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Morning News Call - India, February 3
February 3, 2017 / 3:20 AM / 9 months ago

Morning News Call - India, February 3

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    FACTORS TO WATCH
    11:00 am: Budget session of parliament continues in New Delhi.
    
    3:00 pm: Finance Minister at interactive session with industry chambers in
New Delhi.
    
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT-WEEKAHEAD
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 4:30 pm. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
     Indian IT firms to meet Trump officials on visa reform concerns 
    Indian IT sector leaders will meet both U.S. lawmakers and officials from
U.S. President Donald Trump's administration later this month to lobby against
any major changes to visa regulations that could hurt the country's $150 billion
industry. 
     Apple moves closer to iPhone assembly in India
    The government of the Indian state of Karnataka said on Thursday it welcomed
a proposal from Apple to begin initial manufacturing operations in the state, in
a sign the tech company is slowly moving forward with plans to assemble iPhones
in the country. 
     Tata Motors says set for first TAMO brand car launch next month
    Indian carmaker Tata Motors said on Thursday it was set to launch the first
car under its new TAMO brand next month, with the brand aimed at testing new
technologies and enabling the company to become more responsive to changing
market trends. 
     Uber names former Tata Sons exec as India business development head
U.S. ride-hailing giant Uber Technologies said on Thursday it has tapped Madhu
Kannan as its chief business officer for India and emerging markets. 
     Vodafone says pressures in India and UK to weigh on earnings
    Cut-throat comp etition in India and an onslaught from rivals in its home
market prompted Britain's Vodafone to nudge its full-year earnings guidance down
on Thursday sending its share price lower. 
     India may name advisers for $1.6 bln stake sale in insurers within months
India is likely to within months name advisers for its planned listing of five
state-run general insurers to raise as much as $1.6 billion this year, bankers
said. 

    
    GLOBAL TOP NEWS
     Tense call between Trump and Australian leader strains longtime ties
    U.S. ties with staunch ally Australia became strained on Thursday after
details about an acrimonious phone call between its leaders emerged and U.S.
President Donald Trump said a deal between the two nations on refugee
resettlement was "dumb." 
     U.S. to issue new Iran sanctions, opening shot in get-tough strategy
-sources
    U.S. President Donald Trump is poised to impose new sanctions on multiple
Iranian entities, seeking to ratchet up pressure on Tehran while crafting a
broader strategy to counter what he sees as its destabilizing behavior, people
familiar with the matter said on Thursday. 
     Uber CEO quits Trump's business advisory group
    Uber Technologies Chief Executive Officer Travis Kalanick quit U.S.
President Donald Trump's business advisory group on Thursday amid mounting
pressure from activists and employees who oppose the administration's
immigration policies. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,751.00, up 0.22 pct from its previous
close.
     The Indian rupee is poised to open higher against the dollar, as caution
ahead of monthly U.S. nonfarm payrolls data and ongoing concerns about President
Donald Trump's policies kept the greenback on track for a fourth consecutive
weekly loss. 
     Indian sovereign bonds will likely edge lower ahead of a fresh supply of
debt through an auction later today. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.39 pct-6.44 pct band today. The bond
had closed at 104.03 rupees, yielding 6.40 pct, yesterday.
    
    
    GLOBAL MARKETS
     U.S. stocks ended little changed on Thursday as the recent rally continued
to stall following President Donald Trump's latest comments on trade and the
policies he will pursue. 
     Asian stocks got off to a tentative start as investors await the outcome
of a key U.S. monthly jobs report that will set the tone for the Federal
Reserve's policy outlook and as China's markets reopen after a week-long break.
 
     The dollar took a breather in early Asian trade, poised for weekly losses,
as investors awaited U.S. employment data for clues to the timing of the Federal
Reserve's next interest rate hike. 
     U.S. Treasuries were steady as investors waited on Friday's employment
data for January, which will be evaluated for any new indications on when the
Federal Reserve is likely to next raise interest rates. 
     Oil prices edged up on news that U.S. President Donald Trump could be
poised to impose new sanctions on multiple Iranian entities, firing geopolitical
tensions between the two nations. 
     Gold prices slipped on a firmer dollar and as investors booked profits
after the metal hit 11-week highs the session before. 
     
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         67.21/67.24  February 2       -           $2.82 mln
 10-yr bond yield  6.7 pct      Month-to-date    -           $123.74 mln
                                Year-to-date     $4.66 mln   $11.66 mln
 
    
    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 = 67.37 Indian rupees)
    
 

 (Erum Khaled in Bengaluru)

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