MORNING NEWS CALL FACTORS TO WATCH 10:00 am: ASSOCHAM National Conclave on Goods & Services Tax in New Delhi. 10:30 am: UCO Bank annual general meeting in Kolkata. 10:30 am: Allahabad Bank annual general meeting in Kolkata. 11:00 am: Union Bank of India annual general meeting in Mumbai. 11:00 am: Dena Bank annual general meeting in Mumbai. 11:00 am: Dewan Housing Finance Corp. annual general meeting in Mumbai. LIVECHAT - ON THE CHARTS Thomas Schroeder, managing director and founder at Chart Partners Group, joins us at 09:30 am IST, to discuss technicals for currencies and equities, with views on emerging markets. To join the Global Markets Forum, click here INDIA TOP NEWS Fortis Healthcare quarterly loss widens on impairment charges Fortis Healthcare, which is embroiled in a takeover battle that has drawn international bidders, said loss for the March quarter ballooned to 9.32 billion rupees hurt by impairment charges. India urges AIIB to increase loan book tenfold to $40 billion by 2020 The China-backed Asian Infrastructure Investment Bank (AIIB) should increase lending tenfold within two years to help the region meet its investment needs faster, Indian Prime Minister Narendra Modi said at the third annual meeting of the multilateral lender in Mumbai. Mallya seeks to sell $2 billion worth assets to repay creditors Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher Airlines, said on Tuesday he was trying to sell assets worth about 139 billion rupees to repay creditors. GLOBAL TOP STORIES U.S. House backs tighter foreign investment rules amid China worries The U.S. House of Representatives overwhelmingly passed a bill on Tuesday to tighten foreign investment rules, spurred by bipartisan concerns about Chinese bids to acquire sophisticated U.S. technology. China's robust industrial profits keep trade war risks at bay for now Profits at China's industrial firms rose sharply in May, maintaining the previous month's sizzling pace despite signs of slowing momentum in the world's second-largest economy and an intensifying trade spat with the United States. U.S. top court upholds Trump travel ban targeting Muslim-majority nations The U.S. Supreme Court on Tuesday handed Donald Trump one of the biggest victories of his presidency, upholding his travel ban targeting several Muslim-majority countries and rejecting the argument that it represented unconstitutional religious discrimination.
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MORNING NEWS CALL
FACTORS TO WATCH
10:00 am: ASSOCHAM National Conclave on Goods & Services Tax in New Delhi.
10:30 am: UCO Bank annual general meeting in Kolkata.
10:30 am: Allahabad Bank annual general meeting in Kolkata.
11:00 am: Union Bank of India annual general meeting in Mumbai.
11:00 am: Dena Bank annual general meeting in Mumbai.
11:00 am: Dewan Housing Finance Corp. annual general meeting in Mumbai.
LIVECHAT - ON THE CHARTS
Thomas Schroeder, managing director and founder at Chart Partners Group, joins us at 09:30 am IST, to discuss
technicals for currencies and equities, with views on emerging markets. To join the Global Markets Forum, click here
INDIA TOP NEWS
Fortis Healthcare quarterly loss widens on impairment charges
Fortis Healthcare, which is embroiled in a takeover battle that has drawn international bidders, said loss for the March
quarter ballooned to 9.32 billion rupees hurt by impairment charges.
India urges AIIB to increase loan book tenfold to $40 billion by 2020
The China-backed Asian Infrastructure Investment Bank (AIIB) should increase lending tenfold within two years to help
the region meet its investment needs faster, Indian Prime Minister Narendra Modi said at the third annual meeting of the
multilateral lender in Mumbai.
Mallya seeks to sell $2 billion worth assets to repay creditors
Businessman Vijay Mallya, who is being pursued by Indian authorities over unpaid loans tied to his defunct Kingfisher
Airlines, said on Tuesday he was trying to sell assets worth about 139 billion rupees to repay creditors.
GLOBAL TOP STORIES
U.S. House backs tighter foreign investment rules amid China worries
The U.S. House of Representatives overwhelmingly passed a bill on Tuesday to tighten foreign investment rules,
spurred by bipartisan concerns about Chinese bids to acquire sophisticated U.S. technology.
China's robust industrial profits keep trade war risks at bay for now
Profits at China's industrial firms rose sharply in May, maintaining the previous month's sizzling pace despite signs of
slowing momentum in the world's second-largest economy and an intensifying trade spat with the United States.
U.S. top court upholds Trump travel ban targeting Muslim-majority nations
The U.S. Supreme Court on Tuesday handed Donald Trump one of the biggest victories of his presidency, upholding his
travel ban targeting several Muslim-majority countries and rejecting the argument that it represented unconstitutional
religious discrimination.
2
STATE OF THE MARKETS
The SGX Nifty nearest-month futures were trading down 0.1 percent at 10,744.00.-NewsRise
The Indian rupee will likely open lower against the dollar amid a jump in Brent crude prices and continued weakness in
the Chinese yuan, which fell below a closely watched level.-NewsRise
Indian government bond prices are expected to fall today tracking a rally in crude oil prices, that worsens the outlook
for inflation. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.83 percent - 7.88
percent band today.-NewsRise
U.S. stocks found their footing on Tuesday, helped by gains in the energy, technology and consumer discretionary
sectors after a sharp sell-off a day earlier on spiraling global trade tensions.
Asian share markets were under pressure as weakness in Chinese stocks and the yuan weighed on sentiment in the
region, while oil climbed as the United States pressured allies to stop buying Iranian crude.
The dollar was buoyant, having rebounded from two-week lows against its rivals as the yen sagged on easing risk
aversion.
U.S. Treasury yields edged higher on Tuesday as concerns lingered that trade wars could harm economic growth, but
safety buying was capped by expectations the Federal Reserve will continue to raise interest rates.
Oil prices rose following supply disruptions in Libya and Canada and after U.S. officials told oil importers to stop buying
Iranian crude from November.
Gold prices sat near a more than six-month high low hit in the previous session, as the dollar firmed amid easing risk
aversion and expectations of further interest rate hikes by the U.S. Federal Reserve.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 68.18/68.21 June 26 -$78.70 mln -$3 mln
10-yr bond yield 8.05 pct Month-to-date -$645.92 mln -$1.51 bln
Year-to-date -$890.57 mln -$5.73 bln
3
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PICTURE OF THE DAY
A girl rows a boat in the interiors of the polluted Dal Lake in Srinagar June 26. REUTERS/Danish Ismail
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