May 23, 2018 / 3:16 AM / in a month

Morning News Call - India, May 23

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    FACTORS TO WATCH
    10:30 am: Federal cabinet likely to meet in New Delhi. 
    
    LIVECHAT- MARKETS FOCUS 
    Stephen Innes, head of APAC trading at Oanda, joins us to talk about markets
and cues to watch and what next to expect from central banks at 09:30 am. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • At least nine dead after police fire on protesters at Indian copper
smelter 
    At least nine people were killed in India's Tamil Nadu state on Tuesday when
police fired at violent protesters calling for the closure of a copper smelter
run by Vedanta Resources, authorities said.
    • State Bank of India sees rebound after record $1.1 billion Q4 loss 
    State Bank of India projected a recovery over the next two years after a
record 77.18 billion-rupee fourth-quarter net loss following stricter central
bank rules around bad loans, sending its shares to a nearly six-week closing
high.    
    • Indian Oil to turn to traditional suppliers to meet Iran oil shortfall 
    Indian Oil, the country's top refiner, will turn to its traditional oil
suppliers, mostly in the Middle East, if U.S. sanctions against Iran result in
supply disruptions, its head of finance said.
    • Indian regulator clears Bayer's deal for Monsanto 
    India's antitrust regulator has approved the acquisition of U.S. seed major
Monsanto by Bayer, in a decision that moves the $62.5 billion deal a step closer
to the finish line.
    • Cipla posts Q4 profit, misses estimates
    Cipla, India's second-biggest drugmaker by market capitalization, posted a
fourth-quarter profit on Tuesday, but missed street estimates.
    • Dr. Reddy's Q4 profit falls 19 percent on U.S. headwinds
    Generic drugmaker Dr. Reddy's Laboratories posted a 19 percent drop in
quarterly net profit on Tuesday, missing analysts' estimates, pulled down by
headwinds in the U.S. market.
    • HPCL Q4 profit falls nearly 4 percent
    State-owned refiner Hindustan Petroleum Corp on Tuesday posted a nearly 4
percent fall in fourth-quarter net profit, hurt by higher expenses.
    
    
    GLOBAL TOP NEWS
    • Trump casts doubt on planned summit with North Korean leader
    U.S. President Donald Trump said on Tuesday there was a "substantial chance"
his summit with North Korean leader Kim Jong Un will not take place as planned
on June 12 amid concerns that Kim is resistant to giving up his nuclear weapons.

    • Japan's manufacturing growth cools to 9-month low in May - flash PMI
    Japanese manufacturing activity expanded at the slowest pace in nine months
in May as new orders cooled, a preliminary survey showed on Wednesday,
signalling a softening in domestic demand that could hamper an economic rebound.

    • Trump floats management changes instead of sanctions for China's ZTE
    U.S. President Donald Trump on Tuesday floated a plan to fine ZTE, and shake
up its management as his administration considered rolling back more severe
penalties that have crippled the Chinese telecommunications company.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.2 percent at
10,524.00. 
    • Indian government bonds are likely to trade little changed ahead of the
release of minutes of the U.S. Federal Reserve’s latest policy meeting later
today. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely
to trade in 7.79 percent-7.84 percent band today. 
    • The Indian rupee is expected to open lower against the dollar, in-line
with weakness in most regional currencies, ahead of the Federal Reserve’s May
meeting minutes release. Renewed concerns over U.S. and China trade matters also
weighed on demand for regional assets.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended lower on Tuesday, weighed down by lingering uncertainty
over the outcome of trade talks between the United States and China and declines
in energy and industrial shares.
    • Asian shares edged up but investors were cautious after U.S. President
Donald Trump tempered optimism over progress made so far in trade talks between
the world's two largest economies.
    • The dollar inched higher versus a basket of currencies, with investors
awaiting minutes of the Federal Reserve's last policy meeting for hints on the
pace of further U.S. monetary tightening.
    • The U.S. Treasury Department sold $33 billion in two-year notes to fair
demand on Tuesday, the first sale of $99 billion in coupon-bearing supply this
week.
    • Oil prices edged lower as the market took a breather on expectations OPEC
may raise supplies as early as June, although geopolitical risks kept a floor
under the market.
    • Gold prices rose amid a steady dollar and uncertainty over the outcome of
U.S.-China trade talks, while investors waited for minutes from the Federal
Reserve's meeting for clues on the outlook for U.S. interest rates.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.03/68.06  May 21           -$242.91 mln  -$173.43 mln
 10-yr bond yield  8 pct        Month-to-date    -$687.78 mln  -$2.28 bln
                                Year-to-date     $494.27 mln   -$3.95 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 = 68.0100 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
  
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