March 6, 2017 / 3:24 AM / 7 months ago

Morning News Call - India, March 6

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    FACTORS TO WATCH
    9:00 am: Junior Aviation Minister Jayant Sinha, Finance Ministry Official
Saurabh Garg, DIPP Secretary Ramesh Abhishek at IVCA’s annual conclave in New
Delhi.
    
    10:00 am: Chief Statistician T.C.A. Anant to launch national review/workshop
on SSS scheme and compilation of CPI in New Delhi.
    
    LIVECHAT-FOREX WEEKAHEAD 
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 4.30 pm. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Boeing sounds out Indian carriers on 737 MAX-10 aircraft
    Boeing has approached India's SpiceJet and Jet Airways as it gauges
airlines' interest in its 737 MAX-10 aircraft, the stretched version of the
yet-to-be-delivered 737 MAX narrow-body jetliner, a senior executive
said.
    • India finalises bills to launch new sales tax in July
    India moved a step closer on Saturday towards launching a new national sales
tax from July after a panel of federal and state finance officials finalised two
key bills to be put before parliament.
    • Paytm E-Commerce raises $200 mln from Alibaba, SAIF Partners
    Paytm E-Commerce has raised $200 million from China's Alibaba Group and
venture capital fund SAIF Partners to expand its online retail business in a
market dominated by homegrown Flipkart and U.S. tech giant Amazon.
    • Tata-DoCoMo truce may leave Japanese firm with $790 mln to invest in India
- source
    Tata Sons will split a dispute settlement payment of $1.18 billion owed to
NTT DoCoMo over the Japanese firm's exit from a telecoms joint venture, leaving
it with about two-thirds of the amount to invest in India, a source
said.
    • China's LeEco not planning to quit Indian market, but cuts jobs 
    Chinese electronics maker LeEco has no plans to exit operations in India, it
said on Friday, refuting a media report that the company was preparing to leave
the market although it has cut almost 80 percent of its workforce.
    • GAIL signs 1st time-swap deal for U.S. LNG with Gunvor
    State-run gas company GAIL Ltd has signed a time-swap deal with Swiss trader
Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as
the Indian firm tries to ease the burden of its costly foreign LNG supplies.

    • Sikh, told to leave country, shot in Washington state: police
    A Sikh man was shot and wounded in Washington state by an attacker who
approached him in his driveway and told him to leave the country, police and
media reported on Saturday.
    
    
    GLOBAL TOP NEWS
    • Former U.S. intelligence chief rejects Trump wiretap accusation 
    The former top U.S. intelligence official rejected President Donald Trump's
accusation that his predecessor, Barack Obama, wiretapped him even as the White
House on Sunday urged Congress to investigate Trump's allegation.
    • French conservatives in disarray as Fillon clings on
    France's conservatives appeared to be at war with themselves less than 50
days from the presidential election as Francois Fillon clung on to his
struggling, scandal-tainted campaign and senior party members fought to oust him
as their candidate.
    • S.Korea's Lotte says 4 retail stores in China closed amid political
tension 
    South Korea's Lotte Group said four of its retail stores in China were
closed after inspections by authorities, as Seoul protests at discriminating
action by China after Lotte agreed to provide land for a U.S. missile defence
system.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,933.50, trading up 0.15 pct from
its previous close.
    • The Indian rupee is expected to open little changed to slightly higher
against the dollar, as profit booking hurt the greenback despite Federal Reserve
Chair Janet Yellen’s signal of a likely rate increase this month. 
    • Indian government bonds are poised to open lower after the U.S. Federal
Reserve Chair Janet Yellen suggested that a rate increase later this month was a
distinct possibility. The yield on the benchmark 6.97 pct bond maturing in 2026
is likely to trade in a 6.75 pct-6.82 pct band today. The paper had settled at
101.38 rupees, the highest level since Feb. 8, yielding 6.77 pct on Mar 4. On a
weekly basis, the benchmark yield fell 14 basis points.
    
    
    GLOBAL MARKETS
    • U.S. stock index futures fell on Sunday amid news of North Korea's firing
of four ballistic missiles and President Donald Trump's accusation that his
predecessor, Barack Obama, wiretapped him.
    • U.S. stock futures dropped and Asian shares were on the defensive as
investors weighed the near-certain prospect of an interest rate hike in the
United States this month against news of slower growth in China this year.

    • The dollar dipped in Asian trading, as investors locked in gains after the
greenback's rise last week on growing expectations of a U.S. interest rate hike
this month.
    • U.S. Treasury yields rose on Friday, with 2-year notes touching a fresh
7-1/2-year high and other maturities hitting multiweek peaks as statements from
Federal Reserve officials including Chair Janet Yellen appeared supportive of an
increase to U.S. overnight interest rates.
    • Oil prices slipped in Asian trade, wiping out some of the gains of the
previous session amid ongoing concern over Russia's compliance with a global
deal to cut oil output.
    • Gold prices held steady, supported by a weaker dollar, after falling to
the lowest since in over two weeks in the previous session after the U.S.
Federal Reserve signaled it would raise interest rates in March.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.71/66.74  March 3          $229.06 mln  $17.81 mln
 10-yr bond yield  7.21 pct     Month-to-date    -$10.92 mln  -$43.45 mln
                                Year-to-date     $1.55 bln    $1.27 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 = 66.81 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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