June 22, 2018 / 3:19 AM / 5 months ago

Morning News Call - India, June 22

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    FACTORS TO WATCH
    10:30 am: Economic Affairs Secretary Subhash Chandra Garg and State Bank of
India Chairman Rajnish Kumar at FICCI-EBRD Business Forum in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - QUIZ EAST
    Our Friday quiz focuses on Asia and the week's top news at 1100 IST. Test
your wits and googling speed. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Thyssenkrupp workers, some investors give CEO time for Tata Steel deal
Thyssenkrupp workers and a group representing some of the steelmaker's investors
offered its chief executive more time to finalise a planned joint venture deal
with Tata Steel on Thursday.
    • India, top buyer of U.S. almonds, hits back with higher duties
    India, the world's biggest buyer of U.S. almonds, raised import duties on
the commodity by 20 percent, a government order said, joining the European Union
and China in retaliating against President Donald Trump's tariff hikes on steel
and aluminium.
    • EXCLUSIVE-JSW Steel plans bid for ArcelorMittal's Romanian plant
    India's biggest steelmaker JSW Steel is expected to make a bid for
ArcelorMittal's Galati plant in Romania, three sources told Reuters, potentially
competing against Ukraine's Metinvest and Italy's Marcegaglia.
    • Bank of Maharashtra sanctioned loans to defaulting firm-document
    The chief executive of state-run Bank of Maharashtra sanctioned a 100
million rupee loan to a real estate firm which had defaulted on payments to
investors, according to a court document on the latest probe into loan fraud at
Indian banks.
    • Shares in PNB fall after internal probe finds widespread lapses
    Shares in India's Punjab National Bank fell as much as 3 percent on
Thursday, a day after Reuters reported the bank's internal investigation into
its $2 billion fraud had found widespread risk-control and monitoring lapses in
many areas of the bank.
    • SEBI to act against entities in NSE probe over servers
    India's market regulator said on Thursday it will initiate action against
entities and individuals following an investigation at the National Stock
Exchange (NSE) into whether high frequency traders were getting unfair access to
some network servers at the exchange.
    • Swiggy raises additional $210 mln funding led by Naspers, DST Global
    Online food delivery service provider Swiggy said on Thursday it raised
another $210 million in its biggest ever funding, led by South African internet
and entertainment group Naspers and Hong Kong-based internet investment group
DST Global.
    • Rat breaches bank ATM in India, eats $18,000 worth of cash
    When bank technicians in India were finally summoned to investigate why an
ATM (automated teller machine) had not been working for days, they began to
smell a rat.
    
    
    GLOBAL TOP NEWS
    • Low inflation: Japan's May data shows BOJ stimulus barely moving price
dial
Japan's core inflation remained subdued in May, yet again highlighting how far
off the central bank is in hitting its 2 percent price goal despite over five
years of massive stimulus.
    • German carmakers join American farmers on front line of U.S.-China trade
war
An increasingly shrill exchange of words between the United States and China
that is threatening to trigger a global trade war has claimed another victim -
Germany's auto sector.
    • U.S. military may house immigrant children as Trump policy beset by
confusion
    The U.S. military has been asked to get ready to house up to 20,000
immigrant children, officials said on Thursday, as President Donald Trump's
efforts to roll back a widely condemned policy of separating children from their
parents were beset by confusion.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.2 perceny at
10,710.
    • The Indian rupee is expected to open higher against the dollar as fall in
Treasury yields and tepid economic data led to broad-based weakness in the U.S.
currency.
    • Indian government bonds will likely edge lower in early trade tracking
gains in crude oil prices ahead of a key meeting of the Organization of the
Petroleum Exporting Countries. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.76 percent - 7.83 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Thursday, with the Dow slumping for an eighth straight
decline as industrials wobbled again on trade war concerns while Amazon and
other online retailers weakened after a U.S. Supreme Court ruling on state sales
tax collection.
    • Asian shares were under pressure on signs U.S. trade battles with China
and many other countries are starting to chip away at corporate profits, with
oil prices choppy ahead of major producers meeting to discuss raising
output.
    • The dollar fell from an 11-month peak against a basket of major currencies
as investors took profits, while sterling rebounded from a seven-month low after
a slightly hawkish tilt from the Bank of England surprised the market.
    • U.S. Treasury yields fell on Thursday on worries about a continuing U.S.
trade battle with China that prompted German carmaker Daimler to cut its 2018
profit forecast, and as U.S. data fell below expectations.
    • Oil prices rose by more than 1 percent, pushed up by uncertainty over
whether OPEC would manage to agree a production increase at a meeting in Vienna
later in the day.
    • Gold prices inched up after hitting a 6-month low the session before, with
the dollar retreating from an 11-month peak.
    
    
        
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.16/68.19  June 21          $165.88 mln   -$134.39 mln
 10-yr bond yield  8.02 pct     Month-to-date    -$901.77 mln  -$1.32 bln
                                Year-to-date     -$1.15 bln    -$5.54 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 = 67.9400 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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