12:00 pm: Food Minister Ram Vilas Paswan briefs media on achievements of the ministry in last 3 years of NDA government in New Delhi.
LIVECHAT - FX WEEK AHEAD FX Buzz analyst Jeremy Boulton analyses G7 currencies at 3:30 pm. To join the conversation, click on the link: https://forms.thomsonreuters.com/communities/ INDIA TOP NEWS • India imposes new duties on steel products, risking trade complaints India imposed retroactive anti-dumping duties on some steel products of foreign firms including POSCO and Nippon Steel & Sumitomo Metal Corp, the latest in a series of protectionist measures that have already drawn international complaints.
• India's Idea Cellular posts 2nd straight quarterly loss Idea Cellular Ltd, India's third-biggest telecoms operator, posted its second straight quarterly loss after a rival carrier's free services hit sales and eroded margins.
• India's retail inflation eases to below 3 pct y/y in April India's consumer inflation eased in April to its lowest in at least five years, reviving a debate on whether the Reserve Bank of India (RBI) should revisit policy easing even as most analysts expect it to hold rates for the time being.
• EXCLUSIVE-IEA to review oil demand outlook after China, India signal auto policy shifts The International Energy Agency will review its electric vehicle (EV) use and oil demand forecasts after India and China recently signaled new policies in favour of electric cars and vehicles using other alternatives to gasoline.
• India's Piramal looking to expand in real estate financing Indian conglomerate Piramal Enterprises said it is looking to expand its real estate development business and also expects to have a licence to start providing home mortgages by July.
• Dr Reddy's says U.S. drug approvals hard to get after "bad" year India's Dr Reddy's Laboratories Ltd said it expects to launch more than 10 products in the United States this year and hopes business there will improve as it caps off what it termed as a "particularly bad year" marked by regulatory rebukes.
• India's UCO Bank says regulator begins "corrective action" over high bad loans India's central bank has initiated "prompt corrective action" for state-run UCO Bank over its high bad loans and negative return on assets, UCO said on Friday.
• Limit registration of petrol, diesel cars: India policy commission report India could save as much as $60 billion in energy costs by 2030 and one gigatonne of carbon emissions between 2017 and 2030 by adopting more electric and shared vehicles, according to a report released on Friday by the country's leading think-tank.
GLOBAL TOP NEWS • N.Korea says missile test aimed at testing carrying large nuclear warhead North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a "large scale heavy nuclear warhead." • More disruptions feared from cyber attack; Microsoft slams gov't secrecy Officials across the globe scrambled over the weekend to catch the culprits behind a massive ransomware worm that disrupted operations at car factories, hospitals, shops and schools, while Microsoft on Sunday pinned blame on the U.S. government for not disclosing more software vulnerabilities.
• China pledges $124 bln for new Silk Road as champion of globalisation Chinese President Xi Jinping pledged $124 billion on Sunday for his new Silk Road plan to forge a path of peace, inclusiveness and free trade, and called for the abandonment of old models based on rivalry and diplomatic power games.
LOCAL MARKETS OUTLOOK (As reported by NewsRise) • The SGX Nifty Futures was trading at 9,448.00, up 0.35 pct from its previous close.
• The Indian rupee will likely open little changed to slightly higher against the dollar, tracking its Asian peers, as soft U.S. inflation and retail sales numbers dampened demand for the greenback.
• Indian government bonds will likely edge higher, as retail inflation fell to its lowest in over five years, spurring bets that the central bank may relax its policy stance and slash interest rates going forward. The yield on the benchmark 6.97 pct bond maturing in 2026 is likely to trade in a 6.87 pct-6.93 pct band today.
GLOBAL MARKETS • Wall Street slipped on Friday, ending the week lower as tepid economic data weighed on banks and worries deepened over Nordstrom and other department stores.
• Asian stocks got off to a shaky start as a ransomware attack that locked up more than 200,000 computers in over 150 countries and a missile test by North Korea on Sunday kept investors on edge.
• The dollar started the week on the defensive, after U.S. economic data came in shy of expectations and another missile test by North Korea over the weekend underpinned the perceived safe-haven yen.
• The U.S. Treasuries market rallied on Friday with the benchmark yield posting its biggest one-day drop in more than three weeks, as weaker-than-expected consumer inflation data in April diminished the view on whether Federal Reserve would raise interest rates more than once for the rest of the year.
• Oil prices held steady, supported by expectations that OPEC and Russia have agreed to extend a production cut beyond the first half of this year.
• Gold prices held on to their gains in the previous session, as weaker-than-expected economic data from the U.S. and a missile test by North Korea over the weekend weighed on risk appetite and pressured the dollar.
CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 64.30/64.33 May 12 $222.68 mln $345.26 mln 10-yr bond yield 7.17 Month-to-date $216.86 mln $1.28 bln Year-to-date $6.65 bln $10.68 bln ($1 = 64.30 Indian rupees) 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] (Compiled by Pathikrit Bandyopadhyay in Bengaluru)
