MACRO ECONOMIC NEWS

“WALK BESIDE ME” IS WHAT PEOPLE AROUND US WANTS. WISHING A CONCERTING DAY AHEAD.

Macro Economic News 28 Jun 2019

 

Despite NBFC crisis financial system stable; NPAs fall to 9.3% in FY19. India's finance ministry has demanded the social security and pension fund cuts the 8.65 percent annual return it was planning to offer about 85 million member workers. India's monsoon rains were below average for the fourth straight week, with rainfall scanty over central and western parts of the country in the week, raising concerns about major crop production and the impact on the nation's economy. The pace of U.S. economic growth remained at a strong 3.1% annual rate in the first three months of the year, but a downward revision to consumer spending suggests the momentum could be difficult to maintain. More American renters believe homeownership is financially out of reach, according to a new survey that shines fresh light on the growing housing affordability crisis.

 

FINANCIAL TIMES

[I]  Putin says liberalism has ‘become obsolete’

[I]  Private equity races to spend record $2.5tn cash pile

[I]  Macron and Merkel take EU top jobs puzzle to Japan

[I]  Trump and Xi’s side meeting set to overshadow G20 summit

[I]  European nations ready to launch Iran payments channel

[I]  Japan overhauls M&A rules in corporate governance push

[I]  Investors are too complacent about negative yields

[I]  Japan Inc should hold firm against short-term investor pressure

 

REUTERS

[I]  Prospect of weak monsoon raises fears for economy

[I]  Trump says he will talk about trade with Indian PM Modi

[I]  Trump demands withdrawal of India's 'unacceptable' tariff hike

[I]  SEBI tightens rules for pledged shares, mutual funds

[I]  Germany-Iran trade collapses under U.S. sanctions: report

[I]  EU leaders warn of damage to global growth from trade war

[I]  Finance ministry seeks state fund payout cut amid fears about lending crunch

[I]  Japan PM Abe, China's Xi agree on need for 'free, fair' trade

[I]  U.S. economic growth surges in first quarter, but momentum fizzling

 

BLOOMBERG 

[I]  Yuan Slide to Weakest Since 2008 at Stake in Xi-Trump Meeting

[I]  Mortgage Rate Dips Again, Pointing to a Rise in Refinancing Risk

[I]  Safe-Haven Assets Needed. They Don't Even Need to Be That Safe.

[I]  Weakening Thai Economy Suggests Trouble for Asia’s Top Assets

[I]  U.K. June Consumer Confidence Drops as GfK Sees Turbulent Summer

[I]  Investors Pump Cash Into Junk Bond Funds as Issuance Spikes

[I]  Money-Market Funds Contemplate a Return to Abyss of Low Rates

 

WALL STREET JOURNAL

[I]  Pelosi Calls for Surgical Changes to Trump Trade Pact

[I]  China to Insist U.S. Lift Huawei Ban as Part of Trade Deal

[I]  When It Comes to Tariffs, Many U.S. Companies Are on China’s Side

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

[I]  Fewer Renters Believe They Are Likely to Ever Own a Home

[I]  U.S. Economy Grew at Unrevised 3.1% Rate in First Quarter

[I]  Here’s What Might Cause a Recession

 

BUSINESS LINE

[I]  SEBI tightens norms for MFs, bans standstill pacts

[I]  When the pie is large but a few slice it up

[I]  India’s financial systems are stable, asserts RBI

[I]  Needed, more money in the hands of people

[I]  Govt measures essential to boost manufacturing, bolster disposable incomes

[I]  Royalty payment in excess of 5% requires shareholder nod: SEBI

[I]  Govt asks PSBs to step up MSME credit availability

 

ECONOMIC TIMES

[I]  Trump drags dollar to centre stage at G-20

[I]  Govt may tighten disclosure norms for CSR spending

[I]  US and Australia question India’s new farm sector support scheme

[I]  CRAR may fall below 9% for 5 banks sans fresh government capital, says RBI

[I]  Despite NBFC crisis financial system stable; NPAs fall to 9.3% in FY19: RBI report

[I]  Trump demands withdrawal of India's 'unacceptable' tariff hike

 

BUSINESS STANDARD

[I]  Failure of large HFCs similar to bank collapse, says RBI report

[I]  Ease of doing business policy to explore scrapping of licence raj

[I]  Fixed maturity plans of mutual funds face risk of concentration: RBI report

[I]  Consumer loans may be the next big headache for NBFCs: RBI report

[I]  Asset quality in banking sector may improve in 2020, show RBI stress tests

[I]  Over half the SME universe in the red: Here're the top losers since 2012

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11918;  USDINR DGCX: 69.3300;  DJIA Mini: 26579;  FTSE 100 Fut: 7340;  NIKKEI 225 Fut: 21220;  EUR-USD: 1.1366; Crude Oil (WTI): 59.33;  Gold (Spot): 1422

 

Best Regards, ARBIND

28 Jun 2019