5:30 pm: RBI Deputy Governor S.S. Mundra at Mint South India Banking conclave in Bengaluru.
GMF: LIVECHAT - WEEKAHEAD Reuters EMEA markets editor Mike Dolan discusses the upcoming week's main market inflection points at 3:30 pm IST. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • After India's growth slumps, finance minister looks to GST for lift India's economy should get a lift from the launch of a new sales tax, Finance Minister Arun Jaitley said on Thursday, putting a brave face on a slowdown in growth that followed a government crackdown on "black money".
• Indian factory growth slows to 3-month low in May as new orders soften Indian factory growth cooled in May as new orders expanded at a more modest pace, but manufacturers were able to raise prices slightly, according to a private survey.
• Russia signs deal to expand India's Kudankulam nuclear plant Russia signed an agreement with the Indian government on Thursday to build two new reactors for the Kudankulam nuclear power station in Tamil Nadu and said it would loan India $4.2 billion to help fund construction.
• Civil aviation ministry to decide on Air India privatisation - finmin India's civil aviation ministry will decide on ways to privatise state-run carrier Air India following suggestions by the country's planning body, Niti Aayog, Finance Minister Arun Jaitley told reporters on Thursday.
• Indian farmers strike; curb milk, vegetable supply to Mumbai Farmers from India's western state of Maharashtra started an indefinite strike on Thursday, curtailing the supply of vegetables, fruits and milk to cities such as Mumbai in a move that could push up food prices in the coming days.
• SREI says to ink $500 million venture with Russia's VEB India's SREI Infrastructure Finance hopes to sign a $500 million joint venture this week with Russian state lender VEB to finance exports of equipment to India, managing director Hemant Kanoria said on Thursday.
GLOBAL TOP NEWS • Trump abandons global climate pact; allies voice dismay President Donald Trump said on Thursday he would withdraw the United States from the landmark 2015 global agreement to fight climate change, a move that fulfilled a major campaign pledge but drew condemnation from U.S. allies and business leaders.
• Gunman kills himself after suspected robbery in Philippines casino - police A gunman killed himself after bursting into a Manila casino, firing shots and setting gaming tables alight, Philippine police said, sowing panic in a country on high alert due to a bloody, 10-day battle with Islamist militants in the south.
• Ex-FBI chief Comey to testify next week in Russia probe Former FBI Director James Comey will testify next Thursday before a U.S. Senate panel investigating Russia's alleged meddling in the 2016 U.S. election, in a hearing that could add to difficulties facing President Donald Trump.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures were trading at 9,673.00, up 0.43 percent from its previous close.
The Indian rupee is poised to edge higher against the dollar amid expectations of foreign fund inflows, as local shares are seen tracking advances in global equities.
Indian government bonds will likely rise, as investors wager the central bank will adopt a ‘dovish’ policy stance next week after a drastic deceleration in the nation’s GDP growth and inflation. The yield on the benchmark 6.79 percent bond maturing in 2027 is likely to trade in a 6.60 percent-6.66 percent band today.
GLOBAL MARKETS • U.S. stocks advanced on Thursday, with each of the major U.S. indexes notching record highs, after a batch of economic data suggested the economy was picking up speed.
• Asian stocks edged up and the dollar bounced from recent lows as upbeat data on U.S. manufacturing and employment and buoyant European factory growth boosted investor optimism.
• The dollar hit a one-week high against the yen after upbeat U.S. private sector job figures, while the closely-watched non-farm payrolls report out later in the global day could provide another boost.
• U.S. short-dated Treasury yields briefly touched at least one-week highs on Thursday after strong data on U.S. private payrolls marginally boosted expectations for more Federal Reserve interest rate increases in 2017, while caution ahead of Friday's jobs report limited the move.
• Oil prices dropped nearly 1 percent in early Asian trade, dragged down by ongoing concerns over a global glut in crude supply despite a bigger-than-expected draw in U.S. crude inventories.
• Gold inched lower as Asian stocks and the dollar firmed after upbeat U.S. private sector job figures appeared to boost the prospects for an interest rate hike this month.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.45/64.48 June 1 -$80.24 mln $115.71 mln 10-yr bond yield 6.99 Month-to-date $1.54 bln -- Year-to-date $7.98 bln $13.56 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 = 64.47 Indian rupees)
