May 9, 2018 / 3:39 AM / 16 days ago

Morning News Call - India, May 9

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    FACTORS TO WATCH
    11:15 am: NIIT Technologies post-earnings analyst meet in Noida.
    4:00 pm: Arvind post-earnings conference call in Mumbai.
    
    LIVECHAT- BOE PREVIEW
    We discuss expectations for this week's Bank of England policy decision, as
well as the outlook for the UK economy, with Philip Shaw, chief economist at
Investec at 2:30 pm IST. To join the Global Markets Forum, click here. To join
the conversation, click on the link: here
    
    INDIA TOP NEWS
    • ReNew Power files for IPO that could raise $1 billion
    ReNew Power filed for an initial public offering on Tuesday that could raise
more than $1 billion in one of India's biggest listings so far this year.

    • Global crude oil price rise not supported by fundamentals, says Indian Oil
head 
    State-owned crude oil refiner Indian Oil said the company has held back from
increasing fuel prices in India.
    • MCX to launch crude oil options on May 15
    Multi Commodity Exchange will launch the country's first crude oil options
contract on May 15, the exchange said in a statement on Tuesday.
    • RBI removes 6.84 percent 2022 bond from list of open market buy
    The Reserve Bank of India on Tuesday removed 6.84 percent 2022 bonds from
the list of government securities that it had announced to buy in an open market
operation on May 17. 
    • Gold seen at highest annual price for five years in 2018 - GFMS
    Gold in 2018 will deliver its strongest annual price performance in five
years, GFMS analysts forecast on Tuesday, as political uncertainty drives
investment in bars and bullion-backed investment funds. 
    
    GLOBAL TOP NEWS
    • Trump ignores European pleas and abandons 'defective' Iran nuclear deal
    President Donald Trump on Tuesday pulled the United States out of an
international nuclear deal with Iran, raising the risk of conflict in the Middle
East, upsetting European allies and casting uncertainty over global oil
supplies.
    • Asia vulnerable to sudden global tightening, protectionist shift-IMF
    The growth outlook for Asian economies remains strong, but the region is
vulnerable to sudden tightening in global financial conditions, further market
corrections and a shift towards protectionist policies, the IMF said on
Wednesday. 
    • Trump, China's Xi discuss trade ahead of talks next week
    U.S. President Donald Trump and Chinese President Xi Jinping discussed
ongoing trade issues on Tuesday, as both sides continue to position themselves
amid a heated feud over tariffs between the world's two largest economies.
 
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,705.00, down 0.3
percent from its previous close.
    • The Indian rupee is expected to open lower against the dollar as the U.S.
withdrawal from the Iran nuclear deal stoked concerns crude oil prices may
escalate further. 
    • Indian government bonds are likely to fall in early trade tracking gains
in crude oil prices and U.S. Treasury yields after U.S. President Donald Trump
withdrew from the nuclear deal with Iran.The yield on the benchmark 7.17 percent
bond maturing in 2028 is likely to trade in 7.58 percent - 7.65 percent band
today. 
    
    GLOBAL MARKETS
    • Wall Street cut losses to end little changed on Tuesday while energy
stocks rallied after U.S. President Donald Trump said the United States would
quit the Iran nuclear deal, confirming what many investors had expected.
    • Asian shares ticked down as renewed U.S. sanctions on Tehran were seen as
disruptive for many companies that have deals with Iran.
    • The dollar rose to a six-day high against the yen as crude oil prices
rallied and pushed Treasury yields higher after U.S. President Donald Trump
pulled out from an international nuclear deal with Iran.
    • U.S. government bond yields were modestly higher at close as President
Donald Trump's announcement that the country would withdraw from its nuclear
deal with Iran appeared to have already been priced in by the market.
    • Oil prices rose more than 2 percent to a three-and-a-half year high after
U.S. President Donald Trump abandoned an international nuclear deal with Iran,
likely curbing the OPEC-member's crude exports in an already tight market.
    • Gold prices slipped, as the dollar regained ground after briefly dipping
earlier following U.S. President Donald Trump's decision to pull out of the Iran
nuclear deal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.08/67.11  May 8            -$14.47 mln   -$311.87 mln
 10-yr bond yield  7.75 pct     Month-to-date    -$391.61 mln  -$714.39 mln
                                Year-to-date     $790.44 mln   -$2.38 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 = 67.16 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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