MACRO ECONOMIC NEWS

WISHING THE JOY OF EVERY PRESENT MOMENT

Macro Economic News 29 Jun 2018

 

EU leaders gather for summit, Trump and Putin arrange a date, and China adds to emerging-market turmoil. Emerging-market currencies’ bad run continues, with India’s rupee falling to an all-time low against the dollar this morning. The latest setback for the asset class has upended China’s yuan, which has long enjoyed haven status among developing nations. The currency is now at its lowest level since November.

 

FINANCIAL TIMES

[I]  Epic political battle begins over future of US Supreme Court

[I]  Global dealmaking reaches $2.5tn as US megadeals lift volumes

[I]  Italy stalls EU summit over migration deal

[I]  China’s economy faces deeper risks than trade war

[I]  Greece is pillar of EU stability, says firebrand Alexis Tsipras

[I]  China rejects US concerns over South China Sea militarisation

[I]  Brussels steps up emergency planning for no-deal Brexit

[I]  Greek business scion in battle for construction group

 

REUTERS

[I]  India preparing for cut in oil imports from Iran - sources

[I]  Ash from erupting volcano shuts airport in Indonesia's Bali

[I]  U.S. ambassador unconvinced China willing to make fast progress on trade

[I]  England chew on the ultimate bittersweet

[I]  Half of South Asia living in vulnerable climate 'hotspots' - World Bank

[I]  India could put off impending higher tariff on some U.S. goods: trade ministry source

[I]  Majority of Americans think social media platforms censor political views - Pew survey

[I]  Canada to aid steel, aluminium industries hit by U.S. tariffs -source

[I]  Euro zone economic sentiment slips in June but above expectations

 

BLOOMBERG 

[I]  Vietnam's Economy Expands 6.8% in Second Quarter From Year Ago

[I]  China Opens Up More of Its Economy to Foreign Investors

[I]  Japan’s Jobless Rate Falls to Lowest in a Quarter Century

[I]  Ticking Countdown to Trade War Enters Final Hours: Economy Week

[I]  U.K. Confidence Slips in June as Economic Pessimism Mounts

[I]  Analysts Still Bullish on China Banks Despite Stocks Battering

[I]  Indonesia Decision Guide: Rupiah Woes Point to Another Rate Hike

[I]  Emerging-Market Central Banks Are Losing Battle Against Traders

[I]  China Expected to Defend the Yuan at Key Level as Losses Mount

[I]  It's All Going Wrong for China Developers as Bond Investors Flee

[I]  China Opens Up More of Its Economy to Foreign Investors

 

WALL STREET JOURNAL

[I]  The Economy Was Weaker Last Quarter Than We Thought

[I]  Demand for Business Equipment Cools

[I]  U.S. Jobless Claims Rise 9,000 to 227,000

[I]  Fed’s Bullard: Inverting Yield Curve ‘Key Near-Term Risk’

[I]  Trump’s Bid to Weaken Iran Is Strengthening the Saudi Economy

[I]  Fed’s Rosengren Says It’s Time to Take Away Monetary-Policy Punch Bowl

[I]  Brazil Central Bank Cuts 2018 GDP Growth Forecast to 1.6% From 2.6%

[I]  Some Economists Boost Estimates for U.S. Growth

 

BUSINESS LINE

[I]  Rising dollar, crude oil, US trade war push rupee to life-time low

[I]  Climate change can cost India 2.8% of GDP by 2050: World Bank

[I]  Govt will ensure energy security is not compromised: MEA official

[I]  India, US working to sort out looming tariff war

[I]  Govt set to pull the plug on ‘right of first refusal’ for Indian ships

[I]  At just 8% of bank deposits, MFs have miles to go in investor-attraction sweepstakes

[I]  Monsoon to cover entire country over next 2-3 days, says Met Dept

[I]  Rupee under pressure on spike in oil prices, outflow of foreign money

 

ECONOMIC TIMES

[I]  Money stashed by Indians in Swiss banks rise 50% to over Rs 7,000 crore

[I]  India least vulnerable to US dollar strengthening: Moody's

[I]  Investors, hedgers rush to short the rupee, other EM currencies

[I]  Rupee hits record low, breaches 69 level for the first time against US dollar

[I]  Rupee plumbs a record low; what has caused this slump?

[I]  How RBI checks rupee's plunge and why?

[I]  Total market cap of top 100 global companies reaches USD 20 trillion: Report

[I]  Government to launch scheme to prevent distress sales by farmers

[I]  Plans afoot to base aircraft leasing firms at GIFT city

[I]  India finally brings clarity on income tax computation for foreign firms

 

BUSINESS STANDARD

[I]  Leaner 28% GST list? Council may consider rate cut for cement, paint

[I]  India likely to roll back higher import duties on 29 US products

[I]  Will rupee breach 70? Indian currency sinks to record low against US dollar

[I]  Mumbai builders make a beeline to acquire and launch new projects in NCR

[I]  Individual bankruptcy rules to take more time: All you need to know

[I]  Centre readies policy changes in solar bids, likely to award 10-15 GW

[I]  Non-priority sector loans worsen NPA headache for public sector banks

[I]  Govt readies to reduce oil imports from Iran to zero

[I]  Tariff cuts: India says China needs to prune import barriers

[I]  MFIs turn aggressive lenders, signs of overborrowing emerge in microlending

 

MARKETS (8:30 am)

[I]  SGX NIFTY Fut: 10613;  USDINR DGCX: 69.1475;  DJIA Mini: 24340;  FTSE 100 Fut: 7591;  NIKKEI 225 Fut: 22194;  EUR-USD: 1.1646; Crude Oil (WTI): 73.27;  Gold (Spot): 1249          

Best Regards, ARBIND

29 Jun 2018