March 18, 2019 / 3:15 AM / in a month

Morning News Call - India, March 18

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    No major events are scheduled.
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Some lessors prepare to end aircraft lease deals with Jet -
sources
Some lessors of Jet Airways have begun terminating lease deals over unpaid dues
and are preparing to move the leased planes abroad, escalating a crisis for the
carrier, five sources with knowledge of the matter told Reuters.
    • EXCLUSIVE-Indian antitrust watchdog raids Glencore business, others over
pulse prices -sources
India's antitrust watchdog raided units of Glencore and two other firms in
Mumbai on Saturday in an inquiry into alleged collusion on the price of pulses,
four sources with knowledge of the raids told Reuters.
    • India's February trade deficit narrows to $9.60 billion - trade ministry
India's trade deficit narrowed to $9.60 billion in February, dragged down by a
fall in gold and oil imports, the trade ministry said in a statement on Friday.

    • Vedanta's Sterlite Copper appoints new CEO amid battle to reopen India
smelter
Vedanta on Friday named metals industry veteran Pankaj Kumar as Sterlite Copper
chief executive, amid struggles to reopen its smelter in southern India that was
shut after police killed 13 demonstrators protesting against the plant.

    • India's former defence minister Manohar Parrikar dies
India's former defence minister and serving chief minister of the western state
of Goa, Manohar Parrikar, died on Sunday, officials said.
    
    
    GLOBAL TOP NEWS
    • Japan exports fall for 3rd month on waning external demand, raises
economic risks
Japan's exports fell for a third straight month in February in a sign of growing
strain on the trade-reliant economy from slowing external demand and a Sino-U.S.
tariff war.
    • US Transportation Dept probes FAA approval of 737 MAX - WSJ
The U.S. Department of Transportation is investigating the Federal Aviation
Administration's (FAA) approval of Boeing's 737 MAX jets, the Wall Street
Journal said on Sunday, citing people familiar with the inquiry.
    • Saudi signals OPEC may need to extend oil cuts until end-2019
Saudi Arabia said on Sunday OPEC's job in rebalancing the oil market was far
from done as global inventories were still rising despite harsh U.S. sanctions
on Iran and Venezuela, signalling it may need to expand output cuts into the
second half of 2019.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.2 percent at 11,499,
from its previous close.
    • The Indian rupee will likely open higher against the dollar after the
Asian nation’s trade deficit narrowed more-than-expected to it lowest in almost
one-and-a-half years.
    • Indian government bonds are likely to gain in early session tracking lower
U.S. Treasury yields, while any further appreciation in the local currency may
also support. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.47 percent-7.53 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Friday, led by technology companies, as a report on
progress in U.S.-China trade talks lifted sentiment, pushing the S&P 500 to its
best week since November.
    • Asian shares pulled ahead, while bonds were in demand globally on mounting
speculation the U.S. Federal Reserve will sound decidedly dovish at its policy
meeting this week.
    • The dollar licked its wounds after soft U.S. data increased bets the
Federal Reserve will cut rates later this year while the pound hovered near
nine-months high on hopes for a delay in Britain's exit from the European Union.

    • Benchmark 10-year and 2-year U.S. Treasury yields on Friday dropped to
their lowest levels since early January, weighed down by weaker-than-expected
U.S. economic data that suggested the Federal Reserve will hold interest rates
steady for the rest of the year.
    • Oil prices dipped, amid concerns that an economic downturn may dent fuel
consumption, but crude markets remain broadly supported by supply cuts led by
producer group OPEC and U.S. sanctions against Iran and Venezuela.
    • Gold prices slipped, as equity markets gained and the dollar steadied
ahead of a U.S. Federal Reserve policy meeting later this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.06/69.09  March 15         $626.94 mln  $451.54 mln
 10-yr bond yield  7.50 pct     Month-to-date    $2.44 bln    $1.21 bln
                                Year-to-date     $4.51 bln    -$957.70 mln
 
    
    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 = 68.9540 Indian rupees)

 (Compiled by Yoganand KN in bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below