June 25, 2020 / 3:25 AM / 17 days ago

Morning News Call - India, June 25

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    FACTORS TO WATCH
    1:30 pm: Bank of India’s MD and CEO A.K. Das at a video conference post 4Q
results.
    6:30 pm: Former Chief Statistician Pronab Sen at NCAER’s webinar on
‘Quarterly Review of the Economy: 1Q-2020 in Coronavirus Times.’
    
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Last week, fresh clashes erupted between India and China claiming lives on
both sides of the line of actual control. We speak with Henry Boyd, research
fellow for defence and military analysis at the International Institute for
Strategic Studies (IISC) in London, about the build-up in key areas on the
disputed border and each country's actual military resources in the area. To
join the conversation at 11.00 am IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • E-tailers in India to consider listing of 'country of origin' label on
products
    E-commerce players in India such as Amazon's local unit and Walmart's
Flipkart will consider asking sellers on their platforms to list the country of
origin on products, three sources familiar with the matter said on Wednesday.

    • Hetero prices experimental COVID-19 drug remdesivir at 5,400 rupees per
100 mg vial
    Hetero Labs has priced its generic version of remdesivir, Gilead's
experimental COVID-19 drug, at 5,400 rupees per 100-milligram vial, the
drugmaker said on Wednesday, as it prepares to ship them to hospitals in the
country.
    • Apple, other U.S. goods from China held up at Indian ports - sources
    Apple, Cisco and Dell products are among the goods from U.S. companies being
caught up in India's border tensions with China, as Indian ports hold up imports
from China, two sources told Reuters on Wednesday.
    • Indian Oil reports first quarterly loss in 4 yrs after inventory hit
    Indian Oil, the country's top refiner on Wednesday reported its first
quarterly loss in more than four years in the March quarter, after a surge in
inventory losses following a sharp fall in crude oil prices.
    • Blaze causes major damage to Unicharm factory in India
    A fire at an Indian factory owned by a subsidiary of Japan's Unicharm
Corporation caused huge damage on Wednesday, officials said.

    
    GLOBAL TOP NEWS
    • WHO warns of oxygen shortage as COVID cases set to top 10 million
    The world faces a shortage of oxygen concentrators as the number of
worldwide cases of coronavirus infection nears the 10 million mark, the World
Health Organization head said on Wednesday.
    • Trump administration says Huawei, Hikvision backed by Chinese military
-document
    The Trump administration has determined that top Chinese firms, including
telecoms equipment giant Huawei Technologies and video surveillance company
Hikvision are owned or controlled by the Chinese military, laying the groundwork
for new U.S. financial sanctions, according to a document seen by Reuters on
Wednesday.
    • U.S. Senate police reform vote fails as Democrats reject Republican bill
    A Republican bill to rein in police misconduct in the aftermath of George
Floyd's death in Minneapolis failed in the U.S. Senate on Wednesday, leaving
congressional efforts to address racial inequities in American policing at an
impasse.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures 1.2% lower at 10,175.00.
    • The Indian rupee is expected to trade lower against the dollar tracking
the decline in U.S. and Asian equities as a worsening U.S. coronavirus outbreak
damped hopes of a quick economic rebound.
    • Indian government bond yields may edge higher in early session, as lack of
clarity from the central bank on likely steps to absorb excess supply in the
debt market continues to affect sentiment. The yield on the benchmark 5.79% bond
maturing in 2030 is likely to trade in a range of 5.88%-5.95% today.
    
    
    GLOBAL MARKETS
    • Wall Street's three major indexes on Wednesday suffered their biggest
daily percentage drop in almost two weeks as a surge in U.S. coronavirus cases
intensified fears of another round of government lockdowns and worsening
economic damage.
    • Asia's stock markets slipped, bonds rose and the U.S. dollar was firm as
surging U.S. coronavirus cases, global trade tensions and an International
Monetary Fund downgrade to economic projections knocked confidence in a
recovery.
    • The dollar held firm as an increase in coronavirus cases in the United
States undermined hopes for a quick turnaround in the pandemic-hit economy and
prompted traders to cuts bets on riskier currencies.
    • U.S. Treasury yields fell on Wednesday as investors bought safe-haven
assets with an eye on rising COVID-19 patient cases in several U.S states.
    • Oil prices slipped, extending losses of more than 5% in the previous
session, weighed down by record high U.S. crude inventories and worries that a
rapid resurgence in COVID-19 cases could choke a revival in fuel demand.
    • Gold prices edged higher, as concerns over rising coronavirus cases dented
hopes of a swift economic recovery, driving investors towards the safe-haven
metal.
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         75.72/75.75  June 24          129.55 crores    454.98 crores
 10-yr bond yield  5.92%        Month-to-date    22,324 crores    (2,712) crores
                                Year-to-date     (18,021) crores  (1,08,126) 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 = 75.65 Indian rupees)
 


 (Compiled by Pranay Prakash in Bengaluru.)
  
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