June 15, 2018 / 3:41 AM / 10 days ago

Morning News Call - India, June 15

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    FACTORS TO WATCH
    5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
    
    LIVECHAT - QUIZ EAST
    Test your wits and googling speed in the Asia edition of the Friday quiz at
1130 am IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    Japan's SoftBank to invest up to $100 billion in Indian solar - NHK
    SoftBank has decided to invest $60 billion-$100 billion in solar power
generation in India, Japanese public broadcaster NHK reported.
    France's Teleperformance agrees $1 bln deal to buy Intelenet from Blackstone
    Teleperformance has agreed to buy India-based Intelenet from U.S. private
equity firm Blackstone in a $1 billion deal aimed at strengthening its
specialised services business, the French company said.
    Thyssenkrupp labour leaders see progress in Tata Steel JV talks
    Labour representatives at Thyssenkrupp have moved closer to an agreement
with management over a planned European steel joint venture with Tata Steel, a
member of the group's supervisory board said on Thursday.
    Vedanta mulls options for Indian iron ore workers after shutdown-sources
    Vedanta Resources is considering options including lay-offs for some of the
2,000 employees of its iron ore business in southwest India that was shut down
by a court, two sources said, as it struggles with a series of setbacks in the
country.
    India raises import tax on crude, refined soft oils
    The government on Thursday raised import tax on crude and refined soyoil,
sunflower oil and canola oil to the highest level in more than a decade, as the
world's biggest edible oil importer tried to support local farmers.
    
    
    GLOBAL TOP NEWS
    Trump ready to impose tariffs on about $50 billion in Chinese goods-official
    U.S. President Trump has made up his mind to impose "pretty significant"
tariffs on Chinese goods, an administration official said on Thursday, as
Beijing warned that it was ready to respond if Washington chose to ratchet up
trade tensions.
    BOJ keeps policy steady, offers bleaker view on inflation
Japan's central bank maintained its ultra-loose monetary policy and downgraded
its view on inflation, signalling that it will lag well behind its U.S. and
European peers in rolling back crisis-era stimulus.
    China regulators approve Qualcomm-NXP Semiconductors merger deal -SCMP
    Chinese regulators have approved U.S. chipmaker Qualcomm's proposed $44
billion merger deal with NXP Semiconductors, South China Morning Post reported
on Thursday, citing people with knowledge of the matter.
    
        
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were trading down 0.2 percent at 10,792.
    • The Indian rupee is likely to open lower against the U.S. currency as the
dollar index surged after the European Central Bank’s cautious policy approach
caused a slump in the euro.
    • Indian government bonds are likely to open higher tracking a fall in U.S.
Treasury yields, after the European Central Bank hinted they may not hike
interest rates until the middle of 2019. Yield on the benchmark 7.17 percent
bond maturing in 2028 is likely to trade in a 7.92 percent - 7.99 percent band
today.
    
    
    GLOBAL MARKETS
    • The S&P 500 edged up and the Nasdaq reached another record closing high on
Thursday after the European Central Bank said it would avoid raising interest
rates until mid-2019, and data showed U.S. economic strength.
    • Asian shares wobbled as investors braced for U.S. tariffs against China,
while the euro flirted with two-week lows after a cautious European Central Bank
indicated it would not raise interest rates for some time.
    • The euro was headed for its worst weekly loss in 19 months after a
cautious European Central Bank signalled it will keep interest rates at record
lows well into next year.
    • U.S. Treasury yields fell on Thursday after the European Central Bank
signaled it will hold rates low for longer than many investors expected.
    • Brent oil prices extended declines on Friday, as Saudi Arabia and Russia,
architects of a producer deal to cut output, indicated ahead of a key OPEC
meeting in Vienna next week that production could rise.
    • Gold traded steady in early Asian trade, after hitting a one-month high in
the previous session on the European Central Bank's decision to keep interest
rates steady through the summer of 2019 and looming trade worries.   
     
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67,61/67.64  June 14          -$202.87 mln  -$103.37 mln
 10-yr bond yield  8.14 pct     Month-to-date    $66 mln       -$686.93 mln
                                Year-to-date     -$178.65 mln  -$4.91 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 = 67.6800 Indian rupees)

 (Compiled by Swathi Nair in Bengaluru)
  
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