MACRO ECONOMIC NEWS

THE HAPPIEST MOMENT IS TO FIND COURAGE TO LET GO AND CHEER UP. WISHING A WEEK FULL OF JOYFULNESS.

Macro Economic News 08 Jul 2019

 

Indian Monsoon deficiency falls to 21%; east, northeast see lowest rainfall: IMD. African leaders met to launch a continental free-trade zone that if successful would unite 1.3 billion people, create a $3.4 trillion economic bloc and usher in a new era of development. Germany’s economic slowdown, though no doubt bad for Europe in the short term, could be helpful over a longer period by easing a rift between the region’s stronger north and weaker south over pro-growth policies. UK nears recession as Brexit deadline looms. This week brings a quieter flow of data following Friday’s all-important jobs report from the U.S. Highlights of the week include June inflation figures from the U.S., China and Europe.

 

FINANCIAL TIMES

[I]  Iran set to break limits on uranium enrichment

[I]  Hong Kong legislature invasion risks support of business

[I]  Italy rejects German call to reopen migrant rescue ports

[I]  The fracturing of the global economic consensus

[I]  UK nears recession as Brexit deadline looms

 

REUTERS

[I]  Iran ratchets up tensions with higher enrichment, draws warnings

[I]  Japan machinery orders fall most in eight months in worrying sign for economy

[I]  South Korea urges Japan to scrap export curbs, pledges help to firms

[I]  BOJ's Kuroda says moderate economic expansion to continue

[I]  UK firms cut investment plans as Brexit alarm hits new high: survey

[I]  EU urges Iran to halt further measures undermining nuclear deal

[I]  German conservative boss warns coalition partners on Europe

[I]  Economic 'game changer'? Africa leaders launch free-trade zone

[I]  Nigeria signs Africa free trade agreement: statement

 

BLOOMBERG 

[I]  BOE Has a Forecast Problem in Market's Bets on Brexit Rate Cuts

[I]  EM Carry Trades With a 6% Yield Are Getting Harder to Resist

[I]  Sales of Riskier Corporate Bonds Vanish in Indian Credit Scare

[I]  Lira Drops as Traders Fret Over Turkish Central Bank Credibility

[I]  EU Officials Are Considering Mark Carney for Top IMF Job

[I]  Australian Fund Managers Feel the Squeeze as Easy Money Dries Up

[I]  Israel's Resolve to Hike Rates Is in Doubt: Decision Day Guide

[I]  U.A.E. to Allow 100% Foreign Ownership of Maritime Businesses

 

WALL STREET JOURNAL

[I]  For Europe, There’s an Upside to Germany’s Slowdown

[I]  Economy Week Ahead: CPI From U.S., Europe, China; Other Data

[I]  U.S. Hiring Bounces Back, Easing Fears of a Jobs Slowdown

[I]  June Jobs Report Weakens Case for Larger Fed Rate Cut This Month

[I]  Judy Shelton, a Goldbug Who Bends to Fit Trump

[I]  Fed’s Powell Spoke With Trump in May Amid White House Criticism of Rate Policy

[I]  Real Time Economics Special Edition: U.S. Hiring Rebounds

 

BUSINESS LINE

[I]  Rs. 80,000-cr cut in off-balance sheet borrowing may be an optical illusion

[I]  Budget knock: FPIs staring at 14.25% peak LTCG tax

[I]  Market volumes may shrink with buyback tax

[I]  War risk surcharge: Freight charges set to increase for exporters/importers

[I]  Move to relax FDI norms in aviation will boost valuation of companies

[I]  Both PAN and Aadhaar will continue: Revenue Secretary

 

ECONOMIC TIMES

[I]  Changing residency may not help tax evaders

[I]  The section for whom pay hike is now futile

[I]  India is still less taxing for the super-rich

[I]  Govt plans to issue overseas bonds in second half of current fiscal: Garg

[I]  Kharif sowing hit by deficit rains; acreage down 27% so far

[I]  Govt efforts to drive investment growth are long-term positive

[I]  Govt may reduce stake in select state-run cos to 40%

[I]  Budget to ease regulatory, tax compliance burden on startups: Nasscom

[I]  Budget 2019: Self-assessment tax can help save you from prosecution

 

BUSINESS STANDARD

[I]  Budget impact: Sebi may give listed firms two years for 35% public holding

[I]  20% tax on buyback may put firms with high promoter shareholding in a fix

[I]  Monsoon deficiency falls to 21%; east, northeast see lowest rainfall: IMD

[I]  A pinch here, a windfall there: Govt's fuel tax earning explained in charts

[I]  Budget 2019: India redirects foreign aid to Indian Ocean countries

[I]  Budget 2019 proposes tax incentives to make GIFT City global financial hub

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11759;  USDINR DGCX: 68.6350;  DJIA Mini: 26846;  FTSE 100 Fut: 7487;  NIKKEI 225 Fut: 21510;  EUR-USD: 1.1225; Crude Oil (WTI): 57.61;  Gold (Spot): 1398

 

Best Regards, ARBIND
08 Jul 2019