July 3, 2019 / 3:00 AM / 3 months ago

Morning News Call - India, July 3

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    • Wilful defaults in India cross $21 billion in 2018-19
    India's state-owned banks had classified 1.50 trillion rupees worth of loans
as "wilful defaults" in 2018-19, with the biggest lender State Bank of India
accounting for nearly a third, the finance minister said in the parliament.

    • IOC close to deal for Panama-flagged vessel as Indian vessels fail to
    India's top refiner Indian Oil Corp is close to chartering a Panama-flagged
ship rather than an Indian vessel in its first five-year tender to hire an oil
tanker with scrubbers that remove sulphur emissions, sources with knowledge of
the matter said.
    • Shares in ICRA fall after CEO placed on leave amid probe
    Shares in ICRA Ltd, the Indian unit of Moody's Investors Service, fell on
Tuesday after the credit rating agency sent its chief executive officer on leave
because of a probe into a ratings decision it took last year.
    • Tool maker JK Files in talks to acquire Turkey's Makina Takim - sources
    Indian industrial tool manufacturer JK Files is in talks to take over
Turkey's Makina Takim, two people familiar with the situation told Reuters.

    • China services sector growth slows in June as export orders shrink -
Caixin PMI
    Growth in China's services sector slowed to a four-month low in June as new
orders from overseas customers fell, a private survey showed, adding to signs of
strain on the economy as the U.S.-Sino trade war drags on.
    • EU leaders choose France's Lagarde for ECB after marathon summit
    European Union leaders agreed on Tuesday to name France's Christine Lagarde
as the new head of the European Central Bank and sealed a deal on filling the
EU's other top four jobs after marathon talks that have exposed deep divisions
in the bloc.
    • Villagers accuse city of seizing water as drought parches "India's
    In the small village of Bangarampettai, 20 miles from India's manufacturing
capital Chennai, about 150 people last month "captured" a water tanker, breaking
its windscreen and deflating its tyres before handing it over to a nearby police
station. People living on the outskirts of this southern Indian metropolis are
blocking roads and laying siege to tanker lorries because they fear their water
reserves are being sacrificed so city dwellers, businesses and luxury hotels
don't run out.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.2% higher at 11,966.50.
    • The Indian rupee is expected to open little changed against the dollar
amid the biggest decline in crude oil in a month, which was offset by losses in
most other regional currencies. 
    • Indian government bonds are likely to gain in early trade, tracking a
slump in crude oil prices overnight. The yield on the benchmark 7.26% bond
maturing in 2029 is likely to trade in a range of 6.81% - 6.87% today.
    • U.S. stocks managed modest gains on Tuesday after holding near the
unchanged mark for much of the session as enthusiasm over the U.S.-China trade
truce faded after the United States threatened tariffs on additional European
    • Asian shares fell as initial enthusiasm over the latest U.S.-China trade
truce was overtaken by fresh concerns over Washington's threat of tariffs on
additional European goods.
    • The dollar struggled, having been nudged off two-week highs as fading
optimism over any near-term Sino-U.S. trade deal revived safe-haven demand and
drove U.S. yields down.
    • U.S. Treasury prices rose on Tuesday, driving 10-year yields below 2%, on
renewed safe-haven demand due to anxiety about slowing global economic growth
and reduced optimism about the restart on U.S.-China trade talks.
    • Oil prices edged higher after a steep fall in the previous session,
supported by extended output cuts by OPEC and its allies despite concerns that a
slowing global economy could crimp demand.
    • Gold prices climbed over 1% to hit a one-week high, helped by a subdued
dollar as renewed concerns over global trade encouraged safe-haven demand and
drove down U.S. yields.
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         69.02/69.05  July 2           -$74.34 mln   $94.15 mln
 10-yr bond yield  6.85%        Month-to-date    -$125.14 mln  $117.91 mln
                                Year-to-date     $11.21 bln    -$1.28 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 = 68.8750 Indian rupees)

 (Compiled by Samrhitha Arunasalam in Bengaluru)
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