July 12, 2018 / 3:16 AM / 4 months ago

Morning News Call - India, July 12

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    FACTORS TO WATCH
    10:00 am: Junior Finance Minister Shiv Pratap Shukla, Banking Secretary
Rajeev Kumar and Farm Secretary S.K. Pattanayak at NABARD’s foundation day
seminar in Mumbai.
    10:00 am: Farm Minister Radha Mohan Singh at FICCI event in New Delhi.
    11:00 am: Prime Minister Narendra Modi to inaugurate new building of
Archaeological Survey of India in New Delhi.
    2:00 pm: RBI Deputy Governor B.P. Kanungo at NABARD’s foundation day seminar
in Mumbai.
    4:30 pm: Railway and Interim Finance Minister Piyush Goyal to unveil new
initiatives in New Delhi.
    5:30 pm: Government to release June consumer price inflation data in New
Delhi.
    5:30 pm: Government to release May Industrial output data in New Delhi.xx
    
    LIVECHAT - BONDS UPDATE
    Reuters interest rate reporter Dhara Ranasinghe delves into government bond
markets at 6:00 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-India proposes easing local data storage rules for foreign
payment firms-document
    India's finance ministry has proposed relaxing a directive from the
country's central bank that would compel global payment firms to store customer
data only locally, following weeks of intense lobbying by U.S. companies and
trade bodies.
    • Vistara orders Boeing, Airbus jets worth $3.1 billion in growth plan
    Vistara has placed firm orders for six Boeing jets and 13 Airbus A320neos
valued at $3.1 billion at list prices, as it looks to add more domestic flights
and launch international routes later this year.
    • India cuts Iranian oil imports in June ahead of U.S. sanctions
    Indian refiners cut imports of Iranian oil last month as they started
weaning their plants off crude from the country to avoid sanctions by the United
States that are set to take effect in November.
    
    
    GLOBAL TOP NEWS
    • China vows to hit back over U.S. proposal for fresh tariffs
    China accused the United States of bullying and warned it would hit back
after the Trump administration raised the stakes in their trade dispute,
threatening 10 percent tariffs on $200 billion of Chinese goods in a move that
rattled global markets.
    • Comcast raises bid for Sky to $34 billion, tops Fox's offer
    Comcast raised its all-cash offer for Britain's Sky to $34 billion, topping
a raised bid of $32.5 billion for the pay-TV group from Rupert Murdoch's
Twenty-First Century Fox.
    • Walmart looks to exit Japan with Seiyu supermarket sale - Nikkei
    U.S. retailer Walmart has decided to sell Japanese supermarket chain Seiyu
and has already approached major retailers and private equity funds, the Nikkei
business daily reported.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.3 percent at 10,980.50.
    • The Indian rupee will likely open higher against the U.S. currency on the
back of a collapse in crude oil prices that may offset a buoyant dollar. 
    • The Indian government bonds are likely to open higher, as crude oil prices
tumbled overnight, easing concerns of quicker domestic inflation rate going
ahead. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely
to trade in a 7.80  percent - 7.85 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday, breaking a four-session streak of gains
after Washington's threat to impose tariffs on an additional $200 billion worth
of Chinese goods fanned trade war fears, while a sharp drop in oil prices hit
energy shares.
    • Stocks and commodities recovered slightly as markets tried to consolidate
from the previous session's steep losses when fears of an escalation in the
U.S.-China trade war jolted investor sentiment.
    • The dollar steadied near a six-month high against the Japanese yen and
held firm against its major peers after the latest U.S. economic data reaffirmed
expectations that the Federal Reserve will hike interest rates two more times
this year.
    • U.S. yields slipped on Wednesday as growing trade tension between China
and the United States contributed to high demand for an auction of 10-year
notes.
    • Brent crude rose more than $1 as focus turned to a big drawdown in U.S.
stockpiles, recouping some of the market's heavy losses from the previous
session that had been sparked by news that Libya would resume oil exports.
    • Gold prices held steady on Thursday, close to a one-week low hit in the
previous session, as the U.S. dollar strengthened against the yen, amid an
intensifying trade war between the world's two biggest economies.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.83/68.86  July 11           $92.54 mln    $141.04 mln
 10-yr bond yield  7.87 pct     Month-to-date    -$168.78 mln   $5.20 mln
                                Year-to-date     -$956.21 mln  -$5.78 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 = 68.7250 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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