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Morning News Call – India, July 6 – Reuters


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Morning News Call – India, July 6 – Reuters

To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 4:30 pm: Punjab National Bank MD & CEO C.H.S.S. Mallikarjuna Rao at CII’s townhall in new Delhi. LIVECHAT – REUTERS CLOBAL MARKETS FORUM Mike Dolan, Reuters…

Morning News Call – India, July 6 – Reuters
To access a PDF version of this newsletter, please click here here
    
    If you would like to receive this newsletter via email, please register at:
here
    
    
    FACTORS TO WATCH
    4:30 pm: Punjab National Bank MD & CEO C.H.S.S. Mallikarjuna Rao at CII’s
townhall in new Delhi.
    
    LIVECHAT - REUTERS CLOBAL MARKETS FORUM
    Mike Dolan, Reuters EMEA Markets Editor, looks at the week ahead for
markets. To join the conversation at 3:30 pm IST, click on the link: refini.tv/2P8N0Wp
    
    
    INDIA TOP NEWS
    • India's clinical research body defends timeline for coronavirus vaccine
trials
    India's leading clinical research agency said Saturday its decision to
fast-track development of a potential coronavirus vaccine was in line with
international standards, after health experts raised concerns about the schedule
for clinical trials.
    • Indian soldiers unarmed and caught by surprise in China clash, families
say
    Indian soldiers who died in close combat with Chinese troops last month were
unarmed and surrounded by a larger force on a steep ridge, Indian government
sources, two soldiers deployed in the area and families of the fallen men said.

    • Bajaj Auto unions demand factory halt after 250 workers catch coronavirus
    Workers at Bajaj Auto, India's biggest exporter of motorbikes, are demanding
the temporary closure of one of its plants after 250 employees there tested
positive for coronavirus, its unions said on Saturday, as companies struggle to
ramp up operations.
    • India seeks to curb Chinese power equipment imports amid tensions
    Indian companies will need government permission to import power supply
equipment and components from China, an order by the power ministry said, amid
rising military tensions between the two countries.
    • Britain and India's Bharti win auction for OneWeb satellite company
    Britain has joined forces with India's Bharti Global to buy the collapsed
satellite operator OneWeb, with the two sides pledging $1 billion between them
to develop a constellation that could boost broadband and other services.

    • India puts back Taj Mahal reopening citing COVID-19 risks
    India has withdrawn a planned reopening of the Taj Mahal, citing the risk of
new coronavirus infections spreading in the northern city of Agra from visitors
flocking to see the 17th century monument to love.
    • Traffic at India's major ports falls 20% in June qtr due to lockdowns
    Major ports in India, which handle more than half of the country's seaborne
trade, had a nearly 20% fall in traffic during the quarter ended June, the
Indian Ports Association (IPA) said, as coronavirus lockdowns slowed economic
activity.
    • Indian banks' loans rose 6.2% y/y in two weeks to June 19 - central bank
    Indian banks' loans rose 6.2% in the two weeks to June 19 from a year
earlier, while deposits rose 11%, the Reserve Bank of India's weekly statistical
supplement showed on Friday.
   
    
    
    GLOBAL TOP NEWS
    • Soaring U.S. coronavirus cases, hospitalizations overshadow July 4
celebrations
    Rising coronavirus cases in 39 U.S. states cast a shadow over the nation's
Fourth of July celebrations as health experts worried that holiday parties will
cause a further spike in infections that could overwhelm hospitals.
    Trump repeats vow to defeat 'radical left' in July Fourth speech
    U.S. President Donald Trump on Saturday vowed to defeat the "radical left,"
in an Independence Day speech at the White House that condemned recent protests
against monuments to historical figures as attempts to destroy the United
States.
    • Australia closes state border for first time in 100 years to halt
coronavirus
    The border between Australia's two most populous states will close from
Tuesday for an indefinite period, Victoria Premier Daniel Andrews said on
Monday, following an outbreak of the coronavirus in his state.
    
    
    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • SGX Nifty nearest-month futures were 0.8% higher at 10,665.
    • The Indian rupee is expected to strengthen further against the dollar amid
firm risk appetite despite worries over the worsening coronavirus outbreak in
the U.S.
    • India’s federal government bond yields are expected to trade little
changed from the previous close, as traders await further steps from the central
bank to alleviate the heavy supply. The yield on the benchmark 5.79% bond
maturing in 2030 is likely to trade in a range of 5.81%-5.87%.
    
       
    GLOBAL MARKETS
    • Asian shares scaled four-month peaks as investors counted on super-cheap
liquidity and fiscal stimulus to sustain the global economic recovery, even as
surging coronavirus cases delayed re-openings across the United States.

    • The dollar held steady against most currencies as investors awaited data
expected to show the U.S. services sector stopped contracting, in what would
give further hope to an economic recovery from the coronavirus pandemic.
    • Oil prices offered up a mixed market snapshot, with Brent crude edging
higher, supported by tighter supplies, while U.S. benchmark WTI futures dropped
on concern that a spike in coronavirus cases could curb oil demand in the United
States.
    • Gold prices edged higher as worries over a surge in coronavirus infections
in the United States dented optimism about signs of a nascent economic recovery,
prompting investors to seek the safe-haven metal.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES         DEBT
 PNDF spot         74.71/74.74  July 3           (331.25) crores  (122.85) crores
 10-yr bond yield  5.84%        Month-to-date    (3,959) crores   (216) crores
                                Year-to-date     (22,472) crores  (1,06,743) crores
 
    (FII investment numbers are in Indian rupees. Source: National Securities
Depository Limited)​

    
    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 = 74.63 Indian rupees)


    

 (Compiled by Pranay Prakash in Bengaluru.)
  

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