March 11, 2020 / 3:25 AM / 24 days ago

Morning News Call - India, March 11

To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVE CHAT - MARKETS FOCUS
    Mike Dolan, Reuters Editor at Large, Finance and Markets, looks at
market-moving factors and events for the upcoming week. To join the conversation
at 3:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Cheap oil prices likely to reduce inflationary pressures in India:
government adviser
    A fall in global crude oil prices will likely reduce inflationary pressures
in India, a senior government adviser said on Monday, paving the way for further
central bank easing as the coronavirus outbreak hits economic activity.

    • Novelis wins antitrust approval to buy Aleris with conditions
    Novelis won antitrust approval for its proposed $2.6 billion purchase of
Aleris Corp on condition it divest part of its auto body supply business, the
Justice Department said on Monday.
    • Tata Steel Europe to cut 1,250 jobs in turnaround push
    Tata Steel Europe is planning to cut 1,250 jobs as it faces "challenging
circumstances" and "needs to urgently improve profitability", Chief Executive
Officer Henrik Adam said in an internal memo seen by Reuters on Tuesday.

    • Some bondholders of Yes Bank file court petition against rescue deal
    Some bondholders of Yes Bank have filed a court petition against a state-led
rescue deal that involves a writedown of their papers, potentially hindering a
timely recovery at the beleaguered Indian lender.
    • POLL-India inflation likely fell to a three month low in February
    India's retail inflation likely cooled from recent highs to a three month
low in February, due to moderating food prices, but remained above the Reserve
Bank of India's target band, a Reuters poll of economists found.
    • Asian buyers to maximise MidEast crude for April after prices slashed -
sources
    At least four Asian refiners, including HPCL and BPCL, plan to maximise
purchases of April-loading Middle East crude after Saudi Arabia drastically cut
its prices for term contract buyers, four sources at the refiners told Reuters
on Monday.
    • Carlsberg aims to quickly resolve dispute with JV partner in India
-executive
 Carlsberg is looking to resolve a commercial dispute with its joint venture
partner in India, an executive said on Monday, amid a internal probe into the
firm's local sales practices that sparked a boardroom battle and concerns from
its auditor.
    • Automaker Mahindra starts assembling vehicles in Kenya
    Automaker Mahindra & Mahindra has started assembling two of its small
commercial trucks in Kenya, it said on Monday, becoming the latest global
carmaker to start operations in East Africa's richest economy.
   
    
    GLOBAL TOP NEWS
    • Washington considers actions to bolster U.S. economy as coronavirus cases
mount
    As U.S. coronavirus cases rose steadily, the White House and Congress
negotiated measures on Tuesday to bolster the U.S. economy and Americans'
paychecks against the outbreak's impact, although there was no immediate sign of
a deal.
    • Biden projected to win Michigan in crushing blow to Sanders' White House
bid
    Joe Biden was projected to win Michigan's crucial Democratic presidential
contest on Tuesday, taking a big step toward the nomination and dealing a
crushing blow to rival Bernie Sanders' fading White House hopes.
    • Airlines try to stave off calamity as coronavirus locks down Italy
    Airlines around the world sank deeper into crisis on Tuesday as the
worsening coronavirus epidemic and Italy's lockdown hammered passenger numbers,
forced the cancellation of thousands of flights and led to the delaying of plane
orders.
        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 1% lower at 10,412.00.
    • The Indian rupee is expected to rise against the dollar amid hopes of U.S.
stimulus measures to counter the effects of the novel coronavirus.
    • Indian government bonds are likely to fall in early session, amid profit
booking and as U.S. Treasury yields rebounded after slumping to record lows
earlier in the week. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.06%-6.12% today.
    
    
    GLOBAL MARKETS
    • Wall Street roared back to life on Tuesday, rebounding from the brink of
bear market confirmation as bargain-hunting and hopes of government stimulus
calmed investors' fears surrounding the coronavirus and growing signs of
imminent recession.
    • Asian shares and Wall Street futures fell as growing scepticism about
Washington's stimulus package to fight the coronavirus outbreak knocked the
steam out of an earlier rally.
    • The dollar resumed its descent against the safe-haven Japanese yen and
Swiss franc after a rebound the previous day as nervous sentiment over the
coronavirus epidemic persisted.
    • U.S. Treasury yields rose from all-time lows on Tuesday as global oil and
stock markets rebounded on optimism that governments would take steps to reboot
economies impacted by the global spread of coronavirus.
    • Oil prices climbed for a second day, lifted by hopes that U.S. producers
will cut output, but gains were limited compared with Monday's crash after Saudi
Arabia and Russia triggered a price war.
    • Gold rose, recouping some of the ground it lost a day earlier, as doubts
regarding the U.S. stimulus package dragged down Asian equities and U.S. stock
futures, and the dollar fell.    
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         74.01/74.04  March 9          (3,480.85) crore  42.95 crore
 10-yr bond yield  6.06%        Month-to-date    (12,478) crore    (4,030) crore
                                Year-to-date     1,465 crore       (13,581) 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 = 74.15 Indian rupees) 

 (Compiled by Pranay Prakash in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below