January 24, 2020 / 3:12 AM / 2 months ago

Morning News Call - India, January 24

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai. 
    
    LIVECHAT - LIVE FROM DAVOS
    Moderated by experienced Reuters journalists, join us in the GMF as we bring
you to the heart of the Davos debate and on-location coverage of one of the
biggest global events of the year. Peter Lochbihler, Global Director of Public
Affairs, Booking.com at 12:30 pm IST. To join the conversation, click on the
link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India likely to fund some $28 billion of 2020/21 expenditure via
off-budget borrowings
India is likely to fund roughly $28 billion of its expenditure outlay in its
budget for fiscal 2020/21 via off-budget borrowings, three government sources
said, as it seeks to revive a sagging economy while keeping its fiscal deficit
in check.
    • RBI to hold rates on inflation concerns, fiscal boost likely
Rising inflation is expected to keep the Reserve Bank of India from cutting
rates again until late this year, while an expansionary federal budget due next
month attempts to put a floor under rapidly-slowing growth, a Reuters poll
found.
    • HDFC Bank to tap Egon Zehnder to identify Aditya Puri's successor
HDFC Bank will retain global executive search firm Egon Zehnder to identify a
successor to managing director Aditya Puri, the country's top private lender
said on Thursday.
    • Malaysia to buy more Indian sugar to resolve palm oil spat 
Malaysia's top sugar refiner said it will increase purchases of the commodity
from India, which according to two sources is part of efforts to placate New
Delhi amid an ongoing spat over palm oil imports.
    • U.S. officials see EU, British trade deals in 2020, not India
The Trump administration expects to secure trade deals with the European Union
and Britain this year, but not India, top U.S. officials said on Thursday.

    • U.S. regulator to review recommendation on Fiat Chrysler's Jeep complaint
against Mahindra
A U.S. regulator said it will review part of a recommendation made last fall
that India's Mahindra and Mahindra Ltd infringed upon the intellectual property
rights of Fiat Chrysler Automobiles' Jeep SUV design.
    • SpiceJet to take 'substantial' profit hit from 737 MAX grounding -
Chairman
SpiceJet Ltd expects a "substantial" profit hit from the grounding of Boeing's
737 MAX aircraft, co-founder and chairman Ajay Singh said on
Thursday.
    
    
    GLOBAL TOP NEWS
    • China virus death toll mounts to 25, infections spread
A new coronavirus has killed 25 people in China and infected more than 800, the
government said on Friday, as the World Health Organisation declared it an
emergency but stopped short of declaring the epidemic of international concern.

    • Trump to sign USMCA trade deal Wednesday at the White House
U.S. President Donald Trump will sign a trade pact between the United States,
Mexico and Canada on Wednesday during a ceremony at the White House, an
administration official told Reuters on Thursday.
    • House Democrats in impeachment trial blast Trump's attempts to sully rival
Biden
Democrats worked methodically at U.S. President Donald Trump's impeachment trial
on Thursday to dismantle his long-standing allegation that Democratic
presidential contender Joe Biden acted improperly toward Ukraine while vice
president.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.2% lower at 12,173.50.
    • The Indian rupee is expected to open little changed against the dollar as
investors await further details about the China respiratory virus outbreak.
    • Indian government bonds are likely to edge lower ahead of fresh supply of
notes at a weekly auction. The yield on the benchmark 6.45% bond maturing in
2029 is likely to trade in a range of 6.58%-6.63% until the auction outcome
today.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended slightly higher and the Nasdaq eked out a record closing
high on Thursday, helped by a jump in Netflix, while news about the coronavirus
outbreak spreading from China and mixed earnings results kept a lid on the
market.
    • Stocks made a barely positive start in early Asian trade after the world's
health body called it a little too early to declare a coronavirus outbreak a
global emergency.
    • The euro hovered near a seven-week low against the dollar after the
European Central Bank was seen as more dovish than expected, while anxiety over
China's coronavirus outbreak propped up the safe-haven yen.
    • U.S. Treasury prices rallied on Thursday, pushing yields to multi-week
lows, boosted by safe-haven demand on persistent concerns about the impact of
the latest coronavirus, which recently broke out in China.
    •  Oil prices were steady, but on track for a fall of up to 5% for the week
on growing concern that fuel demand will weaken as the spread of a respiratory
virus from China that has killed 25 so far dents travel and darkens the economic
outlook.
    • Gold inched lower as investors opted for riskier assets after the World
Health Organisation stopped short of declaring the China virus outbreak a global
emergency, but the precious metal was on track to post a weekly gain.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         71.24/71.27  January 23       28.75 crore   926.86
                                                               crore
 10-yr bond yield  6.60 pct     Month-to-date    11,806 crore  (11,917)
                                                               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 = 71.34 Indian rupees)
 

 (Compiled by Pooja Kesavan in Bengaluru)
  
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