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Morning News Call - India, May 9
May 9, 2017 / 3:23 AM / 7 months ago

Morning News Call - India, May 9

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    9:15 am: S. Chand and Company lists on stock exchanges in Mumbai.
    10:00 am: Railways Minister Suresh Prabhu at a sports event in New Delhi.
    10:30 am: Society of Indian Automobile Manufacturers to release sales data
for April in New Delhi.
    12:15 pm: PSP Projects IPO briefing in Mumbai.
    3:30 pm: Dena Bank earnings briefing in Mumbai.

    With the probability of a Fed interest rate hike in June jumps to almost 70
percent and the geopolitical tensions in Northeast Asia continue to rise,
investors are watching if the yellow metal can rebound from the 1-month low in
near term. Australian Bullion Company chief economist Jordan Eliseo will discuss
the outlook of gold price at 10:30 am. To join the conversation, click on the
link: here
    •A step for India's banks, but no giant leap for bad debt
    India's move to strengthen the hand of its central bank will help it push
reluctant lenders towards writedowns and errant borrowers into insolvency,
bankers said, but the country is far from drawing a line under its $150 billion
of sour debts. 
    •India's Bharti Infratel Q4 profit falls 17 pct, misses estimates
    Indian telecom tower company Bharti Infratel Ltd posted a 17 percent drop in
its fourth-quarter consolidated net profit, missing analysts' estimate, hurt by
higher expenses.
    •India's Canara Bank posts Q4 profit on lower bad loan provisions
    Indian public sector lender Canara Bank reported a profit for the fourth
quarter, compared with a year-ago loss, on the back of lower provisions for bad
    •Union Bank of India Q4 profit rises 13 pct, misses estimates
    Union Bank of India Ltd on Monday posted a 13 percent rise in its
fourth-quarter net profit as the gross bad-loan ratio eased sequentially, but
fell short of analysts' expectations.
    •India's top refiner in early talks with Aramco for downstream project
    India's top refiner said it is in initial talks with Saudi Aramco on
downstream investments, including a mega project on its west coast, that could
help the OPEC member lock-in customers amid an oil supply glut.
    •India finmin Jaitley says liberalisation will prevail over protectionism
    Indian Finance Minister Arun Jaitley on Monday played down fears held among
some market participants that protectionism will spread globally and weigh on
economies, including that of India.

    • South Koreans vote for new leader after months of political vacuum
    South Koreans began voting on Tuesday to elect a new leader, looking to move
on from a corruption scandal that brought down former President Park Geun-hye
and shook the political and business elite to the core.
    •As China's battle with leverage begins to bite, risk bites back
    A Chinese government campaign to cut leverage in the banking system and
limit some risky activities appears to be working, but it is also pushing
borrowers back towards alternative funding sources that carry similar risks to
the financial system.
    •France's victorious Macron reminded of huge, immediate challenges
    Emmanuel Macron was confronted on Monday with pressing reminders of the
challenges facing him as France's next president, even as allies and some former
rivals signalled their willingness to work closely with him.

    (As reported by NewsRise)
    •The SGX Nifty Futures was trading at 9,357.50, up 0.13 pct from its
previous close.
    •The Indian rupee will likely edge lower against the dollar, tracking most
of its Asian peers amid a lack of fresh triggers and as buying momentum stemming
from Emmanuel Macron’s widely-expected French election win slowed.
    •Indian sovereign bonds will likely edge higher after the federal government
announced the issuance of a new 10-year paper this week, which is expected to
drag yields lower across the curve.The yield on the benchmark 6.97 pct bond
maturing in 2026 is likely to trade in a 6.88 pct-6.95 pct band today.

    • The S&P 500 ended flat on Monday after briefly touching a record high,
while Wall Street's "fear gauge" dropped to its lowest in over two decades
following centrist Emmanuel Macron's victory in the French presidential
    • Asian stock markets were subdued, taking their cue from a flat Wall
Street, as investors searched for the next catalyst following France's
presidential election, while oil inched higher on expectations OPEC supply cuts
will be extended.
    • The euro pulled back from recent six-month highs, but remained
well-supported as fading worries over political populism and signs of improving
economic conditions in Europe bolstered investor confidence.
    • U.S. Treasury yields rose on Monday with benchmark yields hitting a
four-week high in advance of the sale of $62 billion in bond supply at this
week's quarterly refunding and following centrist Emmanuel Macron's victory in
the French presidential run-off.
    • Oil prices edged up, driven by anticipation that an OPEC-led pledge to cut
production would be extended beyond the first half of the year and into 2018,
although overall high supply still weighed on markets.
    • Gold inched up early as Asian stocks eased, but was sitting near a
seven-week low hit in the previous session as Emmanuel Macron's victory in
French elections dampened the safe-haven appeal of the metal.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.41/64.44  May 8            -$8.42 mln    $219.91 mln
 10-yr bond yield  7.18         Month-to-date    -$126.89 mln  $844.85 mln
                                Year-to-date     $6.31 bln     $10.24 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 = 64.30 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)

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