To access a PDF version of this newsletter, please click here here If you would like to receive this newsletter via email, please register at: here FACTORS TO WATCH 1:45 pm: Bank of India Managing Director and Chief Executive A.K. Das at Q1 earnings web conference in Mumbai. LIVECHAT - REUTERS GLOBAL MARKETS FORUM Wayne Cole, Reuters Chief Treasury Correspondent in Sydney, joins us to discuss the themes to watch for markets in the week ahead. To join the conversation at 9:30 am IST, click here refini.tv/2P8N0Wp INDIA TOP NEWS • India posts record fiscal deficit as coronavirus hits economy India's federal fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the coronavirus pandemic on tax collections and as the government front-loaded its spending. • India steps on gas as coal use for power generation slows Indian power plants used the most gas in at least 3-1/2 years in the June quarter, as operators along the west coast snapped up cheap liquefied natural gas (LNG) imports that have become competitive against coal, government data showed. • SBI touts strong "immunity" as profit surges in pandemic State Bank of India (SBI) posted a sharp increase in net profit on Friday and provided a steady outlook for the coming quarters, even as the coronavirus crisis ravages the country's economy. • Tata warns of another loss at JLR as demand slow to pick up India's Tata Motors warned on Friday that its luxury car unit, Jaguar Land Rover (JLR), may post another quarterly loss as the coronavirus crisis saps demand and cripples its supply chain. • FOCUS-Samsung crafts India comeback as anti-China wave surges Samsung Electronics is forging a comeback in India's smartphone market with a new range of budget devices and a ramped-up online presence, aiming to recoup ground ceded to Chinese rivals such as Xiaomi Corp. • Apple's Taiwan suppliers, Samsung apply for India's smartphone scheme Apple's Taiwan contract manufacturers Foxconn, Wistron Corp and Pegatron Corp have applied for funds from India's $6.65 billion scheme to boost smartphone manufacturing, the technology minister said on Saturday. • India's top refiner IOC posts 47% fall in net profit Indian Oil Corp (IOC), the country's top refiner, reported a 47% decline in its June quarter net profit to 19.11 billion rupees, as coronavirus lockdowns hammered fuel demand and squeezed margins. • India's June crude imports lowest in over five years; exports dip India's crude oil imports fell in June to their lowest level since February 2015, while year-on-year refined product exports declined for the first time in almost a year, government data showed on Friday. GLOBAL TOP NEWS • White House says not optimistic on near-term deal for coronavirus relief bill White House Chief of Staff Mark Meadows said on Sunday he was not optimistic on reaching agreement soon on a deal for the next round of legislation to provide relief to Americans hit hard by the coronavirus pandemic. • Trump to give TikTok's Chinese owner 45 days to agree sale -sources President Donald Trump has agreed to give China's ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, two people familiar with the matter said on Sunday. • Australia's Melbourne braces for more business closures as tougher restrictions bite Australia's second-biggest city Melbourne entered its first day of tougher restrictions to contain the spread of a resurgent coronavirus as residents braced for further announcements on business closures. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were trading 0.5% lower at 11,045. • The Indian rupee is expected to trade lower against the dollar tracking its regional peers’ losses. The Chinese yuan is in focus amid better-than-expected China manufacturing data and increasing concerns over the Sino-U.S. relationship. • Indian government bond yields will likely trade largely unchanged in early session amid lack of fresh triggers, while investors await the rate-setting panel’s interest rate decision due later this week for further cues. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 5.82%-5.87%. GLOBAL MARKETS • The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. • Asian share markets turned mixed as U.S. lawmakers struggled to hammer out a new stimulus plan amid a global surge of new coronavirus cases, though a squeeze on crowded short positions gave the dollar a rare bounce. • The U.S. dollar ticked up, clinging to its rebound late last week, but mounting concerns about a slowing U.S. economic recovery from coronavirus epidemic kept a lid on gains. • Longer-term U.S. Treasury yields rose off near-record lows on Friday, but caution held back shorter-term rates and steepened the yield curve as talks in Washington on a new coronavirus aid bill continued. • Oil prices fell on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand. • Gold rose to an all-time high as a softer U.S dollar and fears over the global economic fallout from surging coronavirus cases lifted demand for the safe-haven metal. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 74.80/74.83 July 31 1,421.61 crores (704.30) crores 10-yr bond yield 5.84% Month-to-date 7,563 crores (2,476) crores Year-to-date (10,950) crores (1,09,435) 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 = 74.92 Indian rupees) (Compiled by Samrhitha Arunasalam in Benagluru)
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