May 21, 2020 / 3:18 AM / 7 days ago

Morning News Call - India, May 21

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    4:00 pm: Health ministry briefing on COVID-19 situation in New Delhi.
    Dr. Jonathan Quick, managing director for Pandemic Response, Preparedness,
and Prevention at The Rockefeller Foundation, Professor of Global Health at the
Duke Global Health Institute, and former director of essential medicines at the
WHO, joins the forum to discuss strategies and risks as countries begin to ease
coronavirus-prompted lockdowns. To join the discussion at 08:15 pm IST, click
    • RBI may need to aggressively cut rates alongside fiscal stimulus -
The Indian government's frugal economic stimulus package has put pressure on the
Reserve Bank of India to intervene, as analysts and economists say measures
announced so far are unlikely to have any meaningful impact soon.
    • India to allow some domestic flights from May 25 - minister
India will allow airlines to begin some domestic flights from May 25, its civil
aviation minister said on Wednesday, two months after the country imposed a ban
on air travel as it went into lockdown to curb the spread of the coronavirus.

    • SoftBank-backed Ola follows Uber with job cuts as revenue sinks
SoftBank Group-backed Indian ride-hailing company Ola will cut 1,400 jobs, or
about 35% of its workforce, as it navigates a strict coronavirus lockdown that
has halted 95% of its business, company chief Bhavish Aggarwal told employees on
    • Global coronavirus cases surpass 5 million, infections rising in South
Global coronavirus cases surpassed 5 million on Wednesday, with Latin America
overtaking the United States and Europe in the past week to report the largest
portion of new daily cases globally.
    • Japan exports fall most since 2009 as pandemic wipes out global demand
Japan's exports fell the most since the 2009 global financial crisis in April as
the coronavirus pandemic slammed world demand for cars, industrial materials and
other goods, likely pushing the world's third-largest economy deeper into
    • Fed debates longer-term crisis-fighting plan, minutes show
Federal Reserve policymakers, still working to fully roll out a
multi-trillion-dollar effort to shore up financial markets and an economy
cratered by the coronavirus pandemic, last month dove into a new debate: how
best to support the economy during a recovery they now agree could be slower and
more fraught than initially thought.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.8% lower at 9,018.25.
    • The Indian rupee is expected to trade little changed against the dollar
amid broad weakness in Asian currencies on mounting U.S.-China tensions.
    • Indian government bond yields will likely trade largely unchanged in early
session, as investors await the announcement of an open market operation by the
central bank to absorb New Delhi’s additional borrowing and boost market
appetite. The yield on the benchmark 6.45% bond maturing in 2029 is likely to
trade in a range of 6.00%-6.08% today.
    • The three major averages on Wall Street notched their fourth gain in five
sessions on Wednesday as investors again bet on a swift economic recovery from
coronavirus-driven lockdowns and the potential for more stimulus measures from
the Federal Reserve.
    • The dollar nursed broad losses and riskier currencies held gains as
investors looked to a bright recovery from the COVID-19 pandemic, shrugging off
diabolical forecasts and rising Sino-U.S. tension.
    • U.S. Treasury yields slipped on Wednesday after a somewhat underwhelming
debut of the first 20-year bond in decades left the market uncertain how the new
government financing tool will fit in.
    • Oil prices edged higher after data showed U.S. crude inventories fell
again, easing concern about a supply glut, though lingering fears over the
global economic fallout from the COVID-19 pandemic capped gains.
    • Gold eased, as equities gained on hopes for a swift recovery from the
coronavirus-induced economic slump, although losses were capped by optimism over
further stimulus measures.
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         75.81/75.84  May 20           (1334.16) crore  (883.69) crore
 10-yr bond yield  6.04 pct     Month-to-date    10,996 crore     (20,290) crore
                                Year-to-date     (43,918) crore   (1,02,769) crore
    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 = 75.53 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
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