MACRO ECONOMIC NEWS

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Macro Economic News 23 Aug 2019

 

India leads in global black tea output with northern bumper. Govt declares ocean energy as green power. Asia’s 20 Richest Families Control $450 Billion. Manufacturing activity is falling in most of the world’s advanced economies, another sign that a deepening global slowdown is weighing on the U.S. expansion. Fed Chairman Jerome Powell’s challenge in the weeks ahead is to articulate clearly why the central bank is likely to continue reducing rates absent obvious signs of economic deterioration. European Central Bank officials gave a further signal that they would launch a big stimulus package next month, which could include rate cuts and asset purchases, in an effort to arrest the region’s economic slowdown.

 

FINANCIAL TIMES

[I]  EU plans sweeping regulation of facial recognition

[I]  Companies under pressure to declare ‘social purpose’

[I]  Hong Kong’s ‘Gang of Four’ hit back at Beijing

[I]  ECB discussed changing inflation target as frustration mounts

[I]  Sudan’s new PM vows to rebuild battered economy

[I]  EU floats plan for €100bn sovereign wealth fund

[I]  ECB extends timescale for banks to make bad loan provisions

 

REUTERS

[I]  Auto companies in India cut more jobs, halt production to tackle slowdown

[I]  Indians pawning the family gold amid credit crunch

[I]  Japan's July core inflation hovers at two-year low, adds pressure on BOJ

[I]  Japan, U.S. negotiators fail to reach agreement on trade, to extend talks

[I]  South Korea to propose 9.2% spending increase in 2020 budget to support growth

[I]  North Korea says ready for dialogue or confrontation with U.S.

[I]  Is the U.S. economy sinking or the strongest ever? For the Fed, no clear answer

[I]  Too late for new Brexit deal, France's Macron tells Johnson

[I]  Two Fed officials see no case for rate cut now; Kaplan 'open-minded'

[I]  U.S. factories show signs of trouble; labor market still firm

 

BLOOMBERG 

[I]  Bond World on High Alert Over ‘Frickin’ Expensive’ Treasuries

[I]  Japan Lines Up to Join Germany in All-Negative Yield Curve Club

[I]  A Weaker Aussie Is Making Life Easier for the RBA. Trump Isn’t

[I]  Bears Beware, Yuan Slide May End Soon as China Anniversary Looms

[I]  Asia’s 20 Richest Families Control $450 Billion

[I]  Turmoil in Hong Kong’s Streets and Markets Keeps Investors Worried

[I]  Powell, Carney to Speak at Jackson Hole But Draghi, Kuroda Skip

[I]  London Homes Are Becoming More Affordable Though Few May Notice

[I]  Argentina’s Line in the Sand for the Peso Is Holding Firm

[I]  Bond Plumbing May Be What Spurs Fed Cuts Rather Than Economy

 

WALL STREET JOURNAL

[I]  Powell Faces Challenge Defining Doctrine Around When to Cut Rates

[I]  Stumbling Global Economies Fan Recession Fears

[I]  Three Fed Officials Offer Diverging Views on Rate Cuts in TV Interviews

[I]  Price of Good Economy: More Time Stuck in Traffic

[I]  ECB Minutes Back Up Signals of Broad Stimulus Package

[I]  Big Banks Struggled With Fed Communications Ahead of July FOMC

[I]  Kaplan: Risks From Global Growth, Trade Uncertainty Could Mean Rate Cut

[I]  Central Bankers’ Jackson Hole Retreat: A Cheat Sheet

 

BUSINESS LINE

[I]  Super-rich surcharge leaves financial sector poorer as FPIs pull out ₹6,700 cr

[I]  Stimulus to industry creates moral hazard, says CEA

[I]  India leads in global black tea output with northern bumper

[I]  Govt declares ocean energy as green power

[I]  Non-govt pensioners to once again get commuted value of pension after 15 years

[I]  SEZ rules may be tweaked to let excess land be used for factories

 

ECONOMIC TIMES

[I]  CEOs are scared of the slump. Very scared.

[I]  Carmakers are axing more jobs than ever

[I]  The economy is sinking, and so are your jobs

[I]  Yuan slide may end soon as China anniversary looms

[I]  World’s first 30-year bond with zero coupon flops in Germany

[I]  Heavy rains across South Bengal turns as a blessing to farmers

[I]  Slowdown in certain sectors limit job options

[I]  Labour code on mandatory minimum wages notified

 

BUSINESS STANDARD

[I]  IMF raises doubts about India's tax revenue estimates, GDP growth target

[I]  Biscuits to soaps, slowdown pain for FMCG companies comes in small packs

[I]  Govt offers resolution for pre-GST disputes with tax authorities

[I]  Unprecedented financial sector crisis in 70 years, says NITI Aayog

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 10709;  USDINR DGCX: 72.2700;  DJIA Mini: 26301;  FTSE 100 Fut: 7147;  NIKKEI 225 Fut: 20670;  EUR-USD: 1.1073; Crude Oil (WTI): 55.46;  Gold (Spot): 1496

 

Best Regards, ARBIND

23 Aug 2019