May 17, 2019 / 3:26 AM / 3 months ago

Morning News Call - India, May 17

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    FACTORS TO WATCH
    10:00 am: Fifteenth Finance Commission Chairman N.K. Singh and PMEAC
Chairman Bibek Debroy at a conference on Fiscal Policy Roadmap in New Delhi.
    
    GMF: LIVECHAT - CHARTS & CHAT
    Reuters Stocks Buzz writer and chartist Terence Gabriel calls out risks and
opportunities in global markets via the charts at 8:00 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • IndiGo owner's shares drop on airline founder feud report
IndiGo owner Interglobe Aviation's shares tumbled on Thursday after a report
that the co-founders and two largest shareholders of India's largest airline
were at odds over its expansion.
    • Shadow banks must appoint risk officers: RBI
Indian shadow banks with more than 50 billion rupees in assets must appoint a
chief risk officer, the central bank said on Thursday, as it tightens
regulations after a series of defaults by a single lender last year.

    • Amazon faces backlash for selling shoes, rugs with images of Hindu gods
Amazon.com faced a social media backlash in India on Thursday after toilet seat
covers and other items emblazoned with images of Hindu gods were spotted on its
website.
    • Farm loans and ports on opposition's post-election agenda
A loan waiver programme for farmers and privatisation of air and sea ports will
be among the post-election priorities if India's opposition parties pull off an
unexpected victory in the national vote, a regional party leader told Reuters.

        
    
    GLOBAL TOP NEWS
    • Huawei ban clouds U.S.-China trade talks, tech sector
A U.S. bid to block China's Huawei Technologies from buying vital American
technology threw into question prospects for sales at some of the largest tech
companies and drew a sharp rebuke from Beijing, further ratcheting up tensions
over trade.
    • In nod to 2020, Trump pitches U.S. immigration overhaul
President Donald Trump on Thursday proposed overhauling the U.S. immigration
system to favor young, educated, English-speaking applicants instead of people
with family ties to Americans, a plan he will push in his 2020 re-election
campaign but has little to no chance of being approved in Congress.
    • Britain's May to agree departure after latest Brexit deal bid
British Prime Minister Theresa May will set out a timetable for her departure in
early June after the latest attempt to get her Brexit deal approved by
parliament, the chairman of a powerful Conservative committee said on Thursday.
   
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.1% at 11,296.00.
    • The Indian rupee is expected to open lower against the dollar after Brent
crude climbed to its highest in two weeks on rising tensions in the Middle East.
    • Indian government bonds are likely to edge lower in early trade, as crude
oil prices rose overnight and as investors await a weekly supply of notes. The
yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range
of 7.36%-7.42% today, a trader with a state-run bank said.
    
    
    GLOBAL MARKETS
    • Wall Street closed higher on Thursday as upbeat earnings and strong
economic data put investors in a buying mood, with technology companies leading
the charge.
    • Asian shares were struggling to end a bleak week in the black as upbeat
U.S. economic news and solid company earnings offered only a fleeting respite
from the interminable Sino-U.S. trade dispute.
    • The dollar held near a two-week high against its peers, supported by
strong U.S. economic data and a bounce in Treasury yields.
    • Three encouraging economic data reports on Thursday morning and a rebound
in equity prices pushed Treasury yields higher in the North American session.

    • Oil prices edged higher, extending gains into a fourth session as rising
tensions in the Middle East stoked fears of potential supply disruptions.
    • Gold extended its losses, following its biggest one-day percentage loss in
a month in the previous session on a firmer dollar and as a strong U.S. data,
corporate results boosted investor appetite for riskier assets.
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         70.06/70.09  May 16           -$135.76 mln  -$36.79 mln
 10-yr bond yield  7.38%        Month-to-date    -$414.98 mln  -$68.98 mln
                                Year-to-date     $9.35 bln     -$2.63 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 = 70.20 Indian rupees)

 (Compiled by Karthick Arvinth in Bengaluru)
  
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