March 17, 2017 / 3:28 AM / 5 months ago

Morning News Call - India, March 17

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    FACTORS TO WATCH
    9:30 am: Aviation Minister Ashok Gajapathi Raju at an event in New Delhi.
    
    10:00 am: Junior Farm Minister Sudarshan Bhagat at an event in New Delhi.
    
    11:00 am: Budget session of parliament continues in New Delhi.
    
    11:00 am: State Bank of India Chairman Arundhati Bhattacharya and SEBI
Chairman Ajay Tyagi at an event in Mumbai.
    
    12:00 pm: Niti Aayog Head Amitabh Kant, Oil Minister Dharmendra Pradhan at
India Today conclave in Mumbai.
    
    1:00 pm: Steel Minister Birender Singh at an event in New Delhi.
    
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT-BOJ DECISION
    Takuji Okubo, Japan Macro Advisors chief economist and Stanley White,
Reuters economics correspondent will discuss the latest BOJ decision and
monetary policy outlook at 11.30 am. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • Food, drink giants plot fightback as India looks to tighten rules 
    Several food and drink multinationals and trade groups met in recent weeks
to discuss how to lobby more effectively against Indian proposals for higher
taxes and stricter labelling rules on fatty or sugary foods, sources familiar
with the talks said.
    • Indian billionaire targets $2.4 billion Anglo stake as mining sector
revives 
    Indian billionaire Anil Agarwal said he wants to buy a 2 billion pound stake
in Anglo American, a major vote of confidence in the global miner's recovery.

    • IOC buys its first Hibernia crude from Canada's Suncor 
    Indian Oil Corp became India's first refiner to buy light sweet Hibernia
crude from Canada's largest oil company, doing the deal after the opening of the
arbitrage for Canadian oil to flow to Asia.
    • COLUMN-Coal India missing output target doesn't matter, mining millions of
tonnes more does: Russell 
    Recent media reports have highlighted that Coal India Ltd, the state-owned
behemoth that's the world's largest miner of the fuel, will likely miss its
target of producing 598 million tonnes in the fiscal year ending March 31.

    • VTB says Rosneft-led deal to acquire Essar to be completed this month 
    The acquisition of Indian refiner Essar Oil, led by Russian oil company
Rosneft, is set to be completed "in the nearest future, this month", VTB Chief
Executive Andrei Kostin told Reuters on Thursday.
    
    
    GLOBAL TOP NEWS
    • Trump's budget cuts to domestic, aid programs draw Republican scorn
    U.S. President Donald Trump's first budget outline, calling for a
security-heavy realignment of federal spending, drew resistance on Thursday from
his fellow Republicans in the U.S. Congress as many balked at proposed deep cuts
to diplomatic and foreign aid programs.
    • Fed rate hikes could spell end to global easing
    The Federal Reserve's return to higher interest rates could lend a hand to
beleaguered counterparts in Japan and Europe and signal the end of a long cycle
of monetary stimulus across Asia, as central banks from Beijing to Ankara to
London reacted on Thursday to the U.S. policy change.
    • Dutch PM cheers EU leaders by seeing off far-right's Wilders
    EU leaders lined up on Thursday to congratulate Dutch Prime Minister Mark
Rutte on beating far-rightist Geert Wilders in the first of a series of European
elections this year in which populist insurgent parties are hoping to rock the
establishment.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,194.50, trading up 0.10 pct from
its previous close.
    • The Indian rupee is poised to open slightly lower against the dollar, as
traders will likely take profits after the Federal Reserve’s reiteration that it
plans a gradual pace of rate increases lifted the local currency to 17-month
highs. 
    • Indian government bonds may gain in early trade, as some investors are
likely to continue to add positions after the U.S. central bank stuck to its
projection of gradual rate hikes. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.82 pct-6.87 pct band today, a dealer
with a state-run bank said. The bond had closed at 100.88 rupees, yielding 6.84
pct, yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks slipped on Thursday pressured by healthcare shares as traders
cashed in gains from one of the best performing sectors so far this year.
    • Asian stocks advanced, set for their best week since July, while the
dollar continued the slide that began after the Federal Reserve indicated it was
unlikely to speed up monetary tightening.
    • The dollar licked its wounds in Asian trading, wallowing at five-week lows
against a currency basket and on track for weekly losses after the U.S. Federal
Reserve signalled fewer interest rate hikes than some investors had expected.

    • U.S. Treasury yields rose on Thursday from more than one-week lows on the
view that they had fallen too sharply in the prior session after the Federal
Reserve maintained its outlook for only a gradual pace of interest rate
increases this year.
    • Oil prices edged up as a drawdown in U.S. crude inventory eased concerns
about a global supply glut.
    • Gold prices held firm not far from over one-week highs hit the session
before, remaining on course for their first weekly rise in three.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.40/65.43  March 16         $208.08 mln  $706.62 mln
 10-yr bond yield  7.24 pct     Month-to-date    $2.20 bln    $864.31 mln
                                Year-to-date     $3.76 bln    $2.18 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 = 65.41 Indian rupees)
    
    

 (Compiled by Erum Khaled in Bengaluru)
  

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