March 5, 2018 / 3:44 AM / 3 months ago

Morning News Call - India, March 5

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    FACTORS TO WATCH
    11:30 am: NITI Aayog CEO Amitabh Kant, TRAI Chairman R.S. Sharma, TRAI
Secretary Sunil Kumar Gupta, Hinduja Group MD Ashok Mansukhani and other film
industry officials at FICCI’s “Creative Future: Coronation of Digital Consumer”
event in Mumbai.
    
    GMF: LIVECHAT - CHINA FOCUS
    Zhou Hao, senior emerging markets economist at Commerzbank, will break down
all the recent developments in China, including economic data and China's
Constitutional amendment that will allo Xi to stayin office indefinitely. All
this just ahead of the China's NPC meet on March 8. Most analysts expect the NPC
to again set a GDP growth target of around 6.5% for 2018, below last year's
actual 6.9 percent growth, and continue the financial deleveraging and
anti-pollution drive. Yet signs of more pronounced weakness in data could
quickly shift the focus from reining in risks to supporting the economy. To join
the conversation at 09:30 am IST, click on the link: here
    
    
    INDIA TOP NEWS
    • India's ruling party emerges stronger after polls in northeast
    India's ruling Bharatiya Janta Party (BJP) on Saturday consolidated its
position in the country's northeast after a landslide election victory in
Tripura, ending 25 years of communist rule in the state.
    • India federal police arrest four more in PNB probe
    India's federal police have made four more arrests in the $2 billion fraud
case involving state lender Punjab National Bank (PNB), widening the
investigation of the biggest banking fraud in the country’s history.

    • ArcelorMittal teams up with Nippon Steel to bid for India's Essar Steel
    ArcelorMittal, the world's largest steelmaker, said on Friday it would form
a joint venture with Japan's Nippon Steel & Sumitomo Metal to bid for bankrupt
steelmaker Essar Steel India Ltd.
    • India doesn't expect immediate hit on steel exports after US import curbs
- govt official
    India does not expect any immediate impact from U.S. President Donald
Trump's decision to impose curbs on steel imports, the steel ministry's top
bureaucrat said on Friday.
    • India raises import tax on palm oil to highest in a decade
    India has raised import tax on crude and refined palm oil to the highest
level in more than a decade, the government said in a statement on Thursday, as
the world's biggest edible oil importer tried to support local farmers.

    • Alibaba unit invests $150 million in India's Zomato
    A unit of China's Alibaba Group Holding has invested $150 million in Zomato,
valuing the Indian food search and delivery service at more than $1 billion, the
companies said on Thursday.
    • State Bank of India raises lending rates
    State Bank of India, the country's top lender by assets, on Thursday raised
marginal cost-based lending rates (MCLR) across most maturities, effective
immediately.
    
    
    GLOBAL TOP NEWS
    • China keeps growth target at 6.5 pct, stays focused on financial risks
    China aims to expand its economy by around 6.5 percent this year, the same
as in 2017, while pressing ahead with its campaign to reduce risks in the
financial system, Premier Li Keqiang said.
    • Italy vote points to stalemate with 5-Star in ascendancy
    Italian voters delivered a hung parliament on Sunday, flocking to
anti-establishment and far-right parties in record numbers and casting the euro
zone's third-largest economy into political gridlock, initial results showed.

    • Almost 2,500 GM Korea workers apply for voluntary redundancy package
Almost 2,500 workers at General Motors' South Korean unit, equivalent to 15
percent of its staff, have applied for a redundancy package that the U.S.
automaker is offering as part of a drastic restructuring, union officials said.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,340.00; Nifty 50 Index had closed
at 10,458.35 on Thursday.
    • The Indian rupee will likely edge higher, as the ruling Bharatiya Janata
Party won assembly elections in the North-eastern states, and as U.S. President
Donald Trump’s trade tariff threats weighed on the greenback.
    • Indian government bonds are likely to edge lower in early trade tracking
firm U.S. Treasury yields. The yield on the 7.17 percent bond maturing in 2028
is likely to trade in 7.75 percent-7.80 percent band today.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended another turbulent week on an upbeat note Friday, but
major indexes posted their worst week of losses since early February as
President Donald Trump's threat to impose import tariffs on steel and aluminum
rattled investors.
    • Asian shares were on the backfoot and the safe-haven yen rose amid fears
of a global trade war, while the euro was choppy as investors worried Italy's
national elections could deliver an anti-establishment government.
    • The euro clawed back earlier losses but remained prone to volatility as
early counts in Italian elections pointed to stronger-than-expected results for
euro-sceptic parties, with no major party blocs winning an outright majority.

    • U.S. Treasury yields rose on Friday, with the 10-year yield bouncing back
from a three-week low as the Bank of Japan's chief hinted at a possible exit
from its ultra-easy policies if inflation hits its target in its fiscal 2019.

    • Oil prices rose ahead of a meeting between OPEC and U.S. shale firms in
Houston, raising expectations that oil producers would discuss further how to
clear a global oil glut.
    • Gold prices rose as the dollar remained pressured amid fears of a global
trade war following U.S. President Donald Trump's decision to impose tariffs on
imports of aluminum and steel.
      
 CLOSE             FII INVESTMENTS  EQUITIES       DEBT         
 PNDF spot         65.20/65.23      March 1        $37.1 mln    -$177.38 mln
 10-yr bond yield  7.74 pct         Month-to-date  --           --
                                    Year-to-date   $107.86 mln  $913.52 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 = 65.2100 Indian rupees)

 (Compiled by Nayyar Rasheed in Bengaluru)
  
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