To access the newsletter, click on the link: http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_12122017.pdf If you would like to receive this newsletter via email, please register at: https://forms.thomsonreuters.com/india-morning/ FACTORS TO WATCH 9:30 am: Communications Minister Manoj Sinha, Economic Affairs Secretary Subhash Chandra Garg, Transport and Highways Secretary Yuvdhir Singh Malik and Transport and Highways Joint Secretary Dakshita Das at ASEAN-India Connectivity Summit in New Delhi.
10:00 am: SEBI Chairman Ajay Tyagi, NSE Managing Director Vikram Limaye, BSE MD & CEO Ashishkumar Chauhan and Reliance Nippon Life Asset Management ED & CEO Sundeep Sikka at AIBI Summit 2017 in Mumbai.
11:30 am: Volvo Auto India MD Charles Frump at Volvo’s new launch in Mumbai.
12:00 pm: IT Minister Ravi Shankar Prasad at Digital Payment Security Awareness campaign in Mumbai.
5:30 pm: Government to release November consumer price inflation data in Mumbai.
5:30 pm: Government to release October Industrial output data in Mumbai.
INDIA TOP NEWS • India's Rahul Gandhi takes helm of Congress party to challenge Modi India's main opposition Congress party on Monday elevated Rahul Gandhi, the scion of the country's most fabled political dynasty, as its president, preparing to challenge the dominance of Prime Minister Narendra Modi ahead of national polls in 2019.
• Apple, India wrangle over import tax on mobile parts - sources Apple Inc has asked India to defer a planned increase in import taxes on mobile phone parts so it can expand its iPhone manufacturing in the country, but the government is unlikely to accede, people familiar with the matter said.
• Russia urges India to line up behind China's Belt and Road initiative Russia threw its weight behind China's massive Belt and Road plan to build trade and transport links across Asia and beyond, suggesting to India on Monday that it find a way to work with Beijing on the signature project.
• India government favours petcoke import ban, U.S. would be biggest loser India's government is in favour of banning imports of petroleum coke to curb air pollution, according to a government affidavit filed with its top court, which could be a big blow to U.S. refiners who export heavily to the country.
GLOBAL TOP NEWS • Bitcoin futures suggest breakneck rise in price to slow Newly launched bitcoin futures on Monday suggested that traders expect the cryptocurrency's blistering price gains to slow in the coming months, even as it blasted above $17,000 to a fresh record high in the spot market.
• EU tells Netanyahu it rejects Trump's Jerusalem move Prime Minister Benjamin Netanyahu took his case to Europe to ask allies to join the United States in recognising Jerusalem as Israel's capital, but met a firm rebuff from EU foreign ministers who saw the move as a blow against the peace process.
• China's banks dole out record credit in 2017 as Nov loans blow past forecasts Bank lending in China hit a fresh record after a much stronger-than-expected surge in credit in November, even as authorities step up efforts to reduce risks in the financial system from a rapid build-up in debt.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 10,340.00, trading down 0.06 percent from its previous close.
The Indian rupee will likely edge lower against the dollar, as the greenback strengthened amid bets the U.S. Federal Reserve will almost certainly tighten interest rates tomorrow.
Indian government bonds are likely to fall in early trade as investors await the retail inflation data for November. A fresh supply of state debt would also damp demand. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 7.14 percent-7.20 percent band, a trader with a primary dealership said. The note closed at 97.41 rupees.
GLOBAL MARKETS • Wall Street indexes closed higher on Monday and the biggest drivers were technology and energy sectors as oil prices rose and investors waited for an expected U.S. Federal Reserve rate hike later in the week.
• Asian shares took a breather after three straight sessions of gains, with markets consolidating in the hope an upswing in global growth could outlast a likely hike in U.S. borrowing costs this week.
• The dollar held steady near a recent two-week high versus a basket of major currencies, with traders awaiting the U.S. Federal Reserve's policy meeting this week for fresh catalysts.
• U.S. Treasury debt prices were little changed on Monday after rallying earlier in the session on safe-haven buying following an explosion in midtown Manhattan which New York Mayor Bill de Blasio described as an "attempted terrorist attack." • Brent crude oil prices jumped above $65 per barrel for the first time since 2015 after the shutdown of the Forties North Sea pipeline knocked out significant supply from a market that was already tightening due to OPEC-led production cuts.
• Gold was slightly higher in early trade, having shed half a percent in the previous session, ahead of the start of a two-day Federal Reserve meeting in the United States.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.33/64.36 December 11 -$28.09 mln $131.76 mln 10-yr bond yields 7.19 pct Month-to-date -$628.02 mln $542.07 mln Year-to-date $6.78 bln $26.28 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 = 64.3500 Indian rupees)
