July 13, 2020 / 3:21 AM / 25 days ago

Morning News Call - India, July 13

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    FACTORS TO WATCH
    12:30 pm: Yes Bank virtual press conference on follow-on public offering, in
Mumbai.
    5:30 pm: Government to release June consumer price inflation data, in New
Delhi.
    7:30 pm: NITI Aayog CEO Amitabh Kant at India Policy Forum 2020, in New
Delhi.
    
    
    LIVECHAT - REUTERS GLOBAL MARKETS FORUM
    Mike Dolan, Reuters EMEA Markets Editor, looks at the week ahead for
markets. To join the conversation at 3:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • Reliance's digital unit wins Qualcomm backing in boost to 5G plans
    Reliance Industries said on Sunday Qualcomm's investment arm will buy a
0.15% stake in its digital unit Jio Platforms for 7.3 billion rupees.

    • Indian economy's medium-term outlook remains uncertain - RBI Governor
    The medium-term outlook for the Indian economy remains uncertain with supply
chains and demand yet to be restored fully while the trajectory of the
coronavirus spread and the length of its impact remain unknown, Reserve Bank of
India Governor Shaktikanta Das said on Saturday.
    • Apple supplier Foxconn to invest $1 billion in India -sources
    Foxconn plans to invest up to $1 billion to expand a factory in southern
India where the Taiwanese contract manufacturer assembles Apple iPhones, two
sources said.
    • India asks court to stymie potential challenge to Chinese app ban
    India's government has petitioned a state court to stop any of the Chinese
companies whose 59 apps it recently banned from obtaining an injunction to block
the order, according to two sources and the legal filing.
    • India panel proposes new regulator for non-personal data -draft report
    India should set up a data regulator and require companies to disclose how
they collect and store data devoid of personal details or which has been
anonymised, a panel tasked to draw up such regulations has said in a draft
report seen by Reuters.
    • India in talks with EU for trade deal, open to pact with UK
    India has started trade talks with the European Union (EU) and is open to
dialogue with the United Kingdom for a free trade agreement, the trade minister
said on Saturday, as Asia's third largest economy looks for new markets for its
products.
    • Biocon secures approval to use drug on coronavirus patients
    Biocon has received regulatory approval for its drug Itolizumab to be used
on coronavirus infected patients suffering from moderate to severe respiratory
distress, the biopharmaceutical company said in a statement on Saturday.

    • India's ambitious plan to help small businesses does little to save them
    India re-opened for business in June after months of lockdown but for
thousands of small entrepreneurs in the town of Meerut, near Delhi, the blow has
been devastating.
 
    
    GLOBAL TOP NEWS
    • Florida sets one-day record with over 15,000 new COVID cases, more than
most countries
    Florida reported a record increase of more than 15,000 new cases of COVID-19
in 24 hours on Sunday, as the Trump administration renewed its push for schools
to reopen and anti-mask protests were planned in Michigan and Missouri.

    • Majority of U.S. firms in Hong Kong concerned about security law-Amcham
    A majority of U.S. companies in Hong Kong surveyed by the American Chamber
of Commerce (Amcham) are concerned about the sweeping new national security law
in the global financial hub, with a third looking to move assets or business
longer-term.
    • Coronavirus bringing record $1 trillion of new global corporate debt in
2020 - report
    Companies around the world will take on as much as $1 trillion of new debt
in 2020, as they try to shore up their finances against the coronavirus, a new
study of 900 top firms has estimated.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.5% higher at 10,829.50.
    • The Indian rupee is expected to trade higher against the dollar, tracking
a broad decline in the U.S. currency ahead of a slew of economic data releases.
    • Indian federal government bond yields are likely to edge lower as consumer
price inflation is expected to ease in June, further boosting bets of another
rate cut by the central bank. The yield on the benchmark 5.79% bond maturing in
2030 is likely to trade in a range of 5.72%-5.78%.
    
    
    GLOBAL MARKETS
    • U.S. stocks rose on Friday as a positive analysis on Gilead's antiviral
drug to treat COVID-19 helped to soothe investor worries over a record rise in
coronavirus cases in the United States, and as financial shares surged.
    • Asian shares crept toward five-month peaks as investors wagered the U.S.
earnings season would see most companies beat forecasts given expectations had
been lowered so far by coronavirus lockdowns.

    • The U.S. dollar started the week with a soft tone as investors looked to
looming economic data from around the world and U.S. corporate earnings to gauge
whether the markets' guarded optimism on the economic outlook is justified.

    • Longer-term U.S. Treasury yields rebounded on Friday, following Wall
Street higher as optimism about an antiviral drug to treat COVID-19 countered
worries about the economic fallout from a record rise in coronavirus cases in
the United States.
    • Oil slipped in early Asian trade as traders eyed an OPEC technical meeting
this week which is expected to recommend an easing in supply cuts that have been
propping up crude prices.
    • Gold prices edged higher, holding above the key $1,800-per-ounce level, as
worries over surging coronavirus cases around the world kept the safe-haven
metal underpinned.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         75.22/75.25  July 10          3,377.31 crores  (1,519.19) crores
 10-yr bond yield  5.76%        Month-to-date    (2,210) crores   (426) crores
                                Year-to-date     (20,723) crores  (1,07,385) 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 = 75.19 Indian rupees)



 (Compiled by pranay Prakash in bengaluru)
  
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