October 6, 2017 / 3:19 AM / 13 days ago

Morning News Call - India, October 6

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    FACTORS TO WATCH
    9:00 am: Railway Minister Piyush Goyal, Niti Aayog CEO Amitabh Kant, Textile
Minister Smriti Irani, Bharti Enterprises Chairman Sunil Bharti Mittal and
SpiceJet Chairman Ajay Singh at India Economic Summit in New Delhi.
    10:45 am: India’s Vice President M. Venkaiah Naidu to inaugurate
International Conference on Technological Advancements in Railway & Metro
Projects in New Delhi.
    12:00 pm: State Bank of India Chairman Arundhati Bhattacharya invites media
for informal discussion in Mumbai.
    5:00 pm: Credit Suisse MD and India Equity Strategist Neelkanth Mishra and
NDDB Chairman Dilip Rath at IMC Forum in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    6:00 pm: Dilip Buildcon CMD Dilip Suryavanshi  and CEO Devendra Jain,
Gayatri Projects MD T.V. Sandeep Reddy and other industry executives at
Construction World Annual Awards in Mumbai.
    6:15 pm: Trade Minister Suresh Prabhu at FIEO event in new Delhi.

    
    LIVECHAT- WEEKAHEAD
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 3:30 pm IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • SBI's new boss puts bad debt under microscope, but also eyes growth
    Tackling bad debts will be the priority for State Bank of India, its newly
appointed chairman Rajnish Kumar said on Thursday, but India's largest bank will
not shy away from opportunities to grow, including in infrastructure lending.

    • RBI panel pushes new rules so lenders pass on rate cuts more quickly
    A panel created by the Reserve Bank of India said lenders are not sticking
to rules that determine how much they can charge for loans, and proposed new
requirements that could force banks to pass on interest rate moves to customers
more quickly.
    • Indian government considering exemptions sought by Apple, says official
    The Indian government is considering exemptions sought by Apple Inc for
setting up a unit to assemble iPhones, Ramesh Abhishek, the top bureaucrat in
the Department of Industrial Policy and Promotion, said on Thursday.

    • SEBI panel proposes tougher corporate governance norms
    A panel appointed by India's market regulator proposed a slew of new
regulations on Thursday to boost corporate governance, from enhancing the role
of independent directors to improving financial disclosures.
    • Thyssenkrupp unions fear loss of rights in Tata deal structure 
    Labour bosses at Germany's Thyssenkrupp said workers' legal say in strategic
decisions at the corporate level could be diluted in the planned holding
structure for the new venture with India's Tata Steel.
    • Bombardier eyes Asian markets amid U.S. trade spat with Boeing
    Bombardier Inc is betting on fast-growing markets like India to boost sales
of its Q400 and CSeries narrow-body planes, a senior executive said on Thursday,
at a time when the Canadian planemaker faces a trade row over sales to the
United States.

   
    GLOBAL TOP NEWS
    • U.S. Republicans move on tax reform; Fed officials see economic threats
    Congressional Republicans moved to hasten an overhaul of the U.S. tax code
on Thursday, while Federal Reserve officials warned in rare public remarks that
President Donald Trump's tax plan could lead to inflation and unsustainable
federal debt.
    • Spanish court suspends Catalan parliament session, throwing independence
call in doubt
    Spain's Constitutional Court on Thursday ordered the suspension of Monday's
session of the regional Catalan parliament, throwing into doubt its plans to
declare unilateral independence from Spain.
    • Russian hackers stole U.S. cyber secrets from NSA -media reports 
    Russian government-backed hackers stole highly classified U.S. cyber secrets
in 2015 from the National Security Agency after a contractor put information on
his home computer, two newspapers reported on Thursday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 9,932.50, trading up 0.15 percent from its
previous close.
    • Indian government bonds are likely to edge lower in early session ahead of
a fresh supply of notes as demand remains subdued following the Monetary Policy
Committee's forecast that inflation will accelerate in coming months. The yield
on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.70
percent-6.75 percent band.
    • The Indian rupee will likely trade lower against the dollar in early
trade, tracking overnight gains in the greenback that rose to a multi-week high
on strong economic data amid hopes of progress on U.S. tax reforms and
underpinned by strong Treasury yields. 
    
    
    GLOBAL MARKETS
    • The S&P 500 posted its sixth straight record high close on Thursday, its
longest run since 1997, as investors cheered increased prospects for a tax
overhaul with Congress moving closer to agreement on a budget resolution.
    • Asian stocks rose after optimism over U.S. tax reform plans lifted Wall
Street shares to new highs, while the dollar hovered near a seven-week peak
following additional indications of solid economic growth.
    • The dollar touched a fresh seven-week high versus a basket of currencies,
supported by hopes for progress on U.S. tax reforms, with traders looking to
U.S. jobs data for near-term catalysts.
    • U.S. Treasury debt yields rose on Thursday, bolstered by continued gains
in the U.S. stock market as well as bullish comments on the economy from Federal
Reserve officials that supported another rate hike in December.
    • Oil markets were cautious as traders monitored a tropical storm heading
for the Gulf of Mexico and as China remained closed for a week-long public
holiday.
    • Gold was steady ahead of key U.S. jobs data later in the day, with prices
curbed as the U.S. dollar stood firm near a seven-week high.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.97/65.00  October 5        -$100.71 mln  $448.88 mln
 10-yr bond yield  6.98 pct     Month-to-date    -$144.95 mln  $1.23 bln
                                Year-to-date     $5.21 bln     $24.52 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 = 65.14 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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