Morning News Call – India, June 25

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    FACTORS TO WATCH
    9:00 am: Prime Minister Narendra Modi, Interim Finance Minister Piyush
Goyal, Economic Affairs Secretary Subhash Chandra Garg and other officials at
AIIB’s third annual meeting on "Mobilizing Finance for Infrastructure:
Innovation and Collaboration" in Mumbai.
    11:00 am: Oil Minister Dharmendra Pradhan and UAE Minister of Foreign
Affairs, Sheikh Abdullah bin Zayed bin Sultan Al Nahyan at signing of MoU
between Saudi Aramco and ADNOC to invest in proposed Ratnagiri Refinery in New
Delhi

    LIVECHAT - OPEC REVIEW
    Ekpen Omonbude, petroleum and mining economist at the Commonwealth, joins us
to review the June 22/23 OPEC meeting and discuss the views and cues for oil
markets at 12:30 pm IST. To join the conversation, click on the link: here
    
    
    INDIA TOP NEWS
    • EXCLUSIVE-India speeds up environmental approvals in industry, alarms
activists
    India is fast-tracking environmental clearances for projects like power
plants and coal mines in a bid to propel growth, setting off alarm bells among
environmentalists and affected residents who say the decisions are being made
too quickly.
    • Air India unveils revamp plan after privatisation setback
    State-run Air India will revamp its business and first class cabins on
international flights to try to boost revenues by wooing more high-paying
passengers, a top company official said on Friday, days after a plan to
privatise the ailing airline was called off.
    • India looks to revive rupee payment system for Iran oil imports -
government sources 
    India is looking to revive a rupee trade mechanism to settle part of its oil
payments to Iran, fearing foreign channels to pay Tehran might choke under
pressure from U.S. sanctions, two government sources said.
    • India's RITES, Fine Organic IPOs see strong interest
    Initial share sales in two Indian companies aiming to raise a combined 10.66
billion rupees saw strong interest from investors on the last day of sale on
Friday.

    
    GLOBAL TOP NEWS
    • U.S. plans limits on Chinese investment in U.S. technology firms
The U.S. Treasury Department is drafting curbs that would block firms with at
least 25 percent Chinese ownership from buying U.S. companies with "industrially
significant technology," a government official briefed on the matter said on
Sunday.
    • Turkey's Erdogan wins majority in elections - electoral board
    Turkish President Tayyip Erdogan has won more than half the votes in
Sunday's presidential election after 97.2 percent of votes have been counted,
the head of Turkey's High Electoral Board (YSK) said.
    • Trump says illegal immigrants should be deported with 'no judges or court
cases' 
    President Donald Trump said on Sunday that people who enter the United
States illegally should be sent back immediately to where they came from without
any judicial process, likening them to invaders who are trying to "break into"
the country.


    LOCAL MARKETS OUTLOOK
    (As reported by NewsRise)
    • The SGX Nifty nearest-month futures were trading down 0.5 percent at
10,787.00.
    • The Indian rupee is expected to open lower after the OPEC raised output by
less than what some analysts had expected. A report that President Donald Trump
is planning curbs on Chinese investment into U.S. companies fuelled more worries
on the trade front, weighing on the rupee and other regional currencies.
    • Indian government bonds will likely ease after the Organization of the
Petroleum Exporting Countries agreed to modest increase in crude oil production.
The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade
in a 7.80 percent-7.85 percent band today.


    GLOBAL MARKETS
    • The S&P 500 and Dow Jones Industrial Average climbed on Friday, as the Dow
put to rest an eight-day losing streak with a boost from energy stocks, but
losses in the technology space kept the Nasdaq in check.
    • Asian shares got the week off to a cautious start amid lingering concerns
about escalating trade frictions while U.S. oil prices maintained hefty gains
made after major oil producers had agreed on a modest increase in
production.
    • The buoyant euro kept the dollar from hitting an 11-month high, with trade
issues between the United States and the European Union seen deciding the
near-term direction for the currencies.
    • U.S. Treasury yields were little changed on Friday, trading in narrow
ranges, as risk appetite improved a bit with shares on Wall Street higher, but
worries over a trade conflict with China kept investors cautious.
    • Brent crude oil prices fell by more than 2 percent as traders factored in
an expected output increase that was agreed at the headquarters of the
Organization of the Petroleum Exporting Countries in Vienna on Friday.
    • Gold prices edged up as a buoyant euro kept the dollar off its 11-month
highs, with trade issues between the United States and the European Union
further supporting the bullion.
    
    
                   CLOSE        FII INVESTMENTS  EQUITIES      DEBT
 PNDF spot         67.73/67.76  June 22          -$197.91 mln  -$66.92 mln
 10-yr bond yield  8.06 pct     Month-to-date    -$710.15 mln  -$1.39 bln
                                Year-to-date     -$954.80 mln  -$5.61 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 = 67.86 Indian rupees)
    

 (Compiled by Shradha Singh in Bengaluru)
  



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