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• U.S. lawmakers push back on Trump talk of helping China's ZTE U.S. lawmakers on Tuesday rejected any plan by President Donald Trump to ease restrictions on China's ZTE, calling the telecommunications firm a security threat and vowing not to abandon legislation clamping down on the company.

LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading down 0.7 percent at 10,745.00.

• The Indian rupee is expected to extend losses against the U.S. currency after an upbeat retail sales report sent long-term Treasury yields and the dollar index higher.

• Indian government bonds are likely to edge lower in early trade tracking gains in U.S. Treasury yields and firm crude oil prices. The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in 7.89 percent-7.94 percent band today.

GLOBAL MARKETS • A surge in U.S. government bond yields to their highest level in almost seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.

• Asian markets fell in early trade after Pyongyang called off talks with Seoul, throwing a major U.S.-North Korean summit into question, and a spike in the U.S. 10-year Treasury yield to a seven-year high knocked sentiment on Wall Street.

• The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week.

• A solid rise in U.S. retail sales in April rocked a teetering U.S. Treasuries market on Tuesday as a wave of selling propelled the benchmark 10-year note's yield through a key technical support, sending it to a near seven-year high.

• Oil prices fell, weighed down by ample supplies despite ongoing output cuts by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.

• Gold prices recovered slightly early, after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar.

CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.91/67.94 May 15 -$76.10 mln -$49.65 mln 10-yr bond yield 8.05 pct Month-to-date -$388.56 mln -$1.44 bln Year-to-date $793.49 mln -$3.10 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 = 68.0700 Indian rupees) (Compiled by Erum Khaled in Bengaluru)