May 21, 2018 / 3:05 AM / a month ago

Morning News Call - India, May 21

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    FACTORS TO WATCH
    9:15 am: IndoStar Capital Finance lists on exchanges in Mumbai.
     
    LIVECHAT- INDONESIA FOCUS
    Richard Borsuk, news editor on Reuters Asia economics and markets desks,
joins us to share his perspective on what has gone well (and hasn't) for
Indonesia in the 20 years since Suharto fall after a threedecade long presidency
at 10:30 am. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Vedanta says Indian copper smelter shutdown causing deficit, price rise
    Vedanta Resources' shutdown of its South Indian copper smelter, one of
India's biggest, is causing a copper deficit and increased prices in India, its
subsidiary Vedanta Ltd said on Friday.
    • India and EU give WTO lists of US goods for potential tariff retaliation 
    India and the European Union have given the World Trade Organization lists
of the U.S. products that could incur high tariffs in retaliation for U.S.
President Donald Trump's global tariffs on steel and aluminium, WTO filings
showed on Friday.
    • Tata Steel's Dutch employees throw spanner in Thyssenkrupp JV works 
    Tata Steel's Dutch works council has called into question a timeframe for
completing a joint venture between the Indian group and Thyssenkrupp TKAG.DE by
end-June, saying it may need more time to assess the deal, its president said.

    • Ashok Leyland Q4 profit jumps 40 percent, beats estimates 
    Ashok Leyland posted a 40 percent jump in fourth-quarter net profit on
Friday, helped by stronger sales volume.
    • Debt-laden RCom in advanced talks with Ericsson to resolve issues 
    Reliance Communications said it was in advanced talks with Ericsson to
resolve "commercial issues", after two sources indicated it was currently
uncertain if the firms' discussions over dues would lead to an out-of-court
settlement.
    • Bajaj Auto Q4 profit jumps 35 percent, beats estimates 
    Bajaj Auto posted a near 35 percent jump in fourth-quarter profit on Friday,
beating estimates, aided by a rise in sales volume.
    • Tata Steel completes $5.2 billion purchase of bankrupt Bhushan Steel
    Tata Steel said on Friday it had completed the acquisition of a 72.7 percent
stake in Bhushan Steel, which was in bankruptcy court over unpaid loans.

    
    
    GLOBAL TOP NEWS
    • U.S., China putting trade war on hold, Treasury's Mnuchin says
    The U.S. trade war with China is "on hold" after the world's largest
economies agreed to drop their tariff threats while they work on a wider trade
agreement, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
    • Japan's exports accelerate in April as volumes rise, outlook positive 
    Japan's exports accelerated in April on increased shipments of cars and
machines used to make semiconductors, with rising volumes suggesting healthy
overseas demand could help the economy recover quickly from a dip in the first
quarter.
    • Trump to ask Justice Dept to look into campaign surveillance claims
    U.S. President Donald Trump demanded on Twitter on Sunday that the Justice
Department look into whether his 2016 presidential campaign was infiltrated or
surveilled by the agency or the FBI under the Obama administration.

        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading up 0.1 percent at 10,627.00.
    • Indian government bonds are likely to edge lower in early trade tracking
gains in U.S. Treasury yields and crude oil prices that will weigh on demand for
emerging market assets. The yield on the benchmark 7.17 percent bond maturing in
2028 is likely to trade in 7.84 percent-7.89 percent band today.
    • The Indian rupee will likely open lower against the U.S. currency after
progress in trade talks between Washington and Beijing over the weekend prompted
a broad rally in the dollar.
    
    
    GLOBAL MARKETS
    •  U.S. stock future opened higher on Sunday after Treasury Secretary Steven
Mnuchin said on Sunday that the United States and China agreed to drop their
tariff threats to work on a wider trade agreement.
    • Stocks rose as U.S. Treasury Secretary Steven Mnuchin declared the U.S.
trade war with China "on hold" following an agreement to drop their tariff
threats that had roiled global markets this year.
    • The dollar edged up against the yen, after U.S. Treasury Secretary Steven
Mnuchin said the U.S. trade war with China is "on hold", boosting risk sentiment
amid hopes for an easing of trade tensions between the world's two biggest
economies.
    • U.S. 10-Year treasury note futures prices were down slightly on Sunday
evening, after U.S. Treasury Secretary Steven Mnuchin said earlier that the U.S.
trade war with China was "on hold".
    • Oil prices rose as markets reacted to news that China and the United
States have put a looming trade war between the world's two biggest economies
"on hold".
    • Gold prices edged down as the dollar rose and demand for safe-haven assets
eased after U.S. Treasury Secretary Steven Mnuchin said the U.S. trade war with
China was "on hold".
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.02/68.05  May 18           -$24.42 mln   -$239.38 mln
 10-yr bond yield  8.02 pct     Month-to-date    -$582.81 mln  -$1.88 bln
                                Year-to-date     $599.24 mln   -$3.55 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 = 67.9850 Indian rupees)

 (Compiled by Erum Khaled in Bengaluru)
  
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