March 8, 2017 / 3:28 AM / 6 months ago

Morning News Call - India, March 8

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    FACTORS TO WATCH
    9:45 am: Central Board of Excise and Customs Chairman Najib Shah to speak at
seminar on trade facilitation agreement in New Delhi.
    
    11:00 am: Power Minister Piyush Goyal at India Smart Grid Forum event in New
Delhi.
    
    12:00 pm: Environment Minister Anil Dave to launch CRZ portal in New Delhi.
    
    2:30 pm: Farm Minister Radha Mohan Singh to give concluding remarks at
national workshop on strengthening women cooperatives in New Delhi.
    
    LIVECHAT-CHINA TRADE
    Exports in February are estimated to grow at 12.3 pct, the fastest pace in
two years. At 12.00 pm, Chua Han Teng, Senior Asia Country Risk & Financial
Markets Analyst, Fitch's BMI Research, will discuss the drivers of growth and
whether they can be sustained going forward. To join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    • India mulls local steel requirement for $59 billion infrastructure spend 
    India may soon mandate the use of local steel in government infrastructure
projects worth billions of dollars, sources said, pitching it as a WTO-compliant
protectionist measure aimed at further cutting cheap imports, mainly from China.

    • CERAWEEK-India expects a prompt integration between oil, refining firms 
    The Indian government expects domestic oil companies now working to combine
their exploration and refining operations to show progress by the end of 2017,
the country's oil minister said on Monday.
    • Reliance Capital sells stake in Paytm parent to Alibaba- source 
    Reliance Capital Ltd has sold a less than 1 percent stake in payments and
e-commerce startup One97 Communications to Alibaba Group Holding for 2.75
billion rupees, a source with direct knowledge of deal said on Tuesday.

    • OPPO pays $162 million to sponsor Indian team for five years 
    Chinese smartphone maker OPPO outbid rival Vivo to be the new sponsor of the
India's cricket team and will pay 10.79 billion rupees for a five-year period
starting in April, the Indian cricket board said on Tuesday.
    • Tata Steel UK closes pension scheme to new accruals from March 31 
    Tata Steel UK on Tuesday said it would close its final salary pension scheme
to accruals from March 31 as a step towards resolving the future of its British
operations.
    • COLUMN-Indian wheat could weigh on 2017/18 world balance sheet -Braun 
    India will be the first major wheat-growing country to harvest the 2017/18
crop, and most of its wheat will be cut by the time the U.S. Department of
Agriculture rolls out its first production estimate in May.
    
    
    GLOBAL TOP NEWS
    • Japan fourth quarter GDP revised up as capex rises at fastest in almost 3
years
    Japan's economy grew more than earlier estimated in the fourth quarter as
capital expenditure grew at its fastest in almost three years, welcome news for
policymakers as they begin to discuss how to wind down years of massive
stimulus.
    • Conservatives rebel against Trump-backed Republican healthcare plan
    U.S. President Donald Trump on Tuesday endorsed Republican legislation to
replace the Obamacare healthcare law but the measure faced a rebellion by
conservative groups and lawmakers, complicating its chances for passage in the
U.S. Congress.
    • Trump to nominate Francisco as U.S. solicitor general 
    U.S. President Donald Trump will nominate Washington lawyer Noel Francisco
to be solicitor general, the government's top advocate before the U.S. Supreme
Court, the White House said on Tuesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,961.00, trading down 0.21 pct from
its previous close.
    • The Indian rupee will likely open slightly higher against the dollar, as
gains in the greenback paused ahead of a key U.S. employment report and the
Federal Reserve’s policy review next week. 
    • Indian sovereign bonds will likely open steady amid government plans to
buy back papers, even as the market braces for a likely U.S. Federal Reserve
rate increase next week. The yield on the benchmark 6.97 pct bond maturing in
2026 is likely to trade in a 6.81 pct-6.87 pct band today. The paper had settled
at 100.95 rupees, yielding 6.83 pct yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stock prices closed lower on Tuesday as weakness in drug and
financial shares sent the S&P 500 and the Dow Jones Industrial Average to their
first consecutive sessions of declines in more than a month.
    • Asian shares edged lower after the week's strong start as investors took
profits in the wake of a weak Wall Street and in anticipation that U.S. interest
rates will rise next week for the second time in three months.
    • The dollar stood little changed early, its modest advance from the
previous day bogging down as investors started to take a wait-and-see attitude
ahead of Friday's U.S. jobs report.
    • U.S. Treasury yields rose on Tuesday, with the 30-year yield at its
highest level in over a month as skittishness that the Federal Reserve will
raise interest rates next week led to a lackluster sale of $24 billion of
three-year government notes.
    • Oil futures fell in Asian trade after industry data pointed to a potential
ninth straight week of inventory builds, renewing concerns about an oversupply
of oil despite output curbs by OPEC and non-OPEC members.
    • Gold prices were steady ahead of U.S. payrolls data this week, but were
not far from over four-week lows hit in the previous session on increased
expectations of a U.S. rate hike in March.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.61/66.64  March 7          $138.11 mln  $42.60 mln
 10-yr bond yield  7.3 pct      Month-to-date    -            $41.27 mln
                                Year-to-date     -            $1.36 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 = 66.67 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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