MACRO ECONOMIC NEWS

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Macro Economic News 28 Mar 2019

 

British Prime Minister Theresa May failed to sway hardline opponents of her European Union divorce deal with an offer to quit, but parliament's bid to agree an alternative fell short, leaving the Brexit process as deadlocked as ever. Some Federal Reserve officials are saying it is too soon to consider cutting U.S. interest rates, despite rising market speculation of such a move because of slowing global growth and signals of trouble from the bond market. The U.S. trade deficit narrowed sharply in January as exports edged higher while imports declined, reflecting volatile trade dynamics with China amid tariff negotiations by the Trump administration. Multinational companies warn that the new tax system, meant to help them compete overseas and create domestic jobs, could instead put them at a disadvantage and reduce their incentive to invest at home.

 

FINANCIAL TIMES

[I]  Tensions emerge between Dublin and Brussels over Irish border 

[I]  France launches ‘profound’ reform of civil service

[I]  India touts military capability with anti-satellite missile launch

[I]  China industrial profits suffer sharpest fall in a decade

[I]  Hong Kong hands out its first digital banking licences

[I]  The eurozone needs a dose of fiscal stimulus

[I]  Industrial policy is not just about picking winners

 

REUTERS

[I]  Monsoon should be robust provided no El Nino surprise: India Meteorological Department official

[I]  China will cut real interest rate levels, lower financing costs: Premier Li

[I]  Bond yields spiral lower, take stocks along for the ride

[I]  Indonesia may quit Paris climate deal over palm oil

[I]  May's offer to quit fails to break Britain's Brexit stalemate

[I]  'Don't blink' on Trump tariffs, steel CEOs tell U.S. lawmakers

[I]  Turkey running low on hard cash reserves as markets fear 'dollarisation'

[I]  China bucking global shift from coal-fired power: environmental study

[I]  U.S. trade deficit shrinks on strong soybean, auto exports

[I]  ECB can delay rate hike again, mitigate negative rates if needed: Draghi

[I]  U.S. current account deficit hits 10-year high; firms bring back more foreign profits

[I]  Pakistan to announce monetary policy decision Friday

 

BLOOMBERG 

[I]  Analysts Doubt Depth of U.S.-China Yuan Pact as Talks Resume

[I]  U.K.'s Brexit Stalemate Deepens Despite May's Promise to Quit

[I]  A Huge Options Trade Is Betting Markets Are Wrong on Fed Cuts

[I]  How the U.S.-China Trade War Reached a Turning Point

[I]  Ex-Goldman Trader's Hedge Fund to Return Clients' Cash

[I]  Pakistan’s Emerging-Market Status Just Got Into Big Trouble

[I]  Offshore Drilling Makes a Comeback After Years in Shale's Shadow

[I]  Three U.S. Job Gauges to Watch as Markets Project a Fed Rate Cut

 

WALL STREET JOURNAL

[I]  Fed Officials Push Back on Market’s Rate-Cut Belief

[I]  Fed in Good Place for Wait-and-See Monetary Policy, Official Says

[I]  Powell’s Critics Miss the Mark

[I]  U.S. Trade Gap Narrowed Sharply in January

[I]  Tax Changes Hit Overseas Profits of U.S. Companies

[I]  Company Repatriations of Cash Surged, Then Moderated in 2018

[I]  ECB’s Draghi Hints at Drawbacks of Negative Rates

 

BUSINESS LINE

[I]  CBDT raises alarm as direct tax collection still 15% short

[I]  British MPs prepare to vote on alternatives to Brexit deal

[I]  India, US ink pact to check tax evasion by MNCs

[I]  ‘Unconditional cash transfer, a powerful idea’

[I]  SEBI defers shareholders nod rule for related-party payments by 3 months

[I]  RBI throws open rupee interest rate derivatives market to non-residents

 

ECONOMIC TIMES

[I]  Indian basmati rice industry to clock its highest export ever

[I]  Centre seeks PSUs’ help to meet FY19 revenue targets

[I]  Commerce min calls meeting of stakeholders on increasing exports to China on Apr 5

[I]  India's monsoon should be robust provided no El Nino surprise: Top govt forecaster

[I]  Digital adoption may result in strong economic growth in India: McKinsey report

[I]  Why isn’t investment picking up with this growth? It’s not adding up: Raghuram Rajan

[I]  India's subsidies to farmers very low as compared to western countries: Commerce secy

[I]  India-US sign pact for exchange of reports to check tax evasion by MNCs

 

BUSINESS STANDARD

[I]  CBDT raises alarm as direct tax collection stands at Rs 10.21 trillion

[I]  India's crowded car market will have new global players focused on SUVs

[I]  India successfully tests ASAT missile, joins space superpower club

[I]  Bank credit clips at 14.5%; deposits grow in double-digits at 10%: RBI data

[I]  Sebi defers implementation of new royalty payment corporate code

[I]  Moped sales see demand revival, rise 3.6% in first 11 months of 2018-19

 

MARKETS (09:15 am)

[I]  SGX NIFTY Fut: 11465;  USDINR DGCX: 69.4025;  DJIA Mini: 25601;  FTSE 100 Fut: 7131;  NIKKEI 225 Fut: 21065;  EUR-USD: 1.1255; Crude Oil (WTI): 59.20;  Gold (Spot): 1310

 

Best Regards, ARBIND
28 Mar 2019