February 26, 2018 / 3:51 AM / in 4 months

Morning News Call - India, February 26

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    FACTORS TO WATCH
    9:30 am: Labour Minister Santosh Gangwar at an awards event in New Delhi.
    11:00 am: NITI Aayog CEO Amitabh Kant to release “CII-NITI Aayog Cleaner Air
- Better Life Initiative” report in New Delhi.
    4:45 pm: Health Minister J.P. Nadda at an event in New Delhi.
    
    LIVECHAT - FX WEEK AHEAD
    Forex Buzz analyst Jeremy Boulton analyses G7 currencies at 1630 IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • RBI orders changes to bank protocols after $1.8 billion fraud case
India's central bank has told lenders to link their internal software with the
SWIFT interbank messaging system by the end of April, and to alter a range of
other protocols with immediate effect, as fallout from an alleged $1.77 billion
fraud at Punjab National Bank continues to swell.
    • Regulator orders HDFC Bank to probe suspected results leak
Market regulator ordered HDFC Bank on Friday, to conduct an internal inquiry
into the suspected leaking of key unpublished financial information and to
strengthen its handling of such data.
    • EXCLUSIVE-U.S. tells India to cut tariffs as trade friction heats up
U.S. businesses and diplomats are pressing India to cut tariffs, industry and
government sources say, after New Delhi's move to increase customs duties on
dozens of products to help its flagship Make-in-India drive aggravated
differences over trade.
    • Federal police file fraud case against Simbhaoli Sugar execs
The federal police said on Sunday it had filed a fraud case against executives
of Simbhaoli Sugar for causing alleged losses of $16.85 million to state-run
Oriental Bank of Commerce.
    • Sakuma Exports sets sights on Ruchi Soya purchase 
Commodities trader Sakuma Exports has submitted an expression of interest to
acquire leading Indian edible oil importer and retailer Ruchi Soya, it said on
Friday.
    • Jindal plans Namibia's second iron ore mine
Plans to open Namibia's second iron ore mine are being pursued by
Indian-controlled company, Blake Trading, documents seen by Reuters on Friday
show.
    • India seeks 'reasonable' oil price from Saudi Arabia -minister
India is seeking a reasonable price for crude oil from Saudi Arabia, Oil
Minister Dharmendra Pradhan said on Friday, in a move that could help Riyadh
regain top spot in supplying the world's third largest oil consumer.

    • Indian exchanges cut ties to foreign bourses after government nod-sources
India's government fully endorses a dramatic move by domestic exchanges to cut
off data to global bourses, sources familiar with the matter said, seeing it as
vital to lure foreign investments into the country from Singapore and other
financial centres.
    
    
    GLOBAL TOP NEWS
    • China sets stage for Xi to stay in office indefinitely
China's ruling Communist Party on Sunday set the stage for President Xi Jinping
to stay in office indefinitely, with a proposal to remove a constitutional
clause limiting presidential service to just two terms in office.
    • China's Jan home prices rise even as top cities register decline
China's new home prices grew in January although major cities saw early signs of
softening, as the government continued its efforts to rein in speculative demand
to fend off bubble risk.
    • Samsung launches Galaxy S9 with focus on social media
Samsung Electronics Co Ltd unveiled its flagship Galaxy S9 smartphone on Sunday
with an emphasis on visual applications for social media, hoping to attract tech
savvy young consumers to weather a market slowdown.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,543.50, up 0.4 pct from its
previous close.
    • The Indian rupee will likely open little changed against the dollar, as
demand from importers offsets a broad-based weakness in the U.S. currency. 
    • Indian government bonds are likely to edge higher in early trade tracking
a fall in U.S. Treasury yields, even as demand for debt remains weak.The yield
on the 7.17 pct bond maturing in 2028 is likely to trade in a 7.65 pct -7.70 pct
band today.  
           
    GLOBAL MARKETS
    • U.S. stocks rallied on Friday, lifted by gains in technology stocks and a
retreat in Treasury yields as the Federal Reserve eased concerns about the path
of interest rate hikes this year.
    • Asian share markets were in a cautious mood as investors braced for an
event-packed week headlined by U.S. inflation data and the first House testimony
by the new head of the Federal Reserve.
    • The dollar steadied, with investors looking to Federal Reserve Governor
Jerome Powell's first congressional testimony for hints on the future pace of
U.S. monetary tightening.
    • U.S. Treasury prices gained on Friday as uncertainty about recent stock
market volatility helped boost demand for the bonds and as investors rebalanced
portfolios ahead of month-end.
    • Oil prices held little changed near two-week highs, supported by comments
from Saudi Arabia that it would continue to curb exports in line with the
OPEC-led effort to cut global supplies.
    • Gold prices edged up, after declining more than 1 percent last week, as
the U.S. dollar steadied following recent gains.    
    
                   CLOSE    FII INVESTMENTS  EQUITIES       DEBT
 PNDF spot         64.79/6  February 23      -$75.12        -$107.06 mln
                   4.82                        mln          
 10-yr bond yield  7.2 pct  Month-to-date    -$1.49 bln     $71.16 mln
                            Year-to-date     $547.82 mln    $1.54 bln
 
       
    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 = 64.7000 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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