June 8, 2018 / 3:28 AM / in 2 months

Morning News Call - India, June 8

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    FACTORS TO WATCH
    9:15 am: Zim Laboratories listing ceremony in Mumbai.
    10:00 am: Shipping Secretary Gopal Krishna and Rural Development Secretary
Amarjeet Sinha to inaugurate workshop on Skill Development in the Port and
Maritime Sector in New Delhi.
    11:30 am: Commerce and Civil Aviation Minister Suresh Prabhu to interact
with select media on four years of NDA government  in New Delhi.
    4:00 pm: Finance Minister Piyush Goyal, Financial Services Secretary Rajiv
Kumar and SBI Chairman Rajnish Kumar to interact with media  in Mumbai.
    5:00 pm: RBI to release weekly foreign exchange data  in Mumbai.
    
    LIVECHAT- INVESTMENT OUTLOOK
    Andrew Milligan, head of global strategy at Standard Life Investments shares
his investment stategy thoughts at 2:30 pm IST. To join the conversation, click
on the link: here
    
    
    INDIA TOP NEWS
    • Reliance sees consumer business powering profits over next decade 
    Reliance Industries  aims to make its consumer businesses as big as its core
energy operations, chairman Mukesh Ambani said in its annual report, as he seeks
to reshape the industrial powerhouse.
    • ANALYSIS-India rate hike upsets Modi's election year budget maths
    The Indian central bank's first interest rate rise since Prime Minister
Narendra Modi came to power could not have come at a worse time for a government
grappling with spending constraints, voter discontent in the rural heartlands
and rising oil prices.
    • EXCLUSIVE-Philip Morris plans to target Indian smokers with iQOS
device-sources 
    Philip Morris International is planning to launch its iQOS smoking device in
India, four sources familiar with the matter told Reuters, as the tobacco giant
seeks a foothold in a country with the world's second-biggest smoker
population.
    • Ailing carrier Air India seeks 10 billion-rupee short-term loan
    State-run carrier Air India is seeking a short-term loan of 10 billion
rupees so it can continue day-to-day operations, according to an announcement on
its website on Thursday.
    • India seeks Facebook's response over reports of data sharing without
consent
    India has asked social media company Facebook respond by June 20 to media
reports of sharing users data without their explicit consent, a government
statement said on Thursday.


    GLOBAL TOP NEWS
    • G7 leaders set to clash with combative Trump over tariffs, trade
    Leaders of the Group of Seven rich nations are set to clash with a combative
U.S. President Donald Trump on Friday when they pressure him to lift sanctions
on steel and aluminum they fear could lead to a trade war.
    • Chinese phone maker ZTE saved from brink after deal with U.S.
    China's No. 2 telecommunications equipment maker ZTE secured a lifeline from
the Trump administration on Thursday after agreeing to pay a $1 billion fine and
overhaul leadership in a deal that will lift a ban on its doing business with
U.S. suppliers.
    • Revised data shows Japan's economy still at risk of recession 
    Revised data showed Japan's economy contracted at an annualised 0.6 percent
in the first quarter, unchanged from the preliminary estimate, raising the
prospect of a recession if weakness persists in April through June.

    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading at 10,707.50, down 0.6
percent from its previous close.
    • The Indian rupee is expected to open lower against the dollar, weighed by
the rise in crude oil prices to one-week highs and broad losses in emerging
market currencies.
    • Indian government bonds are likely to edge lower ahead of a fresh supply
of bonds today. The yield on the benchmark 7.17 percent bond maturing in 2028 is
likely to trade in 7.97 percent- 8.02 percent band till the debt auction
outcome, a trader with a private bank said. 
    
    
    GLOBAL MARKETS
    • The S&P and Nasdaq fell on Thursday as the technology sector snapped a
rally while investors turned to safer bets as they kept an eye on global trade
tensions and waited for U.S. and European central bank meetings.
    • Asian shares stepped back from a 2-1/2 month high as risk appetite soured
on bets that Europe's massive monetary stimulus was nearing an end, compounded
by uncertainty over trade relations ahead of a key meeting of global
leaders.
    • The dollar wallowed near a three-week low against peers as U.S. Treasury
yields fell sharply, while the euro's recovery remained intact amid expectations
that the European Central Bank would begin unwinding it stimulus
programme.
    • U.S. Treasury yields fell on Thursday in a volatile session, reversing the
prior day's sell-off, as safe-haven demand rose on tensions between the United
States and its major trade partners ahead of the Group of Seven summit.
    • Oil prices rose, driven up as Venezuela struggles to meet its supply
obligations and by ongoing voluntary output cuts led by producer cartel
OPEC.
    • Gold prices were largely unchanged as investors remained cautious ahead of
key events next week such as a U.S. Federal Reserve policy meeting and a summit
between the United States and North Korea.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES     DEBT
 PNDF spot         67.03/67.06  June  7          -$77.88 mln  -$52 mln
 10-yr bond yield  8.15 pct     Month-to-date    $485.68 mln  -$102.21 mln
                                Year-to-date     $241.03 mln  -$4.33 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 = 67.41 Indian rupees)
    
    

 (Compiled by Shradha Singh in Bengaluru)
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