May 25, 2018 / 3:28 AM / 5 months ago

Morning News Call - India, May 25

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    FACTORS TO WATCH
    10:00 am: Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo at
industry body FICCI’s conference on Effective Resolution of Stressed Assets in
Mumbai.
    1:00 pm: Transport Minister Nitin Gadkari to brief media about Eastern
Peripheral Expressway and Delhi-Meerut Expressway in Delhi.
    5:30 pm: Minister of State for Finance Shiv Pratap Shukla at Dun &
Bradstreet awards event in Mumbai.
    5:45 pm: Bank of Baroda post results press conference in Mumbai.

    GMF-G7 FX CHARTING
    Wilson Leung, chief market strategist at Trendsetter, joins us to discuss
technical charts for G7 currencies at 0930 IST. To join the conversation, click
on the link: here
    
     
    INDIA TOP NEWS
    Indian state seeks permanent closure of Vedanta's copper smelter-officials 
    India's Tamil Nadu state said on Thursday that it was seeking a permanent
closure of a big copper smelter run by London-listed Vedanta Resources after 13
people died in protests demanding the closure of the plant on environmental
grounds.
    
    U.S. biotechs to speed work on Nipah vaccine as virus hits India 
    A global coalition set up a year ago to fight epidemics has struck a $25
million deal with two U.S. biotech companies to accelerate work on a vaccine
against the brain-damaging Nipah virus that has killed 12 people in India.

    
    India eases foreign investors' access to international finance hub 
    India's market regulator eased rules for foreign investors to trade in
securities at a new international finance centre, stepping up competition with
markets such as Singapore and Dubai that are seen as more investment-friendly.


    India's GAIL turns to spot and short-term LNG deals 
    Indian gas utility GAIL (India) has switched its focus to short-term and
spot deals for the purchase of liquefied natural gas (LNG) to meet rising demand
and hedge against price volatility, its chairman said.

    India's United Spirits beats fourth-quarter profit estimates
    Indian liquor company United Spirits on Thursday reported a profit for the
fourth quarter that topped analysts' expectations.

    MCX launches India's first silver options 
    India's Multi Commodity Exchange said it launched the country's first silver
options contracts on Thursday.

    India's Jet Airways sinks on March-quarter disappointment 
    Shares of Jet Airways on Thursday plunged to an over 15-month low after the
company posted a 10.36 billion-rupee ($151.64 million) loss for the March
quarter, as the aviation industry is grappling with higher fuel prices.


    India trying to get resolution soon on rising fuel prices - oil minister 
    India is trying to get a resolution soon on tackling rising fuel prices, and
the government is looking at both short-term and long-term solutions, said Oil
Minister Dharmendra Pradhan on Thursday.
    
    
    GLOBAL TOP NEWS
    'Trump formula'? N.Korea says still open to talks after summit cancelled
 North Korea responded with measured tones to U.S. President Donald Trump's
decision to call off a historic summit with leader Kim Jong Un scheduled for
next month, saying Pyongyang hoped for a "Trump formula" to resolve the standoff
over its nuclear weapons programme.
    
    Foreign banks flex muscles in Australia as locals reel from scandals
 Foreign banks are circling Australia once more as they bet on resources and
infrastructure investment gathering pace at a time when local banks are
distracted by a government inquiry following a string of scandals.
    
    Hit by higher costs, more Japan firms are raising prices - Reuters poll
    A growing number of Japanese firms are raising prices as they grapple with a
jump in materials, transportation and labour costs, although a slim majority
remains skittish about doing so, a Reuters poll shows.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    SGX Nifty nearest-month futures trading little changed at 10,514.00.
    
    The Indian rupee will likely open higher against the dollar, as pullback in
crude oil prices helps override the rise in risk aversion amid President Donald
Trump’s cancellation of the North Korea summit.
    
    Indian government bonds are likely to trade steady ahead of a weekly auction
of notes today. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in 7.85-7.90 percent band until the auction outcome, a trader
with a private bank said. 
    
    
    GLOBAL MARKETS
    • U.S. stocks ended down slightly on Thursday after President Donald Trump
canceled a planned summit with North Korea's Kim Jong Un and threatened to
impose tariffs on auto imports, though losses were limited by gains in Netflix
and General Electric.
    • Asian shares were slightly weaker amid fragile market sentiment after U.S.
President Donald Trump called off a key summit with North Korea, though investor
concerns were softened by expectations the two countries may still continue
dialogue.
    • The yen stepped back from a two-week high against the dollar on Friday
when North Korea said it was open to resolving issues with the United States
after U.S. President Donald Trump called off a June summit with its leader, Kim
Jong Un.
    • U.S. Treasury yields fell on Thursday on safety buying after President
Donald Trump called off a planned summit with North Korean leader Kim Jong Un
and as the Turkish lira renewed its decline.
    • Oil prices eased as Russia hinted it may gradually increase output, after
having withheld supplies in concert with producer cartel OPEC since 2017.
    • Gold prices eased amid a firmer dollar, after breaking above $1,300 in the
previous session as U.S. President Donald Trump's decision to call off a meeting
with North Korean leader Kim Jong Un triggered safe-haven buying.
    
    
                   CLOSE         FII            EQUITIES        DEBT
                                 INVESTMENTS                    
 PNDF spot         68.32/68.35   May 24         -$102.84 mln    -$115.16 mln
 10-yr bond yield  8.05 pct      Month-to-date  -$936.10 mln    -$2.54 bln
                                 Year-to-date   $245.95 mln     -$4.21 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 = 68.32 Indian rupees)
0 : 0
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