To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 4:30 pm: Minister of State of Finance & Corporate Affairs Shri Anurag Thakur at GST event in New Delhi. 5:00 pm: Government to release May Infrastructure output data in New Delhi. LIVECHAT - FX WEEK AHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 5:00 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • PM Modi calls for water conservation push as drought hits crops Prime Minister Narendra Modi on Sunday pushed for greater grassroots water conservation efforts amid concerns weak monsoon rains would push millions of drought-hit people to the edge and hammer agricultural production in Asia's third-biggest economy. • India asks its states not to partner with Philip Morris-funded foundation India's health ministry has asked all state governments in the country not to partner with the Foundation for a Smoke-Free World (FSFW) because of its links to tobacco giant Philip Morris International Inc, a letter seen by Reuters showed. • Google appears to have leveraged Android dominance - India watchdog Google appears to have misused its dominant position in India and reduced the ability of device manufacturers to opt for alternate versions of its Android mobile operating system, Indian officials found before ordering a wider probe in an antitrust case. • India's fiscal deficit hits 52% of budgeted target in first 2 months of 2019/20 India's fiscal deficit in May stood at 3.66 trillion rupees, or 52% of the budgeted target for the current fiscal year, government data showed on Friday. • Failure at a big Indian non-bank lender could cause large damage - cenbank Failure of a large Indian non-banking financial company could cause as much damage as the collapse of a big commercial lender, the Reserve Bank of India said, stressing a need for greater surveillance of these firms. • Flipkart to replace 40% of its delivery vans with EVs Walmart Inc's Indian unit Flipkart said late Thursday it plans to replace nearly 40% of its current fleet of delivery vans with electric vehicles (EVs) by March 2020, as part of its efforts to cut down on its carbon footprint. • Jaguar Land Rover to build electric cars at UK factory - report Britain's biggest automaker Jaguar Land Rover is expected to announce plans next week to build electric cars at its central English Castle Bromwich factory, the Sunday Times reported. • Zambian court lifts order blocking disposal of Vedanta unit assets A Zambian court on Friday lifted an order blocking a provisional liquidator at Vedanta's Konkola Copper Mines business from disposing of assets or making arrangements with creditor until a July 4 hearing. GLOBAL TOP NEWS • Trump says China trade talks 'back on track,' new tariffs on hold The United States and China agreed on Saturday to restart trade talks after President Donald Trump offered concessions including no new tariffs and an easing of restrictions on tech company Huawei in order to reduce tensions with Beijing. • OPEC set for oil cut extension if Iran endorses pact OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. • China June factory activity unexpectedly shrinks as trade war weighs - Caixin PMI China's factory activity unexpectedly shrank in June as domestic and export demand faltered, a private sector business survey showed, pointing to further strains on its vast manufacturing sector as the Sino-U.S. trade war drags on. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were 0.1% higher at 11,851.50. • The Indian rupee is expected to open higher against the dollar amid upbeat risk appetite after the U.S. agreed to suspend new tariffs on Chinese shipments. Possible intervention by the Reserve Bank of India, however, is expected to cap the rupee’s advance. • Indian government bonds may trade higher in early session tracking likely gains in the local currency, as United States and China agreed to restart trade talks after a month’s pause. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a 6.84% - 6.90% range today. GLOBAL MARKETS • Wall Street advanced in heavy trading on Friday, with the S&P 500 and the Dow closing the book on their best June in generations, ahead of much-anticipated trade talks between U.S. President Donald Trump and Chinese counterpart Xi Jinping at the G20 summit now underway in Japan. • Stocks rallied and bonds retreated in Asia as a thaw in the Sino-U.S. trade dispute averted one threat to the global economy, leading investors to pare wagers on aggressive policy easing by the major central banks. • The yuan gained and the safe-haven yen slid against the dollar as appetite for risk-sensitive currencies improved after the United States and China agreed to restart their troubled trade talks. • U.S. Treasuries were little changed on the day on Friday as investors waited on talks between the United States and China on Saturday for signs that leaders will de-escalate a trade war that has been blamed for harming global economic growth. • Oil prices rose more than $1 a barrel after Saudi Arabia, Russia, Iraq backed an extension of supply cuts for another six to nine months ahead of an OPEC meeting this week. • Gold prices fell more than 1%, their lowest in a week, as hopes of a trade deal between the United States and China improved risk appetite, while a stronger dollar further weighed on prices. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.02/69.05 June 28 -$74.55 mln $130.39 mln 10-yr bond yield 6.89% Month-to-date $231.45 mln $730.30 mln Year-to-date $11.42 bln -$1.40 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 = 68.9480 Indian rupees) (Compiled by Samrhitha Arunasalam in Bengaluru)
Our Standards:The Thomson Reuters Trust Principles.