May 9, 2019 / 3:29 AM / 15 days ago

Morning News Call - India, May 9

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    FACTORS TO WATCH
    2:30 pm: Finance Commission media briefing post meeting with RBI, banks and
financial institutions in Mumbai.

        
    GMF: LIVECHAT - BONDS UPDATE 
Reuters interest rate reporters delve into government bond markets at 5:00 pm
IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • As Uber gears up for IPO, many Indian drivers talk of shattered dreams 
    In 2016, Rajesh Raut started driving an Uber taxi in Mumbai, hoping he could
earn more than the $215 he received each month for making flatbreads at a
roadside stall.

       
    • MRPL to operate plant at 50 percent capacity
    Mangalore Refinery and Petrochemicals will operate its 300,000
barrels-per-day refinery in southern India at about 50 percent capacity from
Thursday due to water shortage, Managing Director M Venkatesh said.
    
    • Chennai Petroleum to shut diesel unit for 60 days from August 
    Chennai Petroleum said on Wednesday it would shut a diesel hydrotreater at
its 210,000 barrel-per-day Manali refinery in the southern state of Tamil Nadu
for about 60 days from August, for a revamp to produce Euro-VI compliant diesel.

    
    
    GLOBAL TOP NEWS
    • Trump says Beijing 'broke' trade talk deals, pledges to keep tariffs on
Chinese goods
    U.S. President Donald Trump said on Wednesday that China "broke the deal" it
had reached in trade talks with the United States, and vowed not to back down on
imposing new tariffs on Chinese imports unless Beijing "stops cheating our
workers."
    
    • U.S. targets Iran's metals for sanctions, Tehran relaxes nuclear deal
compliance
    U.S. President Donald Trump on Wednesday imposed new sanctions on Iran,
targeting revenue from its exports of industrial metals, the latest salvo in
tensions between Washington and Tehran over a 2015 international accord curbing
the Islamic Republic's nuclear program.
    
    • Huawei CFO to seek extradition stay citing Trump comments
    Huawei's chief financial officer intends to seek a stay of extradition
proceedings in part based on statements by President Donald Trump about the
case, which her lawyers say disqualifies the United States from pursuing the
matter in Canada.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were down 0.2 percent at 11,378.00.     
    • The Indian rupee is expected to open lower against the dollar ahead of
crucial trade talks between the U.S. and China.     
    • Indian government bonds are likely to edge higher in early trade, tracking
an overnight fall in crude oil prices. The yield on the benchmark 7.26 percent
bond maturing in 2029 is likely to trade in a range of 7.35 percent -7.40
percent today, a trader with a private bank said. 
    
    
    GLOBAL MARKETS
    • The benchmark S&P 500 fell on Wednesday for the third day in a row as
investors remained cautious about the latest developments on U.S.-China trade
talks even after hopeful comments from the White House regarding an eventual
agreement.
    • Asian shares fell to six-week lows as tensions rose ahead of last ditch
U.S.-China trade talks which could sharply alter the direction of the global
economy.
    • The dollar hovered near a six-week low versus the yen early, weighed down
against its safe-haven Japanese peer as risk aversion gripped broader markets
amid concerns that the U.S.-China trade conflict could escalate.
    •  U.S. Treasury yields rose on Wednesday, reversing an earlier drop due to
trade worries, as traders sold their bond holdings in the wake of a poor 10-year
note auction and competing supply from the corporate bond market.
    • Oil prices dropped 1 percent amid concerns over the escalating trade
battle between the United States and China, despite a surprise fall in U.S.
crude stockpiles.
    • Gold steadied, with its appeal as a safe-haven for investors burnished by
growing tensions ahead of key Sino-U.S. trade negotiations this week.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         69.53/69.56  May 8            -$100.70 mln  $166.55 mln
 10-yr bond yield  7.38 pct     Month-to-date    $10.28 bln    -$137.56 mln
                                Year-to-date     $515.38 mln   -$2.69 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 = 69.71 Indian rupees)

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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