MACRO ECONOMIC NEWS

HOPE IS THE POWER OF IMAGINATION; TRUST IS THE INSPIRATION FOR INCEPTION. WISHING A CREATIVE DAY AHEAD.

Macro Economic News 24 Sep 2019

 

A month before Britain is due to quit the European Union, the bloc's car-makers have joined forces to warn of billions of euros in losses in the event of a no-deal Brexit with production stoppages costing 50,000 pounds a minute in Britain alone. Britain, Germany and France backed the United States and blamed Iran for an attack on Saudi oil facilities, urging Tehran to agree to new talks with world powers on its nuclear and missile programs and regional security issues. President Trump has said China is paying the cost of tariffs, but many U.S. importers see them as threats and are racing to seek exemptions. The Federal Reserve Bank of New York added $49.7 billion to the financial system, using the market for overnight repurchase agreements, or repo, to relieve funding pressure in money markets. Global trade tensions weighed on major world economies in September, as U.S. business activity picked up only slightly and European output slowed. The Eurozone issues figures on activity at factories and service providers, and China releases data on industrial profits. India Inc puts capex plans on hold, weighs setting up separate entities. Another shot for MSMEs to reclaim bankrupt companies. Direct tax code panel wants 4 slabs, 35% I-T for Rs 2 crore income. Corporation tax cut: Bond yields may harden, rupee likely to remain stable.

 

FINANCIAL TIMES

[I]  Eurozone economy faces ‘prolonged sag’, Draghi warns

[I]  World leaders call for action to avert ‘apocalyptic’ climate change

[I]  Putin urges cuts to red tape to unlock spending

[I]  Portuguese PM promises voters shelter from economic storm

[I]  US Treasury to provide weekly data on bond volumes

[I]  Silicon Valley bankers and lawyers push for alternative to IPOs

[I]  Free trade is under fire but we must fight to preserve it

[I]  High price of Labour’s vow to abolish private schools

 

REUTERS

[I]  India's biggest carmaker Maruti sees higher sales in Sept

[I]  China has ample monetary policy tools to support economy: central bank

[I]  Nigeria will do 'whatever it takes' to shield country from $9 bln claim

[I]  Japan September factory activity shrinks most in seven months, new orders contract: PMI

[I]  U.S.-Japan trade deal hits snag as Tokyo seeks assurances on car tariffs

[I]  European powers back U.S. in blaming Iran for Saudi oil attack, urge broader talks

[I]  U.S. Fed policymakers say lower rates are helping

 

BLOOMBERG 

[I]  RBA’s Lowe Comes Under Increasing Pressure to Cut Rates Below 1%

[I]  Danger Grows as China's Hottest Stocks Get Increasingly Crowded

[I]  Muni-Bond Sales Surging as Yields Tumble to Lowest Since 1960s

[I]  What Businesses Can Learn From the Collapse of Civilizations

[I]  No Laughing Matter: How Climate Change Is Scaring Central Banks

[I]  Home Capital Gives Canada’s Mortgage-Backed Market a Boost

[I]  Fed Falls Short on Economist Diversity, Brookings Report Shows

[I]  Top Fernandez Ally Says Argentina Needs Mature Rapport With IMF

[I]  U.S. Corn Exports Slump to Six-Year Low

 

WALL STREET JOURNAL

[I]  Brazil Opens Up an Economy Long Shielded From Competition

[I]  Fed Adds $49.7 Billion to Financial System

[I]  Mexico-Canada Trade Pact’s Fate in House Hangs on Support of Labor

[I]  Trade Subdues U.S. Business Activity, Weighs on Europe

[I]  Bullard: Fed Will Take Further Rate Changes Meeting by Meeting

[I]  Lower-Income Americans Increasingly Job Hopping

[I]  Newsletter: Germany Slumps, America Saves and Investors Unwind Recession Bets

[I]  Economy Week Ahead: Eurozone PMI, Durable Goods, Household Spending

 

BUSINESS LINE

[I]  India walks a tight rope as RCEP negotiators meet in Vietnam for final talks

[I]  Income-Tax Department sets up time-lines for resolving start-ups’ grievances

[I]  Floods force govt to revise kharif output projections to 140 mt

[I]  MSMEs’ power costs need to be reined in: Nitin Gadkari

[I]  e-Way bills curb tax evasion, but glitches remain

[I]  Freight Corridor: 538-km stretch in East may prove a tricky job

 

ECONOMIC TIMES

[I]  NRIs will now get instant Aadhaar in India

[I]  Will the government's money gamble work?

[I]  Banks pull bond sales as tax stimulus push yields higher

[I]  Kharif food grains output estimated at 140.57 million tonnes

[I]  Government expects Rs 40,000 crore GST shortfall

[I]  India Inc puts capex plans on hold, weighs setting up separate entities

[I]  Stimulus will take GDP growth to over 7.5% in second-half: NITI Aayog chief

[I]  Another shot for MSMEs to reclaim bankrupt companies

[I]  Govt issues notification announcing amendments in pension rules

 

BUSINESS STANDARD

[I]  Direct tax code panel wants 4 slabs, 35% I-T for Rs 2 crore income

[I]  Contract workers may get gratuity before completing five years of service

[I]  Double tax relief expands room for growth of hotel firms; stocks rise

[I]  From ONGC to Coal India, PSUs set to pay higher dividend with tax savings

[I]  Corporation tax cut: Bond yields may harden, rupee likely to remain stable

[I]  Underestimates & overreactions: The math behind FM's corporation tax cuts

[I]  Late southwest monsoon surge limits kharif season production shortfall

[I]  No need to ban petrol, diesel vehicles; EVs picking up pace naturally: Govt

 

MARKETS (08:00 am)

[I]  SGX NIFTY Fut: 11660;  USDINR DGCX: 70.8475;  DJIA Mini: 27006;  FTSE 100 Fut: 7315;  NIKKEI 225 Fut: 21950;  EUR-USD: 1.0993; Crude Oil (WTI): 58.41;  Gold (Spot): 1521

 

Best Regards, ARBIND
24 Sep 2019