January 8, 2018 / 3:48 AM / 13 days ago

Morning News Call - India, January 8

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    FACTORS TO WATCH
    2:15 pm: Commerce Minister Suresh Prabhu, Commerce Secretary Rita Teaotia,
DIPP Secretary Ramesh Abhishek to be present at meeting of council for Trade
Development and Promotion in New Delhi.
    
    GMF: FX MONTH AHEAD 
    John Noonan, head of IFR FX Watch Asia, analyses cues and views for market
moves for the month ahead at 0930 IST. To join the conversation, . To join the
conversation, click on the link: tmsnrt.rs/2z4G4mX
    
    
    INDIA TOP NEWS
    India lowers economic growth forecast ahead of budget
    India lowered its forecast for the current year's economic growth on Friday
before a federal budget is released next month, as businesses were hit by the
chaotic launch of new nationwide tax last July.
    
    China's CDB withdraws insolvency petition against RCom
    China Development Bank, the biggest foreign lender to India's Reliance
Communications, on Friday withdrew a petition seeking to drag the indebted
telecoms carrier into insolvency.
    
    India plans to boost tourism, travel in annual budget - sources
    India is planning to cut taxes on travel and tourism in next month's federal
budget and give more incentives to the $210 billion sector, government sources
said, hoping to boost economic growth and create more jobs.
    
    Tata, Singapore Airlines "open to evaluate" bidding for Air India-Vistara
CEO
    Tata Group and Singapore Airlines are open to bid for indebted state-run Air
India, Vistara's chief executive officer Leslie Thng told reporters on Friday,
although it was not clear whether such an approach if done would be done
jointly.
    
    Solar modules stuck at ports due to import duty dispute
    Solar modules worth more than $150 million are stuck at various Indian ports
due to a dispute over their classification and the import tax applicable to
them, sources said, which could delay Prime Minister Narendra Modi's clean
energy goals.

    
    
    GLOBAL TOP NEWS
    Under fire, Bannon backs off explosive comments about Trump's son
    President Donald Trump's former strategist Steve Bannon on Sunday backed
away from derogatory comments ascribed to him about Trump's son in a new book
that sparked White House outrage and could threaten Bannon's influence as a
would-be conservative power broker.
    
    Japan's Abe urges central bank's Kuroda to keep up efforts on economy
    Japanese Prime Minister Shinzo Abe on Sunday called on central bank governor
Haruhiko Kuroda to keep up efforts to reflate the economy, but added he was
undecided on whether to reappoint Kuroda for another five-year term.

    
    Iranian oil tanker burns, 32 missing after collision off China's coast
    A tanker carrying Iranian oil and run by the country's top oil shipping firm
was ablaze and spewing cargo into the East China Sea on Sunday after colliding
with a Chinese freight ship, leaving the tanker's 32 crew members missing, the
Chinese government said.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,621.00, trading up 0.4 pct from
its previous close.
    • The Indian rupee will likely trade higher against the dollar in early
session, as lower-than-expected U.S. employment numbers weighed on the demand
for the greenback.
    • Indian sovereign bonds are likely to gain after the government forecast
economic growth for the current fiscal year at a four-year low, sparking hopes
of interest rate cuts in coming months. The yield on the benchmark 6.79 pct bond
maturing in 2027 is likely to trade in a 7.25 pct-7.31 pct band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and Nasdaq notched their best weekly gains in more than a year
on Friday as technology stocks helped lift major indexes to records.
    • Asian shares crept toward all-time peaks after Wall Street boasted its
best start to a year in over a decade, with brisk economic growth and benign
inflation proving a potent cocktail for risk appetite.
    • The dollar held steady above a recent 3-1/2 month low against a basket of
major peers, after data showing slower U.S. jobs growth did little to dent
expectations for further Federal Reserve interest rate increases this year.

    • U.S. Treasury yields rose on Friday with the two-year yield hovering near
a more than nine-year peak as investors stuck to the view of a possible rate
increase in March, brushing off a disappointing figure on domestic hiring for
December.
    • Oil prices firmed on the back of a slight decline in the number of U.S.
rigs drilling for new production, with crude holding just below near three-year
highs reached last week.
    • Gold prices held steady, below 3-1/2-month highs hit last week, amid
expectations of more U.S. interest rate hikes this year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         63.38/63.41  January 5        $91.74 mln   $10.89 mln
 10-yr bond yield  7.27 pct     Month-to-date    $170.79 mln  -$45.75 mln
                                Year-to-date     $170.79 mln  -$45.75 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 = 63.3300 Indian rupees)
0 : 0
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