April 6, 2018 / 3:23 AM / 20 days ago

Morning News Call - India, April 6

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    FACTORS TO WATCH
    10:00 am: Samvardhana Motherson Group Chairman V.C. Sehgal, Tribhovandas
Bhimji Zaveri Director Raashi Zaveri and other jewelry industry officials at
Gems and Jewellery Conclave in Mumbai.
    10:30 am: FSSAI Chairperson Ashish Bahuguna, Drugs Controller General of
India S. Eswara Reddy, Railway Board Chairman Ashwani Lohani and other officials
at ‘Global Logistics Summit’ in New Delhi.
    11:00 am: Budget session of Parliament continues in New Delhi.
    11:00 am: Apollo Hospitals Vice Chairperson Shobana Kamineni, Nepal Prime
Minister K.P. Sharma Oli, Edelweiss Financial Services Chairman Rashesh Shah at
India-Nepal Business Forum in New Delhi.
    12:00 pm: MSME Minister Giriraj Singh to brief media on khadi and village
industries in New Delhi.
    1:00 pm: Nestle India CMD Suresh Narayanan at Gems and Jewellery Conclave in
Mumbai.
    
    GMF: LIVECHAT - WEEKAHEAD
    Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main
market inflection points at 3:30 pm IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • India cbank holds rates; cheers markets by trimming inflation view 
    The Reserve Bank of India kept its policy rates on hold on Thursday and
retained its "neutral" stance but lowered its inflation call, reducing the odds
of a near-term rate rise and spurring a rally in stocks and bonds.
    • Indian services firms return to growth as demand picks up -PMI 
    India's services industry returned to growth in March as new business picked
up on improved demand, a private survey showed on Thursday, encouraging firms to
hire at the fastest pace in nearly seven years.
    • IndiGo says to opt out of race to acquire Air India
    Top Indian carrier Interglobe Aviation Ltd, which operates under the IndiGo
brand, said on Thursday it was opting out of a race to acquire state-run Air
India as the terms set by the government would not suit it.
    • RCom says confident of speedy asset sale after top court relief 
    Debt-laden Reliance Communications (RCom) said on Thursday Supreme Court had
lifted a high court stay on sale of some of its assets and allowed its secured
lenders to proceed with the sale process.
    • India defers new accounting rules for banks cheering investors 
    The Reserve Bank of India on Thursday deferred until next year a new
accounting standard for the country's banks that would have led to higher
bad-loan provisioning requirements.
    • Central bank officials called on by police to aid in PNB fraud probe
    Four senior Indian central bank officials have been called on by
investigators to help explain banking processes as police probe deeper into the
$2 billion fraud at Punjab National Bank, sources familiar with the matter said
on Thursday.
    • MakeMyTrip partners Flipkart for travel bookings
    Indian online travel portal MakeMyTrip has formed a partnership with
Flipkart to allow customers to book domestic flight tickets and other travel
services directly through the e-commerce firm's portal.
    • India's finance minister being treated for kidney ailment, infections 
    Indian Finance Minister Arun Jaitley on Thursday said he was undergoing
treatment for kidney related problems and infections, after he cancelled a visit
to London next week for annual economic talks.
   
    
    GLOBAL TOP NEWS
    • Trade fight mounts as Trump threatens $100 billion more in China tariffs
    President Donald Trump said on Thursday he had instructed U.S. trade
officials to consider $100 billion in additional tariffs against China, upping
the ante in an already high-stakes trade confrontation between the world's two
biggest economies.
    • Samsung Elec tips record Q1 profit as chip boom winds down
Samsung Electronics tipped a surprise record first-quarter profit but market
reaction was muted due to growing concerns that the semiconductor boom that has
driven the South Korean tech giant's earnings is about to end.
    • Japan household spending posts biggest drop in nearly a year as wages fall
    Japan's household spending suffered the biggest annual decline in nearly a
year in February as inflation-adjusted wages continued to fall, data showed on
Friday, suggesting the economy's longest run of growth since the 1980s asset
bubble has peaked.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    The SGX Nifty nearest-month futures were trading at 10,337.00, down 0.2
percent from its previous close.
    The Indian rupee is likely to open higher against the dollar as expectations
of debt-related flows eclipse renewed concerns on U.S. trade policies.
    Indian government bonds are likely to gain in early session as investor
sentiment was boosted following the Monetary Policy Committee's lowering of its
inflation projection for this fiscal year, a move that soothed concerns of
monetary tightening in the near term. The yield on the benchmark 7.17 percent
bond maturing in 2028 is likely to trade in a 7.08 percent-7.16 percent band.

    
    GLOBAL MARKETS
    • U.S. stock futures fell more than 1 percent late on Thursday after U.S.
President Donald Trump said he had instructed U.S. trade officials to consider
$100 billion in additional tariffs on China.
    • Japanese stocks were choppy as the perceived safe-haven yen rose after
U.S. President Donald Trump warned of further tariffs on China as the simmering
trade dispute between the two nations kept investors on edge.
    • The dollar fell against the yen on Friday after U.S. President Donald
Trump said he had instructed U.S. trade officials to consider $100 billion in
additional tariffs on China.
    • U.S. Treasury yields rose to one-week highs on Thursday as investors piled
back into equities as reduced fears of a trade war drove up the appetite for
risk, and ahead of Friday’s closely watched employment report for March.
    • Oil prices fell on Friday along with equities as U.S. President Trump's
threat of new tariffs on China reignited fears of a trade war between the
world's two biggest economies.
    • Gold prices rose as investors sought safer assets after U.S. President
Donald Trump proposed $100 billion in new tariffs on China, raising concerns
about an escalating trade spat between the United States and China.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.96/64.99  April 5          -$16.65 mln  $89.43 mln
 10-yr bond yield  7.30 pct     Month-to-date    -$67.88 mln  $166.29 mln
                                Year-to-date     $2.10 bln    $886.92 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 = 64.88 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  
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