April 16, 2018 / 3:40 AM / 5 months ago

Morning News Call - India, April 16

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    FACTORS TO WATCH
    11:00 am: Junior Civil Aviation Minister Jayant Sinha to address
India-France Aviation and Defense Cooperation meeting in New Delhi.
    12:00 pm: Government to release March wholesale price inflation data in New
Delhi.
    3:30 pm: India Meteorological Department to issue monsoon forecast for 2018
in New Delhi.
    4:45 pm: Defense Minister Nirmala Sitharaman to address India-France
Aviation and Defense Cooperation meeting in New Delhi.
    
    LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 1530 IST. To join
the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Infosys forecasts healthy growth, unwinds Sikka's acquisitions
    Infosys forecast healthy revenue growth on Friday as its new chief executive
moved to put his stamp on the country's second-largest IT services firm with a
new set of strategic priorities and plans to unwind deals done by his
predecessor.
    • March exports fall amid trade tensions
    India's merchandise exports fell for the first time in five months in March
and the trade deficit widened amid concerns over global trade and U.S. moves to
review a programme allowing duty-free imports of goods.
    • Malaysia's IHH tops Manipal Hospital's bid for Fortis
    Malaysia's IHH Healthcare Berhad on Thursday offered to buy India's Fortis
Healthcare, sparking a potential three-way takeover battle for the company at a
time when interest in Indian healthcare assets is rising.
    • Jaguar Land Rover to cut output and jobs due to Brexit, diesel slump
-source
    Jaguar Land Rover will cut around 1,000 jobs and production at two of its
English factories due to a fall in sales caused by uncertainty around Brexit and
confusion over diesel policy, a source told Reuters.
    • Microsoft auditing partner KPMG's anti-piracy work in India after
complaint -documents
    Microsoft is investigating the methods partner KPMG uses to crack down on
the illegal use of its software in India, after a complaint from a senior member
of the country's ruling political party, documents seen by Reuters showed.

    • Reliance's telecom unit Jio raises about $500 mln via Samurai loan
    Reliance Jio Infocomm, the telecom unit of Reliance Industries, said it has
raised 53.5 billion yen through a loan from Japanese banks.
    • India's federal police files case against former UCO Bank Chairman
    India's federal police said on Saturday it has filed a case against a former
chairman of state-run UCO Bank and several business executives alleging criminal
conspiracy that caused a loss of 6.21 billion rupees.
    • Indian lawmaker arrested over rape as protests mount
    A lawmaker from India's ruling party was arrested on Friday in connection
with the rape of a teenager, police said, after days of protests by activists
accusing authorities of failing to investigate the case and other attacks.

    
    
    GLOBAL TOP NEWS
    • Russia's Putin predicts global 'chaos' if West hits Syria again
    Russian President Vladimir Putin warned on Sunday that further Western
attacks on Syria would bring chaos to world affairs, as Washington prepared to
increase pressure on Russia with new economic sanctions.
    • Former Japan PM Koizumi says embattled Abe may quit in June - magazine
    Japanese Prime Minister Shinzo Abe, plagued by suspected cronyism scandals
and cover-ups and with his ratings sliding, will likely step down in June,
former leader Junichiro Koizumi was quoted as telling a weekly magazine.

    • Fired FBI director Comey says Trump 'morally unfit' - ABC News interview
    Former FBI director James Comey said in an ABC News interview on Sunday that
U.S. President Donald Trump is a dangerous, "morally unfit" leader doing
"tremendous damage" to institutional norms.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were at 10,445.00, down 0.6 percent from
its previous close.
    • The Indian rupee is likely to edge lower against the dollar, in line with
Asian peers, as demand for the greenback may rebound amid bets that the
situation involving the U.S. and Syria may not escalate further. 
    • Indian sovereign bonds will likely edge higher in early trade amid
lower-than-expected supply from state government papers this week.The yield on
the benchmark 7.17 percent bond maturing in 2028 may trade in a 7.40
percent-7.46 percent band today.
        
    
    GLOBAL MARKETS
    • U.S. equity index futures rose on Sunday as financial market trading
resumed for the first time since the United States, Britain and France hit Syria
with missile strikes in retaliation for a suspected poison gas attack.
    • Asian share markets were mixed and oil prices fell as relief U.S.-led
strikes on Syria looked unlikely to escalate was tempered by concerns at
Russia's potential reaction to new sanctions from Washington.
    • The dollar firmed, hovering near a two-month high against the yen, after
the market gained some clarity following military strikes on Syria by the United
States and its allies at the weekend.
    • The U.S. Treasury yield curve hovered at its lowest level in more than a
decade on Friday as short-dated yields rose more than longer-dated ones this
week on expectations of further interest rate increases from the Federal
Reserve.  
    • Gold prices edged higher, even as the dollar and equity markets firmed on
relief that weekend missile strikes against Syria by the United States, France
and Britain may be a one-off event.       
 
 
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         65.26/65.29  April 13         -$61.15 mln   -$11.49 mln
 10-yr bond yield  7.62 pct     Month-to-date    -$167.76 mln  $14.32 mln
                                Year-to-date     $2 bln        $734.95 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 = 65.2500 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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