April 28, 2020 / 3:03 AM / a month ago

Morning News Call - India, April 28

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    FACTORS TO WATCH
    5:00 pm: Axis Bank MD & CEO Amitabh Chaudhry will participate in a Q4
earnings conference call.
    
    LIVECHAT - FED WATCH
    Michael Pearce, Senior U.S. Economist, Capital Economics, speaks on
expectations for the Federal Reserve’s upcoming meeting, the outlook for U.S.
monetary policy, and what’s ahead for the U.S. economy at 7:30 pm IST. To join
the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • RBI announces special liquidity window for mutual funds
    India's central bank is opening a special liquidity facility of upto 500
billion rupees to help mutual funds tide over a severe liquidity strain imposed
by the coronavirus pandemic and redemption pressures, it said on Monday.

    • RBI chief says 'very challenging' to meet FY21 fiscal deficit target
    Meeting India's fiscal deficit target in the current financial year is going
to be challenging and the central bank has not yet made a decision on its
monetisation, Reserve Bank of India Governor Shaktikanta Das said.
    • Indian medical body asks states to stop using COVID-19 test kits from 2
Chinese firms
    India's federal medical research agency on Monday asked state government to
stop using coronavirus testing equipment brought from China because of
conflicting results.
    • Bangladesh garment factories reopen, while India looks to ease its
lockdown
    More than 500 garment factories in Bangladesh that supply to global brands
reopened on Monday after a month-long shutdown to curb the spread of the
coronavirus, while India considered ways to scale back its vast lockdown to
reduce economic pain.
    • Singapore's PSA, container freight operators warn of congestion at Indian
ports
    Singapore's PSA International and Indian container freight operators have
warned the Indian government that its order to waive container storage charges
during the coronavirus lockdown could lead to port congestion, letters seen by
Reuters showed.
    
    
    GLOBAL TOP NEWS
    • Trump faults China for coronavirus' spread, says U.S. investigating
    U.S. President Donald Trump said on Monday that China could have stopped the
coronavirus before it swept the globe and said his administration was conducting
"serious investigations" into what happened.
    • Japan's March jobless rate rises to one-year high as coronavirus hits
economy
    Japan's March jobless rate rose to its highest in a year, while job
availability slipped to a more than three-year low, official data showed, as the
coronavirus outbreak and containment measures caused the nation's job market to
ease.
    • GM, Ford and Fiat Chrysler target May 18 U.S. restart date - WSJ
    General Motors, Ford Motor and Fiat Chrysler are targeting May 18 to resume
some production at their U.S. factories after shutting down plants in March due
to the coronavirus outbreak, the Wall Street Journal reported.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty May futures were at 9,338.00.
    • The Indian rupee will likely trade little changed against the dollar amid
focus on crude oil prices and steps countries are taking to ease restrictions
imposed to combat the coronavirus outbreak.
    • Indian government bonds are likely to open higher, on bets of more special
open market operations by the central bank in the coming sessions to absorb
heavy debt supply. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.12%-6.18%.
    
    
    GLOBAL MARKETS
    • Wall Street gained more than 1% on Monday at the onset of a hectic
earnings week, as investors turned a hopeful eye toward several U.S. states that
are relaxing shutdown restrictions put in place to curb the spread of the
COVID-19 pandemic.
    • Asian shares and U.S. stock futures dipped into the red, erasing earlier
gains as a renewed decline in oil prices overshadowed optimism about the easing
of coronavirus-related restrictions seen globally.
    • The Australian dollar tested six-week highs, as signs of progress in
re-opening economies helped the risk-sensitive currency recoup most of the panic
selling seen in March, and as the greenback nursed overnight losses.
    • U.S. Treasury yields rose on Monday despite strong auctions of two- and
five-year notes as investors braced for massive looming supply to finance the
stimulus measures aimed at combating the economic fallout of the coronavirus
outbreak.
    • Oil prices slumped, extending the previous session's slide, on worries
about limited capacity to store crude worldwide and expectations that fuel
demand may only recover slowly as coronavirus pandemic restrictions are
gradually eased.
    • Gold fell as risk appetite was boosted by plans of some countries to ease
coronavirus curbs in a phased manner, but prices held above the key $1,700 per
ounce level amid hopes for more stimulus to cushion the fallout from the
pandemic.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         76.23/76.26  April 27         (125.60) crore  (833.92) crore
 10-yr bond yield  6.15 pct     Month-to-date    (6,947) crore   (8,437) crore
                                Year-to-date     (54,977) crore  (78,364) 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 = 76.17 Indian rupees)
 
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