July 9, 2018 / 3:24 AM / 2 months ago

Morning News Call - India, JuLY 9

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    FACTORS TO WATCH
    11:00 am: Oil minister Dharmendra Pradhan at an event in New Delhi.
    11:00 am: Statistics and Programme Implementation Minister D.V. Sadananda
Gowda and other officials at International Round Table Conference on “Data for
New India” in New Delhi.
    12:00 pm: Andhra Bank annual general meeting in Hyderabad.
    
    LIVECHAT - FX WEEK AHEAD
    FX Buzz analyst Jeremy Boulton analyses G7 currencies at 6:00 pm IST. To
join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-Indian tycoon Mallya shrugs off threat of British asset seizures
    Embattled Indian tycoon Vijay Mallya said on Sunday he will comply fully
with court enforcement officers seeking to seize his British assets, but there
was not much for them to take as his family's lavish residences were not in his
name.
    • India's June gold imports drop by a quarter as rupee hits record low
    India's gold imports fell for a sixth month in June to 44 tonnes as a drop
in the rupee to record lows lifted local prices to a near 21-month high,
curtailing demand, provisional data from GFMS analysts at Thomson Reuters and
bank dealers showed.
   • Varroc Engineering shares rise up to 6 percent on market debut
    Varroc Engineering Ltd's VARE.NS shares rose as much as 6 percent in their
market debut on Friday, after the auto parts manufacturer's initial public
offering raised $283.58 million.
    
    
    GLOBAL TOP NEWS
   • No "reluctant conscript", Brexit minister quits in blow to Britain's May
    Brexit Secretary David Davis has resigned because he was not willing to be
"a reluctant conscript" to Prime Minister Theresa May's plans to leave the
European Union, delivering a blow to a British leader struggling to end
divisions among her ministers.
    • After Pyongyang put-down, Pompeo stands by 'difficult' denuclearization
talks
    U.S. Secretary of State Mike Pompeo brushed off North Korean charges that he
used "gangster-like" diplomacy in negotiations in Pyongyang, saying on Sunday
after meeting his Japanese and South Korean counterparts that he would keep
pursuing denuclearization talks with North Korea.
    • Smartphone maker Xiaomi's shares open 2.9 percent down on debut in HK
    Chinese smartphone maker Xiaomi's shares dropped 2.9 percent on debut in
Hong Kong, in a blow to investor sentiment for the tech sector as a raft of
peers line up their own listings in the city.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.7 percent at 10,837.50.
    • The Indian rupee is expected to open higher against the U.S. currency
after an unexpected slowdown in wage growth in the world’s largest economy
pulled the dollar index to near one-month lows.
    • The Indian government bonds are likely to open little changed, as an
uptick in crude oil prices may hurt demand, while traders await rupee’s movement
against the dollar. The yield on the benchmark 7.17 percent bond maturing in
2028 is likely to trade in a 7.84 percent - 7.90 percent band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks climbed on Friday, with the S&P 500 and the Nasdaq hitting
their highest levels in two weeks, as strong U.S. jobs growth blunted the impact
of an escalating U.S.-China trade dispute.
    • Asian share markets rallied as favourable U.S. jobs data whetted risk
appetites, while sterling slipped after two members of the British government
resigned over Brexit and put the future of Prime Minister Theresa May in doubt.

    • The dollar struggled near 3-1/2-week lows against its peers after U.S.
jobs data showed slower-than-expected wages growth, while the pound retreated as
a key member of Britain's cabinet resigned over Prime Minister Theresa May's
Brexit plan.
    • U.S. 10-year Treasury yields fell to their lowest levels in 5-1/2 weeks
after jobs data for June showed that wage pressures were below economists’
expectations, and the Treasury yield curve flattened to its tightest since 2007.

    • Oil prices inched up in early Asian trading, with many investors focused
on any fallout from the U.S. imposition of tariffs on Chinese goods at the end
of last week, which prompted immediate retaliation from China.
    • Gold prices inched up as the dollar hovered close to a 3-1/2-week low
after U.S. jobs data showed an increase in the unemployment rate and slower wage
growth.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.90/68.93  July 6           -$140.70 mln  -$149.90 mln
 10-yr bond yield  7.87 pct     Month-to-date    $72.60 mln    $308.83 mln
                                Year-to-date     -$714.83 mln  -$5.47 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 = 68.8000 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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