{LONGTERMINVESTORS} Morning Call.

 

Dear all,

Markets drop ahead of US jobs data

Ø  Benchmark indices fell on Friday, although gains in Europe and an intraday rebound in rupee helped cap overall losses ahead of the all-important U.S. jobs report.

Ø  Global risk appetite was firm, following the release of a report from the Labor Department showing much stronger than expected job growth in the month of June.

   Global Macro

Ø  U.S. non-farm payroll employment surged up by 287,000 jobs in June versus economist estimates for an increase of about 180,000 jobs.

Ø  Eurozone current account surplus rose to EUR 60.6bn from EUR 54.9bn in the same period a year ago.

Ø  Germany exports fell by a seasonally-adjusted 1.8% MoM in May, confounding expectations for a 0.4% rise.

Ø  IMF indicated that Euro area GDP growth is expected to decelerate from 1.6% this year to 1.4% in 2017, mainly due to the negative impact of the U.K. referendum outcome.

  Corporate Buzz 

Ø  Telecom Ministry cleared the INR 35bn 4G spectrum trading deal between service providers Bharti Airtel and Aircel.

Ø  A section of public sector bank employees threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates and privatisation of IDBI Bank.

Ø  Essar Steel Minnesota filed for Chapter 11 bankruptcy in a US court after it failed to pay its mining leases, prompting the state's Governor Mark Dayton to cancel them. The project involved iron ore pellet production of 7 MT per annum.

Ø  Piramal and Nirma emerged as two final contestants for Lafarge India's 11-million tonne (mt) cement business.

Ø  Cipla to invest USD 1.3bn in a biotechnology plant in South Africa as it aims to make cancer drugs affordable and grow presence in the market.

Ø  South Indian Bank posted a growth of 45.6% in net profit at INR 950.6mn in 1QFY17 as compared to INR 652.9mn in 1QFY16. The total income grew by 9.5% to INR 16.20bn in 1QFY17.

Ø  JSW Steel is planning to participate in the upcoming auction of iron ore mines in Karnataka and other states.

Ø  Viacom18 to launch a second Kannada general entertainment channel (GEC) on July 24, 2016.

Ø  Cadila Healthcare received an Establishment Inspection Report  from the USFDA for its manufacturing facility in Moraiya.

   Outlook

Ø  Benchmark indices are likely to open on a cautious note amidst mixed global cues.

 

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Regards,

CSEC Research

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