December 4, 2017 / 3:43 AM / 8 days ago

REFILE-Morning News Call - India, December 4

 (Refiles to fix link)

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    FACTORS TO WATCH
    6:00 pm: Economic Advisory Council Member Surjit Bhalla at "The New Wealth
of Nations" panel discussion in Mumbai.
    6:00 pm: Finance Minister Arun Jaitley at Directorate of Revenue
Intelligence in New Delhi.
    
    LIVECHAT- FX WEEK AHEAD 
    FX Buzz analyst Rob Howard analyses G7 currencies at 04:30 pm IST. To join
the conversation, click on the link: here
    
    INDIA TOP NEWS
    • Infosys taps Capgemini executive Parekh as CEO
    Infosys, India's No.2 IT services company, named Salil S Parekh as chief
executive on Saturday, picking an outsider for the job for a second time and
handing him the twin challenges of reviving growth and forging peace between its
founders and board following a public spat.
    • China's biggest bank says does not intend financing Adani's Carmichael
coal mine
    Industrial and Commercial Bank of China,said on Sunday it has no intention
of financing a controversial A$16.5 billion Australian coal mine being built by
Indian conglomerate Adani Enterprises.
    • Nissan sues India over outstanding dues; seeks over $770 million
    Japanese automaker Nissan Motor has begun international arbitration against
India to seek more than $770 million in a dispute over unpaid state incentives,
according to a person familiar with the matter and documents reviewed by
Reuters.
    • Wipro faces lawsuit by National Grid US
    Wipro Ltd, India's No.3 software exporter, said on Friday that it would
challenge a lawsuit filed by National Grid US seeking damages of over $140
million related to a project that dates back to 2009.
    • India MRPL makes its first U.S. oil purchase -refinery head
    India's state-run Mangalore Refinery and Petrochemicals Ltd has made its
first purchase of U.S. crude oil, buying high-sulphur grade Southern Green
Canyon through a buy tender for an early February delivery, the head of its
refinery said.
    
    GLOBAL TOP NEWS
    • CVS Health to acquire Aetna for $69 billion in year's largest acquisition
    U.S. drugstore chain operator CVS Health Corp said on Sunday it had agreed
to acquire U.S. health insurer Aetna Inc for $69 billion, seeking to tackle
soaring healthcare spending through lower-cost medical services in
pharmacies.
    • Rio Tinto turns to its own board for new chairman
    Rio Tinto Ltd ended months of speculation, naming Simon Thompson as its next
chairman to succeed Jan du Plessis, who will step down after serving almost nine
years as chair of the Anglo-Australian mining house.
    • Trump tweets about Russia probe spark warnings from lawmakers
    A series of tweets by U.S. President Donald Trump about the investigation
into contacts between his 2016 campaign and Russia prompted concerns on Sunday
among both Democratic and Republican lawmakers, with Republican Senator Lindsey
Graham saying Trump could be wading into "peril" by commenting on the
probe.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,148.50, up 0.19 percent from its
previous close.
    • Indian government bonds are likely to fall in early trade after the
country's economic growth quickened in second quarter, weakening the case for
further interest rate cuts.The yield on the benchmark 6.79 percent bond maturing
in 2027 is likely to trade in a 7.05 percent-7.10 percent band.
    • The Indian rupee will likely edge lower as the dollar rebounded after the
U.S. Senate approved a tax reforms bill over the weekend.
    
    GLOBAL MARKETS
    • U.S. stock futures opened higher on Sunday after the U.S. Senate approved
a tax overhaul bill early Saturday.
    • Asian shares were less euphoric, with MSCI's broadest index of
Asia-Pacific shares outside Japan hovering near a one-month trough on fears U.S.
policy tightening could suck liquidity from emerging markets and derail global
growth.
    • The dollar was broadly higher, reaching a 2-1/2-week peak against the yen,
receiving a boost after the U.S. Senate approved a tax overhaul over the
weekend.
    • U.S. Treasury yields plunged on Friday after ABC News reported that
Michael Flynn, a former adviser to U.S. President Donald Trump, said he was
prepared to testify that Trump directed him to make contact with the Russians
when he was a presidential candidate.
    • Oil fell after U.S. shale drillers added more rigs last week, but prices
held not far off their highest since mid-2015, supported by an extension of
output cuts agreed last week by OPEC and other producers.
    • Gold prices traded lower, as the dollar gained after Republicans in the
U.S. Senate passed a bill to overhaul the country's tax system, moving the
process forward.
    
                    CLOSE            FII            EQUITIES      DEBT
                                     INVESTMENTS                  
 PNDF spot          64.60/64.63      December 1     $47.43 mln    -
 10-yr bond yields   -               Month-to-date    -           -
                                     Year-to-date     -           -
 
    
    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 = 64.5100 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)
  

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