December 12, 2016 / 3:31 AM / a year ago

Morning News Call - India, December 12

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    FACTORS TO WATCH
    9:15 am: Junior Finance Minister Arjun Ram Meghwal and CBEC Chairman Najib
Shah at a conference on GST.
    
    LIVECHAT - Thomson Reuters/INSEAD Asian Business Sentiment Survey 2016 Q4
    Thomson Reuters and graduate business school INSEAD ask over 100
Asia-Pacific companies to rate their three-month business outlook. Liz Lee from
Reuters News in Malaysia joins us at 10:30 am to give an overview of the
business sentiment across Asia, the main concerns and risks, and what corporates
are looking forward to in 2017. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Headed home: workers abandon Indian building sites after cash crackdown
    Hundreds of thousands of Indian construction workers have returned home
since Prime Minister Narendra Modi abolished high-denomination banknotes,
leaving some building sites across the country facing costly delays.
 
     Surprise, surprise: India central bank wrong-foots investors again
    When it comes to interest rate decisions under Reserve Bank of India's new
governor, Urjit Patel, the only certainty seems to be that nothing is certain.
 
     Tata Sons renews appeal for removal of Mistry from group companies
    Tata Sons on Sunday renewed its appeal to shareholders of Tata group
companies to remove Cyrus Mistry from their boards, saying that his presence as
chairman "is likely to lead to fragmentation of the Tata Group". 
     India likely to miss April deadline for new sales tax
    India is likely to miss a self-imposed deadline to launch a new national
sales tax from April after a meeting of federal and state officials ended on
Sunday without deciding who would administer the tax. 
     India's demonetisation drive hitting budget preparations - officials
    Prime Minister Narendra Modi's surprise decision to scrap high-value
banknotes has upset preparations for next year's budget because of the resulting
disruption to growth, revenues and asset sales, two government sources said.
 
     Delivery Hero buys Foodpanda in sought after food delivery market
    Berlin-based online food takeaway service Delivery Hero, one of Europe's
biggest start-ups, will acquire competitor Foodpanda, a sign of further
consolidation to fend off new competition in Europe's sought after food-delivery
business. 
     India's industrial output unexpectedly contracts in October
    India's industrial output unexpectedly fell 1.9 percent in October from a
year earlier, driven down by a contraction in manufacturing and mining sectors,
government data showed on Friday. 
     SBI to sell $266 mln stake in life insurance arm to KKR, Temasek
    State Bank of India has agreed to sell a 3.9 percent stake in its life
insurance arm to affiliates of KKR and Temasek for 17.94 billion rupees ($266
million), the nation's biggest lender said on Friday. 
     Fugitive Indian tycoon Mallya cries foul over Twitter hack
    Fugitive Indian businessman Vijay Mallya said on Friday that his Twitter
account had been penetrated by a hacking group called Legion, which posted links
to what it alleged were details of Mallya's bank accounts, offshore investments
and luxury cars. 
    
    
    GLOBAL TOP NEWS
     Trump says U.S. not necessarily bound by 'one China' policy
    U.S. President-elect Donald Trump said the United States did not necessarily
have to stick to its long-standing position that Taiwan is part of "one China,"
questioning nearly four decades of policy in a move likely to antagonize
Beijing. 
     OPEC, non-OPEC agree first global oil pact since 2001
    OPEC and non-OPEC producers on Saturday reached their first deal since 2001
to curtail oil output jointly and ease a global glut after more than two years
of low prices that overstretched many budgets and spurred unrest in some
countries. 
     Japan Oct core machinery orders rise, beating expectations
    Japan's October core machinery orders rose for the first time in three
months to beat expectations, government data showed - a tentative sign of a
pickup in capital expenditure. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    India's debt and foreign exchange markets are shut today for Id-e-Milad.
    
    
    GLOBAL MARKETS
     Major U.S. stock indexes powered to another day of fresh record highs on
Friday, with the S&P 500 ending the week up 3 percent, as investors bid up
shares in sectors that have lagged in the month-long rally since Donald Trump's
presidential election. 
     Oil prices jumped to their highest levels in a year and a half after OPEC
and non-OPEC producers agreed to cut oil output to ease a global glut, while the
U.S. dollar extended gains before a Federal Reserve meeting this week, at which
a rate hike is widely expected. 
     The dollar inched higher ahead of the U.S. Federal Reserve's meeting that
was expected to deliver an interest rate hike as well as clues to future
monetary policy, while the euro remained under pressure after the European
Central Bank's dovish moves last week. 
     U.S. Treasury yields climbed on Friday with benchmark yields marking a
fifth consecutive week of increases on stronger-than-forecast data on China
inflation and U.S. consumer sentiment ahead of $56 billion in government debt
supply next week. 
     Oil prices shot up by 4 percent to their highest level since 2015 after
OPEC and other producers over the weekend reached their first deal since 2001 to
jointly reduce output in order to rein in oversupply and prop up the market.
 
     Gold prices edged lower in Asian trade, reaching a new 10-month low as the
dollar strengthened on expectations of a U.S. rate hike this week. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         67.46/67.49  December 9       -           -
 10-yr bond yield  6.61 pct     Month-to-date    $74.91 mln  -
                                Year-to-date     $4.23 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]
 

 (Compiled by Astha Rawat in Bengaluru)

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