June 5, 2018 / 3:23 AM / 19 days ago

Morning News Call - India, June 5

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    FACTORS TO WATCH
    12:00 pm: Defence Minister Nirmala Sitharaman to brief media on ministry's
achievements in New Delhi.
    12:00 pm: Power Minister R.K. Singh media briefing on four-year achievements
of the ministry in New Delhi.
    2:45 pm: Food Minister Ram Vilas Paswan media briefing on ministry's
four-year achievements in New Delhi.
    4:15 pm: Heavy Industries Minister Anant Geete at launch of first electric
feeder bus in New Delhi.
    5:00 pm: Prime Minister Narendra Modi at an event in New Delhi.x
    
    LIVECHAT- FX MARKETS 
    We take a look at FX trading with Eddie Tofpik, head of foreign exchange at
ADM Investor Services International at 2:30 pm IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • PREVIEW-For RBI, it's a choice between a rate hike now and August
    The Reserve Bank of India is getting poised to raise interest rates for the
first time since January 2014, analysts say - the question is whether this will
happen on Wednesday or in August.
    • Vegetable prices jump in India as farmers go on strike
Vegetable prices jumped as much as 10 percent in major Indian cities, including
Mumbai and Delhi, as a four-day old strike by millions of farmers curtailed
supplies.
    • India appoints IDBI Bank CEO Jain as cenbank deputy governor
    The Indian government on Monday appointed IDBI Bank Chief Executive Officer
Mahesh Kumar Jain as a deputy governor of the central bank for three
years.
    • Government plans 70 billion rupee bailout for sugar mills -Times of India
    The Indian government is likely to announce a bailout package of more than
over 70 billion rupees to the cash-starved sugar mills to help clear dues to
farmers, the Times of India reported on Monday, citing the Press Trust of
India.
    
        
    GLOBAL TOP NEWS
    • Starbucks exec Schultz to step aside, mulling 'range of options'
    Starbucks Executive Chairman Howard Schultz is stepping away from the coffee
chain he built into a global powerhouse, putting management firmly into the
hands of Chief Executive Kevin Johnson, who had an office connected to the
co-founder's and regularly turned to Schultz in times of crisis.
    • Chinese regulators launch probe into Samsung Elec, SK Hynix, Micron 
    China has launched an investigation into South Korea's Samsung Electronics
Co Ltd and SK Hynix as well as U.S. Micron Technology.
    • White House says 'powerful' sanctions to remain on North Korea
    The White House said on Monday its policy of tough sanctions on North Korea
has not changed, days after U.S. President Donald Trump said he no longer wanted
to use the phrase "maximum pressure" to describe the campaign to press North
Korea to give up its nuclear weapons.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.3 percent at
10,580.50.
    • The Indian rupee is expected to open marginally higher against the U.S.
currency, tracking losses in Brent crude and the dollar index.
    • Indian government bonds are likely to trade little changed in early
session as investors may refrain from taking significant positions ahead of the
Monetary Policy Committee's rate decision tomorrow. The yield on the benchmark
7.17 percent bond maturing in 2028 is likely to trade in a 7.86 percent-7.90
percent band today.

    
    GLOBAL MARKETS
    • Wall Street's three major indexes rose on Monday, led by a rally in tech
stocks, pushing the Nasdaq to a record closing high as investors bet on a
continuation of strong economic growth, while falling oil prices weighed on the
energy sector.
    • Asian stocks pulled back as investors paused for breath after the previous
day's rally, although tech-inspired Wall Street gains supported broader
sentiment as focus shifted to bullish economic fundamentals, away from trade
concerns.
    • The euro was supported by signs of stability in Italian politics and the
dollar maintained an uptrend against the yen after a strong U.S. jobs report
sparked bets of three more U.S. rate hikes by the end of year.
    • U.S. Treasury yields rose on Monday with the 10-year yield hitting
one-week highs as investors pared safe-haven holdings of lower-risk government
debt due to fading fears about political turmoil in Italy and Spain.
    • Oil prices rebounded after falling in the previous session on expectations
that inventories in the United States may decline but increasing U.S. production
and concerns that OPEC may raise output continue to weigh on sentiment.
    • Gold prices held steady after three days of falls, as the dollar rose to a
near two-week high against the yen after strong U.S. economic data sparked
expectations of more U.S. interest rate hikes.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.03/67.06  June 4           $351.03 mln   -$35.61 mln
 10-yr bond yield  8.04 pct     Month-to-date         -        -$36.21 mln
                                Year-to-date     -$226.04 mln  -$4.26 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 = 67.06 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
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