{LONGTERMINVESTORS} India's gold traders on edge as Modi fights 'black money'

 

From Thomson Reuters India

THURSDAY, NOVEMBER 17, 2016

FACTORS TO WATCH

10:00 am: Trade Secretary Rita Teaotia at India-Israel business forum in New Delhi.
11:00 am: Winter session of parliament continues in New Delhi.
4:00 pm: Foreign Investment Promotion Board meets to consider eleven FDI proposals in New Delhi.

LIVECHAT - CHINA STOCKS with Bill Bowler
Shenzhen-Hong Kong Stock Connect is poised to start as early as later this month. Bill Bowler, China equities sales and trading, Forsyth Barr Asia, takes questions about potential beneficiaries and expectations from the new programme at 12:00 pm. To join the Global Markets Forum, click here

INDIA TOP NEWS

India's gold traders on edge as Modi fights 'black money'
Some Indian gold traders are placing bulk, short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against 'black money', traders and jewellers said.

Ousted chairman has not made legal complaint to Tata Global Beverages-sources
Cyrus Mistry has told Tata Global Beverages that his removal as chairman of the company was wrong but has not made a formal legal complaint, two sources familiar with the matter said on Wednesday.

EXCLUSIVE-Oil wars: how Kremlin's $13 billion Indian deal almost fell apart
A multi-billion-dollar Russian deal to buy Indian refiner Essar was nearly sunk at the eleventh hour by a rival bid from Saudi Arabia as the two oil superpowers vie for supremacy across the world.

Indian IT sector lobby group cuts growth forecast for FY17
India's IT services sector will likely grow slower than expected this financial year as local and global factors weigh on the outsourcing industry, a leading local industry lobby group said on Wednesday.

Jaguar Land Rover says half of its new cars will have electric option by 2020
Half of all new Jaguar Land Rover vehicles will be available in an electric version by the end of the decade, Britain's biggest carmaker said on Wednesday, after showcasing its first electric car this week.

GLOBAL TOP STORIES

Confusion over Trump's first talks with foreign leader
One day before U.S. President-elect Donald Trump's first meeting with a foreign leader, Japanese Prime Minister Shinzo Abe, Japanese officials said they had not finalized when or where in New York it would take place, who would be invited, or in some cases whom to call for answers.

Only a surprise will halt December Fed rate hike - Bullard
The Federal Reserve will hike U.S. interest rates in December barring any major shocks, policymaker James Bullard said on Wednesday, adding that a single rate increase may be enough to move monetary policy to a "neutral setting".

Rio Tinto fires two top executives over Guinea payments
Rio Tinto has axed two of its top 10 executives amid an investigation over around $10 million in payments to a consultant who helped it secure rights to develop the world's largest untapped iron ore reserves in Guinea.

STATE OF THE MARKETS

The SGX Nifty Futures were at 8,128.00, up 0.35 pct from its previous close.
 
The Indian rupee will likely open little changed to lower against the dollar, tracking weakness across most Asian currencies as risk sentiment remains muted amid a lack of fresh cues. -Newsrise
 
Indian sovereign bonds may open little changed, as a heavy selling by foreigners yesterday will likely deter aggressive bids, even as the nation's banking system remains awash with cash following the government's demonetisation drive. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.40 pct-6.50 pct band. - Newsrise

The S&P 500 closed lower and the Dow ended a seven-day rally on Wednesday as financial stocks fell but gains in technology stocks helped Nasdaq end the day higher.

The dollar edged away from a 13-year peak, following an easing of the week-long surge in Treasury yields that was fuelled by hopes for the Trump administration's economic policies, and Asian stocks slipped on Wall Street's overnight dip.

The dollar caught its breath in early Asian trading, after charging to a 14-year high against a basket of currencies on bets the Trump administration will adopt inflationary policies.

The U.S. Treasury yield curve flattened on Wednesday with yields on shorter-dated maturities little changed while yields on longer-dated ones fell as U.S. producer prices and industrial output data showed inflation could be growing more slowly than expected.

Crude oil futures dropped after official inventory reports indicated a larger-than-expected build in U.S. oil stocks.

Gold steadied as the U.S. dollar retreated from near 14-year highs touched against a basket of currencies the day before.

CLOSE

FII INVESTMENTS

EQUITIES

DEBT

PNDF spot

67.98/68.01

November 16

-$287.88 mln

-$1.05 bln

10-yr bond yield

6.64 pct

Month-to-date

-$902.88 mln-$530.82 mln

Year-to-date

$5.86 bln-$1.58 bln

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