July 7, 2020 / 3:28 AM / a month ago

Morning News Call - India, July 7

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    FACTORS TO WATCH
    11:00 am: Junior Finance Minister Anurag Thakur and NITI Aayog CEO Amitabh
Kant at “FICCI FRAMES 2020” in New Delhi. 
    
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Nikita Singareddy, investor at early-stage VC firm RRE Ventures discusses
the pressures faced by healthcare systems due to the pandemic, the ways
healthcare is likely to change due to it and the impact tech investing can have
in responding this challenge. To join the conversation at 7:30 pm IST, click on
the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India reviewing around 50 investment proposals from Chinese firms -
sources
    The Indian government is reviewing around 50 investment proposals involving
Chinese companies under a new screening policy, three sources familiar with the
matter told Reuters.
    • Mylan prices its generic remdesivir in India at 4,800 rupees per 100 mg
vial
    Mylan said on Monday it would launch a generic version of Gilead's COVID-19
antiviral remdesivir in India at 4,800 rupees, about 80% below the price tag on
the drug for wealthy nations.
    • India tallies third-highest coronavirus cases but death rate low 
    India on Monday overtook Russia to record the world's third-highest number
of coronavirus infections at nearly 700,000, even as its hardest-hit state said
it will allow hotels to reopen this week.
    • China begins pulling back troops near site of India border clash, Indian
sources say
    China began pulling back troops from along its contested border with India
on Monday, Indian government sources said, following a clash between the two
countries last month in which 20 Indian soldiers were killed.
    • Probe into deadly south Indian gas leak finds LG Polymers negligent
    An investigation into a gas leak that killed 12 people at a plant run by LG
Polymers in southern India in May found the company was negligent and warning
systems were not working, the local state government said on Monday.

    • Vistara in talks with planemakers, lessors to delay taking delivery of
some aircraft
    Indian airline Vistara is in talks with planemakers and leasing companies to
delay taking delivery of some aircraft, the carrier's chief strategy officer
said on Monday, as COVID-19 hits demand for air travel.
    • Coal India workers strike cuts output by 56% - official
    A strike at Coal India cut production by 56% in the three days ending July 4
as workers oppose opening up coal mining to the private sector, a senior company
official told Reuters.
    • Lockdown cuts India's April tea output by 54% y/y-Board
    India's April tea output fell 54% from a year earlier to 39.02 million
kilograms (kg) as restrictions to curb the spread of the novel coronavirus
reduced plucking in the top producing north-eastern state of Assam, the
state-run Tea Board said on Monday.
        
    
    GLOBAL TOP NEWS
    • U.S. pandemic aid program saved 51.1 mln jobs, but wealthy and connected
also benefited
    A high-profile pandemic aid program protected about 51.1 million American
jobs, the Trump administration said on Monday, as it revealed how $521.4 billion
in taxpayer cash was injected into small businesses but also into the pockets of
the rich and famous.
    • U.S. trade groups urge China to increase purchases of U.S. goods, services
    The U.S. Chamber of Commerce and over 40 trade associations on Monday urged
top American and Chinese officials to redouble efforts to implement a Phase 1
trade agreement signed by the world's two largest economies in January despite
pandemic-related strains.
    • Japan's household spending slumps by record as curbs hit travel, dining
out
    Japan's household spending fell at the fastest pace on record in May as
consumers heeded authorities' calls to stay home to contain the coronavirus
pandemic, pushing the world's third-largest economy deeper into decline.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.3% lower at 10,729.00.
    • The Indian rupee is expected to open higher against the U.S. currency,
tracking a Chinese yuan-led decline on the dollar.
    • Indian federal government bond yields are likely to trade largely
unchanged in early session ahead of a fresh supply of state debt. The yield on
the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of
5.81%-5.86% today.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose sharply on Monday as a rebound in U.S. services industry
activity in June and expectations of a revival in China's economy boosted
optimism, helping investors look past a surge in new coronavirus cases in the
United States.
    • Asian shares hit a speed bump following a surge in the previous session.

    • The dollar nursed losses and riskier currencies added a fraction to
galloping gains, after better-than-expected U.S. services data provided the
latest boost to confidence in a worldwide economic recovery from the COVID-19
pandemic.
    • U.S. Treasury yields edged higher on Monday as investors focused on an
eventual economic rebound from the coronavirus, and as traders priced in
auctions this week that will increase the supply of the low-risk debt.
    • Oil prices cautiously rose in early trade with major producers sticking to
supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially
hampering a recovery in fuel demand.
    • Gold prices edged higher, hovering near an eight-year high, as concerns
over surging coronavirus cases around the world kept bullion's safety demand
elevated.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.69/74.72  July 6           620.73 crores    (128.80) crores
 10-yr bond yield  5.84 pct     Month-to-date    (3,338) crores   88 crores
                                Year-to-date     (21,851) crores  (1,06,871) 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 = 74.63 Indian rupees)



 (Compiled by Pranay Prakash in Bengaluru)
  
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