June 1, 2020 / 3:15 AM / a month ago

Morning News Call - India, June 1

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    4:00 pm: Health ministry likely briefing on Covid-19 situation in New Delhi.
    6:30 pm: S&P Global Ratings’ sovereign-focused webinar on India, Brazil,
South Africa, Turkey, Russia and China in Mumbai. ​

    Mike Dolan, Reuters Editor at Large, Finance & Markets, discusses the themes
in play for markets in the upcoming week. To join the conversation at 3.30 pm
IST, click on the link: refini.tv/2P8N0Wp
    • Indian states rush to identify high-risk zones to remain in lockdown
States on Sunday began identifying high-risk zones where coronavirus lockdowns
should continue while the rest of country gears up to reopen in June despite a
record rise in COVID-19 cases, officials said.
    • Sun Pharma to test pancreatitis drug in COVID-19 patients in India
Sun Pharmaceutical Industries said on Friday it has received Indian regulatory
approval to start clinical trials of a pancreatitis drug in COVID-19 patients.

    • Indian IT firm Wipro names Capgemini's Thierry Delaporte as CEO
Wipro on Friday named Thierry Delaporte as the new chief executive officer and
managing director of the IT company, replacing Abidali Neemuchwala.
    • India's SpiceJet to run drone trials for cargo deliveries
SpiceJet said on Friday it received permission to conduct drone trials that will
allow it to deliver medical supplies and e-commerce products as a months-long
lockdown has thrown supply chains in the country into disarray.
    • China's May factory activity returns to growth but demand remains
weak-Caixin PMI
    China's factory activity unexpectedly returned to growth in May as strict
measures to contain the coronavirus outbreak were eased, but the improvement was
marginal as export orders continued to shrink, a private business survey showed.

    • China media, HK govt bristle at Trump's pledge of curbs, sanctions
    China's state media and the government of Hong Kong lashed out on Sunday at
U.S. President Donald Trump's vow to end Hong Kong's special status if Beijing
imposes new national security laws on the city, which is bracing for fresh
    • Tanker truck drives into protesters as U.S. cities fear another night of
violent protests
    A tanker truck drove into a throng of protesters on a closed interstate near
Minneapolis on Sunday, with the driver pulled from his rig and beaten, as major
U.S. cities imposed curfews in fear of another night of demonstrations against
police brutality descending into violence.
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading at 1.9% higher at 9,663.50.
    • The Indian rupee is expected to trade higher against the dollar after the
government allowed lifting lockdown restrictions in a phased manner while
maintaining curbs in areas worst affected by the coronavirus.
    • Indian government bond yields will likely edge higher in early session
after the country’s fiscal deficit for the previous financial year was sharply
higher than budgeted, raising concerns over additional borrowing, while economic
growth crawled to multi-year lows. The yield on the benchmark 6.45% bond
maturing in 2029 is likely to trade in a range of 5.98%-6.06% today.
    • U.S. stocks finished mostly higher on Friday after President Donald Trump
announced measures against China in response to new security legislation that
were less threatening to the U.S. economy than investors had feared.
    • Asian shares pushed to three-month highs, as progress on opening up
economies helped offset jitters over riots in U.S. cities and unease over
Washington's power struggle with Beijing.
    • The dollar slipped as investors looked past unrest in the United States to
the global economic recovery from the coronavirus and hoped for an easing in
Sino-U.S. tensions.
    • U.S. Treasury yields fell on Friday after President Donald Trump appeared
to keep the trade deal between the United States and China intact, but said he
would begin the process of eliminating special treatment for Hong Kong.
    • Oil prices fell nearly 1% as traders hedged bets with the Organization of
the Petroleum Exporting Countries (OPEC) considering meeting as soon as this
week to discuss whether to extend record production cuts beyond end-June.
    • Gold prices climbed as reports of riots in the United States rattled
investors already reeling from the deepening Sino-U.S. rift, fanning concerns of
a fresh economic setback and drove traders towards the safe-haven metal.
                   CLOSE        FII INVESTMENTS  EQUITIES  DEBT
 PNDF spot         75.59/75.62  May 29           1,996.32  (391.23)
 10-yr bond yield  6.01 pct     Month-to-date    14,569    (22,935)
                                Year-to-date     (40,345)  (10,54,14)
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)

    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 = 75.52 Indian rupees)

 (Compiled by Pooja Kesavan in Bengaluru)
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