February 28, 2017 / 3:23 AM / 5 months ago

Morning News Call - India, February 28

7 Min Read

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    FACTORS TO WATCH
    10:45 am: Economic Affairs Secretary Shaktikanta Das and OECD
Secretary-General Angel Gurria to launch OECD Economic survey of India at an
event in New Delhi.
    
    11:30 am: Civil Aviation Minister Ashok Gajapathi Raju and Junior Minister
Jayant Sinha to dedicate First Integrated Heliport to the nation in New Delhi.
    
    12:00 pm: TransUnion Cibil to announce an initiative in Mumbai.
    
    3:30 pm: Steel Minister Birender Singh at an event in Faridabad.
    
    5:00 pm: Government to release January infrastructure output data in New
Delhi.
    
    5:30 pm: Government to release October-December GDP data and second advance
estimates of GDP for this fiscal year in New Delhi.

5:30 pm: Chief Statistician T.C.A. Anant briefs media after GDP data releases in
New Delhi.
    
    LIVECHAT-THE FUTURE OF WORK
    World Economic Forum head of education, gender and work, Saadia Zahidi
discusses at 3.30 pm how we can future proof our workforce against the oncoming
ravages of the fourth industrial revolution. To join the conversation, click on
the link: here
    
    
    INDIA TOP NEWS
    • India firms fear lingering economic aftershocks from cash crackdown 
    Struggling with customers unable to pay on time and plummeting sales, Indian
small-business owner Ravi Jain fears the government's crackdown on cash will
have a much larger impact than predicted by top policymakers.
    • Tata Sons, DoCoMo to settle $1.17 billion legal dispute - Nikkei 
    Tata Sons has agreed to pay Japan's NTT DoCoMo about $1.17 billion in
connection with the termination of a joint venture in the South Asian nation,
the Nikkei daily reported, without citing its sources.
    • Providence selling stake in India's Idea for $190 million - terms 
    A subsidiary of Providence Equity Partners is selling its 3.3 percent stake
in India's third-biggest mobile phone carrier Idea Cellular for at least $190
million, according to a deal term sheet seen by Reuters on Monday.
    • Kansas man curt as he faces charges over Indian engineer's murder 
    A white U.S. Navy veteran charged with murdering an Indian software engineer
at a Kansas bar gazed at a camera from jail and gave curt answers to a judge by
video during his initial court appearance on Monday over the shooting, which
federal authorities are probing as a possible hate crime.
    • ONGC to take control of HPCL to create larger oil sector entity -ET 
    India's state-run Oil and Natural Gas Corp will take control of Hindustan
Petroleum as part of the government's plan to create an integrated public sector
oil entity, the Economic Times daily reported on Monday citing top government
officials.
 
    
    GLOBAL TOP NEWS
    • Trump, China's top diplomat, discuss cooperation, possible Xi meeting
    U.S. President Donald Trump, who has attacked China on issues from trade to
the South China Sea, held his first face-to-face talks with a member of the
Chinese leadership on Monday, and the White House said it was a chance to
discuss shared security interests and a possible meeting with President Xi
Jinping.
    • Takata plea, compensation deal clears path to potential sale
    Japan's Takata on Monday removed a major obstacle to its potential sale or
restructuring, pleading guilty in a U.S. federal court to a felony charge as
part of a $1 billion settlement that included compensation funds for automakers
and victims of its faulty airbag inflators.
    • SpaceX to send first paying tourists around moon next year
    SpaceX plans to launch two paying passengers on a tourist trip around the
moon next year using a spaceship under development for NASA astronauts and a
heavy-lift rocket yet to be flown, the launch company announced on Monday.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,934.00, trading up 0.2 pct from
its previous close.
    • The Indian rupee will likely open little changed against the dollar, as
investors pause ahead of a speech by U.S. President Donald Trump for cues on tax
reforms in the world's largest economy. 
    • Indian government bonds are poised to open lower ahead of a heavy supply
of state debt and amid caution before U.S. President Donald Trump’s maiden
Congressional speech later today. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.86 pct-6.91 pct band today. The paper
had settled at 100.62 rupees, yielding 6.88 pct yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended slightly higher on Monday and the Dow closed at a record
high for a 12th straight session, as President Donald Trump said he would talk
about his plans for infrastructure spending in an address to Congress on
Tuesday.
    • Asian shares edged up, bolstered by gains on Wall Street as investors
awaited a speech by U.S. President Donald Trump for signals on tax reform and
infrastructure spending.
    • The dollar was steady early, enjoying support after U.S. President Donald
Trump flagged a big boost in government stimulus, and sought a "historic"
increase in military spending.
    • U.S. Treasury yields rose on Monday from multi-week lows touched Friday on
expectations that a speech by U.S. President Donald Trump due on Tuesday could
drive yields higher, while hawkish comments from a Federal Reserve official also
contributed.
    • U.S. crude oil edged higher for a second day, underpinned by high
compliance with OPEC's production cuts even as the market remains anchored by
rising U.S. production.
    • Gold held steady, after falling from 3-1/2-month highs in the previous
session, as investors awaited a speech by U.S. President Donald Trump later in
the day for more clarity on his economic policy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.69/66.72  February 27      -$21.89 mln  $39.73 mln
 10-yr bond yield  7.20 pct     Month-to-date    $1.43 bln    $1.35 bln
                                Year-to-date     $1.42 bln    $1.24 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 = 66.70 Indian rupees)
    
    

 (Erum Khaled in Bengaluru)
  

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