March 1, 2017 / 3:38 AM / 9 months ago

Morning News Call - India, March 1

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    FACTORS TO WATCH
    9:30 am: RBI Deputy Governor R. Gandhi at an event in Mumbai.
    
    10:00 am: Controller General of Accounts Archana Nigam at an event in New
Delhi.
    
    12:15 pm: Avenue Supermarts IPO press conference in Mumbai.
    
    4:00 pm: Chemicals & Fertilizers and Parliamentary Affairs Minister Ananth
Kumar at an awards event in New Delhi.
    
    LIVECHAT-COMMODITIES FOCUS 
    Clyde Russell, Reuters Asia Commodities and Energy Columnist, joins us at
9.30 am to discuss OPEC output, copper supply shortages, China's clampdown on
low quality iron ore and U.S. President Trump's policy uncertainties. To join
the conversation, click on the link: forms.thomsonreuters.com
communities/
    
    
    INDIA TOP NEWS
    • India's strong GDP data leaves economists scratching their heads 
    India defied expectations on Tuesday to retain the title of the world's
fastest growing major economy, despite the pain caused by Prime Minister
Narendra Modi's shock crackdown on cash.
    • Tough love for bad debt? RBI deputy targets Indian banks' toxic loans 
    Economist Viral Acharya spent nearly two decades studying banking crises
around the world. Now, as a deputy governor at India's central bank, he is
turning his attention to one that may be developing at home.
    • Finance ministry official Tyagi takes helm at India's market regulator
    Finance ministry official Ajay Tyagi takes over as Securities and Exchange
Board of India Chairman with two likely priorities - developing the country's
commodity and corporate bond markets and shoring up corporate governance.

    • India's fiscal deficit breaches 2016/17 target in Jan 
    India's fiscal deficit INFISC=ECI in the first 10 months to January was 5.64
trillion rupees or 105.7 percent of the budgeted target for the fiscal year
ending in March 2017, government data showed on Tuesday.
    • Tata Sons moves to settle $1.18 bln legal dispute with DoCoMo 
    Tata Sons has agreed to pay NTT DoCoMo $1.18 billion to buy out the Japanese
firm's stake in a telecoms joint venture, paving the way for the settlement of a
long-standing dispute days after a new chairman took charge at the Indian
conglomerate.
    • India aviation regulator probes P&W engine issues on Airbus A320 NEOs 
India's aviation regulator said it is investigating issues that have arisen with
the Pratt and Whitney engines in Airbus Group's A-320 NEO narrow-body jets
brought into service over the past year by two local carriers.
    • India issues fresh antibiotic guidelines to tackle superbug menace 
    India, one of the world's biggest consumers of antibiotics, has issued new
national guidelines on their use as part of a drive to fight the rise of
drug-resistant superbugs.
    
    
    GLOBAL TOP NEWS
    • Trump opens door to immigration reform in speech to Congress 
    U.S. President Donald Trump said on Tuesday he was open to a broad overhaul
of the U.S. immigration system, a shift from his hardline campaign rhetoric, as
he made his first speech to Congress following a turbulent first month in
office.
    • Australia economy extends recession-free run with solid Q4 growth 
Australia's economy rebounded sharply last quarter as commodity exports boomed
while consumers and the government lifted spending, extending the resource rich
nation's 25-year streak of uninterrupted expansion.
    • FBI investigating shootings of Indian men in Kansas as hate crime
The deadly shooting of an Indian engineer and wounding of his co-worker last
Wednesday at a bar in Kansas is being investigated as a hate crime, the Federal
Bureau of Investigation said on Tuesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 8,920.50, trading up 0.1 pct from
its previous close.
    • The Indian rupee will likely open slightly lower against the dollar, as
rising expectations of a Federal Reserve rate increase next month support the
greenback, even as investors digest U.S. President Donald Trump’s first address
to Congress. 
    • Indian government bonds are poised to open lower tracking a rise in U.S.
Treasury yields, as a Federal Reserve official’s comments have reignited bets of
an early interest rate increase in the world’s largest economy. The yield on the
benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.85 pct-6.92
pct band today.  The paper had settled at 100.69 rupees, yielding 6.87 pct
yesterday.
    
    
    GLOBAL MARKETS
    • U.S. stocks slipped on Tuesday and the Dow snapped a 12-day streak of
record closes as investors awaited President Donald Trump's address to Congress,
while a disappointing outlook from Target dragged down retailers.
    • The dollar and Treasury yields jumped after Federal Reserve officials
jolted traders by suggesting an interest rate rise may be imminent even as
markets remained on tenterhooks ahead of a looming speech by U.S. President
Donald Trump.
    • The dollar erased its earlier gains in Asia as U.S. President Donald Trump
delivered a key policy speech to the Congress, leaving a jittery market devoid
of any details on his economic stimulus in the early part of his speech.
    • U.S. crude lost more ground on rising U.S. oil output, although OPEC
production cuts continued to offer support.
    • Gold slipped on a stronger dollar ahead of a speech by U.S. President
Donald Trump that investors hope will shed more light on the details of his
economic policy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         66.70/66.73  February 28      $171.84 mln  $73.62 mln
 10-yr bond yield  7.19 pct     Month-to-date    $1.41 bln    $1.43 bln
                                Year-to-date     $1.40 bln    $1.32 bln
    
    
    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 = 66.69 Indian rupees)
    
    
    

 (Erum Khaled in Bengaluru)
  

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