April 5, 2018 / 3:36 AM / 3 months ago

Morning News Call - India, April 5

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    FACTORS TO WATCH
    10:00 am: Maharashtra State Finance Minister Sudhir Mungantiwar, Manoj
Dwivedi, joint secretary at Ministry of Commerce & Industry, and jewelry
industry officials at Gems and Jewellery Conclave 2018 in Mumbai.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:00 am: Commerce Minister Suresh Prabhu, Commerce Secretary Rita Teaotia,
Transport Secretary Yudhvir Singh Malik and other government officials at Global
Logistics Summit in New Delhi.
    11:00 am: TRAI Chairman R.S. Sharma to present WiFi Services report to
Telecom Minister Manoj Sinha in New Delhi.
    12:00 pm: Federation of Indian Export Organisations and PayPal to brief
media on a strategic announcement in New Delhi. 
    2:30 pm: Monetary Policy Committee to announce interest rate decision in
Mumbai.
    2:45 pm: RBI Governor Urjit Patel briefs media post release of monetary
policy statement in Mumbai.
    3:00 pm: Sanjay Sudhir, joint secretary at Ministry of Petroleum & Natural
Gas, to brief media on International Energy Forum 2018 in New Delhi.
    5:00 pm: RBI analyst conference call post MPC decision in Mumbai.

    
    GMF: LIVECHAT - COMMODITIES TECHNICALS
    Wang Tao, Reuters Market Analyst for Commodities Technicals, joins us to
discuss his 2018 Q2 outlook for commodities on the charts at 11:00 am IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • PREVIEW-India cenbank to keep rates on hold, sound cautious despite easing
inflation
    The Reserve Bank of India is expected to keep interest rates on hold for the
fourth straight meeting but maintain a cautious tone despite a
sharper-than-expected pullback in inflation in the last few months.
    • Amazon may offer to buy Flipkart -report
    Amazon.com may make a rival offer to buy Indian e-commerce firm Flipkart,
which is in tie-up talks with Walmart, local media reported, as the two U.S.
retail giants jostle for dominance in India's booming online industry.

    • India to offer $3-4 billion development plan for giant Iran gas field -
sources
    India is set to offer a $3-4 billion development plan for the Farzad B gas
field to Iran next week after Tehran reduced the scope of the project, two
sources familiar with the matter said.
    • ICICI Securities makes tepid debut after $541 million IPO
Shares in India's largest equity broker, ICICI Securities, fell on their market
debut on Wednesday, reflecting weak sentiment around the firm's initial public
offering (IPO) last week that raised a lower-than-target $541 million.

    • Vedanta, others can transport royalty-paid iron ore from Goa -Court
    Vedanta Resources, controlled by billionaire Anil Agarwal, and other miners
can transport already mined iron ore from Goa on which royalties have been paid,
India's top court ruled on Wednesday, providing relief to the state's miners.

    • Nepal PM to press India for banned currency swap
    Nepali Prime Minister K.P. Sharma Oli will press India to exchange millions
of dollars held in Nepal in banned high-value Indian bank notes during a visit
this week to improve ties with its large southern neighbour.
   
    
    GLOBAL TOP NEWS
    •  U.S. expects talks with China as trade fight escalates
The United States voiced willingness on Wednesday to negotiate a resolution to
an escalating trade fight with China after Beijing retaliated against proposed
U.S. tariffs on $50 billion in Chinese goods by targeting key American imports,
but the Chinese ambassador to Washington said it "takes two to tango."

    •  Facebook says data leak hits 87 million users, widening privacy scandal
    Facebook said on Wednesday that the personal information of up to 87 million
users, mostly in the United States, may have been improperly shared with
political consultancy Cambridge Analytica, up from a previous news media
estimate of more than 50 million.
    • U.S. plans to sanction Russian oligarchs this week -sources
    The United States plans to sanction Russian oligarchs this week under a law
targeting Moscow for meddling in the 2016 U.S. election, sources familiar with
the matter said on Wednesday, in what could be the most aggressive move so far
against Russia's business elite.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty nearest-month futures at 10,298.50, up 1.7 percent from its
previous close.
    The Indian rupee is likely to open higher as risk assets rebounded after
comments from a U.S. Economic Advisor raised hopes a trade war will be averted.
    Indian government bonds may trade little changed ahead of the outcome of the
Monetary Policy Committee’s meeting today even as investors await a likely
increase in limit on foreign investment in India’s debt. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.26
percent-7.32 percent band until the rate decision at 2:30 p.m. in Mumbai, a
trader with a state-run bank said.

    
    
    GLOBAL MARKETS
    • Wall Street's three major indexes staged a comeback to close around 1
percent higher on Wednesday as investors turned their focus to earnings and away
from a trade conflict between the United States and China that wreaked havoc in
earlier trading.
    • Asian shares bounced from two-month lows as world equities recovered from
a selloff triggered by escalating Sino-U.S. trade tensions, with investors
hoping a full-blown trade war between the world's two biggest economies can be
averted.
    • The dollar held steady against the yen after recovering against the
safe-haven Japanese currency as stocks bounced back from a sell-off triggered by
an escalating U.S.-China trade spat.
    • U.S. Treasury yields rose on Wednesday and stocks recovered much of their
earlier losses, after China retaliated against the Trump administration’s plan
to impose tariffs on Chinese goods.
    • Oil prices rose, holding onto a late-session rally the previous day,
buoyed by the U.S. government data showing a surprise drawdown in crude
stockpiles.
    • Gold prices fell, after hitting a one-week high in the previous session,
as the dollar steadied and equities recovered on the United States's willingness
to negotiate on tariffs with China, easing fears of a full-blown trade war.

    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.06/65.09  April 4          $51.51 mln    $271.99 mln
 10-yr bond yield  7.45 pct     Month-to-date    -$112.74 mln  $126.90 mln
                                Year-to-date     $2.05 bln     $847.53 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 = 65.04 Indian rupees)

 (Compiled by Pathkirit Bandyopadhyay in Bengaluru)
  
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