July 2, 2018 / 4:01 AM / 5 months ago

Morning News Call - India, July 2

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    FACTORS TO WATCH
    9:15 am: State-run RITES and Fine Organic Industries list on exchanges in
Mumbai.
    5:00 pm: Government to release May Infrastructure output data in New Delhi.
    
    GMF: FX WEEK AHEAD 
   FX Buzz analyst Jeremy Boulton analyses G7 currencies at 6:00 pm IST. To join
the conversation, click on the link: here
    
    INDIA TOP NEWS
    • Thyssenkrupp, Tata Steel seal landmark joint venture deal 
    Germany's Thyssenkrupp and India's Tata Steel signed a final agreement on
Saturday to establish a long-expected steel joint venture, the European steel
industry's biggest shake-up in more than a decade.
    • India's insurance regulator allows LIC to buy up to 51 pct in IDBI Bank
    India's insurance regulator has allowed the country's largest state-run
insurer Life Insurance Corporation (LIC) to buy a stake of up to 51 percent in
state-owned lender IDBI Bank, according to media reports on Friday.
    • India extends crop fumigation exemption until year-end
    India has extended by six months to the end of 2018 an exemption to its
policy for crop cargoes to be fumigated with methyl bromide, a move that should
facilitate continued imports of pulses and wheat.
    • Amazon, H&M and other multinationals pressing to soften Indian state's
plastic ban
    Multinational companies like Amazon Inc and H&M are lobbying to soften a ban
against single-use plastic imposed by an Indian state last week, according to
four sources familiar with the matter.
    
    GLOBAL TOP NEWS
    • Exit polls show Mexico's Lopez Obrador winning election; rivals concede
    Leftist outsider Andres Manuel Lopez Obrador won Mexico's presidential
election handily on Sunday, exit polls showed, setting the stage for a
government that will inherit tense relations with Washington and the scrutiny of
nervous investors. 
    • Japan manufacturers' morale slips for two straight quarters in blow to
Abenomics
    Business confidence among Japan's big manufacturers worsened for a second
straight quarter in the three months to June, a Bank of Japan survey showed as
U.S. trade protectionism clouds the outlook while oil and other materials drive
up input costs.
    • Trump blasts OPEC, warns European companies against Iran ties
    President Donald Trump lashed out at OPEC with a warning to stop
manipulating oil markets and piled pressure on close U.S. allies in an interview
that aired on Sunday with a threat to sanction European companies that do
business with Iran.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were little changed at 10,692.00
    • The Indian rupee is expected to open little changed against the dollar
amid a decline in crude oil prices after President Donald Trump’s remarks, which
offset the impact from weaker Asian currencies. 
    • The Indian government bonds are likely to open lower on the first trading
session of July-September quarter, as elevated crude oil prices intensified
fears of faster inflation and sooner-than-expected rate hike. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.88
percent-7.95 percent band today.

     GLOBAL MARKETS
    • Wall Street's major stock indexes edged higher on Friday, as a surge in
Nike shares helped the quarter close out on an upswing while concerns over U.S.
international trade relations ebbed.
    • Asian shares were subdued ahead of a week packed with major economic
events, while Mexico's peso firmed as exit polls pointed to a decisive victory
for presidential front-runner Andres Manuel Lopez Obrador's party.
    • The euro slipped back after German Chancellor Angela Merkel was dealt a
fresh blow when her interior minister offered to quit in an escalating row over
migration policy.
    • Longer-dated Treasury yields fell on Friday and the yield curve hit its
flattest level in more than 10 years after U.S. consumer spending growth in May
undershot analysts' expectations.
    • Oil prices fell by more than one percent as investors eyed rising supplies
in Saudi Arabia, while U.S. President Donald Trump kept up the pressure on the
world's top producer to make up for disruptions elsewhere.

    • Gold prices edged down as the dollar firmed, changing direction from
Friday when the metal rose for the first time in five sessions.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.49/68.52  June 29          -$22.94 mln   $75.05 mln
 10-yr bond yield  7.903 pct    Month-to-date    -$796.28 mln  -$1.56 bln
                                Year-to-date     -$1.04 bln    -$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 = 68.4500 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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