February 21, 2019 / 3:31 AM / 5 months ago

Morning News Call - India, February 21

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - BONDS FOCUS
    Reuters interest rate reporters delve into government bond markets at 6:00
pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp

    
    INDIA TOP NEWS
    Saudi prince expects investment worth more than $100 billion in India
    Saudi Arabia's Crown Prince Mohammed bin Salman said he expected investment
opportunities worth more than $100 billion in India over the next two years as
he began his first official visit amid tensions between arch foes India and
Pakistan.
    
    India's top court finds Anil Ambani guilty of contempt in RCom-Ericsson case
    Supreme Court found Anil Ambani, chairman of debt-laden Reliance
Communications, guilty of contempt of court for wilfully failing to pay 5.5
billion rupees ($77.29 million) to telecom equipment maker Ericsson.

    
    India will not be cowed in internet consultations - tech minister
    India will hold wide consultations with internet companies before finalising
rules to regulate content on social media but will not hold back from framing
laws that safeguard national interest, the country’s technology minister, Ravi
Shankar Prasad said.
    
    Lockheed unveils new F-21 fighter jet configured for India
    Lockheed Martin offered India a new combat jet to be made locally, the F-21,
in an attempt to win a large military order worth more than $15 billion.

    
    India plans to buy 21 MiG-29 jet fighters from Russia - RIA
    India plans to buy 21 MiG-29 jet fighters and possibly more from Russia, the
RIA news agency cited the deputy director of Russia's federal service for
military-technical cooperation as saying.
    
    Dubai's ENOC partners with India's IOC to expand abroad
    United Arab Emirates' National Oil Company Group said it had formed an
alliance with state-run Indian Oil Company as part of the Dubai-based firm's
global expansion strategy.
    
    Airbus says A320neo India deliveries back on track
    European aircraft maker Airbus deliveries of its A320neo aircraft are back
on track in India with fewer problems being seen with the narrowbody jet's Pratt
& Whitney engines, a senior company executive said.

      
    GLOBAL TOP NEWS
    U.S., China sketch outlines of deal to end trade war -sources
    The United States and China have started to outline commitments in principle
on the stickiest issues in their trade dispute, marking the most significant
progress yet toward ending a seven-month trade war, according to sources
familiar with the negotiations.
    
    Fed flags end to balance sheet runoff, patience on rates
    The Federal Reserve signaled they will soon lay out a plan to stop letting
go of $4 trillion in bonds and other assets, but policymakers are still debating
how long their newly adopted "patient" stance on U.S. rates policy will last.

    
    Samsung announces folding phone with 5G - at nearly $2,000
    Samsung unveiled a nearly $2,000 folding smartphone in a bid to top the
technology of Apple and Chinese rivals and reignite consumer interest amid
slumping sales.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading at 0.3 percent lower at
10,737.00, from the previous close.
    
    The Indian rupee is expected to edge lower against the dollar, tracking an
overnight jump in crude oil prices.
    
    Indian government bonds are expected to edge higher in early trade ahead of
the central bank's open market purchase of notes today. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.52
percent-7.57 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended higher on Wednesday after minutes from the Federal
Reserve's last meeting reaffirmed for investors that the U.S. central bank would
be "patient" with respect to further interest rate hikes.
    • Asian shares held near 4-1/2-month highs after U.S. Federal Reserve
minutes affirmed it would be "patient" on interest rate rises and risk assets
got a lift from hopes of further progress in U.S.-China trade talks.
    • The dollar inched up after minutes from the Federal Reserve's last meeting
revived expectations for a possible U.S. rate hike this year while investors
shifted their focus back to trade issues for fresh directional cues.
    • U.S. Treasury yields on Wednesday ticked up modestly after the publication
of minutes from the Federal Reserve's January policy meeting showed committee
members were undecided on whether to hike interest rates again this year.
    • Oil prices hovered close to 2019 highs, bolstered by OPEC-led supply cuts
and U.S. sanctions on Venezuela and Iran, but were prevented from rising further
by slowing growth in the global economy.
    • Gold prices were firm near a 10-month peak, with the dollar holding steady
in the wake of minutes from the latest U.S. Federal Reserve meeting that
rekindled expectations of a possible rate hike later in the year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.11/71.14  February 20      $100.36 mln   -$256.46 mln
 10-yr bond yield  7.55 pct     Month-to-date    -$234.07 mln  -$376.95 mln
                                Year-to-date     -$309.42 mln  -$1.18 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]
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