April 10, 2019 / 3:24 AM / 4 months ago

Morning News Call - India, April 10

To access a PDF version of this newsletter, please click here here.
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - COMMODITIES TECHNICALS
    Wang Tao, Reuters Market Analyst for Commodities Technical, joins us at 9:00
am IST to discuss his 2019 Q2 outlook for commodities on the charts. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE- Ford likely to end independent India business with new Mahindra
deal - sources
Ford Motor is nearing a deal with Mahindra & Mahindra to form a new
joint-venture company in India, a move that will likely see the U.S. automaker
cease independent operations in the country, two sources with direct knowledge
of the talks told Reuters.

    • Modi rides nationalist fervour to keep edge in election that begins
Thursday
Indian Prime Minister Narendra Modi is rallying his nationalist base ahead of
the world's biggest election, which starts on Thursday, but has become tighter
than anticipated just months ago, because of falling incomes for farmers and a
lack of jobs.

    • Polycab India's 13.46 billion rupees IPO gets mammoth response
Electric wires and cables maker Polycab India's initial public offering to raise
13.46 billion rupees was subscribed more than 50 times on the last day of the
book-running process on Tuesday.

    • India delays May order for Iran oil, awaits clarity on sanctions waiver
-sources
Indian refiners are holding back from ordering Iranian oil for loading in May
pending clarity on whether Washington will extend a waiver from U.S. sanctions
against the OPEC-member, four sources said.

    • State Bank of India cuts benchmark lending rates by 5 basis points
State Bank of India, the country's largest lender by assets, on Tuesday cut its
benchmark lending rates by five basis points across all tenors.

    • Online gaming firm Dream11 enters India's 'unicorn' club 
Dream11 on Tuesday became India's first gaming startup to be valued at over $1
billion after its latest round of investment, joining the country's fast-growing
"unicorn" club.

        
    GLOBAL TOP NEWS
    • IMF says global economy cooling, coordinated stimulus may be needed
The global economy is slowing more than expected and a sharp downturn could
require world leaders to coordinate stimulus measures, the International
Monetary Fund said on Tuesday as it cut its forecast for world economic growth
this year.
    
    • In new attack, Trump threatens more tariffs against European Union
U.S. President Donald Trump on Tuesday threatened to impose U.S. tariffs on $11
billion worth of European Union products, heightening tensions over a
long-running transatlantic aircraft subsidy dispute and opening a new front in
his global trade war.

    • EU to agree Brexit delay but France pushes for conditions
European Union leaders will grant Prime Minister Theresa May a second delay to
Brexit but they could demand she accepts a much longer extension as France
pushed for conditions to limit Britain's ability to undermine the bloc.


        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.3 percent at
11,711.50, from its previous close. 

    • The Indian rupee is expected to open lower against the dollar amid a
pullback in Asian currencies and equities on worries over the global growth
outlook. 

    • Indian government bonds are likely to edge higher in morning trade,
tracking an overnight fall in crude oil prices and U.S. Treasury yields. The
benchmark 7.26 percent bond maturing in 2029 is expected to trade in the range
of 7.35 percent-7.40 percent.

        
    GLOBAL MARKETS
    • Trade-sensitive industrials dragged Wall Street lower on Tuesday as
tensions over tariffs between the United States and its European trading
partners went from simmer to boil and the IMF lowered its global growth
outlook.
    • Asian shares slipped from eight-month highs as the International Monetary
Fund lowered its global growth outlook and as tensions over tariffs between the
United States and Europe escalated.
    • The safe-haven yen held most of its recent gains as investor caution
prevailed due to fresh global trade tensions and as the International Monetary
Fund downgraded its global economic outlook.
    • U.S. Treasury yields slid on Tuesday amid renewed concerns about a trade
dispute between the United States and the European Union, as well as worries
about the global economic outlook after the International Monetary Fund reduced
growth forecasts for 2019.
    • Oil prices crept higher, supported by supply cuts by producer club OPEC
and U.S. sanctions against oil exporters Iran and Venezuela, but restricted by
expectations that an economic slowdown could soon dent fuel consumption.
    • Gold traded near a two-week high hit in the previous session, as investors
worried about the trade tensions between the United States and Europe, and as
the International Monetary Fund cut its global growth outlook.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.39/69.42  April 9          $174.93 mln  -$110.89 mln
 10-yr bond yield  7.37 pct     Month-to-date    $1.41 bln    -$1.24 bln
                                Year-to-date     $8.26 bln    -$1.69 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 = 69.28 Indian rupees)

 (Compiled by Avina Ajit in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below