February 8, 2019 / 3:26 AM / in 15 days

Morning News Call - India, February 8

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    6:30 pm: Interim Finance Minister Piyush Goyal at post budget industry
interaction in Mumbai.
    
    LIVECHAT - CHARTS AND CHATS
    Reuters Stocks Buzz writer and Chartist Terence Gabriel calls out risks and
opportunities in global markets via the charts at 8:00 pm IST. To join the
conversation, click on the link: refini.tv/2P8N0Wp
 
    
    
    INDIA TOP NEWS
    
    Jet Airways grounds four aircraft after failing to pay lessors
    India's Jet Airways has grounded four aircraft after failing to make
payments to lessors, in a sign that leasing firms are losing patience with the
heavily indebted carrier.
    
    Tata Motors cuts profit margin outlook over JLR's Brexit, China woes
    Indian automaker Tata Motors lowered its profit margin guidance for the
current fiscal year after it posted its biggest quarterly loss on Thursday, hurt
by an impairment charge for its British luxury car business Jaguar Land Rover
(JLR).
    
    Ambani to invest $1.4 billion in Indian state, will help e-commerce
expansion
    India's Reliance Industries will invest 100 billion rupees ($1.4 billion) in
the eastern state of West Bengal, a part of which would fund the company's new
e-commerce venture, its chairman Mukesh Ambani said on Thursday.
    
    India's SAIL Q3 profit surges 14-fold on record production
    Steel Authority of India posted on Thursday a more than 14-fold surge in
third-quarter net profit, topping estimates, as the company clocked in record
production of saleable steel and crude steel.
   
    India's Raymond calls report on promoter-entity deals 'misleading'
    Textile and branded apparel company Raymond on Thursday said a media report
alleging "curious transactions" by the Indian firm was "misleading", shortly
after their shares dived the most in two years.
    
    India's central bank delivers a pre-election rate cut gift to Modi but is it
enough?
    The Reserve Bank of India's surprise decision to cut interest rates for the
first time in 18 months on Thursday is a pre-election stimulus gift from a
compliant central bank for Prime Minister Narendra Modi. But businesses and
farmers - and even some of his own supporters - say it may be too little, too
late to help the economy ahead of voting.
    
    
    GLOBAL TOP NEWS
    
    No talks between Trump and China's Xi before trade deadline
    U.S. President Donald Trump said on Thursday he did not plan to meet with
Chinese President Xi Jinping before a March 1 deadline set by the two countries
to achieve a trade deal.
    
    Sony announces first-ever share buyback, stock rises 5 percent
    Sony announced a share buyback of 100 billion yen - its first ever aimed at
boosting shareholder returns - sending the Japanese electronics and
entertainment company's shares up more than 5 percent.
    
    Japan household spending rebounds slightly in Dec as real wages rise
    Japan's household spending rose slightly in December from a year earlier to
mark the first increase in four months, government data showed, suggesting a
pick up in consumption may moderate pressure from slowing global demand.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    
    SGX Nifty nearest-month futures were trading 0.4 percent lower at 11,054.50.
    
    The Indian rupee is expected to trade little changed against the dollar
after Brent crude oil suffered its biggest decline in one-and-a-half weeks,
offsetting a further rise in the dollar index.
    
    Indian government bonds are expected to gain in early trade after the
unexpected rate cut by the nation’s rate-setting panel yesterday, but gains may
be capped ahead of fresh supply today. The yield on the benchmark 7.17 percent
bond maturing in 2028 will likely trade in a 7.46 percent - 7.52 percent band
today.
    
    
    GLOBAL MARKETS
    • Wall Street stocks sank on Thursday as worries that the United States and
China would not be able to reach a trade deal increased concerns about slowing
global economic growth.
    • Asian stocks slipped as investors fretted about a broadening global
economic slowdown, with sentiment not helped by the absence of any positive
signs for a resolution in the U.S.-China trade row.
    • The dollar held near a two-week high, as investors rushed to the safety of
the greenback following a setback in U.S.-China trade negotiations and broader
worries about slowing global growth.
    • Treasury yields fell for a third straight day, in line with declines in
Europe and Britain, spooked by stock market weakness amid economic growth
warnings from the European Commission and Bank of England as well as worries
about the U.S.-China trade talks.
    • Oil markets dipped, dragged down by concerns over a global economic
slowdown although supply cuts led by producer club OPEC and U.S. sanctions
against Venezuela provided crude with some support.
    • Gold held steady on worries that a protracted Sino-U.S. trade war could
worsen global economic slowdown, but a strong dollar put bullion on track for
its first weekly loss in three.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.49/71.52  February 7       $58.63 mln   -$68.50 mln
 10-yr bond yield  7.50 pct     Month-to-date    $297.06 mln  -$397.55 mln
                                Year-to-date     $221.71 mln  -$1.20 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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