April 11, 2017 / 3:20 AM / 4 months ago

Morning News Call - India, April 11

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    FACTORS TO WATCH
    10:00 am: Railways Minister Suresh Prabhu at an event in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:30 am: SIAM to release March auto sales data in New Delhi.
    12:00 pm: Power Minister Piyush Goyal at an event in New Delhi.
    12:30 pm: Food Processing Minister Harsimrat Kaur Badal to brief media in
New Delhi.
    1:00 pm: Heavy Industries Minister Anant Geete at an event in New Delhi.
    3:00 pm: Junior Shipping Minister Mansukh Mandaviya at an event in New
Delhi.
    
    GMF: LIVECHAT - POLICY FOCUS
    American policy analyst Pippa Malmgren served as special assistant to U.S.
President George W. Bush for Economic Policy on the National Economic Council
and is former member of the U.S. President's Working Group on Financial Markets.
Malmgren is one of two GMF guests who correctly predicted Donald Trump's victory
and Britain's exit from the EU. She joins us to disect Trump's policy plans
expectations and to discuss the upcoming French election, among other topics at
12:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's Flipkart raises $1.4 bln in high stakes battle with Amazon
    India's top e-commerce firm Flipkart has raised $1.4 billion in its biggest
fundraising to date as it takes on U.S. tech giant Amazon.com Inc for a larger
share of the country's burgeoning online retail market.
    • Australian PM, in India, pushes bilateral, regional trade agenda
    India and Australia agreed on Monday to revive stalled talks on a bilateral
trade deal but, on a visit to New Delhi, Australian Prime Minister Malcolm
Turnbull conceded that chances of an early breakthrough were slim.
    • Cyber attack on Union Bank of India similar to Bangladesh heist -WSJ
    A cyber attack on Union Bank of India last July began after an employee
opened an email attachment releasing malware that allowed hackers to steal the
state-run bank's data, the Wall Street Journal reported on Monday.
    • Indian body recommends anti-dumping duties on some steel imports
    An Indian government body has recommended imposing duties on some steel
products imported from China, Japan and Russia, reinforcing New Delhi's tough
stance despite complaints from some of the targeted countries.
    
    
    GLOBAL TOP NEWS
    • Toshiba aims to file results Tuesday, even if auditors don't sign
off-sources
    Toshiba Corp aims to file its twice-delayed business results on Tuesday,
even if auditors don't fully sign off on the numbers, two people familiar with
the matter said, as the Japanese conglomerate seeks to avoid a potential
delisting.
    • Trump's pick Gorsuch sworn in, restoring top court's conservative tilt
    Donald Trump reveled in the biggest political victory of his presidency at a
White House ceremony on Monday in which his Supreme Court pick Neil Gorsuch was
sworn in, poised to make an instant impact on a court once again dominated by
conservatives.
    • China, S.Korea discuss more sanctions on N.Korea amid talk of Trump action
    China and South Korea agreed on Monday to slap tougher sanctions on North
Korea if it carries out nuclear or long-range missile tests, a senior official
in Seoul said, as a U.S. Navy strike group headed to the region in a show of
force.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,211.00, trading little changed
from its previous close.
    • The Indian rupee will likely open lower against the dollar, tracking
modest weakness in other Asian currencies, as investors consider geopolitical
risks stemming from rising tensions in North Korea and Syria.
    • Indian government bonds are likely to fall, as a fresh supply of debt this
week amid rising tensions in Asia and Middle East will hurt demand for notes.
The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in
a 6.83 pct-6.89 pct band today. The bond closed at a three-week low of 100.71
rupees, yielding 6.86 pct, yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended a choppy session slightly higher on Monday as gains in
energy shares offset losses in financials ahead of quarterly corporate earnings
later this week.
    • Global stock markets were pressured as rising tensions in the Middle East
and political uncertainty in Europe kept investors on edge, underpinning safe
assets such as the yen, gold and Treasuries.
    • The dollar fell in Asian trading, as concerns over tensions with North
Korea and Syria weighed on U.S. Treasury yields and offset expectations of U.S.
interest rate hikes.
    • U.S. Treasury yields were near flat late on Monday after an event at the
University of Michigan's Ford School of Public Policy where Federal Reserve
Chair Janet Yellen spoke broadly about the U.S. economy and monetary policy.

    • Crude oil climbed to a five-week high, with prices underpinned by tensions
following a U.S. missile strike on Syria and a shutdown at Libya's largest
oilfield.
    • Gold held firm, buoyed by its safe-haven status amid rising political
tensions over North Korea and the Middle East.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.57/64.60  April 10         -$110.9 mln  $72.8 mln
 10-yr bond yield  7.24         Month-to-date    $209.76 mln  $2.81 bln
                                Year-to-date     $6.99 bln    $8.28 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 = 64.5800 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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