June 10, 2020 / 3:20 AM / a month ago

Morning News Call - India, June 10

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    FACTORS TO WATCH
    No major events are scheduled.
    
    PROMOTION
    LIVECHAT - REUTERS GLOBAL MARKET FORUM
    Reuters stocks correspondents in London and New York look at what’s moving
equities amid a global rally. To join the conversation at 7:30 pm IST, click on
the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Delhi coronavirus cases set to explode, hospitals running out of beds
    Delhi's infections of coronavirus will climb to more than half a million by
the end of July and it does not have the hospital capacity to handle such an
outbreak, the city state's deputy chief minister Manish Sisodia said on Tuesday.
    
    • Obscure Indian cyber firm spied on politicians, investors worldwide
    A little-known Indian IT firm offered its hacking services to help clients
spy on more than 10,000 email accounts over a period of seven years. New
Delhi-based BellTroX InfoTech Services targeted government officials in Europe,
gambling tycoons in the Bahamas, and well-known investors in the United States
including private equity giant KKR and short seller Muddy Waters, according to
three former employees, outside researchers, and a trail of online evidence.
    
    • Adani Green to build 8 GW solar projects in India at cost of $6 billion
    India's Adani Green Energy said on Tuesday it had won a government contract
to build solar plants in India with a total capacity of 8 gigawatts (GW) at a
cost of $6 billion over the next five years.
    
    
    GLOBAL TOP NEWS
    • China producer price deflation deepens on global demand slump
    China's May factory gate prices fell by the sharpest rate in more than four
years, underscoring pressure on the manufacturing sector as the COVID-19
pandemic reduces trade flows and global demand.    
    • Japan's machinery orders, wholesale prices sink as pandemic hits business
spending
    Japan’s machinery orders slumped in April at their quickest pace in nearly
two years, as a drop in demand and company profits caused by the coronavirus
pandemic paralysed businesses spending.    
    • George Floyd hailed as 'cornerstone of a movement' at funeral, family
calls for justice
    George Floyd, a black man whose death under the knee of a white police
officer roused worldwide protests against racial injustice, was memorialized at
his funeral on Tuesday as "an ordinary brother" transformed by fate into the
"cornerstone of a movement."

    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 1% higher at 10,102.50. 
    • The Indian rupee is expected to trade higher after the dollar extended its
decline ahead of the U.S. Federal Reserve’s monetary policy decision and release
of summary of economic projections.     
    • Indian government bond yields will likely trade largely unchanged in early
session amid hopes that the central bank may announce an open market operation
to absorb additional supply in the debt market. The yield on the benchmark 5.79%
bond maturing in 2030 is likely to trade in a range of 5.78%-5.83%.
    
    GLOBAL MARKETS
    • The S&P 500 and Dow fell on Tuesday, pausing after recent strong gains as
focus shifted to the Federal Reserve, while the Nasdaq ended at an all-time high
for a second straight day after briefly rising above the 10,000 mark for the
first time.
    • Asian stock markets eked out a 10th consecutive session of gains on
Wednesday, but momentum ebbed as doubts about the global recovery from the
pandemic returned ahead of the U.S. Federal Reserve meeting.
    • The dollar nursed losses against most currencies amid some speculation the
U.S. Federal Reserve could take steps to curb a recent rise in bond yields at
its policy meeting.
    • U.S. Treasury yields fell on Tuesday as investors defensively bought
government debt and awaited word from the Federal Reserve about yield curve
control and negative interest rates, subjects of broad speculation, after its
policy meeting ends on Wednesday.
    • Oil prices fell as an industry report showed a rise in crude and fuel
inventories in the United States, renewing concerns about oversupply and
slumping fuel demand in the world's largest crude consumer.
    • Gold prices held firm as a dip in equity markets boosted some demand for
the safe-haven metal while investors await the end of the U.S. central bank's
meeting for its remarks on state of the economy and clues on future measures.

    

                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         75.56/75.59  June 9           1,052.84      (34.80) crores
                                                 crores        
 10-yr bond yield  5.78 pct     Month-to-date    21,876        (1,591) crores
                                                 crores        
                                Year-to-date     (18,469)      (1,07,005) crores
                                                 crores        
  (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= 75.48 Indian rupees)
 

 (Compiled by Nachiket Tekawade in Bengaluru)
  
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