MACRO ECONOMIC NEWS

WISHING A WEEK FULL OF FUN AND FRIENDS. GOOD MORNING.

Macro Economic News 06 Aug 2018

All eyes on China amid a move to shore up yuan and as trade war tit-for-tat continues. The People’s Bank of China said it will impose a reserve requirement of 20 percent on some trading of foreign-exchange forward contracts. That will effectively make it more expensive to short the yuan, which rallied on the news. Officials released a list of $60 billion in U.S. goods that Beijing intends to hit with tariffs, in retaliation for the Trump administration’s plan to impose duties on $200 billion in Chinese imports. GDP, China data on money and credit, and the RBA's quarterly statement on monetary policy rounds out the week in Asia before U.S. CPI. 

FINANCIAL TIMES

[I]  Call for big oil groups to reveal crude-peak risk

[I]  Banker warns of Herculean task to escape Libor’s tentacles

[I]  US ready to impose fresh sanctions on Democratic Republic of Congo

[I]  Privaty equity groups fear US clampdown on Chinese investors

[I]  Brexit pessimism eases among UK’s biggest companies

[I]  UK short sellers lose out as retail groups surge

[I]  Portugal battles fires as temperatures hit record

[I]  China millennials’ love of credit cards raise debt fears

[I]  US pension fund suffers big losses on forestry land

[I]  China private equity funds suffer wave of closures

REUTERS

[I]  India says storing copies of foreign payment firms' data a likely solution

[I]  Exclusive: India panel wants localization of cloud storage data

[I]  Saudi Arabia freezes new trade with Canada for urging activists' release

[I]  South Sudan government and rebels reach peace deal, Sudan says

[I]  Three dead after bomb blast in centre of Somalia's capital Mogadishua

BLOOMBERG 

[I]  Jamie Dimon Warns of 5% Treasury Yields

[I]  China Reminds Hedge Funds That the Yuan Is a Dangerous Short

[I]  China's Markets in the Spotlight After Tariff Threats, Yuan Levy

[I]  Here Are Three Reasons to Short Australia's Dollar

[I]  China Markets, RBA's Sydney Woes, Joining Fed's Dots: Eco Day

[I]  Saudi Arabia Suspends Ties With Canada Over Activist Row

[I]  Sydney’s Housing Slide Is One More Reason for Rates to Stay on Hold

[I]  Iran Central Bank Deputy Arrested in Corruption Probe

[I]  London Mansion Values Start to Climb on More Realistic Prices

[I]  Pound Bulls Look to U.K. Data in Hope to Revive Fortunes

WALL STREET JOURNAL

[I]  Asian Nations Push Back at U.S. on Trade, Sanctions 

[I]  Stores, Factories Lead Unexpected Hiring Boom 

[I]  July Hiring Slowdown Masks Labor Market Strength

[I]  Fed Likely to Stay on Track for Rate Increase

[I]  In Canada, a Boycott U.S.A. Movement Starts​

[I]  Global Economy Week Ahead: U.S. Inflation Gauges on Tap 

[I]  China Threatens Retaliatory Tariffs on $60 Billion of U.S. Products 

[I]  Senators Signal Concerns Over China’s Global Investments

[I]  Logistics Payrolls Surging Ahead of Fall Shipping Season

[I]  U.S. Trade Gap Widened in June

[I]  Auto Sales Lost Speed in July

BUSINESS LINE

[I]  America’s trade war takes the sheen off base metals

[I]  States want single audit of MSMEs

[I]  Companies deserting SEZs over compliance hurdles: CBRE

[I]  Arriving at a fair value of the rupee

[I]  Why are auditors rushing for the exit?

ECONOMIC TIMES

[I]  How India can gain from US-China trade war

[I]  Globally, central banks' actions point to 'synchronised' stimulus withdrawal, feel experts

[I]  Top corporates gear up to split CMD post; smaller ones give tenures beyond Sebi deadline

[I]  What's buzzing in India's corporate corridors

[I]  Government may ask RBI to relax resolution plan deadline for power firms

[I]  Retaliatory tariffs on 29 US products deferred till September 18

[I]  India and China unite to seek cuts in developed nations' farm subsidies

[I]  Industry ministry targets ease of doing business at district level

[I]  Around 10,000 jobs to be created under National Health Protection Scheme

BUSINESS STANDARD

[I]  Private bank CEOs' bonus goes missing in 2017-18; basic pay sees a hike

[I]  It's easily a 15-year wait for around 110,000 homebuyers in Delhi-NCR

[I]  Amid currency war, rupee may touch 70 a dollar by December: BS poll

[I]  Govt plans eight special courts under NCLT to deal with insolvency cases

[I]  Debt resolution process: Rising litigation mars success of IBC

[I]  Stressed loans: SC cases may set stage for power sector insolvency

[I]  Retail lenders, automobiles and consumer durable outpace FMCG in Q1

[I]  From rags to ill-gotten riches

[I]  A snapshot of loan against fixed deposit by various banks with details

[I]  A snapshot of used-car loans by various banks, NBFCs, and related details

[I]  Why you may not always get the best bargain on your online purchases

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 11437;  USDINR DGCX: 68.6775;  DJIA Mini: 25473;  FTSE 100 Fut: 7631;  NIKKEI 225 Fut: 22627;  EUR-USD: 1.1562; Crude Oil (WTI): 68.80;  Gold (Spot): 1217

Best Regards, ARBIND

06 Aug 2018