MACRO ECONOMIC NEWS

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Macro Economic News 27 Jul 2018

 

President Trump’s truce with the European Union signals a tactical shift in his “America First” trade policy. China and the U.S. clash at the WTO, the ECB stays the course. Foreign purchases of U.S. homes fell a record 21%, posing a fresh challenge to the slumping housing market, which has shown few signs of turning around. Several forecasters tempered their high expectations for U.S. economic growth in the second quarter—a day before the gross domestic product report is released—due to some underwhelming economic data. The European Central Bank confirmed plans to gradually phase out easy money but said it would probably keep rates steady through next summer, underscoring a growing policy divergence with the Federal Reserve.

 

FINANCIAL TIMES

[I]  Lasting peace is still distant in US trade war with EU

[I]  France benefits from Chinese demand for luxury brands

[I]  Russia seeks western support for postwar Syria

[I]  Iran warns US that it has forces ‘in places you cannot think’

[I]  Australian politicians face by-election test on ‘Super Saturday’

[I]  Trump threatens ‘large sanctions’ on Turkey over detained pastor

[I]  ECB keeps interest rate and QE policy on hold

[I]  China should really start to worry about Trump

[I]  Cost impact of tariffs laid bare in corporate earnings

 

REUTERS

[I]  China's June industrial profit growth eases as production slows

[I]  Mexico, U.S. agree to speed NAFTA talks toward August deal

[I]  U.S. Senate quietly votes to cut tariffs on hundreds of Chinese goods

[I]  Money managers see past Trump talk, expect trade war to blow over

[I]  Dollar stands tall, euro on defensive after ECB offers few surprises

[I]  U.S. opens way for India to escape sanctions over Russia arms imports

 

BLOOMBERG 

[I]  Trade War History Suggests Relief Ahead for Emerging Markets

[I]  The Messed-Up Math of Hong Kong's Roaring Office Property Market

[I]  Draghi Heads for Summer Break With Sun Shining on Euro Economy

[I]  World's Best-Performing Currency Gets Boost From Trade Optimism

[I]  China's Bond Traders Embrace Leverage Again on Policy Shift

[I]  Trade War History Suggests Relief Ahead for Emerging Markets

 

WALL STREET JOURNAL

[I]  Record Drop in Foreigners Buying U.S. Homes

[I]  Homeownership in U.S. Keeps Climbing

[I]  Trump’s Pact With Europe Points to Tactical Shift on Trade

[I]  Trump Wants Europe to Buy U.S. Gas—but Russia Is in His Way

[I]  U.S., Europeans Agree to Iron Out Trade Differences

[I]  ECB Leaves Rates on Hold as It Affirms Bond Taper Plan

[I]  Germany Vetoes Chinese Purchase of Leifeld Metal Spinning

[I]  Layoff Gauge Climbs After Hitting Multidecade Low

[I]  China Targets Economy, Not Trump, With Weaker Yuan

 

BUSINESS LINE

[I]  Supermarkets flooded with foreign GM foods despite ban: CSE study

[I]  White goods set to become cheaper

[I]  Draft GST return forms ‘will be released for public comments by Monday’

[I]  Govt panel comes down hard on pharma firms over fixed-dose combination drugs

[I]  Import duty may go up

[I]  Last date to file I-T returns extended to August 31

 

ECONOMIC TIMES

[I]  Non-PCA government banks top loan book

[I]  DGFT exempts pepper exporters from MIP as growers meet Central ministers

[I]  Parliamentary panel expresses concern over Chinese imports

[I]  About 2 lakh jobs lost due dumping of Chinese solar panel: Parliament Panel

[I]  US wants to reduce trade deficit with India soon: Official

[I]  Projects for 6,320 km roads awarded under Bharatmala

[I]  Hedge fund titans who bet big on India now say they were scammed

[I]  Government proposes buy-back policy for highways

[I]  Chinese funding into fintechs raised in Rajya Sabha

[I]  RBI doesn't need more powers: Government

 

BUSINESS STANDARD

[I]  Driven by late-stage deals, funding activity picks up for start-ups

[I]  RBI monetary policy: A hike in Aug but a long pause thereafter, says expert

[I]  RBI's Public Credit Registry gives jitters to credit bureaus

[I]  India betting on GST and IBC to improve ease of doing business rank

[I]  Value of new project announcements down 33.4% in June quarter: CMIE

[I]  GST rate cut impact: Govt mulls import duty hike on consumer durables

[I]  CBDT told to clarify on STT on physically-settled derivative contracts

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 11254;  USDINR DGCX: 68.7525;  DJIA Mini: 25537;  FTSE 100 Fut: 7620;  NIKKEI 225 Fut: 22636;  EUR-USD: 1.1651; Crude Oil (WTI): 69.56;  Gold (Spot): 1224

Best Regards, ARBIND

27 Jul 2018