March 3, 2017 / 3:20 AM / 6 months ago

Morning News Call - India, March 3

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    FACTORS TO WATCH
    11:00 am: Junior Finance Minister Arjun Ram Meghwal to speak at ASSOCHAM
banking even in Mumbai.
    
    12:30 pm: Environment Minister Anil Dave at an event in New Delhi.
    
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT- QUIZ EAST
Test your wits and googling speed at 11 am on the Friday quiz that focuses on
Asia and the week's top news. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Hindalco offers $500 million of new shares - term sheet
Hindalco Industries Ltd, India's biggest producer of aluminium and copper, is
selling new shares to investors in a bid to raise up to 33.37 billion rupees,
according to deal term sheet seen by Reuters on Thursday.
    • POLL-Yuan, rupee outlook sours on Fed interest rate hike bets
The Chinese yuan and the Indian rupee are expected to weaken, although less than
previously thought, reversing recent gains as rising chances of a U.S. interest
rate hike this month boost the dollar, a Reuters poll found.
    • Khazanah arm selling $160 million worth stake in Apollo Hospitals - term
sheet
A unit of Malaysian sovereign fund Khazanah has launched a block deal to sell a
$160 million worth of shares in India's Apollo Hospitals Enterprise Ltd, a deal
term sheet seen by Thomson Reuters publication IFR showed on Thursday.

    • BRICS bank to lend between $2.5-3 billion in 2017 - China Daily
The development bank set up by the BRICS group of emerging economies will aim to
lend $2.5 billion to $3 billion this year, its president K.V. Kamath told the
state-owned China Daily newspaper, nearly double the amount the bank loaned last
year.
    
    
    GLOBAL TOP NEWS
    • Under fire, Trump's attorney general removes himself from campaign probes
U.S. Attorney General Jeff Sessions said on Thursday he would stay out of any
probe into alleged Russian meddling in the 2016 presidential election but
maintained he did nothing wrong by failing to disclose he met last year with
Russia's ambassador.
    • Pence used private email while Indiana governor 
U.S. Vice President Mike Pence used a private email account to conduct public
business as governor of Indiana, his office said in a statement on Thursday.

    • Snap's shares pop after year's biggest IPO
Snap's shares ended up 44 percent on their first day of trading as investors
flocked to buy into the hottest technology stock offering in three years,
overcoming doubts about the loss-making messaging app company's slowing user
growth.
    • EXCLUSIVE-Japan's Toshiba prepares $2 bln sale of Landis+Gyr -sources
Japan's Toshiba is preparing a potential $2 billion divestment of smart meter
group Landis+Gyr, hoping to rake in capital after a major writedown on its U.S.
nuclear unit last month, three people familiar with the matter said.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,880.00, trading down 0.5 pct from
its previous close.
    • The Indian rupee will likely open lower against the dollar, tracking its
Asian peers, as mounting expectations of a U.S. Federal Reserve rate increase
this month boosted demand for the greenback ahead of a speech by Janet Yellen.
    • Indian government bonds are poised to open lower amid caution ahead of
Federal Reserve Chair Janet Yellen's speech today, while a growing possibility
of an imminent rate increase in the U.S. has soured investor sentiment. The
yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a
6.80 pct - 6.85 pct band today. The paper had settled at 100.96 rupees yielding
6.83 pct yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks retreated on Thursday, led by financial stocks, while
Caterpillar shares dropped following news that federal officials searched its
Illinois facilities
    • The dollar held broad gains as the risk of an imminent U.S. interest rate
hike slugged sovereign bonds and commodities, even managing to sour Wall
Street's party as the reality of rising borrowing costs began to sink in. Asian
stocks were mostly lower.
    • The dollar was broadly steady and remained on track for solid weekly gains
on growing expectations the U.S. Federal Reserve could raise interest rates as
early as at its meeting this month, triggering a rise in U.S. Treasury yields.

    • U.S. two-year Treasury yields hit their highest in more than 7-1/2 years
on Thursday, while other U.S. yields hit multi-week or multi-month highs on
increasing expectations that the Federal Reserve will raise interest rates at
its March meeting.
    • Crude oil rose as the market took a breather after three days of decline,
but prices are being anchored by Russia's output remaining unchanged in
February, indicating weak compliance on a global deal to cut supplies.
    • Gold prices held firm after falling more than one percent in the previous
session, but gold was on track for its first drop in five weeks and weakest
level since December on expectations of U.S. Federal Reserve rate hike in March.

      
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         66.84/66.87  March 2          $18.42 mln  -$107.50 mln
 10-yr bond yield  7.25 pct     Month-to-date    -           -$61.26 mln
                                Year-to-date     $1.54 bln   $1.25 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 = 66.7600 Indian rupees)

 (Compiled by Astha Rawat in Bengaluru)

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