June 18, 2018 / 3:23 AM / 6 months ago

Morning News Call - India, June 18

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    FACTORS TO WATCH
    10:00 am: Commerce Minister Suresh Prabhu and Commerce Secretary Rita
Teaotia to inaugurate National Standards Conclave in New Delhi.
    10.30 am: Interim Finance Minister Piyush Goyal to address CII Growth Net
Summit New Delhi.
    
    LIVECHAT-FX FOCUS 
    Reuters polling editor in charge Rahul Karunakar will walk through the
findings of the latest Reuters FX polls on the dollar, euro, pound, rand, yuan
and rupee, and what they signal, at 9:30 am IST. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • SBI to stop handling Iran oil payments, imports may be hit
    India's imports of Iranian oil may be hit from the end of August after the
State Bank of India SBI.NS informed refiners it would not handle payments for
the crude from November, the finance chief of Indian Oil Corp said on
Friday.
    • India's May trade deficit widens to $14.62 billion - trade ministry
    India's merchandise exports in May rose 20.2 percent year-on-year, the trade
ministry said on Friday, but the trade deficit widened to $14.62 billion driven
mainly by a 50 percent surge in oil imports despite higher global
prices.
    • Minor leak observed at Vedanta's south Indian copper smelter - official 
    A minor leak has been detected in the sulphuric acid storage plant in
Vedanta's south Indian copper smelter, a government official said on Sunday,
about a month after the state ordered its shutdown after protests in which 13
people died.
    • Singapore Exchange to continue SGX Nifty trade despite India dispute 
    The Singapore Exchange (SGX) said on Saturday a court-appointed arbitrator
had told it to continue listing and trading SGX Nifty contracts beyond August
2018, during a dispute resolution with India's National Stock
Exchange.


    GLOBAL TOP NEWS
    • Japan's exports accelerate in May, surplus with U.S. lowest since 2013
    Japan's exports rose in May at the fastest rate in four months thanks to
increased shipments of cars, car parts, and semiconductor equipment, a sign that
global demand is gaining strength.
    • S.Korea, U.S. to announce suspension of major military drills this week -
Yonhap
    South Korea and the United States are expected to announce the suspension of
"large-scale" military drills this week, with the provision that they would
restart if North Korea failed to keep its promise to denuclearise, news agency
Yonhap said on Sunday.
    • China's Huawei goes on offensive as exclusion from Australia 5G deal looms
    Chinese telecommunications company Huawei Technologies Co Ltd has gone on
the offensive against Australian claims it poses a security risk, issuing an
open letter to the government saying that view was "ill-informed."
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.5 percent at
10,775.00.
    • The Indian rupee is expected to open lower against the dollar as poor risk
appetite amid reciprocal tariffs by the U.S. and China overshadowed the biggest
decline in crude oil prices in more than two months.
    • Indian government bonds are likely to open higher, tracking a sharp fall
in global crude oil prices, even as traders await the minutes of the latest
Monetary Policy Committee meeting later this week. Yield on the benchmark 7.17
percent bond maturing in 2028 is likely to trade in a 7.82 percent - 7.89
percent band today.
    
   
    
    GLOBAL MARKETS
    • Wall Street stocks ended lower on Friday, capping a day of heavy trading
with investors mostly pulling back from initial concerns over an escalating
trade dispute between the United States and China.
    • Asian shares fell after U.S. President Donald Trump cranked up trade
tensions by going ahead with tariffs on Chinese imports, prompting Beijing to
immediately respond in kind.
    • The dollar edged up towards a seven-month high against a basket of its
peers after the market digested a flurry of news, although U.S.-China trade
tensions slowed its gains.
    • U.S. Treasury yields fell to their lowest levels in a week on Friday after
the U.S. imposed trade sanctions on China, raising fears about trade wars that
could weigh on economic growth.
    • Oil prices fell further, pulled down by an expectation that producer club
OPEC and its allies will increase supplies.
    • Gold prices inched higher after falling to a 5-1/2-month low in the
previous session, as a trade dispute between the two largest world economies
triggered safe-haven buying.
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.98/68.01  June 15          -             -$80.28 mln
 10-yr bond yield  8.11 pct     Month-to-date    -$44.44 mln   -$762.21 mln
                                Year-to-date     -$289.09 mln  -$4.99 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 = 68.06 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
  
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