June 20, 2017 / 3:25 AM / 6 months ago

Morning News Call - India, June 20

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    FACTORS TO WATCH
    9:00 am: Aviation Minister Ashok Gajapathi Raju, Junior Aviation Minister
Jayant Sinha at Airport Investments Summit in Mumbai.
    
    GMF: LIVECHAT - FIXED INCOME FOCUS
    We get a funding outlook with Eila Kreivi, Director and Head of The Capital
Markets Department, European Investment Bank, at 3:00 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Ahead of Modi visit, U.S. lawmakers ask India to rethink price
cap on stents
    A group of U.S. lawmakers has backed medical device makers by urging India
to reconsider its decision to cap prices of heart stents, raising the issue
ahead of Prime Minister Narendra Modi's visit to the United States later this
week.
    • Indian investors ride out big-pharma slump with small-cap drugmakers
    Investors in Indian pharmaceutical stock, hit by quality-related sanctions
against drugmakers operating abroad and reduced pricing power in more profitable
markets, have adopted a new mantra: patience and pickiness.
    • SpiceJet in provisional deal for 40 Boeing 737 MAX 10 jets
    Indian low-cost carrier SpiceJet signed a provisional deal on Monday to buy
40 of Boeing's newly launched 737 MAX 10 jets, becoming an inaugural customer of
an aircraft designed to blunt strong sales of rival planemaker Airbus' A321neo.

    • Lockheed signs pact with Tata to make F-16 planes in India
    Lockheed Martin signed an agreement with India's Tata Advanced Systems on
Monday to produce F-16 fighter planes in India, pressing ahead with a plan to
shift its Fort Worth, Texas plant to win billions of dollars worth of order from
the Indian military.
    • Tata Motors says no plans to list Jaguar Land Rover
    India's Tata Motors Ltd said on Monday it had no plans to list its luxury
British car brand Jaguar Land Rover after Bloomberg reported that the automaker
was considering an initial public offering of the unit.
    
    
    GLOBAL TOP NEWS
    • U.S. student held prisoner by North Korea dies days after release
    An American university student who had been held prisoner in North Korea for
17 months died at a Cincinnati hospital on Monday, just days after he was
released from captivity in a coma, his parent said.
    • Japan business mood up, points to better BOJ tankan -Reuters Tankan
    Confidence among Japanese manufacturers bounced in June to match a
decade-high level recorded in April and is expected to rise for several months,
a Reuters survey found, providing more evidence of economic recovery.

    • Tech CEOs meet with Trump on government overhaul
    President Donald Trump met on Monday with the heads of 18 U.S. technology
companies including Apple Inc, Amazon.com Inc and Microsoft Corp, seeking their
help to make the government's computing systems more efficient.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,673.50, little changed from its
previous close.
    • The Indian rupee is poised to open lower against the dollar, in line with
most Asian currencies, after New York Fed President William Dudley said U.S.
wages and inflation may trend higher, boosting expectations the Federal Reserve
will meet its projection of three rate increases for the year.
    • Indian government bonds will likely edge higher in early trade, as
investors may continue adding positions amid optimism the central bank will ease
monetary policy in coming months. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.45 percent-6.50 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Monday, with the S&P 500 and the Dow hitting record
highs with growth sectors such as technology in favor again as investors
appeared to regain confidence in the economy after upbeat comments from Federal
Reserve officials.
    • Japan's Nikkei rose more than 1 percent to hit a near two-year high
following a rebound in U.S. hi-tech shares as investors bet on solid growth in
the economy and corporate profits globally.
    • The dollar hit a three-week high against the yen, after an influential
Federal Reserve official said U.S. inflation should rise alongside wages,
supporting expectations for the Fed to keep raising interest rates.
    • U.S. Treasury yields jumped on Monday after New York Federal Reserve
President William Dudley struck a hawkish tone on monetary policy, bolstering
expectations that the U.S. central bank will continue to boost interest rates.

    • Oil markets held around seven-month lows as investors focused on
persistent signs of rising supply that are undermining attempts by OPEC and
other producers to support prices.
    • Gold edged higher after hitting near five-week lows in the previous
session when the dollar rose as an influential Federal Reserve official
reaffirmed the central bank's hawkish stance.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.37/64.40  June 19          -$38.8 mln   $273.63 mln
 10-yr bond yield  6.83         Month-to-date    $340.58 mln  $3.65 bln
                                Year-to-date     $8.32 bln    $17.09 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 = 64.4700 Indian rupees)

 (Compiled by Nayyar Rasheed)
  

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