January 3, 2018 / 3:15 AM / 19 days ago

Morning News Call - India, January 3

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    FACTORS TO WATCH
    11:00 am: Winter session of parliament continues in New Dehli.
    1:00 pm: Federal cabinet to meet in New Dehli.
    
    GMF: CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
1630 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    Dalit protests cause disruptions in India's financial capital
    Thousands of Dalits, who rank at the lower end of India's ancient caste
hierarchy, disrupted traffic and threw stones at buses in Mumbai on Tuesday as
they protested against violence in a nearby city in which a man was killed.

    
    Indian parliament bars defaulting firm owners from bidding to buy back
assets 
    India's parliament on Tuesday approved amendments to the Insolvency and
Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back
assets when they are auctioned as part of bankruptcy proceedings.
    
    Court orders Zambia Vedanta unit to pay state firm $139 million 
    A London court has ordered Zambia Vedanta unit KCM to pay a state mining
company $139 million in a claim related to the copper price, raising by $36
million the amount it was originally ordered to pay, the state company said on
Tuesday.

    Principal Financial to buy Indian lender PNB's stakes in JVs 
    Investment manager Principal Financial Group said on Tuesday it would
purchase Indian lender Punjab National Bank's minority stakes in their joint
ventures.
    
    
    GLOBAL TOP NEWS
    U.S. warns North Korea against new missile test, plays down talks
    The U.S. ambassador to the United Nations, Nikki Haley, warned North Korea
on Tuesday against staging another missile test and said Washington would not
take any talks between North and South Korea seriously if they did not do
something to get Pyongyang to give up its nuclear weapons.

    U.S. blocks MoneyGram sale to China's Ant Financial
    A U.S. government panel rejected Ant Financial's acquisition of U.S. money
transfer company MoneyGram International Inc over national security concerns,
the companies said on Tuesday, the most high-profile Chinese deal to be
torpedoed under the administration of U.S. President Donald Trump. 

    As protests rage in Iran, Trump's Iran policy faces sanctions test
    U.S. President Donald Trump has signaled support for anti-government
protests in Iran, but in two weeks he faces a decision on U.S. policy toward the
Islamic Republic that suddenly seems riskier than it did a week ago.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 10,473.00, trading up 0.05 percent from
its previous close
    
    The Indian rupee will likely edge steady to higher against the dollar in
early trade, tracking overnight losses in the greenback, as the euro hovered
near a three-year high on positive investor sentiment over Eurozone's economic
outlook.
    
    Indian government bonds are expected to edge lower, tracking a rise in U.S.
Treasury yields and firm crude oil prices that make emerging market debt less
attractive for investors.  The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 7.36 percent-7.40 percent band today, a trader
with a primary dealership said. The bond closed at 96.02 rupees, yielding 7.38
percent, yesterday. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rose in the first session of the new year and the Nasdaq
closed above 7,000 for the first time on Tuesday as investors were optimistic
that 2018 will bring more gains for the market.
    • Asian stocks struck a fresh decade high as risk appetites were whetted by
a bevy of upbeat manufacturing surveys that confirmed a synchronised upturn in
world growth was well under way.
    • The euro traded within sight of its highest level in three years on
Wednesday, underpinned by optimism about the euro zone's economic outlook.

    • U.S. Treasury yields rose on Tuesday on strong Wall Street gains and in
line with European government yields after a European Central Bank official said
the ECB's massive bond purchase program may not be continued later this year.

    • Oil prices were stable, not far off mid-2015 highs reached the previous
session, as strong demand and ongoing efforts led by OPEC and Russia to curb
production tightened the market.
    • Gold prices edged up, hitting over 3-1/2-month highs, driven by a softer
dollar.
    
    
                 CLOSE            FII INVESTMENTS  EQUITIES     DEBT
 PNDF  spot      63.56/64.59      January 2        $82.43 mln   -$46.31
 10-yr bond      7.34 pct         Month-to-date    $133.63 mln  -$19.30 mln
 yields                                                         
                                  Year-to-date     $133.63 mln  -$19.30 mln
 
    
    
    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 = 63.4500 Indian rupees)
0 : 0
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