February 13, 2020 / 3:13 AM / 2 months ago

Morning News Call - India, February 13

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    INDIA TOP NEWS
    • India's January retail inflation rises, industrial output shrinks
    India's annual retail inflation accelerated to its highest level in nearly
six years, while industrial output unexpectedly contracted, showing that Asia's
third-largest economy remains troubled.
    • Microsoft boss Nadella to visit India later this month- sources
    Microsoft Chief Executive Officer Satya Nadella is planning to visit India
later this month, multiple sources familiar with the plans told Reuters, a test
for the Indian-born head who recently criticized Indian immigration
policy.
    •India makes exemption for Nepal, allows some refined palmolein imports -
sources
    India, which restricted imports of refined palm oil and palmolein in
January, has exempted Nepal and has started issuing licences to import some
refined palmolein from the Himalayan nation, two government officials told
Reuters.
    • Indian firms issue record dollar bonds in first 6 weeks of 2020
    Indian firms are ramping up issuance of dollar-denominated bonds this year
to exploit a rising global appetite for high-yielding debt and the relaxation of
domestic rules on the use of funds raised, data from Refinitiv showed on
Wednesday.

    
    GLOBAL TOP NEWS
    • Coronavirus death toll leaps in China's Hubei province
    The Chinese province at the epicentre of the coronavirus outbreak reported a
record rise in the death toll, as global health experts warned the epidemic
could get far worse before it is brought under control.
    • Pentagon expected to back additional Huawei restrictions -source
    The Pentagon is likely to back new U.S. restrictions on Huawei Technologies,
reversing earlier opposition to a proposal meant to further crack down on
exports to the blacklisted Chinese company, a person briefed on the matter told
Reuters on Wednesday.
    • Australia court backs $10 billion Vodafone-TPG merger, overruling
regulator
    An Australian court approved a $10.1 billion merger between a local arm of
Britain's Vodafone Group and internet provider TPG Telecom, overruling an
earlier move by the antitrust regulator to block the deal.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    •SGX Nifty nearest-month futures were trading 0.1% lower at 12,222.00. 
    •The Indian rupee is expected to fall against the dollar after local
industrial output unexpectedly contracted and consumer prices rose at the
quickest pace in about six years.
    •Indian government bonds will likely trade lower as the key retail inflation
rate rose to its highest level in nearly six years, which may further delay the
prospects of monetary policy easing. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 6.45%-6.50%.
    
    
    GLOBAL MARKETS
    • Wall Street closed at record highs on Wednesday as news that the
coronavirus outbreak could be running out of steam kept buyers in the ring.
    • Asian stock markets wobbled while safe-haven bonds rose as the number of
new coronavirus cases and deaths in the outbreak's epicentre jumped.
    • The yen rose from a three-week low against the dollar after China's Hubei
province, the epicentre of a coronavirus outbreak, reported a sharp jump in the
number of new cases in a jolt to markets and sparking a flight for safe-haven
assets.
    • U.S. Treasury yields rose on Wednesday amid renewed risk tolerance after a
reported drop in the number of new coronavirus cases in China alleviated some
concerns about economic growth.
    • Oil prices rose for a third day on expectations that major producers are
likely to enact deeper output cuts to offset the slump in demand caused by the
coronavirus outbreak in China, the world's second-largest crude consumer.
    • Gold prices rose as investors sold equities and sought the safety of
bullion after a sharp jump in the death toll and infections from a coronavirus
epidemic in China.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES        DEBT
 PNDF spot         71.30/71.33  February 12      2,157.43 crore  89.02 crore
 10-yr bond yield  6.47 pct     Month-to-date    10,426 crore    10,163 crore
                                Year-to-date     22,549 crore    (1,485) 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 = 71.29 Indian rupees)
 


 (Compiled by Prajakta Gadgil in Bengaluru)
  
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