July 23, 2018 / 3:12 AM / 3 months ago

Morning News Call - India, July 23

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    3:00 pm: NITI Aayog CEO Amitabh Kant to sign statement of intent to
collaborate in the Aspirational Districts Programme in New Delhi.
    3:00 pm: Interim Finance Minister Piyush Goyal to speak on GST at a meeting
of traders in New Delhi.
    
    
    INDIA TOP NEWS
    • India cuts sales tax across sectors to ease pain of traders and consumers
India slashed the sales tax rate on over 50 products on Saturday in a move aimed
at appealing to traders and the middle classes as Prime Minister Narendra Modi's
government eyes next year's elections.
    • HDFC Bank net profit misses estimates on higher provisions
HDFC Bank posted a 18.2 percent rise in first-quarter net profit but missed
analysts' estimates as the lender chose to include all mark-to-market losses in
the first quarter, leading to higher provisions.
    • UPL Corp to buy Platform Specialty's agrochemical business Arysta for $4.2
billion
UPL Corp on Friday said it would buy the agrochemicals business of Platform
Specialty Products Corp for $4.2 billion in cash.
    • Wipro sees strong demand for services from financial clients
Wipro said it was seeing strong demand for its services from clients in banking,
financial services and insurance, while it faces challenges in its India
business and in the U.S. healthcare sector.
    
    
    GLOBAL TOP NEWS
    • G20 calls for stepped-up trade dialogue; no agreement on path forward
Global finance leaders called on Sunday for stepped-up dialogue to prevent trade
and geopolitical tensions from hurting growth, but ended a two-day G20 meeting
with little consensus on how to resolve multiple disputes over U.S. tariff
actions.
    • Trump says his campaign was spied upon illegally, offers no evidence
U.S. President Donald Trump said on Sunday that documents released by the FBI
relating to a former adviser's ties to Russia showed that his campaign for the
2016 presidential election had been illegally spied upon by U.S. law
enforcement, but offered no evidence to support his assertion.
    • ZTE's Hong Kong shares jump as U.S. lawmakers cut measure from bill
Shares of China's ZTE Corp rose in Hong Kong after U.S. lawmakers cut measures
from a defence bill that would have reinstated sanctions on the
telecommunications equipment maker.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,034.50, up 0.1 percent
from its previous close.
    • The Indian rupee is expected to open higher against the U.S. currency amid
a broad decline in the dollar after President Donald Trump expressed displeasure
over its strength.
    • Indian government bonds are likely to open lower following tracking U.S.
President Donald Trump’s comments on interest rates and on imposing tariffs on
all $500 billion Chinese goods. The yield on the benchmark 7.17 percent bond
maturing in 2028 is likely to trade in a 7.76 percent-7.82 percent band till the
auction result.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended slightly lower on Friday as escalating trade anxieties
driven by U.S. President Donald Trump's latest tariff threats against China
offset a string of robust earnings led by Microsoft.
    • Asian shares dipped on fears of more protectionist measures from the
United States while the dollar declined against major currencies after U.S.
President Donald Trump criticised the Federal Reserve's tightening policy.

    • The dollar fell to a two-week low versus the Japanese yen, dropping below
110.77 after U.S. President Donald Trump expressed discomfort with the
greenback's strength.
    • The U.S. yield curve reached its steepest level in more than three weeks
on Friday afternoon as President Donald Trump criticized the speed of the
Federal Reserve's pace of interest rate hikes.
    • Oil prices were mixed as finance ministers and central bank governors from
the G20 warned that risks to global growth have increased with rising trade and
geopolitical tensions among other vulnerabilities.
    • Gold prices rose further as the dollar eased to its lowest in nearly two
weeks after U.S. President Donald Trump criticised the Federal Reserve's
interest rate tightening policy.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.83/68.86  July 20          $45.10 mln    $245.50 mln
 10-yr bond yield  7.78 pct     Month-to-date    -$378.30 mln  -$50.55 mln
                                Year-to-date     -$1.17 bln    -$5.83 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 = 68.7300 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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