2:30 pm: Monetary Policy Committee to announce interest rate decision in Mumbai.
2:45 pm: RBI Governor Urjit Patel briefs media post release of monetary policy statement in Mumbai.
1:00 pm: Federal cabinet meets in New Delhi. Agenda not known.
LIVECHAT - BOJ FOCUS Hiroshi Ugai, Chief Economist for Japan at JPMorgan; Former BOJ official, joins us to dissect Bank of Japan policy announced on Tuesday on the heels of reports that it was planning to discuss a more flexible approach to guiding Interest rates, and his outlook on BOJ's policy normalisation.
To join the conversation at 09:30 am IST, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • India's central bank, in a tight spot, is expected to raise rates again The Reserve Bank of India is likely to raise interest rates while retaining a neutral policy stance as it aims to strike a balance between rising inflationary pressures and still recovering growth.
• Tata Motors skids to first quarterly loss in three years Tata Motors reported its first quarterly loss in nearly three years on Tuesday as its British unit Jaguar Land Rover sold fewer of its luxury cars to dealerships in China and expenses rose.
• India's April-June fiscal deficit at 68.7 percent of FY target India reported on Tuesday a fiscal deficit of 4.29 trillion rupees for April-June, or 68.7 percent of the budgeted target for the current fiscal year compared with 80.8 percent a year ago.
• Smelter closure hurts Vedanta, Q1 profit lags estimate Vedanta on Tuesday reported a 2 percent rise in first-quarter profit, but missed analysts' estimates, as closure of its copper smelter in South India offset higher volumes at its aluminium and oil & gas businesses.
• India's June infrastructure output growth hits 7-month high of 6.7 percent India's annual infrastructure output grew 6.7 percent in June from a year ago, government data showed on Tuesday, its fastest pace in seven months.
• Vedanta chairman offers $1 billion to take miner private Vedanta Resources Chairman Anil Agarwal's family trust on Tuesday offered about $1 billion in cash to take the London-listed miner private.
• Govt seeks parliament nod for $143 million capital injection in Air India The Indian government on Tuesday sought parliament approval to inject 9.8 billion rupees in ailing national carrier Air India during the current fiscal year, after efforts to find a buyer for its 76 percent stake in the carrier failed.
• Bank of India June-quarter profit rises 8.4 percent on tax write-back Bank of India said on Tuesday quarterly profit rose 8.4 percent as the state-run bank recomputed tax provisions made a year earlier.
GLOBAL TOP NEWS • Trump to propose 25-percent tariff on $200 billion of Chinese imports -source The Trump administration plans to propose slapping a 25-percent tariff on $200 billion of imported Chinese goods after initially setting them at 10 percent, a source familiar with the plan said on Tuesday.
• China July manufacturing growth slowest in 8 months, export orders shrink - Caixin PMI China's manufacturing sector grew at the slowest pace in eight months in July as export orders declined yet again in a sign of a darkening outlook for the economy and businesses amid an intensifying trade dispute with the United States, a private survey showed.
• Apple's pricey iPhone X, subscriptions deliver earnings beat Apple sales led by the pricey iPhone X pushed quarterly results far beyond Wall Street targets on Tuesday, with subscriptions from App Store, Apple Music and iCloud services bolstering business.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading at 11,396.50, up 0.2 percent from its previous close.
• The Indian rupee is expected to open almost unchanged against the dollar before a decision by the country’s interest-rate setting panel on whether to raise rates for a second time this year.
• Indian government bonds are likely to open little changed ahead of outcome from the rate-setting Monetary Policy Committee’s review later today. Yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.75 percent-7.79 percent band till the policy decision.
GLOBAL MARKETS • U.S. stocks rebounded on Tuesday, boosted by gains in industrial shares following reports of renewed trade negotiations between the United States and China.
• Asian shares were higher, tracking the firmer Wall Street finish though reports that Washington plans to raise tariffs on $200 billion of Chinese goods have put the focus back on volatile Sino-U.S. trade relations.
• The U.S. dollar edged up on the yuan and growth-leveraged currencies after a source said the White House was about to propose higher tariffs on $200 billion in Chinese imports, perhaps sparking a new round of trade hostilities.
• U.S. Treasury yields were little changed in afternoon trading on Tuesday amid widespread expectations the Federal Reserve would leave interest rates unchanged when it announces its latest policy decision on Wednesday.
• Oil prices fell after industry data showed U.S. stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July.
• Gold prices were steady, after slipping to a near two-week low in the previous session, as investors waited for the outcome of the U.S. Federal Reserve's monetary policy meeting for outlook on interest rates.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.58/68.61 July 31 $83.56 mln $93.52 mln 10-yr bond yield 7.77 pct Month-to-date $76.20 mln $31.81 mln Year-to-date -$711.23 mln -$5.75 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 = 68.4500 Indian rupees) (Compiled by Yoganand KN in Bengaluru)
