To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 1:30 pm: Fitch Ratings’ webinar on “Outlook for Asia-Pacific Sovereigns: Recovery amid lingering rating pressures” in Mumbai. LIVECHAT - REUTERS GLOBAL MARKETS FORUM Mike Dolan, Reuters Editor at Large, Finance & Markets, 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 • India gives Hetero Labs and Cipla approval to make Gilead's COVID-19 drug India's drug regulator has given Hetero Labs and Cipla the green light to manufacture and market their generic version of Gilead Sciences Inc's experimental COVID-19 treatment remdesivir, the Indian pharmaceutical companies said on Sunday. • India gives Hetero Labs and Cipla approval to make Gilead's COVID-19 drug India's drug regulator has given Hetero Labs and Cipla the green light to manufacture and market their generic version of Gilead Sciences Inc's experimental COVID-19 treatment remdesivir, the Indian pharmaceutical companies said on Sunday. • Reliance is "net-debt free", on road to IPO for digital, retail units India's Reliance Industries said on Friday it has become net-debt free after raising 1.69 trillion rupees via stake sales in its digital unit and a share sale over the past two months. • Glenmark gets India approval for favipiravir as COVID-19 treatment Glenmark Pharmaceuticals has received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country, it said on Friday. • Amazon signals entry into alcohol delivery in India with nod in key state -document Amazon.com has secured clearance to deliver alcohol in India's eastern state of West Bengal, according to a document seen by Reuters, signalling the U.S. e-commerce giant's first foray into the country's multi-billion-dollar sector. • S.Korea's SsangYong Motor looking for possible buyer as Mahindra may exit South Korean sports-utility vehicle maker SsangYong Motor is looking for a potential buyer after India's Mahindra and Mahindra said it could give up its majority stake in the struggling company. • India's pursuit of global investors hits turbulence India's ambition to attract more foreign money into its financial markets is being buffeted again, having only just started to make progress after years of talk but very little action. GLOBAL TOP NEWS • China leaves benchmark lending rate unchanged for second straight month China left its benchmark lending rate unchanged for the second straight month at its June fixing, matching market expectations, after the central bank kept borrowing costs on medium-term loans steady last week. • Britain labels stabbing 'atrocity' in town park as terrorism A stabbing rampage in the southern English town of Reading in which three people were killed and three taken to hospital was an act of terrorism, police said on Sunday, calling the attack in a sunny park an atrocity. • Trump slams protests, defends pandemic response as Tulsa crowd underwhelms President Donald Trump, addressing a less-than-full arena for his first political rally in months, blasted anti-racism protests and defended his handling of the coronavirus on Saturday in a bid to reinvigorate his re-election campaign. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures 0.5% lower at 10,194.50. • The rupee is expected to trade lower against the dollar, tracking losses in most regional currencies amid worries that new outbreaks of coronavirus will impede the economic rebound. • Indian government bonds yields are likely to trade largely unchanged in early session, as market participants still await steps from the central bank to absorb the heavy debt supply. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 5.82%-5.88% today. GLOBAL MARKETS • The S&P 500 ended lower on Friday after an up-and-down session as investors weighed spiking cases of COVID-19 and Apple Inc's announcement of fresh store closures against anticipated stimulus and continued economic recovery. • U.S. stock futures erased losses and Asian stocks held flat, trying to shake off worries that rising coronavirus cases in the United States could scupper a quick economic rebound from the massive downturn triggered by the pandemic. • The U.S. dollar touched a three-week high and commodity currencies were stalled, as renewed worries about a second wave of coronavirus infections sent investors into safer assets. • U.S. Treasury yields gave up earlier gains on Friday as the spread of the novel coronavirus in some U.S. states cast doubts on whether the economy will bounce back as quickly as hoped. • Oil prices nudged higher on tighter supplies from major producers, but concerns that a record rise in global coronavirus cases could curb a recovery in fuel demand checked gains. • Gold jumped to its highest in more than a month as investors sought the safe-haven metal after surging coronavirus cases intensified concerns over a delay in global economic recovery. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 76.16/76.19 June 19 556.61 crores (682.88) crores 10-yr bond yield 5.85% Month-to-date 20,527 crores (3,826) crores Year-to-date (19,818) crores (1,09,240) 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 (76.25 Indian rupees) (Compiled by Pranay Prakash in Bengaluru)
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