MACRO ECONOMIC NEWS

WISH WE CREATE A BALANCE OF EXPERIENCE EXPERIMENT AND EXPECTATION. GOOD MORNING.

Macro Economic News 05 Jul 2018

 

Investors have got a little too optimistic about the timing for the European Central Bank to raise its benchmark interest rate from a record low, at least in the view of some policy makers. Trade barriers being erected by major economies could jeopardise the global economic recovery and their effects are already starting to show, the World Trade Organization said on Wednesday in a report on trade restrictions among G20 nations. Beijing reversed a plan to impose tariffs 12 hours before the U.S., saying it “won’t fire the first shot” and prepares to assess the levies about the same time as the U.S. Oil held near three-year highs on U.S. Independence Day as tight supplies at home and abroad overshadow a Saudi pledge to boost output.

 

FINANCIAL TIMES

[I]  Poland faces European backlash over judicial reforms 

[I]  Israel’s tech entrepreneurs struggle to lure overseas talent

[I]  The retreat from easy money that markets cannot escape

[I]  UK companies prepare EU bases in the lead-up to Brexit

[I]  Germany’s top telecoms regulator has US tech groups in its sights

[I]  US industry starts to feel pain of trade disputes

[I]  Malaysia suspends $22bn China-backed projects

[I]  Eurozone pay rises a relief for unions and ECB alike

 

 

REUTERS

[I]  China warns U.S. is 'opening fire' on global economy with tariff threats

[I]  Major currencies in suspense before Sino-U.S. tariff deadline, yuan steady

[I]  Polish-EU tensions flare again as new law requires judges to quit

[I]  China commerce ministry warns U.S. tariffs will hit global supply chains

[I]  BOJ's Masai urges banks to adapt to aging population, fintech

[I]  Iran threatens to cut cooperation with nuclear body after Trump move

[I]  WTO sees signs of trade tensions starting to affect global economy

[I]  UK economy picks up speed, raising chance of rate rise

[I]  Euro zone business activity picked up in June but doubts linger - PMI

[I]  China to cut coal use, curb steel in 2018-2020 pollution plan

 

BLOOMBERG 

[I]  China Says U.S. Tariffs to Backfire, Damaging World Economy

[I]  Biggest Buyers of India Bonds Show Tentative Signs of Return

[I]  Australia Disagrees With U.S. on Tariffs, Trade Minister Says

[I]  U.K. Services Growth Unexpectedly Jumps as Economy Picks Up

[I]  Volatile Yuan Puts Focus on China's Capital-Control Buffers

[I]  Kenya Central Bank Raises Growth Estimate on Agriculture Boost

[I]  Sainsbury Shows Need for Asda Deal as Grocery Growth Slows

[I]  Thailand Plans to Raise $2.9 Billion From Infrastructure Funds

[I]  Don't Expect Hong Kong's Empty-Home Tax to Cool Property Prices

[I]  Rate Policy Diverges in Southeast Asia as Currency Rout Deepens

 

WALL STREET JOURNAL

[I]  China Scraps Plan to Impose Tariffs First

[I]  The Trade Slowdown Investors Fear Has Already Arrived

[I]  Factory Activity Heats Up as Manufacturers Position for Tariffs

[I]  Vote Resets U.S.-Mexico Relations on Trade

[I]  South Korea’s CPI Rises 1.5% in June

[I]  Mall Vacancy Rate Hits Six-Year High

 

BUSINESS LINE

[I]  Exports may take a hit; glut possible

[I]  Ministers to discuss GST sop for digital payments on July 8

[I]  India plans to negotiate with US on oil imports from Iran

[I]  Corporate insolvency: IBBI specifies timeline for resolution process

[I]  Govt extends timeline for implementation of solar parks

[I]  Ministry seeks suggestions to step up exports

 

ECONOMIC TIMES

[I]  Will NPA suck-in India's entire banking universe?

[I]  Kharif crop new minimum support price hike to cost centre ₹33,500cr more

[I]  Indians are falling out of love with gold

[I]  Trade wars: India should concede what it must, secure what it can

[I]  Public WiFi to contribute $20 billion to India’s GDP by 2019: Study

[I]  How to get private capital for Indian infrastructure

[I]  Govt weighs legislation on right to skill training

[I]  RBI tightens banks' statutory auditor rules

[I]  Cabinet approves extension of RRBs' recapitalisation scheme

 

BUSINESS STANDARD

[I]  I-T's record recovery of Rs 1 trn contributes 10% to direct tax collection

[I]  Steep hike in kharif MSPs may cost govt Rs 350 billion

[I]  Foreign direct investment: A long saga of broken promises

[I]  Insolvency process: IBBI rejigs norms, specifies timeline for resolution

[I]  Services PMI recovers from contraction, climbs to 52.6 on jump in orders

[I]  Here are the financial issues that NRIs might face on their return to India

 

MARKETS (09:30 am)

[I]  SGX NIFTY Fut: 10754;  USDINR DGCX: 69.2000;  DJIA Mini: 24136;  FTSE 100 Fut: 7508;  NIKKEI 225 Fut: 21561;  EUR-USD: 1.1657; Crude Oil (WTI): 73.87;  Gold (Spot): 1256          

Best Regards, ARBIND

05 Jul 2018