Tech Shares Help Sensex, Nifty Extend Gains For Second Trading Session

Indian equity benchmarks ended higher for the second consecutive trading session, led by the gains in Infosys Ltd. and Tata Consultancy Services Ltd.

The gains benchmarks indices were in line with their Asian and European peers after the U.S. President Donald Trump suspended plans for punitive tariffs on goods from Mexico.

The S&P BSE Sensex closed 0.43 percent or 169 points higher at 39,784.52 and the NSE Nifty 50 ended at 11,922.70, up 0.44 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.31 percent higher.

The markets are recovering from the declines that was witnessed in the past few days, KRChoksey’s Hemen Kapadia told BloombergQuint in an interaction. “The markets are not expected to touch fresh records in the near-term given the expensive valuations and that it is overbought.”

The market breadth, however, was tilted in favour of sellers. About 1,083 stocks declined and 701 shares advanced on National Stock Exchange.

Six out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty IT Index’s 1.57 percent gain. On the flipside, the NSE Nifty Media Bank Index was the top sectoral loser, down 1.69 percent.

With inputs from Bloomberg

Hero MotoCorp said that the company will be ready for the BS-VI transition much ahead of the April 1, 2020 deadline, according to its statement on the exchanges. The company the first two-wheeler manufacturer in India to receive BS-VI certification, the statement added.

Shares of the country’s largest two-wheeler maker traded 0.8 percent lower after the announcement.

Bharti Airtel

• Stock rose as much as 1.7 percent to Rs 363.30.
• Domestic funds have been accumulating the stock.

Deepak Nitrite

• Stock fell as much as 9.2 percent to Rs 291.
• HNIs are said to have been accumulating at lower levels

SRF

• Stock rose 1.2 percent to Rs 2,910.50. The stock rose 2.7 percent intraday.
• Few domestic funds have been accumulating.

DHFL

• Stock rose 7.9 percent to Rs 89.85. The scrip rose 9.8 percent intraday.
• The company paid investors around Rs 276.05 crore on its principal and interest obligations towards its non-convertible debentures.

L&T

• Stock rose as much as 1.2 percent to Rs 1,530.80. The scrip rose 1.9 percent intraday.
• The company secured contracts for various business valued at Rs 2,500-5,000 crore.

Vaibhav Global

• Stock rose as much as 9.7 percent to trade at over a four-year high at Rs 840.
• The Relative Strength Index was above 70, indicating that the stock may be overbought.

Manappuram Finance

• Stock rose as much as 5.4 percent to Rs 139.20.
• Trading in the company’s call options totaled 1,546 contracts, compared with the average of 606 over the past 20 days, Bloomberg data showed. Trading in the company’s put options totaled 694 contracts, compared with the average of 241 over the same period.

Indian equity benchmarks were subdued 45 minutes before the close as the gains in technology shares were offset by the losses in private banks.

The S&P BSE Sensex traded 70 points higher at 39,686 and the NSE Nifty 50 traded below 11,900. The broader market index represented by the NSE Nifty rose 0.08 percent. The NSE Nifty Midcap 100 and the NSE Nifty Smallcap 100 fell 0.19 percent and 0.76 percent respectively.

Seven out of 11 sectoral gauges compiled by NSE declined, led by the NSE Nifty PSU Bank Index's 1.9 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.39 percent.

There is a possibility of companies moving out of China for manufacturing activities in the long term if the trade war escalates, according to Jason Daw, head of Emerging Markets Strategy at Societe Generale.

Here are the key highlights from the conversation:

• It is negative for global growth if tariffs continue going forward or there is a further escalation.
• In the short term (six-12 months), there is absolutely no true beneficiary of the trade problems.
• Possibility of MNCs looking for destinations other than China for manufacturing activities in the long term.
• Currencies like India and Indonesia which have held in much better at this point as their export structure is different.
• Currencies most hurt are export-oriented and are linked into Chinese supply chain and tech.
• No real winner in EM currency place if we are going into recession like scenario for the U.S.
• Quick policy response from Fed is going to be helpful; will stabilise sentiments.
• Aggressiveness with which markets have priced in for the Fed usually means recession is very close.
• Two other factors are weighing on EM-bond inflows in the last 10 years, spread is relatively small compared to U.S. treasuries.

India’s benchmark bond yield rose above 7 percent mark.

The 10-year bond yield opened at 6.97 percent today. Yields have now risen nearly 10 basis points to 7.06 percent.

Shares of SH Kelkar fell as much 3. Percent to Rs 145.80.

The company will repurchase 33 crore shares at Rs 180 apiece, according to its stock exchange notification today.

Of the shares traded, 44 percent were at the ask price and 45 percent were at the bid.

European shares rose at the open on Monday, tracking Asia markets up, after the U.S. dropped its plans to impose new tariffs on Mexican goods.

Source: Bloomberg

Indian equity benchmarks recovered from day’s low, led by the gains in Infosys Ltd. and Tata Consultancy Services Ltd.

Shares of Reliance Power fell as much as 21 percent to Rs 4.85 after the company clocked its biggest-ever quarterly loss as it wrote off investments in gas-based and solar generating units.

Key Earnings Highlights (Q4, YoY)

• Revenue down 32.5 percent to Rs 1,586 crore.
• Net loss of Rs 3,558.5 crore versus net profit of Rs 189 crore.
• Ebitda down 35.5 percent to Rs 650 crore.
• Margin at 41 percent versus 43 percent.
• Exceptional loss of Rs 4,170 crore due to impairment of assets and write-off of advances and receivables.
• Auditor raised doubt on group ability to continue as a going concern as its current liabilities exceeded its total assets, due to losses incurred in FY19 and due to pending matters related to two of its subsidiaries.

Here are the key highlights from the media conference:

• Last two months were difficult for the CV industry.
• Expect CV sales to improve in the coming months.
• Expect pre-buying to aid growth from September ahead of increase in CV prices due to new emission norms.
• CV segment's growth expected to be intact in the medium and long term.

The resistance for the NSE Nifty 50 is currently seen at 12,070 while the support levels are seen at 11,830, according to Amar Singh, advisory head at Angel Broking.

Singh sees resistance at 31,400 levels for Nifty Bank and support levels at 30,650.

Indian equity benchmarks erased gains to trade a little changed during the afternoon trade. The benchmark indices were weighed by the losses in HDFC twins and Kotak Mahindra Bank Ltd.

Shares of Vaibhav Global rose as much as 8.9 percent, the most in over seven months to trade at over a four-year high at Rs 834.65.

Trading volume was 150 times its 20-day average, Bloomberg data showed. The Relative Strength Index was above 70, indicating that the stock may be overbought.

Indian equity benchmarks traded off day’s high as the gains in Infosys Ltd. and Tata Consultancy Services Ltd. were offset by the losses in HDFC Twins and Kotak Mahindra Bank Ltd.

The S&P BSE Sensex traded 0.24 percent higher at 39,715 and the NSE Nifty 50 traded below 11,900.

Six out of 11 sectoral gauges compiled by NSE fell, led by the NSE Nifty PSU Bank Index's 1.3 percent decline. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.2 percent.

Shares of the oil marketing companies declined after the Brent crude extended gains for the third consecutive trading session to trade near $64 a barrel.

Bank of Baroda puts loans to Alok Industries and Bhushan Power & Steel on the block.

Shares of The Jammu & Kashmir Bank fell as much as 20 percent, the most in over four years, to Rs 47.55.

Minutes after the removal of Parvez Ahmad as chairman of The Jammu & Kashmir Bank, state vigilance organisation sleuths on Saturday raided the financial institution's corporate headquarters here, PTI reported quoting unknown officials.

Trading volume was more than 12 times its 20-day average, Bloomberg data showed. Of the shares traded, 71 percent were at the ask price and 24 percent were at the bid.

Nifty’s 12,000 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire this Thursday rose 49.9 percent to Rs 35.90. Over 68,250 shares were removed from the open interest which stood at over 18.99 lakh shares.

The markets are not done and dusted with elections after they are expected to shift their focus on the upcoming state elections in the next 12 months, according to Morgan Stanley's Ridham Desai.

In Desai’s view:

• The only risk to growth could be global conditions which are unknown.
• Expect macro growth to remain strong for the next 12 months.
• Nifty has done better when Oil prices fall relative to Copper prices.
• RBI Circular which came last week is quite practical and better than the previous circular.
• India needs to maintain softer and lower interest rate stance.
• Auto segment is undergoing disruption.
• Business model for most companies going through a change.
• Electric two wheelers to see increased traction this year.
• Lot of startups coming up with electric vehicles.
• Wholesale funded entities going through some stress at the moment.
• Retail facing banks will gain market share in the meantime.
• We are towards the end of the NPL cycle.
• Expect even stronger banks to continue to show strong earnings growth.
• Expect pressure on some banks which have wholesale franchise.

Shares of the country’s largest jewellery maker rose as much as 1.4 percent to hit an all-time high at Rs 1,286.60.

The stock advanced 43 percent in the past 12 months compared to a 13 percent gain the Sensex. The relative strength index stock was above 70, indicating the stock may be overbought. The stock traded 61 times estimated earnings per share for the coming year, Bloomberg data showed.

Shares of the country’s largest construction company rose as much as 1.9 percent to Rs 1,542.

The company bagged orders for various businesses valued at Rs 2,500-Rs 5,000 crore, according to its stock exchange filing.

Of the shares traded, 44 percent were at the ask price and 39 percent were at the bid, according to Bloomberg data.

Shares of Reliance Infra extended fall for the fifth consecutive trading session and are poised for their longest losing streak in over nine months. The stock fell as much as 9.2 percent to hit an all-time low at Rs 67.15.

The company had held a meeting on May 30 which was postponed to June 7, which was further adjourned to June 8. The company said that the audit committee has sought time to review and incorporate financials of Reliance Power which came out with its March quarter results on June 08, 2019.

Trading volume was more than six times its 20-day average, Bloomberg data showed. The Relative Strength Index on the stock was below 30, indicating that the stock may be oversold.

Shares of the housing finance company rose as much as 7.2 percent to Rs 89.30

The company paid investors and depositors part of repayments due after missing the deadline earlier this week. DHFL paid investors around Rs 276.05 crore on its principal and interest obligations towards its non-convertible debentures, according to its exchange filing late on Friday.

Indian equity benchmarks opened higher in today’s trade, tracking most of their Asian peers after the U.S. President Donald Trump suspended his plans for tariffs on Mexico.

The S&P BSE Sensex rose as much as 0.79 percent to 39,929.26 and the NSE Nifty 50 rose as much as 0.76 percent to 11,960.90. The broader market index represented by the NSE Nifty 500 rose as much as 0.74 percent.

According to experts, the expectations of a normal monsoon and strong revival in earnings growth in the current and the next financial year, driven by turnaround in corporate banks and healthy growth in construction/infra companies would provide support to markets at higher levels, PTI reported.

The market breadth was tilted in favour of buyers. About 923 stocks advanced and 441 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Media Index’s 1 percent gain.

The Indian rupee opened little changed at 69.44 against the against the U.S. dollar.

On Indian Banks

Deutsche Bank Research

• New NPA norms to provide flexibility in the resolution process.
• Circular is likely to provide some relief to the power sector.
• Expect some pick-up in the pace of resolution under the new norms.
• Circular provides timely resolution, flexibility in choosing resolution plan and penalties if timelines are not adhered.
• Overall the circular is positive for banks.

Nomura

• Most of the changes implemented in the new circular are practical.
• It rightly incentivizes banks to find a time-bound resolution.
• Reduces hindrances in finalizing a resolution plan.

More Calls

Jefferies on Hindustan Unilever

• Maintained ‘Hold’ with a price target of Rs 1,820.
• Investor day highlighted HUL’s superior execution and lead over peers in terms of adoption of technology.
• Key theme for 2019 Investor day like 2018 was the emphasis on the role of data and digital.
• HUL seems confident of long-term growth potential and shape of the portfolio in beauty and personal care and food & refreshments categories.

Deutsche Bank Research on Tata Motors

• Maintained ‘Hold’ with a price target of Rs 175.
• Company transforming from growth-at-all-cost organisation to an agile and cost-focused entity.
• Efforts of JLR have started showing some results in controlling capex and cash flows.
• Demand environment remains a drag.

Deutsche Bank Research on Embassy REIT

• Maintained ‘Buy’ with a price target of Rs 370.
• Indiabulls Real Estate promoter stake sale to Embassy group.
• No immediate impact on Embassy REIT; adds to growth optionality.

Morgan Stanley on GlaxoSmithKline Pharma

• Maintained ‘Underweight’; hiked price target to Rs 1,134 from Rs 1,102.
• India growth has been muted due to recent industry slowdown marked by regulatory changes.
• Expect a steady recovery in business.
• But upcoming large new facility at Bangalore could put pressure on margin.

Morgan Stanley on ITC

• Maintained ‘Overweight’; hiked price target to Rs 360 from Rs 320.
• Survey indicate sharp fall in duality of tobacco consumption.
• Cigarette volumes, pricing and earnings may surprise on the upside.
• Investors remain worried on tax increases, but we are more sanguine.

HSBC on Phoenix Mills

• Maintained ‘Buy’; hiked price target to Rs 870 from Rs 800.
• Next leg of growth to be driven by premiumization and mall additions.
• Expect 2019-20 to be challenging year led by slower consumption.
• Cut 2019-20 earnings estimate by 7 percent, but hike 2020-21 estimate by 2.4 percent on various factors.

JPMorgan on Vedanta

• Maintained ‘Overweight’; cut price target to Rs 225 from Rs 300.
• Take more conservative view on earnings outlook due to lower commodity prices.
• See earnings upside if Goa iron ore and copper smelter restart earlier than expected.
• Attractive growth story at 12% dividend yield, but parent’s leverage is a concern.

June Futures

• Nifty futures closed at 11,900.7, premium of 30 points versus 48 points.
• Bank Nifty futures closed at 31,115, premium of 48 points versus 82 points.

Options

• Nifty PCR at 1.32 versus 1.36 (across all series)

Nifty Weekly Expiry (June 13)

• Max OI on call side at 12,000 (19.6 lakh shares)
• Max OI on put side at 11,800 (14.5 lakh shares)
• OI addition seen at 11,800P (+8.6 lakh shares), 11,700P (+4.7 lakh shares)

Nifty Monthly Expiry (June 27)

• Max OI on call side at 12,500 (27.6 lakh shares)
• Max OI on put side at 11,500 (27.7 lakh shares)
• Max OI addition seen at 12,500 (+1.5 lakh shares)
• Max OI shedding seen at 11,900P (-1.4 lakh shares)

Stocks In F&O Ban

• In Ban: DHFL, IDBI, PC Jeweller

J.Kumar Infraprojects ,MIRC Electronics Sundaram Brake Linings to move out of short term ASM Framework

Price Band Revisions

• 2 Percent: HPC Biosciences, Vikas Proppant & Granite
• 5 Percent: Eveready Industries, 5paisa Capital, 63 Moons Technologies , DCM Financial Services , Dhampure Specialty Sugars, IL&FS Investment Managers, Jaiprakash Power Ventures, Jaypee Infratech , Manpasand Beverages, Mercator, Reliance Communications, Uniply Industries , Williamson Magor & Company
• 10 Percent: Lakshmi Vilas Bank , Mcleod Russel India , 8K Miles Software Services , Adhunik Industries Eros International Media , Gammon Infrastructure Projects, GPT Infraprojects, Indiabulls Integrated Services , Kridhan Infra , Nagarjuna Oil Refinery, Prabhat Dairy, SMS Lifesciences India, Unitech
• 20 Percent: Spicejet, A2Z Infra Engineering , Dilip Buildcon ,IG Petrochemicals , Shriram EPC, Aditya Birla Money, Adlabs Entertainment , Cantabil Retail India, CIL Nova Petrochemicals, Dhanlaxmi Bank , Goldiam International ,Hotel Leelaventure, Indo Count Industries , Indo Rama Synthetics (India), Kwality , Linde India, Matrimony.com , Punjab Alkalies & Chemicals ,Reliance Naval and Engineering , Religare Enterprises , Saven Technologies, Shankara Building Products , Tata Steel Bsl , UFO Moviez India, Veto Switchgears and Cables , Vipul

(With Effect From June 10)

• Gati promoter Jubilee Commercial created pledge of 5,000 shares on May 29.
• Reliance Infrastructure: Axis Trustee invoked pledge on 20 lakh shares or 0.76 percent equity held by promoter
• Reliance Capital: Axis Trustee invoked pledge on 12 lakh shares or 0.47 percent equity held by promoter.
• Zuari Agro Chemicals: Promoter released pledge on 15.6 lakh shares or 3.71 percent equity .

• Aavas Financiers: AU Small Finance Bank sold 5.85 lakh shares or 0.75 percent equity at Rs 1,380.29 each
• Reliance Infra: Axis Trustee Services sold 19.5 lakh shares or 0.75 percent equity at Rs 78.28 each
• Mangalam Cement: LTS Investment Fund sold 1.5 lakh shares or 0.56 percent equity at Rs 260.75 each

Indiabulls Real Estate

• Embassy Property Developments acquired 6.31 crore shares or 14 percent equity at Rs 150.45 each.
• Promoter Dahlia Infrastructure sold 53 lakh shares or 1.2 percent equity at Rs 151 each.
• Promoter SG Devbuild sold 60 lakh shares or 1.3 percent equity at Rs 151 each.
• Promoter Kritikka Infra sold 93 lakh shares or 2.1 percent equity at Rs 143.2 each.
• Promoter Jyestha Infra sold 3.63 crore shares or 8.1 percent equity at Rs 151 each.

Reliance Power (Q4, YoY)

• Revenue down 32.5 percent to Rs 1,586 crore.
• Net loss of Rs 3,558.5 crore versus net profit of Rs 189 crore.
• Ebitda down 35.5 percent to Rs 650 crore.
• Margin at 41 percent versus 43 percent.
• Exceptional loss of Rs 4,170 crore due to impairment of assets and write-off of advances and receivables.
• Auditor raised doubt on group ability to continue as a going concern as its current liabilities exceeded its total assets, due to losses incurred in FY19 and due to pending matters related to two of its subsidiaries.

• State Bank of India introduced new home loan product linked to repo rate. Cuts rate for cash credit /overdraft of above Rs 1 lakh by 25 basis points to 8 percent.
• Kotak Mahindra Bank: The Reserve Bank of India imposed a penalty of Rs 2 crore for deficiencies in regulatory compliance. The Bank stated in its press release that this penalty is for an alleged failure to comply with the RBI’s directions to submit details of the promoter shareholding, the proposed course of action by the Bank, and not conveying the commitment of the Bank for achieving promoter dilution as per the timelines stipulated.
• Mindtree Open Offer Update: Larsen & Toubro made cash offer of 5.13 crore shares, or 31 percent of the voting share capital at Rs 980 per share, aggregating to Rs 5,027.4 crore, as reported in the exchanges. Open offer to begin from June 17. The offer price is at a discount of 1 percent from the current market prices. This action is being undertaken to comply with SEBI norms.
• Adani Ports and Special Economic Zone set June 21 as the record date for share buyback.
• Manappuram Finance said that it has received a show cause notice from SEBI on May 29. The notice alleged that certain officials of the company had selectively disclosed unpublished price sensitive information to a research analyst firm. Company said it is currently examining the contents of the notice and seeking legal advice on the next course of action.
• Zee Entertainment Enterprises: Brickwork Ratings reduced the credit rating of non-convertible preference shares issued as bonus to its equity shareholders in 2014 at BWR AAA, with credit watch turning from developing implications to negative implications.
• Reliance Capital: completed the payments and paid interest and principal on bonds due on June 6, a spokesman for the company said in a text message. (Bloomberg News)
• DHFL: UTI MF increased markdown to DHFL’s debt securities to 100 percent, introduced exit load in some schemes on a prospective basis. It sees more pressure and legal action on DHFL from creditors. (UTI Press Release)
• Bharat Forge entered into a joint venture agreement with Germany’s Refu Electronik for developing, manufacturing and selling on board controllers and components for e-mobility vehicles. The company will hold 50 percent stake by investment of Euro 11.35 million.
• JSW Steel: Mumbai bench of NCLT approved amalgamation of company’s 3 three units with self on June 6. Only 1 unit of JSW Steel (Salav) is now subject to approval from Ahmedabad NCLT for the amalgamation with the parent company.
• Tata Power: CRISIL revised debt instruments and long-term facilities from ‘AA-(Stable)‘ to ‘AA-(Positive)‘. The company said that this move came after it cleared all dues on debentures worth Rs 1,082 crore and term loan of Rs 605 crore and an improved visibility seen due to implementation of the high-power committee’s recommendations for its arm-Coastal Gujarat.
• UFO Moviez India Ltd.: Board approved demerger of Valuable Digital Screen (Caravan Talkies) from UFO Moviez. Company says the proposed demerger will enable the company to cater to the needs of the advertisers across both rural and urban audiences thereby enabling them to plan their spends in a coordinated manner, through a common vendor.
• Atul’s arms Atul Elkay Polymers and Lapox Polymers terminated joint venture agreement with Turkey’s Elkay for promoting stone care chemicals in India on June 7, due to changed circumstances and mutual consent of both parties. The company said that the termination will not have any impact. The Joint venture agreement was entered on March 2012.
• Bank of Maharashtra reduced MCLR by 5 basis points and 10 basis points across various tenors. Three month MCLR at 8.40 percent and 1 year MCLR at 8.6 percent.
• Srei Infrastructure Finance signed a memorandum of understanding with PTC India Financial Services Ltd. to facilitate financing, syndication, and advisory services in Energy Value Chain across industries in India.
• Tourism Finance Corporation of India to incorporate a new subsidiary for undertaking the business of advisory and consultancy services.
• Vadilal Industries clarified on the show cause notice issued by the United States Federal Food, Drug, and Cosmetic Act on March 31, stating that in the re-inspection undertaken on June 6. The FDCA officials have cleared all the earlier non-conformities and no material impact due to the show-cause notice will be seen for the company.
• Indian Oil Corporation, ONGC, Oil India and Reliance Industries: Norwegian Government to consider selling shares in all global energy stocks on June 12 parliamentary meeting. Norway’s Government Pension Fund Global holds stake in Indian Oil Corporation, ONGC, Oil India and Reliance Industries Fund owns less than 1 percent stake in each of the four companies.
• Maruti Suzuki: Production for May 2019 lower by 18.1 percent to 1.51 lakh units.
• M&M Company to observe no production days ranging between 5-13 days in various plants as part of aligning its production with sales requirements.
• DHFL paid investors around Rs 276.05 crore on its principal and interest obligations towards its non-convertible debentures.
• PC Jeweller: CRISIL downgraded long and short term rating to CRISIL BB+ and CRISL A4+ from CRISIL BBB+ and CRISIL A2 respectively. The downgrade reflects significant operating losses on account of an unexpected one time discount given to export customers following build-up of receivables outstanding as on March 31, 2019. CARE Ratings downgraded fixed deposit programme to CARE BB+ from CARE BBB.
• MOIL: Received environmental clearance for manganese ore mine in an area of 49 hectares for additional production capacity of 1.2 lakh tonnes per annum. This area is adjacent to Ukwa mine and the total reserve of this new lease area is estimated at 3.8 million tonnes. It is expected to touch ore body and production during 2020. After the environmental clearance, total production capacity of Ukwa block will be 2.35 lakh tonnes per annum.
• Reliance Infrastructure Board meet to consider Q4 adjourned to June 14. Reliance Infrastructure had held a meeting on May 30 which was postponed to June 7 which was then again adjourned to June 8. The company said that the audit committee has sought time to review and incorporate financials of Reliance Power which came out with its Q4 results on June 08, 2019.

Den Networks: ICRA Upgraded Credit Rating

• Term Loans rating upgraded to ICRA AA- from ICRA A
• Working capital facilities rating upgraded to ICRA AA- from ICRA A
• Non-fund based working capital rating upgraded to ICRA A1+ from ICRA A1
• Unallocated limits rating upgraded to ICRA AA-/ICRA A1+ from ICRA A/ICRA A1

• On Monday, British lawmakers quiz Huawei executives on security as the U.K. weighs whether to allow the Chinese giant to have a role in next-generation broadband networks.
• Japanese Prime Minister Shinzo Abe visits Iran on Wednesday, where he’ll meet with Iran’s Supreme Leader Ayatollah Ali Khamenei.
• ECB President Mario Draghi speaks at a conference in Frankfurt
• A key measure of U.S. inflation, the consumer price index, is also due Wednesday
• The race to succeed Theresa May heats up with the first Conservative Party leadership ballot Thursday.
• Euro-area finance ministers meet in Luxembourg Thursday. On the agenda: financial penalties for Italy over its debt load, and the euro-area budget.
• China and the U.S. release industrial production, retail sales data Friday

• Brent crude ended gains for the third consecutive trading session, up 0.79 percent to $63.79 per barrel.
• West Texas Intermediate rose 0.8 percent to $54.44 a barrel.
• Gold fell 0.4 percent to $1,335.66 an ounce.

London Metal Exchange

• Copper ended 0.15 percent lower.
• Zinc ended 0.76 percent lower.
• Aluminium closed 0.68 percent lower.
• Nickel ended lower for the sixth consecutive trading session, down 0.42 percent.
• Lead halted a five-day gaining streak, closed 3.1 percent lower.
• Tin closed 0.13 percent lower after gaining for two consecutive trading sessions.

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, rose 0.51 percent to 11,958 as of 7:33 a.m.

Asian stocks and U.S. equity futures climbed on Monday after President Donald Trump suspended his plans for tariffs on Mexico.

Japanese, South Korean and Hong Kong stocks rose, as did crude oil prices. China’s markets reopened after a long weekend, and shares there were little changed.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.