June 19, 2018 / 3:29 AM / in a month

Morning News Call - India, June 19

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    FACTORS TO WATCH
    11:00 am: Parliament Standing committee on finance and finance ministry
officials likely meeting with chit fund organizations in New Delhi.
    11:00 am: Interim Finance Minister Piyush Goyal to meet PSU bank heads in
New Delhi.
    1:15 pm: Economic Affairs Secretary Subhash Chandra Garg to address CII
Growth Net Summit in New Delhi. 
    
    LIVECHAT - CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
1800 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    ICICI Bank names Bakhshi interim head as CEO Kochhar goes on leave during
probe
    ICICI Bank named group veteran Sandeep Bakhshi as its interim head, and said
Chief Executive Chanda Kochhar would go on leave pending the completion of a
probe over an alleged conflict of interest that has led to months of controversy
for the lender.
    Kraft Heinz considering sale of Complan brand in India
    Kraft Heinz is considering a sale of children's energy drink brand Complan
in India, which could fetch about $1 billion, Bloomberg reported on Monday,
citing people familiar with the matter.
    Thyssenkrupp boards working hard to get Tata Steel deal-staff memo
    Thyssenkrupp's needs to quickly clinch a deal for a planned European steel
joint venture with Tata Steel, its chief executive said in an internal letter,
adding this was necessary to determine the group's long-term strategy.

    Minor leak observed at Vedanta's south Indian copper smelter
A minor leak has been detected in the sulphuric acid storage plant in Vedanta's
south Indian copper smelter, a government official said on Sunday, about a month
after the state ordered its shutdown after protests in which 13 people died.

    
    
    GLOBAL TOP NEWS
    Trump threatens China with new tariffs on $200 billion in goods
    U.S. President Donald Trump threatened on Monday to impose a 10 percent
tariff on $200 billion of Chinese goods, prompting a swift warning from Beijing
of retaliation, as the trade conflict between the world's two biggest economies
quickly escalated.
    U.S., S.Korea agree to suspend joint military exercise
    The United States and South Korea have agreed to suspend a joint military
exercise scheduled for August, South Korean and U.S. officials said on Monday,
following U.S. President Donald Trump's pledge to end "war games" after his
summit with North Korean leader Kim Jong Un last week.
    U.S. Senate passes defense bill, battle looms with Trump over China's ZTE
    The U.S. Senate passed a $716 billion defense policy bill on Monday, backing
President Donald Trump's call for a bigger, stronger military but setting up a
potential battle with the White House over Chinese telecommunications firm ZTE.
   
    
        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.5 percent at
10,737.5.
    • The Indian rupee is expected to open slightly lower against the dollar
following U.S. President Donald Trump’s latest threat to impose more tariffs on
$200 billion of Chinese imports.
    • Indian government bonds will likely ease in early session tracking
firmness in crude oil prices and as traders await the auction of state bonds.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.86 percent - 7.91 percent band today. 
    
            
    GLOBAL MARKETS
    • The Dow and S&P fell modestly on Monday, ending well off session lows, as
gains in energy shares helped curb declines stemming from trade war concerns
after China's retaliation to U.S. tariffs.
    • Asian stocks skidded to a four-month low as U.S. President Donald Trump
threatened new tariffs on Chinese goods in an escalating tit-for-tat trade war
between the world's two biggest economies that has rattled financial
markets.
    • The dollar fell against the yen in early Asian trade after U.S. President
Donald Trump's threats of more tariffs on China raised worries about an
escalating trade war between the world's two largest economies.
    • U.S. long-dated Treasury yields drifted higher on Monday, as Wall Street
shares trimmed losses, in a lull after a hectic week when the Federal Reserve
struck an upbeat tone on the U.S. economy.
    • Oil prices fell on expectations that producer cartel OPEC and key ally
Russia will gradually increase output after withholding supplies since 2017.

    • Gold prices rose, supported by a weaker dollar and a dip in Asian stocks
as a trade spat between the United States and China intensified.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.01/68.04  June 18          -$110.83 mln  -
 10-yr bond yield  8.08 pct     Month-to-date    -$286.32 mln  -
                                Year-to-date     -$530.97 mln  -
 
    
    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 = 68.0300 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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