June 13, 2018 / 3:17 AM / 4 months ago

Morning News Call - India, June 13

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    FACTORS TO WATCH
    4:00 pm: Federal cabinet likely to meet in New Delhi.
    
    TRADING INDIA FORUM - India Equity and Bond Markets
    Indian equity markets have been struck with bouts of volatility over the
last couple of months. The brethren haven't had a good time either, with the
benchmark bond breaking 8 percent. Ritesh Jain, CIO-BNP Paribas Asset Management
India will answer queries on both these markets at 1100 am IST. Please note, he
will not answer stock specific questions. To join the conversation, click on the
link: here
    
    LIVECHAT - FX FOCUS
    Reuters polling editor in charge Rahul Karunakar will walk through the
findings of the latest Reuters FX polls on the dollar, euro, pound, rand, yuan
and rupee, and what they signal at 1100 am IST. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    India's retail inflation accelerates to four-month high in May
    India's annual retail inflation accelerated to a four-month high in May,
driven by higher fuel prices and a depreciating rupee, strengthening views that
the central bank could raise interest rates again in August.
    Sun Pharma says Halol plant has gained U.S. clearance
    Supply restrictions imposed on India's largest drugmaker Sun Pharmaceutical
by U.S. regulators have been lifted, the company said on Tuesday, removing a
major drag on its share price.
    Farmers sow unapproved Monsanto cotton seeds, risking arrest
    Many Indian farmers are openly sowing an unapproved variety of genetically
modified cotton seeds developed by Monsanto, as the government sits on the
sidelines for fear of antagonising a big voting bloc ahead of an election next
year.
    Indian oil imports from Iran surge to highest since 2016 -trade
    India's oil imports from Iran surged to about 705,000 barrels per day in
May, their highest level since October 2016, according to data from shipping and
industry sources, despite the threats of fresh U.S. sanctions.
    U.S. State Dept OKs possible helicopter support sale to India -Pentagon
    The U.S. State Department has approved a possible $930 million sale to India
of items in support of a proposed direct commercial sale of six AH-64E Apache
helicopters, a Pentagon agency said on Tuesday.
    
    
    GLOBAL TOP NEWS
    Trump in surprise summit move says he will halt Korea war games
    U.S. President Donald Trump made a stunning concession to North Korean
leader Kim Jong Un about halting military exercises, pulling a surprise at a
summit that baffled allies, military officials and lawmakers from his own
Republican Party.
    Investors wipe $3 billion off China's ZTE market value after US settlement
    Chinese telecommunications giant ZTE had about $3 billion wiped off its
market value as it resumed trade after agreeing to pay up to $1.4 billion in
penalties to the U.S. government.
    AT&T wins court approval to buy Time Warner over Trump opposition
    AT&T won court approval to buy Time Warner for $85 billion, rebuffing an
attempt by U.S. President Donald Trump's administration to block the deal and
likely setting off a wave of corporate mergers.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.2 percent at 10,823.
    • The Indian rupee is expected to open lower against the dollar as investors
assessed the likelihood of the U.S. Federal Reserve signaling a more aggressive
policy stance in the face of rising inflation and a buoyant economy.
    • Indian sovereign bonds will likely trade lower in early session as
headline retail inflation and core inflation further gained pace in May. Yield
on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.95
percent - 8.01 percent band today
    
    
    GLOBAL MARKETS
    • The S&P 500 and Nasdaq ended higher on Tuesday, boosted by gains in the
technology and utilities sectors, and shares of media and telecom companies
jumped in extended trade after AT&T won court approval to buy Time Warner.
    • Asian shares edged slightly lower as investors looked to the Federal
Reserve policy decision and any clues it might give on future rate hikes,
shifting focus away from the historic U.S.-North Korea summit in Singapore.

    • The dollar approached a three-week high against the yen and stood tall
against the euro ahead of the Federal Reserve's policy meeting, which could give
clues on how many more rate hikes might come out of the U.S. this year.
    • U.S. Treasury yields rose on Tuesday ahead of Wednesday's widely expected
hike in interest rates by the Federal Reserve and after inflation data met
economists expectations.
    • Oil prices fell, pulled down by rising supplies in the United States and
expectations that voluntary production cuts led by producer cartel OPEC could be
loosened.
    • Gold prices were little changed ahead of the U.S. Federal Reserve's policy
decision which could give cues on future rate hikes.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.38/67.41  June 12          -$173.2 mln  -$38.09 mln
 10-yr bond yield  8.17 pct     Month-to-date    $236.09 mln  -$374.66 mln
                                Year-to-date     -$8.56 mln   -$4.6 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 = 67.4750 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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