GMF: ASIA LIVECHAT - MARKETS FOCUS with Michael Every, Head of Financial Markets Research-Asia-Pacific, Rabobank Lots happening in Asia. While China seems to have cooled down a bit, we have the the BOJ piling on suprises nearly every policy meet. Also was there really a 'secret' G20 accord? We'll ask Michael at 1000 IST if the yen will break 100 anytime soon and if the Fed rate hike expectaton has actually moved to July. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS Surging growth helps India retain fastest growing economy tag India gathered momentum from January to March to extend its lead as the world's fastest growing large economy, helping Prime Minister Narendra Modi craft an impressive sales pitch for meetings with investors in the United States next week.
India looks to launch stressed-debt fund, minister says India is looking to launch a fund to invest in stressed assets, junior finance minister Jayant Sinha said on Tuesday, as regulators strive to clean-up non-performing loans that have stifled banks' lending power in Asia's third-largest economy.
Sun Pharma forecasts annual sales below estimates, shares fall Sun Pharmaceutical Industries Ltd issued a weaker-than expected annual sales outlook as it grapples with increased competition in the United States as well as supply constraints, sending its shares 5 percent lower.
Aurobindo Pharma Q4 profit jumps 40 percent; shares rise 4 percent Aurobindo Pharma Ltd, India's fourth-largest drugmaker by sales, said higher sales in the United States and emerging markets helped its fourth-quarter net profit grow 40 percent, above estimates, sending shares up as much as 4 percent.
Westinghouse to get new site for Indian nuclear plant - officials Toshiba Corp's Westinghouse Electric will relocate a planned project to build six nuclear reactors in India, said officials, bringing the first deal stemming from a U.S.-India civil nuclear accord struck over a decade ago closer to reality.
India will make corporate bonds part of fundraising for projects - RBI official India will make it compulsory for companies to raise funds via corporate bonds for some projects such as infrastructure, said Chandan Sinha, an executive director at the Reserve Bank of India, on Tuesday.
Dassault Aviation ready to sign Rafale deal, ball in India's court Dassault Aviation is ready to sign a contract with India at any moment, but the ball is in India's court, chief executive Eric Trappier told French daily Les Echos in an interview published on Tuesday.
Total to buy East African oil retailer Gapco from Reliance French major Total has agreed to buy East African oil retailer Gulf Africa Petroleum Corp (Gapco) from India's Reliance Industries for an undisclosed amount as it seeks to strengthen its presence in the continent.
Russia's Rosneft says completes deal to sell 15 percent in Vankor oilfield to ONGC Russia's largest oil producer Rosneft said on Tuesday it has completed the deal to sell a 15 percent stake in Vankor oilfield in East Siberia to ONGC for $1.27 billion.
GLOBAL TOP NEWS China factory activity expands again in May but at tepid pace-official PMI Activity in China's manufacturing sector unexpectedly expanded for the third straight month in May but growth remained weak as orders softened, suggesting the world's second-largest economy is still struggling to regain traction.
Japan May factory activity shrinks at fastest pace in over 3 years-PMI Japanese manufacturing activity contracted at the fastest pace in more than three years in May as new orders slumped, a private survey showed on Wednesday, highlighting renewed weakness in the economy and adding pressure on the government and central bank.
Top Alibaba shareholder Softbank plans to sell $7.9 billion in stock Japanese telecommunications and internet firm Softbank Group Corp said on Tuesday it will sell at least $7.9 billion of shares in Chinese e-commerce company Alibaba Group Holding Ltd in order to raise funds to reduce its debt.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) The SGX Nifty Futures was trading at 8,212.50, up 0.29% from its previous close.
The Indian rupee will likely open higher against the dollar, tracking its Asian peers, as a mixed set of U.S. economic data weighed on demand for the greenback.
Indian government bonds are likely to fall in early trade as better-than-expected growth data for quarter ended Mar. 31 further lowered the chances of an early monetary easing by the Reserve Bank of India, even as concerns persist of an interest rate increase in the U.S. The yield on the benchmark 7.59% bond maturing in 2026 is likely to trade in a 7.46%-7.50% range.
GLOBAL MARKETS The S&P 500 wrapped up its third straight month of gains on a flat note on Tuesday as weaker energy shares countered a rise in safe-haven utilities.
Asian stocks sagged on Wednesday as a slip in crude oil prices dampened investors' appetite for riskier assets, while the recently bullish dollar stalled against the euro and yen following a mixed bag of U.S. economic data.
The dollar took a step back from a two-month high against a basket of major currencies after a mixed bag of U.S. economic data slightly tempered expectations of a near-term Federal Reserve rate hike.
U.S. Treasury debt yields slipped from multiweek highs on Tuesday, after U.S. stocks fell following a mixed batch of economic data that dampened expectations for an interest rate increase by the Federal Reserve in June.
Oil prices fell early as production from the major Middle East exporters was expected to remain high or even increase just as concerns over the state of China's economy weighed on its fuel demand outlook.
Gold rose early after closing up the previous day for the first time in ten sessions, supported by an easing dollar and weaker Asian stocks.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 67.22/67.25 May 31 -$17.1 mln -$26.76 mln 10-yr bond yield 7.65 pct Month-to-date $381.76 mln -$708.75 mln Year-to-date $2.18 bln -$1.07 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 = 67.26 Indian rupees) (Compiled by Hardik Vyas in Bengaluru)
