India rules out lowering sugar import tax for now - govt source
NEW DELHI India, the world's biggest sugar consumer, has no plan to lower import duty on the sweetener, at least in the near term, a government official said on Thursday.
Reuters Market Eye - J.P.Morgan expects USD/INR to test 57 per dollar in the next three months as Narendra Modi's sweeping electoral victory "is a more transformational outcome for India macro than most could have imagined" and will thus attract foreign inflows.
The bank adds it expects Modi to fight inflation through administrative measures, and the focus on the RBI should reduce.
As a result, J.P.Morgan recommends receiving 5-year OIS expecting the rate to fall 25-50 bps, inverting the swap curve further.
However, J.P.Morgan warns that higher borrowing from the new government could hurt longer-tenure bonds and recommends investors stick to the 5-year government bonds for carry.
(Reporting by Neha Dasgupta)
NEW DELHI Some Indian officials have baulked at Apple's demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi's campaign to lure foreign investors.
Wall Street banks once earned huge profits by encouraging bond traders to swing for the fences, but their fourth-quarter results show how dramatically that model has changed.