MACRO ECONOMIC NEWS

MAY THIS FRIDAY YOU EXPERIENCE THE PROSPERITY OF PLEASURE. WISHING A FANTASTIC FRIDAY.

Macro Economic News 21 Sep 2018

 

U.S. home sales stalled in August, highlighting a growing disconnect between the sluggish housing market and the strong economy that is powering stocks to new highs. The number of Americans filing applications for new unemployment benefits fell to a new 49-year low last week, though any effect from Hurricane Florence may not be realized for several weeks. The total net worth of U.S. households rose to nearly $107 trillion during the second quarter of 2018, as climbing home values and stock prices boosted Americans’ wealth. Switzerland’s central bank left its key rate at minus 0.75% despite a strong economy, standing apart from most rich countries that are following the Fed in moving away from crisis-era policies.

 

FINANCIAL TIMES

[I]  US stocks hit fresh record on booming economy

[I]  Turkey unveils plan to fight currency crisis

[I]  EU ambushes May over Brexit plan

[I]  Reality of painful tariffs point to long-term test for China

[I]  India and Pakistan foreign ministers to meet in sign of thaw

[I]  Mounting trade conflict threatens world economy, OECD warns

 

REUTERS

[I]  India may look to lock in oil futures to stem rupee slide

[I]  Japan, U.S. to hold second round of trade talks Sept. 24: Motegi

[I]  Trade worries push Japan Sept manufacturing confidence to 2-year low-flash PMI

[I]  India set to pay for Iranian oil using rupees from November: sources

[I]  As petrol prices sky-rocket, Indians look for ways to ease the pain

[I]  EU pushes October Brexit agreement, threatens no deal

[I]  Trump says OPEC 'monopoly' must get prices down

 

BLOOMBERG 

[I]  Canadian Export Agency Downgrades Its Assessment of Saudi Arabia

[I]  Japan's Manufacturing PMI Rises to Three-Month High

[I]  Fed Recession Risk, Fealty to Xi, Trump Exemption Doubt: Eco Day

[I]  Hong Kong's Dollar Suddenly Strengthens by the Most in a Year

[I]  Japan's Super-Long Bond Yields Climb After BOJ Cuts Purchases

[I]  What Happened This Week in the World Economy and What It Means

[I]  Argentina Begins Long Road Back to Redemption in Bond Market

[I]  OPEC’s Squabbles Don’t Really Matter for the Oil Market

[I]  Pensions Are Still Hungry for Long Bonds Even After Tax Deadline

[I]  Slowing Home Sales Are Hitting China Home-Appliance Stocks

 

WALL STREET JOURNAL

[I]  U.S. Existing-Home Sales Stalled in August

[I]  U.S. Housing Starts Rose in August

[I]  U.S. Jobless Claims Fall to 49-Year Low

[I]  U.S. Household Net Worth Neared $107 Trillion in Second Quarter

[I]  Swiss Paradox: Booming Economy, Negative Interest Rates

[I]  U.S. Current-Account Deficit Narrowed in Second Quarter

[I]  Profit Repatriation Slows in the Second Quarter After Tax Overhaul

[I]  OECD Sees Trade Tensions Hindering Global Growth

[I]  World Poverty Falls Below 750 Million

 

BUSINESS LINE

[I]  Cyclone Daye to bring heavy rain to Central, N-W India

[I]  9.5 lakh jobs created in July, show EPFO data

[I]  NITI Aayog to make recommendations on proposed agriculture export policy

[I]  GST: E-commerce firms to collect 1% tax at source from October 1

[I]  Preventive vigilance would work best in PSBs, says RBI Governor

[I]  Signing FTA is priority for Australia, says Deputy High Commissioner

 

ECONOMIC TIMES

[I]  FinMin pegs dollar value at Rs 73.65 for computing import duty

[I]  Near-term outlook for US dollar is bullish. Rupee may feel the pinch

[I]  Kharif acreage up 0.61% YoY to 1,057.81 lakh hectare

[I]  At under 10% of GDP, household debt is not alarming: Report

[I]  Indian economy to reach USD 5 trillion size by 2022: PM Narendra Modi

[I]  Easier tax refund regime for exporters in the works

[I]  India's curbs on imports of 'non-essential' items likely Thursday: Sources

 

BUSINESS STANDARD

[I]  Under ICA, incentive for banks lending more than share in resolution plans

[I]  Cell phone tower 'trees' to take root, will bear high-volume data

[I]  Truckers charging transporters higher than before to cushion fuel hike

[I]  30 new airports to come up in 15 mths, country's 100th coming up in Sikkim

[I]  RBI starts buying bonds through OMOs to stem shortage in liquidity

[I]  Preventive vigilance better governance tool: RBI governor Urjit Patel

[I]  Nothing is sacred as India's central bank cleans up the financial sector

[I]  EU leaders push for second Brexit vote with almost unanimous backing

 

MARKETS (08:15 am)

[I]  SGX NIFTY Fut: 11356;  USDINR DGCX: 71.7775;  DJIA Mini: 26675;  FTSE 100 Fut: 7383;  NIKKEI 225 Fut: 23793;  EUR-USD: 1.1781; Crude Oil (WTI): 70.80;  Gold (Spot): 1208

 

Best Regards, ARBIND

21 Sep 2018