Morning News Call - India, July 1
Reuters
21 hrs ago
To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_07012021.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • 11:00 am: Prime Minister Narendra Modi to interact with beneficiaries of various schemes of Digital India. • 12:30 pm: GR Infraprojects virtual press briefing to announce its Initial Public Offering. • 12:30 pm: HDFC Bank Group Head -- Government and Institutional Business Smita Bhagat, Group Head -- Retail Branch Banking Arvind Vohra at a virtual press briefing. • 1:00 pm: Steel Ministry Additional Secretary Rasika Chaube, DPIIT Additional Secretary Anil Agrawal, Steel Authority of India Chairman Soma Mondal, Jindal Steel & Power Managing Director V.R. Sharma and other steel industry heads at FICCI webinar. • 3:00 pm: Prime Minister Narendra Modi, Health Secretary Rajesh Bhushan, Niti Aayog Member -- Health Vinod Kumar Paul at Indian Medical Association webinar. • 3:00 pm: Commerce Minister Piyush Goyal at Institute of Chartered Accountants of India virtual event. INDIA TOP NEWS • India says U.S. social media giants must obey its laws India's technology minister said on Wednesday that U.S. social media giants must obey the laws of his country, where they are doing brisk business. • India's Jan-March current account deficit widens as imports normalise India's current account deficit widened in the January-March quarter on the back of a higher trade deficit and lower net invisible receipts, the Reserve Bank of India said in a release on Wednesday. • Zydus Cadila applies for emergency use nod for COVID-19 vaccine Indian drugmaker Zydus Cadila said it has applied to the country's drug regulator for emergency use approval of its COVID-19 vaccine and that it plans to manufacture up to 120 million doses of the shot annually. • India's top refiner buys its first Guyanese oil Indian Oil, the country's top refiner, has made its first purchase of Guyana's Liza light sweet crude as it seeks to diversify its crude purchases, a source familiar with matter said. • Bharat Biotech says regulatory steps taken for Brazil vaccine contract India's Bharat Biotech said on Wednesday it followed a "step-by-step" approach for the regulatory approval and supply contract of its COVID-19 vaccine in Brazil, and that it has not received advance payments from the Brazilian health ministry. GLOBAL TOP NEWS • China June factory growth slows on COVID-19, supply chain snags -Caixin PMI China's factory activity expanded at a softer pace in June, as the resurgence of COVID-19 cases in the export province of Guangdong and supply chain woes drove output growth to the lowest in 15 months, a private survey showed on Thursday. • China's Didi worth $68 billion after U.S. debut Didi Global shares ended their first day of U.S. trading slightly over their initial public offering (IPO) price, valuing the ride-hailing giant at $68.49 billion in the biggest U.S. listing by a Chinese company since 2014. • Amazon says FTC should take new chair off its cases Amazon.com filed a petition on Wednesday asking for Federal Trade Commission (FTC) Chair Lina Khan to be recused on antitrust matters related to the online retail giant, according to documents filed with the agency. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.09% higher at 15,761.00. (As reported by NewsRise) • The rupee is expected to open lower against the U.S. currency as robust labour market data in the world’s biggest economy sent the dollar index to its highest level in about three months. • Indian federal government bond yields will likely trade largely unchanged at the start of the second quarter as sentiment stays cautious amid bets of additional supply in this quarter, while traders also await the central bank’s next debt purchase announcement. The yield on the benchmark 5.85% bond maturing in 2030 is likely to trade in the 6.03%-6.07% band today GLOBAL MARKETS • The S&P 500 nabbed its fifth straight record closing high on Wednesday as investors ended the month and the quarter by largely shrugging off positive economic data and looking toward Friday's highly anticipated employment report. • Asian stock markets made a subdued start to the second half of 2021, weighed by worries about new coronavirus infections and fresh lockdowns, while bond and currency markets were on edge ahead of U.S. labour data. • The dollar hit a fresh 15-month high versus the yen and hovered near multi-month peaks against other major peers, ahead of a key U.S. jobs report that should offer clues on when the Federal Reserve will start to pare back stimulus. • Yields on longer-dated U.S. Treasuries fell on Wednesday to their lowest levels in more than a week as the market wound down 2021's second quarter, while the amount of cash flooding into the Federal Reserve's reverse repurchase operation set a new record high as it neared $1 trillion. • Oil prices traded sideways as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. • Gold prices edged lower, as the dollar hovered near a three-month peak, with investors looking ahead to a key U.S. jobs report due later this week for clues on what it might mean for monetary policy. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.33/74.36 June 30 3,290.17 crores (489.58) crores 10-yr bond yield 6.051% Month-to-date 17,215 crores (4,829) crores Year-to-date 60,344 crores (22,151) 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 = 74.37 Indian rupees) (Compiled by Archak Sengupta in Bengaluru)