Business
1) India's Nifty Stock Futures Fluctuate Amid Drop in Asian Shares
(Bloomberg) -- Indian equity-index futures swung between gains and losses as concerns about slowing global economic growth dragged down Asian stocks and foreign investors pulled money from local shares. SGX Nifty Index futures for January delivery rose less than 0.1 percent to 7,441.50 at 9:59 a.m. in Singapore, after earlier dropping as much as 1.2 percent. The underlying Nifty 50 Index slid 1.3 percent on Friday. The S&P BSE Sensex also dropped 1.3 percent. The Bank of ...
2) Rajan Strengthens Rupee Defense Deploying $2.8 Billion Reserves
(Bloomberg) -- Indian central bank Governor Raghuram Rajan oversaw the biggest jump in currency reserves among major developing nations and he's not afraid to use them to help the rupee. In a sign of intervention, the holdings fell $2.8 billion in the two weeks ended Jan. 8 to $326.4 billion. Rajan may spend up to $20 billion in 2016 to anchor the rupee around 65 per dollar, according to Bank of America Merrill Lynch estimates. A survey of strategists by Bloomberg sees the ...
3) INDIA DAYBOOK: Wipro, Gold Bonds, Tax Breaks for Startups
(Bloomberg) -- Sovereign gold bonds open for subscription; earnings incl. Wipro, Asian Paints, Kotak Mahindra Bank, Mindtree; Defence Minister Manohar Parrikar speaks. (Please click here to subscribe to India Daybook) WHAT TO WATCH: * Modi offers $1.5b fund, tax breaks for India startups * India evaluating new site for 7.2GW Russia-built nuclear plant * Excise duty on gasoline increased by 0.75 rupees/liter * Sebi suspends forward ...
4) INDIA CREDIT DAYBOOK: Kotak Says RBI to Act on Rates Post Budget
(Bloomberg) -- The RBI will wait for govt budget and Jan. CPI data before deciding on course of policy rates, Kotak analysts including Upasna Bhardwaj say in Jan. 14 note. * With the disinflationary impulses significantly reduced and the base effects also waning, the RBI will likely be in wait-and-see mode: note * Kotak says it "remains skeptical of an aggressive pace and quantum of repo rate cuts" and is factoring in cuts for 25-50bps for 2016; RBI ...
5) INDIA OPTIONS WRAP: VIX Index Climbs to Two-Month High
(Bloomberg) -- India's VIX index +4.4% to 19.4 on Jan. 15, highest since Nov. 6, vs 3-mo. avg 16.71. * Nifty put/call open interest ratio 0.82, highest since Jan. 15, vs 3-mo. avg 0.86 * Bank Nifty ATM implied volatility 28.9% vs 3-mo. avg 20.3% * Foreigners net buy $23.5m of index futures * Foreigners sell $161.5m of index options * Foreigners buy $118m of stk futures * Foreigners sell $19.9m of stk options * Foreigners sell $171.7m of stks on Jan. 14; ...
6) IN INDIAN MEDIA: ICICI Home Finance, Air India, Pay Commission
(Bloomberg) -- TPG, Partners Capital Only Bidders for ICICI Home Finance: Economic Times * Air India Won't Oppose Removal of 5-20 Rule: Economic Times * Emcure Pharma Buys Canada's International Pharma, Marcan: Economic Times * Maruti to Unveil New Engine, Hatchback Platform at Auto Expo: Economic Times * India Said to Look to Merge Three Key Labor Laws: Economic Times * AGS Transact to Make Cash Machines With Germany's Wincor: Economic Times ...
7) Indian Companies' ADRs/GDRs Premiums, Discounts for January 18
(Bloomberg) -- The following table of American and global depositary receipts of Indian companies compares their closing prices with the most recent closes in local trading. Price adjustments are based on a currency value of 67.80 rupee per dollar, along with the number of shares per ADR or GDR. *T ADR/GDR Local Local ADR/GDR Shrs/ Company Ticker Close % Chg Equiv. Close % Prem ADR/GDR Aditya ...
8) Asia Stocks Week Ahead:Turnbull Meets Obama, China GDP, BHP, Rio
(Bloomberg) -- A look at the coming week in Asian equity markets (Bloomberg data unless stated -- click here to receive story and Asia Daybook in your inbox). WHAT TO WATCH: * World Economic Forum * Australia Prime Minister Malcolm Turnbull visits U.S. * BHP, Rio Tinto among cos. issuing production reports * Earnings incl. Nidec, Reliance Industries, Wipro, Woodside MONDAY, Jan. 18 * Earnings incl. Wipro, Kotak Mahindra, Asian Paints, Keppel REIT, ...
9) Asian Bond Risk Climbs to Level Unsurpassed Since September
(Bloomberg) -- Markit iTraxx Asia index of credit default swaps rises 4bps to 162bps as of 8:46am in Hong Kong, according to Westpac pricing. * The gauge was last higher on Sept. 29, based on CMA data
10) Global Funds Add to Korean Bonds; Cut Indian, Thailand Debt
(Bloomberg) -- International investors bought net 171.9b won ($141.6m) of South Korea-listed bonds on Jan. 14, according to Financial Supervisory Service data; sold net $194.8m in local equities on Jan. 15, exchange data show. * Global funds reduced holdings of rupee-denominated debt by $133.2m on Jan. 14, according to Sebi data; net sellers of $171.7m in Indian equities that same day: exchange data * Foreign funds were net sellers of 36.3m baht ($999k) in Thai ...
11) China, India Banks Best Placed to Finance a Post-Sanctions Iran
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12) What Investors Need to Know About Entering Iran's Stock Market
(Bloomberg) -- One of the world's hardest-to-enter stock markets just became more accessible to international investors. As financial sanctions are eased against Iran, foreigners can enter a bourse in Tehran with almost as many listed companies as Istanbul. Inflows may reach as much as $1 billion after six to eight months, estimated Reza Soltanzadeh, a founding partner at ACL Assets Management, an investment firm that focuses on Iran. ...
13) Brent Dips Below $28 as Iran Sanctions Lift Set to Worsen Glut
(Bloomberg) -- Brent oil traded below $28 a barrel as it extended declines after international sanctions on Iran were lifted, paving the way for increased exports from the OPEC producer amid a global glut. Futures lost as much as 4.4 percent in London, slipping to the lowest since November 2003. Iran is beginning efforts to boost output and exports by 500,000 barrels a day now that restrictions have been lifted, Amir Hossein Zamaninia, deputy oil minister ...
14) Beyond the Headlines: Five Things to Watch in China's GDP Report
(Bloomberg) -- While Chinese stocks have whipsawed investors, growth in the world's second-largest economy is still forecast to come in just under the government's 7 percent target. The nation's fourth quarter and full-year gross domestic product report will be released Tuesday at 10 a.m. in Beijing, or 9 p.m. Monday on Wall Street. Economic growth for the quarter and year were both 6.9 percent, according to a Bloomberg survey of economists as of late Friday. The ...
15) Delhi Briefly Restores Sanity to Streets: Chandrahas Choudhury
(Bloomberg View) -- For the last several weeks, no topic in India's capital dominated drawing-room couches, newspaper columns and social media as much as the Delhi government's stricture limiting the use of private cars to an "odd-even" schedule between 8 a.m. and 8 p.m., six days a week. Now that the ambitious 15-day pilot project has drawn to a close, Delhiites are realizing that they've accomplished something substantial through collective action, and that ...
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