July 2, 2019 / 3:04 AM / 2 months ago

Morning News Call - India, July 2

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    FACTORS TO WATCH
    No major events are scheduled for the day.
    
    LIVECHAT - ASIA MARKETS VIEW
    Stephen Innes, Managing Partner at Vanguard Markets in Singapore, joins us
at 9:30 am IST to discuss trade wars, talks between Trump and Xi, markets and
currencies in Asia. To join the conversation, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Reliance Group to lease out company headquarters to cut debt
    Reliance Group is looking to lease out its headquarters in one of Mumbai's
prime suburbs, the telecoms to infrastructure conglomerate said, a move that
will help the company to raise funds to pay off debt.
    • India's manufacturing growth slowed in June on weaker demand - PMI
    Growth in India's manufacturing sector slowed last month as the expansion in
new orders and output eased despite factories cutting prices again, according to
a private survey which also showed a decrease in the rate of hiring.

    • India sends out 250 civil servants to try to tackle water shortages
    India is sending more than 250 civil servants to some of the driest areas of
the vast country as part of efforts by Prime Minister Narendra Modi's government
to tackle water shortages.
    • India considers more powers for cenbank to regulate shadow banks
    The Indian government is considering giving more powers to the central bank
to regulate the struggling shadow banking sector, Finance Minister Nirmala
Sitharaman informed the Parliament on Monday.
    • ICRA places CEO on leave pending inquiry
    ICRA Ltd has placed Managing Director and Chief Executive Officer Naresh
Takkar on leave until further notice, the rating agency said in a stock exchange
filing on Monday.   
    
    
    GLOBAL TOP NEWS
    • USTR proposes $4 billion in potential additional tariffs over EU aircraft
subsidies
    Just days after reaching a truce in the U.S.-China trade war, the U.S.
government on Monday ratcheted up pressure on Europe in a long-running dispute
over aircraft subsidies, threatening tariffs on $4 billion of additional EU
goods.
    • OPEC extends oil cut to prop up prices as economy weakens
    OPEC agreed on Monday to extend oil supply cuts until March 2020 as the
group's members overcame their differences in order to prop up the price of
crude amid a weakening global economy and soaring U.S. production.
    • Trump says Iran 'playing with fire' with uranium enrichment
    Iran announced on Monday it had amassed more low-enriched uranium than
permitted under its 2015 nuclear deal with world powers, drawing a warning from
U.S. President Donald Trump that Tehran was "playing with fire."
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.1% higher at 11,920.50. 
    • The Indian rupee is expected to open little changed against the U.S.
currency even as the dollar index posted its biggest advance in more than three
months. 
    • Indian government bonds are likely to open higher as crude oil prices fell
in overnight session, but state debt sale may cap gains. The yield on the
benchmark 7.26% bond maturing in 2029 is likely to trade in a 6.85% - 6.90%
range today.
    
    
    GLOBAL MARKETS
    • U.S. stocks climbed on Monday, but finished off earlier highs, led by
gains in technology stocks on optimism for progress in U.S.-China trade talks
and signs of a likely reprieve for Chinese telecom company Huawei.
    • Asian shares were choppy as weak global manufacturing activity reinforced
worries about slowing world growth, while the initial enthusiasm over a
Sino-U.S. trade truce gave way to uncertainty over whether the two nations can
strike a durable deal.
    • The Australian dollar nursed wounds, a day after it posted its biggest
one-day fall in more than two months ahead of an expected central bank easing
while improved risk appetite supported the greenback.
    • U.S. Treasury yields rose on Monday as China and the United States'
agreement to restart trade talks caused investors to pare their safe-haven
holdings of bonds, although the selling was limited by worries about global
economic growth.
    • Oil prices slipped as worries that a weakening global economy would dent
demand for the commodity outweighed OPEC's decision to extend supply cuts until
next March.
    • Gold prices rose buoyed by a safe-haven sentiment emanating from weak
global manufacturing data that hinted at an economic slowdown, a day after the
metal declined more than 1% on expectations of a U.S.-China trade truce.
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         69.04/69.07  July 1           $61.97 mln   $23.76 mln
 10-yr bond yield  6.88%        Month-to-date    $148.91 mln     ---
                                Year-to-date     $11.34 bln   -$1.38 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 = 68.90 Indian rupees)
    
    

 (Compiled by Samrhitha Arunasalam in Bengaluru)
  
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