July 24, 2019 / 3:18 AM / 7 months ago

Morning News Call - India, July 24

(The PNDF spot and 10-year bond yield closing numbers were interchanged in the
July 23 edition of this newsletter.)​

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    11:00 am: Finance Minister Nirmala Sitharaman and Junior Finance Minister
Anurag Thakur at Income Tax Day event in New Delhi.
    Equities reporters at Reuters covering Europe and the Americas discuss
trends in stock markets at 6pm IST. To join the conversation, click on the link:
    • Indian banks pulled up by Supreme Court for 'collusion' with real estate
    India's top court on Tuesday said several banks had colluded with Amrapali
Developers, one of India's largest real estate firms, in the misappropriation of
loans meant for housing projects.
    • India moves to overhaul labour laws in bid to boost job creation
    India moved on Tuesday to overhaul decades-old labour laws, some dating from
British colonial rule, by introducing two key measures in parliament that aim to
make it easier for industry to meet labour standards and create more jobs.

    • RBI names Kanungo to run monetary policy after Acharya quits
India's central bank said on Tuesday it had assigned deputy governor B.P.
Kanungo to run the monetary policy portfolio after the resignation of fellow
deputy governor Viral Acharya.
    • Reliance's talks on stake sale to Saudi Aramco stall: sources
    Reliance Industries talks to grant a minority stake in its refining assets
to Saudi Aramco have hit a roadblock over the valuation and structure of the
deal, two people familiar with the matter said.
    • Indian businessman Pramod Mittal detained in Bosnia
    Indian businessman Pramod Mittal has been detained by police at a company in
northern Bosnia on suspicion of organised crime and abuse of office, a
prosecutor said on Tuesday.
    • Trump touches off storm in India with Kashmir mediation offer
    Indian Prime Minister Narendra Modi never asked U.S. President Donald Trump
to help mediate with Pakistan in their dispute over the Kashmir region, the
government said on Tuesday, after Trump's comments set off a storm of criticism.

    • White House's Kudlow hopeful on U.S.-China trade talks, agriculture buys
    White House economic adviser Larry Kudlow on Tuesday called it a good sign
that top U.S. officials would be traveling to China to discuss reviving stalled
trade talks, and said he expected Beijing to start buying U.S. agriculture
products soon.
    • Japan's Nissan to double global job cuts to over 10,000 -source
    Nissan Motor plans to expand job cuts to over 10,000 to help turn around its
business, a person with direct knowledge of the matter said, showing the tough
road ahead for an automaker grappling with management upheaval.
    • Stepping into power, Britain's Johnson seeks more diverse cabinet
    Taking over as Britain's prime minister on Wednesday, Boris Johnson is
expected unveil a more diverse top team in a government to be tasked with
delivering Brexit by the end of October, with or without a deal.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were little changed at 11,328.00.
    • The Indian rupee is expected to open lower against the U.S. currency,
weighed by a further advance on the dollar index and crude oil. 
    • Indian government bonds are likely to open little changed, as comments
from the central bank governor that hurt expectations of aggressive monetary
easing continued to affect mood. The yield on the benchmark 7.26% bond maturing
in 2029 is likely to trade in a range of 6.45%-6.50% today.    
    • The S&P 500 and Nasdaq approached record highs on Tuesday, lifted by
upbeat quarterly reports from Coca-Cola and United Technologies and on optimism
the United States would resolve its trade conflict with China.
    • Asian shares nudged higher amid hints of progress in the Sino-U.S. trade
saga, while the dollar hit two-month highs on the euro as investors wagered on a
dovish outcome from the European Central Bank's coming policy meeting.

    • The euro slipped to a two-month low, as markets waited to gauge the
European Central Bank's stance on policy amid bubbling expectations that it
could eventually lower interest rates and join the global easing trend.
    • U.S. Treasuries yields rose on Tuesday on a report that U.S. negotiators
are heading to China to discuss trade terms, boosting hopes that the two
countries may deescalate a trade war that has weighed on economic growth.
    • Oil prices rose, extending gains after an industry group reported a much
bigger than expected drop in U.S. inventories, while the U.S. Navy said it may
have downed a second Iranian drone last week.
    • Gold prices edged higher, recovering from a one-week low touched in the
previous session, on expectations of an interest rate cut by the U.S. Federal
Reserve and escalating tensions in the Middle East.
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         68.93/68.96  July 23          -           $15.74 mln
 10-yr bond yield  6.464%       Month-to-date    -$1.48 bln  $689.02 mln
                                Year-to-date     $9.86 bln   -$711.74 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 = 69.0980 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
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