February 25, 2019 / 3:21 AM / 3 months ago

Morning News Call - India, February 25

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    FACTORS TO WATCH
    No major events are scheduled.
    
    
    
    INDIA TOP NEWS
    India lowers tax on new home sales ahead of general election
    India announced on Sunday a cut in the goods and services tax charged on
sales of residential properties under construction as the government looks to
stimulate the economy by driving up consumption.
    
    Shareholders of Jet Airways approve debt-for-equity swap
    Jet Airways said on Friday that its shareholders approved a plan to convert
existing debt to equity, paving the way for the troubled company's lenders to
infuse funds and nominate directors to its board.
    
    India proposes new e-commerce regulations with focus on data rules
    India outlined a new draft policy for its burgeoning e-commerce sector on
Saturday, focusing on data localisation, improved privacy safeguards and
measures to combat the sale of counterfeit products.
    
    Uber Eats close to selling Indian food delivery business to Swiggy - ET
    Uber Eats, the food delivery arm of ride-hailing app Uber, is close to a
deal to sell its Indian business to Bengaluru-based Swiggy, the Economic Times
reported on Friday.
    
    Indian lawmakers summon Facebook officials over citizens' rights protection
    An Indian parliamentary panel has summoned representatives of Facebook, its
messaging services WhatsApp and photo-sharing app Instagram to appear before it
early next month and discuss how to safeguard citizens' rights on social media.

    
    Airbus sees market for widebody jets at Indian budget carriers
    Airbus is pushing for fast-growing Indian budget carriers to make the leap
into low-cost, long-haul widebody operations to compliment their existing
narrowbodies, an executive from the planemaker said.

    
    
    GLOBAL TOP NEWS
    Trump delays tariff increase on Chinese goods after trade talk progress
    President Donald Trump said he would delay an increase in U.S. tariffs on
Chinese goods thanks to "productive" trade talks and that he and Chinese
President Xi Jinping would meet to seal a deal if progress continued.

    
    North Korea warns U.S. sceptics as Kim heads for summit with Trump
    North Korea warned President Donald Trump not to listen to U.S. critics who
were disrupting efforts to improve ties, as its leader, Kim Jong Un, made his
way across China by train to a second summit with Trump in Vietnam.
    
    India toughens Kashmir crackdown; 5 dead in battle with militants, more
detained
    Five people were killed in a gun battle between members of a Pakistani
militant group and Indian security forces in disputed Kashmir on Sunday as India
intensified a security crackdown, including detaining more than 160 separatists
this weekend.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,826.00, from its previous close.
    
    The Indian rupee will likely open higher against the dollar after U.S.
President Donald Trump said he will delay an increase in tariffs on Chinese
shipments, boosting appetite for Asian assets.
    
    Indian government bonds are expected to trade little changed as short
covering by some traders may offset negative impact of firm crude oil prices.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.58 percent-7.63 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 posted its highest closing level since November 8 on Friday as
investors clung to signs of progress in the ongoing trade talks between the
United States and China.
    • Asian shares scaled a 5-month peak after U.S. President Donald Trump
confirmed he would delay a planned increase on Chinese imports as talks between
the two sides were making "substantial progress".
    • The risk-sensitive Australian dollar rose and the yen sagged in early
Asian trade after U.S. President Donald Trump said he will delay increasing
tariffs on Chinese goods on March 1, citing "substantial progress" in trade
talks.
    • U.S. Treasury yields drifted lower on Friday afternoon as U.S. and Chinese
trade negotiations came to a close for the week and members of the Federal
Reserve commented about the bank's review of its monetary policy framework.

    • Oil prices rose as Washington and China appeared to edge closer to a trade
deal, dampening fears over the outlook for global economic growth.
    • Gold prices edged up as the dollar eased after U.S. President Donald Trump
said he would delay an increase in tariffs on Chinese goods as trade talks
between the two nations were making progress, while palladium hit a record-high.

    
    
                   CLOSE        FII INVESTMENTS   EQUITIES      DEBT
 PNDF spot         71.18/71.21  February 22       $888.62 mln   -$242.06 mln
 10-yr bond yield  7.61 pct     Month-to-date     -$101.27 mln  -$515.5 mln
                                Year-to-date      -$176.62 mln  -$1.32 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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