MACRO ECONOMIC NEWS

WISHING YOU A DAY TO RECEIVE UNEXPECTED MIRACLES. GOOD MORNING.

Macro Economic News 07 Aug 2018

SoftBank is mulling the largest public listing ever. Bitcoin slipped below $7,000 to its lowest level in three weeks, as seemingly positive sentiment surrounding the largest virtual currency soured over the weekend. The widening gulf between U.S. Secretary of State Michael Pompeo’s description of nuclear talks with North Korea and Pyongyang’s criticism of his efforts is adding further confusion to the status of negotiations intended to lead to the denuclearization of the Korean peninsula. 

FINANCIAL TIMES

[I]  Saudi Arabia freezes trade with Canada and expels ambassador

[I]  Brussels looks at softening Irish backstop powers to avoid no deal

[I]  Chinese investment in Bangladesh rings India alarm bells

[I]  Police lock down Beijing’s financial district to thwart protests

[I]  Fall in German manufacturing fuels fear of eurozone slowdown

[I]  China drug scandals highlight risks to global supply chain

[I]  Cost savings keep Japan’s carmakers on upward road

[I]  Forget Brexit, Britain is failing to tackle its burning injustices

REUTERS

[I]  Japan household spending falls but wage growth hits 21-year high

[I]  Oil markets tread water ahead of renewed U.S. sanctions against Iran

[I]  Pound frail on Brexit fears, dollar steady

[I]  Chinese state newspaper says Trump's claims of winning trade war are 'wishful thinking'

[I]  World at risk of heading towards irreversible 'hothouse' state

[I]  BOJ's architect of 'shock and awe' plots retreat from stimulus

[I]  India's summer crop sowing down on lower rainfall

BLOOMBERG 

[I]  China Stocks Are About to Get Cheaper, Analysts Say

[I]  Big Banks Face More Scrutiny as Australia Regulator Embeds Staff

[I]  Treasury Investors See Plenty of Reasons for Staying Under 5%

[I]  Here Are the Shots Fired So Far in U.S.-China Trade War

[I]  How A Post-Keynesian Economist Sees The Markets Right Now

[I]  Pay for Japanese Workers Makes Biggest Monthly Jump Since 1997

[I]  Mapping Unpaid Women's Work Is India's Next Step in Jobs Puzzle

[I]  No End Soon for Korean Bond Party With Just One Hike in Sight

WALL STREET JOURNAL

[I]  U.S. Corporate Tax Cuts Likely to Hit Other Countries’ Bottom Lines 

[I]  Conference Board’s Employment Trends Increased in July 

[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]  U.S. Hits Iran With Renewed Sanctions 

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

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

[I]  U.S. Cranberry Industry Feels the Bite of Retaliatory Tariffs

[I]  Saudi Arabia’s Spat With Canada Risks Backlash From Investors

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

BUSINESS LINE

[I]  DoT asks industry to explore ways to block social media apps

[I]  US sanctions on Iran cast shadow on Indian exports

[I]  Manufacturers want GST reduction extended to big-screen televisions

[I]  Land acquisition: Govt to credit amount directly to owner’s a/c

[I]  Dumping duty on methylene chloride from US, EU extended by one year

[I]  India for changes in coastal shipping pact with Bangladesh to push transshipment

[I]  Indian, Israeli firms in blockchain tech tie-up for genetics

[I]  At 3.5 lakh tonnes, sugar exports way off target

[I]  Fresh ‘low’ forms in Bay, signals heavy monsoon showers

[I]  Banks lost Rs. 32,000 cr to frauds in FY2017-18

[I]  Retailers turn to social media to raise footfalls in brick-and-mortar stores

ECONOMIC TIMES

[I]  India’s rice heads to Beijing now

[I]  Trade war upsetting forex maths. And that's a big problem for RBI

[I]  How low can they go? EM currencies near key level

[I]  $222 billion debt maturing this fiscal to put pressure on forex kitty

[I]  RBI cuts holdings in US treasuries amid rising rates

[I]  10 per cent below-normal rainfall hits sowing of kharif crops

[I]  MSP hike up to 60% likely for minor forest produce

[I]  India's summer crop sowing down on lower rainfall

[I]  Industry objects to clauses in draft ecommerce policy

[I]  Government extends e-visa facility for citizens of 165 countries

[I]  No GST refunds for foreigners as of now: Finance Ministry

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

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

BUSINESS STANDARD

[I]  Fake news crackdown: Govt seeks options to block Facebook and WhatsApp

[I]  Fiscal deficit likely to be bigger than what Budget says: Kaushik Basu

[I]  Nine of 44 economic corridors to be connected via expressways soon

[I]  Publishers seek input tax credit for authors under the GST regime

[I]  Project Sashakt: PSBs will need Rs 1.3 trn to tackle bad loans, says panel

[I]  Will govt arithmetic derail 5G roll out by 2020? Telecom operators fear so

[I]  LoUs should be restored at earliest with safeguards: Par Panel to RBI

[I]  PSBs recover Rs 222 billion from NPA accounts via one-time settlement

[I]  Food-processing SMEs key to job creation in large agrarian states

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11433;  USDINR DGCX: 68.9700;  DJIA Mini: 25491;  FTSE 100 Fut: 7611;  NIKKEI 225 Fut: 22580;  EUR-USD: 1.1560; Crude Oil (WTI): 68.92;  Gold (Spot): 1209

Best Regards, ARBIND

07 Aug 2018