May 11, 2018 / 3:27 AM / 2 months ago

Morning News Call - India, May 11

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    FACTORS TO WATCH
    9:30 am: Trade and Aviation Minister Suresh Prabhu, Commerce Secretary Rita
Teaotia, Financial Services Secretary Rajiv Kumar and SBI Chairman Rajnish Kumar
at ‘Diamond & Jewellery Financing 2018: Mitigating Risks Effectively’ seminar
organized by the GJEPC in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    5:30 pm: Government to release March Industrial output data in New Delhi.
    
    LIVECHAT- QUIZ EAST
    Test your wits and googling speed in the Asia edition of the Friday quiz at
11:00 am IST. To join the conversation,click on the link: here
    
    INDIA TOP NEWS
    • Union Bank sees improvement after $384 million Q4 loss
    State-run Union Bank of India reported on Thursday a $383.8 million net loss
for its fourth quarter, as bad loans surged following stricter central bank
rules. 
    • Walmart Go Back! Some Indian trader, farmer groups decry Flipkart deal
    A day after U.S. retail giant Walmart struck its largest deal with a big
ticket investment in Indian online marketplace Flipkart, a right-wing Hindu
group that fears small traders will suffer staged a protest in New Delhi calling
for the deal to be scrapped.
    • Fortis picks Hero-Burman offer after five-way bidding war
    Fortis Healthcare board has accepted an investment offer worth $267.7
million from the Hero-Burman consortium, following a fiercely contested bidding
war for the cash-strapped hospital chain.
    • Relief for Indian solar producers as government reneges on import duty
    India has scrapped a duty on solar modules, making it easier to import the
products after a sudden change in customs policy last year led to a logjam of
shipments at Indian ports. 

    
    GLOBAL TOP NEWS
    • Trump seeks 'very meaningful' summit in Singapore with N. Korea
    U.S. President Donald Trump said on Thursday he had high hopes of "doing
something very meaningful" to curtail North Korea's nuclear ambitions at a
summit in Singapore next month, after Pyongyang smoothed the way for talks by
freeing three American prisoners. 
    • U.S. activist fund Elliott to vote against Hyundai restructuring plan
    U.S. activist fund Elliott Management said it will vote against Hyundai
Motor Group's restructuring plan and urged other shareholders to reject the
proposal to reform South Korea's second-largest conglomerate.
    • U.S. 'net neutrality' rules will expire on June 11 - FCC
    Landmark U.S. "net neutrality" rules will expire on June 11, and new
regulations handing providers broad new power over how consumers can access the
internet will take effect, the Federal Communications Commission said on
Thursday in setting the date.
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading up at 0.5 percent at
10,783.50.
    • The Indian rupee is expected to open higher against the U.S. currency
after lower-than-expected U.S. consumer inflation pulled back bets of faster
rate hikes, weighing on the dollar.
    • Indian government bonds are likely to trade little changed ahead of the
weekly debt sale today.The yield on the benchmark 7.17 percent bond maturing in
2028 is likely to trade in 7.70 percent - 7.75 percent band until the auction
result, a trader with a state-run bank said. 
    
    GLOBAL MARKETS
    • Wall Street jumped on Thursday, and Apple inched closer to a $1 trillion
stock market value, as tepid inflation data eased worries of faster U.S.
interest rate hikes this year.
    • Asian markets started on a firm footing and the dollar eased as
softer-than-forecast U.S. inflation data tempered expectations for faster
Federal Reserve interest rate rises this year.
    • The dollar hovered below a 4-1/2-month high against a basket of major
currencies after tepid inflation data, prompting traders to pare bets of faster
U.S. rate hikes.
    • Longer-dated U.S. Treasury yields fell on Thursday, flattening the yield
curve as a smaller-than-expected increase in the consumer price index in April
reduced fears that domestic inflation is picking up steam as the labor market
tightens.
    • Oil prices dipped away from multi-year highs reached the previous session
on hopes that alternative supplies could replace a looming drop in Iranian
exports when U.S. sanctions against Tehran are re-imposed.
    • Gold prices were steady, as the dollar held below its 2018 highs against a
basket of currencies after softer-than-expected U.S. inflation data.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.24/67.27  May 10           -$54.28 mln   -$186.60 mln
 10-yr bond yield  7.86 pct     Month-to-date    -$439.78 mln  -$1.02 bln
                                Year-to-date     $742.27 mln   -$2.68 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 = 67.24 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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