MACRO ECONOMIC NEWS

THE MOST SIGNIFICANT GIFT IS TO BELIEVE AND A FATHER’S BELIEF IS UNMATCHED. WISHING A BLESSED DAY AHEAD.

Macro Economic News 12 Jun 2019

 

The Indian government defended its methodology of calculating the country’s economic growth, countering the argument of a former top economic advisor who said that Asia’s third-largest economy might be overestimating its growth rate. U.S. President Donald Trump's attacks on the Federal Reserve have broken one set of precedents, his talk of stacking the central bank with political allies has strained another, and his on-again off-again tariff threats have made the economic outlook harder than ever to predict. The Treasury Department is releasing final rules that shut down a tax-planning strategy for residents of high-tax states. As the global economy slows, central bank policies won’t follow the same path as a decade ago.

 

FINANCIAL TIMES

[I]  Extreme weather sends energy demand to 9-year high

[I]  Europe’s bank watchdog warns on wave of dirty money

[I]  Australia secrecy culture in spotlight after media raids

[I]  French social security deficit signals budget squeeze

[I]  Pakistan unveils austerity budget to secure IMF loan

[I]  US warns Hong Kong over extradition bill

[I]  US, Canada and Australia join forces to tackle metal shortage risk

 

REUTERS

[I]  India defends methodology to measure economic growth

[I]  U.S. House committee to hold hearing on proposed fuel efficiency freeze

[I]  Surprise gain in Japan's machinery orders masks cooling investment outlook

[I]  China central bank to inject 35 billion yuan via OMO, resuming 28-day tenor - traders

[I]  Brazil indigenous affairs official fired amid push to develop reservation land

[I]  Fed faces an outlook clouded by trade wars and signs of weakness

[I]  U.S. companies sued over London's deadly Grenfell Tower fire

[I]  Envoy says Sudan talks to resume as strike suspended

[I]  U.S. House panel debates giving local news outlets ‘lifeline’ in ad fight

[I]  South Korea BOK chief sees sharply heightened external uncertainties

[I]  Watched by IMF, Pakistan targets steep rise in tax revenue

 

BLOOMBERG 

[I]  Vietnam Hopes to Lure Foreign Market Investors With New Products

[I]  Bond Markets Are ‘Almost Taunting the Fed’ With Global Rate-Cut Bets

[I]  Trump Says He's Holding Up Trade Deal With China Ahead of G-20

[I]  China Consumer Inflation Picks Up in May Amid Food Price Gains

[I]  Australia's Interest-Rate Cut Fails to Lift Gloom About Economy

[I]  China Sends Warning Signal to Yuan Bears Before G20 Meeting

[I]  OPEC Still Gridlocked on Meeting Date Amid Iran-Saudi Schism

[I]  OPEC Still Gridlocked on Meeting Date Amid Iran-Saudi Schism

 

WALL STREET JOURNAL

[I]  U.S. Producer Prices Up Slightly in May, Showing Little Inflation Pressure

[I]  Trump Blasts Fed Policies, Euro’s Value to the Dollar

[I]  Treasury Finishes Rules Ending Blue-State Tax-Cap Workarounds

[I]  ‘Not My People’—Trump Hectoring of Fed Chairman Complicates Rate Calls

[I]  Monetary Easing Looks Different This Time Around

[I]  Real Time Economics: Just How Tight Is the Labor Market?

 

BUSINESS LINE

[I]  New GST return mechanism will be implemented in phases

[I]  Auto sales go into a tailspin as industry battles headwinds

[I]  Auto sales continue to skid as industry faces headwinds

[I]  Pre-Budget meet: Farm sector seeks more investments; India Inc wants tax sops

[I]  Sectoral targets for govt’s renewable energy generation goals reworked

[I]  Govt looking at tariff, non-tariff measures to reduce steel imports

[I]  ‘RBI’s revised circular no breather for NBFCs’

[I]  RBI sets up six-member committee to review ATM Interchange Fee structure

 

ECONOMIC TIMES

[I]  New labour law soon to boost economy

[I]  RBI net buys $4.9 billion in April

[I]  Dollar steady, but trade war fears curb appetite for risk

[I]  Govt takes a few decisions to control food inflation

[I]  Centre removes export incentives for onion

[I]  Sugar output may fall 40% in drought hit Maharashtra

 

BUSINESS STANDARD

[I]  Auto industry seeks govt intervention as PV sales skid to decade low

[I]  Reduce corporate tax rate, increase infra investment: India Inc tells FM

[I]  Mumbai had highest unsold luxury homes inventory at 23,930 units in Q1FY19

[I]  Govt should give only revenue-neutral stimulus, says CII president

[I]  At Rs 40,000 cr, DoT seeks 6% rise in budget to boost rural connectivity

[I]  Farmers seek to raise cropping area as vegetable prices continue to rise

[I]  Farm commodity prices soften on monsoon hopes, cereals lead fall

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11962;  USDINR DGCX: 69.5175;  DJIA Mini: 26052;  FTSE 100 Fut: 7380;  NIKKEI 225 Fut: 21220;  EUR-USD: 1.1328; Crude Oil (WTI): 52.41;  Gold (Spot): 1334

 

Best Regards, ARBIND

12 Jun 2019