for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Morning News Call - India, January 17

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 scheduled for the day.
    
    LIVECHAT - TRADE IN FOCUS
    Chris Rogers, leader of S&P Global Market Intelligence's Supply Chain
analysis group Panjiva Research, speaks on the Phase 1 U.S.-China trade deal and
what's expected for the next phase. To join the conversation at 12:30 pm IST,
click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Supreme Court rejects telecom firms' plea for relief on government dues
    The top court has rejected petitions by mobile operators including Bharti
Airtel and Vodafone Idea seeking a review of its order late last year that they
must pay the bulk of nearly $13 billion in dues to the government.
    • Malaysia talks to India over palm curbs as wider trade dispute looms
    Malaysia is talking to the Indian government and trade officials in a bid to
resolve concerns over New Delhi's new palm oil import restrictions, a minister
in Kuala Lumpur said on Thursday amid a trade spat between the countries.

    • India, U.S. closer to resolving some trade issues -Piyush Goyal
    Commerce Minister Piyush Goyal said New Delhi was in advanced stages to
resolve some of the ongoing trade issues with Washington and was keen to expand
ties further including a free trade pact.
    During Bezos visit, minister says Amazon's $1 billion investment is no big
favour
    • Amazon hasn't done India any big favours by announcing a new $1 billion
investment, its trade minister said on Thursday, laying bare tensions with the
U.S. online retail giant during a visit to the country by its CEO Jeff Bezos.

    • CBI files case against Adani, government officials in coal supply deal
    India's federal investigating agency has filed a case against the country's
biggest coal importer and trader Adani Enterprises and several government
officials for alleged criminal conspiracy in a coal supply deal in 2010, a
report filed by the agency said on Thursday.
    • JPMorgan says no notice from Supreme Court on Amrapali real estate case
    The local arm of JPMorgan said on Thursday that the bank has not received
any communication from India's Supreme Court in a case relating to past
transactions between the bank and a New Delhi-based real estate firm.

    
    
    GLOBAL TOP NEWS
    • China posts weakest growth in 29 years as trade war bites, but ends year
on firmer note
    China's economic growth slowed to its weakest in nearly 30 years in 2019
amid a bruising trade war with the United States and sputtering investment, and
more stimulus steps are expected this year to help avert a sharper slowdown.

    • Trump impeachment trial opens as watchdog faults White House on Ukraine
    The Senate impeachment trial on whether to remove U.S. President Donald
Trump from office formally began on Thursday even as a congressional watchdog
found that the White House broke the law by withholding security aid for Ukraine
approved by Congress.
    • U.S. Senate passes North America trade deal, Canada still to approve
    The U.S. Senate on Thursday approved a revamp of the 26-year-old North
American Free Trade Agreement that includes tougher rules on labor and
automotive content but leaves $1.2 trillion in annual U.S.-Mexico-Canada trade
flows largely unchanged.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were almost flat at 12,371.50.
    • The Indian rupee is expected to open little changed against the dollar
amid focus on better-than-expected data out of the U.S. and China.
    • Indian government bonds are likely to open lower, as additional supply
from today’s weekly auction and debt switch auction next week may offset the
impact of the announcement of fourth round of special open market operation. The
yield on the benchmark 6.45% bond maturing in 2029 is likely to trade in a
6.58%-6.64% range till the auction results today. 
    
    
    GLOBAL MARKETS
    • The S&P 500 rallied through the 3,300 mark for the first time on Thursday
and the other main U.S. indexes also surged to record highs, fueled by tech
stocks, solid retail sales data and upbeat quarterly earnings from Morgan
Stanley.
    • Asian shares inched higher after global stock indexes and Wall Street
posted more records, with strong corporate earnings and upbeat U.S. economic
data adding to optimism after China and the U.S. signed a partial trade deal.

    • The dollar gained as U.S. data suggested the world's largest economy
maintained a moderate growth pace at the end of 2019, reaching an eight-month
peak against the safe-haven yen.
    • U.S. Treasury yields rose on Thursday on positive economic data and bank
earnings, and higher demand for stocks.
    • Oil prices were steady, holding on to gains for now after Washington and
Beijing inked a long-awaited trade deal.
    • Gold edged lower, on track to post its worst week in two months, as
positive U.S. economic data and optimism over an interim U.S.-China trade deal
boosted appetite for riskier assets and dented some of bullion's allure.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.91/70.94  January 16       63.28 crore  (885.29) crore
 10-yr bond yield  6.60 pct     Month-to-date    468 crore    (8,871) crore
 
       
    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 = 70.95 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up