MACRO ECONOMIC NEWS

GRATITUDE FOR ‘THE DAY ONE’ WITH BELIEFS AND GRACE OF GURU. WISHING A REMARKABLE DAY AHEAD.

Macro Economic News 16 Jul 2019

 

Indian WPI inflation eases to near two-year low at 2.02% in June. The advisors of foreign portfolio investors (9,400 registered in India, largely from tax domiciles in the United States, Mauritius, Ireland, Luxembourg, Singapore and the United Kingdom) say they are threatening to pull funds from the country unless rules are amended so that they won’t take a tax hit. China’s economic growth was weakened by trade tensions with the U.S. and businesses holding back from making big investments despite encouragement from Beijing. Treasury Secretary Steven Mnuchin said the administration was “very close” to reaching a deal with congressional leaders to raise the federal borrowing limit and set overall spending levels for the next two years. New Turkish central bank governor signals rate cut.

 

FINANCIAL TIMES

[I]  China’s economy grows at slowest rate in nearly 30 years

[I]  Saudi Arabia revives efforts to draw dissidents home

[I]  Debt in developing economies hits all-time high

[I]  New Turkish central bank governor signals rate cut

[I]  China’s ageing population lures foreign groups into care sector

[I]  China’s slowdown masks its scale and resilience

 

REUTERS

[I]  India's June import decline reflects further weakness in demand and activity

[I]  Australia's central bank ready to cut rates again 'if needed'

[I]  China's January-June fiscal revenues +3.4% year-on-year: finance ministry

[I]  Sterling struggles on Brexit worries, weighs on euro

[I]  Will India's tax on the rich hit foreign investment inflows?

[I]  Japan trade min blasts South Korea for 'mistaken' explanation after bilateral meeting

[I]  Hong Kong leader says protesters in latest clashes can be called 'rioters'

[I]  Paraguay economy to grow under 3% this year, finance minister says

[I]  China Q2 GDP growth slows to 27-year low as trade war bites, more stimulus seen

 

BLOOMBERG 

[I]  South Korea Flashes Warning for Global Stocks

[I]  Pound Is Weakest Ever at Start of Summer and Worse May Be Coming

[I]  Mnuchin Says Trade Call With Chinese Officials Likely This Week

[I]  BOJ Would Back Government Stimulus in October, Ex-Official Says

[I]  Venezuela Defies Sanctions to Sell $40 Million in Gold Reserves

[I]  Global Debt Quickened in First Quarter, Outpacing World Economy

[I]  Philippine Stocks May Extend Bull Run as Earnings Look Promising

[I]  New Zealand Inflation Remains Below Central Bank Target Midpoint

[I]  India’s Trade Gap Narrows as Import Demand Wanes

[I]  Canadian Housing Market Gets ‘Boring’ With Sales Little Changed

 

WALL STREET JOURNAL

[I]  China Growth at Its Slowest Since 1992 as Beijing Struggles to Juice Economy

[I]  Mnuchin Says Agreement Close With Congressional Leaders on Debt Ceiling

[I]  Acting Chairman of Council of Economic Advisers Is Named

[I]  Trump Fed Pick Missed Bank Board Meetings

[I]  Real Time Economics: China Slows, Companies Flee and Mexico Hits the Skids

[I]  For Decoding Labor Market, Unemployment Rate May Not Do the Job

 

BUSINESS LINE

[I]  Liquidity crisis: Securitisation market hits record volumes in Q1

[I]  India likely to block Australia, Brazil’s request for WTO 

[I]  GST collection of states rises to Rs 5.18 lakh cr in FY19

[I]  Exports contract 9.71% in June; trade deficit narrows to $15.28 b

[I]  India likely to block Australia, Brazil’s request for WTO dispute panel on sugar

 

ECONOMIC TIMES

[I]  Credit market's reality is hitting Indian realty really hard

[I]  Govt's 100-day plan: Strategic sales, loan to SMEs

[I]  India, Russia find way to get around US threat

[I]  Slowdown in auto, realty may dent NBFCs’ disbursement growth numbers

[I]  Full-blown currency war can no longer be ruled out, says Pimco

[I]  To reduce fertilizer use, govt eyes direct subsidy transfer

[I]  Exports shrink as global tariff war takes toll on Indian trade

[I]  India's services receipt in May rises 15.5% to $18.68 billion

 

BUSINESS STANDARD

[I]  Govt may issue sovereign bonds in phases, first lot to be of $3-4 billion

[I]  India's exports fall 9.7% to $25 billion in June as key sectors fare poorly

[I]  Govt diverting around Rs 17,000 crore from petrol and diesel cess kitty

[I]  Real estate developers at risk as stress in credit market dries up funding

[I]  WPI inflation eases to near two-year low at 2.02% in June

 

MARKETS (07:30 am)

[I]  SGX NIFTY Fut: 11577;  USDINR DGCX: 68.6400;  DJIA Mini: 27343;  FTSE 100 Fut: 7463;  NIKKEI 225 Fut: 21500;  EUR-USD: 1.1259; Crude Oil (WTI): 59.44;  Gold (Spot): 1413

 

Best Regards, ARBIND

16 Jul 2019