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Macro Economic News 14 May 2019

 

Oil production capacity could fall to under one percent of global oil demand by the end of the year. U.S. stocks plunged after China hit back at Trump, and Asian futures indicate the selloff is far from over. The U.S.-China trade dispute escalated sharply as Beijing retaliated against higher U.S. tariffs with plans to increase levies on $60 billion in goods and Washington laid out nearly $300 billion of new Chinese imports that would face 25% levies. Transatlantic relations aren't too smooth at the moment, either. The EU is finalizing a list of American goods to target with retaliatory levies in the event that Trump imposes tariffs on car imports. FED leader Eric Rosengren said that the accelerating trade war between the U.S. and China is increasing the risk of something bad happening to the economy. These days, the biggest, baddest weapon in the American arsenal - America’s economic clout - is being overused, at the risk of undermining the very strength that makes it so powerful, asks Gerald F. Seib.

 

FINANCIAL TIMES

[I]  US stocks fall sharply as US-China trade war escalates

[I]  Beijing vows not to flinch, but tariffs likely to bite hard

[I]  Japanese employers struggle to fill jobs

[I]  Fannie and Freddie unlikely to be privatised, says lawmaker

[I]  Poland cancels Israeli visit over property restitution

[I]  Brussels issues ultimatum to Romania over legal spat

[I]  Europeans warn Iran and US against triggering conflict

[I]  Economic pressures push Tehran hand in US stand-off

[I]  Japan’s economy is ‘worsening’ for first time in 6 years

[I]  Bad governance makes banks perilous investments

[I]  Expanding the EU benefits all of Europe

 

REUTERS

[I]  Global stocks dive, yuan weakens as U.S.-China trade fight intensifies

[I]  What's at stake for Europe Inc in a trade spat with Washington

[I]  Cellphones and laptops on latest USTR China tariff list, drugs excluded

[I]  Trump says U.S. farmers to get $15 bln in aid amid China trade war

[I]  Investors brace portfolios for longer U.S.-China trade war

[I]  Oil supply crunch to test OPEC's spare capacity

[I]  Trump says it would be big mistake for Iran to try anything against U.S

[I]  Fed officials see risks in weaker inflation expectations, trade row

[I]  Expert Views: India's April retail inflation picks up to 2.92%

 

BLOOMBERG 

[I]  Value Lost in Monday's S&P 500 Rout Exceeds Annual China Imports

[I]  The Huge Selling Pressure Coming for Hong Kong's Equity Market

[I]  Yen Makes a Comeback as the Currency to Embrace When Times Are Tough

[I]  What the Russian Revolution Can Teach Us About Bond Bubbles

[I]  Trump Doubles Down, Three Fed Cuts, Dickens-Like Future: Eco Day

[I]  U.S. Consumers at the Mall Won't Be Able to Avoid Trade War Hit

[I]  Rosengren Says Fed Needs More Time to Weigh Trade War Impact

[I]  Singapore Makes It Easier for Old People to Buy Old Homes

 

WALL STREET JOURNAL

[I]  Trade Fight Escalates as China Hits U.S. With Higher Tariffs

[I]  Fed’s Rosengren: Ongoing Trade Squabbles Could Wound Global Economy

[I]  How the U.S.-China Trade Talks Hit a Wall

[I]  April Inflation Expectations Fell, N.Y. Fed Says

[I]  The Risks in Overusing America’s Big Economic Weapon

[I]  Real Time Economics: U.S. and China Hit a Wall

 

BUSINESS LINE

[I]  April angst: Slide in auto sales steepest in 8 years

[I]  Rising balance in Jan Dhan accounts spells windfall for banks

[I]  Non-tax boost: Energy PSUs swelled Centre’s coffers by nearly Rs. 3 lakh-crore over five years

[I]  WTO reforms don’t address poor nations’ concerns: India

[I]  China hikes tariffs on US goods after Trump warning

[I]  Generic firms in US may have to swallow bitter price regulation pill

[I]  Pre-monsoon showers may see a 5-year low

[I]  US-China tensions may lead to fresh slowdown in global growth: Moody’s

 

ECONOMIC TIMES

[I]  Women in driver’s seat at car dealerships

[I]  The good, the bad & the ugly of bankruptcies

[I]  No reservation in 'qualifying' examinations: SC

[I]  RBI finds why there's a dip in bank deposits

[I]  Sugar exports surge to 21.29 lakh tonnes so far this marketing year

[I]  Rupee slips 46 paise to 70.37 against US dollar

[I]  Foreign investors flock to US corporate bond market for yield

[I]  Data Conundrum: NSSO'S study raises doubts on quality of growth indicators

[I]  Fund crunch, land cost may slow down highway projects

[I]  Slowdown concerns to be addressed in Budget: Sources

[I]  Universal debt relief scheme on cards for small borrowers

 

BUSINESS STANDARD

[I]  Trade war: China hits back at US with tariffs on goods worth $60 billion

[I]  Mid-tier IT services companies hiring top executives from larger peers

[I]  India's car sales decline 16% in April, the worst in eight years: Siam

[I]  Protect special benefits for developing nations at WTO: Industry

[I]  Retail inflation rises to 6-month high, poses uncertainty for rate cut

[I]  WGC nudges govt to enforce its norms for buyers and sellers of digital gold

[I]  Advertisers rebrand the Indian male by ditching gender stereotypes

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11135;  USDINR DGCX:70.8225;  DJIA Mini: 25371;  FTSE 100 Fut: 7124;  NIKKEI 225 Fut: 20887;  EUR-USD: 1.1234; Crude Oil (WTI): 61.16;  Gold (Spot): 1299

 

Best Regards, ARBIND
14 May 2019