June 21, 2017 / 3:31 AM / a month ago

Morning News Call - India, June 21

7 Min Read

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    FACTORS TO WATCH
    2:30 pm: Commerce Secretary Rita Teaotia at an event in Kolkata.
    
    GMF: LIVECHAT - CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
3:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Modi to discuss visa issue with Trump next week - official
    Indian Prime Minister Narendra Modi will take up the issue of visas for
skilled workers when he meets U.S. President Donald Trump next week in
Washington, a senior Indian government official said on Tuesday.
    • No excuse for firms not to be ready for India's GST - Jaitley
    Indian small business has been given enough time to prepare for the July 1
rollout of a new national Goods and Services Tax (GST), Finance Minister Arun
Jaitley said on Tuesday, ruling out any further slippage in the timeline.

    • India's Punjab state to forgive over $1.5 billion in farm debts
    India's northern Punjab state will waive more than $1.5 billion in loans to
farmers, becoming the third state to do so in response to growing rural distress
caused by food oversupply and weak prices.
    • Hike rolls out India's first payment wallet within messaging platform
    Indian instant messaging platform Hike rolled out an in-app electronic
payments wallet on Tuesday in a bid to cash in on rising digital transactions,
replicating similar services offered by its backer Tencent Holdings in China.

    • Bombardier agrees to sell up to 50 Q400s to India's SpiceJet
    Canadian airplane maker Bombardier Inc said on Tuesday it agreed to sell up
to 50 Q400 turboprop aircraft to Indian budget carrier SpiceJet Ltd.

    • India's Eris Lifesciences up to $270 million IPO oversubscribed
    Indian drug maker Eris Lifesciences Ltd's initial public offering of shares
to raise up to $270 million was subscribed more than three times on the last day
of the sale on Tuesday, stock exchange data showed.
    • India asks Qatar to invest in power plants as condition for LNG deals
    India on Tuesday said it would sign future long-term liquefied natural gas
(LNG) purchase deals with Qatar if only Doha agrees to acquire stakes in the
South Asian nation's power plants, oil minister Dharmendra Pradhan said.

    
    
    GLOBAL TOP NEWS
    • China 'A' shares get MSCI nod, Argentina snubbed
    U.S. index provider MSCI said on Tuesday it would add mainland Chinese
stocks to one of its key benchmarks, but shocked many emerging market investors
by failing to upgrade Argentina from the frontier market category where it has
languished in recent years.
    • Asia firms' confidence at 3 year-high on brighter global outlook -Thomson
Reuters/INSEAD
    Business confidence in Asia rose to a three-year-high in the second quarter
of the year, propelled by a slew of favourable economic data across the region
and easing concerns over the health of China's economy, a Thomson Reuters/INSEAD
survey showed.
    • Belgium probes station bomber fatally shot by soldiers
    Belgian counter-terrorism police are probing the identity of a suspected
suicide bomber shot dead by troops guarding a Brussels railway station after he
set off explosives that failed to injure anyone.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,646.50, down 0.3 percent from its
previous close.
    • The Indian rupee is poised to open lower against the dollar, as an
overnight slump in crude oil prices hurt investor appetite for risk assets.
    • Indian government bonds will likely trade largely steady today before the
Monetary Policy Committee releases the minutes of its June meeting, where it
kept rates and policy stance unchanged, but lowered inflation projections,
fuelling bets of a rate cut in coming months. The yield on the benchmark 6.79
percent bond maturing in 2027 is likely to trade in a 6.43 percent-6.47 percent
band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks closed lower on Tuesday as a sharp drop in oil prices hurt
energy stocks and retail stocks were pulled down by concerns about Amazon.com's
plan to boost its apparel business, while investors also worried about future
Federal Reserve rate hikes.
    • Japan's Nikkei share average edged down after a slightly stronger yen
sapped risk appetite, while mining stocks underperformed on the back of weaker
oil prices.
    • The dollar edged back from one-month highs against a basket of currencies
as a tumble in crude oil prices pushed down U.S. yields, while the pound wobbled
near a two-month low after Bank of England Governor Mark Carney shot down hopes
of a British interest rate hike.
    • The U.S. Treasury yield curve flattened to its lowest levels since
December 2007 as more hawkish Federal Reserve officials led intermediate-dated
notes to underperform long-term bonds, which are being supported by falling
inflation.
    • Oil prices held around multi-month lows in early Asian trading as
investors discounted evidence of strong compliance by OPEC and non-OPEC oil
producers with a deal to cut global output.
    • Gold inched up after hitting its lowest in five weeks in the previous
session, buoyed as equities fell.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.43/64.46  June 20          -$48.5 mln   $76.90 mln
 10-yr bond yield  6.82         Month-to-date    $313.93 mln  $3.73 bln
                                Year-to-date     $8.29 bln    $17.17 bln
 
    
    
    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 = 64.5350 Indian rupees)    

 (Compiled by Nayyar Rasheed)
  

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