May 14, 2020 / 3:19 AM / in 3 months

Morning News Call - India, May 14

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    12:00 pm: The Government is likely to release April wholesale price
inflation data in New Delhi. 
    4:00 pm: Reliance Industries Senior Vice President of Forex Treasury Venkat
Thiagarajan will participate in a webinar on ‘Managing FX & Liquidity Risk in
Global Crisis’ in Mumbai.
    John Elkington, founding partner of Volans Ltd and author of Green Swans:The
Coming Boom In Regenerative Capitalism, joins us to discuss what sustainable
business models and ESG investing could look like as economies grapple with the
impact of coronavirus. To join the conversation at 06:30 pm IST, click on the
    • India unveils major credit line for small businesses, lenders 
    India's government said on Wednesday it will offer nearly $60 billion of
loan guarantees for small businesses, shadow banks and power companies as part
of measures to combat the economic damage caused by the novel coronavirus
    • Maruti restarts car output gradually, profit down
    Maruti Suzuki has begun to resume production, its chairman said, after the
company reported lower fourth-quarter profit, dragged down by weak demand, even
before the nation went into lockdown. 
    • In nod to grim U.S. outlook, Fed's Powell calls for more fiscal support 
    The head of the Federal Reserve warned on Wednesday of an "extended period"
of weak economic growth, vowed to use the U.S. central bank's power as needed,
and called for additional fiscal spending to stem the fallout from the
coronavirus pandemic.
    • Trump extends U.S. telecom supply chain order aimed at Huawei, ZTE
    President Donald Trump on Wednesday extended for another year an executive
order signed in May 2019 declaring a national emergency and barring U.S.
companies from using telecommunications equipment made by firms posing a
national security risk.
    • Japan expected to end state of emergency for most regions; Tokyo to remain
on alert-media 
    Japan is expected to lift the state of emergency for 39 of its 47
prefectures, local media reported, while the capital Tokyo is set to keep
restrictions in place until it sees a convincing containment of the coronavirus.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 1.4% lower at 9,259.75. 
    • The Indian rupee is expected to trade little changed against the dollar
amid a decline in Asian and U.S. shares after Federal Reserve chief Jerome
Powell warned of a significant risk because of the coronavirus pandemic.
    • Indian government bond yields are likely to edge lower in early session,
as traders hope for steps from the central bank to support appetite, after New
Delhi announced a massive stimulus plan to shield the economy from the
coronavirus impact. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.05%-6.12%. 
    • Wall Street's three major indexes closed lower for the second day in a row
after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended
economic weakness due to the coronavirus pandemic and called for Congress to
agree on additional fiscal support.
    • Asia's stock markets fell and gold hit a one-week high as worries about a
second wave of coronavirus infections and a dour assessment of the way back from
the head of the U.S. Federal Reserve dashed hopes for a quick
    • The dollar held gains against major currencies after U.S. Federal Reserve
Chairman Jerome Powell dismissed speculation that policymakers will adopt
negative interest rates.
    • U.S. Treasury yields were steady on Wednesday after Federal Reserve Chair
Jerome Powell gave a solemn assessment of the U.S. economy and investors showed
soft demand for a 30-year bond auction.
    • Oil prices crept up, supported by a surprise decline of U.S. crude
inventories, but gains were capped by worries that a potential second wave of
the coronavirus pandemic might trigger fresh lockdowns and slam fuel demand once
    • Gold rose as U.S. stimulus talks and Federal Reserve Chair Jerome Powell's
downbeat economic assessments supported the safe-haven metal, while investors
awaited U.S. initial jobless claims data due later in the day.
                  CLOSE        FII            EQUITIES          DEBT
 PNDF spot        75.44/75.47  May 13         (1,839.13) crore  (4,284.31) crore
 10-yr bond       6.09 pct     Month-to-date  19,601 crore      (12,826) crore
                               Year-to-date   (35,313) crore    (95,305) 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 = 75.43 Indian rupees Indian rupees)

 (Compiled by Priyanka Das in Bengaluru)
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