July 18, 2018 / 3:18 AM / a month ago

Morning News Call - India, July 18

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament begins in New Delhi.
    1:20 pm: Federal Cabinet likely to meet in New Delhi.
    
    LIVECHAT - COMMODITIES FOCUS
    Clyde Russell, Reuters Asia commodities and energy columnist, joins us to
discuss commodities at 09:30 am IST. To join the conversation, click on the
link: here
    
    
    INDIA TOP NEWS
    • HDFC Asset Management IPO seeks up to $409 million
HDFC Asset Management Co's initial public offering of shares next week seeks to
raise as much as 28 billion rupees in one of the biggest IPOs in India this
year.
    • Ashok Leyland first-quarter profit tops expectations
Ashok Leyland reported a better-than- expected first quarter net profit on
Tuesday, driven by higher sales in its medium and heavy commercial vehicles
business.
    • Federal Bank Q1 profit jumps 25 percent, beats estimates
Federal Bank posted a 25 percent jump in its first-quarter profit on Tuesday,
helped by higher interest income.
    • Vistara in deal for up to ten Boeing 787 Dreamliners
Indian airline Vistara has confirmed an order for six Boeing 787-9 Dreamliners,
with an option to buy four more, the two companies said at the Farnborough
Airshow on Tuesday.
    
    
    GLOBAL TOP NEWS
    • Fed's Powell: Years of strong jobs, low inflation still ahead
Federal Reserve Chairman Jerome Powell said on Tuesday he sees the United States
on track for years more of steady growth, but was challenged in a congressional
hearing by senators worried the Trump administration's trade policies were
already damaging businesses in their districts.
    • Trump, seeking to calm political storm over Putin summit, says he misspoke
U.S. President Donald Trump tried on Tuesday to calm a storm over his failure to
hold Russian President Vladimir Putin accountable for meddling in the 2016 U.S.
election, saying he misspoke in a joint news conference in Helsinki.

    • Toshiba may face renewed shareholder accounting claims -US appeals court
A U.S. appeals court gave investors in Toshiba Corp's U.S.-listed securities
another chance to show they suffered losses because the Japanese industrial
conglomerate misled them about its internal controls before a 2015 accounting
scandal.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    
    • SGX Nifty nearest-month futures were trading at 11,057.50, up 0.3 percent
from its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency
after Brent crude prices continued to hover near three-month lows, helping
offset broad dollar strength following the Federal Reserve chair’s upbeat
comments on the U.S. economy.
    • Indian government bonds are likely to open higher, as the central bank
announced another round of open market purchase of notes, while crude oil prices
stayed lower. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in a 7.69 percent-7.77 percent band today.
    
    
    GLOBAL MARKETS
    • Wall Street stocks rose on Tuesday, with the Dow Jones Industrial Average
posting its fourth consecutive session of gains after Federal Reserve Chairman
Jerome Powell expressed an optimistic U.S. economic view and solid earnings
bolstered the outlook for a robust reporting period.
    • Asian shares followed Wall Street higher as a bullish outlook from the
head of the U.S. central bank buoyed the dollar, lifted Tokyo shares to a
one-month top and sent gold to a one-year trough.
    • The dollar was broadly higher, hitting a six-month high against the yen,
after Federal Reserve Chairman Jerome Powell gave an upbeat outlook for the U.S.
economy and reinforced views that the Fed was on track to steadily hike interest
rates.
    • The U.S. two-year Treasury yield rose on Tuesday to its highest level in
nearly a decade, with the yield curve at its flattest in nearly 11 years, as
Federal Reserve Chairman Jerome Powell's upbeat remarks on the economy supported
traders' view of more rate hikes.
    • Oil prices dropped after an industry group reported that U.S. crude
inventories rose last week, defying analyst expectations for a significant
reduction.
    • Gold prices held steady near a one-year low hit in the previous session,
as the dollar firmed after Federal Reserve Chairman Jerome Powell's U.S.
economic outlook reinforced views the central bank is on track to steadily hike
interest rates.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.31/68.34  July 17          -$98.51 mln   -$31.86 mln
 10-yr bond yield  7.74 pct     Month-to-date    -$257.11 mln  -$320.18 mln
                                Year-to-date     -$1.04 bln    -$6.10 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 = 68.4200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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