May 22, 2018 / 3:12 AM / in 7 months

Morning News Call - India, May 22

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    FACTORS TO WATCH
    9:30 am: Water Resources Minister Nitin Gadkari at inauguration of a
workshop in New Delhi.
    12:00 pm: JM Financial Credit Solutions press conference on forthcoming
public issue of non-convertible debentures in Mumbai.
    3:00 pm: Farm Minister Radha Mohan Singh to release Model Contract Farming
and Services (Promotion and Facilitation) Act 2018 in New Delhi. 
    LIVECHAT- RATINGS
    We take a look at the outlook for sovereign ratings with Nichola James,
co-head of sovereign ratings at DBRS at 2:30 pm. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • Three directors quit as takeover fight for India's Fortis drags on 
    Three directors of India's Fortis Healthcare FOHE.NS have quit ahead of a
shareholder vote on Tuesday to decide their future, the company said, the latest
twist in a prolonged takeover for one of the country's largest hospital
operators.
    • Top executives at India's fraud-hit PNB misled central bank, police allege
    Senior executives at India's Punjab National Bank misled the central bank in
late 2016 over the lender's handling of the financial messaging system and
credit guarantees that were at the centre of a more than $2 billion fraud,
Indian police alleged in a charge sheet filed in court.
    • U.S. Supreme Court takes up dispute over power plant in India
    The U.S. Supreme Court on Monday agreed to consider reviving a lawsuit by
Indian villagers seeking to hold a Washington-based international financial
institution responsible for widespread environmental damage they blame on a
power plant it financed.
    • Indostar Capital Finance rises 6.1 percent on market debut
    Shares of Indostar Capital Finance Ltd rose as much as 6.08 percent on their
trading debut on Monday after the non-banking finance firm's initial public
offering raised 18.44 billion rupees.
    • MCX launches India's first copper options 
    India's Multi Commodity Exchange said it launched the country's first copper
options contracts on Monday.
    
    
    GLOBAL TOP NEWS
    • Trade war fears ebb as U.S., China agree to continue talks
    Washington and Beijing both claimed victory on Monday as the world's two
largest economies stepped back from the brink of a global trade war and agreed
to hold further talks to boost U.S. exports to China.
    • Prodded by Trump, FBI to look into complaint about its 2016 tactics
    The Justice Department agreed on Monday to investigate "any irregularities"
in FBI tactics related to President Donald Trump's 2016 campaign after Trump
questioned whether an FBI informant had been planted into his political
organization.
    • U.S. toughens stance on Iran, lists sweeping demands
The United States on Monday demanded Iran make sweeping changes -- from dropping
its nuclear program to pulling out of the Syrian civil war -- or face severe
economic sanctions as the Trump administration hardened its approach to Tehran.

        
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.3 percent at
10,514.50.
    • Indian government bonds are likely to ease in early trade as the central
bank did not announce an open market operation to buy notes, as some traders had
expected. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in 7.80 percent-7.86 percent. 
    • The Indian rupee will likely open marginally higher against the U.S.
currency after the dollar index pulled back from its highest level this year. 
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Monday and gains in industrials helped propel the Dow
to a more than two-month closing high, after a truce between the United States
and China calmed fears that a trade war might be imminent.
    • The dollar hovered near four-month highs on renewed optimism about global
growth as the United States and China agreed to drop their tariff threats, while
oil stayed at multi-year peaks over potential sanctions in Venezuela.

    • U.S. Treasuries were steady on Monday as investors evaluated whether last
week’s selloff that sent benchmark yields to almost 7-year highs was overdone,
and before demand for U.S. debt will be tested by new supply.
    • Oil prices rose amid worries that Venezuela's crude output could drop
further following a disputed presidential election in the country and with
potential sanctions on the OPEC-member.
    • Gold prices were largely steady, after posting a fresh low for the
year-to-date in the previous session, as the U.S. dollar took a breather from
its recent rally to trade below a five-month high. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.03/68.06  May 21           -$72.82 mln   -$227.54 mln
 10-yr bond yield  8 pct        Month-to-date    -$623.38 mln  -$2.11 bln
                                Year-to-date     $558.67 mln   -$3.77 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 = 68.1100 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
  
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