MACRO ECONOMIC NEWS

WATCH A DAY UNIVERSE CONSPIRING TO COLOUR YOUR LIFE

Macro Economic News 28 Feb 2018

 

February has been an unusually cruel month — stocks and bonds are both down and global volatility is poised for its first back-to-back increases since the start of 2016. So, investors can be forgiven for their trepidation as they await China PMI readings on Wednesday that are forecast to decline; The economic calendar isn’t any rosier in Japan, which is expected to report the steepest month-on-month drop in industrial output since the 2011 earthquake, tsunami and nuclear incident. At least India is expected to report that GDP growth accelerated in the fourth quarter. The European day brings French, Finnish, Swedish, Danish and Polish GDP, along with French, Italian and euro-zone CPI. The American session features the second reading on U.S. fourth quarter GDP, as well as pending home sales figures. (Bloomberg)

 

FINANCIAL TIMES

[I]  Powell hints at faster pace of rate rises

[I]  Seoul faces backlash over rise in minimum wage

[I]  Germany’s economic engine fails to power struggling rural regions

[I]  Taiwan and HK fear China’s harder line after Xi Jinping power play

[I]  Saudi Arabia overhauls top brass to hone military edge

[I]  South Korea and Japan reignite feud over ‘comfort women’

[I]  Swiss trader seeks go-ahead to buy Venezuela-Russia oil loan

[I]  Europe’s centre left has lost voters’ trust

[I]  Bank bonus caps could do wonders for gender equality

 

REUTERS

[I]  PSU banks given 15 days to improve oversight

[I]  India's growth pace for October-December quarter could top China's rate

[I]  Russian operatives compromised election systems in seven states in 2016: NBC News

[I]  U.S. House passes bill to penalize websites for sex trafficking

[I]  Mood among UK consumers and businesses cools in February: surveys

[I]  UK car output flat in January as domestic demand slumps again

[I]  Japan Jan retail sales rise 1.6 percent year-on-year

[I]  Fed's Powell nods to stronger economy, backs gradual rate hike path

[I]  U.S. manufacturing, goods trade data point to slow first-quarter growth

[I]  Explainer - Britain's trade choice: EU customs union or going it alone?

[I]  IMF chief says growth strong but countries must prepare for change

 

BLOOMBERG 

[I]  U.K.’s May Is Ready to Fight With EU Over Draft Brexit Deal, Official Says

[I]  U.K. Confidence Subdued as Brexit Keeps Outlook Under Cloud

[I]  Ultra Wealthy Are Being Lured to Italy by Low Tax Rates

[I]  German Court Puts Millions of Diesel Cars at Risk of Bans

[I]  Here's What We Learned From Powell's First Fed Chair Testimony

[I]  Powell's Rosy Outlook Invites Fed to Weigh Four 2018 Rate Hikes

[I]  U.S. Confirms Steep Duties on Chinese Aluminum Foil

[I]  U.S. Consumer Confidence Is at 17-Year High

[I]  Dollar-Yen Won't Slide Well Below 105, Japan's Ex-FX Chief Says

 

BUSINESS LINE

[I]  Banks’ NPA from gems & jewellery sector rises to 30%

[I]  Contract farming Bill to also cover services, marketing

[I]  Jaitley calls for revamp of railway infrastructure

[I]  Centre to auction 10 bauxite mines by April

[I]  India to insist on delinking MSMEs from e-commerce at BRICS meet

[I]  ‘Global financial community confident about Indian banking system’

[I]  FinMin asks PSBs to review risks in 15 days

[I]  Strength in the rupee could be limited

 

ECONOMIC TIMES

[I]  Here is what small finance banks need to do to remain relevant in a changing India

[I]  Vocational education mostly ineffective in India

[I]  Govt has scrapped 1,500 obsolete rules:  MoS PMO

[I]  Privatisation is not the panacea for PSU banks’ issues: Rajnish Kumar, SBI

[I]  India set for record foodgrain output in 2017-18: Agriculture ministry

[I]  Monetisation of 105 road projects can fetch Rs 1.25 lakh crore: Nitin Gadkari

[I]  Talks on to 'expedite' driving licence linking with Aadhaar: Ravi Shankar Prasad

[I]  India's bankruptcy process will make everyone unhappy except lawyers

[I]  You will not lose money in mobile wallets: RBI

[I]  View: Every year the same old story — Punish the honest, let the dishonest make merry

 

BUSINESS STANDARD

[I]  Check NPAs above Rs 500 mn for possible fraud, alert CBI: Govt tells banks

[I]  Salaried class to carry home more with 9% hike, but engineers to lose out

[I]  Higher volatility to persist due to fiscal slippage, says Pankaj Sharma

[I]  Natural gas will no longer be allocated: Govt to private power producers

[I]  Bihar government focuses on education, infrastructure growth in budget

[I]  World steel output in January at 139.4 million tonne, up 0.8% yoy

 

MARKETS (06:30 am)

[I]  SGX NIFTY Fut: 10512;  USDINR DGCX: --;  DJIA Mini: 25485;  FTSE 100 Fut: 7248;  NIKKEI 225 Fut: 22363;  EUR-USD: 1.2237; Crude Oil (WTI): 62.69;  Gold (Spot): 1319

Best Regards, ARBIND

28 Feb 2018