5:00 pm: Government to release June Infrastructure output data in Mumbai.
TRADING INDIA FORUM - COMMODITY EXCHANGES - THE WAY FORWARD Dubai Gold & Commodities Exchange Group (DGCX) commenced trading in November 2005 as the first derivatives exchange in the MENA region. It also trades the only exchange-related India Rupee Options product offered outside India. With trading in precious commodities surging, we speak to Gaurang Desai who is the CEO of DGCX on the future of commodity exchanges in both the MENA and the EMEA regions. To join the conversation at 1:00 pm IST, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ LIVECHAT - FOREX WEEK AHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/">https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • As food prices slump, pressure grows for more India interest rate cuts A nearly 60 percent drop in prices of a popular type of lentil is hurting Indian farmer Sanjay Somwanshi, but it is doing wonders for the country's inflation - and piling pressure on a stubborn central bank to cut interest rates more aggressively.
• Larsen & Toubro June-quarter profit up 46 percent, misses estimates Engineering and construction company Larsen & Toubro Ltd posted an about 46 percent increase in June-quarter net profit, boosted by higher revenue from its infrastructure business.
• SEBI calls on exchanges, clearing corps to better deal with tech glitches India's market regulator admonished stock exchanges, clearing corporations and depositoriesto have procedures in place to deal with technological disruptions or cyber attacks, and to quickly share any information when such instances occur.
• POLL-Low inflation to encourage India central bank to cut rates next week The Reserve Bank of India is expected to cut interest rates when it meets on Aug. 2, responding to an inflation rate running well below target, but an improving economy is likely to keep it on the sidelines for a long time thereafter, a Reuters poll showed.
• India signs potash import deal with Russia's Uralkali at $240/T India has agreed to pay 6 percent higher price than the previous year to Russia's Uralkali for importing 650,000 tonnes of potash in the year beginning August, said P.S. Gahlaut, managing director of Indian Potash Ltd.
GLOBAL TOP NEWS • Putin says U.S. must cut 755 diplomatic staff, more measures possible President Vladimir Putin said the United States would have to cut its diplomatic staff in Russia by 755 people and that Moscow could consider additional measures against Washington as a response to new U.S. sanctions approved by Congress.
• China July factory growth cools slightly as export orders ease - official PMI Growth in China's manufacturing sector slowed marginally in July, reinforcing expectations the world's second-largest economy will cool in coming months as borrowing costs rise and regulators clamp down on riskier types of financing.
• Pakistan set to elect new prime minister Tuesday Pakistan's lawmakers will elect a new prime minister on Tuesday to replace ousted leader Nawaz Sharif, with ruling party stalwart Shahid Khaqan Abbasi expected to become interim leader until Sharif's own brother is eligible.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures were trading at 10,028.50, trading down 0.06 percent from its previous close.
• The Indian rupee will likely open little changed against the dollar, on broad greenback weakness post the U.S. economic data and increasing political jitters in the world’s largest economy.
• Indian government bonds are likely to trade higher, as investors may step up purchases ahead of a widely-expected rate cut by the nation’s Monetary Policy Committee this week. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.43 percent-6.48 percent band today.
GLOBAL MARKETS • The S&P 500 slipped on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies.
• Asian shares turned positive after solid Chinese data following a lacklustre start, while the dollar edged up but remained capped by U.S. political uncertainty.
• U.S. Treasury yields fell after data showed that U.S. labor costs rose less than expected in the second quarter, adding to concerns that inflation will remain low.
• Oil prices hit over two-month highs, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela.
• Gold prices held around their highest in nearly seven weeks as tensions on the Korean peninsula boosted safe-haven demand for the metal and as the U.S. dollar hovered close to multi-month lows.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.14/64.17 July 28 -$34.78 mln $127.05 mln 10-yr bond yield 6.82 pct Month-to-date $580.53 mln $3.10 bln Year-to-date $9.17 bln $21.10 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 = 64.1100 Indian rupees) (Erum Khaled in Bengaluru)
