MACRO ECONOMIC NEWS

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Macro Economic News 12 Jul 2019

 

India may receive below-average rainfall in the next two weeks with a large deficit in the soybean and cotton growing central and western regions, raising concerns over the output of summer-sown crops. As trade talks resume between China and the United States, President Donald Trump's advisers are confident he can portray his stance against Beijing as a strength in the 2020 election, despite making concessions and having no deal in sight. Federal Reserve Chairman Jerome Powell and legislators in both parties expressed broad concern about Facebook’s plan to create a cryptocurrency-based payment network. U.S. consumer prices rose at a solid pace in June, but offered few signs of a breakout. OPEC cut its 2019 oil production growth forecast for its non-cartel peers, a week after the bloc and its allies extended their continuing output cut for another nine months. European Central Bank officials signaled at their June policy meeting that they will consider injecting fresh stimulus into the eurozone economy amid deep concerns over slowing global growth and trade disputes.

 

FINANCIAL TIMES

[I]  UK braves US ire with tax on tech companies

[I]  Negative bond yields spill into Europe’s emerging markets

[I]  Fed’s dovish tilt stirs debate on how far it will go

[I]  US will keep policing Gulf despite Trump’s protests

[I]  Trump drops plan to squeeze drug industry middlemen

[I]  Eurozone industry struggles to emerge from slowdown

[I]  Australia’s big banks told to boost capital on governance risks

[I]  France leads the way on taxing tech more fairly

 

REUTERS

[I]  India-U.S. trade talks to restart Friday with little sign of compromise

[I]  Make or break: second-quarter results will test Europe's confidence

[I]  Brazil pension reform helps improve inflation outlook, says central bank chief

[I]  Singapore second-quarter GDP year-on-year growth slowest in decade, badly misses forecasts

[I]  India to receive below-average monsoon rains in next two weeks

[I]  U.N. launches investigation into Philippines drug war deaths

[I]  Risks aside, Trump's team sees China trade stance as strength in 2020

[I]  U.S. underlying inflation stirring; labor market tightening

[I]  China second-quarter GDP growth seen easing to 6.2%, more stimulus expected: Reuters poll

 

BLOOMBERG 

[I]  Powell Says Fed Has Room to Cut, May Have Kept Policy Too Tight

[I]  Two Fed Regional Chiefs Say a July Rate Cut May Not Be Warranted

[I]  More Analysts Are Turning Bearish on Japan’s Stocks

[I]  Vietnam Goes From Trade War Winner to Trump Target

[I]  Japan’s Post Office Is an Unlikely Global Bond Powerhouse

[I]  Singapore’s Shock GDP Contraction Sends Warning for World Trade

[I]  India's War on World’s Worst Bad-Debt Pile Stalled by Regulators

[I]  Euro Has Never Been This Popular for Emerging-Market Borrowing

[I]  Bottom 50% of Consumers Are Showing Signs of Weakness, UBS Says

 

WALL STREET JOURNAL

[I]  Fed’s Powell Says Facebook’s Libra Raises 'Serious Concerns’

[I]  U.S. Consumer Prices Increased in June

[I]  Fed’s Williams Joins With Other Officials Leaning Toward Rate Cuts

[I]  Fed’s Bostic Untroubled by Inflation, Demurs on Rate-Cut Prospects

[I]  OPEC Maintains World Oil Demand Forecast as Supply Concerns Continue

[I]  U.S. Jobless Claims Fell to 3-Month Low During Holiday Week

[I]  Fed's Brainard Sees Case for Easing Monetary Policy

[I]  U.S. Budget Gap Widened 23% in First Nine Months of Fiscal Year

[I]  ECB Follows Fed in Signaling Fresh Stimulus

 

BUSINESS LINE

[I]  EV-charging stations: India to use three technologies

[I]  PE/VC investments cross $23 b in H1: Study

[I]  A case for dedicated passenger corridors

[I]  Deficit shrinks, but rains elude South

[I]  For Nairobi, how the umbilical chord for mobility runs from India

[I]  Car brands woo buyers, collectors with special accessories

[I]  Renewable energy sector adds 2,151 MW in Q1

 

ECONOMIC TIMES

[I]  Homebuyers can finally heave a sigh of relief

[I]  Opec sees lower 2020 demand for its oil, points to surplus

[I]  RBI slowed down dollar purchases in May

[I]  Corporate bond issue dips in June, spread widens

[I]  DPIIT, WIPO to release Global Innovation Index on July 24

[I]  View: Modi and the investing class have different economic worldviews

[I]  Finance ministry may look into taxation of employee stock ownership plans

[I]  IBC: Mediation, not bankruptcy, to be key in individual cases

 

BUSINESS STANDARD

[I]  Financial services firms may raise record Rs 1.2 trn via QIPs this year

[I]  MCA may expand powers of regional directors for M&As of higher categories

[I]  US, India trade talks to restart after Donald Trump's tariff tweets

[I]  Housing affordability worsened over past four years, finds RBI survey

[I]  High indirect taxes are hurting exports, Make in India initiative: Experts

[I]  Problem-riddled Mumbai monorail project becomes white elephant for govt

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11570;  USDINR DGCX: 68.5400;  DJIA Mini: 27155;  FTSE 100 Fut: 7475;  NIKKEI 225 Fut: 21610;  EUR-USD: 1.1264; Crude Oil (WTI): 60.55;  Gold (Spot): 1409

 

Best Regards, ARBIND
12 Jul 2019