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Morning News Call - India, September 28

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FACTORS TO WATCH

10:00 am: Telecom Secretary Aruna Sundararajan at signing of MoU between BSNL and VNL at India Mobile Congress 2017 in New Delhi.

10:00 am: Harvard, NITI Aayog & NIPFP organize Symposium on "Building Financial Systems of the 21st Century" in New Delhi.

11:00 am: Dish TV India annual general meeting, in Mumbai.

12:00 pm: DSP Black Rock to announce launch of its new fund offer, in Mumbai.

6:30 pm: Finance Minister Arun Jaitley to speak at book release function, in New Delhi.

LIVECHAT - NORTH KOREA CRISIS

A second ballistic missile flew over Japan from North Korea in less than three weeks, and this time the range of the test demonstrated that the North could reach Guam with its weapon. Steffen Dyck, Vice President and Senior Credit Officer, Moody's will discuss the potential impacts on the Peninsula from a conflict at 11:30 am IST.

To join the conversation, click on the link: /

INDIA TOP NEWS

EXCLUSIVE-India's plan to sell stakes in producing fields to hit state explorers' profit - sources

India plans to offer stakes of up to 60 percent in oil and gas fields owned by state energy companies that are already in production to private firms, five sources with knowledge of the matter said, a move that would hit revenues of state explorers. India's ICICI Lombard makes tepid trading debut after $871 million IPO

India's ICICI Lombard General Insurance fell as much as 3.4 percent in its market debut on Wednesday after raising $871 million in an initial public offering, amid worries about valuations for the country's top private non-life insurer. Policy flip-flops risk harming 'Make in India' drive - company execs

Surprise policy shifts, such as an apparent U-turn over a locomotive deal with General Electric, risk undermining Prime Minister Narendra Modi's flagship 'Make in India' initiative, which aims to create millions of jobs and boost growth, industry executives say. Gold smuggling likely to rise in India as festive buyers try to avoid new tax

Gold smuggling in India, the world's second-biggest consumer of the metal, is likely to rise during the country's peak holiday season as buyers try to avoid paying a new sales tax and to dodge new transparency rules. India needs to double refining capacity by 2040 to meet fuel demand growth

India needs to double its refining capacity by 2040 to meet rising fuel demand as an expanding middle class buys more passenger vehicles and its economy grows, a top refinery official said on Wednesday. GLOBAL TOP NEWS

Trump proposes U.S. tax overhaul, stirs concerns on deficit

President Donald Trump proposed on Wednesday the biggest U.S. tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favors business and the rich and could add trillions of dollars to the deficit. Bombardier overshadows NAFTA talks as Quebec, Britain threaten retaliation

Stiff U.S. duties imposed on Bombardier Inc's CSeries jet sparked retaliation threats from Britain and Canada's Quebec province on Wednesday as the dispute, which may affect thousands of jobs, overshadowed North American trade talks. Puerto Rico seeks waiver of shipping restrictions to speed hurricane relief

Puerto Rico officials pressed the Trump administration on Wednesday to lift a ban on foreign shipping between American ports while the U.S. island territory struggled with fuel, water and medical shortages one week after Hurricane Maria struck. LOCAL MARKETS OUTLOOK

(As reported by NewsRise)

The SGX Nifty Futures were trading at 9,720.50, trading down 0.2 percent from its previous close

Indian government bonds are likely to fall in early trade tracking a rise in U.S. Treasury yields, triggered by a better-than-expected reading on U.S. durable goods orders. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.65 percent - 6.70 percent band.

The Indian rupee will likely open little changed to slightly lower against the dollar, as U.S. President Donald Trump's tax overhaul proposal underpinned strength in the greenback.


GLOBAL MARKETS

U.S. stocks rose on Wednesday as gains in financial shares were powered by growing expectations for a December interest rate hike and on hopes President Donald Trump's administration may be making progress on a tax plan. Asian shares were firm while U.S. bond yields and the dollar held sizable gains made the previous day after President Donald Trump proposed the biggest U.S. tax overhaul in three decades. The dollar traded near a one-month high against a basket of currencies, underpinned by hopes that U.S. President Donald Trump's administration may be making progress on fiscal reforms. U.S. Treasury yields rose to months- and years-long highs on Wednesday after a better-than-expected reading on U.S. durable goods orders that suggested inflation may be picking up and the Federal Reserve may be taking a stronger path of rate increases than currently priced into the market. Oil prices fell, with U.S. crude giving up some of the previous session's gains that were driven by a surprise fall in inventories, while Brent moved further away from recent 26-month highs. Gold rose after falling to one-month lows on expectations of a rise in U.S. interest rates this year, while platinum fell to a discount against palladium for the first time since 2001 on waning demand for diesel cars. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.68/65.71 September 27 -$130.27 mln -$51.44 mln 10-yr bond yield 6.97 pct Month-to-date -$1.03 bln $240.50 mln

Year-to-date $5.89 bln $23.38 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 = 65.7100 Indian rupees)


(Compiled by Shradha Singh in Bengaluru)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.