June 26, 2018 / 3:22 AM / 5 months ago

Morning News Call - India, June 26

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    FACTORS TO WATCH
    9:30 am: Prime Minister Narendra Modi and other AIIB officials at AIIB's
annual meeting on "Mobilizing Finance for Infrastructure: Innovation and
Collaboration" in Mumbai.
    10:00 am: Varroc Engineering IPO opens for subscription in Mumbai.
    11:00 am: Parliamentary Standing Committee on Finance to meet heads of
state-run banks under PCA in New Delhi.
    11:00 am: Asian Paints annual general meeting in Mumbai.
    2:30 pm: ICICI Prudential Life Insurance annual general meeting in Mumbai.
    3:00 pm: EPFO's Central Board of Trustees likely to meet in New Delhi.

    
    LIVECHAT-MARKETS FOCUS
    Edward Casey, fixed income portfolio manager, will discuss fixed income
markets in the backdrop of Fed hikes and trade wars at 9:30 am IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Jet Airways says to buy additional 75 Boeing 737 Max jets
    Jet Airways said on Monday it has agreed with Boeing to purchase 75 of its
737 MAX aircraft, as the Indian carrier expands to meet domestic passenger
demand in the world's fastest-growing aviation market.
    • PolicyBazaar raises over $200 million in SoftBank-led round
    Indian online insurance aggregator PolicyBazaar has raised more than $200
million in a new round of funding led by Japanese tech and telecoms conglomerate
SoftBank Group's Vision Fund, its owner said on Monday.
    • India plans to participate in oil block auctions in UAE, says oil minister
    India is in talks with some UAE-based companies to jointly bid for oil
blocks in UAE, India's oil minister said on Monday.
    • Saudi Aramco eyes presence in India's entire energy sector, says CEO 
    Saudi Arabian state-owned oil company Saudi Aramco wants to be present in
the entire "value chain" of India's energy sector, its Chief Executive Officer
Amin Nasser said on Monday in New Delhi.
    • When a text can trigger a lynching: WhatsApp struggles with incendiary
messages in India 
    A WhatsApp text circulating in some districts of India's central Madhya
Pradesh state helped to inflame a mob of 50-60 villagers into savagely beating
up two innocent men last week on suspicion that they were going to murder people
and sell their body parts.

    
    GLOBAL TOP NEWS
    • Trump officials send mixed signals on China investment curbs, markets sink
    Conflicting signals from the Trump administration over proposed restrictions
on foreign investment in U.S. technology companies, along with news that
recently imposed import tariffs are starting to disrupt supply chains, sent
global stock markets tumbling on Monday.
    • Illegal immigrant parents not facing U.S. prosecution for now
    Parents who cross illegally from Mexico to the United States with their
children will not face prosecution for the time being because the government is
running short of space to house them, officials said on Monday.
    • Xerox says to lower dependency on Fujifilm, seek new vendors
    Xerox said on Monday it would start sourcing products from new vendors to
lower its dependency on Fujifilm Holdings and may not renew its technology
agreement with the 56-year-old joint venture Fuji Xerox.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.5 percent at
10,702.50.
    • The Indian rupee is expected to open little changed against the dollar as
concerns about more protectionist measures by the U.S. President Donald Trump
continued to cast a cloud on the outlook for regional assets.
    • Indian government bonds will likely trade lower in early session ahead of
a fresh supply of state papers. The movement of crude oil prices will provide
further cues, traders said. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.82 percent - 7.87 percent band today.

    
    GLOBAL MARKETS
    • An escalating trade dispute between the United States and other leading
economies battered U.S. stocks on Monday, handing the S&P 500 and Nasdaq their
steepest losses in more than two months.
    • Global stocks extended a sell-off as an escalating trade fight between the
United States and other major economies steered investors away from riskier
assets, lifting safe-haven U.S. Treasuries and keeping the dollar on the
defensive.
    • The dollar edged lower against the yen in early Asian trade, hovering near
a two-week low, as worries about an intensifying trade fight between the United
States and its trade partners continued to hurt risk appetite.
    • The dollar edged lower against the yen in early Asian trade, hovering near
a two-week low, as worries about an intensifying trade fight between the United
States and its trade partners continued to hurt risk appetite.
    • Oil prices rose on uncertainty over Libyan oil exports, although plans by
producer cartel OPEC to raise output continued to drag.
    • Gold prices edged higher as the dollar held near a two-week low hit in the
previous session against the yen, amid escalating trade tensions involving the
United States and other major economies.
    
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.08/68.11  June 25          $29.22 mln    -$123.61 mln
 10-yr bond yield      -        Month-to-date    -$527.05 mln  -$1.51 bln
                                Year-to-date     -$771.70 mln  -$5.73 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 = 68.11 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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