July 29, 2016 / 3:41 AM / a year ago

Morning News Call - India, July 29

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    FACTORS TO WATCH
    11:00 am: Monsoon session of parliament continues in New Delhi.
    3:00 pm: RBI Deputy Governor R. Gandhi at cyber and network security summit
in New Delhi.
    5:00 pm: ICICI Bank Chief Executive Chanda Kochhar at conference call after
first quarter earnings in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - THE WEEKAHEAD - with Reuters markets editor Mike Dolan
    Join Mike as he goes through the key macroeconomic and political themes for
the coming week.To join us on the Global Market Forum at 1530 IST,click on the
link: here
    
    
    INDIA TOP NEWS
     Fosun to buy KKR-backed Indian drugmaker for up to $1.3 billion
    Shanghai Fosun Pharmaceutical Group Co Ltd has agreed to buy an 86 percent
stake in Gland Pharma - backed by KKR & Co LP - for up to $1.3 billion, the
largest acquisition of an Indian company from abroad this year. 
     Tata to deposit $1.2 billion DoCoMo arbitration award with Delhi court 
    India's Tata Sons Ltd said it expected to deposit $1.2 billion with the
Delhi High Court on Friday, the money it was ordered to pay Japan's NTT DoCoMo
Inc by an international arbitration court last month. 
     Drop in the ocean: India's strategic oil reserves unlikely to stir market
    India's initial plan to build-up its strategic petroleum reserves (SPR) is
not shaping out to be the dramatic event that some in the market had hoped could
help reignite global oil demand. 
     With eye on China, India doubles down on container hub ports
    An Indian conglomerate has started building the country's first
transshipment port, conceived 25 years ago, and the government will construct
another $4-billion facility nearby to create a shipping hub rivalling Chinese
facilities in the region. 
     COLUMN-Live and don't learn should be Asia rubber producers' motto:
Russell
    There is a definite sense of deja vu in Asia's natural rubber markets, with
the latest attempt of the major producers to boost prices seemingly fizzling
after a spark of success. 
    
    GLOBAL TOP NEWS
     In speech of her life, Clinton to say U.S. at moment of reckoning
    U.S. presidential candidate Hillary Clinton will tell the Democratic
National Convention on Thursday that Americans face challenges at home and
abroad that require steady leadership in the White House. 
     EXCLUSIVE-Under govt pressure, BOJ mulling specific steps for easing
-sources
    The Bank of Japan, under pressure from the government, is considering
specific steps for expanding monetary stimulus on Friday to address signs of
weakness in inflation, people familiar with the central bank's thinking
said. 
     Alphabet posts strong revenue on video market, stock surges
    Alphabet Inc, Google's parent,revealed that efforts to push its vast
advertising business toward mobile is paying off as second quarter earnings
handily beat Wall Street's expectations. 
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
     The SGX Nifty Futures was trading at 8,690.50, down 0.02 pct from its
previous close
     The Indian rupee will likely open little changed to slightly higher
against the U.S. dollar, as markets wait to see if the Bank of Japan's policy
annoucement will meet expectations.
     Indian sovereign bonds will likely consolidate gains after a sharp rally
yesterday, as investors await a fresh supply of government papers later
today.The yield on the benchmark 7.59 pct bond maturing in 2026 is likely to
trade in a 7.16 pct - 7.22 pct band ahead of the auction results today.
    

    GLOBAL MARKETS
     Wall Street edged higher on Thursday as investors looked beyond
disappointing earnings from Ford and bought shares in Apple, while Alphabet
surged after the bell following its quarterly report. 
     Asian shares held near one-year highs while the yen hit a two-week high in
nervous trade as investors waited to see if the Bank of Japan will come up with
stimulus that would meet markets' expectations. 
     The yen firmed in jumpy market conditions, spiking to a 2 1/2-week high
against the dollar as investors braced for the possibility that the Bank of
Japan's expected easing steps will disappoint market participants hoping for
more radical measures. 
     U.S. Treasury prices were little changed on Thursday, with longer-dated
yields dropping to two-week lows, as the possibility of more stimulus from the
Bank of Japanoffset softer-than-expected readings on traded goods and jobless
claims. 
     Oil prices settled down nearly 2 percent, hitting April lows and with U.S.
crude headed for its biggest monthly loss in a year, on growing worries that the
world was pumping more crude than needed. 
     Gold turned lower after hitting a two-week peak as the dollar pared losses
and U.S. stocks climbed from their lows ahead of a possible Bank of Japan
announcement to expand monetary stimulus on Friday. 
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         67.00/67.03  July 28          $263.5 mln  -$31.47 mln
 10-yr bond yield  7.24 pct     Month-to-date    $1.36  bln  $1.11 bln
                                Year-to-date     $4.31 bln   -$1.03 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 = 67.04 Indian rupees)

 (Compiled by Shradha Singh in Bengaluru)
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