MACRO ECONOMIC NEWS

WISDOM AND EXPERIENCE ARE OXYMORON; LIFE EXISTS BETWEEN THEM. WISHING AN AMUSING  DAY AHEAD.

Macro Economic News 27 Jun 2019

 

U.S. Secretary of State Mike Pompeo sought to reduce heightened trade tension with India, promising a renewed focus on negotiating better ties, but giving few specifics of how they would overcome their disputes over trade and investment. Coal imports by Indian utilities are surging. China, India, the European Union, Ukraine and Australia told the WTO that U.S. farm subsidies risked distorting global markets. Orders for long-lasting American goods dropped in May, reflecting weakness extending beyond Boeing’s grounded air jet. The U.S. just hit the 10-year mark of nonstop economic growth. In July, the economy will have grown for longer than any stretch in its history.

 

FINANCIAL TIMES

[I]  Trump attacks EU action against US tech groups

[I]  China defies US sanctions by tapping Iran oil supplies

[I]  Investment in central London offices drops 37%

[I]  Foreign investment into UK falls to six-year low

[I]  US and North Korea in talks over another Trump-Kim summit

[I]  India offers test case for future of mobile money

[I]  Carney calls for change to investment regulation

 

REUTERS

[I]  Pompeo vows cooperation with India but trade, defence issues unresolved

[I]  RBI says foreign firms can process abroad, but must store data in India

[I]  Trump says trade deal 'possible' with China's Xi, tariffs could be lower

[I]  China's funding for small firms still not improved: auditor

[I]  Slow reforms spurring higher coal imports by Indian utilities

[I]  India's May steel exports drop to lowest in three years

[I]  WTO members concerned over U.S. farm spending, EU's Brexit plans

[I]  Record number of women candidates is changing dynamics of 2020 U.S. presidential race

[I]  UK's Hunt has costly tax and spending plans - think tank

[I]  Pakistan rupee reaches record low, sliding more than 3% slide in a day

 

BLOOMBERG 

[I]  Asia Investors Dive Into Stocks Pushing Volumes Toward Record

[I]  One by One, Yen Is Breaking Down Barriers Toward 100 Threshold

[I]  The Chinese Are Having a Go in a Market Where U.S. Cars Flopped

[I]  Philippines Casino to Double Capacity as Tourism Climbs

[I]  Hong Kong Pension System Charges Premiums for Cheap Index Funds

[I]  China's Economy Slows Further as Trump and Xi Get Set to Meet in Japan

[I]  Slumping Bond Sales Indicate Waning Trust in India Shadow Banks

[I]  Riskier Leveraged Loans Are Starting to Crop Up in Asia Markets

 

WALL STREET JOURNAL

[I]  Hopes for Resolving U.S.-China Trade Fight Hinge on Trump and Xi

[I]  Boeing Just One Factor Behind Drop in Durable-Goods Orders

[I]  Trump Slams Fed’s Powell, Saying ‘We Should Have Draghi Instead’

[I]  St. Louis Fed’s Bullard Said He Was Contacted by White House for Fed Board Job

[I]  Fed’s Barkin Takes Wait-and-See Approach to Rate Setting

[I]  Here’s What Might Cause a Recession

[I]  Democrats and Affluent Suburbs Join to Fight Tax-Break Cap

 

BUSINESS LINE

[I]  US ready to iron out trade row with India in a ‘friendly spirit’: Pompeo

[I]  Staff costs soar for IT majors with surge in US hiring

[I]  Taxman can share data on assets of loan defaulters with PSBs, says CBDT

[I]  Tax sops for job creation, greater push towards skilling the need of the hour

[I]  Race to recruit a company secretary gets intense

[I]  Labour reforms, incentives vital to create quality jobs

[I]  Monsoon late, but macro environment positive

[I]  FBAs should have Rs. 1-cr net worth and be incorporated in India, mandates RBI

[I]  Coins of various denominations continue to be legal tender

 

ECONOMIC TIMES

[I]  Tougher norms for audit firms on the anvil

[I]  The risky game many investors are playing

[I]  Urgent need to make trade finance popular: CII

[I]  Telecom sector set to turn net hirer in FY20

[I]  RBI issues norms for interest rate derivatives, limits retail use

[I]  Govt removes restrictions on import of pea seeds

[I]  US wants India to embrace fair and reciprocal trade, lower barriers

[I]  G20 nations imposed 20 new trade-restrictive measures in last 8 months: WTO

[I]  Soon, GST taxpayers will get 'risk scores'

[I]  Government to revamp procedure for tax assessment

[I]  Tax on capital gains may continue this year, rise from 10% unlikely

 

BUSINESS STANDARD

[I]  American investments worth trillions waiting for India, says Pompeo

[I]  At 48.3% in 2018, corporate taxes in India among highest in the world

[I]  Lack of skilled labour make Indian SMEs deploy robots on factory floors

[I]  PE inflows into realty up 26% to Rs 28,000 crore in first half of 2019

[I]  Promoters can take part in liquidation process if lenders okay IBC exit

[I]  Direct tax code panel to curb tax lawsuits, modify faceless scrutiny

[I]  RBI panel report suggests big role for NBFCs in developing MSME sector

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 11882;  USDINR DGCX: 69.5950;  DJIA Mini: 26609;  FTSE 100 Fut: 7359;  NIKKEI 225 Fut: 21240;  EUR-USD: 1.1362; Crude Oil (WTI): 59.22;  Gold (Spot): 1408

 

Best Regards, ARBIND
27 Jun 2019