April 13, 2017 / 3:22 AM / 3 months ago

Morning News Call - India, April 13

7 Min Read

(Morning News Call - India edition will not be published on Friday, April 14, as
markets are closed for Dr. Babasaheb Ambedkar Jayanti and Good Friday.)

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    FACTORS TO WATCH
    11:15 am: Petroleum Secretary K. D. Tripathi briefs media on cabinet
decisions related to the ministry in New Delhi.
    4:00 pm: India Ratings webinar on power sector in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data 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? Reuters auto
correspondent Jake Spring will discuss the trend of the industry at 11:30 am. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Higher fuel prices drive up India's inflation to five-month high
    Higher fuel costs drove up India's headline inflation to its highest level
in five months in March, data showed, vindicating a central bank decision last
week to keep its policy rate on hold amid concern about price pressures.

    • Indian sales tax coming July 1, to boost growth, revenues - official
    India will launch a new national sales tax as planned on July 1 to boost
economic growth and state revenues, a finance ministry official said on
Wednesday, despite calls from some businesses for a delay.
    • Indian state refiners to revise fuel price in 5 cities daily from May 1 -
sources
    India's state-owned fuel retailers plan to implement daily revision of fuel
price in five cities from May 1 ahead of a nationwide roll out of the scheme,
industry sources said.
    • Indian-Greek venture offers 480 mln euros to build Crete airport -sources
    The only bid submitted to build an airport on the island of Crete was priced
at 480 million euros ($509.42 million), well below the expected 850 million,
sources close to the project said on Wednesday.
    
    
    GLOBAL TOP NEWS
    • China's Xi urges peaceful resolution of N.Korea tension in call with Trump
    Chinese President Xi Jinping called for a peaceful resolution of rising
tension on the Korean peninsula in a telephone conversation with U.S. President
Donald Trump on Wednesday, as a U.S. aircraft carrier strike group steamed
towards the region.
    • U.S.-Russia relations at another low after Syria attacks
    The presidents of the United States and Russia on Wednesday both presented
souring views of the relationship between their two countries, exchanging sharp
words as Moscow extended an icy welcome to the United States' top diplomat in a
face-off over Syria.
    • Foreign journalists in North Korea gather for "big event" amid tensions
    Foreign journalists visiting North Korea gathered in Pyongyang for "a big
and important event" with tensions high over the possibility of a new weapons
test by the isolated state and as a U.S. carrier group sails towards the Korean
peninsula.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,202.50, trading little changed
from its previous close.
    • The Indian rupee will likely open higher against the dollar, as the
greenback slipped after U.S. President Donald Trump said the currency was
getting too strong and that he prefers a low interest rate policy.
    • Indian government bonds will likely edge higher in early trade tracking a
slide in U.S. Treasury yields after President Donald Trump said he preferred a
low Federal funds rate. The yield on the benchmark 6.97 pct bond maturing in
2026 is likely to trade in a 6.75 pct-6.81 pct band today. The bond closed at
101.30 rupees, yielding 6.78 pct, yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks eased on Wednesday and the S&P 500 closed below a key
technical level for the first time since Election Day, pressured by lingering
geopolitical concerns and President Donald Trump's comments on the dollar and
interest rates.
    • Japanese stocks posted fresh four-month lows as the yen spiked against the
dollar after U.S. President Donald Trump said the U.S currency was too strong,
hitting automakers and tech shares hard.
    • The dollar slumped broadly, falling to a five-month low against the yen,
after U.S. President Donald Trump helped accelerate its recent decline by saying
the currency was too strong.
    • U.S. Treasury yields fell on Wednesday with benchmark yields hitting a
near five-month low, prompted by comments by U.S. President Donald Trump on
favoring low interest rates made in a newspaper interview published in late U.S.
trading.
    • Crude oil futures slid for a second session, moving away from a one-month
high touched briefly in the last session as rising U.S. production stoked
worries about global oversupply.
    • Gold hit a five-month peak as the U.S. dollar slid after President Donald
Trump said he preferred lower interest rates with the greenback "too strong",
and amid rising tensions over U.S. relations with Russia and North Korea.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         64.52/64.55  April 12         -$89.8 mln  $116.57 mln
 10-yr bond yield  7.16         Month-to-date    -$1.2 mln   $2.89 bln
                                Year-to-date     $6.78 bln   $8.36 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 = 64.6850 Indian rupees)

 (Reporting by Nayyar Rasheed in Bengaluru)
  

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