March 5, 2019 / 3:26 AM / 5 months ago

Morning News Call - India, March 5

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    FACTORS TO WATCH
    No major events are scheduled.
    
    LIVECHAT-MARKETS FOCUS
    Jeffrey Halley, Senior Market Analyst, Oanda talks on markets at 9:30 am
IST. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    Trump plans to end India's preferential trade treatment
    U.S. President Donald Trump said on Monday he intends to end India's
preferential trade treatment under a program that allows $5.6 billion worth of
Indian exports to enter the United States duty free.
    
    India needs land, labour reform to aid manufacturing-chief economic adviser
    India's next government will have to bring in land, labour and financial
sector reforms to improve the productivity of the manufacturing sector and boost
economic growth, India's chief economic adviser said.
    
    Spotify adds 1 million unique listeners in India in less than a week
    Spotify Technology, the world's most popular paid music streaming service,
said it racked up more than 1 million unique users in India across its free and
premium tiers since launching less than a week ago.
    
    Third of IL&FS arm's lending unsecured, inadequately collateralised - report
    A third of the total outstanding loans by a unit of India's Infrastructure
Leasing & Financial Services (IL&FS) to borrowers were either unsecured or had
inadequate collaterals, according to an interim report by audit firm Grant
Thornton India.
    
    Zomato to sell UAE food delivery business for $172 million
    Zomato Media will sell its UAE food delivery business to Germany's Delivery
Hero Group for about $172 million, Zomato's second-largest shareholder Info Edge
(India) Ltd said on Monday.
    
    DP World asks court to halt antitrust probe at Mumbai port
    Dubai's DP World has asked an Indian court to halt an investigation into
alleged antitrust violations at the country's largest container port in Mumbai,
saying the regulator was seeking excessive information, a court document seen by
Reuters showed.
    
    
    GLOBAL TOP NEWS
    China to slash taxes, boost lending to shore up slowing economy
    China will cut billions of dollars in taxes and fees, increase
infrastructure investment, and step up lending to small firms, Premier Li
Keqiang said, as the government boosts stimulus to shore up an economy growing
at its slowest pace in almost 30 years.
    
    China says Canadian stole secrets; Huawei to sue U.S.
    China's government and its leading smartphone maker, Huawei Technologies,
stepped up pressure on Monday on the U.S. and Canadian governments in a dispute
over trade and telecoms technology that has ensnared Huawei's CFO, who faces
U.S. criminal charges.
    
    U.S., China 'on the cusp' of possible end to trade war -Pompeo
    U.S. Secretary of State Mike Pompeo said on Monday he thought the United
States and China were "on the cusp" of a deal to end their trade war, adding to
positive signs about negotiations from both sides of the Pacific.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures were down 0.2 percent at 10,828, from its
previous close.
    The Indian rupee is expected to open little changed against the dollar, with
traders eyeing crude oil prices, domestic equities, and China-U.S. trade news
for any triggers.
    Indian government bonds are expected to open lower, as state debt sale will
add to supply, even as increased bets of another rate cut post
slower-than-expected third quarter economic growth may cap further fall in the
local notes.  The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.53 percent -7.59 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes fell on Monday, weighed down by a weak U.S.
construction spending report and declines in healthcare shares, as an initial
rally on optimism over a U.S.-China trade deal faded.
    • Asian shares stepped back after China cut its economic growth target and
pledged measures to support the economy amid growing challenges from rising debt
and a dispute over trade and technology with the United States.
    • The dollar held near a two-week high against its key rivals, underpinned
by a resilient economy and a flagging euro ahead of an upcoming European Central
Bank policy meeting.
    • Treasury yields fell on Monday as the market retraced a counterintuitive
move higher made Friday in response to weak economic data.
    • Oil prices fell as markets eyed only modest prospects for growth in fuel
demand, although OPEC-led efforts to cut output still offered some support.

    • Gold hovered near a five-week low touched in the previous session as
rising U.S. Treasury yields boosted the dollar, making gold expensive for
holders in other currencies.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         70.91/70.94  March 1          $27.93 mln  $37.91 mln
 10-yr bond yield  --           Month-to-date    $2.15 bln   --
                                Year-to-date     $2.08 bln   -$2.13 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]
 

 (Compiled by Sourav Bose in Bengaluru)
  
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