MORNING NEWS CALL
FACTORS TO WATCH
11:30 am: Railway Minister Piyush Goyal at International Conference on Professionals of the Future in New Delhi. 12:30 pm: Food Minister Ram Vilas Paswan to chair national consultation meeting with state ministers in-charge of food and civil supplies in New Delhi. 2:30 pm: Hindustan Unilever annual general meeting in Mumbai. 2:30 pm: HDFC Bank annual general meeting in Mumbai. 3:00 pm: Prime Minister Narendra Modi to interact with a delegation of about 150 sugarcane farmers in New Delhi. 5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
LIVECHAT- G7 FX CHARTING Wilson Leung, chief market strategist at Trendsetter, joins us to discuss technical charts for G7 currencies at 09:30 am IST. To join the Global Markets Forum, click here.
INDIA TOP NEWS
EXCLUSIVE-India preparing for cut in oil imports from Iran-sources India's oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.
U.S. says India talks "a priority" after postponing twice U.S. Ambassador to the United Nations Nikki Haley said on Thursday that a top-level strategic dialogue with India will take place as soon as possible, after Washington put off the meeting for a second time in months.
Thyssenkrupp workers pave way for joint venture with Tata Steel Thyssenkrupp's powerful labour representatives on Thursday signalled their support for a planned joint venture with Tata Steel, effectively guaranteeing that the landmark deal will be approved by the group's supervisory board.
Jet Airways says new Boeing 737 MAX aircraft to reduce costs Jet Airways, India's biggest full-service carrier, on Thursday said its new Boeing 737 MAX 8 aircraft will enhance efficiency and reduce costs, a move that is likely to help the airline bring down losses and improve competitiveness.
Varroc Engineering $284 million IPO subscribed over three times Indian automobile components manufacturer Varroc Engineering's initial public offering to raise about 19.55 billion rupees was subscribed more than three times on the last day of sale on Thursday.
India rethinks decision to split up gas utility Gail India is working on plans to enable gas utility GAIL to keep its marketing and pipeline operations separate without breaking up the company, India's oil minister said on Thursday.
Sterlite, China's State Grid win Brazil power licenses Sterlite, China's State Grid, and Colombia's Isa clinched licenses to build power transmission lines in Brazil in a government auction on Thursday that is expected to draw a total of $1.55 billion in investment.
GLOBAL TOP STORIES
Japan's Sharp axes share issue citing impact of U.S.-China trade friction Japan's Sharp has cancelled plans to issue up to $2 billion in new shares, saying trade friction between the United States and China has increased volatility in the stock market.
First Trump-Putin summit has Cold War backdrop, U.S. allies nervous U.S. President Donald Trump and Russian President Vladimir Putin will meet for their first summit on July 16 in Helsinki, a venue famed for its Cold War diplomacy.
Japan's May factory output eases, labour market tightens as trade risk dims outlook Japan's industrial output declined far less than expected last month and the jobless rate hit its lowest in over 25 years in a sign of a gradual economic recovery from a slump in the first quarter, though risks to the outlook has increased from U.S. trade protectionism.
STATE OF THE MARKETS
The SGX Nifty nearest-month futures were trading up 0.1 percent at 10,589.50.-NewsRise
The Indian rupee is expected to open little changed against the U.S. currency amid continued weakness in most regional currencies and likelihood of the central bank’s dollar sales. -NewsRise
Indian government bonds will likely fall ahead of a weekly auction of notes today and as state governments plan to raise a higher amount of funds through bonds in second quarter of this financial year. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.94 percent - 7.99 percent band today, a trader with a private bank said.-NewsRise
U.S. stocks rose on Thursday as technology and other growth sectors rebounded from the prior day's declines and financial shares snapped a 13-day losing streak.
Asian shares remained near nine-month lows despite small gains on Wall Street overnight, as ongoing concerns over global trade frictions dampened sentiment, though a move to ease foreign investment curbs in China could boost markets there.
The dollar held firm versus the yen, supported by quarter-end buying as well as an absence of any fresh escalation in trade-related tensions between the United States and its major trading partners.
U.S. Treasury yields edged higher on Thursday but held near one-month lows as fears about trade wars harming global growth kept up demand for safe haven bonds, while month- and quarter-end rebalancing added to bond buying.
Oil prices fell amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.
Gold prices edged up, after slipping to a more than six-month low in the previous session, as the dollar softened from recent highs, but the yellow metal was headed for its worst monthly performance since November 2016.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 68.77/68.80 June 28 -$138.31 mln -$179.53 mln 10-yr bond yield 7.93 pct Month-to-date -$697.97 mln -$1.63 bln Year-to-date -$942.62 mln -$5.86 bln
2 PICTURE OF THE DAY
A motorist takes pictures of Mount Agung volcano erupting in Kubu, Karangasem Regency in Bali, Indonesia on June 29. REUTERS/Johannes P. Christo
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