June 12, 2018 / 3:43 AM / 10 days ago

Morning News Call - India, June 12

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    FACTORS TO WATCH
    11:00 am: RBI Governor Urjit Patel to appear before parliament's standing
committee on finance in New Delhi.
    3:00 pm: Power Minister R.K. Singh to appear before a parliament panel over
resolution of stressed assets in the power sector in New Delhi.
    5:30 pm: Government to release May consumer price inflation data in New
Delhi.
    5:30 pm: Government to release April Industrial output data in New Delhi.

    
    LIVECHAT - FED FOCUS
    John Noonan, Head of IFR FX Watch Asia, previews the all-important June 13
Fed meeting for us, and analyses cues and views for market moves post-Fed at
0930 IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    India set to miss key target for Japan-backed bullet train project-sources
    India is set to miss a December deadline to acquire land for a Japan-backed
$17 billion bullet train project following protests by fruit growers, government
officials said, likely delaying one of Prime Minister Narendra Modi's most
ambitious projects.
    With assembly team and samosas, IKEA lays ground for India debut
    IKEA is set to open its first store in India next month, and the world's
biggest furniture retailer is localizing its offering - from the food menu to
its "do-it-yourself" (DIY) assembly model - to ensure success in the country.

    Jaguar to cut more UK jobs as it moves Discovery output to Slovakia
    Jaguar Land Rover is set to cut more jobs in Britain as it moves all
production of its Discovery car to lower-cost Slovakia before building its new
Range Rover at an English factory.
    Police asks Interpol to issue arrest notice for billionaire jeweller Nirav
Modi
    The federal police has asked Interpol to help locate and arrest billionaire
jeweller Nirav Modi, who is at the heart of a $2-billion-plus bank fraud case, a
federal police source said on Monday.
    Modi's plan to get millions more Indians flying faces turbulence
    The slow pace of fitting out regional airports risks delaying Indian Prime
Minister Narendra Modi's ambitious plan to launch more flights connecting
smaller towns and cities and get millions more people using air travel.

    Tata Steel Europe workers question rationale of Thyssenkrupp tie-up
Tata Steel's European works council said it is unconvinced by a planned joint
venture with Thyssenkrupp, raising the chances that the deal will be delayed or
even fail in its current form.
    Nayara Energy begins cutting Iran oil imports - sources
    Refiner Nayara Energy, one of the country's biggest buyers of Iranian oil,
began cutting imports this month after the United States scrapped a nuclear deal
with Tehran and said it would re-impose tough sanctions, three people familiar
with knowledge of the matter said.
    Airtel's Kenyan unit abandons plan to merge with Telkom
    The Kenyan unit of Bharti Airtel has abandoned plans to merge with Telkom
Kenya to take on the market leading operator Safaricom, industry and government
sources said on Monday.
    
    
    GLOBAL TOP NEWS
    Trump says summit is "very, very good", Kim calls it prelude to peace
U.S. President Donald Trump said he had forged a "good relationship" with North
Korean leader Kim Jong Un at the start of a historic summit in Singapore, as the
two men sought ways to end a nuclear standoff on the Korean peninsula.

    Trump economic adviser Kudlow in good condition after heart attack
Top White House economic adviser Larry Kudlow, a staunch defender of President
Donald Trump's tough stance on global trade, was in good condition in a
Washington-area hospital after suffering a heart attack, the White House said.

    U.S. reveals ZTE settlement details, ban still in place
    ZTE's settlement with the U.S. Commerce Department that would allow China's
No. 2 telecommunications equipment maker to resume business with U.S. suppliers
was made public on Monday, days after the company agreed to pay a $1 billion
fine, overhaul its leadership and meet other conditions.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.1 percent at
10,776.50.
    • The Indian rupee is expected to open marginally lower against the dollar,
tracking the weakness in other regional currencies, as a historic summit between
the U.S. and North Korea began.
    • Indian government bonds will likely trade steady to lower in early session
ahead of an auction of state papers, while investors also await the key retail
inflation data later in the day. Yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.94 percent - 8.00 percent band. 
    
    
    GLOBAL MARKETS
    • All three major U.S. stock indexes closed slightly higher on Monday as
investors eyed the looming United States-North Korea summit on Tuesday in
Singapore while shrugging off the weekend's factious meeting of the Group of
Seven nations.
    • The dollar jumped to a 3-week top on while stock markets in Asia were
choppy as an historic U.S.-North Korea summit got underway in Singapore, raising
some hopes it could pave the way to ending a nuclear stand-off on the Korean
peninsula.
    • U.S. Treasury yields rose on Monday before the Federal Reserve is expected
to raise interest rates on Wednesday, though the Treasury Department saw solid
demand for $54 billion in new three and 10-year notes.
    • Oil prices edged up along with global markets on cautious optimism over
the outcome of a summit between U.S. President Donald Trump and North Korean
leader Kim Jong Un in Singapore.
    • Gold prices edged lower, weighed down by a stronger dollar amid
encouraging signs ahead of an historic U.S.-North Korea summit and a likely
interest rate hike by the U.S. Federal Reserve.    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.41/67.44  June 11          -$171.5 mln  -$119.4 mln
 10-yr bond yield  8.14 pct     Month-to-date    $413.48 mln  -$336.57 mln
                                Year-to-date     $168.83 mln  -$4.56 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 = 67.4650 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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