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MORNING NEWS CALL
FACTORS TO WATCH
10:30 am: Economic Affairs Secretary Subhash Chandra Garg and State Bank of India Chairman Rajnish Kumar at
FICCI-EBRD Business Forum in Mumbai.
5:00 pm: RBI to release weekly foreign exchange data in Mumbai.
LIVECHAT - QUIZ EAST
Our Friday quiz focuses on Asia and the week's top news at 1100 IST. Test your wits and googling speed. To join the
conversation, click here.
INDIA TOP NEWS
Thyssenkrupp workers, some investors give CEO time for Tata Steel deal
Thyssenkrupp workers and a group representing some of the steelmaker's investors offered its chief executive more
time to finalise a planned joint venture deal with Tata Steel on Thursday.
India, top buyer of U.S. almonds, hits back with higher duties
India, the world's biggest buyer of U.S. almonds, raised import duties on the commodity by 20 percent, a government
order said, joining the European Union and China in retaliating against President Donald Trump's tariff hikes on steel
and aluminium.
EXCLUSIVE-JSW Steel plans bid for ArcelorMittal's Romanian plant
India's biggest steelmaker JSW Steel is expected to make a bid for ArcelorMittal's Galati plant in Romania, three
sources told Reuters, potentially competing against Ukraine's Metinvest and Italy's Marcegaglia.
Bank of Maharashtra sanctioned loans to defaulting firm-document
The chief executive of state-run Bank of Maharashtra sanctioned a 100 million rupee loan to a real estate firm which had
defaulted on payments to investors, according to a court document on the latest probe into loan fraud at Indian banks.
Shares in PNB fall after internal probe finds widespread lapses
Shares in India's Punjab National Bank fell as much as 3 percent on Thursday, a day after Reuters reported the bank's
internal investigation into its $2 billion fraud had found widespread risk-control and monitoring lapses in many areas of
the bank.
SEBI to act against entities in NSE probe over servers
India's market regulator said on Thursday it will initiate action against entities and individuals following an investigation at
the National Stock Exchange (NSE) into whether high frequency traders were getting unfair access to some network
servers at the exchange.
Swiggy raises additional $210 mln funding led by Naspers, DST Global
Online food delivery service provider Swiggy said on Thursday it raised another $210 million in its biggest ever funding,
led by South African internet and entertainment group Naspers and Hong Kong-based internet investment group DST
Global.
Rat breaches bank ATM in India, eats $18,000 worth of cash
When bank technicians in India were finally summoned to investigate why an ATM (automated teller machine) had not
been working for days, they began to smell a rat.
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GLOBAL TOP STORIES
Low inflation: Japan's May data shows BOJ stimulus barely moving price dial
Japan's core inflation remained subdued in May, yet again highlighting how far off the central bank is in hitting its 2
percent price goal despite over five years of massive stimulus.
German carmakers join American farmers on front line of U.S.-China trade war
An increasingly shrill exchange of words between the United States and China that is threatening to trigger a global
trade war has claimed another victim - Germany's auto sector.
U.S. military may house immigrant children as Trump policy beset by confusion
The U.S. military has been asked to get ready to house up to 20,000 immigrant children, officials said on Thursday, as
President Donald Trump's efforts to roll back a widely condemned policy of separating children from their parents were
beset by confusion.
STATE OF THE MARKETS
The SGX Nifty nearest-month futures were trading down 0.2 percent at 10,710. -NewsRise
The Indian rupee is expected to open higher against the dollar as fall in Treasury yields and tepid economic data led to
broad-based weakness in the U.S. currency. -NewsRise
Indian government bonds will likely edge lower in early trade tracking gains in crude oil prices ahead of a key meeting
of the Organization of the Petroleum Exporting Countries. The yield on the benchmark 7.17 percent bond maturing in
2028 is likely to trade in a 7.76 percent - 7.83 percent band today. -NewsRise
U.S. stocks fell on Thursday, with the Dow slumping for an eighth straight decline as industrials wobbled again on trade
war concerns while Amazon and other online retailers weakened after a U.S. Supreme Court ruling on state sales tax
collection.
Asian shares were under pressure on signs U.S. trade battles with China and many other countries are starting to chip
away at corporate profits, with oil prices choppy ahead of major producers meeting to discuss raising output.
The dollar fell from an 11-month peak against a basket of major currencies as investors took profits, while sterling
rebounded from a seven-month low after a slightly hawkish tilt from the Bank of England surprised the market.
U.S. Treasury yields fell on Thursday on worries about a continuing U.S. trade battle with China that prompted German
carmaker Daimler to cut its 2018 profit forecast, and as U.S. data fell below expectations.
Oil prices rose by more than 1 percent, pushed up by uncertainty over whether OPEC would manage to agree a
production increase at a meeting in Vienna later in the day.
Gold prices inched up after hitting a 6-month low the session before, with the dollar retreating from an 11-month peak.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 68.16/68.19 June 21 $165.88 mln -$134.39 mln
10-yr bond yield 8.02 pct Month-to-date -$901.77 mln -$1.32 bln
Year-to-date -$1.15 bln -$5.54 bln
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PICTURE OF THE DAY
Prime Minister Narendra Modi performs yoga on International Yoga Day in Dehradun, in the northern Himalayan state of Uttarakhand, June 21. REUTERS/Stringer