July 11, 2018 / 3:20 AM / in 11 days

Morning News Call - India, July 11

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    FACTORS TO WATCH
    10:00 am: Aviation Minister Suresh Prabhu at FICCI-Civil Aviation Ministry
event in New Delhi.
    10:30 am: SEBI Chairman Ajay Tyagi and BSE MD & CEO Ashishkumar Chauhan at
ASSOCHAM’s conference on corporate bond market in Mumbai.
    11:00 am: Parliament Estimates Committee to meet bankers from ICICI Bank,
Bank of Baroda, Bank of Maharashtra and Chief Economic Adviser Arvind
Subramanian in New Delhi.
    6:00 pm: Chief Economic Adviser Arvind Subramanian at India Policy Forum
2018 in New Delhi.
    
    LIVECHAT - EQUITIES WATCH
    Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 6:30 pm IST. To join the conversation,
click on the link: here
    
    
    INDIA TOP NEWS
    • TCS posts record profit, expects strong growth in financial services to
continue
    India's biggest software services firm, Tata Consultancy Services, expects
growth in its banking, financial services and insurance (BFSI) unit to remain
strong in the next one to two years as it posted a record net profit, helped by
a rebound in the key division.
    • WhatsApp launches Indian media blitz to dispel fake news woes
    Facebook's WhatsApp messaging platform on Tuesday published advertisements
in key Indian newspapers to tackle the spread of misinformation, its first such
effort to combat a flurry of fake messages that prompted mob lynchings.

    • JSW Steel revamps acquisition strategy after recent setbacks: Executive
    JSW Steel is looking to acquire smaller steel plants in India and overseas
that produce specialised products, a top executive said on Tuesday, as it tweaks
its acquisition strategy after missing out on some recent deals.
    • IndusInd Bank June-quarter net profit surges 24 percent
    IndusInd Bank reported a 24 percent jump in its first-quarter net profit on
Tuesday, driven by higher interest income.
    • India, South Korea aim to more than double trade to $50 billion
    India and South Korea signed 11 agreements on Tuesday to expand business
ties and more than double mutual trade to $50 billion by 2030, a day after the
premiers of the two countries launched a Samsung mobile phone factory near
Delhi.
    
    
    GLOBAL TOP NEWS
    • U.S. ramps up trade row with China, threatens new tariffs
    The Trump administration raised the stakes in its trade dispute with China
on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion
worth of Chinese imports.
    • Japan machinery orders seen as bullish after May's smaller than expected
fall
    Japan's core machinery orders fell in May, pulling back from the previous
month's big gain, although the decline was softer than expected, easing some
concerns about a slowdown in capital expenditure amid a worsening U.S.-China
trade conflict.
    • Tesla goes big in China with Shanghai plant
    Tesla Chief Executive Officer Elon Musk on Tuesday landed a deal with
Chinese authorities to build a new auto plant in Shanghai, its first factory
outside the United States, that would double the size of the electric car
maker's global manufacturing.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.2 percent at
10,932.50.
    • The Indian rupee is expected to open lower against the dollar amid renewed
pressure on the yuan and other regional currencies after the U.S. proposed
imposing tariffs on a further $200 billion of Chinese goods.
    • The Indian government bonds are likely to open slightly higher, as U.S.
Treasury yields as well as crude oil prices eased overnight, even as market
awaits local retail inflation data due tomorrow. 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 today.
    
    
    GLOBAL MARKETS
    • U.S. stock futures extended their losses after Washington announced a plan
to slap tariffs on an extra $200 billion of imports from China, sharply
escalating a trade war between the world's two biggest economies.
    • U.S. threats of tariffs on an additional $200 billion worth of Chinese
goods sent Asian stocks lower, with China's markets leading the declines, as
trade tensions between the world's two biggest economies worsened.
    • The dollar rose near an 11-month high against the Chinese yuan and the
Australian dollar tumbled after the U.S. said it would slap tariffs on an extra
$200 billion of imports from China, sharply escalating tensions between the
world's two biggest economies.
    • The yields on U.S. longer-dated Treasuries trimmed their earlier rise late
on Tuesday following a Bloomberg report, citing sources, that U.S. President
Donald Trump is ready to release of an additional $200 billion in Chinese goods
to be hit with tariffs.
    • Oil prices fell, with Brent dropping by more than $1, after the United
States said it would consider requests for waivers from sanctions due to snap
back into place on Iranian crude exports.
    • Gold prices inched lower early as the U.S. dollar firmed amid an
escalating trade spat between the United States and China.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.79/68.82  July 10          -$3.02 mln    -$39.52 mln
 10-yr bond yield  7.9 pct      Month-to-date    -$206.39 mln  -$135.84 mln
                                Year-to-date     -$993.82 mln  -$5.92 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 = 68.7500 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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