July 10, 2019 / 3:17 AM / 14 days ago

Morning News Call - India, July 10

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    FACTORS TO WATCH
    6:30 pm: Former Chief Economic Adviser Arvind Subramanian at India Policy
Forum in New Delhi.
    
    
    INDIA TOP NEWS
    • Trump again says Indian tariffs on U.S. goods unacceptable
U.S. President Donald Trump repeated his complaints on Tuesday that India's
tariffs on U.S. products were unacceptable but he did not indicate whether he
would take any further action in the trade row between the two nations.

    • TCS seeks steady growth as key markets face slowdown
Tata Consultancy Services(TCS) said on Tuesday it was looking to sustain
double-digit revenue growth this fiscal year, even as it flagged stress in
global capital markets, especially in European banks.
    • IndiGo co-founder turns to regulator over alleged corporate governance
violation
One of the co-founders of India's largest airline IndiGo has alleged violation
of corporate governance rules at parent company Interglobe Aviation and asked
the securities regulator to intervene.
    • Airtel Africa debuts in Lagos in $4.4 billion listing
Airtel Africa listed on the Nigerian Stock Exchange on Tuesday in a $4.4 billion
flotation turning the telecoms company into the bourse's third-largest stock by
market value.
    • India to clarify whether tax surcharge applies to FPIs, if required: govt
official 
India will clarify whether a tax surcharge aimed at the rich will apply to
foreign portfolio investors, but only if required, Chairman of the Central Board
of Direct Taxes, P.C. Mody, said on Tuesday.
    • Hero MotoCorp names Rajat Bhargava as head of EV business
Hero MotoCorp on Tuesday said it had appointed Rajat Bhargava as head of its
newly created 'Emerging Mobility' unit as the motorcycle manufacturer looks to
claim a slice of the country's electric vehicle (EV) market.
    
    
    GLOBAL TOP NEWS
    • U.S., Chinese negotiators hold 'constructive' phone talks on trade
U.S. and Chinese trade officials held a "constructive" phone conversation on
Tuesday, White House economic adviser Larry Kudlow said, marking a new round of
talks after the world's two largest economies agreed to a truce in a year-long
trade war.
    • China's June factory prices flat, food costs stay high
China's producer prices unexpectedly showed no growth in June from a year
earlier, raising concerns a slowdown in manufacturing activity will further drag
on economic growth.
    • U.S. to approve sales it deems safe to blacklisted Huawei
The U.S. government will issue licenses to companies seeking to sell goods to
China's Huawei where there is no threat to national security, Commerce Secretary
Wilbur Ross said on Tuesday, leaving industry observers unsure about which
products will pass muster.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,560.50.
    • The Indian rupee is expected to open lower against the dollar before
Federal Reserve Chairman Jerome Powell provides his views on interest rates. 
    • Indian government bonds are likely to fall in early session tracking a
rise in crude oil prices, even as underlying sentiment remains positive. The
yield on the benchmark 7.26 percent bond maturing in 2029 is likely to trade in
a 6.56 percent-6.61 percent range today.
    
    
    GLOBAL MARKETS
    • The S&P 500 ended slightly higher on Tuesday as gains in tech-related
shares offset worries about a weakening outlook for earnings.
    • Japan's Nikkei edged lower in choppy trade as investors awaited key
testimony on the U.S. economy from the Federal Reserve chief, while machinery
shares fell on poor June orders.        
    • The dollar edged toward a three-week high against a basket of major
currencies, as an unwinding of bets on deep U.S. interest rate cuts pushed
Treasury yields higher.
    • U.S. Treasury yields ticked up on Tuesday in muted trading ahead of the
release of June's Federal Reserve meeting minutes on Wednesday.
    • Oil prices rose, led by U.S. crude after an industry group reported that
U.S. stockpiles fell for a fourth week in a row, alleviating concerns about
oversupply amid global trade tensions.
    • Gold prices slipped as higher Treasury yields lifted the dollar, while
markets awaited testimony from Federal Reserve Chair Jerome Powell for clarity
on an expected U.S. rate cut.
    
   
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.59/68.62  July 9           -$98.32 mln   $125.25 mln
 10-yr bond yield  6.58 pct     Month-to-date    -$416.31 mln  $558.04 mln
                                Year-to-date     $10.92 bln    -$842.72 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 = 68.5500 Indian rupees)
    

 (Compiled by Yoganand KN in Bengaluru)
  
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