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Macro Economic News 19 Jul 2019

 

June 2019 was the hottest in 140 years, setting a global record. The Securities and Exchange Board of India proposed ramping up disclosure for auditors of listed companies, after a number of firms abruptly resigned from audit assignments without citing sufficient reasons, leaving investors in the dark. Central banks in Asia and South Africa lowered their interest rates, joining a global easing bandwagon that started earlier this year in the Asia-Pacific region and is expected to include the U.S. and Europe within weeks. Rate cut bets and rallying equity and bond markets are feeding into a gradual loosening of financial market conditions that could potentially send world growth ticking higher by the end of the year.

 

FINANCIAL TIMES

[I]  Kremlin throws weight behind EU effort to boost Iran trade

[I]  Turkey’s embrace of Russia leaves US out in cold

[I]  Algeria’s military ruler ramps up crackdown

[I]  Johnson suffers setback to forcing through no-deal Brexit

[I]  Poland’s opposition parties fail to strike election pact

[I]  French to work for longer under pension reform plan

[I]  G7 agrees urgent reform is needed on tax rules

 

REUTERS

[I]  SEBI proposes tighter disclosure for auditors

[I]  Chance of no-deal Brexit rises as Johnson leads Hunt - Reuters poll

[I]  South Korea urges Japan to accept request for talks over export controls

[I]  Japan's June core inflation near two-year low, adds pressure on BOJ

[I]  No need for further BOJ easing, most Japan firms say - Reuters poll

[I]  Take it easy: central bank U-turns loosen financial conditions

[I]  Bulging fuel stocks put spotlight on slack oil consumption

[I]  June 2019 was the hottest on record across the globe: NOAA

[I]  Brazil deforestation soars, threatening EU trade deal

[I]  G7 urges tough Libra regulation, agrees to tax digital giants

[I]  India's consumer goods growth slows as rural demand cools: Nielsen

[I]  Pakistan price squeeze hits middle class as well as poor

[I]  U.S.-China officials discuss trade; Mnuchin eyes possible in-person talks

 

BLOOMBERG 

[I]  U.S. Job Growth Looks Set to Power Record Back-to-School Spending

[I]  Muni-Bond End Run Around Trump Tax Law May Pick Up as Rates Fall

[I]  Fed Officials See Prudence of Acting Early to Sustain Growth

[I]  Japan Inflation Hits 2-Year Low as BOJ Faces Pressure to Act

[I]  Venezuela’s Black Market Comeback Hints at Looming Devaluation

 

WALL STREET JOURNAL

[I]  What Christine Lagarde Brings to the ECB: Flexibility

[I]  Trump to Nominate Eugene Scalia to Serve as Labor Secretary

[I]  U.S. Jobless Claims Rise

[I]  July Data Throw Size of Expected Fed Rate Cut Into Doubt

[I]  New York Fed Says Williams Wasn’t Sending Specific Policy Signal in Speech

[I]  House Approves Bill That Would More Than Double Minimum Wage to $15

[I]  Fed's Williams: Central Bank Must Act Quickly on Signs of Distress

[I]  Global Easing Cycle Gains Momentum as Central Banks Cut Rates

[I]  Real Time Economics: China’s Economy, Trade Talks and Trouble in the Housing Market

 

BUSINESS LINE

[I]  SEBI raises the exit barrier for auditors

[I]  Sitharaman: No tweaks in super-rich surcharge on FPIs

[I]  What industry can learn from nature

[I]  School education needs a massive upgrade

[I]  60% of farmers remain out of PM Kisan scheme

[I]  Monsoon to stay active over south-west coast

 

ECONOMIC TIMES

[I]  Why India needn't worry about the 'middle-income trap'

[I]  Government likely to move RTI Amendment bill

[I]  CMs panel to release a time-bound roadmap for implementation of agri reforms

[I]  India's monsoon rains below average in past week, raising crop worries

[I]  Bank credit, deposit growth manage to remain in double- digits

[I]  India's current account balance deficit grew to $68bn in 2018-19: IMF

[I]  ADB trims FY20 growth forecast to 7% from 7.2%

 

BUSINESS STANDARD

[I]  Railways to invite PE, pension funds for Rs 1-trillion station revamp plan

[I]  17% of corporate social responsibility fund unspent among listed companies

[I]  Draft labelling regulations for packaged food and beverages divide industry

[I]  Supply shortage raises veggie prices in wholesale markets in Mumbai, Delhi

[I]  Govt's plan to sell its first foreign sovereign bonds a risky money idea?

[I]  A five-passenger electric airplanes start to take off: All you need to know

 

MARKETS (07:00 am)

[I]  SGX NIFTY Fut: 11638;  USDINR DGCX: 68.6850;  DJIA Mini: 27319;  FTSE 100 Fut: 7455;  NIKKEI 225 Fut: 21320;  EUR-USD: 1.1263; Crude Oil (WTI): 56.33;  Gold (Spot): 1443

 

Best Regards, ARBIND
19 Jul 2019