January 10, 2020 / 3:11 AM / 7 days ago

Morning News Call - India, January 10

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: Government to release November Industrial production data in New
Delhi.
        
    
    INDIA TOP NEWS
    • India reviewing anti-trust complaint against Maruti Suzuki over car
insurance-sources
India's antitrust regulator is looking into allegations that Maruti Suzuki, the
country's biggest car maker, pushes buyers to purchase insurance policies
offered by the company, two sources with direct knowledge of the matter told
Reuters.
• POLL-Indian inflation probably breached central bank target in December
Rising vegetable prices probably pushed Indian retail inflation to its highest
in more than five years in December, exceeding the Reserve Bank of India's
medium-term target of 4% for a third straight month, a Reuters poll of
economists predicted.
• SoftBank in talks to sell stake in Indian renewable energy venture - ET
SoftBank Group is in talks to sell a majority stake in its renewable energy
joint venture in India as it looks to raise cash after facing setbacks to its
global investments, India's Economic Times daily reported on Thursday.

• India palm import curbs to start Malaysia, Indonesia price war- association
India's restrictions on imports of refined palm oil will lead to a loss of
market share for Malaysia and spark a price war with rival supplier, Indonesia,
a Malaysian industry association said on Thursday.
    
    
    GLOBAL TOP NEWS
    • U.S. House votes to rein in Trump's war powers as U.S.-Iran tensions stay
high
The U.S. House of Representatives voted on Thursday to stop President Donald
Trump from further military action against Iran as the Middle East remained
tense after the U.S. killing of a top Iranian commander and Iran's retaliatory
missile strikes.
• Iran likely downed Ukraine airliner with missiles, Canada's Trudeau says,
citing intelligence
A Ukrainian airliner that crashed in Iran, killing all 176 people aboard, was
likely brought down by an Iranian missile, Canada's prime minister, Justin
Trudeau, said on Thursday, citing intelligence from Canadian and other sources.

• UK lawmakers back EU exit deal, turning page on Brexit crisis
Lawmakers approved legislation on Thursday which will allow Britain to leave the
European Union on Jan. 31 with an exit deal, ending more than three years of
tumult over the terms of the unprecedented divorce.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 12,268.50.
• The Indian rupee is expected to open little changed against the dollar as
investors await a key U.S. jobs report due later in the day.
• Indian government bonds will likely open lower, ahead of fresh supply of notes
and as receding hopes of another round of special open market operation next
week may hurt appetite. The yield on the benchmark 6.45% bond maturing in 2029
is likely to trade in a range of 6.56%-6.62% today.
    
    
    GLOBAL MARKETS
    • Major U.S. stock indexes registered record closing highs on Thursday as
optimism about a U.S.-China trade deal firmed and as Apple and other market
heavyweights posted strong gains.
    • The world's shares hit a record high as a relief over de-escalation of
U.S.-Iranian tensions quickly prompted investors to bet on faster global growth,
especially in the technology sector.
    • The U.S. dollar looked set to post its best week in two months on Friday,
buoyed by easing Middle East tensions and upbeat U.S. economic data.
    • Treasury yields fell on Thursday afternoon after strong demand at a $16
billion auction of 30-year bonds drove prices higher.
    • Oil prices dropped extending days of losses as the threat of war in the
Middle East, a major oil producing region, receded and investors switched their
attention to economic growth prospects and demand for crude.
    • Gold prices edged lower, having declined as much as 1% in the previous
session, as de-escalation in U.S.-Iran tensions brought relief to markets and
boosted investors' appetite for riskier assets.

         
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.45/71.48  January 9        (344.75) crore  65.12 crore
 10-yr bond yield  6.52%        Month-to-date    (200) crore     (7,107) 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 = 71.20 Indian rupees)
 

 (Compiled by Siddharth Athreya V in Bengaluru)
  
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