MACRO ECONOMIC NEWS

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Macro Economic News 19 Jul 2018

 

Manufacturers across the U.S. expressed concern about tariffs, with many reporting higher prices and supply-chain disruptions in the wake of new trade policies, according to the Federal Reserve’s beige book report.  Auto makers, parts suppliers and dealers are joining forces to push back against plans to apply tariffs of up to 25% on vehicles and components imported into the U.S. Nationwide home building declined sharply in June, a possible sign that construction labor shortages and rising material costs are causing more damage to the housing market than many analysts initially believed. Traders keep calm and carry on as volatility declines across asset classes. And the world’s biggest money manager says an escalating trade war shouldn’t scare investors away from China. 

 

FINANCIAL TIMES

[I]  EU to confront Hungary over anti-migrant laws

[I]  Subdued pound volatility contrasts with febrile Brexit politics

[I]  Turkey’s two-year state of emergency set to come to an end

[I]  European Investment Bank faces call for overhaul after UK exits

[I]  Quantitative easing helped vulnerable more than rich, says ECB

[I]  Brussels imposes tariffs on imports of Chinese electric bicycles

[I]  Chinese VC funds pour $2.4bn into Silicon Valley start-ups

[I]  UK’s investment consultants avoid forced break-up

[I]  The cold war revival will be very expensive

 

REUTERS

[I]  EU order against Google opens new doors for mobile industry

[I]  India raises 2018/19 sugar cane floor price by 7.84 percent - minister

[I]  Australia jobs jump in June, still plenty left to hire

[I]  ADB maintains 2018, 2019 GDP growth forecasts for developing Asia

[I]  U.S. housing starts hit nine-month low; permits drop

[I]  Japan business mood slips amid fears of trade war: Reuters Tankan

[I]  Israel adopts divisive Jewish nation-state law

[I]  U.S. housing starts hit nine-month low; permits drop

 

BLOOMBERG 

[I]  Australian Jobs Growth Surges Past Expectations; Currency Jumps

[I]  Trump Administration Reviewing Proposal to Curb Drug Rebates

[I]  Israel Passes Controversial Nation-State Bill, Haaretz Reports

[I]  Japan’s Exports Extend Growth Streak to 19 Months in June

[I]  Yen Haven Status Eclipsed by Japan Hunger for Foreign Stocks

[I]  Sydney Housing Slump Predicted to Last Until at Least 2020

[I]  Yield-Curve Inversion Imminent for Some, Long Way Off for Others

[I]  Australian Jobs Growth Surges Past Expectations; Currency Jumps

[I]  Singapore’s Future Is Good, Not Great, Economists Estimate

 

WALL STREET JOURNAL

[I]  Fed Report Shows Mounting Tariff Concerns Among Businesses

[I]  Manufacturing Sector Hits a Sweet Spot

[I]  Auto Industry Pushes White House to Back Off Tariffs

[I]  Trump Threatens EU With ‘Tremendous Retribution’ on Auto Trade

[I]  Before House Panel, Powell Affirms Fed’s Plan to Raise Interest Rates Gradually

[I]  Democrats Could Become a Free-Trade Counterweight to Trump

[I]  Housing Market Stumbles at the Beginning of Summer

[I]  Iran’s Businesses Begin to Buckle Under Sanctions Threat

[I]  Former Fed Chief Ben Bernanke Says Economic Outlook Is ‘Quite Strong’

 

BUSINESS LINE

[I]  After public outcry, Govt drops FRDI Bill

[I]  Govt hikes fair price for sugarcane by Rs. 20 per quintal to Rs. 275

[I]  Nod for Bill to replace insolvency ordinance

[I]  Rising steel price hurting ‘Housing for All’ projects: CREDAI

[I]  Reconsider zero duties on e-transmission, they hurt poor nations: India, South Africa tell WTO

[I]  Rain deficit down to 3% despite sustained lag in the East

[I]  Credit card usage vaults; banks rake in the moolah

[I]  Govt introduces legislation to tackle ponzi, unregulated deposit schemes

 

ECONOMIC TIMES

[I]  RS passes Immovable Property (Amendment) Bill

[I]  Our bilateral relationship with Iran stands on its own: India

[I]  India engaged with US for amicable solution on duty issue: Commerce Minister

[I]  245 infrastructure projects delayed, 345 report cost overrun

[I]  FM to meet realty leaders on Thursday to discuss ways to boost the sector

[I]  Government introduces bill to check unregulated deposits, prescribes 10-yr jail

[I]  GST Council to decide when GST can be levied on petroleum products: Government

[I]  ATF under GST? Council unlikely to discuss in July 21 meet

[I]  Apps should collect minimal data like Aadhaar: TRAI chief

[I]  Government to release unemployment data in next 2 months

 

BUSINESS STANDARD

[I]  High coal prices, weak rupee leading to a crisis in power generation firms

[I]  Here's how the brands are using 'payback' offers to improve loyalty

[I]  Homegrown PEs to bet on logistics due to demand from e-commerce firms

[I]  Indian shipping cos struggle due to trade war, corrective pollution actions

[I]  Be ready to shell out more for airfares as govt mulls security fee hike

[I]  Data privacy: Govt to wait for Srikrishna panel's report before framing law

[I]  Current framework not enough for privacy, stop-gap measure needed: Trai

[I]  India gearing up to get protectionist tag at WTO after US' import duty hike

[I]  Note ban hit GDP growth by up to 7.3 percentage points: World Bank

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11009;  USDINR DGCX: 68.5300;  DJIA Mini: 25188;  FTSE 100 Fut: 7621;  NIKKEI 225 Fut: 22863;  EUR-USD: 1.1644; Crude Oil (WTI): 68.88;  Gold (Spot): 1224          

Best Regards, ARBIND

19 Jul 2018