February 5, 2019 / 3:44 AM / 11 days ago

Morning News Call - India, February 5

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    FACTORS TO WATCH
    11:45 am: Punjab National Bank earnings press conference in New Delhi
    6:30 pm: IDFC FIRST Bank earnings conference call in Mumbai
    Monetary Policy Committee’s three-day interest rate setting meeting begins
in Mumbai
    
    LIVECHAT - U.S. TECH EARNINGS
    Reuters U.S. Tech Editor Supantha Mukherjee and U.S. Breaking News Editor
Peter Henderson join us to breakdown the FAANG earnings and more at 4:30 pm IST.
To join the conversation, click here refini.tv/2P8N0Wp
 
    
    
    INDIA TOP NEWS
    RCom moves appellate court to withdraw Ericsson appeal
    India's Reliance Communications on Monday moved the National Company Law
Appellate Tribunal (NCLAT) to withdraw its appeal in a dispute with Ericsson as
it seeks to pursue a debt resolution plan through the country's bankruptcy
court.
    
    Indian court rejects Tata Steel's move to block rival bids for Bhushan Power
    An Indian appeals tribunal has ruled against Tata Steel's effort to dismiss
rival bids for Bhushan Power and Steel, boosting JSW Steel's offer to buy the
indebted steel maker.
    
    UK approves tycoon Mallya's extradition to India
    The British government has signed an order to extradite Indian liquor and
aviation tycoon Vijay Mallya, the UK's Home Office said in a statement on
Monday.
    
    India says jeweler Choksi still a citizen, pushing for Antigua extradition
    Fugitive jeweler Mehul Choksi, a main defendant in India's largest bank
fraud case, is still an Indian citizen despite holding an Antigua and Barbuda
passport, an Indian official told Reuters, adding the government is pushing for
his extradition.
    
    India's April-Dec fiscal deficit narrows to 7.01 trln rupees- govt
    India's April-December fiscal deficit narrowed to 7.01 trillion rupees
($97.80 billion), or 112.4 percent of the budgeted target for the current fiscal
year, government data showed on Monday.
    
    
    GLOBAL TOP NEWS
    Alphabet's higher spending worries investors, shares dip
    Alphabet reported sharply higher fourth-quarter spending on video content,
employees and facilities, worrying investors who sent the tech company's shares
down about 3 percent after hours on Monday.
    
    U.S. trade agency sees negotiating new WTO rules to rein in China as futile
    Negotiating new World Trade Organization rules to try to rein in China's
"mercantalist" trade practices would be largely a futile exercise, the Trump
administration's trade office said on Monday, vowing to pursue its unilateral
approach to protect U.S. workers, farmers and businesses.
    
    SoftBank Corp rings up cost of turbulent year-end at first post-IPO earnings
    Japan's SoftBank will be under pressure to outline growth plans when it
reports its first earnings as a public company, as concerns over a changing
mobile market keep its shares well below their blockbuster IPO
price.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.1 percent higher at
10,964.00.
    
    The Indian rupee is expected to open higher against the dollar after U.S.
equities extended their advance to reach the highest in two months.
    
    Indian sovereign bonds are expected to fall in early trade and decline for a
third session today, as state debt sale’s quantum touched a near two-year high,
while the federal government indicated plans to borrow more via bonds in this
financial year. Yield on India's benchmark 7.17% bond maturing in 2028 is likely
to trade in a 7.65 percent -7.72 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street gained on Monday, with all three major indexes closing near
session highs as sustained optimism on the prospects for U.S.-China trade
relations propelled technology shares.
    • Asian stocks extended their gains on Tuesday as overnight strength on Wall
Street and the Federal Reserve's dovish turn underpinned risk appetite, while
the dollar held firm on last week's upbeat U.S. data.
    • The dollar held on to recent gains against its peers on Tuesday, supported
by a recovery in investor risk appetite, which gave an overnight boost to U.S.
yields, while the Australian dollar dipped on dismal retail sales data.
    • Treasury prices fell on Monday in generally thin volume, after trading
higher for most of last week, pressured by upcoming debt supply, as well as
indications that inflation expectations are rising.
    • U.S. oil prices inched up, buoyed by expectations of tightening global
supply due to U.S. sanctions on Venezuela and production cuts led by OPEC.
    • Gold prices held near one-week lows touched in the previous session,
pressured by a firmer dollar and as investor appetite for riskier assets picked
up in the wake of strong U.S. economic data.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         71.68/71.71  February 4       -$15.63 mln  -$191.27 mln
 10-yr bond yield  7.67 pct     Month-to-date    --           -$145.13 mln
                                Year-to-date     $94.43 mln   -$950.98 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]
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