January 10, 2017 / 3:21 AM / 8 months ago

Morning News Call - India, January 10

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    FACTORS TO WATCH
    5:00 pm: Transport Minister Nitin Gadkari to attend meeting of National Road
Security Council in New Delhi.
    
    LIVECHAT-CHINA'S RUSH FOR OVERSEAS ACQUSITIONS
    From domestic insurers to retail depositors, Chinese investors turbocharged
their purchases for real estate abroad in 2016. Darren Xia, head of China, JLL's
International Capital Group, will talk at 9:00 am about the trend going forward
against the backdrop of capital outflow control and the yuan devaluation. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
     Flipkart names former Tiger Global executive head of its core business
    India's leading e-commerce company Flipkart shook up its top management for
the second time in a year on Monday, naming a former executive of U.S. hedge
fund Tiger Global Management, one of its biggest investors, as head of its core
business. 
     BSE aims to challenge international finance hubs with new bourse
    Indian stock market operator BSE aims to win market share from financial
hubs such as Singapore and Hong Kong by investing in technology and offering
almost 24-hour trading at its new exchange in Gujarat, Chief Executive
Ashishkumar Chauhan said. 
     Jaitley: tax figures show little disruption from cash crackdown
    Indian Finance Minister Arun Jaitley on Monday flaunted robust tax receipts
to dismiss reports of economic disruption following Prime Minister Narendra
Modi's decision to abolish high-value currency bills. 
    
    
    GLOBAL TOP NEWS
     China's Dec producer prices accelerate at fastest pace in over 5 years
    China's producer prices surged the most in more than five-year highs in
December and by more than expected as prices of coal and other raw materials
soared, while consumer inflation remained subdued. 
     U.S. charges Volkswagen executive with fraud over emissions scandal
    Volkswagen AG suffered a new setback on Monday when an executive was charged
with conspiracy to defraud the United States over the company's diesel emissions
cheating and the automaker was accused of concealing the cheating from
regulators. 
     Trump's son-in-law Kushner to become senior White House adviser
    U.S. President-elect Donald Trump's son-in-law, Jared Kushner, will become a
senior White House adviser working on trade and the Middle East, transition
officials said on Monday, in a rare case of a close presidential family member
taking a major job. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,270.00, trading up 0.3 pct from its
previous close.
     The Indian rupee will likely open higher against the dollar, tracking its
Asian peers, as gains in the Japanese yen and an overnight decline in U.S.
Treasury yields weighed on the greenback.
     Indian sovereign bonds will likely edge lower in early trade ahead of the
auctions of state government debt as well short-term bills by the central bank
today. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to
trade in a 6.36 pct -6.42 pct band today. The bond had closed at 104.09 rupees,
the lowest since Jan. 3, yielding 6.39 pct, yesterday.
    
    
    GLOBAL MARKETS
     Declines in energy and financial stocks weighed on the S&P 500 on Monday
and helped stall the Dow's pursuit of the 20,000 milestone ahead of earnings
season and expected U.S. policy changes under the Donald Trump presidency. 
     Asian stock markets were on the back foot as risk appetite evaporated
overnight after the year's strong start, with equities retreating, oil markets
roiled by a supply surge and the pound sliding on renewed concerns about a
"hard" Brexit. 
     Sterling steadied in early Asian trade after weekend comments from British
Prime Minister Theresa May sent it skidding to 2 1/2-month lows, while the
dollar wallowed as investors locked in gains. 
     U.S. Treasury yields fall as nervousness about the China's currency and
Britain's exit from the European Union rekindle safe haven demand for low-risk
government bonds ahead of this week's $56 billion supply. 
     Oil markets were torn between production cuts by major exporters Saudi
Arabia and Russia and reports that supplies from other regions including North
America, Iraq, and Iran could offset any restraint aimed at curbing a global
glut. 
     Gold hovered below a 5-week peak hit the session before as the dollar
weakened, although the prospect of further U.S. rate hikes curbed gains. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         68.09/68.12  January 9        -$47.72 mln  $49.70 mln
 10-yr bond yield  6.66 pct     Month-to-date    -            $186.69 mln
                                Year-to-date     -            -
 
        
    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=68.21 Indian rupees)
    

 (Compiled by Sourav Bose in Bengaluru)

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