January 4, 2018 / 3:08 AM / 9 months ago

Morning News Call - India, January 4

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    FACTORS TO WATCH
    9:45 am: Commerce Minister Suresh Prabhu at an event in New Delhi.
    11:00 am: Winter session of parliament continues New Delhi.
    
    GMF: BONDS UPDATE
    Reuters interest rate reporter Dhara Ranasinghe delves into government
bond markets at 1900 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India calls off deal for Israeli anti-tank missiles
    India has called off an order to buy Spike anti-tank guided missiles from
Israel's state-owned defence contractor Rafael, the company said on Wednesday.

    
    Indian low-caste workers disrupt life in Mumbai for second day after clash 
    Protests disrupted business in India's financial hub of Mumbai for a second
day on Wednesday as lower-caste Dalits pelted buses, blocked rail lines and shut
malls after a clash with right-wing Hindus.
    
    
    GLOBAL TOP NEWS
    Americans should worry about Kim's mental fitness, not Trump's - White House
    The White House on Wednesday defended Donald Trump's tweet about the size of
his nuclear button, saying Americans should be concerned about the North Korean
leader's mental fitness, not their president's.
    
    Iran deploys Revolutionary Guards to quell "sedition" in protest hotbeds
    Iran's elite Revolutionary Guards have deployed forces to three provinces to
put down anti-government unrest after six days of protests that have rattled the
clerical leadership and left 21 people dead. 
    
    Japan Dec final manufacturing PMI highest since Feb 2014
    Japanese manufacturing activity expanded at the fastest pace in almost four
years in December as new orders accelerated, a revised survey showed, in a sign
that steady economic growth will continue into the new year.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    
    The SGX Nifty Futures was trading at 10,499.00, trading up 0.14 percent from
its previous close.
    The Indian rupee will likely trade lower against the dollar in early
session, as hawkish minutes from the Federal Reserve’s December meeting amid
upbeat U.S. manufacturing and construction data boosted demand for the
greenback.
    
    Indian government bonds are expected to edge lower as overnight gains in
crude oil prices worsen the outlook for domestic inflation, even as traders
await a fresh supply of notes tomorrow. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 7.32 percent-7.38 percent band
today, a trader with a primary dealership said. The bond closed at 96.43 rupees,
yielding 7.32 percent, yesterday. 
    
    
    GLOBAL MARKETS
    • The S&P 500 index rose above 2,700 for the first time on Wednesday and
other major indexes hit record closing highs as technology stocks climbed after
signs of robust economic growth.
    • Asian shares scaled a 10-year high as solid economic data from the United
States and Germany reinforced investors' optimism while oil prices hovered at
2-1/2-year high with unrest in Iran stoking supply disruption
concerns.
    • The dollar extended gains after upbeat U.S. data and supportive minutes
from the Federal's Reserve's latest policy meeting helped it shake off recent
weakness.
    • U.S. Treasury yields were little changed on Wednesday as traders stuck to
their view that the Federal Reserve would gradually increase interest rates in
2018 based on the minutes of the central bank's December policy meeting.
    • Oil prices remained near levels last seen in late 2014/2015, with markets
tightening amid tensions in Iran and due to ongoing OPEC-led production cuts.

    • Gold prices eased early, extending losses from the previous session as the
precious metal retreated from more than 3-1/2-month highs due to a firmer dollar
on expectations of further U.S. interest rate hikes.
    
    
                    CLOSE         FII INVESTMENTS   EQUITIES    DEBT
 PNDF  spot         63.47/63.50   January 3         $15.17 mln  -$95.86 mln
 10-yr bond yields  7.33 pct      Month-to-date     $95.51 mln  -$115.16 mln
                                  Year-to-date      $95.51 mln  -$115.16 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 = 63.5000 Indian rupees)
0 : 0
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