December 9, 2016 / 3:11 AM / 8 months ago

Morning News Call - India, December 9

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    FACTORS TO WATCH
    11:00 am: Winter session of parliament continues in New Delhi.
    5:00 pm: RBI to release weekly data on foreign exchange reserves in Mumbai.
    5:30 pm: Government to release October industrial output data in New Delhi.
    
    LIVECHAT - QUIZ EAST
    The first of our Friday quizzes focuses on Asia and the week's top news.
Test your wits and googling speed at 11:00 am. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
     India scraps wheat import duty, purchases may hit decade high
    India on Thursday scrapped its 10 percent import duty on wheat after
droughts in the past two years depleted stocks and raised prices, a move that
traders said could lift overseas purchases to their highest in a decade.
 
     India promotes digital transactions to encourage cashless economy
    Indian Finance Minister Arun Jaitley on Thursday announced incentives
ranging from 0.75 percent to 10 percent on retail purchase of products like
petrol, diesel and insurance products from state-run companies to encourage
digital, cashless transactions. 
     Bharti Airtel slashes prepaid tariffs to compete with Jio
    India's top telecommunications carrier Bharti Airtel on Thursday unveiled
unlimited voice calls and more 4G data under a new plan, to take on rival
Reliance Jio that recently extended its free services. 
     INSIGHT-Who knew? Modi's black money move kept a closely guarded secret
    Prime Minister Narendra Modi handpicked a trusted bureaucrat, little known
outside India's financial circles, to spearhead a radical move to abolish 86
percent of the country's cash overnight and take aim at the huge shadow economy.
 
     Indian drugmaker Laurus Labs' up to $198 million IPO fully subscribed
    Indian generic drug maker Laurus Labs Ltd's initial public offering of
shares to raise up to 13.32 billion rupees was fully subscribed on the last day
of the sale on Thursday, stock exchange data showed. 
     Pakistan resumes cotton imports from India-govt official
    Pakistan has resumed cotton imports from its top supplier India after
suspending them for few days, government and industry officials told Reuters on
Thursday. 
    
    
    GLOBAL TOP NEWS
     Philippines outsourcing firms hit by Trump and 'Trump East'
    When Philippines President Rodrigo Duterte, the man dubbed "Trump of the
East", told U.S. businesses to pack their bags if they didn't like his
anti-American rhetoric, the huge and growing outsourcing industry got a little
nervous. 
     South Korea's President Park faces historic impeachment vote
    South Korean President Park Geun-hye, engulfed in an influence-peddling
scandal that has prompted huge rallies calling for her removal, faces an
impeachment vote that could see her become the country's first democratically
elected leader removed from office. 
     Japan's big manufacturers' mood improves as companies cut capex
    Large Japanese manufacturers turned more optimistic about economic
conditions in the fourth quarter but they lowered their capital expenditure
plans for the current fiscal year, suggesting firms remain wary over future
business conditions. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were trading at 8,288.50, up 0.62 pct from its
previous close.
     The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as the European Central Bank's decision to extend its quantitative
easing programme for a longer than expected period weakened the euro, lifting
demand for the greenback.
     Indian government bonds are poised to open lower ahead of a weekly debt
auction, but state-run banks will likely step in to prop up prices. The yield on
the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.36 pct -
6.43 pct band.
    
    
    GLOBAL MARKETS
     Major U.S. stock indexes climbed again on Thursday and set fresh record
highs as a month-long rally following the presidential election of Donald Trump
rolled on. 
     Asian shares flatlined but were on track for robust weekly gains, while
the euro caught its breath after sliding when the European Central Bank trimmed
the size of its asset purchase program and also extended it for longer than many
had expected. 
     The dollar held large gains against the yen and euro, given a lift after
the common currency slumped overnight following the European Central Bank's
decision to extend its debt-buying programme even as it cut the amount of
purchases. 
     U.S. Treasury yields rose on Thursday in line with their European
counterparts after the European Central Bank prolonged its bond purchase
program, as expected, but stunned traders by scaling back on how much bonds it
will buy each month. 
     Oil prices extended gains, buoyed by growing optimism that non-OPEC
producers might agree to cut output following a cartel agreement to limit
production. 
     Gold extended losses, weighed down by a stronger U.S. dollar and
expectations the U.S. Federal Reserve will hike rates next week. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.40/67.43  December 8       -            -$318.93 mln
 10-yr bond yield  6.61 pct     Month-to-date    -$35.50 mln  -$2.37 bln
                                Year-to-date     $4.12 bln    -$5.52 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 = 67.35 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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