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 11:00 am: RBI Executive Director M. Rajeshwar Rao and IBA Chairman Sunil Mehta at ASSOCHAM’s webinar. 5:00 pm: NITI Aayog Senior Advisor Anna Roy at FICCI’s “Global Youth Entrepreneurship & Industry Connect.” 5:00 pm: RBI to release weekly foreign exchange data in Mumbai. INDIA TOP NEWS • Reliance's stake sale talks with Aramco stall over price, sources say Talks over the sale of a 20% stake in Reliance Industries' oil-to-chemical business to Saudi Aramco have stalled over price, four sources familiar with the matter said. • India coronavirus cases near one million, driven by surge in rural areas The number of coronavirus cases in India neared one million on Thursday as infection numbers rose in the countryside, pushing authorities to reinstate lockdowns across several states. • India says needs to verify troop disengagement with China India and China are making progress on ending a months-long military faceoff at their disputed Himalayan border but it is a complicated process and needs verification on the ground, the Indian army said on Thursday. • India, U.S. discuss possibility of free trade pact - India trade minister India and the United States on Thursday discussed the "possibility" of a free trade pact, India's Commerce and Industry Ministry said in a statement. • Amazon India demands product listings have country of origin by Aug 10 Amazon.com's India unit has told sellers they must provide country of origin information on product listings by August 10, according to an email sent by the e-commerce giant to sellers, against a backdrop of brewing anti-China sentiment. • Alibaba's UCWeb lays off India staff, Club Factory halts payments after app ban Alibaba's subsidiary UC Web is slashing staff in India after a ban on 59 Chinese-origin mobile apps that includes UC Web's browser and two other products, according to staff and a company letter seen by Reuters. • State-run Air India working to contain costs State-run airline Air India said on Thursday it was working to contain costs by reducing debt, aircraft lease rentals, as well as staffing and operating expenses. • India's electricity output recovers faster in first half of July India's electricity generation during the first half of July fell at a slower pace than in June, provisional government data showed, as industries and commercial establishments gradually opened up with the easing of coronavirus lockdowns. GLOBAL TOP NEWS • U.S. targets all Chinese Communist Party members for possible travel ban -source The Trump administration is considering banning travel to the United States by all members of the Chinese Communist Party and their families, a person familiar with the matter said on Thursday, a move that would worsen already tense U.S.-China relations. • U.S. shatters coronavirus record with over 77,000 cases in a day The United States shattered its daily record for coronavirus infections on Thursday, reporting more than 77,000 new cases as the number of deaths in a 24-hour period rose by nearly 1,000, according to a Reuters tally. • Twitter stepped up search to fill top security job ahead of hack Twitter had stepped up its search for a chief information security officer in recent weeks, two people familiar with the effort told Reuters, before the breach of high-profile accounts on Wednesday raised alarms about the platform's security. LOCAL MARKETS OUTLOOK (As reported by NewsRise) • SGX Nifty nearest-month futures were 0.8% higher at 10,781.50. • The Indian rupee is expected to trade little changed against the dollar as market participants focus on mixed U.S. data and coronavirus infection trends. • India bond yields are likely to edge higher in early trade, ahead of a weekly debt auction today. The yield on the benchmark 5.79% bond maturing in 2030 is likely to trade in a range of 5.80%-5.85%. GLOBAL MARKETS • The S&P 500 dropped on Thursday, pulled lower by Microsoft and Apple, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases. • Asian shares eked out gains and U.S. stock futures bounced back as hopes of more government spending around the globe suppressed concerns about rising coronavirus and worsening tensions between Washington and Beijing. • The dollar held onto gains against most currencies as worries that a resurgence in the coronavirus is starting to curb economic activity drew safe-haven flows into the U.S. currency. • U.S. Treasury yields fell on Thursday as the rapid spread of coronavirus cases across some American states weighed on risk sentiment, even as data showed U.S. economic improvement. • Oil prices were unchanged with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs. • Gold steadied near the $1,800 level after a sharp fall in the previous session, as worries over surging coronavirus cases and U.S.-China tensions underpinned its safe-haven appeal, although a stronger dollar capped gains. CLOSE FII INVESTMENTS EQUITIES DEBT PNDF spot 75.14/75.17 July 16 (34.97) crores (581.52) crores 10-yr bond yield 5.81% Month-to-date (4,855) crores 806 crores Year-to-date (23,368) crores (1,06,153) 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 = 75.17 Indian rupees) (Compiled by Siddharth Athreya V in Bengaluru)
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