June 27, 2018 / 3:18 AM / 5 months ago

Morning News Call - India, June 27

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    FACTORS TO WATCH
    10:00 am: ASSOCHAM National Conclave on Goods & Services Tax in New Delhi.
    10:30 am: UCO Bank annual general meeting in Kolkata.
    10:30 am: Allahabad Bank annual general meeting in Kolkata.
    11:00 am: Union Bank of India annual general meeting in Mumbai.
    11:00 am: Dena Bank annual general meeting in Mumbai.
    11:00 am: Dewan Housing Finance Corp. annual general meeting in Mumbai.

    LIVECHAT - ON THE CHARTS
    Thomas Schroeder, managing director and founder at Chart Partners Group,
joins us at 09:30 am IST to discuss technicals for currencies and equities, with
views on emerging markets. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Fortis Healthcare quarterly loss widens on impairment charges
    Fortis Healthcare, which is embroiled in a takeover battle that has drawn
international bidders, said loss for the March quarter ballooned to 9.32 billion
rupees hurt by impairment charges.
    • India urges AIIB to increase loan book tenfold to $40 billion by 2020
    The China-backed Asian Infrastructure Investment Bank (AIIB) should increase
lending tenfold within two years to help the region meet its investment needs
faster, Indian Prime Minister Narendra Modi said at the third annual meeting of
the multilateral lender in Mumbai.
    • Mallya seeks to sell $2 billion worth assets to repay creditors 
    Businessman Vijay Mallya, who is being pursued by Indian authorities over
unpaid loans tied to his defunct Kingfisher Airlines, said on Tuesday he was
trying to sell assets worth about 139 billion rupees to repay
creditors.


    GLOBAL TOP NEWS
    • U.S. House backs tighter foreign investment rules amid China worries
    The U.S. House of Representatives overwhelmingly passed a bill on Tuesday to
tighten foreign investment rules, spurred by bipartisan concerns about Chinese
bids to acquire sophisticated U.S. technology.
    • China's robust industrial profits keep trade war risks at bay for now
    Profits at China's industrial firms rose sharply in May, maintaining the
previous month's sizzling pace despite signs of slowing momentum in the world's
second-largest economy and an intensifying trade spat with the United
States.
    • U.S. top court upholds Trump travel ban targeting Muslim-majority nations
    The U.S. Supreme Court on Tuesday handed Donald Trump one of the biggest
victories of his presidency, upholding his travel ban targeting several
Muslim-majority countries and rejecting the argument that it represented
unconstitutional religious discrimination.
    
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.1 percent at
10,744.00.
    • The Indian rupee will likely open lower against the dollar amid a jump in
Brent crude prices and continued weakness in the Chinese yuan, which fell below
a closely watched level.
    • Indian government bond prices are expected to fall today tracking a rally
in crude oil prices, that worsens the outlook for inflation. The yield on the
benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.83
percent-7.88 percent band today.


    GLOBAL MARKETS
    • U.S. stocks found their footing on Tuesday, helped by gains in the energy,
technology and consumer discretionary sectors after a sharp sell-off a day
earlier on spiraling global trade tensions.
    • Asian share markets were under pressure as weakness in Chinese stocks and
the yuan weighed on sentiment in the region, while oil climbed as the United
States pressured allies to stop buying Iranian crude.
    • The dollar was buoyant, having rebounded from two-week lows against its
rivals as the yen sagged on easing risk aversion.
    • U.S. Treasury yields edged higher on Tuesday as concerns lingered that
trade wars could harm economic growth, but safety buying was capped by
expectations the Federal Reserve will continue to raise interest rates.
    • Oil prices rose following supply disruptions in Libya and Canada and after
U.S. officials told oil importers to stop buying Iranian crude from November.

    • Gold prices sat near a more than six-month high low hit in the previous
session, as the dollar firmed amid easing risk aversion and expectations of
further interest rate hikes by the U.S. Federal Reserve.
    
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.18/68.21  June 26          -$78.70 mln   -$3 mln
 10-yr bond yield  8.05 pct     Month-to-date    -$645.92 mln  -$1.51 bln
                                Year-to-date     -$890.57 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 = 68.36 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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