April 30, 2019 / 3:21 AM / 21 days ago

Morning News Call - India, April 30

(India Morning Newsletter will not be published on Wednesday, May 1 as markets
are closed for Maharashtra Day)
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    FACTORS TO WATCH
    5:00 pm: Government to release March Infrastructure output data in New
Delhi. 
    
    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 7:30
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • PepsiCo accused of coercing farmers by group close to India's ruling party
    An influential Hindu nationalist group with close ties to Prime Minister
Narendra Modi's ruling Bharatiya Janata Party (BJP) has accused PepsiCo of
coercing four Indian farmers who have been sued by the U.S. company for
allegedly infringing a patent.
    
    • India further delays retaliatory tariffs on U.S. products - official
    India has once again delayed the implementation of higher tariffs on some
goods imported from the United States to May 15, a government official said on
Friday.
    
    • Violence mars voting in India's eastern battleground state
    West Bengal state, crucial for Prime Minister Narendra Modi's hopes of
retaining power, took centre stage in India's staggered general election on
Monday after clashes broke out between supporters of his party and a regional
bloc.
    
    • ANALYSIS-'Bonanza time': Foreign carriers savour rising India demand as
Jet Airways crumbles
    The grounding of India's Jet Airways is turning into a quick windfall and
long-term opportunity for international airlines keen to scoop up nearly a
million outbound passengers from what was once the nation's biggest airline.

    
    • Chinese brands rule Indian smartphone market with 2/3rds of share - report
    Chinese brands controlled a record 66 percent of Indian smartphone market in
the first quarter, led by Xiaomi, a report showed, with volumes rising 20
percent on the back of popularity for brands like Vivo, RealMe and Oppo.

    
    • ANALYSIS-Indian consumers face post-election fuel price shock, economy
could be hit
    Surging global oil prices will pose a first big challenge to India's new
government, whoever wins an election now under way, especially as domestic
prices have been allowed to lag, meaning consumers are in for a painful surge as
they catch up.
    
    • EU Commission extends review deadline for Thyssen, Tata Steel deal
    The European Commission extended the deadline for reviewing the planned
joint venture deal between ThyssenKrupp and Tata Steel by 7 working days until
June 17, its website showed on Friday.
    
    • Jaguar Land Rover planning to allow helpful car drivers to earn
cryptocurrency
    Jaguar Land Rover,a subsidiary of Tata Motors and Britain's largest auto
manufacturer, said on Monday it is testing software that will allow drivers of
its cars to earn the IOTA cryptocurrency as a reward for sharing data.

    
    
    GLOBAL TOP NEWS
    • China April factory growth unexpectedly slows as economy struggles for
traction
    Factory activity in China expanded for a second straight month in April but
at a much slower pace, an official survey showed on Tuesday, suggesting the
economy is still struggling to gain traction despite a flurry of support
measures.
    
    • Google parent's shares dive as YouTube changes, competition hurt revenue
    Alphabet's Google on Monday saw its slowest revenue growth in three years
from increased competition in advertising, stumbles in its smartphone business
and disruptive changes at YouTube that left the leading internet ad company
lagging rivals.

    • Boeing CEO keeps job intact after facing questions on 737 MAX crashes
    Boeing CEO and Chairman Dennis Muilenburg emerged with his job intact at an
annual meeting on Monday and promised to win back the public's trust after
facing tough questions in the wake of two fatal crashes of the 737 MAX plane.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.4 percent at 11,826. 
    • Indian government bonds are likely to rise in early trade, as a fall in
crude oil prices has raised hopes that inflation will stay below target. The
yield on the benchmark 7.26 percent bond maturing in 2029 is likely to trade in
a range of 7.36 percent - 7.41 percent today, a trader with a private bank said.
    • The Indian rupee is expected to open higher against the dollar, helped by
a pullback in crude oil and the dollar index. 
    
    
    GLOBAL MARKETS
    • The S&P 500 set an intraday record high on Monday, bolstering the view
that the decade-long bull market has further to run, after consumer spending
rose in March and inflation data was benign.
    • Shares in Asia fell as readings on China's manufacturing activity failed
to meet expectations, underscoring weakness in the world's second-largest
economy despite Beijing's attempts to spur growth.
    • The Australian dollar led risk assets lower in Asia after a survey on
Chinese manufacturing missed forecasts in a blow to hopes for a rebound in
global growth.
    • U.S. Treasury yields rose on Monday after data showed that U.S. consumer
spending increased by the most in more than 9-1/2 years in March though price
pressures remained muted.
    • Oil prices dipped on expectations rising output from the United States and
producer club OPEC would offset most of the shortfall expected from U.S.
sanctions on Iran, but analysts said markets remained tight.
    • Gold edged up as Asian shares fell ahead of the release of a raft of
economic data and the U.S. Federal Reserve's two-day meeting which will decide
the trajectory of interest rates.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         70.02/70.05  April 26         -$10.13 mln  -$254.11 mln
 10-yr bond yield  7.41 pct     Month-to-date    $3.03 bln    -$2.05 bln
                                Year-to-date     $9.88 bln    -$2.50 bln
 
    
    
    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 = 69.81 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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