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Morning News Call - India, June 10

·5 min read
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To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_06102021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 9:00 am: Federation of Automobile Dealers Associations to release May auto industry sales data. • 1:00 pm: Petroleum Minister Dharmendra Pradhan, Petroleum Secretary Tarun Kapoor, Additional Secretary (Exploration) Amar Nath at the launch of Discovered Small Field Bid Round-III. • 2:30 pm: GAIL (India) management at analyst call post fourth-quarter earnings. INDIA TOP NEWS • India private equity investments hit record high in 2020 Private equity investments in India rose 38% to hit a record high of $62.2 billion in 2020 despite uncertainty caused by the coronavirus crisis, a private equity report showed on Wednesday. • Franklin Templeton moves to calm Indian investors after new debt fund ban Franklin Templeton India told investors on Wednesday that the market regulator's ban on its launching new debt funds would have no impact on existing funds that manage $8 billion in assets. • POLL-India retail inflation likely rebounded to 5.30% in May India's retail inflation likely rose last month after a three-month low in April, lifted by higher food and energy prices, but stayed within the Reserve Bank of India's target range for the sixth consecutive month, a Reuters poll found. • Leading crypto exchanges scout entry into India despite potential ban Global digital currency exchanges are exploring ways to set up in India, following in the footsteps of market leader Binance, industry sources told Reuters, while the government in New Delhi dithers over introducing a law that could ban cryptocurrencies. • Indian May fuel demand hits 9-month low as COVID-19 stalls activity India's fuel demand slumped in May to its lowest since August last year with a second COVID-19 wave stalling mobility and muting economic activity in the world's third largest oil consumer. • Petronet to invest $2.6 billion for local expansion over 5 years India's top gas importer Petronet LNG will invest $2.6 billion over five years to expand local infrastructure as investing in overseas projects is 'not lucrative' in the current liquefied natural gas (LNG) surplus market, its head of finance said. • India raises local rice purchase price amid farmer protests India has raised the price at which it will buy new-season common rice varieties from local farmers by 3.9%, the agriculture minister said, as New Delhi tries to please farmers that have been protesting over three new agricultural laws. GLOBAL TOP NEWS • U.S. to donate 500 million Pfizer vaccine doses to the world -sources The Biden administration plans to donate 500 million Pfizer coronavirus vaccine doses to nearly 100 countries over the next two years, three sources familiar with the matter told Reuters on Wednesday. • Japan's wholesale prices rise at fastest pace in 13 years on commodities surge Japan's wholesale prices rose at their fastest annual pace in 13 years reflecting higher commodity costs, data showed, a sign global inflationary pressures are pinching firms already struggling amid the coronavirus pandemic. • Biden drops Trump attempt to ban TikTok, WeChat; orders new review President Joe Biden on Wednesday withdrew a series of Trump-era executive orders that sought to ban new downloads of WeChat and TikTok, and ordered a Commerce Department review of security concerns posed by those apps and others. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.2% higher at 15,706.00. • The Indian rupee is expected to trade little changed against the U.S. currency amid focus on Treasury yields and the dollar index ahead U.S. inflation data that could possibly influence the Federal Reserve’s policy outlook. • Indian sovereign bond yields are likely to open lower, tracking a fall in U.S. Treasury yields ahead of today’s crucial inflation data in the world’s largest economy. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in the 5.97%-6.04% band today. GLOBAL MARKETS • Wall Street ended a see-saw session lower on Wednesday as market participants awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy. • Asian shares edged higher but held their recent trading range as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. • The dollar continued to hover near a five-month low versus major peers as investors looked to key U.S. inflation data and a European Central Bank meeting later in the day to potentially set the direction for currency markets. • U.S. Treasury yields moved lower on Wednesday for a second day as traders positioned for inflation data due on Thursday and showed strong demand at an auction, pushing the benchmark 10-year yield below 1.5% for the first time since May 7. • Oil prices slid as inventory data in the United States, the world's top oil consumer, showed a surge in gasoline stocks that indicates weaker-than-expected fuel demand at the start of summer, the country's peak season for motoring. • Gold prices were subdued as investors sat on the sidelines waiting for clearer signals on inflation levels and economic growth ahead of U.S. data and the European Central Bank meeting later in the day. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 72.95/72.98 June 9 3,839.01 crores (240.95) crores 10-yr bond yield 6.016% Month-to-date 13,480 crores (1,284) crores Year-to-date 56,609 crores (18,606) 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 = 72.98 Indian rupees) (Compiled by Yoganand KN in Bengaluru)