January 9, 2018 / 3:21 AM / 5 months ago

Morning News Call - India, January 9

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    FACTORS TO WATCH
    12:30 pm: Newgen Software Technologies to announce details of its IPO in
Mumbai
    4:00 pm: Transport Minister Nitin Gadkari, Maruti Suzuki India CEO Keinichi
Ayukawa to be present at signing of a pact between Delhi Police and Maruti
Suzuki in New Delhi.
    5:00 pm: Finance Minister Arun Jaitley and Commerce Minister Suresh Prabhu
to speak about India’s agenda at annual meeting of World Economic Forum in New
Delhi.

    
    LIVECHAT-BREAKINGVIEWS PREDICTIONS 2018
    There is plenty of discord and uncertainty as U.S. President Donald Trump’s
second year starts. Yet money is cheap, the global economy is motoring, and
markets are ebullient. That combustible mixture could be called “froth and
frustration.” How this ironic social contrast, worthy of Jane Austen, resolves
itself will be key for 2018. Quentin Webb, Reuters Breakingviews Asia Finance
Editor, joins us to discuss at 0900 IST. To join the conversation, click on the
link tmsnrt.rs/2z4G4mX
    
    INDIA TOP NEWS
    • Supreme Court sets aside order cancelling larger tobacco health warnings
    India's Supreme Court on Monday put on hold a lower court's order that
quashed federal rules mandating larger health warnings on tobacco packages, in a
setback for the country's $11 billion tobacco industry.
    
    • Jaguar Land Rover warns on UK outlook after record 2017 global sales
    Jaguar Land Rover's sales rose 7 percent to a record 621,109 vehicles in
2017 but Britain's biggest carmaker said it faced tough conditions in its home
market due to weakening consumer confidence and a planned diesel tax rise on new
cars.
    
    • India rejects US solar claim at WTO, explores new defence
    India hit back on Monday at Washington's latest legal assault on its solar
power policies at the World Trade Organization, rejecting a U.S. legal claim and
exploring possible new protection of India's own solar industry.
    
    •  India has no plan now to raise import tax on sugar- govt source
    India has no immediate plan to raise import tax on sugar as the government
does not see prospects of imports from Pakistan as of now, a senior government
official said on Monday.
    
    • India sparks outcry over press freedom by naming reporter in probe on
database breach
    The Indian government named a reporter in a police complaint after she wrote
an article alleging a data breach in a federal identity database, drawing
criticism from a journalist group that accused officials of trying to muzzle
free speech.
    
    
    GLOBAL TOP NEWS
    • North, South Korea begin talks as Winter Olympics help break ice
    North and South Korea kicked off their first formal talks in more than two
years on Tuesday, with both sides expressing optimism ahead of discussions on
how the North's athletes can attend the Winter Olympics in the South despite
tensions.
    
    • Trump to call on Pentagon, diplomats to play bigger arms sales role
–sources
    The Trump administration is nearing completion of a new "Buy American" plan
that calls for U.S. military attaches and diplomats to help drum up billions of
dollars more in business overseas for the U.S. weapons industry, going beyond
the limited assistance they currently provide, officials said.
    
    • Samsung Elec profit guidance misses expectations as won weighs
    Samsung Electronics estimated a record fourth-quarter profit but the
guidance fell short of market expectations as a strong won and one-off staff
bonuses took the shine off surging DRAM chip prices.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,653.50, trading up 0.2 pct from
its previous close.
    • The Indian rupee will likely trade little changed against the dollar in
early session, amid expectation that strong local shares will offset gains in
the greenback as the euro rally fizzles out.
    • Indian sovereign bonds are likely to fall in early session tracking gains
in crude oil prices that threaten to add to inflation. Investors also await a
state bond auction later today. The yield on the benchmark 6.79 pct bond
maturing in 2027 is likely to trade in a 7.32 pct-7.38 pct band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 extended its winning streak for 2018 on Monday although its
advance slowed to a crawl as the healthcare and financial sectors weighed and
investors awaited the start of the quarterly earnings season.
    • Asian shares edged higher on, approaching record highs after the S&P 500
extended its winning streak, while the dollar steadied against its major
counterparts.
    • The euro languished after slipping from last week's high as investors were
cautious after a months-long rally, while the dollar firmed against the yen
though a lack of catalysts tempered its momentum.
    • U.S. bond yields were little changed on Monday after a boost from stronger
German government debt and a Federal Reserve official's remarks that the U.S.
central bank may only raise rates two times this year.
    • U.S. oil prices hit their highest since 2015 as speculators bet on further
price rises amid OPEC-led production cuts and a dip in American drilling
activity.
    • Gold prices inched down as the dollar held steady amid expectations of
more U.S. interest rate hikes this year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         63.40/63.43  January 8        $109.03 mln  $92.65 mln
 10-yr bond yield  7.30 pct     Month-to-date    $311.57 mln  $138.40 mln
                                Year-to-date     $311.57 mln  $138.40 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 = 63.4700 Indian rupees)
0 : 0
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