July 9, 2019 / 3:10 AM / 10 days ago

Morning News Call - India, July 9

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    FACTORS TO WATCH
    9:00 am: Chief Economic Advisor Krishnamurthy Subramanian at India Policy
Forum in New Delhi.
    1:15 pm: Revenue Secretary Ajay Bhushan Pandey and CBDT Chairperson P.C.
Mody at FICCI’s interactive session on budget in New Delhi.
    
    
    INDIA TOP NEWS
    • India aims to raise 150 billion rupees by cutting stakes in 18 firms to
75% - source
India's government aims to raise up to 150 billion rupees by reducing its stake
in 18 state firms to 75%, a finance ministry official involved in the matter
said on Monday, as it looks to boost revenues and rein in the fiscal deficit.

    • PNB slides after reporting suspected fraud at Bhushan
Shares in Punjab National Bank slid after the lender said it had reported a
suspected 38 billion rupee fraud in Bhushan Power & Steel's account, potentially
delaying a sale of the firm's assets and consequent repayments to creditors.

    • India's latest Google probe sparked by junior antitrust researchers
Two junior Indian antitrust research associates and a law school student were
behind a complaint that sparked a probe into Google's alleged anti-competitive
practices in the country, in what has become another regulatory challenge for
the U.S. firm.
    
    
    GLOBAL TOP NEWS
    • Hong Kong leader says extradition bill is dead after mass protests
Hong Kong leader Carrie Lam said the extradition bill that sparked the
territory's biggest political crisis in decades was dead, admitting that the
government's work on the bill had been a "total failure".
    • Japan pushes back against Seoul's calls to scrap export curbs
Japan pushed back against calls from South Korea to scrap restrictions on
high-tech exports to its Asian neighbour, as a diplomatic row over forced
wartime labour escalates between the two key U.S. allies.
    • Trump assails Britain's May, ambassador to U.S. who called his
administration 'inept'
U.S. President Donald Trump attacked Prime Minister Theresa May and her
ambassador to Washington on Monday while Britain voiced regret for the leak of
confidential memos in which the diplomat called Trump's administration
"dysfunctional" and "inept."
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,562.00.
    • The Indian rupee is expected to open little changed against the U.S.
currency with traders focusing on the U.S. monetary policy outlook and local
risk appetite.
    • Indian government bonds are likely to open little changed after rising for
the last five days, even as underlying sentiment remains positive on plans to
raise funds in overseas market via sovereign papers. The yield on the benchmark
7.26 percent bond maturing in 2029 is likely to trade in a 6.52 percent-6.60
percent range today.
    
    
    GLOBAL MARKETS
    • U.S. stocks fell as Apple shares dropped following a broker downgrade and
investors continued to weigh chances of an aggressive interest rate cut by the
Federal Reserve later this month.
    • Asian stocks struggled to rebound as investors came to terms with sharply
reduced expectations the Federal Reserve will deliver a large interest rate cut
at the end of July.
    • The dollar traded near a three-week high against its peers, as investors
reduced bets on aggressive U.S. interest rate cuts ahead of the Federal Reserve
chairman's testimony to Congress on the economy.
    • The U.S. Treasury yield curve hit its flattest level in more than a month
on Monday as investors tempered Friday's reaction to the strong June employment
data, with yields on long-duration bonds falling even as traders significantly
reduced bets for an aggressive rate cut by the Federal Reserve later this month.

    • Oil fell amid worries over the outlook for demand after the latest signs
that international trade disputes have been dragging on the global economy,
although tensions in the Middle East offered some support to prices.
    • Gold prices fell on Tuesday as the dollar held near multi-week highs after
investors reduced bets on an aggressive U.S. interest rate cut this month.

    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.71/68.74  July 8           -$58.64 mln   $84.55 mln
 10-yr bond yield  6.56 pct     Month-to-date    -$368.29 mln  $432.79 mln
                                Year-to-date     $10.97 bln    -$967.97 mln
 
    
    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 = 68.5540 Indian rupees)
    

 (Compiled by Yoganand KN in Bengaluru)
  
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