June 29, 2018 / 3:18 AM / 5 months ago

Morning News Call - India, June 29

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    FACTORS TO WATCH
    11:30 am: Railway Minister Piyush Goyal at International Conference on
Professionals of the Future in New Delhi.
    12:30 pm: Food Minister Ram Vilas Paswan to chair national consultation
meeting with state ministers in-charge of food and civil supplies in New Delhi.
    2:30 pm: Hindustan Unilever annual general meeting in Mumbai.
    2:30 pm: HDFC Bank annual general meeting in Mumbai.
    3:00 pm: Prime Minister Narendra Modi to interact with a delegation of about
150 sugarcane farmers in New Delhi.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.

    LIVECHAT- G7 FX CHARTING.
    Wilson Leung, chief market strategist at Trendsetter, joins us to discuss
technical charts for G7 currencies at 09:30 am IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-India preparing for cut in oil imports from Iran-sources 
    India's oil ministry has asked refiners to prepare for a 'drastic reduction
or zero' imports of Iranian oil from November, two industry sources said, the
first sign that New Delhi is responding to a push by the United States to cut
trade ties with Iran.
    • U.S. says India talks "a priority" after postponing twice
    U.S. Ambassador to the United Nations Nikki Haley said on Thursday that a
top-level strategic dialogue with India will take place as soon as possible,
after Washington put off the meeting for a second time in months.
    • Thyssenkrupp workers pave way for joint venture with Tata Steel 
    Thyssenkrupp's powerful labour representatives on Thursday signalled their
support for a planned joint venture with Tata Steel, effectively guaranteeing
that the landmark deal will be approved by the group's supervisory
board.
    • Jet Airways says new Boeing 737 MAX aircraft to reduce costs 
    Jet Airways, India's biggest full-service carrier, on Thursday said its new
Boeing 737 MAX 8 aircraft will enhance efficiency and reduce costs, a move that
is likely to help the airline bring down losses and improve
competitiveness.
    • Varroc Engineering $284 million IPO subscribed over three times 
    Indian automobile components manufacturer Varroc Engineering's initial
public offering to raise about 19.55 billion rupees was subscribed more than
three times on the last day of sale on Thursday.
    • India rethinks decision to split up gas utility Gail  
    India is working on plans to enable gas utility GAIL to keep its marketing
and pipeline operations separate without breaking up the company, India's oil
minister said on Thursday.
    • Sterlite, China's State Grid win Brazil power licenses 
    Sterlite, China's State Grid, and Colombia's Isa clinched licenses to build
power transmission lines in Brazil in a government auction on Thursday that is
expected to draw a total of $1.55 billion in investment.

   
    GLOBAL TOP NEWS
    • Japan's Sharp axes share issue citing impact of U.S.-China trade friction
    Japan's Sharp has cancelled plans to issue up to $2 billion in new shares,
saying trade friction between the United States and China has increased
volatility in the stock market.
    • First Trump-Putin summit has Cold War backdrop, U.S. allies nervous
    U.S. President Donald Trump and Russian President Vladimir Putin will meet
for their first summit on July 16 in Helsinki, a venue famed for its Cold War
diplomacy.
    • Japan's May factory output eases, labour market tightens as trade risk
dims outlook
    Japan's industrial output declined far less than expected last month and the
jobless rate hit its lowest in over 25 years in a sign of a gradual economic
recovery from a slump in the first quarter, though risks to the outlook has
increased from U.S. trade protectionism.


    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
   • The SGX Nifty nearest-month futures were trading up 0.1 percent at
10,589.50.
    • The Indian rupee is expected to open little changed against the U.S.
currency amid continued weakness in most regional currencies and likelihood of
the central bank's dollar sales. 
   • Indian government bonds will likely fall ahead of a weekly auction of notes
today and as state governments plan to raise a higher amount of funds through
bonds in second quarter of this financial year. The yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in a 7.94 percent - 7.99
percent band today, a trader with a private bank said.

    
    GLOBAL MARKETS
    • U.S. stocks rose on Thursday as technology and other growth sectors
rebounded from the prior day's declines and financial shares snapped a 13-day
losing streak.
    • Asian shares remained near nine-month lows despite small gains on Wall
Street overnight, as ongoing concerns over global trade frictions dampened
sentiment, though a move to ease foreign investment curbs in China could boost
markets there.
    • The dollar held firm versus the yen, supported by quarter-end buying as
well as an absence of any fresh escalation in trade-related tensions between the
United States and its major trading partners.
    • U.S. Treasury yields edged higher on Thursday but held near one-month lows
as fears about trade wars harming global growth kept up demand for safe haven
bonds, while month- and quarter-end rebalancing added to bond buying.
    • Oil prices fell amid concerns about trade frictions between the United
States and other major economies, although crude market conditions remain tight
due to supply disruptions and generally high demand.
    • Gold prices edged up, after slipping to a more than six-month low in the
previous session, as the dollar softened from recent highs, but the yellow metal
was headed for its worst monthly performance since November 2016.
    

                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.77/68.80  June 28          -$138.31 mln  -$179.53 mln
 10-yr bond yield  7.93 pct     Month-to-date    -$697.97 mln  -$1.63 bln
                                Year-to-date     -$942.62 mln  -$5.86 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 = 68.83 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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