MACRO ECONOMIC NEWS

WISHING YOU A BEAUTIFUL AND PRODUCTIVE DAY. GOOD MORNING.

Macro Economic News 09 Aug 2018

China hits back against U.S. tariffs. The cryptocurrency selloff plumbs new depths. China confirmed that it will impose 25 percent tariffs on an additional $16 billion worth of imports from the U.S. from Aug. 23. The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the U.S. Securities and Exchange Commission dented enthusiasts’ hopes for a VanEck exchange-traded fund backed by Bitcoin. Crude tumbled to a nearly seven-week low as the escalating trade dispute.

FINANCIAL TIMES

[I]  Saudi Arabia sells Canadian assets as dispute escalates

[I]  Pound’s weakness sends it back to October lows

[I]  US to sanction Russia over Skripal poisoning

[I]  China’s commitment to the Pacific may be overstated

[I]  China and US exchange $16bn blows in trade war

[I]  Germany and Spain reach deal over asylum returns

[I]  US regulators warned against reducing bank capital requirements

[I]  Russian ‘mood swing’ points to trouble for Putin

[I]  Casino shares plunge to 22-year low on valuation concerns

REUTERS

[I]  Chinese yuan to regain some ground if trade tensions ease: poll

[I]  Japan June core machinery orders fall 8.8 percent month-on-month

[I]  China to slap additional tariffs on $16 billion of U.S. goods

[I]  Chinese state media accuse U.S. of 'mobster mentality', vow to fight tariffs

[I]  Mexico's economy minister says 'encouraged' to continue NAFTA talks

[I]  UK house prices inch up, buy-to-let investors exit market: RICS

[I]  RBNZ holds rates but surprises with more dovish outlook

[I]  Reserve Bank of NZ governor says risks evenly balanced for interest rate cut or hike

[I]  Saudi-Canada dispute will not affect oil supplies: Saudi minister

[I]  Chinese exports accelerate even as Trump escalates trade war

BLOOMBERG 

[I]  BOJ Watchers Pare Back Expectations of Future Policy Changes

[I]  ‘Mystery’ Chinese Trades Fuel Aluminum's Biggest Gain Since May

[I]  The Numbers You Need to Watch to Predict Where the Yuan's Going

[I]  RBNZ Expects to Keep Rates at Record Low for Two More Years

[I]  U.K. Housing Market Stays Subdued as Brexit, Rates Deter Buyers

[I]  China Retaliates, Whither the Yuan, BOJ Could Stand Pat: Eco Day

[I]  Indonesian Growth Brings Relief Amid Widening Earnings Misses

[I]  Higher BOJ Yield Range Is Said to Be Too Low for Regional Banks

[I]  Russia ETFs See Heavy Trading Amid New Sanctions

WALL STREET JOURNAL

[I]  U.S. to Impose Tariffs on Another $16 Billion in Chinese Imports 

[I]  China Retaliates With New Tariffs, Hunkering Down for Long Trade Fight 

[I]  China’s Imports Jump as It Digs In for a Trade Fight

[I]  U.S. to Impose Tariffs on Another $16 Billion in Chinese Imports

[I]  Jobs Go Unfilled as the Economy Expands 

[I]  Richmond Fed President Says Continued Low Interest Rates Are Tough to Justify 

[I]  Ultralow Rates Hit Italians’ Incomes More Than Germans, Says ECB 

[I]  Iranian Hackers Turn to Ransomware, Bitcoin as Economy Stalls

BUSINESS LINE

[I]  India heading for a lower tea output as H1 output falls 5%

[I]  Monsoon peaks again even as depression weakens

[I]  India can be the engine of global growth for decades, says IMF

[I]  US-Russia hostility not in India's interest

ECONOMIC TIMES

[I]  Banks are helping state govts go digital

[I]  Time to bond with the best and expand debt market

[I]  Average per capita income in last 4 years higher at nearly Rs 80,000

[I]  Australia committed to concluding a high-quality FTA with India, says Australian High Commissioner

[I]  India will need to tighten monetary policy to counter inflation: IMF

[I]  IMF asks India to consider simpler GST rate structure

[I]  Panel suggests higher threshold for NCLT cases

[I]  IMF lauds India’s reforms, sees faster growth

[I]  Government may bring next draft of e-commerce policy in 10 days

[I]  Government may clip wings of wilful defaulters soon

BUSINESS STANDARD

[I]  Airlines may get nod to tap foreign loans; govt mulls external borrowing

[I]  Govt gets fiscal deficit cushion, RBI to pay Rs 500-bn dividend for FY18

[I]  India's MF industry one of the costliest globally: Ex-Sebi chief UK Sinha

[I]  Windfall commission perks up income of commodity world CEOs

[I]  Costly wheat in domestic, international markets to push up biscuit prices

[I]  Housing projects worth Rs 3.3 trillion stuck across India: PropEquity

[I]  Microfinance institutions plan to take IPO route to fund growth plans

MARKETS (06:15 am)

[I]  SGX NIFTY Fut: --  USDINR DGCX: 68.6300;  DJIA Mini: 25505;  FTSE 100 Fut: 7705;  NIKKEI 225 Fut: 22547;  EUR-USD: 1.1609; Crude Oil (WTI): 66.81;  Gold (Spot): 1214

Best Regards, ARBIND

09 Aug 2018