GMF: FED WATCH Reuters reporters and editors tracking the Federal Reserve take questions on the economics,politics, trade matters and rates policies facing America's central bank and others whose decisions drive markets day in and day out at 7:00 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • Vedanta chairman offers $1 billion to take Indian miner private Chairman Anil Agarwal's family trust plans to offer around $1 billion in cash to take London-listed Vedanta Resources Plc private, the Indian company said, as it grapples with the aftermath of deadly protests at home.
• Few Indian shopkeepers turn up for protests against Walmart's Flipkart deal Indian shopkeepers and traders affiliated to a local lobby group held scattered sit-in protests across the country on Monday against Walmart Inc's proposed $16 billion acquisition of e-commerce firm Flipkart.
• India bankers panel suggests steps to tackle bad loans An Indian government panel has suggested creating an asset management company (AMC) to resolve bad loans above $73 million, among steps to clean up the banking sector, the interim finance minister said on Monday. [nL4N1TY4ZQ • Solid demand lifts India June factory growth to fastest pace this year India's factory activity grew at its fastest pace this year in June on robust output driven by solid demand, according to a business survey that also showed input costs increased the most in nearly four years.
• Thyssenkrupp hails 'fair' Tata Steel JV as focus turns to strategy Germany's Thyssenkrupp called a landmark joint venture thrashed out with India's Tata Steel "fair" on Monday, although the updated terms disappointed some shareholders.
• Interpol seeks arrest of Indian billionaire jeweller Nirav Modi Interpol has issued a red notice request to find and arrest fugitive Indian billionaire jeweller Nirav Modi, who is at the heart of a $2 billion-plus bank fraud case, the international agency said on its website.
• Carnival in talks to buy cinemas in UAE, Bahrain Carnival Cinemas and a partner in the United Arab Emirates (UAE) are in talks to buy Qatar-based Novo Cinemas' theatres in the UAE and Bahrain, three sources familiar with the matter told Reuters.
• India's RITES, Fine Organic Industries rise on market debut Shares of RITES Ltd and Fine Organic Industries Ltd rose in their market debut on Monday, after initial share sales aiming to raise a combined $157.20 million saw strong interest from investors last week.
• Volkswagen's Skoda to invest $1.2 bln to revive India sales European automaker Skoda plans to produce a new mid-sized sport utility vehicle in India, it said on Monday, as part of a $1.16 billion investment by its parent Volkswagen to revive sales in one of the world's fastest growing automobile markets.
GLOBAL TOP NEWS • Trump moves to block China Mobile's U.S. entry on national security grounds The U.S. government moved on Monday to block China Mobile Ltd from offering services to the U.S. telecommunications market, recommending its application be rejected because the government-owned firm posed national security risks.
• Trump makes veiled WTO threat after EU warning on car tariffs U.S. President Donald Trump warned the World Trade Organization on Monday that "we'll be doing something" if the United States is not treated properly, just hours after the European Union said that U.S. automotive tariffs would hurt its own vehicle industry and prompt retaliation.
• Dell moves to go public, spurns IPO Dell Technologies Inc said on Monday it would pay $21.7 billion in cash and stock to buy back shares tied to its interest in software company VMware Inc, returning the computer maker to the stock market without an initial public offering.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty nearest-month futures were trading at 10,661.00, up 0.2 percent from previous close.
• The Indian rupee is expected to open little changed against the U.S. currency as the biggest drop in Brent crude prices in two weeks offsets the impact from a continued slide on the Chinese yuan.
• The Indian government bonds will likely fall in early session ahead of a fresh supply of state debt today.The yield on the benchmark 7.17 percent bond maturing in 2028 is likely to trade in a 7.89 percent-7.94 percent band today.
GLOBAL MARKETS • Wall Street ended higher on Monday after a choppy session, with gains in Apple and other technology stocks offsetting worries about an escalating trade war between Washington and its trading partners.
• Asian shares dropped as sentiment remained fragile in the face of tense trade relations between the United States and major economies, with investors braced for another potentially rocky day for Chinese markets.
• The dollar eased marginally against its peers, as the euro steadied after partners in Germany's coalition settled a row over migration that had threatened to topple Chancellor Angela Merkel's government.
• The U.S. yield curve held near its flattest level in over a decade on Monday as investors preferred longer-dated U.S. government debt over short-dated issues on worries that a global trade war would slow inflation and business activity worldwide.
• Oil prices climbed after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets.
• Gold prices crept higher, after falling about 1 percent to a six-and-a-half-month low in the previous session, as a softer dollar and mounting global trade tensions supported the safe-haven metal.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 68.73/68.76 July 2 -$175.37 mln $133.20 mln 10-yr bond yield 7.91 pct Month-to-date -$542.78 mln - Year-to-date -$787.43 mln -$5.65 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 = 68.7100 Indian rupees) (Compiled by Priyanka Das in Bengaluru)
