August 3, 2018 / 3:13 AM / 14 days ago

Morning News Call - India, August 3

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    FACTORS TO WATCH
    09:00 am: IBBI Chairperson M.S. Sahoo at a two-day conference on Insolvency
and Bankruptcy reforms in India, in New Delhi.
    10:00 am: Junior Finance Minister Shiv Pratap Shukla at a private Security
Industry conclave in New Delhi.
    11:00 am: Monsoon session of parliament continues in New Delhi.
    
        
    INDIA TOP NEWS
    • India likely to postpone raising tariffs on U.S. goods
India plans to delay the imposition of retaliatory duties on U.S. goods, the
trade ministry said on Thursday, to allow time to resolve disputes that worsened
after President Donald Trump imposed tariff hikes on steel and aluminium.

    • ONGC Q1 profit misses estimates
Oil and Natural Gas Corp (ONGC) on Thursday posted a lower-than-expected
first-quarter standalone profit, hurt by higher expenses.
    • Vedanta postpones quarterly results amid going-private offer process
Miner Vedanta Resources, which is set to be taken private by Chairman Anil
Agarwal, postponed its quarterly production results to next Monday.
    • Rosneft's India venture Nayara rejigs debt to cut interest costs
Russian oil company Rosneft's Indian venture Nayara Energy, which owns one of
the largest refineries in the country, is moving to replace high-interest loans
with new debt, part of efforts to reshape its balance sheet and cut borrowing
costs, according to three sources familiar with the plan.
    
    
    GLOBAL TOP NEWS
    • Apple breaches $1 trillion stock market valuation
Apple on Thursday became the first $1 trillion publicly listed U.S. company,
crowning a decade-long rise fueled by its ubiquitous iPhone that transformed it
from a niche player in personal computers into a global powerhouse spanning
entertainment and communications.
    • China July services new business growth weakest since December 2015 -
Caixin PMI
China's services sector expanded at the weakest pace in four months in July, as
there was the least growth in new business since December 2015, a private survey
showed.
    • GM seeks to exclude China-made Buick SUV from tariff
General Motors is seeking an exemption to a 25 percent U.S. tariff on its
Chinese-made Buick Envision sport utility, the automaker said on Thursday, in a
move to prevent the key model in the brand's U.S. lineup from becoming a victim
of the U.S.-China trade war.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 11,323.00, up 0.4 percent
from its previous close.
    • The Indian rupee is expected to open lower against the dollar amid a
Chinese yuan-led decline in regional currencies in the wake of continuing
U.S.-China trade tensions.
    • Indian government bonds will likely open lower ahead of a fresh supply of
papers, with the rupee’s expected decline against the dollar also expected to
weigh on investor sentiment. Yield on the benchmark 7.17 percent bond maturing
in 2028 is likely to trade in a 7.70 percent-7.75 percent band till the auction
results today.
    
    
    GLOBAL MARKETS
    • Technology stocks pushed the S&P 500 and Nasdaq higher on Thursday, driven
by Apple shares as the iPhone maker became the first publicly traded U.S.
company worth a trillion dollars.
    • Asian stocks inched following a tech-led rise on Wall Street, although the
latest exchange of trade threats between Beijing and Washington capped gains and
drove safehaven flows to the dollar, which hovered near a two-week high.

    • The dollar stayed firm against the yuan and a basket of currencies, with
markets gripped by worries over escalating trade tensions between the United
States and China.
    • U.S. Treasury yields eased on Thursday, a day after 10-year notes hit a
10-week high, as investors sought the safety of government debt with trade
tensions between the United States and China escalating once again.
    • Oil prices edged lower after strong gains the previous day, easing on
persisent supply concerns as Russia increased production in July and Saudi
Arabia cut the price of crude for its Asian customers.
    • Gold prices were little changed, having hit a one-year low in the previous
session on a resilient U.S. dollar.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.66/68.69  August 2         $93.27 mln    $93.66 mln
 10-yr bond yield  7.72 pct     Month-to-date    -$40.23 mln   $300.59 mln
                                Year-to-date     -$619.74 mln  -$5.45 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 = 68.6200 Indian rupees)

 (Compiled by Yoganand KN in Bengaluru)
  
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