MORNING NEWS CALL

FACTORS TO WATCH

9:30 am: NITI Aayog member V.K. Saraswat at India Minerals and Metals Forum in New Delhi.

10:30 am: Bank of Maharashtra annual meeting in Pune.

LIVECHAT - OIL FOCUS

Henning Gloystein , Reuters Asia deputy editor for commodities, joins us ahead of the crucial OPEC meeting on June

22 to discuss what could be expected in terms of output increases at 0930 IST. To join the conversation, click here .

LIVECHAT - U.S.- CHINA TRADE WORRIES

World markets were spooked on Tuesday as U.S. President Donald Trump threatened to levy further tariffs on Chinese

goods. What exactly is Trump aiming for and is that achievable without any large-scale blowback? Andrew Polk, co-

founder at Trivium China, former China director for Medley global advisors and a resident economist at the Conference

board, will answer these questions and more on trade and tariffs at 1200 IST. To join the conversation, click here.

LIVECHAT - EUROPE MARKETS AND TRADE FEARS

While trade tariff talks have US and China as the main players, the European economy is the lead actor. In general,

European companies are far more exposed to the global economy than U.S. companies, making them more vulnerable

to countries slapping higher tariffs on goods. Alastair Winter, chief economist at Daniel Stewart & Company talks about

it at 1300 IST. To join the conversation, click here.

TRADING INDIA FORUM - FORENSIC ACCOUNTING

Co-founder of 2Point2 Capital Amit Mantri's blog on Manpasand a couple of years ago came back to haunt the stock.

With the auditors resigning, the stock fell 65 percent. We speak to Amit at 1100 IST on the topic of forensic accounting

and how analysts fail to see the larger picture or worse, ask the right questions. To join the conversation, click here.

INDIA TOP NEWS

Air India stake sale plan shelved, alternatives being worked on - government

India has shelved a plan to sell a 76 percent stake in state-owned carrier Air India due to lack of interest from bidders, a

government official said on Wednesday, marking the latest setback in its ambitious efforts to rescue the ailing airline.

India ships more cotton to China as 25 percent tax spoils U.S. supply

India's cotton shipments to China could grow five-fold to 850,000 tonnes in the next crop year as exporters rack up

orders amid a trade war that is forcing the world's top consumer to look for other sources of supply.

Energy guzzler India urges OPEC to tackle high oil prices

India, the world's third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and

ensure sustainable oil prices as politics affect the output of some producers.

Police arrest CEO, director of state-run Bank of Maharashtra over loans

Police arrested the chief executive and an executive director of state-run Bank of Maharashtra on Wednesday, accusing

them of misusing their authority in making loans to a property developer.

Chief Economic Adviser Arvind Subramanian latest high profile hire to quit government

India's chief economic adviser Arvind Subramanian said on Wednesday he was quitting his post to return to academic

2

research in the United States, the third high-profile hire to leave Prime Minister Narendra Modi's economic

administration.

India rate panel strikes balanced tone, awaits clarity for further move - minutes

India's monetary policy committee struck a balanced note on its rate stance going forward and cited rising inflation

pressure due to high oil prices as the key reason for raising interest rates in the June meeting, according to minutes of

the meeting released by the Reserve Bank of India on Wednesday.

Bosch to invest 17 billion rupees in India over next 3 years

German auto parts maker Bosch Group plans to invest 17 billion rupees in India over the next three years to meet

growing demand in the domestic automotive market, Chief Executive Officer Volkmar Denner said on Wednesday.

Vedanta says acid leak severe at south Indian copper smelter

Vedanta said on Wednesday a sulphuric acid leak from a tank at its southern Indian copper smelter was severe and

inaction could lead to serious environmental consequences.

GLOBAL TOP STORIES

Trump backs down on separating immigrant children, legal problems remain

U.S. President Donald Trump on Wednesday backed down and abandoned his policy of separating immigrant children

from their parents on the U.S.-Mexico border, after images of youngsters in cages sparked outrage at home and

abroad.

EXCLUSIVE-Toyota, pressed to innovate, is cutting marketing costs to fuel research

Toyota has begun slashing costs, starting with sales and marketing, and shifting resources into research that will help it

keep up with new competitors, four people familiar with the matter said.

U.S. identifies N.Korea missile test site it says Kim committed to destroy

The missile engine test site that President Donald Trump said North Korean leader Kim Jong Un had committed to

destroy is a major facility in the western part of the country that has been used for testing engines for long-range

missiles, according to a U.S. official.

STATE OF THE MARKETS

The SGX Nifty nearest-month futures were trading little changed at 10,797.5. -NewsRise

The Indian rupee is expected to open slightly lower against the dollar, mirroring weakness in regional currencies, after

the Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to more interest rate increases.

-NewsRise

Indian government bonds are expected fall in early trade after the minutes of the Monetary Policy Committee’s June

meeting reiterated the panel’s commitment to maintain inflation at the target of 4 percent. The yield on the benchmark

7.17 percent bond maturing in 2028 is likely to trade in a 7.81 percent - 7.88 percent band today. -NewsRise

The Nasdaq closed at a record on Wednesday, lifted by a climb in large-cap tech and consumer discretionary names,

while the Dow and S&P 500 were hemmed in as concerns over an escalation in the U.S. - China trade skirmish

simmered.

Asian shares crept ahead as a lull in the Sino - U.S. trade tussle and talk of more Chinese stimulus helped calm

nerves, while tensions in the oil market grew ahead of an OPEC meeting that could expand the supply of crude.

3

The dollar hovered near an 11-month high against a basket of currencies, supported by a rise in U.S. yields, while the

pound struggled at its lowest level since November 2017 ahead of Bank of England's monetary policy decision.

U.S. Treasury yields rebounded from sharp falls in the previous session, as expectations of further U.S. interest rate

increases diverted the market's attention from Washington's trade conflict with China.

Oil prices fell as Iran signalled it could be won over to a small rise in OPEC crude output, potentially paving the way for

the producer cartel to agree a supply increase during a meeting on Friday.

Gold prices edged up, but hovered close to a six-month low touched in the previous session as a firm U.S. dollar curbed

gains.

CLOSE FII INVESTMENTS EQUITIES DEBT

PNDF spot 68.11/68.14 June 20 -$359 mln -$236.98 mln

10-yr bond yield 8.07 pct Month-to-date -$553.12 mln -$1.18 bln

Year-to-date -$797.77 mln -$5.41 bln

4

PICTURE OF THE DAY

Women shout pro-freedom slogans as they watch the body of Adil Ahmad, a suspected militant who according to local media was killed in a gunbattle with Indian security forces on Tuesday, during his funeral at Midoora village in south Kashmir’s Pulwama district, June 20. REUTERS/Danish Ismail

reuters.marketwatch@thomsonreuters.com

https://www.thomsonreuters.com/en/products-services.html

https://www.thomsonreuters.com/en/contact-us.html

click here

https://forms.thomsonreuters.com/india-morning/Unsubscribe/