October 18, 2016 / 3:22 AM / 10 months ago

Morning News Call - India, October 18

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    FACTORS TO WATCH
    10:15 am: RBI Executive Director G. Mahalingam delivers keynote address at
Morningstar Investment conference in Mumbai.
    
    GMF: LIVECHAT - BREXIT FOCUS with Aurelija Augulyte, Senior Analyst and
Macro Strategist, Nordea Markets
    Since British PM Theresa May has talked about a March timeline for
triggering Article 50, the pound has been tumbling with increasing talks of a
""hard Brexit"". Aurelija, our forum regular will join us with her outlook. at
1130 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Foreign interest in high-yielding India bonds wanes
    Demand for high-yielding Indian government bonds is dwindling, going by the
reduced interest seen at an auction on Monday for foreign investors for
rupee-denominated sovereign paper. 
     Maersk defends sending ships to Indian shipbreaking yard
    Shipping conglomerate A.P. Moller-Maersk said on Monday it was striving to
improve workers' rights at shipbreaking yards it uses in India after criticisms
of hazardous conditions. 
     Fire in private hospital in eastern India kills 14
    At least 14 people died on Monday when a fire broke out at a private
hospital in the eastern Indian state of Odisha, officials said. 
    
    
    GLOBAL TOP NEWS
     Netflix subscriptions boom around world, shares jump 20 percent
    Netflix Inc added over 50 percent more subscribers than expected in the
third quarter as original shows such as "Stranger Things" drew new international
viewers and kept U.S. customers despite a price hike, sending its shares soaring
20 percent in late trade. 
     Australia's Crown Resorts 'deeply concerned' about employees detained in
China
    Billionaire James Packer, the majority owner of Australian Crown Resorts
Ltd, said he was very concerned for 18 company employees detained in China for
suspected "gambling crimes." 
     Chinese state firms launch $1.8 billion fund to invest in impoverished
regions
    A group of 51 enterprises run by the Chinese central government has launched
a 12.2 billion yuan ($1.83 billion) fund to invest in the country's poorest
regions, as part of China's strategic plan to use market forces in the fight
against poverty. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,572.00, trading up 0.47 pct from its
previous close.
     The Indian rupee is poised to open higher against the dollar, tracking its
Asian peers, as mixed U.S. economic data and profit-taking weighed on the
greenback.
     Indian government bonds are likely to fall in early session amid absence
of fresh triggers, while investors await another round of open market purchase
of notes by the country's central bank. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.72 pct - 6.77 pct band.
    
    
    GLOBAL MARKETS
     Wall Street ended modestly lower on Monday as energy stocks retreated
along with oil prices, while Amazon and Netflix weighed on the consumer
discretionary sector. 
     Asian stocks crept up thanks to a rebound in oil prices and the dollar
consolidated recent gains although underlying risk appetite was cautious on
concerns over capital outflows and weak data, especially from China. 
     The dollar took a breather from its recent gains, edging away from
seven-month highs against a currency basket as investors took stock of U.S.
monetary policy expectations over the near term. 
     U.S. Treasury yields declined after hitting four-month highs on Monday, as
investors sought bargains in bonds whose prices had dropped on Federal Reserve
Chair Janet Yellen's remarks last week which suggested that the central bank
might tolerate higher inflation. 
     Oil prices rose as some analysts said markets might not be quite as
oversupplied as suggested by many, with global inventories rising less than
expected ahead of the high-demand winter heating season in the northern
hemisphere. 
     Gold prices held steady as the U.S. dollar weakened, while rebounding
equities capped gains. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.78/66.81  October 17       -$68.60 mln  -$70.56 mln
 10-yr bond yield  6.92 pct     Month-to-date    -$86.32 mln  -$1.04 bln
                                Year-to-date     $7.42 bln    -$1.00 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 = 66.89 Indian rupees)

 (Compiled by Sai Sharanya Khosla in Bengaluru)

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