April 2, 2019 / 3:18 AM / 21 days ago

Morning News Call - India, April 2

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - FED WATCH
    Reuters reporters and editors tracking the Federal Reserve take questions on
the economics, politics, trade matters and rates policies facing America's
central bank and others whose decisions drive markets day in and day out at 7:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Facebook deletes accounts linked to Congress party, Pakistan military
Facebook has deleted 712 accounts and 390 pages in India and Pakistan for
"inauthentic behaviour", it said on Monday, many linked to India's opposition
Congress party days before a national election, and others related to Pakistan's
military.
    • India's fraud investigator arrests ex-chairman of debt-laden IL&FS 
India's Serious Fraud Investigation Office (SFIO) has arrested the former
chairman of debt-laden Infrastructure Leasing and Financial Services (IL&FS) in
connection with an ongoing investigation into the lender, a government official
said on Monday.
    • ThyssenKrupp, Tata Steel offer concessions to allay EU concerns
Thyssenkrupp and Tata Steel have offered concessions to address EU antitrust
concerns about their planned steel joint venture, the European Commission said.

    • Airbnb to invest $100-200 million in India's OYO
Home-renting company Airbnb will invest between $100 and $200 million in
SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge
of the matter told Reuters, as it dives deeper into the hotel-booking business.

    • Single Indian rocket puts satellites in three orbits, in first for nation
An Indian rocket on Monday placed domestic and foreign satellites in three
different orbits on a single flight, a first for the nation and a low-cost
option that could burnish its reputation for pioneering affordable options in
space.
    • India's first REIT sees listing gains; more issues likely
India's first-ever real estate investment trust (REIT), Embassy Office Parks,
rose more than 8 percent on its debut on Monday, renewing expectations for more
such issues in the coming months.
    • J&J baby shampoo samples fail Indian quality test; company rejects
findings
Johnson & Johnson's baby shampoo samples failed quality tests conducted by the
northwestern Indian state of Rajasthan, according to a public notice from the
state's drugs watchdog, findings that were rejected by the U.S. drugmaker.


        
    GLOBAL TOP NEWS
    • Brexit deadlocked again: British parliament fails to find an alternative
Britain was no nearer to resolving the chaos surrounding its departure from the
European Union after parliament failed on Monday to find a majority of its own
for any alternative to Prime Minister Theresa May's divorce deal.
    • Trump administration steps up effort to return asylum seekers to Mexico
The Trump administration is intensifying measures to curb the flow of Central
American asylum seekers crossing into the United States from Mexico, officials
said on Monday, including sending more people back to Mexico to wait for their
asylum claims to be heard by U.S. courts.
    • Aramco's $10 billion-plus bond plan shows profits put top earner Apple in
shade
Saudi Aramco, the world's biggest oil producer, made core earnings of $224
billion last year, almost three times as much as Apple, figures from the
state-owned company showed on Monday ahead of its debut international bond
issue.


    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.1 percent at 11,746.00,
from its previous close. 
    • The Indian rupee is expected to open lower against the dollar as Brent
crude climbed to near its highest since November. 
    • Indian government bonds will likely open lower in the first trading
session of the fiscal year, as higher-than-estimated frontloading of notes and a
second round of dollar/rupee swap auction will weigh on investor sentiment. The
yield on the benchmark 7.26 percent bond maturing in 2029 is likely to trade in
a 7.38 percent -7.43 percent band today.
       
    
    GLOBAL MARKETS
    • U.S. stocks rallied on Monday, starting off the second quarter on a strong
note, as upbeat manufacturing numbers from China and the United States eased
worries about slowing global growth.
    • Asia shares extended their rally as factory activity surveys from China
and the United States boosted investor confidence, triggering the largest
one-day sell-off in the U.S. Treasury market in nearly three months.
    • The dollar hit a two-week high against the yen, as ebbing concerns about
the global economy pushed U.S. bond yields up from 15-month troughs.
    • The U.S. Treasury market posted its biggest one-day sell-off in three
months on Monday, as encouraging data on manufacturing activity in the world's
two biggest economies spurred some investors to scale back their holdings of
safe-haven bonds.
    • Oil prices rose to fresh 2019 highs, supported by firm Chinese economic
data that eased demand concerns, the possibility of more sanctions on Iran and
further Venezuelan supply disruptions.
    • Gold inched up, but was trading near a more than three-week low touched in
the previous session as the U.S. dollar strengthened and equities rose.
    

                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.15/69.18  April 1          $129.93 mln  -
 10-yr bond yield  7.35 pct     Month-to-date    -            -
                                Year-to-date     -            -
    
    
    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 = 69.1900 Indian rupees)

 (Compiled by Avina Ajit in Bengaluru)
  
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