February 28, 2018 / 3:36 AM / 24 days ago

Morning News Call - India, February 28

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    11:30 am: Federal cabinet likely to meet in New Delhi.
    12:30 pm: Sarveshwar Foods to announce its IPO on the SME Exchange in
    2:30 pm: ICRA webinar on “Performance Review and Outlook on Microfinance
Sector” in Mumbai.
    3:00 pm: Science & Technology Minister Harsh Vardhan at National Science and
Technology Awards in New Delhi.
    3:45 pm: Finance Minister Arun Jaitley and CRISIL Managing Director Ashu
Suyash at launch of CRISIL Inclusix in New Delhi. 
    4:30 pm: India-Jordan Joint Business Meeting in New Delhi.
    5:00 pm: Government to release January infrastructure output data in New
    5:30 pm: Government to release October-December GDP data in New Delhi.xx
    Stephen Innes, head of APAC trading at Oanda, joins us to talk about markets
and cues to watch and what next to expect from central banks at 0930 IST. To
join the conversation, click on the link: here
    • India's growth pace for Oct-Dec quarter could top China's rate
    India might have regained the status of the world's fastest-growing major
economy in the October-December quarter, driven by higher government spending
and a pick-up in manufacturing and services.
    • Company owned by jeweller at heart of India bank fraud case files for
    A company owned by Nirav Modi, the billionaire jeweller at the heart of a $2
billion fraud case in India, has filed for bankruptcy in a New York court, as
investigators stepped up their investigation into a case that has stunned the
    • AIIB approves $1.5 billion in loans to India for infrastructure projects
    Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5
billion in loans to India for infrastructure-related projects in 2018, a senior
official of the AIIB said on Tuesday.
    • Safran close to India combat jet engine deal -sources
France's Safran is close to an agreement to supply a version of its M88 military
jet engine for India's Tejas light combat aircraft, two people close to the
discussions said.
    • Japan's industrial output tumbles in January as inventories build up
    Slowing production of cars and electronics in January tipped Japan's
industrial output into its biggest tumble since a devastating earthquake in
March 2011, highlighting a weakening in demand and a build up of
    • Comcast's $31 billion Sky bid crashes Murdoch and Disney show
    U.S. cable giant Comcast Corp has offered $31 billion for Sky Plc,
threatening a plan hatched by Rupert Murdoch's Twenty-First Century Fox Inc and
Walt Disney to seize control of Europe's biggest pay-TV group.
    • U.S. congressional Republicans reject new limits on guns
    Republican leaders of the U.S. Congress said on Tuesday they would not raise
the minimum age for gun buyers, in a sign that one of US President Donald
Trump's proposals likely will not get far on Capitol Hill after a deadly Florida
school shooting.
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 10,512.50, down 0.5 pct from its
previous close.
    • The Indian rupee will likely open sharply lower against the dollar after
the Federal Reserve chair’s upbeat economic assessment and optimism on achieving
inflation target boosted the U.S. currency. 
    • Indian government bonds are likely to edge lower in early trade tracking
firm U.S. Treasury yields that make emerging market debt less attractive for
investors. The yield on the 7.17 pct bond maturing in 2028 is likely to trade in
a 7.64 pct -7.70 pct band.
    • U.S. stocks suffered on Tuesday their biggest daily drops since the
selloff three weeks ago after comments from Federal Reserve Chairman Jerome
Powell revived fears about more interest-rate increases than expected this year.

    • Asian shares faltered and bonds were sold off as risk appetite soured
after comments from new Federal Reserve Chair revived fears about faster rate
rises in the United States.
    • Asian shares extended losses and bonds were sold off as weak factory data
from China revived worries about global economic growth amid fears of faster
rate rises in the United States.
    • The margin between U.S. shorter- and longer-dated yields narrowed on
Tuesday after Federal Reserve Chairman Jerome Powell said data since December
pointed to a strengthening economy and his confidence had increased that
inflation will rise.
    • U.S. oil prices extended declines into a second day on Wednesday as the
dollar gained and industry data showed an increase in U.S. crude and gasoline
stockpiles, with surging production in the country hampering OPEC attempts to
end a global glut.
    • Gold prices were unchanged near a more than two-week low, as the dollar
held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent
the economy from overheating while sticking with gradual rate rises.    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.92/64.95  February 27      -$139.73 mln  -$197.47 mln
 10-yr bond yield  7.7 pct      Month-to-date    -$1.53 bln    -$98.06 mln
                                Year-to-date     $506.77 mln   $1.37 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 = 64.9100 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
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