MACRO ECONOMIC NEWS

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Macro Economic News 16 Oct 2018

 

The federal deficit widened 17% last year amid higher government spending—including rising interest costs on the debt and increased funding for the military—and flat revenues following last year’s tax cut. Global business investment flows fell sharply in the first six months of the year, as U.S. companies repatriated profits in response to changes in the country’s tax law, the United Nations said.

 

FINANCIAL TIMES

[I]  Decline of rural US businesses contrasts with prospering cities

[I]  Theresa May plays for time on Brexit agreement

[I]  EU to offer billions of funding for electric battery plants

[I]  Japan plans cashback scheme to offset rise in consumption tax

[I]  US budget deficit hits $779bn in Trump’s first full fiscal year

[I]  Italy’s coalition approves draft budget before EU deadline

[I]  China’s P2P lenders say regulation will cause industry collapse

 

REUTERS

[I]  Delhi braces for choking smog as crop stubble burns

[I]  China's cooling factory-gate inflation signals waning demand

[I]  Global steel body hikes demand forecasts, but says risks remain

[I]  China to show off its zeal to import but business awaits policies

[I]  U.S. retail sales increase modestly; consumer spending strong

[I]  Market can cope with push for zero Iranian oil sales, says U.S. envoy

 

BLOOMBERG 

[I]  Ruble Will Outperform Emerging-Market Peers, JPMorgan Says

[I]  Mumbai Home Sales Jump, Boosted by Affordable Low-Budget Units

[I]  The Dirt on Clean Electric Cars

[I]  China Ditches Deleveraging, Posing Hit to Yuan, Citigroup Says

[I]  When Markets Get Messy, Yen Wins Out Over Franc

[I]  China M&A Isn't Dead, It's Gone Under the Radar

[I]  Misconduct Costs Are Starting to Bite for Australia's Big Banks

[I]  Low Food Prices Are a Budget Problem for India’s Modi

 

WALL STREET JOURNAL

[I]  U.S. Deficit Swells in Fiscal 2018 as Tax Cuts Take Bite

[I]  U.S. Tax Changes Hit Global Investment Flows

[I]  Yellen Calls Trump’s Attack on Fed Counterproductive

[I]  U.S. to Blame for Weaker China Currency

[I]  Tariffs Hit Those Trump Wants to Help: U.S. Factories

 

BUSINESS LINE

[I]  Visa, Mastercard, Amex in breach as deadline for data localisation passes

[I]  Export growth down 2% in Sept

[I]  WPI inflation zooms past 5% in Sept

[I]  ‘Taxation can drive shift to alternative-fuel vehicles’

[I]  More thundershowers in store as N-E monsoon looms

[I]  Record foreign money outflows continue to weigh on rupee

 

ECONOMIC TIMES

[I]  RBI has slight change of heart on data law

[I]  Equity rout derails IPOs from Spain to India

[I]  Dollar on defensive; yen, Swiss franc firm on Saudi, Brexit tensions

[I]  About half of Indian firms lack system to detect travel, expense frauds: Survey

[I]  India Inc's Jan-Sep M&A deal tally touch USD 76 bn: Report

[I]  Companies can save up to $165 billion by 2022 by adopting automation:Study

[I]  Patchy monsoon may dampen demand for consumer goods

[I]  India ranks 103 on global hunger index

 

BUSINESS STANDARD

[I]  Review payment terms to support weaker rupee: PM Modi to global oil majors

[I]  Fuel price hike takes away speed from SUVs; growth of domestic sales slows

[I]  Jobs few and far between for the differently abled in corporate India

[I]  Demand for electricity in October spikes 12% on diesel price hike

[I]  Calamity tax under GST: Panel gives states 3 options to raise extra funds

[I]  Govt plans to ease norms for entry of private players into fuel retailing

[I]  India's exports contract, but trade deficit falls to five-month low

[I]  India's wholesale inflation rises to 5.13% in September from 4.53%

 

MARKETS (10:00 am)

[I]  SGX NIFTY Fut: 10572;  USDINR DGCX: 73.9800;  DJIA Mini: 25250;  FTSE 100 Fut: 7004;  NIKKEI 225 Fut: 22324;  EUR-USD: 1.1575; Crude Oil (WTI): 71.87;  Gold (Spot): 1226

 

Best Regards, ARBIND

16 Oct 2018