January 6, 2017 / 3:50 AM / 8 months ago

Morning News Call - India, January 6

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    FACTORS TO WATCH
    5:00 pm: State Bank of India Chairman Arundhati Bhattacharya to speak at an
event.
    
    5:00 pm: RBI to release weekly foreign exchange data.
    
    5:30 pm: India to release first advance estimates of GDP for FY17.
    
    LIVECHAT-TRADING INDIA FORUM-India bond market-2017 with Sujan Hajra
    The 10-year has been on a roll logging in stellar returns in the 2nd half of
the year. Will the party continue or is it time to take some profits off the
table? At 11:00 am, we speak to Sujan who Chief Economist and Co-head of
research at Anand Rathi Securities. To join the conversation, click on the link:
here
    
    LIVECHAT-GLOBAL MARKET RISKS 2017 with John Greenwood, Chief Economist,
Invesco
    Will a rising dollar wreck havoc to emerging markets or propel exports
growth in these countries? What are the "black swans" that investors should
watch out for in the U.S., Europe and Asia? Greenwood with Invesco, which
manages $805.6 billion in assets, will share his visions about the new year at
12:30 pm. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     After banknote ban, India sees 7 percent growth in first half of 2017/18 -
sources
    India expects growth of around 7 percent in the first half of the next
fiscal year, two officials said, painting a rosier picture for the economy than
many economists after Prime Minister Narendra Modi's shock move to abolish large
banknotes. 
     Indian watchdog issues guidelines to evaluate company boards
    India's capital markets regulator on Thursday issued guidance on how
companies should evaluate the performance of their directors to ensure
objectivity and improve corporate governance. 
     India reluctant to give special tax incentives to Apple
    India is resisting tech giant Apple Inc's demand for tax incentives to make
iPhones in the country, with the trade minister saying on Thursday that the
government may not make exceptions for the U.S. company. 
     India arrests four over New Year attack on woman in tech hub
    Indian police have arrested four men accused of attacking a woman in the
technology hub city of Bengaluru on New Year's Day, a case that has sparked a
national debate about women's safety. 
     Government officials seek zero import tax on LNG in budget -document
    India's energy and environment ministries want the government to scrap an
import tax on liquefied natural gas (LNG) and impose a levy on use of pet coke
and furnace oil to promote cleaner fuel, they said in a presentation to Prime
Minister Narendra Modi. 
     Boeing nears $10.1 billion order from India's Spicejet - Bloomberg
    Indian budget airline SpiceJet Ltd is expected to order at least 92 Boeing
Co 737 jetliners, as it looks to bolster its presence in the world's fastest
growing aerospace market, Bloomberg reported on Thursday. 
     Trade minister says no plan to cut sugar import tax for now
    India, the world's biggest sugar consumer, is not planning to cut import
duty on the sweetener at least in the near term, Trade Minister Nirmala
Sitharaman told reporters on Thursday. 
    
    
    GLOBAL TOP NEWS
     Samsung Electronics forecasts fourth-quarter profit at over three-year
high
    Samsung Electronics Co Ltd said its fourth-quarter profit likely leapt 50
percent from a year earlier to its highest level in more than three years,
beating expectations on strong chip sales and a smartphone rebound. 
     Trump hits Toyota in latest broadside against carmakers and Mexico
    U.S. President-elect Donald Trump targeted Toyota Motor Corp on Thursday,
threatening to impose a hefty fee on the world's largest automaker if it builds
its Corolla cars for the U.S. market at a plant in Mexico. 
     U.S. spy chief 'resolute' on Russia cyber attack, differs with Trump
    The top U.S. intelligence official said on Thursday he was "even more
resolute" in his belief that Russia staged cyber attacks on Democrats during the
2016 election campaign, rebuking persistent skepticism from Republican
President-elect Donald Trump about whether Moscow was involved. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,304.00, trading up 0.2 pct from its
previous close.
     The Indian rupee will likely open higher against the dollar, tracking its
Asian peers, as gains in the Chinese yuan and caution ahead of U.S. nonfarm
payrolls data weighed on demand for the greenback.
     Indian government bonds will likely edge higher tracking a retreat in U.S.
Treasury yields. The yield on the benchmark 6.97 pct bond maturing in 2026 is
likely to trade in a 6.35 pct-6.40 pct band today. The bond had closed at 104.16
rupees, yielding 6.38 pct, yesterday. 
    
    
    GLOBAL MARKETS
     The Nasdaq squeaked out a record high close on Thursday thanks to
Amazon.com, while deep drops in Macy's, Kohl's and other department stores
weighed on the broader stock market. 
     The U.S. dollar wobbled near three-week lows and U.S. bonds were bought
back with the 10-year yield at one-month lows, as investors wound back 'Trump
trade', helping to lift the world's stocks to 1-1/2-year highs. 
     U.S. Treasury debt yields dropped broadly on Thursday, falling for a third
straight session, as investors grew risk-averse amid uncertainty about the
incoming Trump administration. 
     Oil prices were steady as the start of supply cuts by Saudi Arabia and Abu
Dhabi supported the market, but doubts that all producers will implement output
reductions agreed in a landmark deal last year kept markets from rising further.
 
     Gold hovered near one-month highs touched the session before, with traders
waiting for U.S. jobs data later in the day for clues on the pace of possible
U.S. interest rate hikes in 2017. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         67.73/67.76  January 5        -         $160.09 mln
 10-yr bond yield  6.62 pct     Month-to-date    -         $106.97 mln
                                Year-to-date     -         -
   
    
    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=67.96 Indian rupees) 

 (Compiled by Sourav Bose in Bengaluru)

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