February 26, 2020 / 3:19 AM / 5 months ago

Morning News Call - India, February 26

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    FACTORS TO WATCH
    12:30 pm IST: Finance Secretary Rajiv Kumar and Bank of Baroda MD & CEO
Sanjiv Chadha at Startup Banking Meet in New Delhi.
    2:45 pm IST: Finance Minister Nirmala Sitharaman to unveil EASE 3.0 Agenda
and EASE 2.0 Annual Report in New Delhi.
    
    
    INDIA TOP NEWS
    • After huge welcome in India, Trump clinches $3 billion military equipment
sale
    U.S. President Donald Trump said on Tuesday India will buy $3 billion worth
of military equipment, including attack helicopters, as the two countries deepen
defence and commercial ties in an attempt to balance the weight of China in the
region.
    • Indian rapeseed refiners call for halt to palmolein imports
    Indian refiners of edible oils urged the government on Tuesday to stop
issuing import licenses for palmolein to help avoid a crash in domestic prices
of rapeseed.
    
    
    GLOBAL TOP NEWS
    • U.S. warned to prepare for coronavirus pandemic as Europe lockdowns spread
    A second European hotel was in lockdown as authorities around the world
battled to prevent the spread of coronavirus, although a senior U.S. health
official said a pandemic was inevitable and urged Americans to prepare.

    • EU foresees "very hard" talks with UK on future ties, warns on Irish
border
    The European Union said on Tuesday talks on post-Brexit ties with Britain
would kick off next Monday, but warned that the process would be "very hard" and
could fail if London fails to secure the Irish border as previously agreed.

    • Three U.S. Senate Democrats propose sweeping reforms after Boeing 737 MAX
crashes
    Three Democratic U.S. senators on Tuesday introduced sweeping legislation to
reform how new airplanes are certified and overseen by U.S. regulators after two
fatal Boeing 737 MAX crashes killed 346 people.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.6% lower at 11,743.00.
    • The Indian rupee is expected to rise against the dollar amid record-low
10-year U.S. yields and Brent crude hovering near two-week lows.
    • Indian government bonds are likely to edge higher tracking consistent fall
in U.S. Treasury yields and crude oil prices. The yield on the benchmark 6.45%
bond maturing in 2029 is likely to trade in a range of 6.32%-6.38% today.
    
    
    GLOBAL MARKETS
    • The Dow and the S&P 500 tumbled 3% on Tuesday in their fourth straight day
of losses as the coronavirus spread further around the world and investors
offloaded risky assets as they struggled to gauge the economic impact.
    • Asian shares fell as a U.S. warning to Americans to prepare for the
possibility of a coronavirus pandemic drove another Wall Street tumble and
pushed yields on safe-haven Treasuries to record lows.
    • The dollar was on the defensive as rising expectations of a U.S. rate cut
and warning from U.S. health officials on a domestic coronavirus outbreak called
into question the perceived relative strength of U.S. financial assets.
    • The benchmark 10-year U.S. Treasury note hit a record low yield on Tuesday
as investors kept up the previous session's flight to safety, buying Treasuries
on mounting worries the coronavirus epidemic might slam global economic growth.

    • Crude prices edged up as investors covered short positions after three
sessions of losses, even as fears deepened that the rapid spread of the
coronavirus will lead to a global pandemic.
    • Gold prices rose, heading back towards a more-than seven-year high hit
earlier this week, as a warning from the United States over the domestic spread
of the coronavirus outbreak rattled global markets, supporting safe-haven
demand.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         71.85/71.88  February 25      (1,735.67) crore  (3,187.1) crore
 10-yr bond yield  6.36 pct     Month-to-date    9,855 crore       6,314 crore
                                Year-to-date     21,978 crore      (5,334) crore
 (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)
    
    
    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 = 71.87 Indian rupees)
 

 (Compiled by Yoganand KN in Bengaluru)
  
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