June 29, 2020 / 3:19 AM / 6 days ago

Morning News Call - India, June 29

To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    10:00 am: NITI Aayog Vice Chairman Rajiv Kumar and PMEAC Chairman Bibek
Debroy at a webinar on “Statistics Day-2020.”

    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Mike Dolan, Reuters Editor at Large, Finance & Markets, looks at the week
ahead for markets.To join the conversation at 3:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Carlyle buys 20% stake in Piramal Pharma businesses
    U.S.-based Carlyle Group has agreed to buy a 20% stake in the pharmaceutical
unit of Indian conglomerate Piramal Enterprises for about $490 million, the
companies said in a statement on Saturday.
    • Dutch Tata Steel workers strike at IJmuiden plant
    Tata Steel factory workers went on strike for the second time in three days
on Sunday to protest planned job cuts in the Netherlands, delaying a shipment to
Britain, labour union FNV said.
    • India to end federal control of gas prices, lift LNG transport use
    India will gradually end federal controls on gas pricing as it seeks to
attract foreign investment and technology to lift local output, oil minister
Dharmendra Pradhan said on Friday.
    • Monsoon covers all India earlier than usual, brightens crop prospects
    India's annual monsoon, crucial for farm output and economic growth, has
rapidly advanced to cover the entire country, spurring crop sowing and
alleviating the economic damage caused by a nationwide lockdown to stem the
coronavirus.
    • Canadian visa program may lure tech workers blocked by Trump
    A fast-track visa program that Canada launched in 2017 has attracted a
growing number of tech workers, and U.S. President Donald Trump's latest
immigration crackdown is set to further boost intake once COVID-19 restrictions
ease, lawyers say.
    • "India's George Floyds": Father-son death in police custody sparks outrage
    Outrage at the death of a father-son duo in the custody of Indian police
earlier this week mounted on Saturday, with thousands on social media comparing
the incident to the death of George Floyd in the United States.
    
    
    GLOBAL TOP NEWS
    • Global coronavirus deaths top half a million
    The death toll from COVID-19 reached half a million people on Sunday,
according to a Reuters tally, a grim milestone for the global pandemic that
seems to be resurgent in some countries even as other regions are still
grappling with the first wave.
    • Trump retweets, then deletes, video of supporter shouting 'white power'
    U.S. President Donald Trump retweeted a video showing one of his supporters
in Florida shouting "white power" at protesters of his administration, drawing
rebukes from allies and adversaries as protests continue in the aftermath of
George Floyd's death.
    • Boeing 737 MAX certification flight tests to begin on Monday -sources
    Pilots and test crew members from the U.S. Federal Aviation Administration
and Boeing are slated to begin a three-day certification test campaign for the
737 MAX on Monday, people familiar with the matter told Reuters.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.5% lower at 10,286.
    • The rupee is expected to open little changed against the dollar amid
losses on regional equities on worries over the economic impact of rapidly
rising coronavirus infections in the U.S.
    • Indian government bond yields are likely to edge higher, as the central
bank has yet to announce likely steps to tackle concerns of rising debt supply. 
However, quarter-end related purchases by investors should cap a spike in
yields, traders said. The yield on the benchmark 5.79% bond maturing in 2030 is
likely to trade in a range of 5.89%-5.95%.
    
    
    GLOBAL MARKETS
    • Wall Street's major indexes tumbled more than 2% on Friday as several U.S.
states imposed business restrictions in response to a surge in coronavirus
cases. .N]
    • Asian share markets began the week with a cautious tone as the relentless
spread of the coronavirus finally made investors question their optimism on the
global economy, benefiting safe harbour bonds and the U.S. dollar.
    • A firm dollar kept riskier currencies under pressure as a surge in
coronavirus cases and the re-imposition of curbs to stop its spread had
investors worried that a global economic recovery could be derailed even before
it had taken root.
    • U.S. Treasury yields fell on Friday as continuing public health concerns
prevailed over a rebound in consumer spending and sent traders into risk-off
mode.
    • Oil prices slid for a second straight session as coronavirus cases rose in
the United States and other places, leading countries to resume partial
lockdowns that could hurt fuel demand.
    • Gold prices edged higher as a sustained rise in novel coronavirus cases
around the world intensified fears about a delay in global economic recovery and
prompted investors to seek the safe-haven metal.
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         75.58/75.61  June 26          (520.88) crores  (124.11) crores
 10-yr bond yield  5.91%        Month-to-date    22,893 crores    (2,724) crores
                                Year-to-date     (17,452) crores  (1,08,138) 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 = 75.61 Indian rupees) 


 (Compiled by Pranay Prakash in Bengaluru)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below