MACRO ECONOMIC NEWS

WISH THIS WEEK BRINGS FULL OF PRAISE AND PARDON

Macro Economic News 02 Jul 2018

 

The U.S. economy has just completed one of its strongest quarters of this expansion, bouncing back from a modest first quarter. But economists warn that output is likely outpacing the economy’s long-run capacity for growth. India’s new bankruptcy code sets a tight timetable for a defaulting company to deal with its debt: If it doesn’t come up with a solution in nine months, the company is liquidated. In the week ahead, the central banks of Australia and Sweden hold policy meetings, and the U.S. Federal Reserve releases minutes of its June meeting. Also, the U.S. Labor Department will release its June employment report.

 

FINANCIAL TIMES

[I]  EU warns of $300bn hit to US over car import tariffs

[I]  China backs $15bn tech fund to compete with Japan’s SoftBank

[I]  Renminbi’s worst month ever sparks US-China currency war fears

[I]  Trump signals sanctions on EU companies over Iran

[I]  Older Russians fear pension reform will hit income

[I]  Hedge funds favour Democrats in political donations

[I]  Chinese investment into US biotech start-ups soars

[I]  Europe gains little from stirring financial uncertainty over Brexit

 

REUTERS

[I]  U.S. has plan to dismantle North Korea nuclear programme within a year: Bolton

[I]  Solid demand lifts India June factory growth to fastest pace this year

[I]  Gold prices edge lower as dollar firms

[I]  Japan manufacturers' morale slips for two straight quarters in blow to Abenomics

[I]  China commerce minister says will significantly widen market access

[I]  Oil falls amid rising Saudi output, Asian economic slowdown

 

BLOOMBERG 

[I]  Britain’s Trickiest Economic Challenge Is Back in the Spotlight

[I]  German Banks Are Plotting a Counter-Attack Against MiFID II

[I]  Big Oil, Utilities are Lining Up for an Electric Vehicle War

[I]  Bank Indonesia Puts Rupiah Stability Above Growth in Rate Move

[I]  China Will Halt Any Disorderly Yuan Slide, Morgan Stanley Says

[I]  Trump Trade War Arrives in the Data as China Awaits Tariffs

[I]  Fate of Trade Tiff Weighs on Emerging Markets as Mexico Votes

 

WALL STREET JOURNAL

[I]  Fed Faces Decisions on Shrinking Huge Bond Portfolio

[I]  As Economy Surges, Some Fear Slowdown Looms

[I]  Bankrupt Indian Companies Are Clogging the Economy—but Now the Clock Is Ticking

[I]  Global Week Ahead: U.S. Employment Report; Australian, Swedish Policy Meetings

[I]  Kudlow Says White House Hopes Fed Will Raise Rates ‘Very Slowly’

[I]  Fed’s Rosengren Discusses Economic Outlook and Risks

[I]  U.S. Consumer Spending Moderated in May

[I]  Canada GDP Rises on Factory Strength

[I]  Inflation Gauge Hits Fed Target After Six-Year Run of Soft Prices

 

BUSINESS LINE

[I]  Best of GST is yet to come, says Jaitley

[I]  Monsoon revival cuts rainfall deficit in June to 5%

[I]  Fuel prices won’t come down under GST: Adhia

[I]  Bangladesh is keen on buying renewable power from India

[I]  KYC mandatory for directors by Aug 31

 

ECONOMIC TIMES

[I]  Aadhaar Virtual ID: Deadline extended to August

[I]  Online bigotry is becoming a risk for India's biggest companies

[I]  Below-average rainfall in June reduces crop planting by 21%

[I]  343 infrastructure projects show cost overrun of Rs 2.16 lakh crore

[I]  GST scores high on ease of doing business

[I]  GST collections to top Rs 13 lakh crore this fiscal: Piyush Goyal

 

BUSINESS STANDARD

[I]  One year of GST: Confusion over mop-up as officials differ on trends

[I]  At 3%, FDI inflows clocked slowest growth rate of last five years in FY18

[I]  One year of GST: Rationalisation of slabs would be on agenda soon, says CEA

[I]  Tracking the trend: June crop sowing slips below 7-year average

[I]  India 73rd country with most funds in Swiss Banks, Pak at 72, UK on top

[I]  Deficit in electronics sector defies govt's efforts, doubles in 5 years

[I]  Statsguru: Gross NPAs of scheduled commercial banks rise to 11.6% in FY18

[I]  Govt will soon come out with definition for shell companies: P P Chaudhary

 

MARKETS (11:00 am)

[I]  SGX NIFTY Fut: 10630;  USDINR DGCX: 69.7750;  DJIA Mini: 24108;  FTSE 100 Fut: 7533;  NIKKEI 225 Fut: 21893;  EUR-USD: 1.1643; Crude Oil (WTI): 73.38;  Gold (Spot): 1250          

Best Regards, ARBIND

02 Jul 2018