June 28, 2017 / 3:14 AM / 2 months ago

Morning News Call - India, June 28

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    FACTORS TO WATCH
    10:15 am: IT Minister Ravi Shankar Prasad at an event in New Delhi.
    11:00 am: Junior Finance Minister Arjun Ram Meghwal at an event in New
Delhi.
    11:00 am: Earth Sciences Minister Harsh Vardhan, Oil Minister Dharmendra
Pradhan at an event in New Delhi.
    3:30 pm: Finance Minister Arun Jaitley, Oil Minister Dharmendra Pradhan at
an event in New Delhi.
    
    LIVECHAT - MONETARY POLICY
    We speak to Market Mogul analyst Colin Lloyd about the convergence of
monetary policy in developed markets and the outlook for trade in the era of
protectionism at 2:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • U.S. vice president says Trump-Modi meetings 'historic and productive'
    U.S. Vice President Mike Pence on Tuesday hailed a first meeting between
President Donald Trump and Indian Prime Minister Narendra Modi as "historic and
productive," and said Trump recognizes U.S. ties with India as "one of the most
important strategic relationships in the 21st century."
    • Indian cyber security agency says no reports of ransomware attack on
country
    India's cyber security agency has yet to receive any reports of a latest
ransomware attack hitting computers there, its boss told Reuters on Tuesday,
after a Swiss government agency identified India as one of the main victims.

    • India's policy panel proposes break up of Coal India into 7 firms
    India should split the seven units of state-controlled Coal India Ltd into
independent companies to make it more competitive, the government's policy
think-tank said on Tuesday in a draft of a new energy policy.
    • Reliance Industries to seek shareholder approval to raise $3.9 billion via
debentures 
    India's Reliance Industries will seek shareholder approval to raise $3.88
billion via sale of secured or unsecured redeemable non-convertible debentures
in a private placement, it said in a release.
    • TMX picks TCS platform for clearing and settlement businesses
    TMX Group Ltd, Canada's biggest stock exchange operator, said on Tuesday it
had chosen India's Tata Consultancy Services to implement a single integrated
platform for Canada's clearing and settlement businesses.
    
    
    GLOBAL TOP NEWS
    • Cyber attack sweeps globe, researchers see 'WannaCry' link
    A major global cyber attack on Tuesday disrupted computers at Russia's
biggest oil company, Ukrainian banks and multinational firms with a virus
similar to the ransomware that last month infected more than 300,000 computers.

    • China's CNPC suspends fuel sales to North Korea as risks mount-sources
    China National Petroleum Corp has suspended sales of fuel to North Korea
over concerns the state-owned oil company won't get paid, as pressure mounts on
Pyongyang to rein in its nuclear and missile programmes, three sources told
Reuters.
    • Japan plots delay to balancing budget without spooking markets, G20
partners
    Japanese premier Shinzo Abe is looking to quietly ditch a pledge to balance
the budget by fiscal 2020 in favour of a looser debt-to-GDP ratio target, a move
that gives him a free hand to delay again an unpopular sales tax hike,
government sources say.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,497.00, down 0.2 percent from its
previous close.
    • The Indian rupee will likely open little changed against the dollar, in
line with most other Asian currencies, as a delay to a U.S. Senate vote on a
healthcare reform bill hurt regional shares, offsetting a broad weakness in the
greenback.
    • Indian government bond prices are expected to fall in early trade amid a
rise in yields of U.S. Treasury notes and European bonds after European Central
Bank President Mario Draghi fueled expectations that the authority may announce
a reduction in monetary stimulus. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.44 percent-6.49 percent band today.
    
    
    GLOBAL MARKETS
    • The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday with
stocks falling more sharply after a healthcare bill was delayed in the U.S.
Senate, raising fresh questions about President Trump's domestic agenda.
    • Asian shares slumped after Wall Street was knocked hard in the wake of a
delay to a U.S. healthcare reform vote, while the euro rallied after European
Central Bank President Mario Draghi hinted that the ECB could trim its stimulus
this year.
    • The euro stood tall near a 10-month high after the European Central Bank
chief hinted the days of the ECB's aggressive stimulus are numbered, and as the
dollar was pressured after a vote on U.S. healthcare legislation was delayed.

    • U.S. Treasury yields rose on Tuesday in sympathy with European government
debt weakness after European Central Bank President Mario Draghi fueled
expectations that the ECB is closer to announcing a reduction of stimulus.
    • Oil prices fell after a report of rising U.S. fuel inventories underscored
concerns that a three-year old crude glut is far from over.
    • Gold prices firmed on lower equities and a weaker U.S. dollar after
European Central Bank President Mario Draghi hinted the ECB could trim its
stimulus this year.
   
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.48/64.51  June 27          $45.29 mln   $119.17 mln
 10-yr bond yield  6.82         Month-to-date    $409.02 mln  $4.09 bln
                                Year-to-date     $8.39 bln    $17.53 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 = 64.54 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

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