Morning News Call - India, June 19 - EntornoInteligente

Entornointeligente.com / 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 3:00 pm: Prime Minister Narendra Modi to chair meeting of heads of various political parties in Parliament on the eve of Budget Session 2019 in New Delhi. LIVECHAT – EMERGING MARKETS OUTLOOK Per Hammarlund, chief EM strategist at SEB, discusses developing world currencies amid market expectations for lower U.S. rates. He also examines central bank policy for countries including South Africa, Turkey and Russia at 3:30 pm IST. To join the conversation, click on the link: refini.tv/2P8N0Wp INDIA TOP NEWS • India to review data storage rules that irked U.S. tech firms India will examine concerns raised by foreign technology companies around stringent rules to store data locally, the government said on Tuesday, an issue that has upset firms such as Mastercard and also irked the U.S. government. • India sacks 15 senior tax officials over corruption India on Tuesday sacked 15 senior tax officials facing probes in corruption cases, sending across a tough message to bureaucrats taking kickbacks for facilitating tax evasion by companies, a government statement said. GLOBAL TOP NEWS • U.S., China rekindle trade talks ahead of Trump-Xi G20 meeting China and the United States are rekindling trade talks ahead of a meeting next week between Presidents Donald Trump and Xi Jinping, cheering financial markets on hopes that an escalating trade war between the two countries would abate. • Japan exports slide for 6th month as trade troubles knock demand, weaken outlook Japan‘s exports fell for a sixth straight month in May as China-bound shipments of semiconductor manufacturing equipment and car parts weakened, in a sign of a deteriorating outlook for growth as the trade-reliant economy faces persistent pressure from slowing external demand. • Facebook‘s cryptocurrency ambitions face privacy concerns, political backlash Facebook announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns. Thomson Reuters/INSEAD Asian Business Sentiment Survey 2019Q2 Confidence among Asian companies in the June quarter fell to its lowest since the 2008-09 financial crisis, as a U.S.-China trade war disrupts global supply chains and shows little sign of easing soon, a Thomson Reuters/INSEAD survey found. To read more, click here here LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were 0.4% higher at 11,759.50. • The Indian rupee is expected to open higher against the dollar amid optimism over trade and indications of more stimulus measures by the European Central Bank. • Indian government bonds are likely to edge lower in early trade tracking an overnight gain in crude oil prices, even as sentiment remains supported ahead of the U.S. Federal Reserve’s rate decision. The yield on the benchmark 7.26% bond maturing in 2029 is likely to trade in a range of 6.78% – 6.84% today. GLOBAL MARKETSWall Street surged on Tuesday and the S&P 500 approached a record high after Washington rekindled trade talks with Beijing, boosting sentiment along with growing investor confidence that the Fed will cut interest rates this year. • Asian share markets jumped as investors dared to hope the Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day. • The dollar held near a two-week high ahead of the Federal Reserve’s closely-watched policy decision later in the day, supported by a surprisingly dovish European Central Bank and bearish eurozone economic data. • U.S. Treasury yields plunged on Tuesday, in line with the European market, after European Central Bank President Mario Draghi hinted at more stimulus if regional inflation fails to pick up toward its target. • Oil prices climbed, extending sharp gains from the previous session on rekindled hopes for a U.S.-China trade deal and on continued tensions in the Middle East after tanker attacks there last week. • Gold traded almost steady as investors awaited the U.S. Federal Reserve’s monetary policy decision later in the day, while expectations of an improvement in trade relationship between the United States and China dented the metal’s appeal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 69.65/69.68 June 18 $4.56 mln -$2.27 mln 10-yr bond yield 6.81% Month-to-date $2.24 mln $417.71 mln Year-to-date $11.19 bln -$1.71 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 = 69.60 Indian rupees) (Compiled by Samrhitha Arunasalam in Bengaluru)

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