March 23, 2017 / 3:23 AM / 4 months ago

Morning News Call - India, March 23

7 Min Read

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    FACTORS TO WATCH
    09:30 am: Trade Minister Nirmala Sitharaman at an event in New Delhi
    09:45 am: Junior Finance Minister Arjun Ram Meghwal at an event in New Delhi
    11:00 am: Budget session of Parliament continues in New Delhi
    
    LIVECHAT- CHINESE BANK EARNINGS
    Agricultural Bank of China will be the first of the country's biggest
lenders to report 2016 full-year earnings starting next week. Reuters senior
correspondent Sumeet Chatterjee will discuss the market expectations of the
results and outlook of the sector amid a gradual tightening environment
engineered by the Pboc, at 09.00 am. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • India eases rules for old oil, gas blocks; to unlock $21 bln reserves 
    India approved a policy on Wednesday allowing extra time to contractors of
old blocks to unlock oil and gas reserves of more than 426 million barrels,
worth over $21 billion, as it seeks to cut its dependence on imports.

    • Indian e-commerce firm Snapdeal says not in talks for sale 
    Indian e-commerce marketplace Snapdeal on Wednesday denied it was in talks
for a potential sale, after the Mint newspaper reported the company was in
discussions with domestic rivals for a potential sale.
    • Indian regulator says Dow, duPont deal likely to hurt competition 
    India's competition regulator said the proposed merger between Dow Chemical
and duPont was likely to hurt competition, a government statement said on
Wednesday.
    • India tries to fix Iran trade payments as Trump hardens line 
    India is exploring setting up a new payments mechanism for trade with Iran,
after its old sanctions workaround broke down, as state banks remain fearful of
handling payments from Tehran in case the United States imposes a fresh
financial embargo.
    • U.S. bans Indian drugmaker Divi's factory, shares hit 3-year low 
U.S. health regulators have banned a drug production site in India belonging to
Divi's Laboratories Ltd due to manufacturing violations, sending the company's
shares down to a near three-year low on Wednesday.
    
    
    GLOBAL TOP NEWS
    • Five dead, around 40 injured in UK parliament 'terrorist' attack
    Five people were killed and about 40 injured in London on Wednesday after a
car ploughed into pedestrians and a suspected Islamist-inspired attacker stabbed
a policeman close to Britain's parliament.
    • Private placement curbs set to raise corporate China's debt risks 
    New rules to rein in a surge in private share sales by Chinese companies are
pushing more cash-strapped firms to borrow instead, bankers and analysts say,
adding to a corporate debt burden already at its highest since the global
financial crisis.
    • Trump Tantrum looms on Wall Street if healthcare effort stalls
    The Trump Trade could start looking more like a Trump Tantrum if the new
U.S. administration's healthcare bill stalls in Congress, prompting worries on
Wall Street about tax cuts and other measures aimed at promoting economic
growth.    
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures were trading at 9,081.00, trading up 0.36% from its
previous close.
    The Indian rupee will likely open little changed to slightly higher against
the dollar, helped by gains across regional indices after a rebound on Wall
Street, even as uncertainty about U.S. President Donald Trump’s economic growth
agenda dominates sentiment. 
    Indian government bonds will likely rise in early trade, as U.S. Treasury
yields fell for a fourth consecutive session yesterday, making emerging-market
debt attractive for investors. The yield on the benchmark 6.97 pct bond maturing
in 2026 is likely to trade in a 6.78 pct-6.83 pct band today. The bond had
closed at 101.09 rupees, yielding 6.81 pct, yesterday -NewsRise.
 
    
    GLOBAL MARKETS
    • Wall Street ended mixed after a choppy session on Wednesday as investors
focused on President Donald Trump's struggle to push through a healthcare bill
and snapped up stocks after a steep drop the day before.
    • Asian stocks rose, taking their cues from a Wall Street bounce, while the
dollar crawled up from a four-month low but remains clouded by concerns about
U.S. President Donald Trump's pro-growth policies.
    • The dollar nudged up from four-month lows against the yen early, although
U.S. President Donald Trump's struggle to push through a healthcare bill could
weigh on any recovery in the greenback.
    • U.S. Treasury yields fell on Wednesday as investors reduced expectations
that the Federal Reserve is likely to adopt a faster path in raising interest
rates and any new fiscal stimulus is seen as unlikely in the near-term.
    • Oil prices recovered from losses chalked up the session before, but the
market remained under pressure as bloated U.S. crude inventories and rising
output dampen OPEC-led efforts to curb global production.
    • Gold prices held below a 3-week peak hit in the prior session, as the
dollar recovered from seven-week lows and markets looked to see if U.S.
President Donald Trump could push through a healthcare bill.
      
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         65.36/65.39  March 22         $3.78 mln  $679.40 mln
 10-yr bond yield  7.13 pct     Month-to-date    $3.01 bln  $2.43 bln
                                Year-to-date     $4.56 bln  $3.75 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 = 65.4500 Indian rupees)

 (Reporting by Pradip Kakoti in Bengaluru)
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