February 28, 2019 / 3:22 AM / 22 days ago

Morning News Call - India, February 28

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    FACTORS TO WATCH
    11:00 am: Finance Minister Arun Jaitley and Banking Secretary Rajiv Kumar at
an award ceremony in New Delhi.
    
    3:30 pm: Prime Minister Narendra Modi to confer Shanti Swarup Bhatnagar
awards in New Delhi.
    
    5:00 pm: Government to release January Infrastructure output data in New
Delhi.
    
    5:30 pm: Government to release October-December GDP data in New Delhi.
    
    
    LIVECHAT - COMMODITIES FOCUS
    Jonathan Barratt, Economist, CIO Ayers Alliance and Principal at
Celsiuspro.com at 9:30 am IST. To join the conversation, click on the link: refini.tv/2P8N0Wp
        
    
    
    INDIA TOP NEWS
    World urges restraint as India, Pakistan trade blows over Kashmir
    India and Pakistan both said they shot down each other's fighter jets on
Wednesday, with Pakistan capturing an Indian pilot a day after Indian warplanes
struck inside Pakistan for the first time since a 1971 war, prompting world
powers to urge restraint.
    
    PREVIEW-India's economy seen losing momentum ahead of election
    India's economy appeared to be losing momentum in the approach to a general
election that must be held by May, as a Reuters survey of economists forecast
that growth slipped to 6.9 percent annually in the October-December quarter.

    
    Jet Airways grounds 7 more planes as it fails to pay lessors
    Jet Airways said it grounded seven more aircraft as the carrier failed to
make payments to its lessors, taking the tally of planes hamstrung by the
defaults to 13.
    
    Spotify steps into crowded Indian market
    Spotify, the world's most popular paid music streaming service, launched in
India, stepping into a price-sensitive market crowded by well-funded local
players like JioSaavn and Apple Music.
    
    U.S. Supreme Court revives India power plant lawsuit
    The U.S. Supreme Court revived a lawsuit by villagers in India seeking to
hold a Washington-based international financial institution responsible for
environmental damage they blame on a power plant it financed.
    
    
    GLOBAL TOP NEWS
    US trade chief sees long-term China challenges, continued tariff threat
    The United States will need to maintain the threat of tariffs on Chinese
goods for years even if Washington and Beijing strike a deal to end a costly
tariff war, President Donald Trump's chief trade negotiator told lawmakers.

    
    Trump in 'no rush" for deal with North Korea's Kim on second day of summit
    U.S. President Donald Trump and North Korean leader Kim Jong Un began talks
on the second day of their second summit, with both sides expressing hope for
progress on improving relations and the key issue of denuclearisation.

    
    Ex-lawyer Cohen assails 'conman' Trump, gives no direct evidence of
collusion
    U.S. President Donald Trump's former personal lawyer Michael Cohen accused
him of breaking the law while in office and said for the first time that Trump
knew in advance about a WikiLeaks dump of stolen emails that hurt his 2016
election rival Hillary Clinton.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were trading 0.2 percent higher at
10,819.50, from its previous close.
    
    The Indian rupee is expected to open little changed against the dollar, with
investors awaiting further developments on the nation’s conflict with Pakistan.
    
    Indian government bonds are expected to ease in early trade as hopes that
the central bank would conduct bond purchases in the second half of March waned
after the announcement of cash injections through long-term repo auctions. The
yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in
a 7.65 percent-7.70 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 closed down slightly on Wednesday but well above its session
low after testimonies to U.S. Congress from trade and central bank officials as
well as President Donald Trump's former lawyer brought few major surprises.
    • Asian stocks slipped after cautious comments from U.S. Trade
Representative Robert Lighthizer dented some of the recent optimism towards
Sino-U.S. trade relations, while the dollar held gains, supported by higher bond
yields.
    • The dollar held above a three-week low as investors remained cautious amid
uncertainty over the progress in U.S.-China trade talks, while sterling rallied
on bets that the chance of a no-deal Brexit was shrinking.
    • U.S. Treasury yields rose in afternoon trade ahead of Thursday's
fourth-quarter gross domestic product figure, despite the growth slowdown
suggested by Wednesday's report that the U.S. goods trade deficit widened
significantly in December.
    • Oil prices dipped, dragged down by weakening factory output in China and
Japan and record U.S. crude output, although markets remained relatively well
supported by supply cuts led by producer club OPEC.
    • Gold prices held near two-week lows touched in the previous session as the
dollar rebounded after cautious comments from U.S. Trade Representative Robert
Lighthizer stoked concerns over progress in U.S.-China trade talks.

    
                   CLOSE        FII INVESTMENTS   EQUITIES    DEBT
 PNDF spot         71.31/71.34  February 27       $59.39 mln  -$184.43 mln
 10-yr bond yield  7.67 pct     Month-to-date     $2.09 bln   -$929.10 mln
                                Year-to-date      $2.01 bln   -$1.73 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 = 71.2190 Indian rupees)

 (Compiled by Nidhi C Sai in Bengaluru)
  
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