June 14, 2017 / 3:21 AM / 5 months ago

Morning News Call - India, June 14

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    FACTORS TO WATCH
    11:30 am: Piaggio to launch new small commercial vehicle in Mumbai.
    12:00 pm: Government to release May wholesale inflation data in New Delhi.
    2:00 pm: NASSCOM Chairman Ganesh Natarajan to speak at an event in Mumbai.
    7:30 pm: Oil Minister Dharmendra Pradhan at JV pact signing ceremony between
state-run oil marketing companies, to build refinery-cum-petrochemicals project
on West coast, in New Delhi.

    
    GMF: LIVECHAT - CHARTING FX
    Take a look at the FX charts with Reuters technical analyst Martin Miller at
3:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • India to direct banks to start bankruptcy proceedings against 12
defaulters 
    India's central bank said on Tuesday it has identified 12 of the largest
loan defaulters and will order lenders to start bankruptcy proceedings against
them to start unclogging the $150 billion in bad debt plaguing Asia's
third-largest economy.
    • Co-owner of Formula One team Force India could face further charges, UK
court told
    Vijay Mallya, the co-owner of Formula One team Force India, could face
further charges and a second request to extradite him from Britain to India, a
London court heard on Tuesday.
    • INTERVIEW-Pakistan eyes 2018 start for China-funded mega dam opposed by
India
    Pakistan expects China to fund a long-delayed Indus river mega dam project
in Gilgit-Baltistan, part of disputed Kashmir, with work beginning next year,
Planning Minister Ahsan Iqbal said in an interview.

    
    
    GLOBAL TOP NEWS
    • U.S. attorney general dodges Trump questions, angering Democrats
    U.S. Attorney General Jeff Sessions on Tuesday denounced as a "detestable
lie" the idea he colluded with Russian meddling in the 2016 presidential
election, and he clashed with Democratic lawmakers over his refusal to detail
his conversations with President Donald Trump.
    • High-level U.S. visit leads North Korea to free student in coma
    Otto Warmbier, an American university student held prisoner in North Korea
for 17 months and said by his family to be in a coma, has been medically
evacuated from the reclusive country after a rare visit there from a high-level
U.S. official.
    • U.S. weighs restricting Chinese investment in artificial intelligence
    The United States appears poised to heighten scrutiny of Chinese investment
in Silicon Valley to better shield sensitive technologies seen as vital to U.S.
national security, current and former U.S. officials tell Reuters.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty Futures were trading at 9,617.00, up 0.02 percent from
previous close.
    • The Indian rupee will likely open lower against the dollar, as investors
await clues on the Federal Reserve’s future policy trajectory after a
near-certain rate increase later today.
    • Indian government bonds will likely open steady and trade in a narrow
band, as investors may defer purchases ahead of an expected interest rate
increase by the U.S. Federal Reserve later today. The yield on the benchmark
6.79 percent bond maturing in 2027 is likely to trade in a 6.47 percent-6.52
percent band today

    
    
    GLOBAL MARKETS
    • Wall Street gained on Tuesday, with the S&P 500, Dow industrials and
Russell 2000 setting record closing highs, as technology stocks bounced back and
investors positioned for an expected Federal Reserve interest rate hike.
    • Asian shares turned mixed as investors everywhere awaited clarity on the
Federal Reserve's future path for U.S. policy after a likely rate rise later in
the day.
    • The dollar eased with investors looking past an expected U.S. rate hike
later in the day for clues on Federal Reserve policy for the rest of the
year.
    • Short-dated U.S. Treasury yields briefly hit multi-week highs on Tuesday
after new data showed rising U.S. services prices, but the market was barely
changed after a strong 30-year debt auction ahead of Wednesday's Federal Reserve
decision on interest rates.
    • Oil prices fell by one percent after data showed a build in U.S. crude
stocks and OPEC reported a rise in its production despite its pledge to cut
back.
    • Gold crept up as the market waited for the end of a two-day U.S. Federal
Reserve meeting, with the central bank expected to hike interest rates and give
indications on its monetary policy for the rest of the year.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         64.42/64.45  June 13          -$48.50 mln   $208.61 mln
 10-yr bond yield  6.83         Month-to-date    -$232.21 mln  $3.15 bln
                                Year-to-date     $7.75 bln     $16.59 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 = 64.33 Indian rupees)

 (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
  

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