LIVECHAT - TRADING INDIA FORUM - Asset Classes for 2017 with Arpita Vinay, Director, Centrum Wealth Management Limited 2016 has been a roller-coaster year for investors, when logical themes for disbanded and anti-establishment halo's prevailed over markets. How does 2017 look, and where should HNI and UHNI investors invest? We speak to Arpita Vinay, who is part of the core team that set up Centrum Wealth Management, at 11:00 a.m. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT - EMERGING MARKETS with Kaan Nazli, Senior Economist at Neuberger Berman Kaan Nazli joins the forum at 3:30 p.m. to share his 2017 outlook for emerging markets and Turkey. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS Indian economy racing before Modi removed oxygen of cash India posted on Wednesday the world's fastest growth rate for a large economy in the September quarter, yet that offered cold comfort after misery inflicted by the government's unexpected move to remove high denomination banknotes from circulation.
India central bank eases cash balance requirements for banks The Reserve Bank of India will allow banks to use all their cash to meet the central bank's new cash reserve ratio requirements, not just a certain amount of the money, in a technical but important move that could provide relief to the country's banks.
Pakistan puts cotton imports from India on hold as tensions mount Pakistan has suspended cotton imports from its top supplier, India, saying shipments failed to fulfil phyto-sanitary certification, threatening the $822 million-a-year trade, government and industry officials told Reuters.
India's domestic investors stock up despite shock from cash crunch Indian domestic institutional investors bought about $2.6 billion in equities this month, their biggest net purchases since at least 2007, showing faith in Indian markets despite fears about a cash crunch.
BAE Systems says Indian, U.S. governments clear M777 artillery gun deal BAE Systems said on Wednesday it expected to sign a contract with the U.S. Department of Defense to supply M777 Howitzers to the Indian Army after both governments cleared the deal.
GLOBAL TOP NEWS OPEC in first joint oil cut with Russia since 2001, Saudis take "big hit" OPEC has agreed its first oil output cuts since 2008 after Saudi Arabia accepted "a big hit" on its production and dropped its demand on arch-rival Iran to slash output, pushing up crude prices by around 10 percent.
China manufacturing, services pick up speed in November - official PMI Activity in China's manufacturing sector grew more than expected in November, expanding at its strongest pace in more than two years, as the world's second-largest economy picks up momentum heading into what promises to be a tumultuous 2017.
Trump says he will back away from business to focus on White House U.S. President-elect Donald Trump vowed on Wednesday to step back from running his global business empire to avoid conflicts of interest but gave few immediate details as concern over his dual role mounts ahead of his Jan. 20 inauguration.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 8,261.50, up 0.24 pct from its previous close.
The Indian rupee will likely open lower against the dollar, as a jump in oil prices lifted U.S. Treasury yields, while upbeat jobs data and hawkish comments from Federal Reserve officials underpinned expectations of a rate increase next month.
Indian sovereign bonds will likely edge higher, as investors continue to bet on a rate cut next week and bank deposits keeping pouring in, easing liquidity concerns. However, gains may be capped amid a sharp rise in crude oil prices after the OPEC reached a deal yesterday to cut output and ease a supply glut. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.20 pct - 6.28 pct band.
GLOBAL MARKETS U.S. stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally but finished the day mostly lower as drops in utilities and technology offset energy's surge.
Oil prices, and energy shares swept higher on Thursday after OPEC agreed to cut crude output to clear a glut, while the dollar and bond yields rose sharply on prospects that resulting inflationary pressures will lead to higher interest rates.
The U.S. dollar was broadly firm, hitting 9 1/2-month highs against the yen as oil prices surged after OPEC agreed to output cuts - lifting inflation expectations and U.S. bond yields.
U.S. Treasury yields rose on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) agreed to its first output cuts since 2008, sending oil prices more than 8 percent higher and boosting expectations of higher inflation.
Oil shot up over 10 percent after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand ready to fill the gap.
Gold dropped to its lowest price in nearly 10 months as the dollar held firm around 9-1/2 month highs against the yen, boosted by inflation expectations, while growing odds of a U.S. interest rate hike also added pressure.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.61/68.66 November 30 -$63.29 mln $66.10 mln 10-yr bond yield 6.42 pct Month-to-date -$2.56 bln -$2.09 bln Year-to-date $4.20 bln -$3.15 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 = 68.38 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)
