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Morning News Call - India, October 23
October 23, 2017 / 3:17 AM / in 2 months

Morning News Call - India, October 23

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    FACTORS TO WATCH
    9:00 am: Indian Energy Exchange lists on exchanges in Mumbai.
    11:00 am: Minister for Petroleum & Natural Gas and Skill Development &
Entrepreneurship Dharmendra Pradhan at inauguration of Skill Development Centre
in New Delhi.
    11:30 am: Mahindra & Mahindra MD Pawan Goenka and Energy Efficiency Services
Ltd. MD Saurabh Kumar to announce public-private partnership to adopt energy
efficiency measures in Mumbai.
    
    
    LIVECHAT- JAPAN ELECTIONS
    A victory is widely expected for Abe and his Liberal Democratic Party in
Sunday's election, but Japan watchers are curious how voters react to Tokyo
Governor Yuriko Koike and her new Party of Hope. Reuters chief political
correspondent Linda Sieg in Tokyo will discuss the implications of election
outcome at 9:00 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India says ready for stronger U.S. ties after Tillerson endorsement
    India stood ready to further strengthen ties with the United States, the
government said on Friday, after U.S. Secretary of State Tillerson vowed to
dramatically expand cooperation as a way to counter China's influence in Asia.

    • RBI says linking national ID number to bank accounts mandatory
    The Reserve Bank of India on Saturday dismissed media reports that it was
not necessary to link national identity card numbers, known as Aadhaar numbers,
to bank accounts.
    • Workers at Tata Steel's Dutch arm oppose Thyssenkrupp merger
    The works council of Tata Steel Netherlands said on Friday it opposed
preliminary plans by Tata Steel and Thyssenkrupp to combine their European
steelmaking operations into a joint venture (JV) and would fight to block it if
necessary.
    • RBI worried about rise in inflation - minutes
    Worry that rising consumer prices will threaten the Indian central bank’s
inflation target of 4 percent led the majority of the Reserve Bank of India’s
monetary policy committee to vote to keep rates steady, according to minutes
issued on Wednesday.
    • India's tightened consumer goods standards could hurt China imports
    India is tightening quality controls for consumer and capital goods,
officials say, a move that follows calls to curb cheap imports from China amid
diplomatic tensions between the world's two most populous nations over their
shared border.
    • India tightens gold import norms for export houses
    India tightened gold import norms for export houses by restricting them from
importing the yellow metal only for export purposes and not for selling in the
domestic market, the government said in a circular on Wednesday.
    • Bangladesh set to sign 15-year gasoil import deal with India
    Bangladesh Petroleum Corp is set to sign a 15-year deal with Indian oil
refiner Bharat Petroleum Corp Ltd to import gasoil to meet the country's energy
demand, two company officials with the direct knowledge of the matter said.


    
    GLOBAL TOP NEWS
    • Abe to push reform of Japan's pacifist constitution after election win
    Japanese Prime Minister Shinzo Abe's ruling bloc scored a big win in
Sunday's election, bolstering his chance of becoming the nation's
longest-serving premier and re-energising his push to revise the pacifist
constitution.
    • Noble Group to sell oil liquids business to Vitol, flags big Q3 loss
    Struggling commodities trader Noble Group agreed to sell its
Americas-focused oil liquids business to Vitol for about $580 million as part of
a debt-cutting strategy, and warned of a big loss for its third quarter.

    • Spain urges Catalonia secessionists to obey Madrid
    The Spanish government has urged Catalans to accept Madrid's decision to
dismiss their secessionist leadership and to take control of the restive region,
as the nation's biggest political crisis in decades enters a decisive week.


    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,181.50, trading up 0.14 percent
from its previous close.
    • Indian government bonds are likely to open lower after minutes from the
Monetary Policy Committee’s October meeting underscored a hawkish stance by the
panel amid concerns about inflation. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.77 percent-6.82 percent band.
    • The Indian rupee will likely open flat-to-lower against the dollar in
early trade, in line with Asian peers, tracking broad dollar strength after the
U.S. Senate passed a budget for next year, making way for potential tax reforms.


    GLOBAL MARKETS
    • U.S. stocks hit record closing highs on Friday and the S&P 500 posted a
sixth week of gains after the U.S. Senate passed a budget resolution, lifting
hopes that President Donald Trump's tax-cut plan may move forward.
    • Japanese shares jumped on a weaker yen as an election win for Shinzo Abe's
ruling bloc gave a green light for more super-easy policy stimulus, while the
euro eased as Spain's constitutional crisis aggravated concerns about political
unity in the region.
    • The dollar edged up to a three-month high against the yen, with an
emphatic election victory for Japan's ruling party keeping yen-weakening
reflationary measures at the heart of government policy.
    • U.S. Treasury yields rose on Friday, with two-year yields reaching a near
nine-year high, as investors reduced bond holdings on worries about more
inflation and federal borrowing after the U.S. Senate passed a budget
resolution.
    • Oil prices rose over supply concerns in the Middle East and as the U.S.
market showed further signs of tightening while demand in Asia keeps rising.

    • Gold prices hit their lowest in over two weeks, as the dollar climbed to a
more than three-month high versus the yen after Japan's ruling bloc scored a big
win in Sunday's election.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.08/65.11  October 18       -$192.37 mln  -$11.53 mln
 10-yr bond yield  6.93 pct     Month-to-date    -$688.50 mln  $1.78 bln
                                Year-to-date     $4.66 bln     $25.07 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 = 65.03 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  

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