February 10, 2020 / 3:20 AM / 2 months ago

Morning News Call - India, February 10

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    LIVECHAT- MARKETS FOCUS
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    INDIA TOP NEWS
    •Global defence firms line up as India goes shopping to update ageing fleet
    U.S. and European defence firms backed Indian Prime Minister Narendra Modi's
military modernisation drive at a defence exhibition on Friday, despite a
lengthy procurement process running into years and limited funds.
    •India tour operators face severe blow from China coronavirus
    Indian tour operators estimate they could lose up to $500 million because of
cancellations from tourists from China and other countries due to the
coronavirus outbreak, a cost that could rise four-fold if it persists through
the year.
    •Jaguar Land Rover to cut output at two UK factories
    Jaguar Land Rover will reduce or stop production on certain days at two of
its British factories over the next few weeks as Britain's biggest carmaker
pursues cost-cutting measures in response to falling demand.

    
    GLOBAL TOP NEWS
    •China slowly returns to work as coronavirus toll hits daily record
    Workers began trickling back to offices and factories around China as the
government eased some restrictions on work and travel in the wake of the
coronavirus epidemic that has now killed more than 900 people, mostly on the
mainland.
    •Trump slashes foreign aid, cuts safety net programs in new budget proposal
    U.S. President Donald Trump will propose a 21% cut in foreign aid and
slashes to social safety net programs in his $4.8 trillion budget proposal for
fiscal 2021, according to senior administration officials.
    •China to France: Don't discriminate against Huawei on 5G networks
    The Chinese embassy in Paris on Sunday urged the French government not to
discriminate against Huawei as it selects suppliers for its 5G mobile network,
saying it feared the company would face more constraints than
rivals.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •SGX Nifty nearest-month futures were trading 0.1% lower at 12,074.50. 
    •The Indian rupee is expected to edge lower against the dollar in early
trades, weighed by a broad decline in Asian currencies and equities amid
mounting death toll from the Coronavirus
    •The Indian government bonds will likely edge lower, as traders may look to
book profits after a sharp rally last week triggered by the central bank’s
liquidity infusion plans and hopes of a rate cut in the coming months.The yield
on the benchmark 6.45% bond maturing in 2029 is likely to trade in a range of
6.42%-6.48%. 

    
    
    GLOBAL MARKETS
    • U.S. stock futures fell on Sunday after China's death toll from the
coronavirus outbreak exceeded the global total from the SARS epidemic and as
authorities prepared for millions of people to return to work after an extended
Lunar New Year break.
    • Stocks fell as the death toll from a coronavirus outbreak surpassed the
SARS epidemic, raising alarm bells about its severity.
    • The dollar held gains after job market data provided the latest sign of
U.S. economic strength, while worries about the coronavirus epidemic kept other
trade-exposed currencies subdued.
    • U.S. Treasury yields declined on Friday as concerns about global growth
and a growing coronavirus epidemic outweighed a strong U.S. jobs report.
    • Oil prices extended their decline from an early January peak above $70 as
the spectre of excess supplies loomed over the market after the spreading
coronavirus outbreak hit demand in China, the world's largest oil importer.
    • Gold prices edged up as rising concerns over the new coronavirus and its
impact on global growth outweighed encouraging U.S. economic data and drove
purchases of the metal.
    
    
                    CLOSE        FII            EQUITIES     DEBT
                                   INVESTMENTS               
 PNDF spot          71.47/71.50  February 7     (100.98)     5,822.82
                                                  crore        crore
 10-yr bond         6.44 pct     Month-to-date  (1,173)      4,249
   yield                                          crore        crore
                                 Year-to-date   10,950       (7,399)
                                                  crore        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 = 71.50 Indian rupees)
 


 (Compiled by Prajakta Gadgil in Bengaluru)
  
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