MACRO ECONOMIC NEWS

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Macro Economic News 04 Apr 2018

The US is pushing for early Nafta deal, although fear of depression amidst protectionism is looming over capital markets. The end of the first quarter saw a flurry of M&A deals, and the start of the second is showing no slowdown in momentum. Manufacturing PMI figures that showed growth in the euro at the slowest pace in eight months due to capacity constraints, while U.K. manufacturing PMI came in higher than expected at 55.1 for March. Moves to replace the much-maligned Libor as a benchmark interest rate, referencing trillions of dollars of financial contracts around the world, will start to bear fruit this morning when the New York Federal Reserve begins publishing the Secured Overnight Financing Rate, or SOFR at 8 a.m.

 

FINANCIAL TIMES

[I]  French unions test Macron’s reform resolve with rolling strikes

[I]  Putin marks nuclear deal with Turkey

[I]  India shelves ‘fake news’ blacklist after media outcry

[I]  Facebook leak puts US regulator’s reputation in play

[I]  Russia’s $55bn pipeline gamble on China’s demand for gas

[I]  Sudden loss of wealth raises risk of earlier death, study shows

[I]  More wealthy Chinese shell out for UK ‘golden visas’

[I]  Western payments groups play long game in China

 

REUTERS

[I]  Action by Asian governments on "fake news"

[I]  U.S. escalates China trade showdown with tariffs on $50 billion in imports

[I]  China names seven vice chairmen for new banking and insurance regulator

[I]  China March services growth eases to four-month low, confidence dips: Caixin PMI

[I]  Trump to unveil China tariff list this week, targeting tech goods

[I]  Dollar slips versus yen as trade tensions cloud outlook

[I]  Developing nations to study ways to dim sunshine, slow warming

[I]  China's central bank says will skip open market operations

[I]  India's 2017/18 fiscal deficit to be lower than revised estimates - finance ministry official

[I]  European factory growth knocked by 'Beast from the East'

 

BLOOMBERG 

[I]  Romania to Persist With Europe's Steepest Interest-Rate Hikes

[I]  U.S. Unveils List of Proposed China Tariffs Dominated By Tech Products

[I]  IMF's Lipton Says It's Time for China to Address Trade Concerns

[I]  U.A.E. Says Oil Cuts Removed ‘85% of the Problem’ of Oversupply

[I]  Why Australia Really Isn’t Very Good at Doing Business Overseas

[I]  China's Financial Opening Isn't Quite What It Seems

[I]  China $134 Billion Maturity Wave Could Trigger More Defaults

 

WALL STREET JOURNAL

[I]  Trump Administration Plans to Check Your Answer on Census Citizenship Question

[I]  Crack and Pack: How Companies Are Mastering the New Tax Code

[I]  Why Women Should Keep Working After Their Husbands Retire

[I]  More Renters Give Up on Buying a Home

[I]  U.S. Pork Producers, Fruit Growers Brace for China Tariffs

[I]  Real Time Economics: Markets Rattled | U.S. Factories Humming | Trade’s Winners and Losers

 

BUSINESS LINE

[I]  H-1B applications set to fall for 2nd straight year

[I]  Railways steams to freight record in FY18 on coal

[I]  Ensure subsidiaries, joint ventures too pay dividend: FinMin to PSEs

[I]  Over 100 GW of renewable energy projects will be under implementation by fiscal-end

[I]  MSME Ministry working on certification of credit worthiness of small businesses

[I]  CBDT to issue notices under Operation Clean Money by May 31

[I]  Export push: Portals unveiled to expedite certification, check non-compliance

[I]  Media bodies livid over Centre’s proposed guidelines to ‘curb fake news’

[I]  Not a single toilet constructed in Delhi under Swachh Bharat: CAG

 

ECONOMIC TIMES

[I]  This RBI move is likely to hurt borrowers because of its timing

[I]  This may render 3 lakh people jobless in Maharashtra

[I]  PSU banks wrote off Rs 2.42 lakh crore loans in 3 years

[I]  Government launches digital platforms for ease of farm export

[I]  CAG flags lower administrative charges collection by EPFO

[I]  New post-Brexit India-UK trade deal could take nearly 7 years: Report

[I]  Export subsidy case in WTO: India, US to hold consultations on Apr 11

[I]  20-yr old commercial vehicles' scrappage policy to get cabinet nod in April: Reports

[I]  India can do a Silicon Valley in 5 years, innovation ecosystem needs a boost: World Bank

[I]  Watch IBC revamp details as panel recommends changes in resolution process

[I]  India needs to create and sustain essential competitive advantages

[I]  Nearly 1 crore new tax filers added in 2017-18

 

BUSINESS STANDARD

[I]  Govt shifts to new formula: To show highway construction in better light

[I]  IBC committee wants wider pool of bidders for insolvent companies

[I]  RBI keeps private banks waiting on bonus payment to top executives

[I]  Make in India in public procurement: Companies bag Rs 50-bn govt contracts

[I]  Mark-to-market provisioning relief to lift public sector banks' profits

[I]  Real estate players blame govt for high prices and low demand

[I]  Committee to review critical weapons procurements mired in delays

[I]  Direct tax collections surge 18% to cross Rs 10-trn mark in FY18: Jaitley

[I]  Manufacturing growth slows to 5-month low in March amid weaker demand: PMI

 

MARKETS (08:15 am)

[I]  SGX NIFTY Fut: 10281;  USDINR DGCX: 65.0775;  DJIA Mini: 23895;  FTSE 100 Fut:  6936;  NIKKEI 225 Fut: 21270;  EUR-USD: 1.2282; Crude Oil (WTI): 63.34;  Gold (Spot): 1335

Best Regards, ARBIND

04 Apr 2018