June 28, 2018 / 3:16 AM / 18 days ago

Morning News Call - India, June 28

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    FACTORS TO WATCH
    3:00 pm: State Bank of India annual general meeting in Mumbai.
    5:00 pm: Varroc Engineering IPO subscription closes in Mumbai.
    
    LIVECHAT-MARKETS FOCUS
    Michael Hewson, chief market analyst at CMC Markets, will discuss views and
cues for markets, focussing on central banks and trade wars at 02:30 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Thyssenkrupp nears JV compromise deal with Tata Steel -sources
    Thyssenkrupp and Tata Steel are nearing a 15 billion euro deal this week to
combine their European assets into a global steel giant, sources familiar with
the talks told Reuters.
    • Times Internet buys stake in MX Player for $146 million
    Times Internet Ltd said it bought a majority stake in MX Player for over 10
billion rupees, as it ventures into the video streaming space.
    • U.S. envoy Haley tells Modi important to cut imports of Iranian oil 
    U.S. Ambassador to the United Nations Nikki Haley told India's Prime
Minister Narendra Modi on Wednesday it was important India cut Iranian oil use,
but said the United States would work to allow India to use an Iranian port as
corridor to Afghanistan.
    • Westinghouse eyes Saudi, India deals as end to bankruptcy nears 
    U.S. nuclear firm Westinghouse expects to emerge from bankruptcy with
sufficient equity in coming weeks and is targeting Saudi Arabia and India for
new reactor sales, its CEO said.

    
    GLOBAL TOP NEWS
    • Trump to use U.S. security review panel to curb China tech investments
    U.S. President Donald Trump said on Wednesday he will use a strengthened
national security review process to thwart Chinese acquisitions of sensitive
American technologies, a softer approach than imposing China-specific investment
restrictions.
    • Apple, Samsung settle U.S. patent dispute
    Apple and Samsung Electronics on Wednesday settled a seven-year patent
dispute over Apple's allegations that Samsung violated its patents by
"slavishly" copying the design of the iPhone.
    • Justice Kennedy to retire, Trump has chance to reshape U.S. high court 
    Supreme Court Justice Anthony Kennedy said on Wednesday he plans to retire
after three decades as a pivotal vote on the highest U.S. judicial body, giving
President Donald Trump an opportunity to make the court more firmly
conservative.

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.2 percent at
10,653.00.
    • The Indian rupee is likely to open near record lows against the dollar,
weighed by the rally in benchmark U.S. crude oil prices to their highest level
in three-and-a-half years and further weakness in the Chinese yuan.
    • Indian government bonds are likely to fall today as crude oil prices
extended gains and as the rupee is expected to fall amid concerns over the
ensuing global trade war. The yield on the benchmark 7.17 percent bond maturing
in 2028 is likely to trade in a 7.86 percent-7.93 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell on Wednesday on renewed uncertainty regarding the U.S.
stance on Chinese investments in American technology companies, reversing gains
earlier in the session.
    • Asian stocks slumped to nine-month lows on growing worries the U.S.
administration's approach to trade is harming global economic growth even as it
appeared to be modifying its approach to curb Chinese investments in U.S.
technology firms.
    • The dollar was steady against its rivals, though it failed to build on
overnight gains amid conflicting signals from Washington on a proposal to
restrict Chinese investment as the bitter U.S.-China trade row kept financial
markets on edge.
    • U.S. Treasury yields fell to four-week lows on Wednesday on concerns that
trade wars will harm economic growth, even after U.S. President Donald Trump
indicated that he would not impose restrictions on Chinese investments in U.S.
technology firms.
    • U.S. oil prices dipped from three-and-a-half year highs as physical
markets remained well supplied despite record demand and ongoing disruptions.

    • Gold prices inched up, but hovered close to an over six-month low hit in
the previous session, as the dollar failed to build on overnight gains amid
conflicting signals from Washington while the U.S.-China trade row deepened.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.55/68.58  June 27          $9.83 mln     $88.32 mln
 10-yr bond yield  7.87 pct     Month-to-date    -$706.6 mln   -$1.42 bln
                                Year-to-date     -$951.25 mln  -$5.64 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 = 68.63 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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