April 10, 2017 / 3:20 AM / 4 months ago

Morning News Call - India, April 10

7 Min Read

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
    10:00 am: Earth Sciences Minister Harsh Vardhan at an event in New Delhi.
    10:00 am: Oil Minister Dharmendra Pradhan at an event in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    4:00 pm: India Ratings webinar on real estate sector in Mumbai.
    
    GMF: LIVECHAT - ASIA AIRLINE INDUSTRY
    The first loss reported by Cathay Pacific in eight years, and the strategic
deal struck between American Airlines and China Southern Airlines have drawn
investors' attention to the arena of Asia carriers. Independent research firm
Crucial Perspective founder Corrine Png will discuss the earnings performance
and industry trend at 9:00 am. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Snapdeal founders move to calm employees amid takeover speculation
    The founders of India's Snapdeal told employees in an email on Sunday that
the e-commerce company will ensure there is no disruption to staff "as the way
forward becomes clear," as speculation of a takeover swirls.
    • Softbank-backed Ola ramps up electric vehicles push in India
    Indian ride-hailing firm Ola, backed by Japan's Softbank Group, is preparing
for a large-scale rollout of electric vehicles by next year even as it runs
trials on the viability of the business model, Chief Executive Bhavish Aggarwal
said.
    • India cenbank releases paper on wholesale, long-term finance banks
    India's central bank on Friday released a discussion paper on a proposal to
set up "differentiated banks" in the form of wholesale and long-term finance
banks to fund large projects.
    • Indian state-run companies mull daily fuel price change -report
    India's state-run oil marketing companies, which control over 90 percent of
the retail fuel market in the country, are mulling a plan that would allow daily
changes in the price of automotive fuels, Economic Times reported on Friday.

    • Indian private equity firm to acquire Religare Health Insurance
    A consortium of investors led by Indian private equity fund True North has
agreed to acquire Religare Enterprises Ltd's health insurance business in the
country, the groups said in a joint statement on Sunday.
    
    
    GLOBAL TOP NEWS
    • Palm Sunday bombings of Egyptian Coptic churches kill 44
    At least 44 people were killed in Egypt in bomb attacks at the cathedral of
the Coptic Pope and another church on Palm Sunday, prompting anger and fear
among Christians and leading to troop deployments and the declaration of a
three-month state of emergency.
    • Assad allies say U.S. attack on Syria air base crosses "red lines"
    A joint command centre made up of the forces of Russia, Iran and militias
supporting Syrian President Bashar al-Assad on Sunday said the U.S. strike on a
Syrian air base on Friday crossed "red lines" and it would respond to any new
aggression and increase its support for its ally.
    • At strategic shoal, China asserts power through control, and concessions
    Far out in the South China Sea, where dark blue meets bright turquoise, a
miles-long row of fishing boats anchor near Scarborough Shoal, backed by a small
armada of coastguard projecting China's power in Asia's most disputed waters.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,220.00, trading little changed
from its previous close.
    • The Indian rupee will likely open lower against the dollar, in line with
its Asian peers, after a Federal Reserve official reinforced expectations of
more rate increases this year, even as a U.S. jobs report missed estimates.
Concern about escalating geopolitical tensions after a U.S. missile strike on
Syria last week continue to weigh on risk sentiment.
    • Indian government bonds will likely edge lower in early trade tracking
U.S. Treasury yields, which gained after a Federal Reserve official’s comments
reinforced bets of more rate increases in the world’s largest economy. 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 bond closed at a two-week low of 101.03 rupees,
yielding 6.82 pct, on Apr. 7.
    
    
    GLOBAL MARKETS
    • Wall Street's three major indexes edged lower on Friday in a choppy
session as investors grappled with a weaker-than-expected job report, the U.S.
airstrike in Syria and a top Federal Reserve official's comments on trimming the
U.S. central bank's balance sheet.
    • Asian stocks started the week on a cautious footing as increased
geopolitical risks prompted investors to favour safe-haven bets such as
government debt while the dollar benefited from comments from a U.S. central
banker.
    • The dollar started the week at three-week highs against a currency basket,
after a key U.S. Federal Reserve official reinforced the central bank's
commitment to interest rate hikes.
    • U.S. Treasury yields rose on Friday, reversing a plunge sparked by
weaker-than-expected U.S. jobs growth data, after a top Federal Reserve official
boosted expectations for interest rate increases.
    • Oil prices were firm, supported by strong demand and political uncertainty
in Syria, although another rise in U.S. drilling activity kept a lid on gains.

    • Gold inched down after hitting a 5-month high in the previous session,
weighed down by a stronger dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.26/64.29  April 7          -$40.8 mln   $1.24 bln
 10-yr bond yield  7.24         Month-to-date    $231.77 mln  $2.74 bln
                                Year-to-date     $7.01 bln    $8.21 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 = 64.2660 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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