3:00 pm: PMO officials to meet exporters to discuss delays in GST refunds in New Delhi.
5:30 pm: Science & Technology Minister Harsh Vardhan to release ‘Indian Scientists: The Saga of Inspired Minds’ book in New Delhi.
5:30 pm: Government to release February consumer price inflation data in New Delhi.
5:30 pm: Government to release January Industrial output data in New Delhi.
LIVECHAT - FX FOCUS The U.S. dollar will retreat further over the coming year, giving way to an ascendant euro. In Asia, the Chinese yuan is expected to slip only slightly over the coming year. While the Indian rupee which has weakened nearly 2 percent in 2018 so far, is now expected to regain about half of those losses over the year. Reuters polling editor in charge Rahul Karunakar will walk through the findings and what they signal at 0930 IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • France signs deals worth $16 billion in India; to deepen defence, security ties French and Indian companies signed contracts worth $16 billion on the first day of President Emmanuel Macron's visit to India on Saturday, the French presidency said in a statement.
• Central bank turns up heat on lenders after $2 billion loan fraud Central bank has asked commercial lenders to provide it with details of all letters of undertaking - a form of credit guarantee at the centre of an alleged $2 billion fraud - issued by them in the past several years, according to four bankers who have seen the directive.
• Union Bank says has $45 million direct exposure to Nirav Modi, Gitanjali firms Union Bank of India has direct credit exposure of about $18.4 million to companies controlled by jeweller Nirav Modi, and another $26.9 million to Gitanjali group of companies, its chief executive told Reuters on Friday.
• Before mega scam, PNB lost $431 million to fraud last fiscal year Punjab National Bank lost $431 million to various frauds last fiscal year, the government said on Friday, making it the biggest such loser among all state-owned banks even before it uncovered an alleged $2 billion fraud this year.
• Government to split Air India's debt ahead of stake sale - minister India will transfer part of Air India's $8.5 billion debt pile to a special purpose vehicle before selling a stake in the state-owned carrier, its junior civil aviation minister told Reuters on Friday.
• India mulls action against cement companies for cartelisation - ET Now The government is considering action against cement companies for cartelisation, news channel ET Now tweeted on Friday quoting the union road minister.
• Dutch Tata Steel says it should be exempt from U.S. tariffs The Dutch arm of Tata Steel said on Friday the United States should exempt it from new import tariffs on steel and aluminium, as it products were vital for the American economy.
• Amazon video service looking to expand Indian regional content Amazon.com's video service will look to add more regional content in India, two company executives said, as it competes with a host of global and local players for a bigger share of a fledgling online streaming market.
GLOBAL TOP NEWS • Not just theater: U.S. officials defend Trump-Kim meeting U.S. officials on Sunday defended U.S. President Donald Trump's decision to meet with North Korean leader Kim Jong Un, saying the move was not just for show and not a gift to Pyongyang.
• Japan PM, finance minister under fire over suspected cronyism scandal Japan's finance ministry acknowledged that documents in a suspected cronyism scandal had been doctored, said a senior ruling party official, as pressure mounts on Prime Minister Shinzo Abe and his ally Finance Minister Taro Aso over the case.
• Germany, China warn Trump tariff moves threaten global trade Germany denounced moves by U.S. President Donald Trump to impose tariffs on U.S. metal imports, saying Europe needed a united response to the threat and echoing criticism from China that it risked undermining the global trade system.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were at 10,326.50, up 1.1 percent from its previous close.
• The Indian rupee is likely to open higher against the dollar as U.S. wage growth slowed in February, allaying fears of a quicker pace of rate increases by the Federal Reserve.
• Indian government bonds are likely to fall in early trade tracking gains in U.S. Treasury yields and crude oil prices, that make investments in Indian debt less attractive. The yield on the 7.17 percent bond maturing in 2028 is likely to trade in 7.66 percent - 7.73 percent band today.
GLOBAL MARKETS • To celebrate the bull market's ninth birthday on Friday, the three major U.S. stock indexes climbed almost 2 percent and the Nasdaq closed at a record high, as February's jobs report assuaged fears of inflation and aggressive interest rate hikes.
• A relief rally swept across Asian share markets after the latest U.S. jobs report managed to impress with its strength while also easing fears of inflation and faster rate hikes, a neat feat that whetted risk appetites globally.
• U.S. Treasury yields advanced on Friday after data showed the world's largest economy created far more jobs than expected in February, reinforcing expectations the Federal Reserve would raise interest rates at least three times this year.
• Oil markets climbed on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.
• Gold prices fell as the dollar held steady after data showed the U.S. economy added a larger-than-expected number of jobs in February.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 65.17/65.2 March 9 84.46 mln -$284.03 mln 10-yr bond yield 7.68 pct Month-to-date 212.98 mln -$771.17 mln Year-to-date 320.84 mln $319.73 mln 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 = 65.1200 Indian rupees) (Compiled by Swathi Nair in Bengaluru)
