June 11, 2019 / 3:32 AM / 9 days ago

Morning News Call - India, June 11

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    FACTORS TO WATCH
    11:00 am: Finance Minister holds pre-budget consultations with farm sector
representatives in New Delhi. 
    3:00 pm: Finance Minister holds pre-budget talks with industry associations
in New Delhi.
    
    LIVECHAT - TOP-DOWN PICKS
    The head of macro asset allocation strategy at UBS, Evan Brown, calls out
the trends in fundamentals shaping the global marketplace for investors, at 8:00
pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • DHFL pays some investor dues, completes stake sale in Aadhar Housing
    Mortgage lender Dewan Housing Finance (DHFL) said it has paid the interest
and principal on certain debt instruments that was due on Monday and completed
the stake sale in Aadhar Housing Finance to an entity backed by Blackstone
Group.
    • Bharti Airtel to pay Tanzania $26 mln, cancel debt at unit to settle
dispute
    Bharti Airtel has agreed to pay $26 million over five years and cancel debt
to resolve a dispute over ownership of its Airtel Tanzania unit, the Tanzanian
government said on Monday.
    • Defying law, Indian farm group says it planted unapproved GM cotton seeds 
    An Indian farm group said its members had planted a variety of genetically
modified cotton seeds which have not been approved by the country's government,
an offence that could result in five years imprisonment.

        
    GLOBAL TOP NEWS
    • Trump ready to slap more tariffs on China after G20 meeting
    U.S. President Donald Trump said on Monday he was ready to impose another
round of punitive tariffs on Chinese imports if he cannot make progress in trade
talks with China's President at a Group of 20 summit later this month.

    • Mexico eyes Brazil for U.S. asylum deal as Trump revives tariff threat
    Mexico and the United States may explore additional steps next month to
restrict illegal immigration from Central America, with the threat of tariffs
hanging over Mexico if it does not do enough to satisfy U.S. demands, officials
said on Monday.
    • Iran has accelerated enrichment of uranium, IAEA says
    Iran has followed through on a threat to accelerate its production of
enriched uranium, the head of the U.N. atomic watchdog said on Monday, departing
from his usual guarded language to say he was worried about increasing tension.

    
        
    LOCAL MARKETS OUTLOOK
    • The SGX April Nifty futures were trading at 11,966.50, up 0.2% from its
previous close. 
    • The Indian rupee is expected to open higher against the dollar following a
rebound in regional currencies led by the Chinese yuan. - NewsRise 
    • Indian government bonds are expected to edge lower in early trade before a
fresh supply of state debt. The yield on the benchmark 7.26% bond maturing in
2029 is likely to trade in a range of 7.06%-7.11% today. - NewsRise 
    
    
    GLOBAL MARKETS
    • U.S. stocks extended their recent climb on Monday, with the Dow reaching
its longest daily winning streak in 13 months after the United States dropped
plans to impose tariffs on Mexican goods and a couple of multibillion-dollar
deals boosted the market.
    • Asian stocks made modest gains after the Trump administration shelved
plans for tariffs against Mexico, lifting Wall Street, however, fresh U.S. trade
threats against China are expected to limit any major investor sentiment boost.

    • The dollar was largely steady against other major currencies, but investor
appetite for risk was kept in check after U.S. President Donald Trump renewed
his tariff threats towards China.
    • U.S. government bond yields rose on Monday, as risk appetite was lifted by
the U.S.-Mexico trade and migration deal signed on Friday, tempering
expectations of interest rate cuts in 2019.
    • Oil prices stabilized on expectations that producer goup OPEC and its
allies will keep withholding supply to prevent prices from tumbling amid a broad
economic slowdown which has started eating away at fuel demand growth.
    • Gold prices steadied following a steep fall in the previous session, as
fresh concerns on Sino-U.S. trade unsettled the market optimism that followed a
U.S.-Mexico deal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES    DEBT
 PNDF spot         69.51/69.54  June 10          $31.09 mln  $142.40 mln
 10-yr bond yield  7.08%        Month-to-date    $76.80 mln  $926.01 mln
                                Year-to-date     $11.27 bln  -$1.21 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 = 69.48 Indian rupees)

 (Compiled by Hrithik Kiran Bagade in Bengaluru)
  
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