Morning News Call – India, July 29

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FACTORS FOR WATCHING

There are no important events scheduled for the day.

LIVECHAT – MARKET UPDATE

Mike Dolan, Reuters EMEA releases an editor assessing the state of European markets at the beginning of a crucial week for central bank policy at 3:30 pm IST. To join the Hangout, click on the link: refini.tv/2P8N0Wp

INDIA TOP NEWS

The Minister of Finance says there is no rethinking the overseas government bonds

The Indian finance minister has ruled out a revision of a plan to issue foreign sovereign foreign currency bonds, she quoted in an interview published on Sunday despite warnings of long-term risk to the economy.

Indian bank loans to non-bank companies are on the rise: RBI manager for Business Standard

Credit flow to Indian non-bank financial corporations needs to accelerate soon, India's reserve bank governor Shaktikanta Das said in an interview with Business Standard in an interview published Friday.

Lower regulations help ICICI to make a profit for the first quarter

ICICI Bank reported a quarterly profit on Saturday compared to a year earlier, thanks to lower provisions and higher retail lending growth.

Maruti Suzuki India has a lower cost

Maruti Suzuki on Friday managed to beat market expectations for profit by keeping costs under control amid slowdowns in the industry, which negatively affected the sector.

India reduces the tax rate on electric vehicles to stimulate absorption

On Saturday, India cut taxes on electric vehicles and chargers, as it appears to encourage the use of greener cars.

Venanda's June earnings of the quarter decreased by nearly 12%

Vedanta's profit for the first quarter slightly missed forecasts, as falling commodity prices affected earnings and margins.

Aviation regulators release GA8 airplanes for flight

Aviation regulators in Australia, New Zealand, and the European Union have lifted GippsAero GA8 grounding orders after the initial results of a Swedish accident probe this month, killing nine people, regulators said on their websites.

India calls on Iran to release its entire crew after nine released

Iran released nine Indian Panamanian crew members who were seized by the Panamanian flag and confiscated this month, India's foreign ministry said Saturday and called for the release of three remaining crew members held by the same ship.

GLOBAL TOP NEWS

The United States and China are transferring trade talks to Shanghai because of the pessimism of the deal

US and Chinese trade negotiators are moving to Shanghai this week for their first private talks after the G-20 truce last month, a change of landscape for the two countries struggling to resolve deep differences on how to end an annual trade war.

China's industrial profits fall in June, adding fears of delay

Profits earned by Chinese industrial firms shrank in June after a short gain of the previous month, fueling the alarm that the slowdown in trade-led production will reduce economic growth.

After a weekend of violent clashes, Beijing turned to the unrest in Hong Kong

Hong Kong was scarred by another night of violent protests with hard hats, umbrellas, and water bottles that ejected some central streets as Beijing had to report on the worst crisis of the Asian Financial Center since 1997.

ASSESSMENT OF LOCAL MARKETS

(As reported by NewsRise)

• SGX Big futures for the nearest month were slightly changed to 11,320.00.

• The Indian Rupee is expected to open slightly against the dollar as the US economy grew at a faster pace than expected in June, and the Indian finance minister has clarified that there is no rethink of foreign currency lending abroad.

• Indian government bonds are likely to trade higher at the beginning of the session as the comments of the Federal Finance Minister ruled out the speculation that the government is revising its plan to issue foreign currency government bonds. Return on the benchmark 7.26% maturity bonds in 2029 is likely to trade in the range of 6.49% -6.55% today.

Global Markets

• The strong earnings from Alphabet and Starbucks pushed the S & P 500 and Nasdaq to record highs on Friday, backed by data showing that US economic growth slowed down less than expected in the second quarter.

• Asian shares collapsed lower, as markets have been eager to report a US interest rate cut this week, with much more effort on whether Federal Reserve signals are still in the pipeline.

• The dollar stands at a two-month high against a basket of currencies in Asia after better-than-expected US GDP data last week, raising yields against competitive currencies.

• US Treasury bonds were stable on Friday after yields rose briefly to data showing that US economic growth slowed down less than expected in the second quarter.

• Oil prices have fallen after Iran has identified emergency negotiations for a multi-party nuclear agreement with a group of signatories as "constructive", which suggests relieving tensions in the Middle East.

• Gold prices have risen before the Federal Reserve's monetary policy meeting this week, which is expected to lead to a fall in US interest rates.

For additional data:

The volumes of the government bond market in India

Stock market reports

Data that can not be transmitted

Corporate Debt Stories [IN CORPD]

Local market closure / daily level [IN SNAPSHOT]

Monthly inflows [INFLOWS RTRS TABLE IN]