MUMBAI: Indian federal bond yields are expected to start lower on Thursday on hopes the central bank will soon begin easing its monetary policy stance, with improved liquidity also seen aiding sentiment.
However, traders will be cautious ahead of a 140 billion rupees ($2.68 billion) debt sale on Friday, and lined-up supplies will prevent a sharp fall in the yields.
Subir Gokarn, a deputy governor at the Reserve Bank of India, on Thursday said the country's inflation is slowing, as suggested by momentum indicators, and the ceiling for interest rates has been reached.
Banks borrowed 815 billion rupees through the RBI's liquidity adjustment facility on Wednesday, lower than 1.1 trillion rupees in the previous session.
The 10-year benchmark bond yield could open around 8.34 percent and trade in a 8.30-8.40 percent band, traders said. On Wednesday, it closed steady at 8.36 percent.
Traders will watch out for the weekly food inflation data due later in the day.
The RBI will also buy back 120 billion rupees of bonds on Friday.
India's Fixed Income Money Market and Derivatives Association will recommend to the central bank that it changes the basis for determining daily bands for trading government bonds to yield from price, three sources with...
TOKYO: Tokyo stocks opened down 0.52 percent on Thursday after a mixed performance by New York shares overnight.
The Nikkei 225 index at the Tokyo Stock Exchange, which soared 1.24 percent on Wednesday, opened down 44.45 points at 8,515.66.
The Nikkei was expected to trade in a narrow range, SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.
The yen's strength against the euro was likely to impact exporters such as machinery makers and other manufacturers, Nishi added.
The euro bought 99.19 yen and $1.2932 in early Asian trade, compared with 99.28 yen and $1.2941 in New York late Wednesday.
The dollar was at 76.70 yen, almost unchanged from New York.
US blue chips pushed higher Wednesday but the broader market was virtually flat amid hesitant trade.
The Dow Jones Industrial Average finished up 0.17 percent at 12,418.42 while the broader S&P 500 was flat, adding just 0.02 percent to 1,277.30.
Copyright AFP (Agence France-Presse), 2011
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