December 18, 2017 / 3:31 AM / 9 months ago

Morning News Call - India, December 18

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    FACTORS TO WATCH
    10:00 am: IRDAI Chairman T.S. Vijayan and New India Assurance CMD G.
Srinivasan to speak at Annual Health Insurance Conference.
    11:00 am: Winter session of parliament continues.
    6:00 pm: Finance Minister Arun Jaitley, Textiles Minister Smriti Irani, NITI
Aayog CEO Amitabh Kant, Commerce Minister Suresh Prabhu at APEC Export Awards.
    
    GMF: LIVECHAT – 2018 INVESTMENT OUTLOOK 
    Get an investment outlook for the year ahead with Rory McPherson, Head of
Investment Strategy, Psigma  at 1530 IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    India's Adani drops contractor for Australian coal mine 
    India's Adani said it had canceled plans with Downer EDI to help develop and
run its Carmichael coal mine in Australia after failing to secure a cheap
government loan for the A$16.5 billion project.
    
    India government ignored warnings over GST roll out-sources
    The Indian government ignored several warnings from private companies that
the complex technology required for a nationwide goods and services tax (GST) to
work smoothly was not ready for launch, several people who worked on the project
said.
    
    Tobacco industry trumps as India court cancels stringent health labelling
rules 
    An Indian court on Friday quashed federal rules that mandated stringent
graphic health warnings on tobacco products, lawyers involved in the case said,
in a decision seen as a major victory for the tobacco industry and a setback for
health advocates.

    Italy's CDP, Intesa set for role in ArcelorMittal bid for Ilva -source 
    Italy's state holding company CDP and Intesa Sanpaolo have signed a
non-binding agreement to join ArcelorMittal's bid to buy Italian steelmaker
Ilva, a source close to the matter said on Friday.
    
    
    GLOBAL TOP NEWS
    Japan export growth accelerates, underscores steady economic recovery
    Japan's export growth accelerated in November to mark a full year of annual
gains, underscoring the strength of external demand that has led the economy to
its second-longest run of postwar growth.

    Thai Bev only bidder seeking to buy $5 bln stake in Vietnam's Sabeco
    Thai Beverage, through a local unit, emerged as the only bidder keen to buy
all shares on offer of Vietnam's top brewer Sabeco worth nearly $5 billion, as
Vietnam conducts an auction in its biggest privatisation process.
    
    Australia's ANZ reveals $1.2 bln buy-back, hints more to come
    Australia and New Zealand Banking Group said it would start buying back up
to A$1.5 billion of its shares on-market, as it begins returning surplus capital
to shareholders after a series of divestments.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty Futures was trading at 10,403.00, up 0.4 percent from its
previous close.
    
    The Indian rupee will likely open slightly lower against the dollar, in line
with most other Asian currencies, as top Republican lawmakers expect the U.S.
Congress to approve a long-pending tax reform bill as early as this week,
lifting demand for the greenback.
    
    Indian government bonds will likely open little changed ahead of state
election results, even as investors remain focused on the government’s fiscal
stance. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely
to trade in a 7.11 percent-7.16 percent band.
    
    
    GLOBAL MARKETS
    • Wall Street's three major indexes climbed to record closing highs on
Friday with broad-based gains as a long-awaited bill to cut corporate tax rates
looked like it would win enough support from lawmakers to pass.
    • Asian shares inched up, tracking Wall Street, which hit record highs on
expectations U.S. lawmakers will pass a long-awaited tax bill, while the British
pound hovered near 3-week lows amid Brexit talks.
    • The dollar held modest gains against the euro and yen, having received a
lift after U.S. tax reform efforts moved another step closer to ratification
over the weekend.
    • The margin between U.S. shorter-dated and longer-dated Treasury yields
shrank to its smallest in a decade on Friday, based on traders' expectations
that the Federal Reserve would increase short-term interest rates further and
long-term inflation would stay tame.
    • Oil markets were stable, hovering around Friday's levels as a lack of
conclusive market indicators prevented prices from swinging either way.
    • Gold prices inched down early on Monday, pressured by firmer equities and
a buoyant dollar after a bill to overhaul the tax system in the United States
moved a step closer to ratification.
    
    
 CLOSE              FII INVESTMENTS  EQUITIES       DEBT          
 PNDF spot          64.12/64.15      December 15    -$143.75 mln  $109.93 mln
 10-yr bond yields  7.18 pct         Month-to-date  -$390.82 mln  $343.57 mln
                                     Year-to-date   $8.30 bln     $26.08 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 = 64.0700 Indian rupees)
0 : 0
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