February 7, 2020 / 3:17 AM / 2 months ago

Morning News Call - India, February 7

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi. 
    
    
    INDIA TOP NEWS
    • RBI holds steady, seeks to balance growth and inflation risks
    The Reserve Bank of India (RBI) kept rates steady and left the door open for
more monetary easing on Thursday, as it sought to support faltering economic
growth and avoid stoking already heightened inflation levels. 
    • Reliance, Chevron defend against U.S. criticism of oil business with
Venezuela
    Reliance Industries and Chevron on Thursday defended their business with
Venezuela from White House criticism, noting that their marketing agreements and
operations in the OPEC nation have been approved by Washington. 
    • AB InBev gets relief against New Delhi sales ban
    A tribunal in New Delhi has put on hold a sales ban imposed last year on
Anheuser-Busch InBev, an order seen by Reuters showed, allowing the world's
largest brewer to resume sales of its beer products in the city for
now. 
    • Malaysia's PM-in-waiting seeks end to palm tension with India
    Malaysian Prime Minister Mahathir Mohamad has dialled back his criticism of
India after it sparked a boycott of Malaysian palm oil, his chosen successor
Anwar Ibrahim told Reuters on Thursday, urging New Delhi to note the change in
tone. 
    • French group Total strikes renewable energy deal with Adani
    French oil and gas group Total on Thursday signed a new deal with Adani
Group to expand their partnership towards the renewable energy sector.
 
    
    
    GLOBAL TOP NEWS
    • Chinese doctor who raised early alarm on coronavirus dies, triggering
public mourning 
    A Chinese doctor who issued an early warning about the coronavirus outbreak
before it was officially recognised died of the virus, triggering a wave of
public mourning and anger on social media. 
    • China to halve tariffs on some U.S. imports as coronavirus risks grow
    China on Thursday said it would halve additional tariffs levied against
1,717 U.S. goods last year, following the signing of a Phase 1 deal that defused
a bruising trade war between the world's two largest economies.
    • New 737 MAX software flaw found during tests, Boeing sticks to return
timeline 
    Flight testers discovered another flaw in the software of Boeing's grounded
737 MAX, the plane that suffered two fatal crashes, though the company and the
top U.S. aviation regulator said on Thursday the issue most likely could be
fixed without extending the target date for the plane's return to service.
 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 12,127.00. 
    • The Indian rupee is expected to fall against the dollar in early trades,
tracking weakness in most Asian currencies after the dollar index climbed to a
four-month high. 
   • The Indian government bonds are likely to edge higher as the central bank
plans to infuse liquidity through longer-term repo operations. The yield on the
benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.40%-6.46%. 
    
    
    GLOBAL MARKETS
    • U.S. stocks gained for a fourth straight session on Thursday and Wall
Street's main indexes hit record highs as concerns eased over the economic
fallout from the coronavirus outbreak in China.
    • Asian share markets slipped and oil price gains stalled, as the growing
death toll and economic damage from the coronavirus outbreak put a lid on the
week's sharp rally.
    • The dollar held near a two-week high versus the yen on upbeat U.S.
economic data ahead of a key jobs report, while the yuan eased and financial
markets remained on tenterhooks as the death toll from a new coronavirus in
China jumped yet again.
    • U.S. Treasury yields were little changed on Thursday as investors weighed
whether China's efforts to contain the spreading coronavirus would be enough to
minimize its economic impact.
    • Oil prices rose after Russia said it backs a recommendation for the OPEC
and its producer allies to deepen output cuts amid contracting demand for crude
as China battles the coronavirus epidemic that has hit global markets.
    • Gold prices edged higher as fears over a rapidly spreading coronavirus
outbreak and its economic impact fuelled safe-haven buying.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot         71.23/71.26  February 6       530.45 crore   2,216.72 crore
 10-yr bond yield  6.43 pct     Month-to-date    (1,072) crore  (1,574) crore
                                Year-to-date     11,051 crore   (13,222) crore
 
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    
    
    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 = 71.22 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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