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FACTORS TO WATCH
10:00 am: Steel Ministry Joint Secretary Syedain Abbasi at an event in New
11:45 am: BCSBI to release Indian banks' customer code compliance rating
2017 in Mumbai.
12:30 pm: Food Minister Harsimrat Kaur Badal at an event in New Delhi.
2:00 pm: Railways Minister Suresh Prabhu and Junior Minister Manoj Sinha at
rail event in New Delhi.
GMF: LIVECHAT - AFC SPECIAL
Twenty years have passed since Asian countries survived the financial crisis
in 1997 and they are widely seen with improved financial strength. Yet today
they are facing the retreat of the U.S. from international alliances and the
growing ambition of China in the region. What lies ahead for AFC survivors amid
this power reshuffle and the complications from monetary tightening led by the
Federal Reserve? J. Soedradjad Djiwandono, former governor of Bank Indonesia and
now international economics professor at Nanyang Technological University in
Singapore, is our first guest in an AFC special series at 9:00 am IST. To join
the conversation, click on the link: here
INDIA TOP NEWS
• Cooling food prices send India's retail inflation to lowest since 2012
India's retail inflation eased to the lowest level in at least five years in
May on cooling food prices, bolstering hopes for an interest rate cut by the
central bank later this year.
• Modi and Trump to hold first talks on June 26 in Washington
India's Prime Minister Narendra Modi will hold talks with U.S. President
Donald Trump in Washington on June 26, the Indian foreign ministry and the White
House said on Monday, the first meeting between the leaders.
• India's plan to develop key Iranian port faces U.S. headwinds
Western manufacturers are shying away from supplying equipment for an
Iranian port that India is developing for fear the United States may reimpose
sanctions on Tehran, Indian officials say, dealing a blow to New Delhi's
strategic ambitions in the region.
• Wipro says date for ADR bonus issue not decided
Indian software exporter Wipro Ltd, said on Monday the payable date for its
American Depository Receipts (ADR) bonus issue is yet to be determined.
• India close to listing loans to resolve via bankruptcy rules - finmin
India's central bank is at an advanced stage of preparing a list of bad
loans where resolution is required under the country's insolvency and bankruptcy
rules, Finance Minister Arun Jaitley said on Monday.
• Reliance Capital non-life insurance unit plans listing in FY18
Reliance General Insurance Co. Ltd, a unit of Reliance Capital Ltd, plans to
list on the stock exchanges this financial year, the company said on Monday.
GLOBAL TOP NEWS
• Another U.S. appeals court refuses to revive Trump travel ban
President Donald Trump suffered another legal setback on Monday as a second
federal appeals court refused to revive his travel ban on people entering the
United States from six Muslim-majority nations in a dispute headed to the U.S.
• EXCLUSIVE-Foxconn says Apple, Dell join its bid for Toshiba chip business
Apple Inc and computing giant Dell Inc will join a Foxconn-led consortium
bidding for Toshiba Corp's highly prized chip unit, the CEO of the world's
largest contract electronics manufacturer told Reuters on Monday.
• U.S. Treasury unveils financial reforms, critics attack
The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the
country's financial regulatory framework, which, if successful, would grant many
items on Wall Street's wishlist.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were trading at 9,636.50, up 0.1 percent from
• The Indian rupee will likely open little changed against the dollar, as
investors remain cautious ahead of a two-day U.S. Federal Reserve policy review
that starts today.
• Indian government bonds will likely rise, as retail inflation eased to a
record low in May, bolstering hopes for monetary easing in coming months. The
yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in
a 6.45 percent-6.50 percent band today.
• Apple shares added to last week's drop on Monday to lead a market downturn
as tech, still the best performing S&P 500 sector this year, succumbed under its
• Asian stocks crept higher, defying a weak lead from Wall Street, which was
dragged lower by technology stocks for a second day, while the Canadian dollar
soared on the possibility interest rates might go up sooner than expected.
• The dollar held steady against a basket of currencies, with the focus on
the U.S. Federal Reserve's two-day policy meeting, while the Canadian dollar
rose after its central bank hinted interest rates could rise sooner than
• U.S. Treasury yields rose on Monday after tepid demand at a 10-year
Treasury auction offset strong demand at a three-year auction, while uncertainty
about the Federal Reserve's policy outlook on Wednesday limited the move higher
• Oil prices edged up, lifted by statements that OPEC-leader Saudi Arabia
was making significant supply cuts to customers, although rising U.S. output
meant that markets remain well supplied.
• Gold held steady as investors remained cautious ahead of a two-day U.S.
Federal Reserve meeting that is likely to provide hints on the central bank's
interest rate policy for the remainder of the year.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 64.41/64.44 June 12 -$26.21 mln $124.61 mln
10-yr bond yield 6.84 Month-to-date -$231.49 mln $2.95 bln
Year-to-date $7.75 bln $16.39 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 = 64.44 Indian rupees)
(Compiled by Pathikrit Bandyopadhyay in Bengaluru)