March 6, 2018 / 3:31 AM / 2 months ago

Morning News Call - India, March 6

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    FACTORS TO WATCH
    11:00 am: Budget session of Parliament continues in New Delhi.
    1:30 pm: Bajaj Finserv MD Sanjiv Bajaj at an event in Mumbai.
    6:30 pm: Farm Minister Radha Mohan Singh, Mahindra Group Executive Chairman
Anand Mahindra and M&M MD Pawan Goenka at “Mahindra Samriddhi India Agri Awards”
in New Delhi.
        
    LIVECHAT - UK ECONOMY
    UK economic prospects with Andrew Goodwin, lead UK economist, Oxford
Economics at 1530 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Services industry contracts in February as inflation hits demand
    Activity in India's service industries contracted in February for the first
time since November as rising price pressures led to a decline in new businesses
orders, a private survey showed on Monday.
    
    • Mortgage lender HDFC raises $291 million from share sale
    Mortgage lender Housing Development Finance Corp said it raised $291 million
in a share sale to institutional investors.
           
    • Saudi gives Air India overflight rights for its Israel routes
    Israeli Prime Minister Benjamin Netanyahu said on Monday that Saudi Arabia
had granted Air India permission to fly over its territory on its new routes to
and from Tel Aviv.
    
    • Tax hike to slash palm oil imports, boost soyoil, sunflower oil buying 
    A hike in India's import tax on palm oil could dent overseas purchases by
the world's biggest edible oil importer, while making imports of soyoil and
sunflower oil lucrative for the country's refiners, industry officials told
Reuters.
    
    • Volkswagen's Skoda to go it alone in India - Handelsblatt
    Volkswagen's Skoda division, commissioned by the carmaker to explore an
entry-level car platform with a focus on India, could start selling vehicles in
the country in 2021, its chief told a German business paper.
          
    • Severn Trent says closed Jaguar Land Rover plant can now operate normally
    Water company Severn Trent said that carmaker Jaguar Land Rover's (JLR)
plant in central England can use water normally, hours after JLR had agreed to
stop production at the site.
    
    
    GLOBAL TOP NEWS
    • China boosts defence spending, rattling its neighbours' nerves
    China on Monday unveiled its largest defence spending increase in three
years, setting an 8.1 percent growth target this year, fuelling an ambitious
military modernisation programme and making its neighbours nervous.
    
    • Trump faces pushback on tariffs but says he will not back down
    U.S. President Donald Trump faced growing pressure on Monday from political
and diplomatic allies as well as U.S. companies urging him to pull back from
proposed steel and aluminum tariffs, although he said he would stick to his
guns.
    
    • N.Korea leader wants to advance Korea ties, makes agreement with South
-KCNA
North Korean leader Kim Jong Un met senior South Korean government officials for
the first time and said it is his "firm will to vigorously advance" inter-Korean
ties and pursue reunification, the North's official news agency said.
  
        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,404.00, up 0.4 pct from its
previous close.
    • The Indian rupee is expected to open higher against the dollar, buoyed by
rebound in regional equities from the U.S. tariff-related selloff. 
    • Indian government bonds are likely to edge lower in early session ahead of
a heavy supply of state bonds. Higher U.S. Treasury yields will also weigh on
demand, traders said. The yield on the 7.17 pct bond maturing in 2028 is likely
to trade in 7.76 pct-7.82 pct band today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rallied on Monday as fears of a global trade war ebbed with
investors betting that U.S. President Donald Trump would back down on his threat
to impose hefty tariffs on steel and aluminum imports.
    • Asian shares regained some ground after U.S. President Donald Trump faced
growing pressure from political allies to pull back from proposed steel and
aluminium tariffs, easing investor worries about an imminent trade war.

    • The dollar edged higher versus the yen, supported by receding fears about
a trade war stemming from U.S. resident Donald Trump's proposed tariffs on
imported steel and aluminium.
    • Treasuries yields rose on Monday afternoon as the U.S. stock market
recovered and fears of a trade war eased after senior Republicans urged US
President Donald Trump to reconsider his threat to impose tariffs on imported
steel and aluminum.
    • Oil prices extended gains for the fifth straight day, underpinned by
robust demand forecasts and prospects for informal contacts sought by OPEC with
U.S. shale oil producers at a key industry meeting in Houston this week.
    • Gold prices edged up on a softer dollar, amid worries about a global trade
war even as U.S. President Donald Trump faced pressure from political and trade
allies over his plan for steel and aluminum tariffs.    
        
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         65.09/65.12  March 5          -$56.44 mln  $36.09 mln
 10-yr bond yield  7.76 pct     Month-to-date    $64.98 mln   -$141.29 mln
                                Year-to-date     $172.84 mln  $949.61 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 = 65.0200 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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