MACRO ECONOMIC NEWS

THERE IS A HEAVEN ON THIS EARTH; IT HERE WITH US; WITHIN US. WISHING A RELISHING DAY AHEAD.

Macro Economic News 06 Aug 2019

 

India scraps special status for Jammu and Kashmir. India's gold imports in July plunged 55% from a year ago to the lowest level in three years as a rally in local prices to a record high and a hike in import taxes curtailed demand. Offshore yuan hits record low after U.S. brands China a currency manipulator. China's decision to let its yuan plunge through a previously sacrosanct level means a tit-for-tat trade conflict could morph into a currency war, injecting volatility into long-dormant foreign exchanges and piling pressure on world markets. The U.S. service sector expanded at the slowest pace in nearly three years in July. New Zealand Jobless Rate Drops to 11-Year Low, Wages Surge. RBNZ Poised to Cut Rates Again, May Signal More to Come. Australia’s Retail Sector Is ‘Under Duress’ as Earnings Season Starts. Negative-Yielding Debt Hits Record $15 Trillion on Trade Woes.

 

FINANCIAL TIMES

[I]  Markets dip after renminbi hits weakest level in 11 years

[I]  US identifies Chinese tankers carrying Iranian oil

[I]  India scraps Kashmir’s special status amid lockdown

[I]  Britain joins US effort to protect tankers in Gulf

[I]  China tells companies to stop buying US agricultural goods

[I]  Global temperatures match record levels in July

[I]  Canadian pension fund plans to set up a credit arm in India

[I]  Brexit bellowing may not make the EU blink

 

REUTERS

[I]  India scraps special status for Jammu and Kashmir

[I]  Global Markets: Stock losses steepen as U.S. puts yuan in crosshairs

[I]  Offshore yuan hits record low after U.S. brands China a currency manipulator

[I]  India's July gold imports hit three-year low on record prices

[I]  India gold prices hit record high on global cues, weak rupee

[I]  India services activity reverses course, surges in July: PMI

[I]  Brexit and flight to safety propel sterling-priced gold to record high

 

BLOOMBERG 

[I]  U.S. Labels China a Currency Manipulator, Escalating Trade War

[I]  China Manipulator Tag Hits Stocks; Yuan Stabilizes: Markets Wrap

[I]  U.S. 10-Year Yield Drops to Lowest Since Before Trump’s Election

[I]  Reluctant Fed Likely to Cut Rates Again as Trade War Intensifies

[I]  RBNZ Poised to Cut Rates Again, May Signal More to Come

[I]  Australia’s Retail Sector Is ‘Under Duress’ as Earnings Season Starts

[I]  A Half-Point of Fed Cuts Could Be Here Before October Is Over

[I]  Negative-Yielding Debt Hits Record $15 Trillion on Trade Woes

[I]  New Zealand Jobless Rate Drops to 11-Year Low, Wages Surge

[I]  India Central Bank Faces Calls to Do More Than Just One Rate Cut

 

WALL STREET JOURNAL

[I]  U.S. Designates China as Currency Manipulator

[I]  Powell’s Off-the-Cuff Approach Leaves Investors on Edge

[I]  Services-Sector Growth is Slowest in Three Years

[I]  The National Debt, Visualized

[I]  Trump Campaign Plans an Economy-Focused Pitch to Women. Will It Work?

[I]  Where Rolling Out a Sales-Tax Bump Requires a Certain Finesse

 

BUSINESS LINE

[I]  Super-rich surcharge: FM says she is ready to hear FPIs’ views

[I]  Centre to auction, allocate coal mines again

[I]  Auto sector: Proposal to hike registration fees of new vehicles could aggravate slowdown

[I]  Govt to take steps to improve economy “fairly quickly”: Nirmala Sitharaman

[I]  Auto sector: Proposal to hike registration fees of new vehicles could aggravate slowdown

[I]  Services sector activity returns to growth on surging orders in July: PMI

 

ECONOMIC TIMES

[I]  It's raining money for pvt weather forecasters

[I]  FPI panic costs Rs 15,00,000 cr in 30 days

[I]  Business activity growth returns on back of surging new orders: PMI

[I]  Government wants feedback on draft Ecomm guidelines

[I]  'One ration card' plan to be fast-tracked

[I]  RBI imposes monetary penalty on eleven banks

[I]  Government unveils draft e-commerce norms

 

BUSINESS STANDARD

[I]  Retail investors forfeit Rs 1.33 trillion since Budget; m-cap falls 10%

[I]  Sector-specific steps to tackle slump on cards, says Nirmala Sitharaman

[I]  Explained: Why NBCC's new trouble-shooting role may be troublesome

[I]  US-China trade war: India's gem and jewellery export gets a boost

[I]  Rupee fall sharpest since 2013 taper tantrum after China devalues yuan

[I]  India m-cap slips below $2 trillion after a sharp drop in the rupee

 

MARKETS (08:30 am)

[I]  SGX NIFTY Fut: 10818;  USDINR DGCX: 71.4400;  DJIA Mini: 25410;  FTSE 100 Fut: 7095;  NIKKEI 225 Fut: 20320;  EUR-USD: 1.1223; Crude Oil (WTI): 55.08;  Gold (Spot): 1465

 

Best Regards, ARBIND
06 Aug 2019