February 22, 2017 / 3:32 AM / 7 months ago

Morning News Call - India, February 22

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    FACTORS TO WATCH
    10:35 am: Federal cabinet likely to meet in New Delhi.
    
    12:00 pm: Andhra Pradesh Chief Minister and government’s Digital Payments
panel convenor Chandrababu Naidu at an event in Mumbai.
    
    12:30 pm: Railway Minister Suresh Prabhu, Communication Minister Manoj Sinha
at inspection of new rake of Antyodaya express in New Delhi.
    
    TRADING INDIA FORUM-INDIA'S DIAMOND MARKET
    India’s largely cash traded diamond market saw a sharp downturn post Modi’s
demonetization drive. While traders were hit, the industry came to a virtual
standstill. Sachin Jain, president, Forevermark Diamonds, will join the forum at
11:00 am to discuss about the market recovery and long-term effects of the
demonetization drive on the industry. To join the conversation, click on the
link: here
    
    LIVECHAT-CRUDE FOCUS
    Oil markets remain under pressure as crude supplies remain bloated despite
the OPEC cuts, while U.S. production is on the rise. OPEC may now be considering
extending its oil supply-reduction pact with non-members and might even apply
deeper cuts if global crude inventories failed to drop to a targeted level. At
09:00 am, Vandana Hari, founder of Vanda Insights, will discuss what that level
could be along with her outlook for the energy markets. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • PM Modi urges U.S. to keep an open mind on visas for skilled workers 
    Prime Minister Narendra Modi urged the United States on Tuesday to keep an
open mind on admitting skilled Indian workers, in comments that pushed back
against Republican President Donald Trump's "America First" rhetoric on jobs.

    • India must urgently resolve bad debt at lenders - RBI deputy governor 
    Reserve Bank of India Deputy Governor Viral Acharya said India needs to
urgently address the large amounts of bad debt held by its lenders, outlining
potential solutions including the creation of public or private agencies to buy
the soured loans.
    • India top oil explorer takes profit hit from royalty payments 
    Oil and Natural Gas Corp will take a 16 billion rupee hit to its quarterly
earnings to account for previous royalty payments to Indian states, the oil
exploration company's finance head A. K. Srinivasan said.
    • Reliance Jio racks up 100 million subscribers but ends freebies 
    Reliance Industries' Jio telecoms unit will charge for its services from
April, ending an almost seven month spree of free calls and data that shook up
India's telecoms sector and helped the new arrival rack up more than 100 million
users.
    • Tata Sons' new chairman to focus on shareholder returns, capital
allocation 
    Tata Sons, the holding company of the $100-billion Tata group, will focus on
boosting shareholder returns and tightening capital allocation rules,
newly-appointed chairman Natarajan Chandrasekaran said in a statement on
Tuesday.
       
    
    GLOBAL TOP NEWS
    • Trump to spare U.S. 'dreamer' immigrants from crackdown 
    U.S. President Donald Trump's administration plans to consider almost all
illegal immigrants subject to deportation, but will leave protections in place
for immigrants known as "dreamers" who entered the United States illegally as
children, according to official guidelines released on Tuesday.
    • EXCLUSIVE- White House delivered EU-sceptic message before Pence visit -
sources
    In the week before U.S. Vice President Mike Pence visited Brussels and
pledged America's "steadfast and enduring" commitment to the European Union,
White House chief strategist Steve Bannon met with a German diplomat and
delivered a different message, according to people familiar with the talks.

    • Australia's central bank sees danger in high household debt 
    The head of Australia's central bank on Wednesday gave the clearest signal
yet that further cuts in interest rates would not be in the national interest as
the danger of a debt-fuelled boom and bust was too severe.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were at 8,920.50, up 0.1 pct from its previous
close.
    • The Indian rupee will likely open little changed against the dollar, as
caution ahead of the release of the Federal Reserve’s meeting minutes shaved off
some of the greenback’s overnight gains. 
    • Indian government bonds will likely trade steady in early session, as
investors await minutes of India’s Monetary Policy Committee and U.S. Federal
Reserve policy review meetings. The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.87 pct-6.92 pct band today. The paper
had settled at 100.47 rupees, the lowest since Sep. 6, yielding 6.90 pct on Feb.
20. 
    
        
    GLOBAL MARKETS
    • U.S. stocks rose to fresh record highs on Tuesday, boosted by strong
earnings reports from Wal-Mart and Home Depot and continued optimism about the
economic agenda of President Donald Trump.
    • Asian stocks edged up joining a record-setting night for world markets as
investors cheered upbeat factory activity in Europe and solid earnings on Wall
Street.
    • The dollar edged down in Asian trading as investors awaited the minutes of
the Federal Reserve's latest meeting for clues as to the pace of interest rate
hikes, while the euro nursed losses and remained pressured by European political
woes.
    • U.S. Treasury debt yields edged higher in rangebound trading on Tuesday,
supported by generally improved market appetite for risk as stocks and
commodities gained.
    • Oil prices held near multi-week highs after OPEC signalled optimism over
its deal with other producers to curb output to clear a glut that has weighed on
markets since 2014.
    • Gold held firm after falling as much as 1 percent the session before, with
investors waiting for minutes from the Federal Reserve's last meeting for clues
on the timing of interest rate hikes.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         66.97/67.00  February 21      -         -
 10-yr bond yield  -            Month-to-date    -         -
                                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 = 66.92 Indian rupees)


 (Erum Khaled in Bengaluru)
  

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