July 6, 2018 / 3:32 AM / 4 months ago

Morning News Call - India, July 6

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    FACTORS TO WATCH
    9:15 am: Varroc Engineering lists on stock exchanges in Mumbai.
    10:00 am: Finance Secretary Hasmukh Adhia and other CBIC officials at
FICCI’s event on ‘One Year Journey of GST’ in New Delhi.
    10:00 am: United Bank of India annual general meeting in Kolkata.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    GMF: SAUDI ARABIA VISION 2030
    Saudi Arabia has executed a number of measures post the entry of Crown
prince Mohammad Bin Salman. While weaning off its dependence on oil and measures
like allowing women to drive seem laudable, will Saudi be able to achieve its
goal. We speak to Emily Hawthorne, MENA analyst at Stratfor at 9:30 am IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Reliance launches fibre broadband, after disrupting India's telecoms
market
    Reliance Industries, which has upended India's telecoms sector with its
cheap mobile data plans, launched its fibre broadband system on Thursday in a
push to make deeper inroads into the country's wireless and fixed-line internet
industry.
    • Thyssenkrupp CEO offers resignation, opening way for breakup 
    Thyssenkrupp boss Heinrich Hiesinger has asked to step down less than a week
after sealing a landmark joint venture deal with India's Tata Steel, bowing to
growing investor pressure for a more radical restructuring of the
group.
    • UK court lets Indian banks search, seize tycoon Mallya's properties
    A consortium of Indian banks can search and seize the properties of Indian
businessman Vijay Mallya in Britain, media reports said on Thursday, citing the
decision of a British court.
    • 'Sacred Games' marks Netflix debut into Indian original series
    Netflix's first Indian original series makes its debut, the first of a slate
of new shows aimed at the vast Bollywood entertainment market.
    
    GLOBAL TOP NEWS
    • As tariffs loom, China state media slams Trump's 'gang of hoodlums'
    China's state media lashed out at U.S. President Donald Trump, accusing the
White House of behaving like a "gang of hoodlums" as the world's two biggest
economies headed towards outright trade war.
    • Samsung Elec profit growth slows on smartphone weakness
    South Korean tech giant Samsung Electronics estimated earnings grew at the
slowest pace in more than a year in the second quarter, as analysts said weak
smartphone sales likely offset record high chip earnings.
    • Under fire for ethics scandals, U.S. EPA chief Pruitt resigns
    U.S. Environmental Protection Agency chief Scott Pruitt, who had been lauded
by President Donald Trump for his aggressive efforts to roll back environmental
regulations, resigned on Thursday under heavy fire for a series of
ethics-related controversies. 
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,717.50, down 0.4
percent from its previous close.
    • The Indian rupee is expected to open little changed against the dollar
amid weakness in regional currencies hours before US tariffs on China take
effect and decline in crude oil prices.
    • The Indian government bonds are likely to trade little changed ahead of a
weekly auction of notes today and as traders will track the movement of the
rupee for further cues.The yield on the benchmark 7.17 percent bond maturing in
2028 is likely to trade in a 7.87 percent- 7.92 percent  band until the auction
outcome, a trader with a private bank said.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes rose on Thursday as reports that the United
States and the European Union may agree to withdraw auto tariffs fostered
optimism on international trade relations among investors.
    • Faltering Chinese markets dented Asian stocks, just hours before
Washington is set to impose tariffs on Chinese imports that many investors fear
might trigger a full-scale trade war in a blow to the global economy.

    • Major currencies trod water as investor caution prevailed ahead of
Washington's implementation of its threatened tariffs on Chinese goods and the
U.S. jobs report due later in the day.
    • U.S. shorter-dated Treasury yields increased slightly on Thursday
following the Federal Reserve's release of the minutes from its latest policy
meeting, where it hinted at the probability of raising short-term interest rates
twice more in 2018.
    • Oil prices dipped as markets grew more nervous ahead of a raft of import
tariffs set to be imposed later in the day by the world's two biggest economies,
the United States and China, threatening global growth.

    • Gold prices were largely unchanged as the dollar inched down and after
minutes of the U.S. Federal Reserve June policy meeting were in line with market
expectations for further interest rate increases this year.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.96/68.99  July 5           -$23.09 mln   $49.01 mln
 10-yr bond yield  7.90 pct     Month-to-date    $36.11 mln    $458.73 mln
                                Year-to-date     -$751.32 mln  -$5.32 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 = 68.8700 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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