Morning News Call - India, February 16

Last Updated: Thu, Feb 16, 2017 09:00 hrs

To access the newsletter, click on the link: If you would like to receive this newsletter via email, please register at: FACTORS TO WATCH 10:00 am: Junior Finance Minister Arjun Ram Meghwal at CII event in New Delhi. LIVECHAT: COMMODITIES OUTLOOK Oil markets remain under pressure as crude supplies remain bloated despite the OPEC cuts, while U.S. production is on the rise. Copper prices are on the rise due to supply worries and gold is seeing a decent run thanks to political uncertainty in Europe and worries over U.S. President Donald Trump's policies. At 9:30 am, Gavin Wendt, Founding Director & Senior Resource Analyst, MineLife, will give us his outlook on commodities. To join the conversation, click on the link: INDIA TOP NEWS • Indian exports rise for fifth month as commodities rebound India's goods exports rose in January for the fifth straight month on the back of stronger commodity prices, despite growing protectionist and anti-trade sentiment in the United States and Europe. • Banks fight for $40 mln fee pot in advising on Vodafone India merger BofA Merrill Lynch, UBS and Standard Chartered are among banks scrambling to win advisory roles in a potential merger involving Vodafone in India, sources said, as they chase a rare big deals-related payday in the country. [nL4N1FZ3B7 • AIRSHOW-India and Russia seek to revive stalled helicopter venture India and Russia are nearing a joint venture to make light helicopters in India, reviving a plan announced by Russian President Vladimir Putin in 2015. For more on AIRSHOW, click on the link: • Indian cabinet approves State Bank's planned merger with subsidiaries India's federal cabinet has approved top lender State Bank of India's planned merger with its five subsidiary banks, Finance Minister Arun Jaitley said on Wednesday. • Tata Steel UK workers accept cuts to pension benefits Tata Steel's British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company's plan to spin off its entire UK pension scheme still faces regulatory hurdles. • Uttar Pradesh holds 2nd election round, amid row over exit pol Indians voted on Wednesday in the second round of a state election that is the biggest test of support for Prime Minister Narendra Modi since he rose to power three years ago, as controversy raged over the illegal publication of an exit poll. • India launches record 104 satellites at one go India successfully launched 104 satellites in a single mission on Wednesday, setting what its space agency says is a world record of launching the most satellites at one go. GLOBAL TOP NEWS • U.S. lawmakers push for answers on Trump team's Russia ties A crisis over the relationship between President Donald Trump's aides and Russia deepened on Wednesday as a growing number of Trump's fellow Republicans demanded expanded congressional inquiries into the matter. • Malaysia arrests second woman in suspected assassination of N.Korean Malaysia has detained a second woman suspected in the apparent assassination of the estranged half-brother of North Korean leader Kim Jong Un, state news agency Bernama reported on Thursday, citing the inspector general of police. • Samsung chief arrives at prosecutor's office before arrest hearing Samsung Group chief Jay Y. Lee appeared at South Korea's special prosecutor's office on Thursday before a court hearing that will decide whether to issue an arrest warrant over his role in a corruption scandal that has engulfed President Park Geun-hye. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 8,756.00, up 0.05 pct from its previous close. • The Indian rupee will likely open little changed to slightly higher against the dollar, as the greenback retreated from one-month highs despite better-than-expected U.S. economic data after investors took profits. • Indian sovereign bonds will likely open steady ahead of a government buyback of securities later today. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.83 pct-6.89 pct band today. The bond paper had closed at 100.74 rupees, yielding 6.86 pct, yesterday. GLOBAL MARKETS • Wall Street pushed further into record-high territory on Wednesday, with the S&P 500 notching a seven-session winning streak, helped by a round of robust economic data and ongoing optimism that President Donald Trump will cut corporate taxes. • Asian stocks edged up to fresh 19-month highs, helped by an extended rally on Wall Street and strong U.S. data. • The dollar took a breather after climbing to a one-month high as a run of upbeat U.S. economic data rekindled expectations of an early rate hike by the Federal Reserve. • Benchmark U.S. Treasury yields rose to 2-1/2-week highs after data showing surging consumer price inflation in January bolstered expectations that the Federal Reserve is closer to raising interest rates. • Oil prices eased slightly in choppy trade as record high U.S. crude and gasoline inventories fed concerns about a global glut. • Gold prices inched up as the dollar drifted down from one-month highs hit in the previous session on upbeat U.S. economic data. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.86/66.89 February 15 $33.81 mln $17.34 mln 10-yr bond yield 7.21 pct Month-to-date $371.08 mln $1.07 bln Year-to-date $364.69 mln $959.11 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 = 66.90 Indian rupees) (Erum Khaled in Bengaluru)

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