MACRO ECONOMIC NEWS

LIFE IS BETTER WHEN WE ARE HAPPY, THANKS GOD WE HAVE FRIDAY TOO. WISHING A CHEERING DAY AHEAD.

Macro Economic News 26 Jul 2019

 

The Prime Minister's Office of India wants the finance ministry to reassess the idea of issuing foreign currency overseas sovereign bonds. India's auto parts industry could be forced to slash a fifth of its 5 million or so workforce if the slowdown in vehicle sales continues, the president of the country's largest industry group for auto parts makers said.  European Central Bank President Mario Draghi all but pledged to ease policy further as the growth outlook deteriorates and even hinted at a reinterpretation of the ECB's inflation target, the cornerstone of its entire policy framework. The ECB also signaled it is preparing to cut short-term interest rates for the first time since early 2016 and possibly restart its giant bond-buying program. Turkish central bank slashes interest rates. EU urges alliance with US to counter Chinese tech dominance.

 

FINANCIAL TIMES

[I]  ECB paves way for fresh stimulus package

[I]  Barnier dubs Johnson’s Brexit deal terms ‘unacceptable’

[I]  Election in view as Johnson shows off Brexit resolve

[I]  Draghi’s ‘whatever it takes’ signal on inflation fails to convince

[I]  China construction points to military foothold in Cambodia

[I]  US increases federal aid for farmers hit by trade war

[I]  Turkish central bank slashes interest rates

[I]  EU urges alliance with US to counter Chinese tech dominance

[I]  S Korea economy rebounds on government spending

 

REUTERS

[I]  PMO wants finance ministry to restudy issuing overseas sovereign bond: sources

[I]  Parliament approves changes to right to information law despite protests

[I]  India to get above-average monsoon rains in next two weeks

[I]  Global economic growth rut at risk of deepening despite rate cuts: Reuters polls

[I]  Argentina posts June trade surplus of $1.06 billion: statistics agency

[I]  Dow cuts 2019 spending forecast on U.S-China trade tensions

[I]  ECB pledges more easing and ponders inflation goal review

[I]  Brexit whirlwind heads towards election or no-deal

[I]  India's auto parts makers warn of 1 million job cuts if slowdown continues

[I]  ECB pledges more easing and ponders inflation goal review

[I]  U.S. business investment picking up; goods trade deficit narrows

[I]  RBI to cut rates again in August as doves prevail: Reuters poll

 

BLOOMBERG 

[I]  Chinese Companies Are Changing the Way They Trade the Yuan

[I]  Japan’s Banks Are Running Out of Room to Cope With Negative Rates

[I]  Singapore Is Spending Big to Future-Proof Its Slowing Economy

[I]  New York Doubles Down on Tracking Empty Storefront Problem

[I]  ECB Has Significant Cohort Who Doubt Tiering Is Best Solution

[I]  Tight Labor Market Is Fattening Canadian Workers’ Wallets Again

[I]  Black Homeownership Falls to Record Low as Affordability Worsens

[I]  Draghi's Symmetry Remark Almost Reveals Precise Inflation Target

 

WALL STREET JOURNAL

[I]  ECB Signals Rate Cut, Possible Asset Purchases

[I]  U.S. Durable Goods Orders Rose in June

[I]  USDA Sets Plans for $16 Billion in New Aid to Farmers

[I]  Investors Wonder if the ECB Can Do Enough to Make a Difference

[I]  Higher Fed Inflation Target Before Recession Would Have Led to Faster Recovery, Economists Find

[I]  Homeownership Rate Slipped in Second Quarter

[I]  Prospective Fed Nominee Judy Shelton Resigned From EBRD Job

 

BUSINESS LINE

[I]  India ships 37-m smartphones, highest-ever, in Q2

[I]  Indian dairy sector grew 6.4 per cent annually over the last four years

[I]  SEBI may allow commodity futures delivery from sellers’ warehouses

[I]  FIDC calls for ‘refinance mechanism’ to prevent recurrence of NBFC crisis

[I]  Soon, bank a/c opening, loans to go paperless with Sahamati

[I]  Auto sector in dire straits as slowdown worsens

 

ECONOMIC TIMES

[I]  Indo-US ties wide-ranging; time to move on: MEA

[I]  Government extends Budget session till August 7

[I]  India to get above-average monsoon rains

[I]  Government working on e-passports: Jaishankar

[I]  India to raise significant portion of sovereign overseas borrowing via 30-year bonds

[I]  Digital payment firms wait for new finance secretary to discuss MDR

[I]  RBI panel for hike in collateral free lending, MUDRA loan limit to Rs 20 lakh

[I]  Government's new road-map for corporate-style governance of states

[I]  Water conservation fee likely on residential complexes, industry

 

BUSINESS STANDARD

[I]  Bank lending to NBFCs set to gather pace: RBI Governor Shaktikanta Das

[I]  New residential real estate likely to come with cheaper price tags

[I]  Monsoon delay hits sales of agri input companies in June quarter

[I]  NBFC-HFC lending to reality players down 48% in FY19 at Rs 27K cr: Report

[I]  Promoters pledge more stake in June quarter to meet margin calls

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11269;  USDINR DGCX: 69.1950;  DJIA Mini: 27122;  FTSE 100 Fut: 7417;  NIKKEI 225 Fut: 21630;  EUR-USD: 1.1148; Crude Oil (WTI): 56.01;  Gold (Spot): 1417

 

Best Regards, ARBIND
26 Jul 2019