January 29, 2018 / 3:32 AM / a month ago

Morning News Call - India, January 29

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament begins in New Delhi.
    11:00 am: Jindal Steel & Power post-earnings analyst conference call in
Mumbai.
    12:00 pm: Government to table Economic Survey 2017-2018 in Parliament in New
Delhi.
    
    LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 1630 IST. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • PREVIEW-With elections coming up, India's government will aim to woo rural
voters in budget
    India's government will be trying to woo back rural voters and small
businesses when it announces the 2018/19 budget on Thursday and pick up economic
momentum as it heads into a season of elections, officials said.
    • India likely to put pedal to metal on asset sales
    India's government may look to raise as much as a record 1 trillion rupees
from the sale of state assets in the next fiscal year to help meet tough fiscal
deficit limits while giving it room to boost spending and woo voters before
general elections that must be called by early 2019.
    
    
    GLOBAL TOP NEWS
    • Trump security team sees building U.S. 5G network as option
    President Donald Trump's national security team is looking at options to
counter the threat of China spying on U.S. phone calls that include the
government building a super-fast 5G wireless network, a senior administration
official said on Sunday.
    • Australia's CBA promotes retail banking boss Matt Comyn to CEO
    Commonwealth Bank of Australia named retail banking boss Matt Comyn as its
new chief executive officer, to lead the company as it faces challenging trading
conditions as well as allegations of massive money laundering system breaches.

    • China declares intention to improve ties with Japan
    China hopes to work with Japan to establish more cordial relations, Chinese
Foreign Minister Wang Yi told his Japanese counterpart on Sunday, aiming to move
on from a series of disputes, some dating back to before World War Two.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 11,131.00, trading up 0.50 percent
from its previous close.
    • The Indian rupee will likely open lower against the dollar, in line with
most Asian peers, tracking U.S. Treasury yields that rose following slower
quarterly growth in the world’s largest economy, even as traders await cues from
the Fed’s policy meet.
    • Indian government bonds are likely fall in early session tracking higher
U.S. Treasury yields and crude oil prices. The yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in a 7.30 percent - 7.34
percent band today.
    
    
    GLOBAL MARKETS
    • The latest round of strong earnings reports, including from Intel and
AbbVie, along with continued weakness in the dollar lifted each of the major
Wall Street indexes to closing records on Friday.
    • Asian shares extended their bull run amid upbeat corporate earnings and
strong global economic growth, while the dollar tried to bounce even as the
White House continued to complain of "unfair" trade practices by competitors.

    • The dollar wobbled near three-year lows against a basket of major
currencies, struggling to pull ahead from six straight weeks of losses amid its
evaporating yield advantage and doubts about Washington's commitment to a strong
currency.
    • U.S. Treasury yields rose Friday following data showing the nation's
economy grew 2.6 percent in the final quarter of 2017 and the governor of the
Bank of Japan said inflation is finally close to reaching its target.
    • Oil prices held firm, supported by strong demand, a weak dollar and
ongoing supply cuts lead by OPEC and Russia, although soaring U.S. output means
many analysts expect crude prices to fall later in the year.
    • Gold prices inched higher as the U.S. dollar hovered around three-year
lows, trading not far off more than 17-month highs hit last week.
    
                   CLOSE            FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         63.60/63.63      January 25       -          $135.80 mln
 10-yr bond yield  7.46 pct         Month-to-date    $1.76 bln  $1.06 bln
                                    Year-to-date     $1.76 bln  $1.06 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 = 63.5700 Indian rupees)
    
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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