MACRO ECONOMIC NEWS

HAPPINESS IS THE JOURNEY FROM “I WISH” TO “I WILL”. WISHING A PLEASANT WEEK AHEAD.

Macro Economic News 01 Jul 2019

 

An agreement between President Trump and Chinese President Xi Jinping to resume trade negotiations avoids further deterioration in the economic outlook for now, but it does little to clear the fog of uncertainty weighing on global trade and investment. U.S. President Donald Trump became the first sitting U.S. president to set foot in North Korea on Sunday when he met its leader, Kim Jong Un, in the Demilitarized Zone between the two Koreas and agreed to resume stalled nuclear talks. OPEC and its allies look set to extend oil supply cuts next week at least until the end of 2019 as Iraq joined top producers Saudi Arabia and Russia on Sunday in endorsing a policy aimed at propping up the price of crude amid a weakening global economy. In advanced economies, a growing share of retirement-age workers are staying on the job, countering the drag of demographics. Mario Draghi is teeing up some of the boldest policy moves of his eight-year term as European Central Bank president only four months before he steps down, potentially binding the hands of his successor for years.

 

FINANCIAL TIMES

[I]  Trump enters N Korea and has meeting with Kim

[I]  EU-based traders caught in Swiss ‘equivalence’ spat

[I]  BIS backs central banks’ digital currency plans

[I]  Chinese tourism hit by trade war and renminbi depreciation

[I]  Hunt would allow no-deal Brexit ‘with heavy heart’

[I]  US energy independence could prove to be an illusion

[I]  Car dealerships caught in the regulator’s headlights

[I]  World economy still vulnerable despite G20 tariff truce

 

REUTERS

[I]  After surprise Trump-Kim meeting, U.S. and North Korea to reopen talks

[I]  Modi calls for water conservation push as drought hits crops

[I]  South Korea June factory activity shrinks, export orders in longest slump on record

[I]  Japan manufacturing activity shrinks in June as weak global demand slams exports: PMI

[I]  Japan big manufacturers' mood hits near three-year low: BOJ tankan

[I]  Yen slides, yuan rises as U.S.-China trade truce lifts risk appetite

[I]  Brexit and global slowdown hit UK factories in second quarter: BCC

[I]  India had driest June in five years, fears for crops

[I]  OPEC set for oil cut extension if Iran endorses pact

[I]  Trump says China trade talks 'back on track,' new tariffs on hold

[I]  China warns of long road ahead for deal with U.S. after ice-breaking talks

[I]  World's central banks tackle technology with innovation hub

[I]  Russia agrees with Saudi Arabia to extend OPEC+ oil output deal

[I]  China's factory activity shrinks as U.S. tariffs, slowdown hit orders

 

BLOOMBERG 

[I]  OPEC+ Moves Toward Extending Oil Output Cuts to Early 2020

[I]  Trump Says U.S. ‘Winning’ Trade War After Reviving China Talks

[I]  BIS Starts FinTech Hub as Central Banks Look Into Crypto

[I]  It's Time to Fire Up All Engines to Boost World Growth, BIS Says

[I]  Gold Sinks Most in a Year as Trade Truce Deals Blow to Bulls

[I]  Property Slump Nears End as Sydney Prices Snap Two-Year Decline

[I]  Swiss Bourse on Uncharted Turf on Day One Without EU Recognition

[I]  One of Asia’s Most Aggressive Rate Hikers in 2018 Looks for the Right Time to Cut

[I]  OPEC+ Is Close to Finalizing a Charter for Long-Term Cooperation

[I]  Emerging-Market Investors Need More Than a Truce to Turn Bullish

[I]  West African States Body Adopts Name 'ECO' for Trade Currency

[I]  European Union and Vietnam Sign Free Trade Agreement

 

WALL STREET JOURNAL

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

[I]  Fed Officials Are Expected to Find Little to Boost Outlook From Trade Truce

[I]  ECB’s Draghi Grows Bolder as His Tenure Nears End

[I]  Apartment Demand Hits Five-Year High

[I]  EU, Mercosur Deal Faces Hurdles on Two Continents

[I]  Economy Week Ahead: International Trade, Manufacturing, Jobs

[I]  Farmers Welcome Trade Truce, Hope for More

 

BUSINESS LINE

[I]  As GST turns 3, Centre promises more reforms

[I]  Online retailers must ‘check authenticity, trademark registration’ of products they sell

[I]  Auditor independence not under threat: ICAI President

[I]  The many hues of inequality in India

[I]  A roadmap for 15th Finance Commission

[I]  Reining in risks

[I]  June ends with rain deficit at 33%, but monsoon gains second wind

[I]  More safeguards for debt fund investors

 

ECONOMIC TIMES

[I]  Not just a $5 tn economy, India needs these too by 2024-25

[I]  FPIs remain net buyers, pump Rs 10,384 crore in June

[I]  India Inc sees private equity deals worth $1.14 billion in May

[I]  Budget, trade truce, monsoon among 9 key factors that may guide D-Street this week

[I]  Monsoon to intensify, reach Himachal Pradesh and UP in next two days

[I]  India seeks Kuwaiti investments in infrastructure and power sectors

[I]  Budget may hike I-T exemption threshold, levy 40 per cent tax on income over Rs 10 cr: KPMG survey

 

BUSINESS STANDARD

[I]  E-comm firms may be asked to reveal discount source under upcoming policy

[I]  Finance Ministry to monitor rate-cut transmission by public sector banks

[I]  State-run banks may get flexibility in deciding employees' salaries

[I]  Govt starts talks on using services of private third party arbitrators

[I]  Ease of doing business ranking: India cites reforms to get top-50 spot

[I]  Dry June hits sowing of kharif crops; monsoon likely to revive in July

[I]  Non-subsidised LPG price reduced by over Rs 100 per cylinder

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11854;  USDINR DGCX: 69.2525;  DJIA Mini: 26771;  FTSE 100 Fut: 7404;  NIKKEI 225 Fut: 21600;  EUR-USD: 1.1349; Crude Oil (WTI): 59.58;  Gold (Spot): 1393

 

Best Regards, ARBIND

01 Jul 2019