July 24, 2018 / 3:09 AM / 23 days ago

Morning News Call - India, July 24

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    FACTORS TO WATCH
    11:00 am: Monsoon session of Parliament continues in New Delhi.
    
    
    INDIA TOP NEWS
    • Over 20 Indian banks sign pact for faster bad-loan resolution
More than 20 Indian lenders on Monday signed a pact aimed at faster resolution
of bad loans, officials said, while more could join by the end of the week in
what is the latest bid to cut record levels of soured assets in Asia's
third-biggest economy.
    • Delay in shutting down NTPC power plant led to deadly blast in India -
probe
An explosion of hot gas at a boiler at NTPC's Unchahar power plant last year
that killed 45 workers was the result of an "error in judgement" by some of the
plant's most experienced operators, according to an internal report on the
state-run electricity producer's biggest disaster.
    • Ground water in Vedanta's Indian smelter contains heavy metals -minister
Ground water in Vedanta Resources' south Indian copper smelter contains heavy
metals exceeding limits for drinking water, India's junior minister for water
resources, Arjun Ram Meghwal, told lawmakers on Monday.
    • PNB fraud defendant Choksi fears "mob lynching" in India
One of the main defendants in India's largest bank fraud case made a court
application on Monday for cancellation of an arrest warrant against him, citing
fears for his life because of a growing number of mob lynchings in the country.

    • ACC Q1 profit beats expectations
Cement producer ACC posted a higher-than-expected 1.2 percent rise in
first-quarter profit on Monday, helped by a fall in expenses.
    • Hindustan Zinc Q1 profit rises 1.5 percent
Hindustan Zinc, a unit of Vedanta, posted a 1.5 percent rise in first-quarter
net profit on Monday, helped by higher sales.
    
    
    GLOBAL TOP NEWS
    • Japan's factory growth slowest in over 1-1/2 years, new orders weaken -
flash PMI
Japanese manufacturing activity expanded at the slowest pace in over 1-1/2 years
in July, a preliminary private survey showed, in a worrying sign an intensifying
global trade war is starting to put the brakes on major exporting economies.

    • Iran dismisses angry Trump warning against threatening U.S.
Iran on Monday dismissed an angry warning from U.S. President Donald Trump that
Tehran risked dire consequences "the like of which few throughout history have
suffered before" if it made threats against the United States.
    • Alphabet trounces profit estimates as Google reins in costs
Alphabet on Monday reported that expenses from its Google search business grew
more slowly in the second quarter while revenue rose more steeply than analysts
had anticipated, boosting profit above Wall Street targets and pushing shares
up.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,095.
    • The Indian rupee is expected to open lower against the dollar following a
rise in long-term Treasury yields to their highest level in more than a month.
    • Indian government bonds are likely to open lower tracking a sharp spike in
U.S. Treasury yields, while state debt auction will add to supply in the market.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.79 percent-7.85 percent band today.
    
    
    GLOBAL MARKETS
    • The benchmark U.S. S&P 500 index and the Nasdaq index rose on Monday as a
jump in 10-year bond yields boosted financial sector stocks and investors
anticipated continued strength in corporate earnings and U.S. economic
growth.
    • Global bond markets were tense amid talk of central bank tightening and
the risk of a robust reading on U.S. economic growth later in the week, though
stellar results from internet giant Alphabet supported tech stocks in
Asia.
    • The dollar weakened slightly in early trade, as Japanese exporters bought
the yen, offsetting earlier greenback gains made after U.S. Treasury yields rose
on expectations the Federal Reserve would persist with its rate hikes this year.

    • Benchmark 10-year U.S. Treasury yields rose to their highest in five weeks
on Monday as the Federal Reserve was seen as likely to continue raising interest
rates despite criticism from President Donald Trump.
    • Oil prices extended losses as attention shifted to the risk of oversupply,
with market participants shrugging off escalating tensions between the United
States and Iran.
    • Gold prices edged lower as the dollar steadied and U.S. Treasury yields
rose on expectations that the Federal Reserve would likely continue raising
interest rates.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.82/68.85  July 23          $37.62 mln    $54.15 mln
 10-yr bond yield  7.81 pct     Month-to-date    -$329.62 mln  $3.60 mln
                                Year-to-date     -$1.12 bln    -$5.78 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 = 68.8400 Indian rupees)

 (Compiled by Yoganand KN in bengaluru)
  
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