July 10, 2018 / 3:13 AM / 3 months ago

Morning News Call - India, July 10

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    FACTORS TO WATCH
    10:30 am: Society of Indian Automobile Manufacturers to release industry
sales data for June in New Delhi.
    11:00 am: RBI Deputy Governor N.S. Vishwanathan to meet parliamentary
committee in New Delhi.
    12:00 pm: State Bank of India and Punjab National Bank heads to meet
parliamentary committee in New Delhi.
    2:30 pm: Economic Affairs Secretary and Revenue Secretary to meet
parliamentary committee in New Delhi.
    4:30 pm: Oil Minister Dharmendra Pradhan and Insolvency & Bankruptcy Board
of India Chairman M.S. Sahoo at the launch of ‘Insolvency Associate’ course in
New Delhi.
    7:00 pm: Finance Minister Piyush Goyal, Agriculture Minister Radha Mohan
Singh and Food Processing Minister Harsimrat Kaur Badal at FICCI event in New
Delhi.
    
    LIVECHAT - FED WATCH
    Reuters reporters and editors tracking the Federal Reserve take questions on
the economics , politics, trade matters and rates policies facing America's
central bank and others whose decisions drive markets day in and day out at
06:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Samsung opens world's largest phone factory in India
    Samsung Electronics has formally opened a new factory in India, which the
South Korean tech group says is the world's biggest mobile phone manufacturing
plant, part of its plans to expand production in the world's fastest growing
major mobile phone market.
    • NCLT dismisses ousted Chairman Mistry's petition against Tata Sons
    The National Company Law Tribunal (NCLT) dismissed on Monday a petition by
former Tata Sons Chairman Cyrus Mistry who had alleged oppression of minority
shareholders and mismanagement, giving the $100 billion conglomerate an initial
win in a drawn-out feud.
    • Cairn says Indian tax office sold $216 million of Vedanta shares
    Cairn Energy said on Monday it would write down the value of its investment
in Vedanta after Indian tax authorities sold $216 million worth of its shares in
the Indian mining company in a dispute over retrospective tax dues.
    
    
    GLOBAL TOP NEWS
    • Trump picks conservative judge Kavanaugh for U.S. Supreme Court
    U.S. President Donald Trump on Monday announced Brett Kavanaugh as his
nominee for the U.S. Supreme Court, picking a conservative federal appeals court
judge who survived a previous tough Senate confirmation battle and helped
investigate Democratic former President Bill Clinton in the 1990s.
    • China June producer inflation hits 6-month high, consumer inflation up
slightly
    China's producer inflation accelerated to a six-month high in June, lifted
by strong commodity prices and threatening to put more pressure on the country's
exporters as a trade war escalates between Washington and Beijing.
    • Yahoo Japan buys back $2 billion of shares in 3-way deal with SoftBank,
Altaba
    Yahoo Japan is buying back around $2 billion worth of its shares from
SoftBank as part of a three-way deal with its top shareholders, U.S. investment
firm Altaba and SoftBank.
    
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.3 percent at 10,904.00.
    • The Indian rupee is expected to open little changed against the dollar as
rising crude oil prices offset a rebound in regional equities and currencies.
    • The Indian government bonds are likely to open lower, ahead of state debt
supply and as an uptick in crude oil prices may hurt demand. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.87
percent - 7.92 percent band today. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Monday, giving the Dow and S&P 500 their biggest gains
in more than a month, as bank shares jumped ahead of earnings reports later this
week.
    • Asian shares rallied for a third session as hopes for upbeat corporate
earnings buoyed Wall Street, while several high-profile resignations from
Britain's government kept sterling on the defensive.
    • The British pound was frail after the departure of two key eurosceptic
ministers raised worries about a "hard Brexit" while the dollar stood near
three-week lows against its rivals after data showed soft U.S. wage
growth.
    • Treasuries yields rose on Monday as investors moved into equities and
freed up cash for new Treasuries auctions this week, following a strong U.S.
jobs report on Friday and a muted response to the start of U.S. tariffs on
Chinese imports.
    • Oil prices rose on escalating concerns about potential supply shortages,
with Brent crude leading the way as hundreds of oil workers in Norway are set to
strike later in the day after failed wage talks.
    • Gold prices edged up in early Asian trade after hitting a two-week high in
the previous session, amid political uncertainty over Brexit and as the U.S.
dollar remained subdued.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.71/68.74  July 9           -$83.03 mln   -$9.92 mln
 10-yr bond yield  7.89 pct     Month-to-date    -$98.35 mln   -$96.32 mln
                                Year-to-date     -$885.78 mln  -$5.88 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 = 68.6600 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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