MACRO ECONOMIC NEWS

AWAKE. ARISE. LIFE WILL SHINE UPON. GOOD MORNING.

Macro Economic News 24 Jul 2018

 

The selloff in Japanese government bonds spreads around the globe. China says it has  no desire to boost its exports through competitive devaluation while the nation’s sound economic fundamentals are providing support to the currency. This year’s slump in housing-market sales is defying the strongest period for U.S. growth in years, the latest sign that the economic expansion faces headwinds. Though its low long-term interest rates leave lenders little opportunity for profit, Japan’s central bank is likely to stick to the contours of its current policy at its meeting next week.

 

FINANCIAL TIMES

[I]  China’s $74bn cash injection highlights growth worries

[I]  Trade war threat sparks €38bn European fund exodus

[I]  Draghi awaits data on ECB’s bet on eurozone strength

[I]  Donald Trump threatens Iran with severe ‘consequences’

[I]  Trade dispute teeters on verge of currency war as Trump weighs in

[I]  US banks urge UK to cut corporate taxes to stop Brexit exodus

[I]  Israel raises pressure on Russia over Iran presence near border

[I]  Beijing battles public anger over latest vaccine scandal

 

REUTERS

[I]  Iran becomes India's No. 2 oil supplier, ahead of Saudi

[I]  Over 20 Indian banks sign pact for faster bad-loan resolution

[I]  Japan's factory growth slowest in over one-and-a-half years, new orders weaken: flash PMI

[I]  Global bonds unsettled by tightening talk, U.S. growth outlook

[I]  Fears of rout in China stocks overdone, some say

[I]  IMF projects Venezuela inflation will hit 1,000,000 percent in 2018

[I]  Brazil, China trade to reach 'new levels' amid global trade spat: ambassador

[I]  Europeans press for digital tax at G20 meeting

[I]  China eyes more vigorous fiscal policy short of strong stimulus

 

BLOOMBERG 

[I]  China Stimulus, U.S. Boost From Slowdown, BOJ Unchanged: Eco Day

[I]  U.K. Should Use Weak Pound to Boost Manufacturing, Corbyn Says

[I]  China Unveils New Measures to Aid Growth Amid Trade Uncertainty

[I]  Case for a Steeper U.S. Curve Gets a Boost From BOJ Speculation

[I]  Economists See BOJ Policy Unchanged as Speculation Stirs Markets

[I]  China Hedge Funds Trigger Investor Unease With June Implosion

[I]  Britain Experiences Worst Year for Living Standards Since 2012

[I]  Bank of England to Estimate Interest Rate That's Just Right

 

WALL STREET JOURNAL

[I]  U.S. Existing-Home Sales Tumbled Again in June

[I]  Lenders May Carp, but Bank of Japan Is Wary of Big Shifts

[I]  Economists Can’t Write Economically, Driving Demand for Brevity

[I]  Trade Fight Poses Big Risks for Smaller Countries

[I]  G-20 Makes Little Progress on Tariffs

[I]  Saudi Arabia to Spend Billions to Revive Foreign Investment

[I]  Central Bank Chatter Rattles Bond Market

[I]  Global Economy Week Ahead: U.S. GDP, Policy Statements From Turkey and the ECB

[I]  America’s Factory Towns, Once Solidly Blue, Are Now a GOP Haven

 

BUSINESS LINE

[I]  IBC amendment allows firms to bid for multiple stressed assets

[I]  Insurers to ask apex court: Why is pollution check our concern?

[I]  Turnover, not investment, will define MSMEs

[I]  Banks sign pact for quick resolution of stressed accounts

[I]  Britain backs off anti-caste discrimination law; draws flak

[I]  India’s urban policy’s ‘globalisation’ dilemma

[I]  Banks, FIs come together for faster resolution of stressed accounts

 

ECONOMIC TIMES

[I]  India extends $200 million credit lines to Rwanda

[I]  What's driving the rise of passive investing?

[I]  Gold imports dip 31.25% during April-May 2018-19: Government

[I]  'Expenditure incurred on adverts by government depatments, PSUs increased in last 3 years'

[I]  Finance ministry draws Bombay HC ire over DRT non-functioning

[I]  Income Tax Department set to collect over Rs 60,000 crores from AP, Telangana

[I]  States, Union territories have up to 43% GST revenue gap

[I]  Truckers' strike costs India Rs10,000 crore in 3 days

[I]  Exports from India to BRICS grow 7.5% in Q1 2018: Report

[I]  Road construction firms to see 20% growth through 2020: Crisil

 

BUSINESS STANDARD

[I]  24 lenders sign an inter-creditor agreement for faster NPA resolutions

[I]  Sebi probes sharp fall in the midcap stocks amid unfair trade allegations

[I]  Rising GST collections to help cut tax rates, says FM Piyush Goyal

[I]  RBI discusses management of macro-economic and financial sector risks

[I]  GST exemption on warehoused gold a major relief to jewellery exporters

[I]  India stares at farm produce storage crunch of 35 mn tonnes: Nabard

[I]  CRISIL SME Tracker: Ayushman Bharat a shot in the arm for MSE hospitals

[I]  Investment in P-notes plunges to more than 9-year low of Rs 836.88 bn

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11080;  USDINR DGCX: --;  DJIA Mini: 25056;  FTSE 100 Fut: 7606;  NIKKEI 225 Fut: 22459;  EUR-USD: 1.1697; Crude Oil (WTI): 67.68;  Gold (Spot): 1222     

Best Regards, ARBIND

24 Jul 2018