat said, as Saudi
Crown Prince Mohammed bin Salman began a two-day trip to Beijing.
    
    International Olympic Committee urges India isolation after Pakistani
athletes denied visas
    The International Olympic Committee have suspended all Indian applications
to host future events and urged international sports federations not to stage
competitions in the country after two Pakistanis were denied visas to compete in
New Delhi.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.2 percent lower at 10,795.50,
from the previous close.
    
    The Indian rupee is expected to edge higher against the dollar, as crude oil
price eased from a three-month high.
    
    Indian government bonds are expected to gain after the minutes of the
Monetary Policy Committee's February meeting reaffirmed the panel's dovish
stance, boosting expectations of more rate cuts going ahead. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.50
percent-7.55 percent band today.


    
    GLOBAL MARKETS
    • Weak economic reports pressured U.S. stocks on Thursday after the market's
recent run of gains, and a drop in healthcare shares added to the bearish
momentum.
    • Shares in Asia were flat in early trade following a fall on Wall Street,
with a deteriorating global economic outlook outweighing more signs of progress
in trade talks between China and the United States.
    • The dollar held gains against its peers, bolstered by a rise in U.S.
yields, while the Aussie clawed back some of its recent plunge on upbeat central
bank comments and easing concerns about China's ban on Australian coal imports.

    • Treasury bond yields rose on Thursday on news of progress in U.S.-China
trade talks and as soft U.S. economic data was attributed to the abnormal
factors of a federal government shutdown and the trade war.
    • Oil prices fell after the United States reported its crude output hit a
record 12 million barrels per day, undermining efforts by Middle East dominated
producer club OPEC to withhold supply and tighten global markets.
    • Gold inched up as optimism over U.S.-China trade talks pressured the
dollar, but signs the U.S. Federal Reserve could raise interest rates again this
year kept prices below 10-month highs hit this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.11/71.14  February 21      $7.79 mln     $103.51 mln
 10-yr bond yield  7.54 pct     Month-to-date    -$53.83 mln   -$273.44 mln
                                Year-to-date     -$129.18 mln  -$1.08 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]
    
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