March 8, 2018 / 3:28 AM / 8 months ago

Morning News Call - India, March 8

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    FACTORS TO WATCH
    9:30 am: Muthoot Finance MD George Muthoot and other NBFC officials at “The
Economic Times NBFC and MFI Summit” in Mumbai.
    9:30 am: Junior Aviation Minister Jayant Sinha, TVS Capital Chairman Gopal
Srinivasan at IVCA’s annual conclave in Mumbai.
    9:45 am: NITI Aayog CEO Amitabh Kant, NITI Aayog Vice Chairman Rajiv Kumar
and UN Resident Coordinator in India Yuri Afanasiev at launch of Women
Entrepreneurship Platform in New Delhi.
    10:30 am: MSME Minister Giriraj Singh to unveil “Udyam Shakti Portal” in New
Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    4:15 pm: President Ram Nath Kovind at Nari Shakti Puraskar function in New
Delhi.
    6:00 pm: BSE MD & CEO Ashishkumar Chauhan, Economic Affairs Secretary
Subhash Chandra Garg, Department of Investment and Public Asset Management Joint
Secretary Dheeraj Bhatnagar and other financial market executives at “The
Economic Times Capital Markets Summit” in Mumbai.
        
    LIVECHAT - COMMODITIES FOCUS
    Oil prices are pressured as high U.S. crude exports outweigh an unexpected
drop in inventories in the world's biggest fuel consumer. Meanwhile, demand    
outlook for metals looks bright with China back from its Lunar New Year holiday
as cautiousness persists in gold stemming from Fed uncertainty. Commodities
analyst Jonathan Barratt, economist, CIO Ayers Alliance and principal at
Celsiuspro.com, joins us to discuss at 0930 IST. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • PNB's CEO meets serious fraud office amid probe into $2 billion scam
    The chief executive of Punjab National Bank met officials of the serious
fraud office on Wednesday, as authorities widened a probe into a $2 billion
fraud that has been billed as the country's biggest banking scam.
    
    • State-run banks facing over $3 billion of losses on bonds in Jan-March -
Credit Suisse
    State-run banks - already bruised by the sprawling Punjab National Bank
fraud case and soaring provisions for bad loans - are facing much higher losses
on their bond holdings, said brokerage firm Credit Suisse.
      
    • Tata Steel emerges as top bidder for Bhushan Steel
    Tata Steel said on Wednesday it had been selected as the highest bidder to
buy a controlling stake in debt-laden Bhushan Steel, ending weeks of speculation
on which Indian group would clinch a deal.
    
    • India set to cut Monsanto's GM cotton seed royalties by 20 percent
    India is likely to impose another cut to Monsanto royalties paid by domestic
companies for its genetically modified cotton seeds, industry and government
sources said.
    
    • Cabinet approves increasing spectrum cap for mobile carriers
    The cabinet approved an increase to the cap on airwaves that a mobile
operator can hold to 35 percent from 25 percent, the federal government said in
a statement.
    
    • Air India says gets Saudi's nod to fly from New Delhi to Tel Aviv over
Saudi airspace
    Saudi Arabia has given Air India permission to fly between New Delhi and Tel
Aviv over Saudi airspace, the airline's spokesman told Reuters on Wednesday,
ending a 70-year ban and marking a diplomatic shift.
    
    • Paytm gets regulatory approval to sell investment products
    A unit of Indian digital payments firm Paytm has received the approval of
the capital markets regulator to sell investment and wealth management products,
the company said in a statement on Wednesday.
    
    • India tightens curbs on trade with North Korea
    India has imposed new restrictions on trade with North Korea, a government
statement said on Wednesday, in line with U.N. Security Council sanctions
slapped on the reclusive country for its nuclear and missile programmes.

        
    GLOBAL TOP NEWS
    • Trump plans to offer Canada, Mexico 30-day tariff exemption
U.S. President Donald Trump plans to offer Canada and Mexico a 30-day exemption
from planned tariffs on steel and aluminum imports, which could be extended
based on progress in NAFTA talks, a White House official said on Wednesday
night.
    
    • Japan Q4 GDP growth revised up, BOJ seen in no rush to exit debate
    Japan's economy expanded more than initially estimated in the last quarter
of 2017, thanks to an upward revision of capital expenditure and inventory data,
confirming an eighth consecutive quarter of growth.
    
    • Florida lawmakers pass gun-school safety bill 3 weeks after massacre
 Florida lawmakers, spurred by last month's deadly high school shooting, gave
final passage on Wednesday to a bill to raise the legal age for buying rifles,
impose a three-day waiting period on all gun sales and allow the arming of some
school employees.
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,212.00, trading up 0.3 percent
from its previous close.
    • The Indian rupee is expected to edge lower against the dollar after the
White House said there would be exemptions to U.S. President Donald Trump’s
upcoming tariffs announcements. 
    • Indian government bonds are likely to gain in early session tracking a
fall in crude oil prices. Hopes of improving liquidity conditions would also
support demand, traders said. The yield on the 7.17 percent bond maturing in
2028 is likely to trade in 7.65 percent -7.71 percent band today
    
    
    GLOBAL MARKETS
    • The S&P 500 ended slightly lower after Wednesday's volatile session as
investors struggled to get a read on U.S. trade policy after U.S. President
Donald Trump promised hefty import tariffs but then said Mexico and Canada could
be exempt.
    • Asian shares found relief as fears about a global trade war amid U.S.
President Donald Trump's push to introduce protectionist tariffs were tempered
by signs the move could include carve-outs for key partners.
    • The dollar recovered ground, drawing relief from positive labour market
data and the White House saying Canada and Mexico, and possibly other countries,
may be exempted from planned U.S. import tariffs on steel and aluminium.
    • Treasuries were little changed on Wednesday in choppy trading as investors
weighed the risks of trade wars following the resignation of Gary Cohn, the top
economic advisor to U.S. President Donald Trump, and the prospect of a more
hawkish Federal Reserve as economic momentum improves.
    • Oil prices steadied after falling the previous day on the back of record
U.S. crude production and rising inventories.
    • Gold prices held steady as markets waited for more details on U.S.
President Donald Trump's proposed steel and aluminum tariffs and the outcome of
the European Central Bank's policy meeting.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.93/64.96  March 7          -$110.99 mln  -$10.94 mln
 10-yr bond yield  7.68 pct     Month-to-date    $127.33 mln   -$185.33 mln
                                Year-to-date     $235.19 mln   $905.57 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 = 64.8700 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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