MACRO ECONOMIC NEWS

HAPPINESS IS AN INSIDER TRADE WITHOUT DIRECTIVES. WISHING AN ENJOYABLE DAY AHEAD.

Macro Economic News 02 Jul 2019

 

OPEC agreed to extend oil supply cuts until March 2020 in order to prop up the price of crude amid a weakening global economy and soaring U.S. production, but the new pact comes at the expense of deepening geopolitical fractures between members of the group. The U.S. factory sector lost momentum again last month, the latest sign that anemic global growth and trade tensions are contributing to a domestic slowdown. Uncertainty over trade policy could weaken business sentiment and chill investment, raising new risks for an otherwise stable U.S. economy. President Trump and Chinese President Xi Jinping managed to get troubled talks back on track, but an even tougher job lies ahead: appeasing factions within their own governments demanding they give no quarter.

 

FINANCIAL TIMES

[I]  Iran warns Opec ‘might die’ due to Russia-Saudi domination

[I]  G20 relief but trade ‘ceasefire’ might be temporary

[I]  Brexit fuels Amsterdam property price boom

[I]  EU summit ends in deadlock over filling top jobs

[I]  EU tensions rise as Italy arrests migrant boat captain

[I]  Global manufacturing slump deepens as trade conflict bites

[I]  Japan restarts commercial whaling after 31 years

[I]  Foreign banks take aim at Australia’s big four oligopoly 

 

REUTERS

[I]  Trump says Iran 'playing with fire' with uranium enrichment

[I]  Japan to tighten tech material exports to South Korea in wartime labor row

[I]  Japan Inc's inflation expectations stagnate, keep BOJ under pressure

[I]  Global share listings dragged to three-year low by European shortage

[I]  UK is getting right fiscal policy for wrong reason

[I]  EU sacrifices own market principles in Swiss row

[I]  China is elephant in the room amid 2020 Democrats

[I]  OPEC extends oil cut to prop up prices as economy weakens

[I]  After rocking first-half, 'misplaced pessimism' risks ending 2019 investor party

[I]  Behind the plunge in China auto sales: chaotic implementation of new emission rules

[I]  Electric cars grab almost half of sales in oil-producing Norway

[I]  U.S. manufacturing stumbles under weight of trade tensions

 

BLOOMBERG 

[I]  OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends

[I]  Oil Rises as OPEC Extends Supply Cuts, Overcoming Demand Jitters

[I]  U.S. Proposes More Tariffs on EU Goods in Airbus-Boeing Spat

[I]  Oil Slips as Gloomy Economic Data Takes Shine Off OPEC Deal

[I]  Trump Says Mexico Tariffs Off the Table After Immigration Help

[I]  Amassing Chinese Stocks Proved the Right Call for G20-Savvy Investors

[I]  Consecutive RBA Cuts, Manufacturing Slump, New Tariffs: Eco Day

[I]  Saudis Dig in for Shale Fight as OPEC Extends Cuts to 2020

[I]  Australia’s Central Bank Looks Likely to Cut Rates ⁠— From the Outback

 

WALL STREET JOURNAL

[I]  American Suburbs Swell Again as a New Generation Escapes the City

[I]  U.S. Manufacturing Slipped in June

[I]  OPEC Agrees to Keep Output-Cut Pact Into 2020

[I]  Fed’s Barkin Warns of Business Investment Chill From Trade Uncertainty

[I]  U.S.-China Trade Talks Are Back On but Obstacles Remain

[I]  Gray Wave Gives Slow-Growing World a Boost

[I]  Real Time Economics: Trump and Xi Call a Truce, China Factory Activity Contracts

 

BUSINESS LINE

[I]  Auto companies stuck in slow lane; June sales slide despite new launches

[I]  GST collection dips below Rs. 1 lakh cr in June

[I]  Core sector output up 5.1% in May on strong growth in steel, electricity

[I]  Export sops that aren’t compatible with WTO norms to be replaced

[I]  Mutual funds body seeks tax exemption for debt schemes

[I]  When it comes to Digital Transformation, India is building a powerful edge

 

ECONOMIC TIMES

[I]  India's auto slump is not going anywhere

[I]  Govt sets up high-powered committee to look into agrarian issues

[I]  Dairy cooperatives increase milk procurement prices by Rs 5-6 a litre

[I]  India's 2019-20 sugar production to decline by 14.26%, says ISMA

[I]  Over 6.8 lakh Indian companies shut so far: Government

[I]  GST may become two-tier tax with merger of 12%, 18% slabs: Arun Jaitley

 

BUSINESS STANDARD

[I]  Firms likely to do water audit as govt plans policy to assess consumption

[I]  India's manufacturing sector growth slows in June, PMI slips to 52.1

[I]  Govt considering giving more power to RBI to regulate NBFCs: Sitharaman

[I]  Regulatory assets provision to be removed in next power tariff policy

[I]  Election impact: New projects down 85% YoY in June on Capex slowdown

[I]  No bank has power to employ bouncers to recover loans forcefully: Govt

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 11913;  USDINR DGCX: 69.1575;  DJIA Mini: 26704;  FTSE 100 Fut: 7451;  NIKKEI 225 Fut: 21690;  EUR-USD: 1.1283; Crude Oil (WTI): 58.81;  Gold (Spot): 1390

 

Best Regards, ARBIND

02 Jul 2019