REFILE-US STOCKS-Wall St gains as defense, tech stocks rise
May 22 U.S. stocks rose on Monday, boosted by technology shares and by defense companies, which rose after the United States and Saudi Arabia signed a multi-billion dollar arms deal.
To access the newsletter, click on the link: here FACTORS TO WATCH 10:00 am: Federal cabinet likely to meet in New Delhi. 1:00 pm: Junior Aviation Minister Jayant Sinha to deliver opening address at Greenovation exhibition in New Delhi. ASIA LIVECHAT - CENTRAL BANKS FOCUS: Arup Raha, Chief Economist, CIMB Arup Raha thinks there is still no case for a Fed rate hike, even though December is back in play after Jackson Hole. He expects the BOJ to stay on its easing path though it may not go as far as distributing helicopter money. We'll also get views from Raha on what to expect in the rest of Asia at 1030 IST. To join the conversation, click on the link: here INDIA TOP NEWS RBI's new regime cuts rates India's newly minted monetary policy committee delivered a surprise 25-basis-point cut in the repo rate on Tuesday to 6.25 percent, as Reserve Bank of India Governor Urjit Patel presided over his first policy review since his appointment last month. E-commerce firms slug it out as Indian festival season kicks off India's two largest e-commerce players are looking to use the country's biggest festive sales season this week to bolster their valuations as they seek fresh capital and look to fend off Amazon's growing inroads into the domestic market. RBI to be firm but pragmatic in tackling banks' non-performing loans India's central bank will be firm yet pragmatic in tackling the bad loans of commercial lenders, Reserve Bank of India Governor Urjit Patel said on Tuesday, adding that more work was needed to resolve the issue of stressed assets. India to develop its own palm oil sustainability framework-trade body India, the world's biggest importer of edible oils, will develop its own sustainability framework for palm oil production considering the domestic ecology, a leading trade body said on Tuesday. Hyundai Motor to recall 7,657 Eon cars in India A local unit of Korean automaker Hyundai Motor Co will recall 7,657 cars sold in India to inspect "clutch cable fouling with battery cable", the company said in a statement via email on Tuesday. India tries to hasten U.S. defence deals amid election uncertainty India is trying to hasten a deal with the United States to buy Predator drone aircraft for military surveillance, one of several defence and nuclear projects the two sides are pursuing in the final months of the Obama administration. GLOBAL TOP NEWS U.S. vice presidential contenders Kaine, Pence blast Trump, Clinton at debate Democrat Tim Kaine and Republican Mike Pence quickly launched attacks on presidential nominees Donald Trump and Hillary Clinton on Wednesday at a debate between the two vice presidential contenders. Japan's Sompo to buy Endurance Specialty for about $6.5 billion -sources Japanese insurer Sompo Holdings Inc could announce a deal to buy U.S. casualty insurer Endurance Specialty Holdings Ltd for about $6.5 billion on Wednesday, sources familiar with the matter said. Google takes on Apple, Amazon with new hardware push Alphabet Inc's Google on Tuesday announced a new "Pixel" smartphone and a suite of new consumer electronics products for the home, planting itself firmly in the hardware business and challenging Apple Inc's at the high end of the $400 billion global smartphone market. LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 8,794.00, little changed from its previous close. The Indian rupee will likely open lower against the dollar, tracking its Asian peers, as reports of the European Central Bank possibly planning to taper its quantitative easing program dampened risk appetite. Indian government bonds will likely consolidate after yesterday's rally triggered by a rate cut, as investors may defer purchases after yields fell to fresh seven-year lows. The yield on the benchmark 7.59 pct bond maturing in 2026 yield is likely to trade in a 6.82 pct-6.88 pct band today. GLOBAL MARKETS U.S. stocks dropped on Tuesday as investors fretted about Britain's exit from the European Union and the prospect of a Federal Reserve interest rate hike in coming months. Asian shares and gold retreated on Wednesday and bond yields were near two-week highs after markets were rattled by a report flagging the possible withdrawal of global stimulus measures. The dollar hovered near a two-month high against a basket of currencies, lifted by hawkish comments from a Federal Reserve official and a sharp rise in U.S. Treasury yields. U.S. Treasury prices dropped and yields jumped on Tuesday, to almost two-week highs after a report that the European Central Bank may taper asset purchases spooked investors. Oil prices rose after a report that U.S. fuel inventories may have fallen for a fifth straight week, but contracts remained near the $50 marker where many traders currently see fair value for crude. Gold edged higher early, after falling 3.3 percent in the prior session to its lowest in more than three months, as the dollar eased back and equities fell. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 66.57/66.60 October 4 $51.6 mln $88.78 mln 10-yr bond yield 6.88 pct Month-to-date - -$24.75 mln Year-to-date $7.53 bln $9.87 mln 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 = 66.46 Indian rupees) (Compiled by Sai Sharanya Khosla in Bengaluru)
* Indexes up: Dow 0.46 pct, S&P 0.48 pct, Nasdaq 0.69 pct (Updates to early afternoon)