May 15, 2018 / 3:17 AM / 7 months ago

Morning News Call - India, May 15

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    FACTORS TO WATCH
    
    LIVECHAT - TRADE WARS 
    Cliff Tan, Head of East Asian Research, Bank of Tokyo-Mitsubishi UFJ speaks
on the subject at 9:30 am.  To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India April retail inflation rate climbs for 1st time in four months
    India's annual retail and wholesale inflation accelerated in April, mainly
due to higher fuel and food prices, and in response some economists changed
their views to expect a more hawkish central bank at its next policy meeting
next month.
    • Indian police charge former PNB head, 21 others in bank fraud case
    Indian police on Monday charged 22 people, including the former head of
Punjab National Bank and three firms, in the country's largest-ever bank fraud
case.
    • Manipal and TPG swoop in with sweetened bid for India's Fortis
    Manipal Hospital and private equity firm TPG Capital Management on Monday
sweetened their bid to buy Fortis Healthcare, just days after the Fortis board
said it favoured a rival offer to the dismay of many shareholders.
    • Hindustan Unilever Q4 profit rises 14 percent
    Diversified consumer goods maker Hindustan Unilever reported an about 14
percent increase in profit on Monday, helped by higher sales in its home care
business.
    • Indian diesel, petrol prices hiked after state elections
    Indian state fuel retailers raised diesel and petrol prices on Monday to
their highest in nearly five years, data from the country's biggest fuel
retailer shows.
    
    
    GLOBAL TOP NEWS
    • Israeli forces kill dozens in Gaza as U.S. Embassy opens in Jerusalem
    Israeli troops shot dead dozens of Palestinian protesters on the Gaza border
on Monday when the high-profile opening of the U.S. embassy to Israel in
Jerusalem by the Trump administration raised tension to boiling point after
weeks of demonstrations.
    • Musk says 'thorough reorganization' underway at Tesla
    Tesla chief Elon Musk told employees on Monday the company was undergoing a
"thorough reorganization" as it contends with production problems, senior staff
departures and recent crashes involving its electric cars.
    • CBS sues controlling Redstone family in bid for independence
    CBS filed a lawsuit on Monday to reduce the voting power of controlling
shareholder National Amusements, the movie theater company owned by Sumner and
Shari Redstone, in an act of defiance aimed at thwarting the Redstones' plan to
merge CBS with Viacom.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.1 percent at
10,801.50. 
    • The Indian rupee is expected to open lower against the dollar after
consumer prices in Asia’s third-largest economy rose more than expected. 
    • Indian government bonds are expected to fall in early trade as retail
inflation rose to a three-month high in April on elevated fuel and housing
prices, further adding to bets of a monetary tightening going ahead. The yield
on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.80
percent-7.90 percent wide band today. 

    
    GLOBAL MARKETS
    • Wall Street ended a choppy session slightly higher on Monday as weakness
in defensive stocks offset optimism following U.S. President Donald Trump's
conciliatory remarks toward China's ZTE Corp that calmed the waters of
U.S.-China trade tensions.
    • Asia stocks pulled back, after an uninspiring performance on Wall Street
eclipsed support from U.S.-China trade optimism, while supply concerns kept
crude oil prices near 3-1/2-year highs.
    • The dollar inched higher against a basket of currencies, having pulled up
from its lowest level in more than a week as hopes for easing global trade
tensions pushed U.S. bond yields higher.
    • Treasury yields edged up on Monday, extending weekend gains as trade
tensions eased a day after President Donald Trump pledged to help Chinese
telecommunications company ZTE Corp, which has been penalized for violating U.S.
sanctions with Iran.
    • Oil prices held firm as ongoing production cuts by OPEC and looming U.S.
sanctions against Iran tightened the market amid strong demand.
    • Gold prices were little changed, as the dollar held on to gains from the
previous session after a Federal Reserve official backed the case for further
interest rate hikes in the United States.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.46/67.49  May 14           $106.29 mln   -$63.10 mln
 10-yr bond yield  8 pct        Month-to-date    -$510.62 mln  -$1.39 bln
                                Year-to-date     $671.43 mln   -$3.05 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 = 67.5500 Indian rupees)   
    

 (Compiled by Erum Khaled in Bengaluru)
  
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