MACRO ECONOMIC NEWS

FUN IS EVERYWHERE; EVEN RIGHT BELOW OUR NOSE. WISHING A PLEASURABLE DAY AHEAD.

Macro Economic News 22 Aug 2019

 

Weak growth is highest priority: RBI policy minutes. India's July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011 as per the data from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). IMF warns against rate cuts, currency intervention to improve trade balance. Whether the U.S. is going into an economic downturn, Washington policy makers and Wall Street investors on Wednesday barrelled into an even more difficult problem: There are few good options to deal with one if it happens. Federal deficits are projected to grow by $809 billion, to $12.2 trillion, over the next decade thanks to the two-year budget agreement struck last month, the Congressional Budget Office said. German Chancellor Angela Merkel challenged Britain to come up with alternatives to the Irish border backstop within 30 days, but French President Emmanuel Macron cautioned there would be no renegotiation of the Brexit deal.

 

FINANCIAL TIMES

[I]  Falling cost of debt presses governments to spend

[I]  Merkel hopeful Brexit deadlock can be overcome

[I]  US budget deficit forecast to swell to $960bn by end of 2019

[I]  Central bankers seek fresh tools to combat slowdown

[I]  White House eyes indefinite detention for migrant families

[I]  US and Japan in race to finalise partial trade deal

[I]  Nigeria’s president unveils cabinet to push reforms

 

REUTERS

[I]  Fed was divided on rate cut, wanted to avoid appearing on path for more cuts

[I]  Weak growth is highest priority: RBI policy minutes

[I]  How Brazil and Vietnam are tightening their grip on the world's coffee

[I]  India's July petrol imports hit highest in at least eight years

[I]  Australia to crack down on high-stakes derivatives trading

[I]  After Germany hints at compromise, France tells UK: no new Brexit deal

[I]  SEBI allows rating agencies to collect clients' debt data

[I]  Hong Kong protesters clash with police, angry at lack of prosecutions after subway mob attack

[I]  IMF warns against rate cuts, currency intervention to improve trade balance

[I]  Japan August manufacturing shrinks for fourth month as export orders fall: flash PMI

 

BLOOMBERG 

[I]  Hong Kong Faces Worst Earnings Recession Since 2008 Crisis

[I]  Fed May Be More Aggressive With Bond Buying Next Time Around

[I]  Australia and New Zealand’s Central Banks Are Leading What Seems to Be a Race to the Bottom

[I]  Shadow Bank Crackdown Accelerates in India Amid Cash Squeeze

[I]  Billionaires Are Facing a Corporate Debt Reckoning in India

[I]  Fed Saw July Rate Cut as Insurance for Growth and Inflation

[I]  Mortgage Refinancings at 3-Year High, Fueled by Low Rates

 

WALL STREET JOURNAL

[I]  Officials See Few Options if Slowdown Hits

[I]  Fed Officials Viewed July Rate Cut as ‘Recalibration’ of Policy

[I]  U.S. Job Growth Weaker Through March Than Earlier Reported, New Data Show

[I]  Federal Deficits to Grow More Than Expected in Next Decade, CBO Says

[I]  History Will Remember the Trade War’s Economic Impact, Not the Fed’s

[I]  Capital-Gains Tax Change Would Drive Only Modest Boost, Economists Say

 

BUSINESS LINE

[I]  UDAY 2.0: States to face cut in funds for missing targets, says Power Minister

[I]  Centre to amend MMDR Act to expedite coal exploration

[I]  Centre planning to set up ESI hospital in all districts of the country: Union Minister

[I]  Govt steps in to curb rising onion prices in Delhi

[I]  India’s GDP growth set to slow further to 5.7% in April-Jun quarter: Nomura

[I]  Ministry clears the air on ‘appointed date’ of M&As

[I]  No deadline set for electric vehicles launch, says official

 

ECONOMIC TIMES

[I]  Forget inflation, RBI has a new headache

[I]  States to face fund cuts for missing UDAY targets

[I]  The downturn in Indian economy could continue

[I]  WB govt to install 180 meteorological observatories in agricultural farms

[I]  India to rank trade partners to gauge restrictiveness

[I]  India's GDP growth set to slow further in Apr-Jun quarter to 5.7 per cent: Nomura

[I]  Chief economic advisor K Subramanian to India Inc: Stop socialising losses

[I]  Compulsory CSR an ‘accident’, may get corrected by finance ministry: Piyush Goyal

[I]  Officials told to build trust with taxpayers

 

BUSINESS STANDARD

[I]  Direct tax collection sees dismal growth; mid-August mop-up growth under 5%

[I]  Sebi eases FPI norms, approves changes in rules prohibiting insider trading

[I]  No deadline: Centre allays auto sector's electric vehicle concerns

[I]  Govt, industry to talk curbing duty evasion by Chinese e-tailers

[I]  Health ministry opposes proposal to hold common entrance exam for varsities

[I]  Minutes of MPC meeting: Fixing weak economic growth remains top priority

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 10911;  USDINR DGCX: 71.5050;  DJIA Mini: 26198;  FTSE 100 Fut: 7169;  NIKKEI 225 Fut: 20590;  EUR-USD: 1.1089; Crude Oil (WTI): 55.62;  Gold (Spot): 1502

 

Best Regards, ARBIND
22 Aug 2019