April 5, 2019 / 3:28 AM / 17 days ago

Morning News Call - India, April 5

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - FRIDAY ASIA QUIZ 
Test your wits and googling speed in the Asia edition of the Friday quiz at
11:30 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Before India votes, RBI cuts rates by 25 basis points spur growth
Central bank cut its policy interest rate by 25 basis points on Thursday, in a
widely expected move to boost the economy just a week before voting begins in an
election that will decide whether Prime Minister Narendra Modi gets a second
term.
    
    • Avolon seeks to de-register two planes leased to Jet Airways, woes deepen
for airline
Avolon, one of the world's biggest aircraft lessors, applied to de-register two
planes it had placed with Jet Airways, making it the first lessor to do so on a
non-consensual basis with the struggling Indian airline.
    
    • Apple cuts iPhone XR prices in India -sources 
Apple has cut prices of one of its latest iPhones in India by around one-fourth,
sources said, as the U.S. tech giant looks to boost sales in the world's
second-biggest smartphone market following a similar move in China.

    • Rahul Gandhi files election candidacy from India's south in bid to stop
Modi
Indian opposition leader Rahul Gandhi filed his papers on Thursday to run for
parliament from a southern constituency, aiming to strengthen his Congress
party's prospects in a region where the ruling Hindu nationalists have a limited
presence.
    
    
    GLOBAL TOP NEWS
    • Trump says U.S-China trade deal may be reached in four weeks
U.S. President Donald Trump said on Thursday the United States and China were
close to a trade deal that could be announced within four weeks, while warning
Beijing that it would be difficult to allow trade to continue without a pact.


    • Ethiopia inquiry shows Boeing MAX hurtling uncontrolled to disaster
Ethiopian Airlines' doomed 737 MAX jet hit excessive speed and was forced
downwards by a wrongly-triggered automation system as pilots wrestled to regain
control, a preliminary report into the crash that has shaken the aviation world
showed on Thursday.

    • Samsung Elec sees lowest quarterly profit in more than two years
Samsung Electronics said it was heading for its lowest quarterly profit in more
than two years as a glut in memory chips, slowing panel sales and rising
competition in smartphones hit margins.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.2 percent at 11,706.00,
form its previous close. 
    
    • The Indian rupee is expected to open higher against the dollar ahead of a
key U.S. jobs data which will be more closely-watched in light of the Federal
Reserve’s recent dovish turn.

        • Indian government bonds will likely open lower ahead of the first sale
of notes in this new financial year that started on Apr. 1, while yesterday’s
interest rate decision from the nation’s rate-setting panel will continue to
weigh on investor sentiment. The yield on the benchmark 7.26 percent bond
maturing in 2029 is likely to trade in a 7.32 percent-7.38 percent band till the
auction result today.

        
    GLOBAL MARKETS
    • The benchmark S&P 500 stock index edged higher, nearing a six-month high
on Thursday, with losses in technology stocks countered by gains in Boeing and
Facebook as investors waited for more clarity on the U.S.-China trade talks.

    • Asian share markets consolidated their weekly gains as Sino-U.S. talks
produced a lot of headlines but no conclusions, while caution ahead of U.S.
payrolls and a holiday in China dampened volatility.
    • The dollar scaled a three-week high versus the yen, lifted by expectations
that a protracted trade dispute between the United States and China would be
resolved soon.
    • U.S. Treasury yields slipped modestly on Thursday, below 1-1/2-week highs,
as traders awaited a possible breakthrough in the latest round of trade
negotiations between China and the United States.
    • Oil prices fell, with Brent slipping away from the $70 mark after briefly
rising above that level in the previous session, hurt by supply concerns and
worries about progress in U.S.-China trade talks.
    • Gold was little changed, having slid to its lowest level in 10-weeks in
the previous session as the dollar strengthened ahead of the U.S. nonfarm
payrolls data due later in the day.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.00/69.03  April 4          -$32.76 mln  -$207.53 mln
 10-yr bond yield  7.35 pct     Month-to-date    $1.33 bln    -$926.74 mln
                                Year-to-date     $8.17 bln    -$1.37 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 = 68.98 Indian rupees)

 (Compiled by Avina Ajit in Bengaluru)
  
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