2:00 pm: Moody's & ICRA webcast on impact of Union Budget in Mumbai.
LIVECHAT-CMC MARKETS OUTLOOK CMC Markets' chief market analyst Michael Hewson joins us at 3:30 pm for a look at what's likely to drive direction in the coming month. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS India unveils budget for recovery, and the poor, after cash crackdown India unveiled a budget on Wednesday to help the poor with hikes in government spending and cuts in taxes as Prime Minister Narendra Modi seeks to win back the sympathy of voters hit hard by his recent crackdown on "black money". To find out what experts think of the budget, click here http://www.reuters.com/article/india-budget-instantview-idINKBN15G3N0. India looks at creating oil giant to take on global rivals India plans to create a giant oil company by combining state-owned firms, finance minister Arun Jaitley said on Wednesday, as the world's third largest oil consumer looks to better compete with global majors in acquiring foreign assets.
Indian factory activity returns to modest growth in January -PMI Indian factory activity returned to modest growth in January, bouncing from a contraction in December triggered by the government's scrapping of high value banknotes, a business survey showed on Wednesday.
India sticks to bank spending plan, no bumper recapitalisation yet India stuck to a previously planned injection of $1.5 billion for state-owned banks in the coming financial year, disappointing hopes for a broader recapitalisation and fuelling concern that some may trim lending to keep afloat.
Fears of U.S. visa overhaul push Indian IT stocks lower Shares of Indian technology companies deepened losses on Wednesday as investors worried U.S. President Donald Trump and legislators would impose tougher rules on skilled-worker visas that those firms rely on.
POLL-Reserve Bank of India seen cutting rates Feb. 8 to boost demand after cash crunch The Reserve Bank of India is expected to cut interest rates next week to help revive demand, which has taken a hit from Prime Minister Narendra Modi's currency crackdown, a Reuters poll showed.
On eve of state polls, Modi looks to clean up campaign funding Prime Minister Narendra Modi has moved to clean up political funding with limits on cash donations and new "election bonds", but some politicians and election officials said the measures would have limited impact.
GLOBAL TOP NEWS EXCLUSIVE-Trump to focus counter-extremism program solely on Islam -sources The Trump administration wants to revamp and rename a U.S. government program designed to counter all violent ideologies so that it focuses solely on Islamist extremism, five people briefed on the matter told Reuters.
Fed leaves interest rates unchanged, remains upbeat on economy The Federal Reserve held interest rates steady on Wednesday in its first meeting since President Donald Trump took office, but painted a relatively upbeat picture of the U.S. economy that suggested it was on track to tighten monetary policy this year.
Facebook eases past Wall Street estimates, sees spending up in 2017 Facebook Inc cruised past Wall Street's earnings and revenue expectations on Wednesday with strong growth in its mobile ad business, demonstrating that controversy over so-called "fake news" and inaccurate advertising measurements had little impact on its financial performance.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were at 8,702.00, down 0.40 pct from its previous close.
The Indian rupee will likely open higher against the dollar, tracking its Asian peers, as demand for the greenback weakened after the U.S. Federal Reserve did not offer more clarity on further rate increases.
Indian sovereign bonds will likely edge lower, as the Federal Reserve kept the funds rate unchanged but remained upbeat about the U.S. economy, suggesting it was on track to raise interest rates this year. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.40 pct-6.45 pct band today, a dealer with a state-run bank said. The bond had closed at 103.84 rupees, yielding 6.43 pct, yesterday.
GLOBAL MARKETS The S&P 500 edged higher on Wednesday to cap a four-day losing streak, buoyed by gains in Apple shares and after the Federal Reserve kept U.S. interest rates unchanged, as expected.
Asian shares ticked up while the dollar was capped after the U.S. Federal Reserve stuck to its mildly upbeat economic view but gave no hint of any immediate rate hike.
U.S. Treasury prices pared losses on Wednesday after the Federal Reserve kept interest rates unchanged and painted a relatively upbeat picture of the U.S. economy, without adopting a very hawkish tone.
Oil prices fell after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices.
Gold edged up early on a weaker dollar after the U.S. Federal Reserve kept U.S. interest rates steady.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.39/67.42 February 1 $13.76 mln $120.92 mln 10-yr bond yield 6.73 pct Month-to-date -$6.39 mln $8.84 mln Year-to-date - - 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 = 67.48 Indian rupees) (Erum Khaled in Bengaluru)
