March 26, 2019 / 3:17 AM / 6 months ago

Morning News Call - India, March 26

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT - BREXIT SPECIAL SERIES
    Alastair Newton, Co-Founder and Director, Alavan Business Advisory, weigh in
on the political impact of Brexit at 11:30 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • Jet Airways chairman steps down as banks move in with rescue plan
Jet Airways Chairman Naresh Goyal will step down from the board of the Indian
carrier he founded 25 years ago and its lenders will seize control, the company
said, as part of a deal led by state-run banks to save the airline from
bankruptcy.
    • EU opens anti-trust probe into aluminium firm Novelis' plans to buy Aleris
EU anti-trust regulators said on Monday they had opened an investigation into a
U.S. unit of Hindalco Industries Ltd, Novelis Inc's plans to buy processor
Aleris Corps.
    • Karnataka state lets off Ola with a fine
The southern Indian state of Karnataka slapped a 1.5 million-rupee fine on
ride-hailing service Ola on Monday for running motorcycle taxis without
permission and revoked an earlier suspension on its licence.
    • India to auction fugitive billionaire's art collection
Indian tax authorities are hoping for a windfall with the auction of rare oil
paintings that were once part of fugitive billionaire jeweler Nirav Modi's
collection and have been seized by the government.
    
    
    GLOBAL TOP NEWS
    • British lawmakers vote to seize control of Brexit for a day
British lawmakers wrested control of the parliamentary agenda from the
government for a day in a highly unusual bid to find a way through the Brexit
impasse after Prime Minister Theresa May's EU divorce deal was rejected again.

    • Global strain stirs BOJ debate of more easing in March
Bank of Japan policymakers debated the feasibility of ramping up monetary
stimulus at their rate review this month as heightening overseas risks weighed
on the country's fragile economy, a summary of opinions of the meeting showed.

    • Samsung Electronics flags earnings miss as chip prices slide
Samsung Electronics said first-quarter profit would likely miss market
expectations due to falls in chip prices and slowing demand for display panels,
in an unprecedented statement ahead of its earnings guidance.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,366.50, from its
previous close.
    • The Indian rupee is expected to open higher against the dollar, as a
pullback in U.S. Treasury yields from 15-month lows eased investors’ concerns
over riskier assets.
    • Indian government bonds are likely to trade little changed ahead of the
release of the federal government's market borrowing calendar for
April-September. The yield on the benchmark 7.26 percent bond maturing in 2029
is likely to trade in a 7.30 percent-7.35 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 Index ended a choppy session slightly lower on Monday as
worries about a slowdown in global economic growth lingered and as Apple shares
fell after the company unveiled its video streaming service.
    • Asian shares were shaky, after U.S. Treasury yields sank to their lowest
since late 2017, further below short-term interest rates and adding to fears of
a U.S. recession.
    • The dollar rebounded modestly against the yen as Treasury yields pulled
back from 15-month lows as a modicum of calm returned to financial markets
gripped by fears of a sharper downturn in the global economy.
    • Benchmark 10-year Treasury yields fell to their lowest levels since
December 2017 on Monday while the yield curve between three-month bills and
10-year notes inverted further as investors evaluated last week’s dovish pivot
by the Federal Reserve.
    • Oil prices firmed, pushed up by ongoing supply cuts led by producer club
OPEC and by U.S. sanctions on Iran and Venezuela, but analysts warned that signs
of a sharp economic slowdown could soon drag on crude markets.
    • Gold prices were steady and hovered near one-month high hit in the
previous session, as demand for safe-haven assets improved after treasury yields
and equities fell on possible U.S. recession and global growth concerns.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         68.79/68.82  March 25         $21.76 mln  $20.85 mln
 10-yr bond yield  7.47 pct     Month-to-date    $4.03 bln   $2.01 bln
                                Year-to-date     $6.10 bln   -$157.81 mln
 
        
    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 = 68.9200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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