MACRO ECONOMIC NEWS

WISHING YOU A VERY ACCOMPLISHED DAY. GOOD MORNING.

Macro Economic News 10 Aug 2018

As the Turkish tumult continues and Russia’s rout rolls on. The Turkish lira tumbled, sinking to a fresh record low as concern about souring relations with the U.S. and runaway inflation outweighed the nation’s plans to stem a market rout. The U.S. Treasury just auctioned a record amount of 10- and 30-year debt with relative ease. Looking at American markets, there’s little sign of the angst that’s been roiling emerging economies. The RBA will release its quarterly statement on monetary policy, China may report money supply figures, Singapore retail sales, Hong Kong GDP, and industrial production for Malaysia and India.

FINANCIAL TIMES

[I]  Diplomatic rift with Washington drives Turkish lira to fresh low

[I]  Pakistan lines up $4bn loan from Saudi-backed bank

[I]  Italian equities take investors on a round trip

[I]  Russia slams ‘unpredictable’ US after new sanctions

[I]  US tariffs risk hitting highest levels for 50 years, says ECB

[I]  Saudi sovereign wealth fund scrambles for resources

REUTERS

[I]  Dollar approaches 13-month high; rouble, Turkish lira downtrodden

[I]  China paper rebuts trade war criticism, says 'an elephant can't hide'

[I]  Japan's economy rebounds on brisk spending but trade rifts cloud outlook

[I]  Australia central bank charts steady course for rates as inflation lags economic growth

[I]  India offers welfare schemes 3.5 million tonnes of pulses at subsidised prices

BLOOMBERG 

[I]  On Devaluation Anniversary, China Logs Win in Yuan Campaign

[I]  China Rout Puts Brakes on Share Sales as Firms Favor Bonds

[I]  August Has a History of Crushing Dreams for Stock-Market Bulls

[I]  Oil Is Losing Its Grip Over the Currencies of Top Energy Producers

[I]  China’s Exports Are Homeward Bound

[I]  Foreign Investors Keep Buying Chinese Stocks as Markets Go Wild

[I]  Hong Kong's Humming Economy Braces for Trade War, Rates Squeeze

[I]  Philippine Central Bank Chief Ready to Act Again If Needed

[I]  Japan’s Economy Rebounds as Business Spends on Labor-Saving Tech

[I]  China's Regional Growth Divergence Adds to Debt Policy Dilemma

[I]  Asia's $184 Billion Debt Wall to Spark Buybacks, Bond Swaps

WALL STREET JOURNAL

[I]  Economists See Growth Hitting 3% in 2018 

[I]  Economists See Two More Fed Rate Increases This Year 

[I]  U.S. Producer Prices Tame in July 

[I]  China’s Tariff Turnaround: U.S. Crude Oil Drops Off the Target List 

[I]  Japan’s Economy Revs Up Again After Stalling

[I]  CBO: Debt Will Rise to ‘Unsustainable’ Levels if Congress Extends Tax Cuts, Maintains Spending

[I]  Pricey Housing Markets in West Are Cooling Off Most Quickly

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

[I]  The Debate That Evenly Divides Economists: Is This a ‘Trade War?’ 

BUSINESS LINE

[I]  Centre to crack down on delays in crop insurance claim payouts

[I]  PE, VC investments grew 45 per cent to $17 b till July: EY

[I]  India watching China’s measures to ease drug-import norms

[I]  PM to headline World Biofuel Day programme

[I]  Private sector NPS: Option for 75% equity investment by month-end, says PFRDA chief

[I]  Heavy monsoon rain hits Kerala’s plantation sector

ECONOMIC TIMES

[I]  EU foreign trade body maps plan to revive FTA talks

[I]  China-backed Asia trade pact to be examined by India panel

[I]  CFO optimism in July-September rises; monsoon, raw material costs key going forward

[I]  Mere deposit of goods to custodian not liable for GST: AAR

[I]  New ecommerce policy will help India in WTO negotiations: Commerce department

[I]  EPFO to be sole regulator for all categories of PFs: Parliamentary panel to Labour Ministry

[I]  PSUs should initiate process of appointing independent directors: Parliamentary panel

[I]  Lower tax rate to improve compliance: Piyush Goyal

[I]  Only 0.35% of I-T returns filed last year to be scrutinised: CBDT

BUSINESS STANDARD

[I]  Nothing called partial defaulters, IBC must apply equally to all: RBI

[I]  Commercial leasing on a roll, rises 58% to 24-mn square feet in H1 of 2018

[I]  India's online retail market is a $50 bn opportunity waiting to be realised

[I]  Exporters approach various courts over restrictions under GST regime

[I]  GST to be slashed on more items if revenue increases, says Piyush Goyal

[I]  RBI should focus on streamlining credit pricing, monetary transmission: IMF

MARKETS (10:00 am)

[I]  SGX NIFTY Fut: 11468  USDINR DGCX: 68.8975;  DJIA Mini: 25464;  FTSE 100 Fut: 7717;  NIKKEI 225 Fut: 22476;  EUR-USD: 1.1533; Crude Oil (WTI): 66.82;  Gold (Spot): 1213

Best Regards, ARBIND

10 Aug 2018