January 25, 2019 / 3:07 AM / a month ago

Morning News Call - India, January 25

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    FACTORS TO WATCH
    10:15 am: Interim Finance Minister Piyush Goyal at the Investiture Ceremony
and International Customs Day in New Delhi.
    3:30 pm: CARE Ratings webinar on Indian MSME credit market in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - LIVE FROM DAVOS
    As leaders gather at the World Economic Forum, industry experts and peers
brainstorm strategies and share valuable takeaways as we untangle critical
issues arising from Globalisation 4.0 and the Fourth Industrial Revolution. Bill
Morneau, Minister of Finance, Canada joins the Global Markets Forum at 12:15 pm
IST and Mathias Cormann, Minister for Finance, Australia at 1:00 pm IST. To join
the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • U.S. voices concern as India's e-commerce restrictions hit Amazon,
Walmart-sources
    The United States government is concerned about India's revised e-commerce
regulations and has told officials in New Delhi the policy will hinder the
Indian investment plans of Amazon.com and Walmart, three sources familiar with
the talks told Reuters.
    • Yes Bank names Deutsche's Gill as CEO after central bank spat 
    Yes Bank has hired the head of Deutsche Bank India Ravneet Gill as its new
chief executive after the Reserve Bank of India demanded Rana Kapoor was
replaced, lifting its shares.
    • IndiGo owner InterGlobe appoints Ronojoy Dutta as CEO
    InterGlobe Aviation, owner of India's biggest airline by market share
IndiGo, on Thursday appointed Ronojoy Dutta as chief executive officer for five
years.
    • Jaguar Land Rover to halt production for a week in April due to Brexit
    Britain's biggest carmaker Jaguar Land Rover said on Thursday there would be
a week-long pause in production in April due to potential disruption from Brexit
which would affect all three of its UK car plants and its engine plant.
    
    • Biocon quarterly profit more than doubles, beats estimate
    Indian biotechnology firm Biocon's quarterly profit more than doubled,
handily beating analysts' estimates, largely driven by strong performance of its
biologics businesses.
    • SEBI has no "view" on relaxing norms for Jet bailout
    India's capital markets regulator said on Wednesday it had not expressed an
opinion on giving any relaxation to cash-strapped carrier Jet Airways, which is
struggling to finalise a bailout deal with its major shareholder Etihad Airways.

    • Paytm may enter two more developed markets in 2019 - CFO 
    Digital payments company Paytm is considering foraying into 1-2 more
developed markets in 2019, Chief Financial Officer Madhur Deora said on
Wednesday at the World Economic Forum in Davos.
    • CBI files case against former ICICI Bank chief Chanda Kochhar
    India's federal investigating agency has filed a case of criminal conspiracy
and fraud against the former ICICI Bank CEO Chanda Kochhar and her husband
Deepak Kochhar, a statement from the Central Bureau of Investigation (CBI)
showed on Thursday.
    
    
    GLOBAL TOP NEWS
    • Senate seeks solution to open U.S. government, Trump insists on wall
    U.S. senators made a new try at ending a partial month-long government
shutdown through a temporary funding bill on Thursday, but President Donald
Trump demanded a "down payment" for a border wall that Democrats reject.

    • U.S., China 'miles and miles' from trade deal -Ross
    The United States and China are "miles and miles" from resolving trade
issues but there is a fair chance the two countries will get a deal, U.S.
Commerce Secretary Wilbur Ross said on Thursday.
    • ECB's Draghi warns of weaker growth ahead
    European Central Bank President Mario Draghi acknowledged on Thursday that
economic growth in the euro zone was likely to be weaker than earlier expected
due to the fall-out from factors ranging from China's slowdown to Brexit.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.6 percent at 10,946.00
from its previous close. 
    • The Indian rupee is expected to open little changed against the dollar as
Asian currencies struggle for direction amid uncertainty over U.S.-China trade
relationship. 
    • Indian government bonds are expected to trade little changed in early
session ahead of fresh supply of bonds, even as continued fiscal concerns may
weigh on investor appetite. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.54 percent - 7.59 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 edged higher but the Dow closed nominally lower on Thursday as
lingering anxieties about slowing global growth and unresolved trade disputes
undercut a spate of strong earnings, while chipmakers rallied to give the Nasdaq
a solid gain.
    • Asian stocks inched higher, buoyed by gains in U.S. technology shares, but
gains were capped by worries over slowing growth in Europe and caution ahead of
several key events next week including U.S.-China trade talks.
    • Sterling rallied to its early November highs against the dollar after The
Sun reported that Northern Ireland's Democratic Unionist Party has privately
decided to offer conditional backing for Prime Minister Theresa May's Brexit
deal next week.
    • U.S. Treasury yields fell on Thursday, with the 10-year's yield hitting a
one-week low, as anxiety about slowing global growth and trade tensions between
China and the United States renewed safe-haven demand for U.S. government
debt.
    • Oil prices rose by more than one percent as turmoil in Venezuela triggered
concerns that its oil exports could soon be disrupted.
    • Gold prices held steady, supported by worries over a slowing global
economy and a prolonged U.S. government shutdown, but the safe-haven metal's
gains were capped by a strong technical resistance and a firmer U.S. dollar.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.19/71.22  January 24       -$13.30 mln   -$13.71 mln
 10-yr bond yield  7.56 pct     Month-to-date    -$522.50 mln  -$752.08 mln
                                Year-to-date     ---           ---
 
    
    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 = 71.03 Indian rupees)
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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