May 22, 2019 / 3:29 AM / a month ago

Morning News Call - India, May 22

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 for the day.
    
    GMF: LIVECHAT - EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 6:30 pm IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Modi shows confidence as opposition dismisses ominous exit polls
Political allies swathed Indian Prime Minister Narendra Modi in a victory
garland on Tuesday, seeking to project confidence he would win a second straight
term in a general election, but the opposition Congress party dismissed
predictions it would lose.
    • Billionaire Hinduja brothers weigh bid for Jet Airways
India's Hinduja Group said on Tuesday it was considering a bid for debt-laden
Jet Airways, boosting shares in the grounded airline for their best day since
January.
    • PNB likely to take control of 2-3 small state-run banks: sources
India's Punjab National Bank is looking to merge with two or three government
owned banks that could include Oriental Bank Of Commerce, Andhra Bank and
Allahabad Bank, two sources familiar with the situation told Reuters, as New
Delhi tries to cut the number of state-owned lenders.
    • Watchdog probes allegations of anti-competitive conduct by Maruti: sources
India's antitrust regulator is looking into allegations that Maruti Suzuki, the
country's biggest car maker, resorted to anti-competitive practices by
controlling how its dealers discounted cars, three people aware of the matter
said.
    • RBI to create specialised supervisory, regulatory cadre
The Reserve Bank of India said on Tuesday its central board had decided to
create a separate supervisory and regulatory cadre within the bank after
reviewing the current supervisory structure.
    • A year on, Indian anti-Vedanta protesters say still await justice
A year after Indian police killed 13 people protesting against pollution from a
copper smelter in the southern port city of Thoothukudi, tensions within the
community and between residents and the police are still running high.

    
    
    GLOBAL TOP NEWS
    • China ready for further U.S. trade talks, ambassador says
Beijing is ready to resume trade talks with Washington, China's ambassador to
the United States Cui Tiankai said, as a top U.S. business lobby in China said
nearly half its members are seeing non-tariff barrier retaliation in China due
to the trade war.
    • Britain's May tries to break Brexit deadlock with offer of 'new deal'
Prime Minister Theresa May set out a "new deal" on Tuesday for Britain's
departure from the European Union, offering sweeteners to parliament including
the chance to vote on whether to hold a second referendum to try to break the
impasse over Brexit.
    • Japan exports fall again as Trump's trade policy threatens economic
outlook
Japanese exports contracted for the fifth month in April due to a slump in
shipments of chip-making equipment to China, underlining the growing threat to
the world's third-biggest economy from a bruising Sino-U.S. trade war.

        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were up 0.2% at 11,751.00.
    • The Indian rupee is expected to open higher against the dollar ahead of
the nation’s election results and the U.S. Federal Reserve’s latest meeting
minutes.
    • Indian government bonds are likely to trade largely unchanged as investors
await the general election results due tomorrow. The yield on the benchmark
7.26% bond maturing in 2029 is likely to trade in a range of 7.28%-7.32% today.
    
    
    GLOBAL MARKETS
    • Shares of technology companies helped lift Wall Street on Tuesday after
the United States temporarily eased curbs on China's Huawei Technologies,
alleviating investor concerns about pressure on future corporate results in the
sector.
    • Asian stocks were on shaky ground, as earlier relief over Washington's
temporary relaxation of curbs against China's Huawei Technologies failed to
offset deeper worries about trade frictions between the world's two largest
economies.
    • The dollar hovered near a four-week high, supported by higher U.S. yields
after the United States eased trade restrictions on Chinese telecommunications
equipment maker Huawei Technologies.
    • U.S. Treasury yields edged higher on Tuesday, lifted by gains in Wall
Street shares and higher risk appetite overall after the United States eased
trade restrictions on Chinese telecommunications equipment maker Huawei
Technologies.
    • Oil prices fell after industry data showed an increase in U.S. crude
inventories and as Saudi Arabia pledged to keep markets balanced.
    • Gold steadied after falling to a more than two-week low in the previous
session, as a stronger dollar dented demand for bullion ahead of the release of
minutes from the U.S. Federal Reserve's latest meeting.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         69.73/69.76  May 21           $170.08 mln   -$2.38 mln
 10-yr bond yield  7.30%        Month-to-date    -$476.18 mln  -$171.43 mln
                                Year-to-date     $9.29 bln     -$2.73 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 = 69.67 Indian rupees)

 (Compiled by Karthick Arvinth 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