April 6, 2017 / 3:19 AM / in 6 months

Morning News Call - India, April 6

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    2:00 pm: Farm Minister Radha Mohan Singh at an event in New Delhi.
    2:30 pm: RBI releases monetary policy statement in Mumbai.
    2:45 pm: RBI media interaction after release of monetary policy statement in
Mumbai.
    4:00 pm: India Ratings Annual Sector outlook webinar on construction sector
in Mumbai.
    5:00 pm: RBI holds teleconference call with researchers and analysts in
Mumbai.
    
    GMF: LIVECHAT - CHINA AUTOMOBILE OUTLOOK
    Will SUVs continue to boost Chinese car makers such as Geely and Great Wall
Motor in the rest of 2017 and beyond? What is the prospect of electric cars -
both domestic brand BYD and U.S. brand Tesla - in China? Jake Spring, Reuters
China Autos Correspondent, will discuss the trend of the industry at 11:30 am.
To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Coal India actively looking to invest in coal assets in Australia
    Coal India Ltd is actively looking to acquire coking coal assets in
Australia, a senior company official told Reuters, as the country looks to beef
up its foreign coal assets.
    • SoftBank preps Snapdeal for sale, looks to buy Kalaari, Nexus stakes -
reports
    Snapdeal's three biggest investors - Japan's SoftBank, Kalaari Capital and
Nexus Venture Partners have moved closer to resolving an impasse, potentially
clearing the way for a sale of the e-tailer to one of its rivals, Flipkart or
Paytm, according to a Mint report, citing unnamed sources.
    • Indian tractor sales seen rising as regions waive farm loans
    Tractor sales in India are likely to grows in double digits in the fiscal
year that started on April 1, following a decision by at least two states to
waive some loans to farmers, India's biggest tractor maker said on Wednesday.

    • YouTube unveils India mobile app for spotty Internet signals
    Alphabet Inc's Google said on Tuesday it would roll out a mobile YouTube
application designed for India, boosting the search company's presence in a
burgeoning market with spotty Internet access.
    • Thyssenkrupp workers oppose restructuring without merger clarity
    Thyssenkrupp's works council chief said on Wednesday he would oppose any
further restructuring of the German industrial group's European steel business
until there was clarity over a possible merger with Tata Steel Europe.

    • TMT-focused investment bank Raine plans India expansion
    U.S.-based investment bank The Raine Group said on Wednesday it would expand
its operations into India and open an office in Mumbai.
    
    
    GLOBAL TOP NEWS
    • Trump says chemical attack in Syria crossed many lines
    U.S. President Donald Trump accused Syrian President Bashar al-Assad's
government of going "beyond a red line" with a poison gas attack on civilians
and said his attitude toward Syria and Assad had changed, but gave no indication
of how he would respond.
    • For Trump, Mar-a-Lago is place to break the ice with China's Xi
    U.S. President Donald Trump has told visitors that his Mar-a-Lago retreat is
set up perfectly for foreign visits, but the Chinese side was initially hesitant
when word came that Trump would like to meet Chinese President Xi Jinping there,
according to administration officials.
    • Trump drops Steve Bannon from National Security Council
    U.S. President Donald Trump removed his chief strategist Steve Bannon from
the National Security Council on Wednesday, reversing his controversial decision
early this year to give a political adviser an unprecedented role in security
discussions.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,238.50, trading down 0.5 pct from
its previous close.
    • The Indian rupee will likely open lower against the dollar, as risk
sentiment waned amid concerns about the U.S. Federal Reserve’s plan to shrink
its balance sheet. Investors at home will likely stay on the sidelines ahead of
the central bank's policy review.
    • Indian government bonds will likely edge lower ahead of the decision of
the Monetary Policy Committee, which is expected to stand pat on interest rate
at the conclusion of its two-day meeting today. The yield on the benchmark 6.97
pct bond maturing in 2026 is likely to trade in a 6.62 pct-6.68 pct band till
the Reserve Bank of India details the decision at 2:30 p.m. in Mumbai. The bond
closed at 102.20 rupees, yielding 6.65 pct, yesterday.
    
    
    GLOBAL MARKETS
    • Wall Street ended lower on Wednesday after a late-afternoon reversal
following signals from the Federal Reserve that it could change its bond
investment policy this year, quenching a rally sparked by a strong
private-sector jobs report.
    • Stocks fell and bonds rose in Asia, with risk appetite soured by signs the
Federal Reserve might start paring its king-sized balance sheet later this year
just as the chances of an early U.S. fiscal stimulus faded further.
    • The dollar nursed losses against a basket of currencies, weighed down by
caution over the impending U.S.-China summit and geopolitical concerns.
    • U.S. Treasury yields fell on Wednesday, with three- and five-year yields
touching more than five-week lows after traders viewed the latest Federal
Reserve meeting minutes as indicating the central bank was maintaining an
outlook for a gradual pace of interest rate increases.
    • Oil prices fell as record U.S. crude inventories underscored that markets
remain bloated by high production and brimming storage despite efforts led by
OPEC to cut output and prop up prices.
    • Gold prices edged up on a weaker dollar and as appetite for risky assets
such as equities waned ahead of a tense meeting between U.S. President Donald
Trump and his Chinese counterpart.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES   DEBT
 PNDF spot         65.00/65.03  April 5          $52.4 mln  $756.13 mln
 10-yr bond yield  7.06         Month-to-date    --         $1.47 bln
                                Year-to-date     $6.87 bln  $6.94 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 = 64.8700 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below