March 8, 2019 / 3:18 AM / 3 months ago

Morning News Call - India, March 8

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    FACTORS TO WATCH
    1:30 pm: Finance Minister Arun Jaitley at a book release event in New Delhi.
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Amid rising trade tensions with U.S., India wants to extend Iran
oil sanctions waiver - sources
India wants to keep buying Iranian oil at its current level of about 300,000
barrels per day (bpd), as it negotiates with Washington about extending a waiver
of U.S. sanctions past early May, two sources in India with knowledge of the
matter said.
    • EXCLUSIVE-Thyssen, Tata on collision course with Europe over JV - sources
Thyssenkrupp and Tata Steel will not go very far in concessions to gain approval
for a planned steel venture, four people familiar with the matter said, adding
their offer might not be enough to satisfy the European Commission.
    • Singtel injects $525 million in Airtel as competition mounts in India
Singapore Telecommunications (Singtel) said it will buy roughly $525 million
worth Bharti Airtel stock as part of the Indian telecoms operator's plan to
raise $4.6 billion through shares and bonds.
    • Volkswagen India says will contest green court's $71 million penalty
Volkswagen will challenge a ruling by an Indian environment court that imposed a
fine of 5 billion rupees on the German carmaker for emission violations.

    • Jet Airways grounds 3 more planes, takes total to 28
Jet Airways said on Thursday it grounded three more aircraft as it failed to
make payments to its lessors, taking the tally of planes hit by the defaults to
28.
    
    
    GLOBAL TOP NEWS
    • ECB pushes out rate hike, offers cheap cash to banks
The European Central Bank changed tack on its tightening plan on Thursday,
pushing out the timing of its first post-crisis rate hike until 2020 at the
earliest and offering banks a new round of cheap loans to help revive the euro
zone economy.
    • Japan Q4 GDP revised up as investment rebounds but trade clouds outlook
The Japanese economy grew faster than initially estimated in the fourth quarter
as capital investment staged a quick recovery from a series of natural disasters
in the previous quarter.
    • U.S. judge gives Trump ex-aide Manafort leniency: under 4 years in prison
President Donald Trump's former campaign chairman Paul Manafort was sentenced on
Thursday by a U.S. judge to less than four years in prison - far shy of federal
sentencing guidelines - for financial crimes uncovered during Special Counsel
Robert Mueller's investigation into Russia's role in the 2016 election.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.2 percent at 11,069.5, from
its previous close.
    • The Indian rupee is expected to open lower against the dollar after the
European Central Bank’s cut in growth forecast prompted losses in equities
worldwide and in regional currencies.
    • Indian government bonds are likely to open lower, as a weekly debt auction
will add to supply, while market awaits February inflation data next week. The
yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
a 7.56 percent-7.60 percent band until the auction results today.
    
    
    GLOBAL MARKETS
    • Wall Street's main indexes fell for a fourth consecutive session on
Thursday, after Europe's central bank said it would defer interest rate hikes
and offered banks a new round of cheap loans, raising fresh concerns about
global economic growth.
    • Asian stocks shuddered lower after the European Central Bank slashed its
growth forecasts and surprised everyone with a new of policy stimulus, leaving
investors fearing the worst for the global economy.
    • The euro struggled near a 21-month low against the dollar, hurt by a
series of dovish signals from the European Central Bank, with the currency
market bracing for further volatility ahead of U.S. jobs data later in the day.

    • Ahead of U.S. employment report Treasury yields were lower, propelled by
the European Central Bank's decision to delay its first post-crisis
interest-rate hike until 2020 and offered banks a fresh round of loans to
prevent a credit crunch that could worsen the European Union's economic
slowdown.
    • Oil prices fell after the European Central Bank (ECB) warned economic
weakness would continue and as U.S. crude output and exports chase new records,
undermining efforts by producer club OPEC to tighten global markets.
    • Gold held steady as risk appetite faded after the European Central Bank
cut its growth forecasts and launched an emergency round of policy stimulus,
while a strong dollar capped gains ahead of U.S. non-farm payrolls data.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.00/70.03  March 7          $162.35 mln  $75.01 mln
 10-yr bond yield  7.58 pct     Month-to-date    $519.21 mln  $226.38 mln
                                Year-to-date     $2.6 bln     -$1.95 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]
 

($1 = 70.0940 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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