Morning News Call – India, February 27

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
    1:00 pm: Finance Minister Nirmala Sitharaman to interact with academicians,
economists and policy experts in Guwahati
        
    
    
    INDIA TOP NEWS
    • Trump, Modi hope talks lead to phase one of U.S.-India trade deal
    U.S. President Donald Trump and Indian Prime Minister Narendra Modi have
agreed to "promptly" conclude ongoing trade talks that they hope can lead to the
first phase of a bilateral U.S.-India trade deal, the White House said.

    • India's Petronet explores buying LNG under 10-year contract
    India's Petronet LNG, the country's largest importer of liquefied natural
gas , is looking to buy the super-chilled fuel through a long-term contract
starting from 2024, according to a document reviewed by Reuters.
    • India lifts ban on onion exports
    India has lifted a ban on onion exports, Food Minister Ram Vilas Paswan said
on Wednesday, as prices of the bulb have fallen sharply in the last few weeks on
expectations of a big crop.
    • Apple to open first retail store in India next year, Tim Cook says
    Apple will open its first physical retail store in India in 2021, Chief
Executive Tim Cook said on Wednesday.
 
    
    
    GLOBAL TOP NEWS
    • U.S.-S.Korea military drills postponed as coronavirus spreads faster
outside China
    The United States and South Korea postponed joint military drills on
Thursday to limit the spread of coronavirus, as the number of infections inside
China - the source of the outbreak - was for the first time overtaken by fresh
cases elsewhere.
    • IMF, World Bank consider 'virtual' Spring Meetings as virus spreads
    Growing concerns inside the International Monetary Fund and the World Bank
about the spread of the new coronavirus have prompted the institutions to
consider scaling back their Spring Meetings in April or hold them by
teleconference, people familiar with the discussions said on Wednesday.

    • EU's Barnier rules out Canada-type trade deal for Brexit Britain
    The United Kingdom cannot have a trade deal akin to the one Canada enjoys
with the European Union, the bloc's Brexit negotiator said on Wednesday as the
two sides gear up for fraught talks on a new relationship after Britain's
departure.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading 0.5% down at 11,664.50.
    • The Indian rupee is expected to trade little changed against the dollar as
market participants focus on increasing coronavirus cases outside China and
foreign fund inflows related to an upcoming local initial public offering.
    • Indian government bonds are likely to edge higher in early session, as
U.S. Treasury yields and crude oil prices continued to fall amid fears of rapid
spread of coronavirus. The yield on the benchmark 6.45% bond maturing in 2029 is
likely to trade in a range of 6.31%-6.36% today.
    
    
    GLOBAL MARKETS
    • The S&P 500 fell for a fifth straight day on Wednesday and while its
decline was slower than the last few days, the session was volatile as investors
reacted to headlines about coronavirus and sought to gauge its economic
fallout.
    • Oil and Asian share markets slipped, struggling to find a footing as the
rapid global spread of the coronavirus left investors on edge and seeking safety
in gold and bonds.
    • The dollar held gains against the yen as growing fears that a coronavirus
outbreak is turning into a pandemic drove investors to the safety of U.S.
Treasuries.
    • U.S. bonds steadied on Wednesday after a volatile trading session that saw
the benchmark 10-year Treasury yield hit a record low for a second consecutive
day, as investors focused on the economic risks of the spreading coronavirus
epidemic.
    • Oil prices fell for a fifth day to their lowest since January 2019 as a
growing number of new coronavirus cases outside of China deepened fears that the
global economy will slow and lower crude demand.
    • Gold prices rose as fears of a pandemic heightened after coronavirus
infections surged in Italy and Iran, triggering a move away from riskier assets.

    
  
                   CLOSE        FII INVESTMENTS  EQUITIES          DEBT
 PNDF spot         71.60/71.63  February 26      (1,838.21) crore  (60.10) crore
 10-yr bond yield  6.34 pct     Month-to-date    8,017 crore       6,254 crore
                                Year-to-date     20,140 crore      (5,394) 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 = 71.87 Indian rupees)


 (Compiled by prakan Prakash in Bengaluru)
  

Source: Read Full Article