January 16, 2019 / 3:06 AM / a month ago

Morning News Call - India, January 16

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    FACTORS TO WATCH
    No major events are scheduled. 
    
    LIVECHAT - EUROPE FOCUS 
    We will be chatting with Derek Halpenny, European head of Global Markets
research at MUFG Bank at 4:30 pm IST, to find out what lies in the future for
Europe and the global economy. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's trade deficit narrows, flat exports a concern
    India's trade deficit narrowed to $13.08 billion in December, the lowest in
10 months, on a fall in gold imports but exports remained flat, deepening
concerns for Prime Minister Narendra Modi who wants to accelerate growth ahead
of elections.
    • Qatar Airways CEO: not interested in Jet Airways as backed by 'enemy'
state
    Qatar Airways will not buy a stake in Jet Airways as a substantial portion
of the debt-laden Indian carrier is held by Etihad Airways, whose owner Abu
Dhabi is an "enemy" of Qatar, its CEO Akbar al-Baker said on Tuesday.

    • Vedanta tells top English court pollution case should be heard in Zambia
    Lawyers for Vedanta Resources told England's Supreme Court on Tuesday that a
case raised against the mining company by nearly 2,000 Zambian villagers should
be heard in Zambia not London.    
    
    
    GLOBAL TOP NEWS
    • Brexit bedlam: May's EU divorce deal crushed by 230 votes in parliament
    British lawmakers defeated Prime Minister Theresa May's Brexit divorce deal
by a crushing margin on Tuesday, triggering political chaos that could lead to a
disorderly exit from the EU or even to a reversal of the 2016 decision to leave.

    • Japan's November machinery orders stall in worrying sign over business
spending
    Japan's core machinery orders slowed sharply in November in a sign corporate
capital expenditure could lose momentum as a bruising U.S.-China trade war
spills into the global economy.
    • USTR promises exclusion process for higher tariffs if China talks fail
    U.S. Trade Representative Robert Lighthizer has assured lawmakers that
companies will be able to request exclusions on tariffs on $200 billion worth of
goods under discussion with Beijing if talks do not yield a deal by the March 2
deadline.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2 percent lower at
10,926.50 from its previous close.
    • The rupee is expected to open little changed against the dollar after
India’s trade deficit narrowed to a 10-month low, offsetting broad strength in
the U.S. currency.
    • Indian government bonds are expected to edge higher in early trade on the
central bank’s announcement of open market note purchase. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.45
percent - 7.50 percent band today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Tuesday as technology and internet stocks gained on
Netflix Inc's plans to raise fees for U.S. subscribers and hopes of more
stimulus for China's slowing economy fostered a risk-on mood among
investors.
    • Asian shares took a breather after rallying the previous day on Chinese
stimulus hopes, with investors assessing Brexit options after British lawmakers
trounced Prime Minister Theresa May's deal to pull out Britain from the European
Union.
    • The pound steadied following a volatile overnight session after British
lawmakers defeated Prime Minister Theresa May's Brexit divorce deal by a
crushing margin.
    • U.S. Treasury yields edged higher in choppy trading on Tuesday on
prospects for a resolution concerning Britain's exit from the European Union
despite being rejected by British lawmakers.
    • Oil prices dipped on increasing signs of a global economic slowdown,
although OPEC-led supply cuts helped support Brent crude above $60 per
barrel.
    • Gold held steady, supported by uncertainty around Brexit, after lawmakers
voted down British Prime Minister Theresa May's deal to leave the European
Union, and hopes for a rate hike pause by the U.S. Federal Reserve.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.09/71.12  January 15       $22.51 mln    -$236.48  mln
 10-yr bond yield  7.47 pct     Month-to-date    -$449.05 mln  -$508.33 mln
                                Year-to-date     ---           ---
  
    
    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 = 71.08 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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