February 16, 2017 / 3:24 AM / in 8 months

Morning News Call - India, February 16

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    FACTORS TO WATCH
    10:00 am: Junior Finance Minister Arjun Ram Meghwal at CII event in New
Delhi.
    
    LIVECHAT: COMMODITIES OUTLOOK
    Oil markets remain under pressure as crude supplies remain bloated despite
the OPEC cuts, while U.S. production is on the rise. Copper prices are on the
rise due to supply worries and gold is seeing a decent run thanks to political
uncertainty in Europe and worries over U.S. President Donald Trump's policies.
At 9:30 am, Gavin Wendt, Founding Director & Senior Resource Analyst, MineLife,
will give us his outlook on commodities. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
     Indian exports rise for fifth month as commodities rebound
    India's goods exports rose in January for the fifth straight month on the
back of stronger commodity prices, despite growing protectionist and anti-trade
sentiment in the United States and Europe. 
     Banks fight for $40 mln fee pot in advising on Vodafone India merger
    BofA Merrill Lynch, UBS and Standard Chartered are among banks scrambling to
win advisory roles in a potential merger involving Vodafone in India, sources
said, as they chase a rare big deals-related payday in the country. [nL4N1FZ3B7
     AIRSHOW-India and Russia seek to revive stalled helicopter venture
    India and Russia are nearing a joint venture to make light helicopters in
India, reviving a plan announced by Russian President Vladimir Putin in 2015.
 For more on AIRSHOW, click on the link: here
     Indian cabinet approves State Bank's planned merger with subsidiaries
    India's federal cabinet has approved top lender State Bank of India's
planned merger with its five subsidiary banks, Finance Minister Arun Jaitley
said on Wednesday. 
     Tata Steel UK workers accept cuts to pension benefits 
    Tata Steel's British workers voted on Wednesday to accept pension benefit
cuts in return for safeguards on jobs and investment, although the Indian
company's plan to spin off its entire UK pension scheme still faces regulatory
hurdles. 
     Uttar Pradesh holds 2nd election round, amid row over exit pol
    Indians voted on Wednesday in the second round of a state election that is
the biggest test of support for Prime Minister Narendra Modi since he rose to
power three years ago, as controversy raged over the illegal publication of an
exit poll. 
     India launches record 104 satellites at one go 
    India successfully launched 104 satellites in a single mission on Wednesday,
setting what its space agency says is a world record of launching the most
satellites at one go. 
    
    
    GLOBAL TOP NEWS
     U.S. lawmakers push for answers on Trump team's Russia ties 
    A crisis over the relationship between President Donald Trump's aides and
Russia deepened on Wednesday as a growing number of Trump's fellow Republicans
demanded expanded congressional inquiries into the matter. 
     Malaysia arrests second woman in suspected assassination of N.Korean
    Malaysia has detained a second woman suspected in the apparent assassination
of the estranged half-brother of North Korean leader Kim Jong Un, state news
agency Bernama reported on Thursday, citing the inspector general of police.
 
     Samsung chief arrives at prosecutor's office before arrest hearing
    Samsung Group chief Jay Y. Lee appeared at South Korea's special
prosecutor's office on Thursday before a court hearing that will decide whether
to issue an arrest warrant over his role in a corruption scandal that has
engulfed President Park Geun-hye. 
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures were at 8,756.00, up 0.05 pct from its previous
close.
     The Indian rupee will likely open little changed to slightly higher
against the dollar, as the greenback retreated from one-month highs despite
better-than-expected U.S. economic data after investors took profits. 
     Indian sovereign bonds will likely open steady ahead of a government
buyback of securities later today. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.83 pct-6.89 pct band today. The bond
paper had closed at 100.74 rupees, yielding 6.86 pct, yesterday.
    
    
    GLOBAL MARKETS
     Wall Street pushed further into record-high territory on Wednesday, with
the S&P 500 notching a seven-session winning streak, helped by a round of robust
economic data and ongoing optimism that President Donald Trump will cut
corporate taxes. 
     Asian stocks edged up to fresh 19-month highs, helped by an extended rally
on Wall Street and strong U.S. data. 
     The dollar took a breather after climbing to a one-month high as a run of
upbeat U.S. economic data rekindled expectations of an early rate hike by the
Federal Reserve. 
     Benchmark U.S. Treasury yields rose to 2-1/2-week highs after data showing
surging consumer price inflation in January bolstered expectations that the
Federal Reserve is closer to raising interest rates. 
     Oil prices eased slightly in choppy trade as record high U.S. crude and
gasoline inventories fed concerns about a global glut. 
     Gold prices inched up as the dollar drifted down from one-month highs hit
in the previous session on upbeat U.S. economic data. 
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.86/66.89  February 15      $33.81 mln   $17.34 mln
 10-yr bond yield  7.21 pct     Month-to-date    $371.08 mln  $1.07 bln
                                Year-to-date     $364.69 mln  $959.11 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 = 66.90 Indian rupees)
    
        

 (Erum Khaled in Bengaluru)

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