June 17, 2019 / 3:53 AM / a month ago

Morning News Call - India, June 17

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    LIVECHAT - COMMODITIES FOCUS
    Clyde Russell, Reuters Asia commodities and energy columnist, joins us to
discuss crude oil and metals markets, and all the cues to watch at 9:30 am IST.
To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India to impose retaliatory tariffs on 28 U.S. goods from Sunday
    India will impose higher retaliatory tariffs on 28 U.S. products including
almonds, apples and walnuts from Sunday, following Washington's withdrawal of
key trade privileges for New Delhi.    
    • WeWork considers $1.9 bln offer for 70% stake in Indian affiliate
-Bloomberg
    Shared office space manager WeWork is exploring a deal to take majority
control of its affiliate WeWork India ahead of the New York-based company's
plans to go public, Bloomberg reported on Thursday, citing people familiar with
the matter.
    • Walmart's Flipkart, Indian startup settle dispute over sharp discounting
    Walmart unit Flipkart has settled a legal dispute with an Indian startup
that alleged it suffered losses because its products were sharply discounted on
the global retailer's website.
    • Indian regulator bars news channel NDTV from accessing capital markets
    India's market regulator barred the founders of news television channel New
Delhi Television (NDTV) from the country's capital markets for the next two
years.
    • India's Greaves Cotton to set up charging hubs for electric scooters
    Engine maker Greaves Cotton, which launched its first heavyweight electric
scooter last month, plans to set up at least 100 charging stations for
two-wheelers across India in the next three months, as the government pushes for
more electric vehicles to combat rising pollution.
    • India minister says confident airline capacity problems will be solved
    India's new civil aviation minister said he is confident that airline
capacity shortage problems following the grounding of Jet Airways will be
solved, in the government's first comments about the issue since it was
re-elected last month.

    
    GLOBAL TOP NEWS
    • Pressure builds on Hong Kong leader with democracy activist set to leave
jail
    Hong Kong's political crisis enters its second week as uncertainty grows
over the fate of government leader Carrie Lam and the extradition bill she
postponed at the weekend.
    • Taking aim at Johnson, British PM hopefuls make their Brexit case
    Several hopefuls vying to replace British Prime Minister Theresa May turned
their fire on favourite Boris Johnson on Sunday, questioning his pledge to leave
the European Union by the end of October no matter what.
    • Blast-hit tankers to be assessed off UAE coast
    The two oil tankers crippled in attacks in the Gulf of Oman last week that
Washington and Riyadh have blamed on Iran are being assessed off the coast off
the United Arab Emirates before their cargos are unloaded, the ships' operators
said on Sunday.

    
    LOCAL MARKETS OUTLOOK
    • SGX Nifty nearest-month futures were 0.11% lower at 11,817.50.    
    • The Indian rupee is expected to open lower against the dollar following
better-than-expected U.S. retail sales data, which prompted the dollar index’s
biggest jump in three months. -NewsRise    
    • Indian government bonds are expected to trade lower in early session, amid
profit booking after crude oil prices rose for a third session today, while the
market awaits the government’s biggest debt switch for this year. The yield on
the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.90%
-6.97% today. -NewsRise
    
    
    GLOBAL MARKETS
    • U.S. stocks ended lower on Friday as investors were cautious going into
next week's Federal Reserve meeting, while a warning from Broadcom of a broad
weakening in global demand weighed on chipmakers and added to U.S.-China trade
worries.
    • Asian shares got off to a shaky start as investors were cautious ahead of
a closely-watched Federal Reserve meeting, while political tensions in the
Middle East and Hong Kong kept risk-appetite in check.
    • The dollar hovered near a two-week high, as strong U.S. retail sales data
tempered some of the fears about a sharp downturn in the world's largest
economy.
    • Short-dated U.S. Treasury yields rose on Friday, flattening the yield
curve, after solid data subdued investor fears of rapid economic decline in the
second quarter and decreased expectations the Federal Reserve would cut rates at
its meeting next week.
    • Oil prices rose after U.S. Secretary of State Mike Pompeo said Washington
will take all actions necessary to guarantee safe navigation in the Middle East,
as tensions mounted following attacks on tankers last week. 
    • Gold prices edged away from a 14-month peak hit in the previous session,
with the dollar gaining after encouraging U.S. retail sales data tempered fears
about a sharp downturn in the world's largest economy.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.70/69.73  June 14          -$34.23 mln  -$425. 36 mln
 10-yr bond yield  6.92%        Month-to-date    $74.88 mln   $471.57 mln
                                Year-to-date     $11.26 bln   -$1.66 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 = 69.8132 Indian rupees)
    
    

 (Compiled by Lisa Mattackal in Bengaluru)
  
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