Business
1) India's Stock Futures Rise After Sensex Caps Fourth Monthly Drop
(Bloomberg) -- Indian equity-index futures climbed, signaling a rebound in shares, after the benchmark stock gauge posted its worst monthly loss in four years. SGX Nifty Index futures for March delivery rose 0.8 percent to 7,060 at 9:26 a.m. in Singapore. The underlying Nifty 50 Index fell 0.6 percent to 6,987.05 on Monday. The S&P BSE Sensex lost 0.7 percent. The Bank of New York Mellon India ADR Index of U.S.-traded shares added 0.6 percent. The Sensex sank 7.5 ...
2) Modi Tackles $117 Billion of Bad Debt by Easing Rules for Buyers
(Bloomberg) -- Facing a daunting 8 trillion rupees ($117 billion) of stressed assets in its financial system, India is stepping up efforts to tackle an issue that is threatening to derail Prime Minister Narendra Modi's development agenda. In a boost to a 700 billion-rupee recapitalization program already under way, the government allowed a single investor to fully own an asset reconstruction company, making it easier to raise capital. An earlier ...
3) Modi Eyes Political Rebirth With Budget Moves to Win Rural India
(Bloomberg) -- For all the disappointment among investors since Prime Minister Narendra Modi swept to power nearly two years ago, India's farmers have been even more frustrated. Back-to-back droughts, meager increases in guaranteed crop prices and neglect of a rural jobs program all led to rising discontent in villages that saw Modi as an economic savior in 2014. He hit a low point in November, when his ruling party got crushed in Bihar, India's ...
4) Modi Finds Missing Piece in Bond, Rupee Jigsaw: Fiscal Prudence
(Bloomberg) -- Prime Minister's Narendra Modi's budget slotted in the missing pieces for a rally in Indian bonds and the rupee. The benchmark 10-year yield slid 16 basis points, the most in nine months, after Modi's government stuck to its fiscal deficit targets. The yield -- which had risen five basis points in one year through Friday despite interest-rate cuts, plunging oil prices and the opening up of the debt market -- will drop 13 basis points more to 7.50 ...
5) INDIA DAYBOOK: Manufacturing PMI, Term Repo, Axis Bank, Kotak
(Bloomberg) -- Today: Nikkei-Markit Manufacturing PMI; RBI to hold term repo auctions; Communications Minister Ravi Shankar Prasad, Agriculture Minister Radha Mohan Singh speak. WHAT TO WATCH: * Modi eyes political rebirth w/ budget moves to win rural India * Tackles $117b of bad debt by easing rules for buyers * Finds missing piece in bond, rupee jigsaw: fiscal prudence * Indian Oil cuts gasoline price by 3.02 rupees/litre * Cuts non-subsidized cooking ...
6) INDIA OPTIONS WRAP: VIX Falls to Three-Week Low as Nifty Drops
(Bloomberg) -- India's VIX index -7.8% to 20.2 yday, lowest since Feb. 5, vs 3-mo. avg 18.31. * Nifty put/call open interest ratio 0.73 vs 3-mo. avg 0.81 * Bank Nifty ATM implied volatility 23.4% vs 3-mo. avg 21.7% * Foreigners net buy $97.3m of index futures * Foreigners buy $4.9m of index options * Foreigners buy $91.7m of stk futures * Foreigners sell $5m of stk options * Foreigners sell $85m of stks on Feb. 26; YTD net sell $2.6b * CNX Nifty futures ...
7) India Bank Recap Plan Adequate to Meet Immediate Needs: Mundra
(Bloomberg) -- RBI had suggested a higher recapitalization amount, central bank Deputy Governor S.S. Mundra says in Mumbai. * Says Finance Minister Arun Jaitley has said govt will find resources if banks need more * Says India FY17 budget pragmatic * Declines to comment on monetary policy * NOTE: India Will Give 50b Rupees More to Banks This Year: Jaitley Link
8) ASIA CREDIT DAYBOOK: Indian Spreads May Tighten, Nomura Says
(Bloomberg) -- With fiscal consolidation confirmed, local rates and FX have already reacted positively and credit spreads may tighten as well, says Gaurav Singhal, a credit analyst at Nomura. * "Maintaining 3.5% fiscal deficit is credit positive, bank recap of INR250b was in-line with expectations; year-to-date Indian assets have sold off across the board which was largely on expectations of loosening of fiscal discipline," he says after the budget yday * ...
9) Emerging Currencies Erase February Losses as Ruble Rises on Oil
(Bloomberg) -- Emerging-market currencies erased a monthly loss as Russia's ruble and South Africa's rand gained with oil, while the rupee advanced on optimism India will stick to fiscal targets. Argentina's peso closed at a record low against the dollar after the government settled a lawsuit with creditors over its 2001 default. A gauge of 20 exchange rates had its first monthly gain since October. The ruble rose as hedge funds increased bets the Russian currency will ...
10) China's PMI Reports Show Slowdown Deepening as Services Slip
(Bloomberg) -- China's factory gauge extended its stretch of deteriorating conditions to a record seven months while a measure of services fell to the weakest in seven years, underscoring the challenge for policy makers as they seek to cut overcapacity in manufacturing without derailing growth. The manufacturing purchasing managers index dropped to 49 in February, missing the median estimate of 49.4 in a Bloomberg News survey of economists. It hasn't been weaker since ...
11) IN FOCUS: China PMI, RBA Decision; PBOC Cuts RRR; S&P 500 Falls
(Bloomberg) -- What you need to know from overnight and in the Asian day ahead: * China cut its RRR in a rare weekday easing, signaling that economic growth is the priority even if it means a weaker yuan * The move comes as China factory PMI is due, with median est. for no change at 49.4 in Feb.; Caxin PMI also seen steady * RBA is forecast on hold; see Bloomberg strategist's preview on why bank may lean dovish amid lack of fiscal stimulus * Euro-area ...
12) Global Funds Cut Indian Debt; Add to Thailand, Korean Bonds
(Bloomberg) -- International investors decreased holdings of Indian rupee-denominated debt by $257.2m on Feb. 26, according to Sebi data; they were net sellers of $85.0m in Indian equities on Feb. 26, according to exchange data. * Global funds were net buyers of 5.8b baht ($162.7m) in Thailand's bonds yesterday, according to Thai Bond Market Association data; they were net sellers of $3.8m in nation's equities on Feb. 29: exchange data * Foreign funds were ...
13) INSIGHT: India Maintains Fiscal Discipline, Prioritizes GST
(Bloomberg Intelligence) -- Narendra Modi has delivered a budget that meets deficit targets in both years of the Indian prime minister's administration, thanks to spending restraint, efforts to widen the tax base and other reforms. This demonstration of fiscal prudence should pay dividends in the form of lower borrowing costs, especially if ratings agencies and the Reserve Bank of India signal their approval. The 3.9% of GDP deficit target for the financial year ending ...
14) India to Appeal WTO Solar Program Ruling
(BNA) -- India is set to appeal the recent ruling of the World Trade Organization (WTO) on the domestic content requirement in its solar power generation scheme. ...
15) India: No Corporate Tax Cut in 2016, Residency Rules on Hold
(BNA) -- Multinational corporations and businesses operating in India were left disappointed by the government's 2016 budget, which failed to deliver a much-anticipated 5 ...
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