April 9, 2018 / 3:28 AM / 5 months ago

Morning News Call - India, April 9

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    FACTORS TO WATCH
    10:45 am: Defense Minister Nirmala Sitharaman, NITI Aayog CEO Amitabh Kant
and Bharat Forge CMD Baba Kalyani at CII Annual Session in New Delhi.
    01:30 pm: Commerce and Civil Aviation Minister Suresh Prabhu and Housing
Minister Hardeep Singh Puri at CII Annual Session in New Delhi.
    03:00 pm: Junior Civil Aviation Minister Jayant Sinha, SpiceJet CMD Ajay
Singh and Power Minister R.K. Singh at CII Annual Session in New Delhi.
    04:30 pm: Prime Minister Narendra Modi to address CPSE event in New Delhi.

    
    LIVECHAT - TRADE WARS 
    Trade war tensions escalated last week with further retaliatory moves by
China which were followed by more threats by U.S. President Donald Trump. Alicia
Garcia-Herrero, chief economist at Natixis, joins us at 10:30 am IST to discuss
whether this is going to be a prolonged stare down match and who might blink
first. Or will we see some serious negotiations start between the world's two
biggest economies?  To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Indian special court issues warrants against two accused in PNB bank fraud
    A special court of India's Central Bureau of Investigation issued
non-bailable warrants against two Indian jewellers who are central figures in an
alleged $2 billion scam at state-run Punjab National Bank, according to a source
within the investigative agency.
    • Swiss Aviation Consulting may bid for Air India assets - Economic Times 
    Aviation advisory firm Swiss Aviation Consulting (SAC) has shown interest in
bidding for India's debt burdened state-run carrier Air India, the Economic
Times newspaper quoted a senior aviation ministry official as saying.

    • Cryptocurrencies hit hard on Indian exchanges after central bank clampdown
    The Indian central bank moved to bar banks and other entities that it
regulates from having any linkages to virtual currency dealers, leading to a
plunge in Bitcoin and other cryptocurrencies on local exchanges on
Friday.
    • India opens contest to supply more than 100 fighter jets
    India is seeking to buy around 110 fighter jets, the air force said in a
request for information issued on Friday, marking the first step toward a
long-delayed deal that could be worth more than $15 billion.
    • No jobs, no vote: Indian town warns Modi ahead of 2019 polls
    Rakesh Kumar has a post-graduate degree but works as a house painter in the
small town of Kasba Bonli in northwestern India.
    • India's RCom gets tribunal nod for tower, fibre assets sale
    Communications Ltd said on Friday the National Company Law Appellate
Tribunal has given its approval for the debt-laden company to proceed with the
sale of its tower and fibre assets.
    • India agrees to open waterways, rail link to Nepal capital
    India agreed on Saturday to construct a rail link to Nepal's capital,
Kathmandu, and to open up inland waterways in the landlocked Himalayan nation
that has also been courted by China with transport deals.
    
    GLOBAL TOP NEWS
    • Trump predicts trade concessions by China, despite rising tensions
    U.S. President Donald Trump predicted on Sunday that China would take down
its trade barriers, expressing optimism despite escalating trade tensions
between the world's two largest economies that have roiled global markets in the
past week.
    • Trump says "big price to pay" for Syria chemical attack 
U.S. President Donald Trump warned on Sunday there would be a "big price to pay"
after aid groups said dozens of people were killed by poison gas in a besieged
rebel-held town in Syria, an attack the opposition blamed on Syrian government
forces.
    • N.Korea tells U.S. it is prepared to discuss denuclearization -source
    North Korea has told the United States for the first time that it is
prepared to discuss the denuclearization of the Korean Peninsula when North
Korean leader Kim Jong Un meets President Donald Trump, a U.S. official said on
Sunday.
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures at 10,300.50, down 0.4 percent from
its previous close. -NewsRise 
    • The Indian rupee is expected to open higher against the dollar after
lower-than-expected U.S. job additions, and as persistent trade tensions between
the U.S. and China hurt demand for the greenback. -NewsRise 
    • Indian government bonds are likely to fall in early session after the
central bank announced a smaller-than-expected increase in foreign investment
limit in sovereign debt. The yield on the benchmark 7.17 percent bond maturing
in 2028 is likely to trade in a 7.20 percent -7.30 percent band today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks dropped about 2 percent on Friday, with the Dow falling more
than 570 points, as U.S. President Donald Trump's latest tariff threat on
Chinese imports fueled increasing concern over a U.S. trade war with China.
    • Asian shares edged higher as a bounce in U.S. stock futures soothed
sentiment even as U.S. President Donald Trump kept up his twitter war with China
over trade just a couple of days before President Xi Jinping gives a keynote
speech.
    • The dollar nursed its losses, having retreated late last week due to
concerns over U.S.-China trade tensions and following data that showed the U.S.
economy created the fewest jobs in six months in March.
    • U.S. Treasury prices gained on Friday as trade tensions mounted between
the United States and China and after employers added fewer jobs than expected
in March.
    • Oil markets stabilised after slumping around 2 percent last Friday on the
back of concerns of an intensifying trade dispute between the United States and
China, as well as increased U.S. drilling activity.
    • Gold prices fell slightly in early Asian trade on Monday as the dollar
firmed on signs of easing tensions between the United States and North Korea,
although the bullion was underpinned by continued concerns over U.S.-China trade
spat.
    
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT         
 PNDF spot         64.96/64.99      April 6        -$80.71 mln  $150.07 mln
 10-yr bond yield  7.30 pct         Month-to-date  $14.49 mln   $316.36 mln
                                    Year-to-date   $2.18 bln    $ 1.04 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 = 64.9200 Indian rupees)

 (Compiled by Pradip Kakoti in Bengaluru)
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