April 19, 2018 / 3:45 AM / 5 months ago

Morning News Call - India, April 19

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    FACTORS TO WATCH
    9:30 am: India Trade Minister Suresh Prabhu, Oil Minister Dharmendra
Pradhan, Railways Minister Piyush Goyal, Housing Minister Hardeep Singh Puri,
State Bank of India Chairman Rajnish Kumar, Hero Enterprise Chairman Sunil Kant
Munjal at Mindmine Summit 2018 in New Delhi. 
    10:30 am: India Trade Minister Suresh Prabhu to deliver keynote address at
Next Base of Pyramid summit in New Delhi.
    10:45 am: India Health Minister J.P. Nadda, Minister of Drinking Water Uma
Bharti at an award ceremony in New Delhi. 
    12:00 pm: BMW Group to launch BMW X3 in India in Gurugram. 
    3:45 pm: India Telecom Minister Manoj Sinha to inaugurate newly created
parcel directorate in New Delhi. 
    
    GMF: COMMODITIES FOCUS
    Gavin Wendt, founding director and senior resource analyst at MineLife,joins
us at 09:30 am IST to discuss views and cues for commodity markets. To join the
conversation, click on the link: here
    
   
    INDIA TOP NEWS
    • POLL-India claims top spot for 2018 growth among major economies 
    India will claim the top spot among the world's fastest-growing major
economies this year, but rising trade tensions between the United States and
China may restrain that growth, a Reuters poll of economists showed.
    • India, UK governments invest in $711 million Indian renewable energy fund
    Lightsource BP and Indian private equity fund Everstone Group announced on
Wednesday the creation of a $711 million fund to invest in renewable energy and
clean technology in India.
    • ANALYSIS-India jet fuel demand to soar as domestic air travel takes off
    An Indian push to connect more cities via airports as an expanding middle
class increasingly takes to the skies is set to help propel the country's demand
for jet fuel to record highs this year.
    • Uber doubling down on India investments after exiting SE Asia
    Ride-hailing giant Uber Technologies Inc UBER.UL is "doubling down" on its
investments in India, one of its biggest markets, after its recent exit from
Southeast Asia, its chief operating officer said on Wednesday.

    GLOBAL TOP NEWS
    • Trump hopes for successful North Korea summit, but warns he could walk
away
    U.S. President Donald Trump said on Wednesday he hoped an unprecedented
summit with North Korean leader Kim Jong Un would be successful after a recent
visit to Pyongyang by CIA Director Mike Pompeo, but warned he would call it off
if he did not think it would produce results.
    • Facebook to put 1.5 billion users out of reach of new EU privacy law
    If a new European law restricting what companies can do with people's online
data went into effect tomorrow, almost 1.9 billion Facebook Inc users around the
world would be protected by it. The online social network is making changes that
ensure the number will be much smaller.
    • POLL-Global economy sprinting ahead but trade war could end the race
    The global economy will expand this year at its fastest pace since 2010, but
trade protectionism could quickly slow it down, the latest Reuters polls of over
500 economists worldwide suggest.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,587.50, up 0.3
percent from previous close.
    • The Indian rupee is seen lower against the dollar as Brent crude's surge
to its highest level since late-2014 pressures the oil importing nation's
currency.
    • Indian government bonds are likely to open lower on higher U.S. Treasury
yields and global crude oil prices, even as investors await minutes of the April
policy meeting of the nation's rate-setting Monetary Policy Committee. Yield on
the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.51 percent
-7.57 percent band today.


    GLOBAL MARKETS
    • The S&P 500 eked out a small gain while the Dow declined after a volatile
trading session on Wednesday, with weakness in sectors such as consumer staples
and financials offsetting strong gains in the energy and industrial indexes.

    • Resource stocks were on a roll in Asia as oil prices hit heights not seen
since late 2014, though the potential boost to inflation globally also pressured
fixed-income assets.
    • The dollar was steady against a basket of its peers, supported by higher
long-term U.S. Treasury yields on improving investor appetite for risk assets,
though lingering concerns over U.S.-China trade tensions checked the greenback.

    • Trading across U.S. government bond maturities was range-bound on
Wednesday, as the yield curve nevertheless continued to flatten for the ninth
consecutive market day.
    • Oil prices remained close to highs touched the previous day that were last
seen in late 2014, buoyed as U.S. crude inventories declined and as top exporter
Saudi Arabia is expected to keep withholding supply to prop up the market.
    • Gold prices were flat while the dollar stayed firm helped by higher
long-term U.S. Treasury yields, though lingering U.S.-China trade tensions kept
the greenback's gains in check.
    
    
 PNDF spot         65.65/65.68  April 18       -$139.40 mln  -$375.42 mln
 10-yr bond yield  7.68 pct     Month-to-date  -$407.61 mln  -$910.60 mln
                                Year-to-date   $1.76 bln     -$189.97 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 = 65.71 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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