SURRENDER TO HUMBLENESS; YOU WILL GET THE BEST. WISHING A WONDERFUL WEEK AHEAD.

Macro Economic News 22 Dec 2018

 

The pace of U.S. economic output growth was revised down slightly to a still-solid rate in the third quarter, but the momentum could be difficult to maintain in the year’s final three months. The U.S. economy struck mixed chords as it rounded out the year, with consumer confidence high and households spending robustly but manufacturers pulling back as the global economy cools.

 

FINANCIAL TIMES

[I]  Wall Street falls sharply as US heads for shutdown

[I]  China hits back at US and UK allegations of cyber attacks

[I]  China pledges more tax cuts and infrastructure funding

[I]  Retailers brace for January reckoning after tough festive trading

[I]  Competition heats up in India food delivery market

 

REUTERS

[I]  India empowers agencies to snoop on computers   

[I]  U.S. government heads for shutdown after lawmakers fail to make deal 

[I]  U.S. Senate adjourns, partial shutdown ensured

[I]  U.S. government heads for shutdown after lawmakers fail to make deal

[I]  White House unveils goals for Japan trade talks

[I]  Chinese student accused of trying to poison U.S. college roommate

[I]  UK forces retake ship after stowaways threaten crew

 

BLOOMBERG 

[I]  U.S. Charges Chinese Oil Employee With Stealing Secrets

[I]  Russia, China, Iran Tried to Influence Midterm Elections, U.S. Says

[I]  The Secret Behind Growth in Trump’s America Is Deficit Spending

[I]  Consumers Increasingly Prop Up a U.S. Economy That's Set to Slow Down

[I]  Banks Stuck With $1.6 Billion of Unsold Loans Amid Market Rout

 

WALL STREET JOURNAL

[I]  Consumers on Firm Footing, Businesses Wary as 2019 Nears

[I]  U.S. Third-Quarter GDP Growth Revised Down to 3.4%

[I]  Shutdown Looms Over Wall Funding

[I]  Trump Doubles Down on Campaign Promises

[I]  U.S. Grants Iraq Sanctions Relief in Bid to Boost Business Deals

[I]  U.S. Details Plan to Lower Japanese Trade Barriers

[I]  Japan Finally Concedes Its Crazy Low Prices Can’t Be Beat

[I]  Inflation Fell Below Fed’s Target in November

[I]  U.S. Durable Goods Orders Grew in November

 

BUSINESS LINE

[I]  It’s official! Central agencies can now snoop into your PC

[I]  E-pharmacies take the chill pill, continue biz despite legal curbs

[I]  PSBs mop-up over Rs. 10,000 crore from people not maintaining minimum balance, using ATMs more

[I]  IT capital of country lost $3.5 b due to poor health of employees, says study

[I]  Mobile websites on slow lane seen hitting sales conversion rate

[I]  Rating agencies hail Govt move to infuse Rs. 41,000 crore in PSBs

 

ECONOMIC TIMES

[I]  Forex reserves decline by $613.9 million to $393.12 billion

[I]  As agriculture turns uneconomic, farmers turn daily-wagers for survival

[I]  Government aims to boost methanol economy to Rs 2 lakh cr: Gadkari

[I]  US industry body to open Bihar chapter to facilitate investments

[I]  Over 16.7 lakh DINs deactivated for non-compliance with KYC requirements

 

BUSINESS STANDARD

[I]  SBI to raise Rs 20.45 billion by issuing Basel III-compliant bonds

[I]  GST Council likely to approve amendments to tax laws on Saturday

[I]  Commerce ministry working on logistics portal to prune massive costs

[I]  Oil hits three-month lows as downbeat mood persists ahead off festive break

[I]  How memes are changing today's social media and digital discourse

[I]  Govt fixes Rs 3,119/gm price for next series of sovereign gold bonds

[I]  Mutual funds hope India's mom-and-pop investors keep the faith in 2019

 

Best Regards, ARBIND

22 Dec 2018

GOD HAS SWORN AND CONFIRMED YOUR HAPPINESS. WISHING A JOYOUS DAY AHEAD.

Macro Economic News 21 Dec 2018

 

The Federal Reserve’s decision to raise interest rates and signal more coming, albeit fewer than before, shows Chairman Jerome Powell cares much more about the data than the markets. The number of Americans filing applications for new unemployment benefits rose last week, but remained at a low level indicative of a tight labor market. Job recruiters, once overrun with applicants, now face candidates who don’t show for appointments or even completely disappear, in the tightest labor market since 1969.

 

FINANCIAL TIMES

[I]  US and UK accuse China of cyber espionage campaign

[I]  US warns of Chinese influence at multilateral lenders 

[I]  Putin defends economic strategy at marathon press conference

[I]  Italy budget truce fails to address debt load

[I]  US market slide underscores challenge facing Fed

[I]  UK government ‘ready’ to allow regulator oversight of crypto assets

[I]  Brexit Britain should follow Canada’s lead 

 

REUTERS

[I]  Rupee turns around on global dollar weakness, stocks also recover 

[I]  Japan's government approves record defence spending, seventh straight annual hike

[I]  Japan PM Abe's cabinet approves record $900 billion budget in FY 2019/20

[I]  U.S., allies slam China for economic espionage, spies indicted

[I]  Russia's Putin accuses U.S. of raising risk of nuclear war   

[I]  British ministers split over next Brexit steps if PM's deal fails 

[I]  UK parliament to resume Brexit deal debate on Jan. 9

[I]  Global banks chase Asia techs transaction business, as trade war rumbles

[I]  Dealmakers brace for slowdown after third-strongest M&A year

[I]  Europe is biggest drag in slump in 2018 equity raising

 

BLOOMBERG 

[I]  Japan’s Cabinet Approves Record Budget to Soften Tax-Hike Blow

[I]  Shutdown Looms as House Backs Trump Border Funds Senate Opposes

[I]  South Korea's Early December Trade Points to Softening Demand

[I]  Brexit Uncertainty Is Making the British Nervous to Spend

[I]  U.S. Stocks Are Now More Volatile Than Their Emerging Market Peers

[I]  China Is Said to Prioritize Capital Market Reform in Coming Year

[I]  Japan’s Cabinet Approves Record Budget to Soften Tax-Hike Blow

 

WALL STREET JOURNAL

[I]  Fed Raises Rates, Signals a Tentative Approach Next Year

[I]  Powell’s Bet: The Data Is Right, the Market Is Wrong

[I]  The Loneliest Job in a Tight Labor Market

[I]  U.S. Jobless Claims Rose Last Week

[I]  Parsing the Fed: How the December Statement Changed From November

[I]  ‘I Thought I Was Done For’: Tight Job Market Opens Doors for Ex-Convicts

 

BUSINESS LINE

[I]  Govt to infuse Rs. 41,000 cr more into PSBs; seeks Parliament nod

[I]  Expert panel to look into ‘angel tax’ issue faced by start-ups

[I]  Karnataka, Maharashtra hit badly by drought; four States too reeling

[I]  States may have to do a tightrope walking in providing relief, say experts

[I]  Lending to be hit, NPAs to go up

[I]  CBDT to tighten monitoring of donations to trusts

[I]  Bill to amend Companies Act introduced in Lok Sabha

[I]  RBI to have rule-based dynamic limit for outstanding ECBs at 6.5% of GDP

 

ECONOMIC TIMES

[I]  Farm loan waiver may give banks Rs 1.5 lakh crore headache

[I]  Dollar slips towards a 10-day low on growth concerns

[I]  Rupee's year-end rally heralds a brighter 2019 as oil slumps

[I]  Deal tally tops $100-bn for India Inc in 2018; M&A buzz may grow louder in new year

[I]  Indian farmers get $9 billion loan relief ahead of elections

[I]  Government announces fresh steps for Start-ups

[I]  Government to put draft e-commerce policy up for wide ranging consultation

[I]  Panel suggests higher sin tax on tobacco, alcohol

[I]  Cap civil services entry age at 27 years: Niti Aayog

 

BUSINESS STANDARD

[I]  No coercive action against start-ups for now to recover tax, says CBDT

[I]  GST Council meeting to consider ease of filing returns, refund processes

[I]  Steel firms face margin dip due to higher input costs, currency fluctuation

[I]  After start-ups, now investors start receiving 'angel tax' notices

[I]  Bank credit increases by 15.07%, deposits by 9.66%, says RBI data

[I]  Lok Sabha passes Consumer Protection Bill to improve ease of doing business

[I]  Govt wants Rs 100 bn interim dividend from RBI for fiscal deficit target

[I]  Defaults on credit cards, loan against properties on the rise, says CIBIL

[I]  EPFO payroll data: 827k new jobs in October; 7.9 million in 14 months

 

MARKETS (07:15 am)

[I]  SGX NIFTY Fut: 10966;  USDINR DGCX: 69.9400;  DJIA Mini: 22972;  FTSE 100 Fut: 6683;  NIKKEI 225 Fut: 20189;  EUR-USD: 1.1453; Crude Oil (WTI): 46.73;  Gold (Spot): 1261

 

Best Regards, ARBIND

21 Dec 2018

SHARING YOUR HOPES WITH OTHERS IS HEAVENLY. WISHING A HEAVENLY DAY AHEAD.

Macro Economic News 20 Dec 2018

 

The U.S. current-account deficit widened to a 10-year high in the third quarter, as exports fell and imports continued to rise. November sales of previously owned U.S. homes edged up from a month earlier but clocked the largest annual decline in more than seven years, signaling the sputtering housing market may finish the year on a weak note.

 

FINANCIAL TIMES

[I]  Sharp stock market sell-off on Fed rate rise

[I]  White House says US is withdrawing troops from Syria

[I]  EU plans to soften no-deal Brexit — but not by much

[I]  Switzerland prepares to launch Iran payments channel

[I]  EU and Italy strike budget agreement to avoid fines

[I]  UK unveils temporary visa for EU nationals after Brexit

[I]  US gives go-ahead for defence system sale to Turkey

[I]  Germany toughens investment rules over China concern

 

REUTERS

[I]  U.S. Fed raises interest rates, signals more hikes ahead 

[I]  RBI's monetary policy committee sounds cautious on inflation: minutes 

[I]  Launch of Shanghai-London stock link stalled amid doubts on demand

[I]  BOJ to keep policy steady as global risks, sliding yields put it in bind

[I]  Ireland unveils 'stark' contingency plans for no-deal Brexit

[I]  BOJ to keep policy steady as global risks, sliding yields put it in bind

[I]  Fed raises interest rates, signals more hikes ahead

[I]  China's builders are hurting - Beijing may feel the pain

[I]  Ireland may ask for derogations from some EU rules in no-deal Brexit

 

BLOOMBERG 

[I]  Mueller Asks House Committee for Roger Stone Transcript, Official Says

[I]  Trump Bid to Curb Asylum Claims at Border Again Blocked in Court

[I]  Goldman Says China-U.S. Deal Would Be 2019's Top Economic Event

[I]  Bond Rally May Have Just Begun, Say Investors Reeling After Fed

[I]  There’s More Than One Reason Traders May Have Disliked the Fed's Message

[I]  Treasuries Rally on `Policy Mistake' Concerns as Curve Flattens

[I]  PBOC Ratchets Up Monetary Support With `Low-Profile' Rate Cut

[I]  China M&A Loans Slump for Second Year

[I]  Brazil, Indonesia Expected to Lead Emerging-Market Comeback in 2019

 

WALL STREET JOURNAL

[I]  Current-Account Deficit Widened in Third Quarter

[I]  The Loneliest Job in a Tight Labor Market

[I]  Home Sales Post Steepest Decline in Over Seven Years

[I]  Parsing the Fed: How the December Statement Changed From November

[I]  U.S. Prepares More Payments to Trade-Hit Farmers

[I]  Mexico to Give Minimum Wage Another Boost

[I]  U.K. Economy Picked Up Pace in Third Quarter

[I]  ECB President Calls on Eurozone Nations to Cut Debt

[I]  China’s Economy Flashes New Warning Signs

 

BUSINESS LINE

[I]  Decline in rabi acreage may have a domino effect on multiple sectors

[I]  Average GST rate will soon be at 15%: NITI Aayog Vice-Chairman

[I]  Irrational ticket pricing, financial health of Indian airlines are a concern, says Boeing

[I]  ‘Only 3% of women IIT graduates between 1990-2000 are working’

[I]  I-T notices to start-ups: DIPP approaches Revenue Dept

[I]  Grape exports start on a sweet note with favourable weather, good yields

[I]  New reinsurance regulations credit-positive, says Moody’s

 

ECONOMIC TIMES

[I]  Why India might be sitting on fast ticking jobs time bomb

[I]  Jammu and Kashmir comes under President's rule

[I]  RBI's interest rate panel sounds cautious on inflation: minutes

[I]  284 companies may face prosecution for CSR non-compliance

[I]  Niti Aayog for setting up of agri tribunal, replacing MSP with crop auction at reserve price

[I]  Niti Aayog strategy document estimates 8% average GDP growth during 2018-23

[I]  Better payouts, digital payments to spur financial inclusion: NITI Aayog

[I]  I-T department takes steps to stop refunds based on bogus investments

[I]  Panel to redraft Direct Tax laws to focus on simplification

[I]  New promotion policy causes heartburn at RBI

[I]  Aadhaar amendments: New offences to attract steep fines, 10-year jail

[I]  Fintech companies seek access to Aadhaar

 

BUSINESS STANDARD

[I]  NITI unveils 'Strategy for New India @75' to make India $4-trillion economy

[I]  PE investors fighting tough rules to back insurance companies, say experts

[I]  Agri logistics companies yet to see sizable investor interest, shows data

[I]  RBI cautious on food, crude oil inflation 'reversal'; to study indicators

[I]  Have taken up 'angel tax' issue of startups with FinMin: Suresh Prabhu

[I]  Floating rate borrowers need easy portability

[I]  New tax norm likely to make National Pension System more attractive

 

MARKETS (06:30 am)

[I]  SGX NIFTY Fut: 10874;  USDINR DGCX: 70.4400;  DJIA Mini: 23395;  FTSE 100 Fut: 6783;  NIKKEI 225 Fut: 20787;  EUR-USD: 1.1383; Crude Oil (WTI): 47.20;  Gold (Spot): 1245

 

Best Regards, ARBIND

20 Dec 2018