BRIEF-58.com expects Q2 total revenues to be between rmb 2,250 mln and rmb 2,350 mln
* 58.com reports first quarter 2017 unaudited financial results
To access the newsletter, click on the link: here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 10:00 am: Power Minister Piyush Goyal at an event in New Delhi. 10:00 am: Junior Shipping Minister ML Mandavia at an event in New Delhi. 11:00 am: Budget session of parliament continues in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. GMF: LIVECHAT - TRUMP-XI MEETING AGENDA As the historic meeting between Chinese president Xi Jinping and U.S. President Donald Trump is on in Florida, Arthur Kroeber, Founding Partner and Head of Research, Gavekal Research, assesses the preliminary outcomes from the meeting at 9:00 am. To join the conversation, click on the link: here INDIA TOP NEWS • India central bank moves to cut system's excess cash to help contain inflation India's central bank surprised markets on Thursday by raising a secondary rate while holding the key rate steady, a move to help mop up liquidity and signal its worries about a potential spike in inflation. • India's biggest tax reform nears fruition India's marathon to overhaul its indirect taxes entered the last lap on Thursday after the upper house of parliament approved key legislations, paving the way for the rollout of a nationwide goods and services tax (GST) as early as July. • India services activity expands again in March, index reaches five-month high India's services industry in March continued to recover from November's shock big currency-note ban, with business activity expanding for a second month and at a faster pace, a private business survey showed on Thursday. • SocGen, BNP woo funds eyeing India with tax saving gambit -sources Societe Generale and BNP Paribas are wooing hedge funds to invest in India through France, noting a special treaty between the two countries that allows investors to avoid paying tax in one of the world's hottest emerging markets. • India's JSW Steel lines up $1 bln war chest for acquisitions, mines India's biggest steelmaker JSW Steel said it could spend up to $1 billion on capacity expansion or acquisitions this fiscal year, and will bid for iron ore and coking coal mines in upcoming auctions to secure raw material supplies. • India's Jindal Steel declares force majeure on Australian mine India's Jindal Steel and Power suspended operations at its coking coal mine in Australia last month due to heavy rains caused by Cyclone Debbie, forcing it to declare force majeure, its chief executive said on Thursday. GLOBAL TOP NEWS • Trump orders military strikes against Assad airbase in Syria U.S President Donald Trump said on Thursday he ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched, declaring he acted in America's "national security interest" against Syrian President Bashar al-Assad. • Trump, China's Xi dine ahead of talks on security, trade U.S. President Donald Trump and Chinese President Xi Jinping sat down together to dine on pan-seared Dover sole and New York strip steak on Thursday, spending some social time before digging into thorny bilateral security and trade issues. • Philippines' Duterte orders occupation of isles in disputed South China Sea Philippine President Rodrigo Duterte on Thursday ordered troops to occupy uninhabited islands and shoals it claims in the disputed South China Sea, asserting Philippine sovereignty in an apparent change of tack likely to anger China. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 9,200.50, trading down 0.7 pct from its previous close. • The Indian rupee will likely open lower against the dollar, as risk appetite was rattled after the U.S. launched a missile strike on Syria following a deadly poison gas attack in the nation’s rebel-held area. • Indian government bonds will likely edge lower after the central bank said it will use a variety of instruments to absorb excess liquidity in the banking system. Overnight gains in crude oil prices, following American missile strikes on a Syrian airbase in response to President Bashar al-Assad's forces' deadly chemical attack in a rebel-held area, may also damp demand for notes. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.74 pct-6.80 pct band till the result of a weekly auction of government debt today. The bond closed at a two-week low of 101.38 rupees, yielding 6.77 pct, yesterday. GLOBAL MARKETS • Wall Street's major indexes closed slightly higher on Thursday but finished well off session highs as investors were nervous about upcoming talks between China's President Xi Jinping and U.S. President Donald Trump. • Stocks slumped and safe haven bonds and the yen jumped in Asia after the United States launched cruise missiles against an air base in Syria, potentially escalating the conflict and spooking investors globally. • The dollar skidded against the perceived safe-haven Japanese yen after the United States launched cruise missiles at an airbase in Syria in response to Syrian forces' alleged use of chemical weapons on Thursday. • U.S. Treasury yields edged lower on Thursday amid uncertainty ahead of a key U.S. jobs report Friday and a meeting between U.S. President Donald Trump and Chinese President Xi Jinping, and also over the fate of Trump's pro-growth agenda. • Oil prices soared by around $1 per barrel after the United States launched dozens of cruise missiles at an airbase in Syria. • Gold hit a near five-month peak, rising over one percent on safe-haven buying after the U.S. military launched cruise missile strikes against a Syrian air base controlled by President Bashar al-Assad's forces. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.95/64.98 April 6 $22.1 mln $22.17 mln 10-yr bond yield 7.06 Month-to-date $164 mln $1.5 bln Year-to-date $6.95 bln $6.97 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 = 64.6350 Indian rupees) (Reporting by Nayyar Rasheed in Bengaluru)
* 58.com reports first quarter 2017 unaudited financial results
May 25 Gold held steady on Thursday to keep most of its gains from the previous session, with the dollar slipping after minutes of the U.S. Federal Reserve's last policy meeting dampened hopes for an aggressive string of interest rate hikes. FUNDAMENTALS * Spot gold was down 0.1 percent at $1,256.61 per ounce by 0053 GMT. It rose about 0.6 percent on Wednesday. * U.S. gold futures were up 0.3 percent at $1,256.8 an ounce. * Fed policymakers ag
BRASILIA, May 24 Protesters demanding the resignation of Brazilian President Michel Temer staged running battles with police and set fire to a ministry building in Brasilia on Wednesday, prompting the scandal-hit leader to order the army onto the streets.