June 27, 2017 / 3:21 AM / 2 months ago

Morning News Call - India, June 27

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    FACTORS TO WATCH
    11:00 am: Asian Paints and Dena Bank annual shareholders meeting in Mumbai.
    11:30 am: Transport minister Nitin Gadkari at an event in New Delhi.
    3:00 pm: State Bank of India annual shareholders meeting in Mumbai. 
    
    LIVECHAT - GCC MARKETS
    We speak to Reuters correspondent Celine Aswad about the impact of the GCC
diplomatic row on Middle Eastern markets at 2:30 pm IST. To join the
conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • Trump urges India's Modi to fix deficit, but stresses strong ties
    U.S. President Donald Trump urged Indian Prime Minister Narendra Modi to do
more to relax Indian trade barriers on Monday during talks in which both leaders
took great pains to stress the importance of a strong U.S.-Indian relationship.

    • Apple CEO touts India impact in push for deeper market access
    Apple CEO Tim Cook on Sunday highlighted the economic impact the company is
having on India in a meeting with its prime minister as the iPhone maker seeks
deeper access to the world's third-largest smartphone market behind the United
States and China.
    • Infosys says internal investigation found no evidence of wrongdoing
    An internal investigation by India's Infosys into alleged improprieties
related to two acquisitions by the IT services company found no evidence of
wrongdoing, it said on Friday.
    • RBS to cut 443 jobs in UK, move many of them to India
    British lender Royal Bank of Scotland is planning to cut 443 jobs dealing
with business loans and many of them will move to India, the bank said.

    • Tata Steel sells stake in Tata Motors to Tata Sons for $586.3 million
    Tata Steel Ltd said on Friday it sold its stake in Tata Motors Ltd to Tata
Sons, the holding company of India's salt-to-software Tata conglomerate, for
37.83 billion rupees ($586.3 million).
    • India clears plan for $3.10 billion second airport for Delhi
    India will build a second international airport near its capital city in the
next four to five years, costing an estimated 200 billion rupees ($3.10
billion), the government announced on Saturday, to meet explosive growth in
passenger traffic.
    • Germany lobbies for Indian railway projects
    Berlin is lobbying for German firms to win business revamping India's
creaking railway network, one of several countries attracted by the scale of
India's transport needs and which are campaigning to export their technology.

    • Maharashtra state to waive $5.27 billion in farm debts
    India's Maharashtra state, home to the country's financial capital Mumbai,
will waive $5.27 billion of farm loans, the latest state to offer relief to
farmers reeling from losses caused by bad weather.
           
    GLOBAL TOP NEWS
    • U.S. Supreme Court breathes new life into Trump's travel ban
    The U.S. Supreme Court on Monday handed a victory to President Donald Trump
by reviving parts of a travel ban on people from six Muslim-majority countries
that he said is needed for national security but that opponents decry as
discriminatory.
    • U.S. Republican healthcare bill imperiled with 22 million seen losing
insurance
    Twenty-two million Americans would lose insurance over the next decade under
the U.S. Senate Republican healthcare bill, a nonpartisan congressional office
said on Monday, complicating the path forward for the already-fraught
legislation.
    • Brazil's President Michel Temer charged with taking bribes
    Brazil's top federal prosecutor charged President Michel Temer with taking
multimillion-dollar bribes on Monday in a stinging blow to the unpopular leader
and to political stability in Latin America's largest country.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,617.00, little changed from its
previous close.
    • The Indian rupee is poised to edge higher against the dollar, as
weaker-than-expected U.S. durable goods order data signalled a slowdown in the
world’s largest economy, weighing on the demand for the greenback.
    • Indian sovereign bonds are expected to trade largely unchanged ahead of an
auction of state government debt today. The yield on the benchmark 6.79 percent
bond maturing in 2027 is likely to trade in a 6.43 percent-6.49 percent band
today.
    
    
    GLOBAL MARKETS
    • The S&P 500 and the Dow closed up slightly Monday but a fall in technology
stocks nudged the Nasdaq lower as investors turned to more defensive sectors.

    • Japanese stocks closed in on two-year highs thanks to a weaker yen while
the euro sagged against its peers after European Central Bank President Mario
Draghi talked up benefits of the ECB's easy monetary policy.

    • The dollar stood tall, pushing to a one-month high against the yen as
investors waited to see if Federal Reserve Chair Janet Yellen would stick to her
positive economic outlook at an event later in the global session.
    • Long-dated U.S. Treasury bond yields dropped to seven-month lows on Monday
and the yield curve between five-year notes and 30-year bonds fell to its
flattest level since 2007 after weak U.S. economic data raised concerns about
tepid growth and falling inflation.
    • Crude oil futures were largely unchanged as the market took a breather
following three days of gains with a supply glut keeping a lid on prices.
    • Gold edged down on a firmer dollar ahead of a speech by Federal Reserve
Chair Janet Yellen, which may give clues on the pace of possible interest rate
hikes by the U.S. central bank.
        
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         64.47/64.50  June 23          $41.91 mln   $129.11 mln
 10-yr bond yield  6.81         Month-to-date    $333.37 mln  $3.97 bln
                                Year-to-date     $8.31 bln    $17.41 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 = 64.52 Indian rupees)

 (Compiled by Benny Thomas in Bengaluru)
  

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