July 5, 2018 / 3:39 AM / a month ago

Morning News Call - India, July 5

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    FACTORS TO WATCH
    8:30 am: Madhya Pradesh Chief Minister Shivraj Singh Chouhan, NSE CEO Vikram
Limaye at listing ceremony of debt securities of Indore Municipal Corporation in
Mumbai.
    9:30 am: Commerce Secretary Rita Teaotia to release OECD-ICRIER report on
“Agricultural Policies in India” at an event in New Delhi.
    11:00 am: Reliance Industries annual general meeting in Mumbai.
    
    
    GMF: COMMODITIES FOCUS
    Gavin Maguire, Reuters Editor-in-charge for commodities in Asia, joins us to
discuss cues, views and charts guiding the commodity markets over the next few
months at 9:30 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • WhatsApp in India says partnership with government, society needed to
combat misinformation 
    Facebook Inc's WhatsApp messenger service has responded to a call from
India's technology ministry to curb the spread of false information on its
platform, saying such a task required a partnership between the pair as well as
with society in general. 
    • India hikes crop prices as Modi woos farmers ahead of election 
    India on Wednesday raised the government-mandated price for summer-sown
crops such as rice and cotton by the most since Prime Minister Narendra Modi
came to power in 2014, as he looks to woo millions of poor farmers ahead of a
general election next year. 

    • Thyssenkrupp, Tata Steel may need asset sales to get EU nod for JV 
    Top managers at Thyssenkrupp and Tata Steel have reached out to the European
Commission to seek approval for a landmark joint venture deal, with legal
experts and analysts saying they might have to sell assets to get it.

    • RBI tightens banks' statutory auditor rules
    India's central bank on Wednesday tightened rules on banks' statutory
auditors saying it reserved the right to not approve appointments of such
auditors for a specified period if their audit quality was not found
satisfactory.
    • Carmaker Jaguar says 'bad Brexit' would mean it could not stay in UK
    Britain's biggest carmaker Jaguar Land Rover said on Wednesday a so-called
"hard Brexit" would cost it $1.59 billion a year, curtailing its future
operations in the United Kingdom.
    • Shriram Transport Finance says group firm will honour NCD repayment 
    Shriram Transport Finance said on Wednesday group firm SVL has the
wherewithal to honour repayment on non-convertible debentures guaranteed by it.

    
    GLOBAL TOP NEWS
    • China commerce ministry warns US tariffs will hit global supply chain
    China's commerce ministry said that U.S. tariffs will hit global supply
chains including foreign companies in China, reiterating that Beijing does not
want to fight a trade war started by the United States.
    • Iran threatens to cut cooperation with nuclear body after Trump move
    Iran could reduce its co-operation with the U.N. nuclear watchdog, President
Hassan Rouhani told the body's head on Wednesday, after he warned U.S. President
Donald Trump of "consequences" of fresh sanctions against Iranian oil
sales.
    • Two Britons poisoned with Novichok nerve agent near where Russian spy was
struck down
    Two British citizens are critically ill after they were exposed to Novichok,
the same nerve agent that struck down a former Russian agent and his daughter in
March, Britain's top counter-terrorism officer said on Wednesday.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were little changed at 10,774.50.
    • The Indian rupee is expected to open little changed against the dollar as
investors await minutes of the Federal Reserve’s June meeting, which may provide
cues about the potential impact of current trade tensions on the pace of future
monetary tightening.
    • The Indian government bonds are likely to edge higher in early trade on
short covering following a fall in crude oil prices. The yield on the benchmark
7.17 percent bond maturing in 2028 is likely to trade in a 7.82 percent- 7.87
percent band today. 
    
    
    GLOBAL MARKETS
    • Asian stocks were shaky while major currencies barely budged, as financial
markets remained in a state of anxious uncertainty on the eve of a U.S. deadline
to slap tariffs on Chinese imports.
    • Major currencies were on tenterhooks on the eve of Washington's deadline
to impose tariffs on Chinese imports while the yuan held steady after the
central bank this week sought to stem its recent tumble.
    • Oil prices fell after U.S. President Donald Trump sent a strident tweet
demanding that OPEC cut prices for crude.
    • Gold prices were little changed, after hitting a one-week high in the
previous session, as the dollar eased and the markets awaited minutes from the
U.S. Federal Reserve's June policy meeting later in day.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         68.71/68.74  July 4           -$41.49 mln   $287.89 mln
 10-yr bond yield  7.85 pct     Month-to-date    -$120.66 mln  $409.72 mln
                                Year-to-date     -$908.09 mln  -$5.37 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 = 68.6850 Indian rupees)
    
    

 (Compiled by Priyanka Das in Bengaluru)
  
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