MACRO ECONOMIC NEWS

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Macro Economic News 20 Jul 2019

 

Rich are getting richer at rates seen in pre-independence India. Interestingly, in the three decades since India liberalised, the wealthy have got wealthier at a faster rate. Not just India, wealth seems to be accumulating faster than economic growth everywhere — China, US, Europe, Japan and Russia — irrespective of their stages of development. India advises state govts to exempt EVs from permit requirements. India's government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms. Indian farmers planted an array of summer-sown crops on 56.7 million hectares, down 6.9% year on year. Federal Reserve officials signalled they are ready to cut interest rates by a quarter-percentage point at their coming meeting, while indicating the potential for additional reductions because they are worried about a slowdown in global growth, an increase in trade-policy uncertainty and a pullback in inflation. American households remained relatively confident about the economy in early July, and their expectations for longer-run inflation firmed. Highly leveraged mortgages back at pre-crisis peak.

 

FINANCIAL TIMES

[I]  Israeli group’s spyware ‘has keys to Big Tech’s cloud’

[I]  Fed comes under fire over rate confusion

[I]  UK’s yacht builders ride growing wave of super-rich customers

[I]  Global factories feel the fallout of trade war

[I]  Europe risks geopolitical irrelevance

[I]  Malta’s tax incentives lead to a building boom

[I]  Landmark pension ruling to apply to all UK public sector schemes

[I]  Highly leveraged mortgages back at pre-crisis peak

 

REUTERS

[I]  Government seeks to tap foreign lenders for loans to small firms - sources

[I]  Iran says it seized British tanker, denies U.S. brought down drone

[I]  U.S. authorizes deployment of troops, resources to Saudi Arabia

[I]  U.S. has 'bigger problems' than plastic straws - Trump

[I]  India's summer crop planting down nearly 7%: government data

[I]  Global Economy: Will ECB walk or just talk as rate circus comes to Europe?

[I]  ECB plans to restart government bond purchases by November: Spiegel

[I]  India to touch renewable energy capacity of 260 GW by 2024: government secretary

 

BLOOMBERG 

[I]  Fed's Eric Rosengren Signals His Opposition to an Interest-Rate Cut

[I]  Euro May Weather a Dovish ECB Amid Policy Divergence Bets

[I]  Debt-Ceiling Impasse Draws Bond Traders' Focus as Fed Goes Quiet

[I]  Hedge Funds Set Up for Mideast Standoff as Bullish Oil Bets Grow

[I]  Iron Ore Market Looks to Top Miner for Clues on End to Shortages

[I]  Canadian Retail Sales Unexpectedly Drop on Lower Food & Booze

[I]  Italian Bond Rally Hits a Hurdle as Election Uncertainty Grows

 

WALL STREET JOURNAL

[I]  Fed Officials Signal Quarter-Point Rate Cut Likely at July Meeting

[I]  Why Is Wall Street So Sold on the 50-Basis-Point Rate Cut?

[I]  Labor Secretary Pick Scalia Has Long Fought Rules Aimed at Business

[I]  U.S. Consumer Sentiment Held Steady in Early July

[I]  Fed’s Bullard Says He’d ‘Love’ to Become Fed Chairman

[I]  Boston Fed’s Rosengren Says Recent Economic Developments Have Been Positive

[I]  Real Time Economics: The Fed’s Next Cut, Lagarde’s Tall Task and Energy’s Step Back

 

BUSINESS LINE

[I]  Govt in talks with foreign lenders to provide loans to MSMEs: Sources

[I]  India needs to double refining capacity despite electric vehicles push: Pradhan

[I]  India makes strong case at WTO for continuing fisheries subsidies

[I]  China promises greater market access to India if it improves ...

[I]  FinMin expands ambit of intermediary services

 

ECONOMIC TIMES

[I]  How quickly are India's rich getting richer?

[I]  Government's e-car subsidy isn't for everyone

[I]  As defaults rise, China bond markets are pricing risks better

[I]  Rhinos come to bond market, other species may follow

[I]  Negative-yield ‘quicksand’ risks trapping even the US bond market

[I]  Niti Aayog invites bids for development of National Data and Analytics Platform

[I]  Govt to set up Credit Guarantee Enhancement Corporation with Rs 20K-Cr capital

 

BUSINESS STANDARD

[I]  Start-ups laud Finance Bill amendments, penalty on flouting angel tax norms

[I]  India's inventory of unsold luxury homes falls 12% to 43,000 units in Q1

[I]  Centre advises state govts to exempt EVs from permit requirements

[I]  Delhi govt's EV target for 2024: 25% of new vehicles to be electric

[I]  Govt tightens anti-money laundering laws, widens ambit of proceeds of crime

[I]  Govt may seek up to $14.5-bn credit from foreign lenders for MSMEs: Report

[I]  Subsidy on EVs only for commercial vehicles, not personal usage: Govt

 

Best Regards, ARBIND
20 Jul 2019