2:30 pm: HDFC Bank annual shareholders meeting in Mumbai.
LIVECHAT - BOJ FOCUS Freya Beamish, Chief Asia Economist, Pantheon Macroeconomics The Japanese central bank once again extended the timeframe for its plan to achieve the 2 percent inflation target and didn't give any clear signals about trimming its balance sheet. Beamish will discuss the challenges and options facing Kuroda at 10:00 am IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Reliance rattles Indian telcos again by unveiling "free" 4G phone India's disruptive new mobile entrant Reliance Jio, backed by the country's richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone on Friday to woo tens of millions of new customers, further destabilising established telecoms players.
• India considering to change financial year to Jan-Dec: Jaitley India's Finance Minister Arun Jaitley on Friday told lawmakers that the government is considering to change the country's financial year to January-December from April-March.
• Edible oil imports to fall for 1st time in six years India's edible oil imports are set to fall for the first time in six years as a surge in local oilseed output cuts into overseas purchases, but intake needs to fall further to fortify the health of the market, the head of a leading importer said.
• Carlyle affiliate to buy 26 percent in State Bank of India credit cards JVs An affiliate of buyout firm Carlyle will buy a 26 percent stake in each of two credit card joint ventures of State Bank of India, the top Indian lender said on Friday.
• Delhi government tells Philip Morris to remove all ads The state government in India's capital told Philip Morris International Inc and other tobacco companies on Saturday to remove all advertisements from tobacco shops in the city, warning them of legal action if they do not comply.
• Bajaj Auto exec says alliance around the corner India's Bajaj Auto is close to forming an alliance but the name of the other party would be announced once the formalities were completed, Chief Financial Officer Kevin D'sa told analysts at a post-earnings call on Friday.
• Ashok Leyland Q1 profit falls about 62 percent India's Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.
GLOBAL TOP NEWS • Trump open to signing Russia sanctions legislation -official The White House said on Sunday that U.S. President Donald Trump was open to signing legislation toughening sanctions on Russia after Senate and House leaders reached agreement on a bill late last week.
• Australian regulator investigating Takata airbag recall after death Australia's consumer watchdog said it was investigating the recall of Takata Corp vehicle airbags, a day after police said a man's death in a Sydney car crash could be linked to the faulty safety equipment.
• Japan manufacturing growth dips to 8-month low as export orders stall-flash PMI Growth in Japan's manufacturing activity slowed for the second straight month in July, a preliminary private survey showed, as export demand stagnated.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was at 9,919.00, 0.09 percent higher from previous close.
• The Indian rupee will likely edge lower against the dollar in opening trade, amid expectations of weak local indices tracking a decline in regional markets.
• Indian government bonds are likely to trade higher, tracking fall in U.S. Treasury yields and as strong demand seen at a domestic weekly debt sale last week signalled investors’ improved appetite. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.42 percent-6.47 percent band.
GLOBAL MARKETS • U.S. stocks ticked lower on Friday as weak earnings from industrial giant General Electric weighed, while tech shares retreated from record highs and energy tracked the price of oil lower.
• Asian stocks slipped as demand for riskier assets ebbed after recent strong gains, while the euro's near-two-year high on the European Central Bank's seeming lack of concern about its strength left the dollar languishing near a 13-month low.
• The dollar struggled near a 13-month low against a basket of major currencies as U.S. political woes dampened hopes for quick passage of President Donald Trump's stimulus and tax reform agendas.
• U.S. Treasury yields fell on Friday, with benchmark yields hitting three-week lows, as the euro reached a near two-year high against dollar, raising doubts whether the European Central Bank would scale back its bond purchases later in 2017.
• Oil prices were little changed following a steep fall in the previous session amid growing expectations that the joint OPEC and non-OPEC ministerial meeting later in the day would address rising production from Nigeria and Libya, two OPEC members exempted from the cuts.
• Gold touched a four-week high, supported by weaker equities and a dip in the dollar to fresh 13-month lows due to political uncertainty in the United States.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.33/64.36 July 21 $2.00 mln $251.40 mln 10-yr bond yield 6.77 pct Month-to-date $237.93 mln $1.99 bln Year-to-date $8.83 bln $19.99 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 = 64.32 Indian rupees) (Compiled by Benny Thomas in Bengaluru)
