To access a PDF version of this newsletter, please click here https://share.refinitiv.com/assets/newsletters/Indiamorning/MNC_IN_07062022.pdf If you would like to receive this newsletter via email, please register at: https://solutions.refinitiv.com/MNCIndiaSubscriptionpage FACTORS TO WATCH • No major events are scheduled for the day. INDIA TOP NEWS • India June services growth fastest in more than 11 years India's dominant services industry expanded at the fastest pace in over eleven years in June amid strong demand but stubborn inflation remains a concern as prices charged rose at the sharpest rate in almost five years, a private survey showed no Tuesday. • Twitter pursues judicial review of Indian orders to take down content -source Twitter on Tuesday asked an Indian court to overturn some government orders to remove content from the social media platform, a source familiar with the matter said, in a legal challenge which alleges abuse of power by officials. • India expands biofuel tax benefit for ethanol and vegoils India has expanded the excise duty exemption for biofuels to encourage the blending of higher proportions of ethanol and components of vegetable oil with gasoline and diesel, a government order said. • India's June gold imports treble y/y on price correction India's gold imports in June nearly trebled from year-ago levels on correction in prices and as jewellers replenished inventories after robust sales during a key festival, a government source said on Tuesday. • Indian financial crime agency raids Chinese-owned Vivo - sources India's financial crime-fighting agency on Tuesday raided the offices of smartphone maker Vivo, owned by China's BBK Electronics, and its related entities, a senior government official and an industry executive told Reuters. GLOBAL TOP NEWS • UK's Boris Johnson on the brink as ministers quit British Prime Minister Boris Johnson will face questions in parliament followed by a grilling by senior lawmakers, with his premiership on the brink after a slew of resignations from ministers saying he was not fit to govern. • Heavy fighting, widespread shelling in battle for Donetsk, says Ukrainian officials Russian troops are engaged in heavy fighting supported by widespread artillery fire as they launch a major offensive for Ukraine's Donetsk region, Ukrainian officials said, a day after Moscow declared victory in the neighbouring province of Luhansk. • ASML shares fall on report US wants to restrict sales to China Shares in ASML Holding, a key supplier of equipment to semiconductor makers, fell on Tuesday following a Bloomberg News report that the U.S. government wants to restrict the company from selling equipment to China. LOCAL MARKETS OUTLOOK • SGX Nifty nearest-month futures were trading 0.23% higher at 15,800.50. GLOBAL MARKETS • The S&P 500 ended slightly higher on Tuesday as investors kept their focus on the growth trajectory of the U.S. economy, and the tech-heavy Nasdaq closed higher. • Asian stocks slipped and the dollar stood by a two-decade high on the euro as investors' fears deepened that the continent is leading the world into recession, while oil and European equity futures attempted to steady after a slide. • The dollar stood tall, holding at a 20-year peak against the euro and multi-month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency. • Benchmark U.S. Treasury yields tumbled to one-month lows on Tuesday and a key part of the yield curve inverted for the first time in three weeks as economic worries dented risk appetite and increased demand for safe-haven U.S. debt. • Oil prices rose as much as nearly 3% before paring some gains as investors piled back into the market after a heavy rout in the previous session, with supply concerns returning to the fore even as worries about a global recession linger. • Gold prices gained, following a selloff in the previous session that pushed bullion to a seven-month low, after the dollar halted its rally. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 79.36/79.38 July 5 (1,433.67) crores (318.28) crores 10-yr bond yield 7.391% Month-to-date (4,552) crores (610) crores Year-to-date (2,21,910) crores (15,480) crores (FII investment numbers are in Indian rupees. Source: National Securities Depository Limited) 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 = 79.27 Indian rupees) (Compiled by Paulose Joseph)