U.S. Markets closed

Morning News Call - India, June 11

To access a PDF version of this newsletter, please click here http://share.thomsonreuters.com/assets/newsletters/Indiamorning/MNC_IN_06112019.pdf If you would like to receive this newsletter via email, please register at: http://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH 11:00 am: Finance Minister holds pre-budget consultations with farm sector representatives in New Delhi. 3:00 pm: Finance Minister holds pre-budget talks with industry associations in New Delhi. LIVECHAT - TOP-DOWN PICKS The head of macro asset allocation strategy at UBS, Evan Brown, calls out the trends in fundamentals shaping the global marketplace for investors, at 8:00 pm IST. To join the conversation, click on the link: https://www.refinitiv.com/en/products/eikon-trading-software/eikon-messenger-secure-messaging/editorial-communities-financial-forums INDIA TOP NEWS • DHFL pays some investor dues, completes stake sale in Aadhar Housing Mortgage lender Dewan Housing Finance (DHFL) said it has paid the interest and principal on certain debt instruments that was due on Monday and completed the stake sale in Aadhar Housing Finance to an entity backed by Blackstone Group. • Bharti Airtel to pay Tanzania $26 mln, cancel debt at unit to settle dispute Bharti Airtel has agreed to pay $26 million over five years and cancel debt to resolve a dispute over ownership of its Airtel Tanzania unit, the Tanzanian government said on Monday. • Defying law, Indian farm group says it planted unapproved GM cotton seeds An Indian farm group said its members had planted a variety of genetically modified cotton seeds which have not been approved by the country's government, an offence that could result in five years imprisonment. GLOBAL TOP NEWS • Trump ready to slap more tariffs on China after G20 meeting U.S. President Donald Trump said on Monday he was ready to impose another round of punitive tariffs on Chinese imports if he cannot make progress in trade talks with China's President at a Group of 20 summit later this month. • Mexico eyes Brazil for U.S. asylum deal as Trump revives tariff threat Mexico and the United States may explore additional steps next month to restrict illegal immigration from Central America, with the threat of tariffs hanging over Mexico if it does not do enough to satisfy U.S. demands, officials said on Monday. • Iran has accelerated enrichment of uranium, IAEA says Iran has followed through on a threat to accelerate its production of enriched uranium, the head of the U.N. atomic watchdog said on Monday, departing from his usual guarded language to say he was worried about increasing tension. LOCAL MARKETS OUTLOOK • The SGX April Nifty futures were trading at 11,966.50, up 0.2% from its previous close. • The Indian rupee is expected to open higher against the dollar following a rebound in regional currencies led by the Chinese yuan. - NewsRise • Indian government bonds are expected to edge lower in early trade before a fresh supply of state debt. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 7.06%-7.11% today. - NewsRise GLOBAL MARKETS • U.S. stocks extended their recent climb on Monday, with the Dow reaching its longest daily winning streak in 13 months after the United States dropped plans to impose tariffs on Mexican goods and a couple of multibillion-dollar deals boosted the market. • Asian stocks made modest gains after the Trump administration shelved plans for tariffs against Mexico, lifting Wall Street, however, fresh U.S. trade threats against China are expected to limit any major investor sentiment boost. • The dollar was largely steady against other major currencies, but investor appetite for risk was kept in check after U.S. President Donald Trump renewed his tariff threats towards China. • U.S. government bond yields rose on Monday, as risk appetite was lifted by the U.S.-Mexico trade and migration deal signed on Friday, tempering expectations of interest rate cuts in 2019. • Oil prices stabilized on expectations that producer goup OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth. • Gold prices steadied following a steep fall in the previous session, as fresh concerns on Sino-U.S. trade unsettled the market optimism that followed a U.S.-Mexico deal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.51/69.54 June 10 $31.09 mln $142.40 mln 10-yr bond yield 7.08% Month-to-date $76.80 mln $926.01 mln Year-to-date $11.27 bln -$1.21 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 = 69.48 Indian rupees) (Compiled by Hrithik Kiran Bagade in Bengaluru)