July 13, 2018 / 3:18 AM / 10 days ago

Morning News Call - India, July 13

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    FACTORS TO WATCH
    10:00 am: Bank of Baroda annual general meeting in Vadodara.
    10:30 am: Bank of India annual general meeting in Mumbai.
    11:00 am: Commerce and Civil Aviation Minister Suresh Prabhu at an event in
Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - FRIDAY ASIA QUIZ
    Test your wits and googling speed in the Asia edition of the Friday quiz at
1130 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India's falling rupee pushes retail inflation to five-month high in June
    India's annual retail inflation accelerated to a five-month high in June,
driven by a weakening rupee as well as surging oil prices, bolstering the chance
the central bank will again raise interest rates in coming months.
    • Fortis accepts $584 million stake deal from Malaysia's IHH Healthcare
    Fortis Healthcare said it accepted an investment offer from Malaysia's IHH
Healthcare Bhd, capping a months-long bidding war for control of the firm that
drew interest from domestic and international suitors.
    • EXCLUSIVE-With U.S. trade under a cloud, China opens to Indian pharma
    China is preparing to give swift regulatory approvals to India-manufactured
drugs, the head of an Indian export promotion group said, as Beijing looks for
new commercial partners ahead of what could be a protracted trade war with the
United States.
    • Iran says will strive to ensure oil supplies to India
    Iran will do its best to ensure security of oil supply to India by offering
"flexible measures" to boost bilateral trade, a statement from Tehran's embassy
in New Delhi said.
    
    
    GLOBAL TOP NEWS
    • U.S. Justice Dept to appeal approval of AT&T acquisition of Time Warner
    The U.S. Justice Department said on Thursday it would appeal a federal
judge's approval of AT&T's $85.4 billion acquisition of Time Warner, raising the
prospect barely a month after the deal closed that it could be undone.

    • Chinese imports to U.S. ports start peaking early amid tariff threat
    Chinese imports to U.S. ports rose more than expected in June, suggesting
that some retailers moved up orders to insulate themselves from an intensifying
trade war that threatens to send up costs on a growing number of consumer
products.
    • Trump blasts UK PM May's Brexit plan, says it puts trade deal in doubt
    U.S. President Donald Trump said a free trade deal with Britain might be
impossible if London went ahead with Prime Minister Theresa May's proposals for
post-Brexit ties with the European Union, in damaging remarks that could widen
domestic criticism of her plans.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,049.50, up 0.3 percent
from previous close.
    • The Indian rupee will likely open higher against the dollar, buoyed by a
recovery in most regional currencies and lower-than-expected June retail
inflation at home. 
    • The Indian government bonds are likely to open little changed, as
slower-than-expected pace of rise in June retail inflation may delay potential
rate hikes. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.74 percent - 7.82 percent band till the bond auction
today.
    
    
    GLOBAL MARKETS
    • U.S. stock futures rose to a five-month high, extending their recent rally
on expectations of solid earnings growth among U.S. firms despite threats from
trade wars.
    • Asian shares were higher following gains on Wall Street overnight, as
concerns over an escalating U.S. trade war with China took a breather.

    • The dollar held firm near a 10-day high boosted by expectations U.S.
inflation will pick up, although concerns about an escalation in U.S.-China
trade tensions limited the greenback's gains.
    • U.S. Treasury yields edged higher on Thursday as economic data showed U.S.
inflation buildup remained modest and labor markets were strong, reinforcing
expectations the Federal Reserve will maintain its rate increase schedule.
    • Oil prices edged lower and were set for a second weekly fall, as the
market shrugged off a warning that spare capacity may be stretched as OPEC and
Russia increase production.
    • Gold prices were muted as the dollar extended gains from the previous
session when strong U.S. inflation data and trade war concerns boosted demand
for the greenback.
    
    
                   CLOSE       FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.57/68.6  July 12          -$108.50 mln  -$163.98 mln
 10-yr bond yield  7.78 pct    Month-to-date    -$35.08 mln   -$158.78 mln
                               Year-to-date     -$822.51 mln  -$5.94 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 = 68.4800 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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