July 12, 2017 / 3:30 AM / 3 months ago

Morning News Call - India, July 12

To access the newsletter, click on the link:
 
 here
    
    
If you would like to receive this newsletter via email, please register at: here
    
    
    FACTORS TO WATCH
    10:00 am: Telecom Minister Manoj Sinha at an event in New Delhi.
    11:00 am: Zee Entertainment annual shareholders meeting in Mumbai.
    3:00 pm: Junior Finance Minister Arjun Ram Meghwal at an event in Gurugram.
    3:50 pm: Railways Minister Suresh Prabhu and Telecom Minister Manoj Sinha at
an event in New Delhi.
    5:30 pm: Government to release June consumer price inflation data in New
Delhi.
    5:30 pm: Government to release May output production data in New Delhi.
    
    LIVECHAT- MSCI INDEX
    We take a look at the MSCI Emerging Markets Index with Wim-Hein Pals, Head
of Emerging Markets, MHPC. To join the conversation at 2:30 pm IST, click on the
link: here    
  
    
    INDIA TOP NEWS
    • EXCLUSIVE-Police detain man in probe of alleged data leak at Jio
    Police in the western Indian state of Rajasthan on Tuesday detained a man
suspected of involvement in what may be a major leak of user data from India's
newest telecoms company Jio, a police official said.
    • Top court suspends ban on trade in cattle for slaughter
    India's Supreme Court suspended on Tuesday a government ban on the trade of
cattle for slaughter, a boost for the multi-billion dollar beef and leather
industries mostly run by members of the Muslim minority.
    • As GST kicks in, concerns about core inflation rise 
    Indians have started paying more for items ranging from movie tickets to
cholesterol tests, thanks to the new goods and services tax, and that raises the
prospect the central bank will grow more cautious about cutting interest rates
deeply.
    • India's June gold imports spike as buyers tried to beat higher sales tax
    India's gold imports in June more than tripled from a year ago as retail
demand jumped ahead of the start of a new sales tax that prompted jewellers and
bullion dealers to replenish stocks, provisional data from consultancy GFMS
showed.
    • NSE operates normally, but questions linger over systems glitch
    India's National Stock Exchange operated normally on Tuesday, a day after a
technical glitch caused a five-hour disruption in trading, but rattled traders
demanded that the country's biggest exchange quickly take measures to prevent a
recurrence.
    • Amazon wins India's approval to invest in domestic food retail
    Online retail giant Amazon.com Inc has secured approval to stock and sell
food and groceries in India, potentially expanding its business in the
fast-growing economy where it is in a pitched battle with home-grown rival
Flipkart.
    • Tata Steel sells UK pipe mills to Liberty House
    India's Tata Steel said on Tuesday it had agreed to sell its pipe mills in
the north of England to UK-based metals and industrial group Liberty House for
an undisclosed sum.
    • POLL-India inflation to cool in June to record-low, could prompt rate cut
India's consumer inflation is expected to have slowed to a record-low in June,
pressured by a sharp drop in food and oil prices, a Reuters poll showed, a
result that could intensify calls for an interest rate cut.
    
    
    GLOBAL TOP NEWS
    • Trump Jr. emails suggest he welcomed Russian help against Clinton
    President Donald Trump's eldest son eagerly agreed last year to meet a woman
he was told was a Russian government lawyer who might have damaging information
about Democratic White House rival Hillary Clinton as part of Moscow's official
support for his father, according to emails released on Tuesday.   
    • U.S. THAAD missile defenses hit test target as North Korea tension rises 
    The United States said on Tuesday it shot down a simulated, incoming
intermediate-range ballistic missile (IRBM) similar to the ones being developed
by countries like North Korea, in a new test of the nation's THAAD missile
defenses.
    • Syrian Observatory says it has "confirmed information" that Islamic State
chief is dead
    The Syrian Observatory for Human Rights told Reuters on Tuesday it had
"confirmed information" that Islamic State leader Abu Bakr al-Baghdadi had been
killed.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures was at 9,803.00, up 0.10 pct from previous close.
    • The Indian rupee is expected to open little changed against the dollar in
early trade amid tentative global trade, as markets await Federal Reserve Chair
Janet Yellen’s testimony later tonight for clues on the U.S. central bank’s
monetary policy tightening plans. 
    • Indian government bonds are likely to trade higher as investors bet
today's data will show that retail inflation cooled further, bolstering the case
for an interest rate cut in near future. The yield on the benchmark 6.79 pct
bond maturing in 2027 is likely to trade in a 6.45 pct-6.50 pct band today.
    
    
    GLOBAL MARKETS
    • U.S. stocks ended little changed on Tuesday in a session marked by
knee-jerk reactions to events in Washington that drove investors to first worry
then hope about prospects for the Trump administration's economic agenda.
    • Asian shares steadied after Wall Street managed to weather a fresh twist
in the political controversy surrounding U.S. President Donald Trump's
administration, while investors looked ahead to Federal Reserve Chair Janet
Yellen's comments later in the day.
    • The dollar wobbled as investors, already wary ahead Federal Reserve Chair
Janet Yellen's testimony, digested emails released by President Donald Trump's
eldest son suggesting he welcomed Russia's help in last year's election
campaign.
    • U.S. Treasury yields slipped in choppy trading on Tuesday after Federal
Reserve officials, on the eve of Fed Chair Janet Yellen's congressional
testimony on monetary policy, expressed doubts about further interest rate hikes
due to low inflation.
    • Oil prices extended gains from the previous day as the U.S. government cut
its crude production outlook for next year and as fuel inventories plunged.

    • Gold prices edged further away from a 4-month low, as investors awaited
testimony from U.S. Federal Reserve Chair Janet Yellen and central bank
officials expressed caution about further interest rate hikes.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.52/64.55  July 11          $28.2 mln     $1.13 bln
 10-yr bond yield  6.87 pct     Month-to-date    -$244.01 mln  $1.11 bln
                                Year-to-date     $8.35 bln     $19.11 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 = 64.59 Indian rupees)

 (Compiled by Nivedita Balu 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